Document:

Unassociated Document

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.,

    Depositor

     

     

     

    CREDIT-BASED
      ASSET SERVICING AND SECURITIZATION LLC,

    Sponsor

     

    

     

    LITTON
      LOAN SERVICING LP,

    Servicer

     

    

     

    and

     

    

     

    U.S.
      BANK
      NATIONAL ASSOCIATION

    Trustee

     

    

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of March 1, 2007

     

    

     

    2007-CB3
      Trust

     

    

     

    C-BASS
      Mortgage Loan Asset-Backed Certificates, Series 2007-CB3

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

     

    
      
        	
                ARTICLE
                  I

              
	 
	 
	
                DEFINITIONS

              
	 	 
	
                Section
                  1.01

              	
                Defined
                  Terms.

              
	
                Section
                  1.02

              	
                Accounting.

              
	
                Section
                  1.03

              	
                Allocation
                  of Certain Interest Shortfalls.

              
	 
	
                ARTICLE
                  II

              
	 
	 
	
                CONVEYANCE
                  OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

              
	 
	
                Section
                  2.01

              	
                Conveyance
                  of Mortgage Loans.

              
	
                Section
                  2.02

              	
                Acceptance
                  by the Trustee.

              
	
                Section
                  2.03

              	
                Repurchase
                  or Substitution of Mortgage Loans by the Sponsor.

              
	
                Section
                  2.04

              	
                Representations
                  and Warranties of the Sponsor with Respect to the Mortgage
                  Loans.

              
	
                Section
                  2.05

              	
                Representations,
                  Warranties and Covenants of the Servicer.

              
	
                Section
                  2.06

              	
                Representations
                  and Warranties of the Depositor.

              
	
                Section
                  2.07

              	
                Representations
                  and Warranties of the Sponsor.

              
	
                Section
                  2.08

              	
                Covenants
                  of the Sponsor.

              
	
                Section
                  2.09

              	
                Conveyance
                  of REMIC 1 Regular Interests and REMIC 2 Regular Interests and
                  Acceptance
                  of REMIC 1 and REMIC 2 by the Trustee; Issuance of Certificates
                  and REMIC
                  3 Regular Interests.

              
	
                Section
                  2.10

              	
                Conveyance
                  of Class B-1 Interest and Acceptance of REMIC 4 by the Trustee;
                  Issuance
                  of the Class B-1 Certificates.

              
	
                Section
                  2.11

              	
                Conveyance
                  of Class B-2 Interest and Acceptance of REMIC 5 by the Trustee;
                  Issuance
                  of the Class B-2 Certificates.

              
	
                Section
                  2.12

              	
                Conveyance
                  of Class B-3 Interest and Acceptance of REMIC 6 by the Trustee;
                  Issuance
                  of the Class B-3 Certificates.

              
	
                Section
                  2.13

              	
                Conveyance
                  of Class B-4 Interest and Acceptance of REMIC 7 by the Trustee;
                  Issuance
                  of the Class B-4 Certificates.

              
	
                Section
                  2.14

              	
                Conveyance
                  of Class CE-1 Interest and Acceptance of REMIC 8 by the Trustee;
                  Issuance
                  of the Class CE-1 Certificates.

              
	
                Section
                  2.15

              	
                Conveyance
                  of Class CE-2 Interest and Acceptance of REMIC 9 by the Trustee; Issuance
                  of the Class CE-2 Certificates.

              
	
                Section
                  2.16

              	
                Conveyance
                  of Class P Interest and Acceptance of REMIC 10 by the Trustee;
                  Issuance of
                  the Class P Certificates.

              
	
                Section
                  2.17

              	
                Conveyance
                  of Class IO Interest and Acceptance of REMIC 11 by the Trustee;
                  Issuance
                  of REMIC 11 Regular Interest SWAP IO.

              
	 
	
                ARTICLE
                  III

              
	 
	 
	
                ADMINISTRATION
                  AND SERVICING OF THE TRUST FUND

              
	 	 
	
                Section
                  3.01

              	
                Servicer
                  to Act as Servicer.

              
	
                Section
                  3.02

              	
                Collection
                  of Mortgage Loan Payments.

              
	
                Section
                  3.03

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              
	
                Section
                  3.04

              	
                Collection
                  Account and Distribution Account.

              
	
                Section
                  3.05

              	
                Permitted
                  Withdrawals From the Collection Account.

              
	
                Section
                  3.06

              	
                Establishment
                  of Escrow Accounts; Deposits in Escrow Accounts.

              
	
                Section
                  3.07

              	
                Permitted
                  Withdrawals From Escrow Account.

              
	
                Section
                  3.08

              	
                Payment
                  of Taxes, Insurance and Other Charges; Collections Thereunder.

              
	
                Section
                  3.09

              	
                Transfer
                  of Accounts.

              
	
                Section
                  3.10

              	
                Maintenance
                  of Hazard Insurance.

              
	
                Section
                  3.11

              	
                Maintenance
                  of Mortgage Impairment Insurance Policy.

              
	
                Section
                  3.12

              	
                Fidelity
                  Bond, Errors and Omissions Insurance.

              
	
                Section
                  3.13

              	
                Title,
                  Management and Disposition of REO Property.

              
	
                Section
                  3.14

              	
                Due-on-Sale
                  Clauses; Assumption and Substitution Agreements.

              
	
                Section
                  3.15

              	
                Notification
                  of Adjustments.

              
	
                Section
                  3.16

              	
                Optional
                  Purchases of Mortgage Loans by Servicer.

              
	
                Section
                  3.17

              	
                Trustee
                  to Cooperate; Release of Files.

              
	
                Section
                  3.18

              	
                Servicing
                  Compensation.

              
	
                Section
                  3.19

              	
                Annual
                  Statement as to Compliance.

              
	
                Section
                  3.20

              	
                Reports
                  on Assessment of Compliance and Attestation.

              
	
                Section
                  3.21

              	
                Access
                  to Certain Documentation and Information Regarding the Mortgage
                  Loans.

              
	
                Section
                  3.22

              	
                Periodic
                  Filings.

              
	
                Section
                  3.23

              	
                Obligations
                  of the Servicer in Respect of Compensating Interest.

              
	
                Section
                  3.24

              	
                Obligations
                  of the Servicer in Respect of Mortgage Interest Rates and Monthly
                  Payments.

              
	
                Section
                  3.25

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

              
	
                Section
                  3.26

              	
                Liability
                  of Servicer; Indemnification.

              
	
                Section
                  3.27

              	
                Reports
                  of Foreclosure and Abandonment of Mortgaged Properties.

              
	
                Section
                  3.28

              	
                Protection
                  of Assets.

              
	
                Section
                  3.29

              	
                Net
                  WAC Rate Carryover Reserve Account.

              
	
                Section
                  3.30

              	
                Advance
                  Facility.

              
	 
	
                ARTICLE
                  IV

              
	 
	 
	
                FLOW
                  OF FUNDS

              
	 	 
	
                Section
                  4.01

              	
                Interest
                  Distributions.

              
	
                Section
                  4.02

              	
                Distributions
                  of Principal, Monthly Excess Cashflow Amounts, Net WAC Rate Carryover
                  Amounts and Net Swap Payments.

              
	
                Section
                  4.03

              	
                Allocation
                  of Losses.

              
	
                Section
                  4.04

              	
                Method
                  of Distribution.

              
	
                Section
                  4.05

              	
                Distributions
                  on Book-Entry Certificates.

              
	
                Section
                  4.06

              	
                Statements.

              
	
                Section
                  4.07

              	
                Remittance
                  Reports; Advances.

              
	
                Section
                  4.08

              	
                REMIC
                  Distributions.

              
	
                Section
                  4.09

              	
                Swap
                  Account.

              
	
                Section
                  4.10

              	
                Tax
                  Treatment of Swap Payments and Swap Termination Payments.

              
	 
	
                ARTICLE
                  V

              
	 
	 
	
                THE
                  CERTIFICATES

              
	 	 
	
                Section
                  5.01

              	
                The
                  Certificates.

              
	
                Section
                  5.02

              	
                Registration
                  of Transfer and Exchange of Certificates.

              
	
                Section
                  5.03

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              
	
                Section
                  5.04

              	
                Persons
                  Deemed Owners.

              
	
                Section
                  5.05

              	
                Appointment
                  of Paying Agent.

              
	 
	
                ARTICLE
                  VI

              
	 
	 
	
                THE
                  SPONSOR, THE SERVICER AND THE DEPOSITOR

              
	 	 
	
                Section
                  6.01

              	
                Liability
                  of the Sponsor, the Servicer and the Depositor.

              
	
                Section
                  6.02

              	
                Merger
                  or Consolidation of, or Assumption of the Obligations of, the Sponsor,
                  the
                  Servicer or the Depositor.

              
	
                Section
                  6.03

              	
                Limitation
                  on Liability of the Servicer and Others.

              
	
                Section
                  6.04

              	
                Servicer
                  Not to Resign.

              
	
                Section
                  6.05

              	
                Delegation
                  of Duties.

              
	 
	
                ARTICLE
                  VII

              
	 
	 
	
                DEFAULT

              
	 	 
	
                Section
                  7.01

              	
                Servicer
                  Events of Termination.

              
	
                Section
                  7.02

              	
                Trustee
                  to Act; Appointment of Successor.

              
	
                Section
                  7.03

              	
                Waiver
                  of Defaults.

              
	
                Section
                  7.04

              	
                Notification
                  to Certificateholders.

              
	
                Section
                  7.05

              	
                Survivability
                  of Servicer Liabilities.

              
	 
	
                ARTICLE
                  VIII

              
	 
	 
	
                THE
                  TRUSTEE

              
	 	 
	
                Section
                  8.01

              	
                Duties
                  of Trustee.

              
	
                Section
                  8.02

              	
                Certain
                  Matters Affecting the Trustee.

              
	
                Section
                  8.03

              	
                Trustee
                  Not Liable for Certificates or Mortgage Loans.

              
	
                Section
                  8.04

              	
                Trustee
                  May Own Certificates.

              
	
                Section
                  8.05

              	
                Sponsor
                  to Pay Trustee Fees and Expenses.

              
	
                Section
                  8.06

              	
                Eligibility
                  Requirements for Trustee.

              
	
                Section
                  8.07

              	
                Resignation
                  or Removal of Trustee.

              
	
                Section
                  8.08

              	
                Successor
                  Trustee.

              
	
                Section
                  8.09

              	
                Merger
                  or Consolidation of Trustee.

              
	
                Section
                  8.10

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              
	
                Section
                  8.11

              	
                Limitation
                  of Liability.

              
	
                Section
                  8.12

              	
                Trustee
                  May Enforce Claims Without Possession of Certificates.

              
	
                Section
                  8.13

              	
                Suits
                  for Enforcement.

              
	
                Section
                  8.14

              	
                Waiver
                  of Bond Requirement.

              
	
                Section
                  8.15

              	
                Waiver
                  of Inventory, Accounting and Appraisal Requirement.

              
	
                Section
                  8.16

              	
                Compliance
                  with National Housing Act of 1934.

              
	 
	
                ARTICLE
                  IX

              
	 
	 
	
                REMIC
                  ADMINISTRATION

              
	 	 
	
                Section
                  9.01

              	
                REMIC
                  Administration.

              
	
                Section
                  9.02

              	
                Prohibited
                  Transactions and Activities.

              
	
                Section
                  9.03

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

              
	 
	 
	
                ARTICLE
                  X

              
	 
	
                TERMINATION

              
	 	 
	
                Section
                  10.01

              	
                Termination.

              
	
                Section
                  10.02

              	
                Additional
                  Termination Requirements.

              
	 
	
                ARTICLE
                  XI

              
	 
	 
	
                MISCELLANEOUS
                  PROVISIONS

              
	 	 
	
                Section
                  11.01

              	
                Amendment.

              
	
                Section
                  11.02

              	
                Recordation
                  of Agreement; Counterparts.

              
	
                Section
                  11.03

              	
                Limitation
                  on Rights of Certificateholders.

              
	
                Section
                  11.04

              	
                Governing
                  Law; Jurisdiction.

              
	
                Section
                  11.05

              	
                Notices.

              
	
                Section
                  11.06

              	
                Severability
                  of Provisions.

              
	
                Section
                  11.07

              	
                Article
                  and Section References.

              
	
                Section
                  11.08

              	
                Notice
                  to the Rating Agencies.

              
	
                Section
                  11.09

              	
                Further
                  Assurances.

              
	
                Section
                  11.10

              	
                Benefits
                  of Agreement.

              
	
                Section
                  11.11

              	
                Acts
                  of Certificateholders.

              
	
                Section
                  11.12

              	
                Compliance
                  with Regulation AB.

              

      

       

    

    
      
        	
                EXHIBITS:

                 

              	 
	
                Exhibit
                  A-1

              	
                Form
                  of Class A-1 Certificates

              
	
                Exhibit
                  A-2

              	
                Form
                  of Class A-2 Certificates

              
	
                Exhibit
                  A-3

              	
                Form
                  of Class A-3 Certificates

              
	
                Exhibit
                  A-4

              	
                Form
                  of Class A-4 Certificates

              
	
                Exhibit
                  A-5

              	
                Form
                  of Class A-5 Certificates

              
	
                Exhibit
                  B-1

              	
                Form
                  of Class B-1 Certificates

              
	
                Exhibit
                  B-2

              	
                Form
                  of Class B-2 Certificates

              
	
                Exhibit
                  B-3

              	
                Form
                  of Class B-3 Certificates

              
	
                Exhibit
                  B-4

              	
                Form
                  of Class B-4 Certificates

              
	
                Exhibit
                  C-1-1

              	
                Form
                  of Class R Certificates

              
	
                Exhibit
                  C-1-2

              	
                Form
                  of Class R-X Certificates

              
	
                Exhibit
                  C-2

              	
                Form
                  of Class M-1 Certificates

              
	
                Exhibit
                  C-3

              	
                Form
                  of Class M-2 Certificates

              
	
                Exhibit
                  C-4

              	
                Form
                  of Class M-3 Certificates

              
	
                Exhibit
                  C-5

              	
                Form
                  of Class M-4 Certificates

              
	
                Exhibit
                  C-6

              	
                Form
                  of Class M-5 Certificates

              
	
                Exhibit
                  C-7

              	
                Form
                  of Class M-6 Certificates

              
	
                Exhibit
                  C-8-1

              	
                Form
                  of Class CE-1 Certificates

              
	
                Exhibit
                  C-8-2

              	
                Form
                  of Class CE-2 Certificates

              
	
                Exhibit
                  C-9

              	
                Form
                  of Class P Certificates

              
	
                Exhibit
                  D

              	
                Mortgage
                  Loan Schedule

              
	
                Exhibit
                  E

              	
                Form
                  of Request for Release

              
	
                Exhibit
                  F-1

              	
                Form
                  of Trustee’s or Custodian’s Initial Certification

              
	
                Exhibit
                  F-2

              	
                Form
                  of Trustee’s or Custodian’s Final Certification

              
	
                Exhibit
                  F-3

              	
                Form
                  of Receipt of Mortgage Note

              
	
                Exhibit
                  G

              	
                Mortgage
                  Loan Purchase Agreement

              
	
                Exhibit
                  H

              	
                Form
                  of Lost Note Affidavit

              
	
                Exhibit
                  I

              	
                Form
                  of ERISA Representation

              
	
                Exhibit
                  J-1

              	
                Form
                  of Investment Letter Non-Rule 144A

              
	
                Exhibit
                  J-2

              	
                Form
                  of Investment Letter Rule 144A

              
	
                Exhibit
                  K

              	
                Form
                  of Residual Certificate Transfer Affidavit

              
	
                Exhibit
                  L

              	
                Form
                  of Transferor Certificate

              
	
                Exhibit
                  M

              	
                Monthly
                  Information Provided by Servicer

              
	
                Exhibit
                  N

              	
                Form
                  of Officer’s Certificate with Respect to Prepayments

              
	
                Exhibit
                  O-1

              	
                Form
                  of Certification to Be Provided by the Servicer with Form
                  10-K

              
	
                Exhibit
                  O-2

              	
                Form
                  of Backup Certification to Be Provided by the Trustee

              
	
                Exhibit
                  P

              	
                Form
                  of Power of Attorney

              
	
                Exhibit
                  Q

              	
                Form
                  of Swap Agreement

              
	
                Exhibit
                  R-1

              	
                Form
                  1122(d) Servicing Criteria Letter

              
	
                Exhibit
                  R-2

              	
                Form
                  of Item 1123 Certification (Servicer)

              
	
                Exhibit
                  S

              	
                Form
                  8-K Disclosure

              
	
                Exhibit
                  T

              	
                Form
                  10-D Disclosure

              
	
                Exhibit
                  U

              	
                Form
                  10-K Disclosure

              

      

       

    

    This
      Pooling and Servicing Agreement is dated as of March 1, 2007 (the “Agreement”),
      among CITIGROUP MORTGAGE LOAN TRUST INC., as depositor (the “Depositor”),
      CREDIT-BASED ASSET SERVICING AND SECURITIZATION LLC, as Sponsor (the “Sponsor”),
      LITTON LOAN SERVICING LP, as servicer (the “Servicer”) and U.S. BANK NATIONAL
      ASSOCIATION, as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT

     

    The
      Depositor intends to sell pass-through certificates (collectively, the
“Certificates”), to be issued hereunder in multiple Classes, which in the
      aggregate will evidence the entire beneficial ownership interest in the Trust
      Fund created hereunder. The Certificates will consist of eighteen Classes of
      Certificates, designated as (i) the Class A-1 Certificates, the Class A-2
      Certificates, the Class A-3 Certificates, the Class A-4 Certificates, the Class
      A-5 Certificates, (ii) the Class M-1 Certificates, Class M-2 Certificates,
      the
      Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates
      and the Class M-6 Certificates, (iii) the Class B-1 Certificates, the Class
      B-2
      Certificates, the Class B-3 Certificates and the Class B-4 Certificates, (iv)
      the Class CE-1 Certificates, the Class CE-2 Certificates (v) the Class P
      Certificates and (vi) the Class R Certificates and the Class R-X
      Certificates.

     

    REMIC
      1

     

    As
      provided herein, the Trustee will make an election to treat the segregated
      pool
      of assets consisting of the Mortgage Loans and certain other related assets
      subject to this Agreement (exclusive of the Net WAC Rate Carryover Reserve
      Account, the Swap Account, the Supplemental Interest Trust and the Interest
      Rate
      Swap Agreement) as a real estate investment conduit (a “REMIC”) for federal
      income tax purposes, and such segregated pool of assets will be designated
      as
“REMIC 1.” The Class R-1 Interest will represent the sole class of “residual
      interests” in REMIC 1 for purposes of the REMIC Provisions. The following table
      irrevocably sets forth the designation, the Uncertificated REMIC 1 Pass-Through
      Rate, the initial Uncertificated Principal Balance, and solely 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. None of the REMIC 1
      Regular Interests will be certificated. 

     

    
      
        	
                Designation

              	 	
                Uncertificated
                  REMIC 1 Pass-

                Through
                  Rate

              	 	
                Initial

                Uncertificated
                  

                Principal
                  Balance

              	 	
                Latest
                  Possible

                Maturity
                  Date(1)

              
	
                I

              	 	
                Variable(2)

              	 	
                $

              	
                376,834,526.07
                  

              	 	
                February
                  2047

              
	
                I-1-A

              	 	
                Variable(2)

              	 	
                $

              	
                1,477,752.50
                  

              	 	
                February
                  2047

              
	
                I-1-B

              	 	
                Variable(2)

              	 	
                $

              	
                1,477,752.50
                  

              	 	
                February
                  2047

              
	
                I-2-A

              	 	
                Variable(2)

              	 	
                $

              	
                536,172.50
                  

              	 	
                February
                  2047

              
	
                I-2-B

              	 	
                Variable(2)

              	 	
                $

              	
                536,172.50
                  

              	 	
                February
                  2047

              
	
                I-3-A

              	 	
                Variable(2)

              	 	
                $

              	
                1,531,540.00
                  

              	 	
                February
                  2047

              
	
                I-3-B

              	 	
                Variable(2)

              	 	
                $

              	
                1,531,540.00
                  

              	 	
                February
                  2047

              
	
                I-4-A

              	 	
                Variable(2)

              	 	
                $

              	
                1,458,566.25
                  

              	 	
                February
                  2047

              
	
                I-4-B

              	 	
                Variable(2)

              	 	
                $

              	
                1,458,566.25
                  

              	 	
                February
                  2047

              
	
                I-5-A

              	 	
                Variable(2)

              	 	
                $

              	
                1,389,263.75
                  

              	 	
                February
                  2047

              
	
                I-5-B

              	 	
                Variable(2)

              	 	
                $

              	
                1,389,263.75
                  

              	 	
                February
                  2047

              
	
                I-6-A

              	 	
                Variable(2)

              	 	
                $

              	
                1,323,528.75
                  

              	 	
                February
                  2047

              
	
                I-6-B

              	 	
                Variable(2)

              	 	
                $

              	
                1,323,528.75
                  

              	 	
                February
                  2047

              
	
                I-7-A

              	 	
                Variable(2)

              	 	
                $

              	
                1,261,118.75
                  

              	 	
                February
                  2047

              
	
                I-7-B

              	 	
                Variable(2)

              	 	
                $

              	
                1,261,118.75
                  

              	 	
                February
                  2047

              
	
                I-8-A

              	 	
                Variable(2)

              	 	
                $

              	
                1,201,852.50
                  

              	 	
                February
                  2047

              
	
                I-8-B

              	 	
                Variable(2)

              	 	
                $

              	
                1,201,852.50
                  

              	 	
                February
                  2047

              
	
                I-9-A

              	 	
                Variable(2)

              	 	
                $

              	
                1,145,565.00
                  

              	 	
                February
                  2047

              
	
                I-9-B

              	 	
                Variable(2)

              	 	
                $

              	
                1,145,565.00
                  

              	 	
                February
                  2047

              
	
                I-10-A

              	 	
                Variable(2)

              	 	
                $

              	
                1,092,100.00
                  

              	 	
                February
                  2047

              
	
                I-10-B

              	 	
                Variable(2)

              	 	
                $

              	
                1,092,100.00
                  

              	 	
                February
                  2047

              
	
                I-11-A

              	 	
                Variable(2)

              	 	
                $

              	
                1,041,303.75
                  

              	 	
                February
                  2047

              
	
                I-11-B

              	 	
                Variable(2)

              	 	
                $

              	
                1,041,303.75
                  

              	 	
                February
                  2047

              
	
                I-12-A

              	 	
                Variable(2)

              	 	
                $

              	
                993,035.00
                  

              	 	
                February
                  2047

              
	
                I-12-B

              	 	
                Variable(2)

              	 	
                $

              	
                993,035.00
                  

              	 	
                February
                  2047

              
	
                I-13-A

              	 	
                Variable(2)

              	 	
                $

              	
                947,170.00
                  

              	 	
                February
                  2047

              
	
                I-13-B

              	 	
                Variable(2)

              	 	
                $

              	
                947,170.00
                  

              	 	
                February
                  2047

              
	
                I-14-A

              	 	
                Variable(2)

              	 	
                $

              	
                21,025,531.25
                  

              	 	
                February
                  2047

              
	
                I-14-B

              	 	
                Variable(2)

              	 	
                $

              	
                21,025,531.25
                  

              	 	
                February
                  2047

              
	
                P

              	 	
                Variable(2)

              	 	
                $

              	
                100.00
                  

              	 	
                February
                  2047

              
	
                I-CE-2

              	 	
                Variable(2)

              	 	 	
                N/A(3)

              	 	
                February
                  2047

              

      

    

    ________________

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

            

    

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

            

    

    
      	(3)	
              REMIC
                1 Regular Interest I-CE-2 will not have an Uncertificated Principal
                Balance, but will accrue interest on its Uncertificated Notional
                Amount
                described in accordance with the definition of “Uncertificated Notional
                Amount” herein.

            

    

     

    

    REMIC
      2

     

     

    As
      provided herein, the Trustee shall make an election 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 will be designated
      as
“REMIC 2.” The Class R-2 Interest represents the sole class of “residual
      interests” in REMIC 2 for purposes of the REMIC Provisions. The following table
      irrevocably sets forth the designation, the Uncertificated REMIC 2 Pass-Through
      Rate, the initial Uncertificated Principal Balance, and solely for purposes of
      satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible
      maturity date” for each of the REMIC 2 Regular Interests. None of the REMIC 2
      Regular Interests will be certificated.

     

    
      
        	
                Designation

              	 	
                Uncertificated
                  REMIC 2 Pass-

                Through
                  Rate

              	 	
                Initial

                Uncertificated
                  

                Principal
                  Balance

              	 	
                Latest
                  Possible

                Maturity
                  Date(1)

              
	
                LT2AA

              	 	
                Variable(2)

              	 	
                $

              	
                440,689,855.55
                  

              	 	
                February
                  2047

              
	
                LT2A1

              	 	
                Variable(2)

              	 	
                $

              	
                2,020,830.00
                  

              	 	
                February
                  2047

              
	
                LT2A2

              	 	
                Variable(2)

              	 	
                $

              	
                259,680.00
                  

              	 	
                February
                  2047

              
	
                LT2A3

              	 	
                Variable(2)

              	 	
                $

              	
                768,950.00
                  

              	 	
                February
                  2047

              
	
                LT2A4

              	 	
                Variable(2)

              	 	
                $

              	
                147,780.00
                  

              	 	
                February
                  2047

              
	
                LT2A5

              	 	
                Variable(2)

              	 	
                $

              	
                355,250.00
                  

              	 	
                February
                  2047

              
	
                LT2M1

              	 	
                Variable(2)

              	 	
                $

              	
                161,890.00
                  

              	 	
                February
                  2047

              
	
                LT2M2

              	 	
                Variable(2)

              	 	
                $

              	
                146,150.00
                  

              	 	
                February
                  2047

              
	
                LT2M3

              	 	
                Variable(2)

              	 	
                $

              	
                87,690.00
                  

              	 	
                February
                  2047

              
	
                LT2M4

              	 	
                Variable(2)

              	 	
                $

              	
                78,690.00
                  

              	 	
                February
                  2047

              
	
                LT2M5

              	 	
                Variable(2)

              	 	
                $

              	
                71,950.00
                  

              	 	
                February
                  2047

              
	
                LT2M6

              	 	
                Variable(2)

              	 	
                $

              	
                53,960.00
                  

              	 	
                February
                  2047

              
	
                LT2B1

              	 	
                Variable(2)

              	 	
                $

              	
                40,470.00
                  

              	 	
                February
                  2047

              
	
                LT2B2

              	 	
                Variable(2)

              	 	
                $

              	
                38,230.00
                  

              	 	
                February
                  2047

              
	
                LT2B3

              	 	
                Variable(2)

              	 	
                $

              	
                49,460.00
                  

              	 	
                February
                  2047

              
	
                LT2B4

              	 	
                Variable(2)

              	 	
                $

              	
                80,950.00
                  

              	 	
                February
                  2047

              
	
                LT2ZZ

              	 	
                Variable(2)

              	 	
                $

              	
                4,631,740.52
                  

              	 	
                February
                  2047

              
	
                LT2IO

              	 	
                Variable(2)

              	 	 	
                (3)

              	 	
                February
                  2047

              
	
                LT2P

              	 	
                Variable(2)

              	 	
                $

              	
                100.00

              	 	
                February
                  2047

              
	
                LT2CE2

              	 	
                (4)

              	 	 	
                (5)

              	 	
                February
                  2047

              

      

    

    ________________

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

            

    

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

            

    

    
      	(3)	
              REMIC
                2 Regular Interest LT2IO will not have an Uncertificated Principal
                Balance, but will accrue interest on its Uncertificated Notional
                Amount,
                as defined herein.

            

    

    
      	(4)	
              REMIC
                2 Regular Interest LT2CE2 will not have an Uncertificated REMIC 2
                Remittance Rate, but will be entitled to 100% of the amounts distributed
                on REMIC 1 Regular Interest I-CE-2.

            

    

    
      	(5)	
              For
                federal income tax purposes, the REMIC 2 Regular Interest LT2CE2
                will not
                have an Uncertificated Principal Balance, but will have an Uncertificated
                Notional Amount equal to the Uncertificated Notional Amount of REMIC
                1
                Regular Interest I-CE-2. 

            

    

    

     

    REMIC
      3

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the REMIC 2 Regular Interests as a REMIC for federal
      income tax purposes, and such segregated pool of assets will be designated
      as
“REMIC 3.” The Class R-3 Interest represents the sole class of “residual
      interests” in REMIC 3 for purposes of the REMIC Provisions. The following table
      sets forth the Class designation, Pass-Through Rate and Original Class
      Certificate Principal Balance for each Class of Certificates or REMIC 3 Regular
      Interests that represents one or more of the “regular interests” in REMIC 3
      created hereunder:

    
       

      
        
          
            	
                    Class
                      Designation

                  	 	
                    Pass-Through

                    Rate

                  	 	
                    Original
                      Class

                    Certificate
                      Principal 

                    Balance

                  	 	
                    Assumed
                      Final

                    Maturity
                      Date(1)

                  
	
                    Class
                      A-1

                  	 	
                    5.766%
                      per annum
                      (2)

                  	 	
                    $

                  	
                    202,083,000.00
                      

                  	 	
                    February
                      2047

                  
	
                    Class
                      A-2

                  	 	
                    5.588%
                      per annum
                      (2)

                  	 	
                    $

                  	
                    25,968,000.00
                      

                  	 	
                    February
                      2047

                  
	
                    Class
                      A-3

                  	 	
                    5.731%
                      per annum
                      (2)

                  	 	
                    $

                  	
                    76,895,000.00
                      

                  	 	
                    February
                      2047

                  
	
                    Class
                      A-4

                  	 	
                    5.971%
                      per annum
                      (2)

                  	 	
                    $

                  	
                    14,778,000.00
                      

                  	 	
                    February
                      2047

                  
	
                    Class
                      A-5

                  	 	
                    5.817%
                      per annum
                      (2)

                  	 	
                    $

                  	
                    35,525,000.00
                      

                  	 	
                    February
                      2047

                  
	
                    Class
                      M-1

                  	 	
                    Variable(3)

                  	 	
                    $

                  	
                    16,189,000.00
                      

                  	 	
                    February
                      2047

                  
	
                    Class
                      M-2 

                  	 	
                    Variable(3)

                  	 	
                    $

                  	
                    14,615,000.00
                      

                  	 	
                    February
                      2047

                  
	
                    Class
                      M-3

                  	 	
                    Variable(3)

                  	 	
                    $

                  	
                    8,769,000.00
                      

                  	 	
                    February
                      2047

                  
	
                    Class
                      M-4

                  	 	
                    Variable(3)

                  	 	
                    $

                  	
                    7,869,000.00
                      

                  	 	
                    February
                      2047

                  
	
                    Class
                      M-5

                  	 	
                    Variable(3)

                  	 	
                    $

                  	
                    7,195,000.00
                      

                  	 	
                    February
                      2047

                  
	
                    Class
                      M-6

                  	 	
                    Variable(3)

                  	 	
                    $

                  	
                    5,396,000.00
                      

                  	 	
                    February
                      2047

                  
	
                    Class
                      B-1 Interest

                  	 	
                    Variable(3)

                  	 	
                    $

                  	
                    4,047,000.00
                      

                  	 	
                    February
                      2047

                  
	
                    Class
                      B-2 Interest

                  	 	
                    Variable(3)

                  	 	
                    $

                  	
                    3,823,000.00
                      

                  	 	
                    February
                      2047

                  
	
                    Class
                      B-3 Interest

                  	 	
                    Variable(3)

                  	 	
                    $

                  	
                    4,946,000.00
                      

                  	 	
                    February
                      2047

                  
	
                    Class
                      B-4 Interest

                  	 	
                    7.000%
                      per annum(2)

                  	 	
                    $

                  	
                    8,095,000.00
                      

                  	 	
                    February
                      2047

                  
	
                    Class
                      CE-1 Interest 

                  	 	
                    Variable(4)

                  	 	
                    $

                  	
                    13,490,526.07
                      

                  	 	
                    February
                      2047

                  
	
                    Class
                      CE-2 Interest 

                  	 	
                    N/A(5)

                  	 	 	
                    N/A(6)

                  	 	
                    February
                      2047

                  
	
                    Class
                      P Interest 

                  	 	
                    N/A(7)

                  	 	
                    $

                  	
                    100.00
                      

                  	 	
                    February
                      2047

                  
	
                    Class
                      IO Interest 

                  	 	
                    (8)

                  	 	 	
                    (9)

                  	 	
                    February
                      2047

                  

          

        
__________________

    

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

                  

          

          
            	(2)	
                    Subject
                      to increase and subject to a cap in accordance with the definition
                      of
                      “Pass-Through Rate” herein.

                  

          

          
            	(3)	
                    Calculated
                      in accordance with the definition of “Pass-Through Rate”
                      herein.

                  

          

          
            	(4)	
                    The
                      Class CE-1 Interest will accrue interest at its variable Pass-Through
                      Rate
                      on the Notional Amount of the Class CE-1 Interest outstanding
                      from time to
                      time which shall equal the aggregate of the Uncertificated
                      Principal
                      Balances of the REMIC 2 Regular Interests (other than the REMIC
                      II Regular
                      Interest LT2P and LT2IO. The Class CE-1 Interest will not accrue
                      interest
                      on its Certificate Principal Balance.

                  

          

          
            	(5)	
                    The
                      Class CE-2 Interest is an interest only class and for each
                      Distribution
                      Date the Class CE-2 Interest will be entitled to receive 100%
                      of the
                      amounts distributed on REMIC 2 Regular Interest
                      LT2CE2.

                  

          

          
            	(6)	
                    For
                      federal income tax purposes, the Class CE-2 Interest will not
                      have a
                      Certificate Principal Balance, but will have an Uncertificated
                      Notional
                      Amount equal to the Uncertificated Notional Amount of REMIC
                      2 Regular
                      Interest LT2CE2.

                  

          

          
            	(7)	
                    The
                      Class P Interest will not accrue
                      interest.

                  

          

          
            	(8)	
                    For
                      federal income tax purposes, the Class IO Interest will not
                      have a
                      Pass-Through Rate, but will be entitled to 100% of the amounts
                      distributed
                      on REMIC 2 Regular Interest LTIO.

                  

          

          
            	(9)	
                    For
                      federal income tax purposes, the Class IO Interest will not
                      have a
                      Certificate Principal Balance, but will have a notional amount
                      equal to
                      the Uncertificated Notional Amount of REMIC 2 Regular Interest
                      LTIO.

                  

          

        

         

      

    

    REMIC
      4

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class B-1 Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC 4.”
The Class R-4 Interest represents the sole class of “residual interests” in
      REMIC 4 for purposes of the REMIC Provisions. The following table sets forth
      the
      Class designation, Pass-Through Rate and Original Class Certificate Principal
      Balance for the Class of Certificates that represent the “regular interest” in
      REMIC 4 created hereunder:

     

    
      	
              Class
                Designation

            	 	
              Pass-Through

              Rate

            	 	
              Original
                Class

              Certificate
                Principal 

              Balance

            	 	
              Assumed
                Final

              Maturity
                Date(1)

            
	
              Class
                B-1

            	 	
              Variable
                (2)

            	 	
              $4,047,000.00
                

            	 	
              February
                2047

            

    

    __________________

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

            

    

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

            

    

     

     

    REMIC
      5

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class B-2 Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC 5.”
The Class R-5 Interest represents the sole class of “residual interests” in
      REMIC 5 for purposes of the REMIC Provisions. The following table sets forth
      the
      Class designation, Pass-Through Rate and Original Class Certificate Principal
      Balance for the Class of Certificates that represent the “regular interest” in
      REMIC 5 created hereunder:

     

    
      	
              Class
                Designation

            	 	
              Pass-Through

              Rate

            	 	
              Original
                Class

              Certificate
                Principal 

              Balance

            	 	
              Assumed
                Final

              Maturity
                Date(1)

            
	
              Class
                B-2

            	 	
              Variable
                (2)

            	 	
              $3,823,000.00
                

            	 	
              February
                2047

            

    

    __________________

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

            

    

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

            

    

    

    REMIC
      6

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class B-3 Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC 6.”
The Class R-6 Interest represents the sole class of “residual interests” in
      REMIC 6 for purposes of the REMIC Provisions. The following table sets forth
      the
      Class designation, Pass-Through Rate and Original Class Certificate Principal
      Balance for the Class of Certificates that represent the “regular interest” in
      REMIC 6 created hereunder:

     

    
      	
              Class
                Designation

            	 	
              Pass-Through

              Rate

            	 	
              Original
                Class

              Certificate
                Principal 

              Balance

            	 	
              Assumed
                Final

              Maturity
                Date(1)

            
	
              Class
                B-3

            	 	
              Variable
                (2)

            	 	
              $4,946,000.00

            	 	
              February
                2047

            

    

    __________________

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

            

    

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

            

    

     

     

    REMIC
      7

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class B-4 Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC 7.”
The Class R-7 Interest represents the sole class of “residual interests” in
      REMIC 7 for purposes of the REMIC Provisions. The following table sets forth
      the
      Class designation, Pass-Through Rate and Original Class Certificate Principal
      Balance for the Class of Certificates that represent the “regular interest” in
      REMIC 7 created hereunder:

     

    
      	
              Class
                Designation

            	 	
              Pass-Through
                Rate

            	 	
              Original
                Class Certificate 

              Principal
                Balance

            	 	
              Assumed
                Final 

              Maturity
                Date(1)

            
	
              Class
                B-4

            	 	
              7.000%
                per annum(2)

            	 	
              $8,095,000.00

            	 	
              February
                2047

            

    

    __________________

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

            

    

    
      	(2)	
              Subject
                to increase and subject to a cap in accordance with the definition
                of
                “Pass-Through Rate” herein.

            

    

    

    REMIC
      8

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class CE-1 Interest as a REMIC for federal income
      tax purposes, and such segregated pool of assets will be designated as “REMIC
      8.” The Class R-8 Interest represents the sole class of “residual interests” in
      REMIC 8 for purposes of the REMIC Provisions. The following table sets forth
      (or
      describes) the Class designation, Pass-Through Rate and Original Class
      Certificate Principal Balance for the Class of Certificates that represent
      the
“regular interest” in REMIC 8 created hereunder. 

     

    
      	
              Class
                Designation

            	 	
              Pass-Through

              Rate

            	 	
              Original
                Class

              Certificate

              Principal
                Balance

            	 	
              Assumed
                Final

              Maturity
                Date(1)

            
	
              Class
                CE-1

            	 	
              Variable(2)

            	 	
              $13,490,526.07
                

            	 	
              February
                2047

            

    

    __________________

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

            

    

    
      	(2)	
              The
                Class CE-1 Certificates will receive 100% of amounts received in
                respect
                of the Class CE-1 Interest. 

            

    

     

     

    REMIC
      9

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class CE-2 Interest as a REMIC for federal income
      tax purposes, and such segregated pool of assets will be designated as “REMIC
      9.” The Class R-9 Interest represents the sole class of “residual interests” in
      REMIC 9 for purposes of the REMIC Provisions. The following table sets forth
      (or
      describes) the Class designation, Pass-Through Rate and Original Class
      Certificate Principal Balance for the Class of Certificates that represent
      the
“regular interest” in REMIC 9 created hereunder. 

     

    
      	
              Class
                Designation

            	 	
              Pass-Through

              Rate

            	 	
              Original
                Class

              Certificate

              Principal
                Balance

            	 	
              Assumed
                Final

              Maturity
                Date(1)

            
	
              Class
                CE-2

            	 	
              Variable(2)

            	 	
              N/A

            	 	
              February
                2047

            

    

    __________________

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

            

    

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

            

    

    
 

    REMIC
      10

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class P Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC 10.”
The Class R-10 Interest represents the sole class of “residual interests” in
      REMIC 10 for purposes of the REMIC Provisions. The following table sets forth
      (or describes) the Class designation, Pass-Through Rate and Original Class
      Certificate Principal Balance for the Class of Certificates that represent
      the
“regular interest” in REMIC 10 created hereunder.

     

    
      	
              Class
                Designation

            	 	
              Pass-Through

              Rate

            	 	
              Original
                Class

              Certificate

              Principal
                Balance

            	 	
              Assumed
                Final

              Maturity
                Date(1)

            
	
              Class
                P

            	 	
              N/A(2)

            	 	
              $100.00

            	 	
              February
                2047

            

    

    __________________

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

            

    

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

            

    

    
 

    REMIC
      11

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class IO Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC 11.”
The Class R-11 Interest represents the sole class of “residual interests” in
      REMIC 11 for purposes of the REMIC Provisions. The following table sets forth
      (or describes) the Class designation, Pass-Through Rate and Original Class
      Certificate Principal Balance for the Class of Certificates that represent
      the
“regular interest” in REMIC 11 created hereunder which will not be
      certificated.

     

    
      	
              Class
                Designation

            	 	
              Pass-Through

              Rate

            	 	
              Original
                Class

              Certificate

              Principal
                Balance

            	 	
              Assumed
                Final

              Maturity
                Date(1)

            
	
              SWAP
                IO

            	 	
              Variable(2)

            	 	
              N/A

            	 	
              February
                2047

            

    

    __________________

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

            

    

    
      	(2)	
              REMIC
                11 Regular Interest SWAP IO will receive 100% of amounts received
                in
                respect of the Class IO Interest. 

            

    

     

     

    ARTICLE
      I

     

    DEFINITIONS

     

    
      
        	
              	Section
                1.01	
                Defined
                  Terms.

              

      

    

     

    Whenever
      used in this Agreement or in the Preliminary Statement, the following words
      and
      phrases, unless the context otherwise requires, shall have the meanings
      specified in this Article. Unless otherwise specified, interest on the Floating
      Rate Certificates will be calculated on the basis of the actual number of days
      in the related Interest Accrual Period and a 360-day year. Interest on the
      Fixed
      Rate Certificates, the Class CE-1 Certificates and the Class CE-2 Certificates
      will be calculated on the basis of a 360-day year consisting of twelve 30-day
      months. The Class P Certificates will not accrue interest.

     

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

     

    “60+
      Day
      Delinquent Loan”: Each Mortgage Loan with respect to which any portion of a
      Monthly Payment is, as of the last day of the prior Collection Period, two
      months or more past due, each Mortgage Loan in foreclosure, all REO Property
      and
      each Mortgage Loan for which the Mortgagor has filed for bankruptcy after the
      Closing Date.

     

    “Account”:
      Either the Collection Account or the Distribution Account.

     

    “Accountants
      Attestation”: As defined in Section 3.22(b) hereof.

     

    “Accrued
      Certificate Interest”: With respect to each Distribution Date and each Class of
      Certificates, the Class B Interests, the Class CE-1 Interest and the Class
      CE-2
      Interest, an amount equal to the interest accrued at the applicable Pass-Through
      Rate during the related Interest Accrual Period on the Certificate Principal
      Balance or Uncertificated Principal Balance (or Notional Amount) of such Class
      immediately prior to such Distribution Date, reduced by such Class’s Interest
      Percentage of Prepayment Interest Shortfalls and Relief Act Interest Shortfalls
      for such Distribution Date allocated to such Certificates as provided in Section
      1.03 hereof.

     

    “Adjustable-Rate
      Mortgage Loan”: A Mortgage Loan which has a rate at which interest accrues that
      adjusts based on an Index plus a related Gross Margin, as set forth and subject
      to the limitations in the related Mortgage Note.

     

    “Adjustment
      Date”: With respect to each Adjustable-Rate Mortgage Loan, each adjustment date
      on which the Mortgage Interest Rate of an Adjustable-Rate Mortgage Loan may
      change pursuant to the related Mortgage Note. The first Adjustment Date
      following the Cut-off Date as to each Adjustable-Rate Mortgage Loan is set
      forth
      in the Mortgage Loan Schedule.

     

    “Advance”:
      Any advance made by the Servicer in respect of any Distribution Date pursuant
      to
      Section 4.07.

     

    “Advance
      Facility”: As defined in Section 3.30 hereof.

     

    “Advance
      Facility Notice”: As defined in Section 3.30 hereof.

     

    “Advance
      Financing Person”: As defined in Section 3.30 hereof.

     

    “Advance
      Reimbursement Amounts”: As defined in Section 3.30 hereof.

     

    “Adverse
      REMIC Event”: As defined in Section 9.01(f) hereof.

     

    “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.

     

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

     

    “Applicable
      Regulations”: As to any Mortgage Loan, all federal, state and local laws,
      statutes, rules and regulations applicable thereto.

     

    “Applied
      Realized Loss Amount”: With respect to each Distribution Date, the excess, if
      any, of (a) the aggregate Certificate Principal Balance of the Class A
      Certificates, the Mezzanine Certificates and the Class B Certificates (after
      giving effect to all distributions on such Distribution Date) over (b) the
      Pool
      Balance as of the end of the related Collection Period.

     

    “Assessment
      of Compliance”: As defined in Section 3.20(a) hereof.

     

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

     

    “Assumed
      Final Maturity Date”: As to each Class of Certificates, the date set forth as
      such in the Preliminary Statement.

     

    “Available
      Funds”: As to any Distribution Date, an amount equal to the excess of (i) the
      sum of (a) the aggregate of the Monthly Payments due during the related
      Collection Period and received by the Trustee one Business Day prior to the
      related Distribution Date, (b) Liquidation Proceeds, Insurance Proceeds,
      Principal Prepayments, Subsequent Recoveries, Substitution Adjustment Amounts,
      the Purchase Price for any repurchased Mortgage Loan, the Termination Price
      with
      respect to the termination of the Trust pursuant to Section 10.01 hereof and
      other unscheduled recoveries of principal and interest (excluding Prepayment
      Charges) in respect of the Mortgage Loans during the related Prepayment Period,
      (c) the aggregate of any amounts received in respect of an REO Property
      withdrawn from any REO Account and deposited in the Collection Account for
      such
      Distribution Date, (d) any Compensating Interest for such Distribution Date
      and
      (e) the aggregate of any Advances made by the Servicer for such Distribution
      Date over (ii) the sum of (a) amounts reimbursable or payable to the Servicer
      pursuant to Section 3.05 or to the Trustee pursuant to this Agreement (other
      than for Trustee Fees), including without limitation Sections 7.01, 7.02 and
      8.05, (b) Stayed Funds, (c) the Servicing Fee, (d) the Excess Servicing Fee
      (e)
      the Trustee Fee, (f) amounts payable to the Swap Provider (other than any Swap
      Termination Payment owed to the Swap Provider resulting from a Swap Provider
      Trigger Event) and (g) amounts deposited in the Collection Account or the
      Distribution Account, as the case may be, in error. 

     

    “Balloon
      Mortgage Loan”: A Mortgage Loan that provides for the payment of the unamortized
      principal balance of such Mortgage Loan in a single payment at the maturity
      of
      such Mortgage Loan that is substantially greater than the preceding monthly
      payment.

     

    “Balloon
      Payment”: A payment of the unamortized principal balance of a Mortgage Loan in a
      single payment at the maturity of such Mortgage Loan that is substantially
      greater than the preceding Monthly Payment.

     

    “Bankruptcy
      Code”: Title 11 of the United States Code, as amended.

     

    “Book-Entry
      Certificates”: Any of the Certificates that shall be registered in the name of
      the Depository or its nominee, the ownership of which is reflected on the books
      of the Depository or on the books of a Person maintaining an account with the
      Depository (directly, as a “Depository Participant,” or indirectly, as an
      indirect participant in accordance with the rules of the Depository and as
      described in Section 5.02 hereof). On the Closing Date, the Class A
      Certificates, the Mezzanine Certificates and the Class B Certificates shall
      be
      Book-Entry Certificates.

     

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

     

    “Certificate”:
      Any Regular Certificate or Residual Certificate.

     

    “Certificate
      Custodian”: Initially, U.S. Bank National Association; thereafter any other
      Certificate Custodian acceptable to the Depository and selected by the
      Trustee.

     

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

     

    
      	
              Class

            	 	
              REMIC
                I Regular Interest

            	 	
              Certificate
                Margin

            
	 	 	 	 	
              (1)

            	 	
              (2)

            
	
              M-1

            	 	
              LTM1

            	 	
              0.380%

            	 	
              0.570%

            
	
              M-2

            	 	
              LTM1

            	 	
              0.450%

            	 	
              0.675%

            
	
              M-3

            	 	
              LTM3

            	 	
              0.500%

            	 	
              0.750%

            
	
              M-4

            	 	
              LTM4

            	 	
              0.900%

            	 	
              1.350%

            
	
              M-5

            	 	
              LTM5

            	 	
              0.950%

            	 	
              1.425%

            
	
              M-6

            	 	
              LTM6

            	 	
              1.100%

            	 	
              1.650%

            
	
              B-1

            	 	
              LTB1

            	 	
              1.850%

            	 	
              2.775%

            
	
              B-2

            	 	
              LTB2

            	 	
              2.500%

            	 	
              3.750%

            
	
              B-3

            	 	
              LTB3

            	 	
              2.500%

            	 	
              3.750%

            

    

    __________

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

            

    

    
      	
            	(2)	
              For
                each other Interest Accrual Period.

            

    

     

    “Certificate
      Owner”: With respect to each Book-Entry Certificate, any beneficial owner
      thereof.

     

    “Certificate
      Principal Balance”: With respect to any Class of Certificates (other than the
      Class CE-1 Certificates, the Class CE-2 Certificates and the Residual
      Certificates) and any Distribution Date, the Original Class Certificate
      Principal Balance, reduced, but not below zero, by the sum of (i) all amounts
      actually distributed in respect of principal of such Class on all prior
      Distribution Dates (taking into account any increases in the Certificate
      Principal Balance thereof due to the receipt of any Subsequent Recoveries as
      provided in Section 4.02) and (ii) in the case of the Mezzanine and Class B
      Certificates, Applied Realized Loss Amounts for previous Distribution Dates
      allocated thereto. The Residual Certificates do not have a Certificate Principal
      Balance. With respect to the Class CE-1 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 Certificate Principal Balance of the Class A Certificates, the
      Mezzanine Certificates, the Class B Certificates and the Class P Certificates
      then outstanding. The Class CE-2 Certificates will not have a Certificate
      Principal Balance. With respect to any Certificate (other than a Residual
      Certificate) of a Class and any Distribution Date, the portion of the
      Certificate Principal Balance of such Class represented by such Certificate
      equal to the product of the Percentage Interest evidenced by such Certificate
      and the Certificate Principal Balance of such Class.

     

    “Certificate
      Register” and “Certificate Registrar”: The register maintained and registrar
      appointed pursuant to Section 5.02 hereof.

     

    “Certificateholder”
      or “Holder”: The Person in whose name a Certificate is registered in the
      Certificate Register, except that a Disqualified Organization or non-U.S. Person
      shall not be a Holder of a Residual Certificate for any purpose
      hereof.

     

    “Class”:
      Collectively, Certificates or REMIC Regular Interests which have the same
      priority of payment and bear the same class designation and the form of which
      is
      identical except for variation in the Percentage Interest evidenced
      thereby.

     

    “Class
      A
      Certificate”: Any one of the Class A-1 Certificates, the Class A-2 Certificates,
      the Class A-3 Certificates, the Class A-4 Certificates or the Class A-5
      Certificates.

     

    “Class
      A-1 Certificate”: Any one of the Certificates with an “A-1” designated on the
      face thereof substantially in the form annexed hereto as Exhibit A-1, executed
      by the Trustee on behalf of the Trust and authenticated and delivered by the
      Certificate Registrar, representing (i) a Regular Interest in REMIC 3, (ii)
      the
      right to receive Net WAC Rate Carryover Amount and (iii) the obligation to
      pay
      the Class IO Distribution Amount.

     

    “Class
      A-2 Certificate”: Any one of the Certificates with an “A-2” designated on the
      face thereof substantially in the form annexed hereto as Exhibit A-2, executed
      by the Trustee on behalf of the Trust and authenticated and delivered by the
      Certificate Registrar, representing (i) a Regular Interest in REMIC 3, (ii)
      the
      right to receive Net WAC Rate Carryover Amount and (iii) the obligation to
      pay
      the Class IO Distribution Amount.

     

    “Class
      A-3 Certificate”: Any one of the Certificates with an “A-3” designated on the
      face thereof substantially in the form annexed hereto as Exhibit A-3, executed
      by the Trustee on behalf of the Trust and authenticated and delivered by the
      Certificate Registrar, representing (i) a Regular Interest in REMIC 3, (ii)
      the
      right to receive Net WAC Rate Carryover Amount and (iii) the obligation to
      pay
      the Class IO Distribution Amount.

     

    “Class
      A-4 Certificate”: Any one of the Certificates with an “A-4” designated on the
      face thereof substantially in the form annexed hereto as Exhibit A-4, executed
      by the Trustee on behalf of the Trust and authenticated and delivered by the
      Certificate Registrar, representing (i) a Regular Interest in REMIC 3, (ii)
      the
      right to receive Net WAC Rate Carryover Amount and (iii) the obligation to
      pay
      the Class IO Distribution Amount.

     

    “Class
      A-5 Certificate”: Any one of the Certificates with an “A-5” designated on the
      face thereof substantially in the form annexed hereto as Exhibit A-5, executed
      by the Trustee on behalf of the Trust and authenticated and delivered by the
      Certificate Registrar, representing (i) a Regular Interest in REMIC 3, (ii)
      the
      right to receive Net WAC Rate Carryover Amount and (iii) the obligation to
      pay
      the Class IO Distribution Amount.

     

    “Class
      A-5 Lockout Distribution Amount”: For each Distribution Date, an amount equal to
      the product of (x) the Class A-5 Pro-Rata Distribution Amount and (y) the Class
      A-5 Lockout Distribution Percentage.

     

    “Class
      A-5 Lockout Distribution Percentage”: For each Distribution Date, the indicated
      percentage for the applicable period listed below:

     

    
      	
              Period

            	 	
              Class
                A-5 Lockout Distribution 

              Percentage

            
	
              April
                2007 through and including March 2010

            	 	
              0%

            
	
              April
                2010 through and including March 2012

            	 	
              45%

            
	
              April
                2012 through and including March 2013

            	 	
              80%

            
	
              April
                2013 through and including March 2014

            	 	
              100%

            
	
              April
                2014 and thereafter

            	 	
              300%

            

    

    

     

    “Class
      A-5 Pro-Rata Distribution Amount”: For each Distribution Date, an amount equal
      to the product of (i) the percentage equal to the aggregate Certificate
      Principal Balance of the Class A-5 Certificates immediately prior to such
      Distribution Date divided by the aggregate Certificate Principal Balance of
      the
      Class A Certificates immediately prior to such Distribution Date and (ii) the
      aggregate amount of principal to be distributed to the Class A Certificates
      for
      such Distribution Date.

     

    “Class
      B
      Certificate”: Any one of the Class B-1 Certificates, the Class B-2 Certificates,
      the Class B-3 Certificates or the Class B-4 Certificates.

     

    “Class
      B
      Interest”: Any one of the Class B-1 Interest,
      the
      Class B-2 Interest, the Class B-3 Interest and the Class B-4
      Interest.

     

    “Class
      B-1 Applied Realized Loss Amount”: As to the Class B-1 Certificates and as of
      any Distribution Date, the lesser of (x) the Certificate Principal Balance
      thereof (after taking into account the distribution of the Principal Remittance
      Amount and the Extra Principal Distribution Amount on such Distribution Date,
      but prior to the application of the Class B-1 Applied Realized Loss Amount,
      if
      any, on such Distribution Date) and (y) the excess of (i) the Applied Realized
      Loss Amount as of such Distribution Date over (ii) the sum of the Class B-2
      Applied Realized Loss Amount, the Class B-3 Applied Realized Loss Amount and
      the
      Class B-4 Applied Realized Loss Amount, in each case as of such Distribution
      Date.

     

    “Class
      B-1 Certificate”: Any one of the Certificates with a “B-1” designated on the
      face thereof substantially in the form annexed hereto as Exhibit B-1, executed
      by the Trustee on behalf of the Trust and authenticated and delivered by the
      Certificate Registrar, representing (i) a Regular Interest in REMIC 4, (ii)
      the
      right to receive Net WAC Rate Carryover Amount and (iii) the obligation to
      pay
      the Class IO Distribution Amount.

     

    “Class
      B-1 Interest”: An uncertificated interest in REMIC 3 held by the Trustee on
      behalf of the holders of the Class B-1 Certificates and representing a regular
      interest in REMIC 3.

     

    “Class
      B-1 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the sum of the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account distributions of principal
      on
      the Class A Certificates on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      distributions of principal on the Class M-1 Certificates on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account distributions of principal on the Class M-2
      Certificates on such Distribution Date), (iv) the Certificate Principal Balance
      of the Class M-3 Certificates (after taking into account distributions of
      principal on the Class M-3 Certificates on such Distribution Date), (v) the
      Certificate Principal Balance of the Class M-4 Certificates (after taking into
      account distributions of principal on the Class M-4 Certificates on such
      Distribution Date), (vi) the Certificate Principal Balance of the Class M-5
      Certificates (after taking into account distributions of principal on the Class
      M-5 Certificates on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account distributions
      of principal on the Class M-6 Certificates on such Distribution Date) and (viii)
      the Certificate Principal Balance of the Class B-1 Certificates immediately
      prior to such Distribution Date over (y) the lesser of (A) the product of (i)
      86.50% and (ii) the Pool Balance as of the last day of the related Collection
      Period (after
      giving effect to scheduled payments of principal due during the related
      Collection Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment
      Period)
      and (B)
      the Pool Balance as of the last day of the related Collection Period (after
      giving effect to scheduled payments of principal due during the related
      Collection Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the Overcollateralization Floor, but in no event less than zero.

     

    “Class
      B-1 Realized Loss Amortization Amount”: As to the Class B-1 Certificates and as
      of any Distribution Date, the lesser of (x) the Unpaid Realized Loss Amount
      for
      the Class B-1 Certificates as of such Distribution Date and (y) the Monthly
      Excess Cashflow Amount remaining after distribution of (i) any
      Overcollateralization Deficiency for such Distribution Date and any Interest
      Carry Forward Amount to the Class B-1 Certificates and any Classes of
      Certificates with a higher distribution priority and (ii) Realized Loss
      Amortization Amounts to Classes of Certificates with a higher distribution
      priority.

     

    “Class
      B-2 Applied Realized Loss Amount”: As to the Class B-2 Certificates and as of
      any Distribution Date, the lesser of (x) the Certificate Principal Balance
      thereof (after taking into account the distribution of the Principal Remittance
      Amount and the Extra Principal Distribution Amount on such Distribution Date,
      but prior to the application of the Class B-2 Applied Realized Loss Amount,
      if
      any, on such Distribution Date) and (y) the excess of (i) the Applied Realized
      Loss Amount as of such Distribution Date over (ii) the sum of the Class B-3
      Applied Realized Loss Amount and the Class B-4 Applied Realized Loss Amount,
      in
      each case as of such Distribution Date.

     

    “Class
      B-2 Certificate”: Any one of the Certificates with a “B-2” designated on the
      face thereof substantially in the form annexed hereto as Exhibit B-2, executed
      by the Trustee on behalf of the Trust and authenticated and delivered by the
      Certificate Registrar, representing (i) a Regular Interest in REMIC 5, (ii)
      the
      right to receive Net WAC Rate Carryover Amount and (iii) the obligation to
      pay
      the Class IO Distribution Amount.

     

    “Class
      B-2 Interest”: An uncertificated interest in REMIC 3 held by the Trustee on
      behalf of the holders of the Class B-2 Certificates and representing a regular
      interest in REMIC 3.

     

    “Class
      B-2 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the sum of the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account distributions of principal
      on
      the Class A Certificates on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      distributions of principal on the Class M-1 Certificates on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account distributions of principal on the Class M-2
      Certificates on such Distribution Date), (iv) the Certificate Principal Balance
      of the Class M-3 Certificates (after taking into account distributions of
      principal on the Class M-3 Certificates on such Distribution Date), (v) the
      Certificate Principal Balance of the Class M-4 Certificates (after taking into
      account distributions of principal on the Class M-4 Certificates on such
      Distribution Date), (vi) the Certificate Principal Balance of the Class M-5
      Certificates (after taking into account distributions of principal on the Class
      M-5 Certificates on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account distributions
      of principal on the Class M-6 Certificates on such Distribution Date), (viii)
      the Certificate Principal Balance of the Class B-1 Certificates (after taking
      into account distributions of principal on the Class B-1 Certificates on such
      Distribution Date) and (ix) the Certificate Principal Balance of the Class
      B-2
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) 88.20% and (ii) the Pool Balance as of the last day
      of
      the related Collection Period (after giving effect to scheduled payments of
      principal due during the related Collection Period, to the extent received
      or
      advanced, and unscheduled collections of principal received during the related
      Prepayment Period) and (B) the Pool Balance as of the last day of the related
      Collection Period (after giving effect to scheduled payments of principal due
      during the related Collection Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) minus the Overcollateralization Floor, but in no event less than
      zero.

     

    “Class
      B-2 Realized Loss Amortization Amount”: As to the Class B-2 Certificates and as
      of any Distribution Date, the lesser of (x) the Unpaid Realized Loss Amount
      for
      the Class B-2 Certificates as of such Distribution Date and (y) the Monthly
      Excess Cashflow Amount remaining after distribution of (i) any
      Overcollateralization Deficiency for such Distribution Date and any Interest
      Carry Forward Amount to the Class B-2 Certificates and any Classes of
      Certificates with a higher distribution priority and (ii) Realized Loss
      Amortization Amounts to Classes of Certificates with a higher distribution
      priority.

     

    “Class
      B-3 Applied Realized Loss Amount”: As to the Class B-3 Certificates and as of
      any Distribution Date, the lesser of (x) the Certificate Principal Balance
      thereof (after taking into account the distribution of the Principal Remittance
      Amount and the Extra Principal Distribution Amount on such Distribution Date,
      but prior to the application of the Class B-3 Applied Realized Loss Amount,
      if
      any, on such Distribution Date) and (y) the excess of (i) the Applied Realized
      Loss Amount as of such Distribution Date over (ii) the Class B-4 Applied
      Realized Loss Amount, in each case as of such Distribution Date.

     

    “Class
      B-3 Certificate”: Any one of the Certificates with a “B-3” designated on the
      face thereof substantially in the form annexed hereto as Exhibit B-3, executed
      by the Trustee on behalf of the Trust and authenticated and delivered by the
      Certificate Registrar, representing (i) a Regular Interest in REMIC 6, (ii)
      the
      right to receive Net WAC Rate Carryover Amount and (iii) the obligation to
      pay
      the Class IO Distribution Amount.

     

    “Class
      B-3 Interest”: An uncertificated interest in REMIC 3 held by the Trustee on
      behalf of the holders of the Class B-3 Certificates and representing a regular
      interest in REMIC 3.

     

    “Class
      B-3 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the sum of the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account distributions of principal
      on
      the Class A Certificates on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      distributions of principal on the Class M-1 Certificates on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account distributions of principal on the Class M-2
      Certificates on such Distribution Date), (iv) the Certificate Principal Balance
      of the Class M-3 Certificates (after taking into account distributions of
      principal on the Class M-3 Certificates on such Distribution Date), (v) the
      Certificate Principal Balance of the Class M-4 Certificates (after taking into
      account distributions of principal on the Class M-4 Certificates on such
      Distribution Date), (vi) the Certificate Principal Balance of the Class M-5
      Certificates (after taking into account distributions of principal on the Class
      M-5 Certificates on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account distributions
      of principal on the Class M-6 Certificates on such Distribution Date), (viii)
      the Certificate Principal Balance of the Class B-1 Certificates (after taking
      into account distributions of principal on the Class B-1 Certificates on such
      Distribution Date), (ix) the Certificate Principal Balance of the Class B-2
      Certificates (after taking into account distributions of principal on the Class
      B-2 Certificates on such Distribution Date) and (x) the Certificate Principal
      Balance of the Class B-3 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 90.40% and (ii) the Pool
      Balance as of the last day of the related Collection Period (after giving effect
      to scheduled payments of principal due during the related Collection Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) and (B) the Pool Balance as
      of
      the last day of the related Collection Period (after giving effect to scheduled
      payments of principal due during the related Collection Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) minus Overcollateralization Floor, but in no
      event less than zero.

     

    “Class
      B-3 Realized Loss Amortization Amount”: As to the Class B-3 Certificates and as
      of any Distribution Date, the lesser of (x) the Unpaid Realized Loss Amount
      for
      the Class B-3 Certificates as of such Distribution Date and (y) the Monthly
      Excess Cashflow Amount remaining after distribution of (i) any
      Overcollateralization Deficiency for such Distribution Date and any Interest
      Carry Forward Amount to the Class B-3 Certificates and any Classes of
      Certificates with a higher distribution priority and (ii) Realized Loss
      Amortization Amounts to Classes of Certificates with a higher distribution
      priority.

     

    “Class
      B-4 Applied Realized Loss Amount”: As to the Class B-4 Certificates and as of
      any Distribution Date, the lesser of (x) the Certificate Principal Balance
      thereof (after taking into account the distribution of the Principal Remittance
      Amount and the Extra Principal Distribution Amount on such Distribution Date,
      but prior to the application of the Class B-4 Applied Realized Loss Amount,
      if
      any, on such Distribution Date) and (y) the Applied Realized Loss Amount as
      of
      such Distribution Date.

     

    “Class
      B-4 Certificate”: Any one of the Certificates with a “B-4” designated on the
      face thereof substantially in the form annexed hereto as Exhibit B-4, executed
      by the Trustee on behalf of the Trust and authenticated and delivered by the
      Certificate Registrar, representing (i) a Regular Interest in REMIC 7, (ii)
      the
      right to receive Net WAC Rate Carryover Amount and (iii) the obligation to
      pay
      the Class IO Distribution Amount.

     

    “Class
      B-4 Interest”: An uncertificated interest in REMIC 3 held by the Trustee on
      behalf of the holders of the Class B-4 Certificates and representing a regular
      interest in REMIC 3.

     

    “Class
      B-4 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the sum of the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account distributions of principal
      on
      the Class A Certificates on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      distributions of principal on the Class M-1 Certificates on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account distributions of principal on the Class M-2
      Certificates on such Distribution Date), (iv) the Certificate Principal Balance
      of the Class M-3 Certificates (after taking into account distributions of
      principal on the Class M-3 Certificates on such Distribution Date), (v) the
      Certificate Principal Balance of the Class M-4 Certificates (after taking into
      account distributions of principal on the Class M-4 Certificates on such
      Distribution Date), (vi) the Certificate Principal Balance of the Class M-5
      Certificates (after taking into account distributions of principal on the Class
      M-5 Certificates on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account distributions
      of principal on the Class M-6 Certificates on such Distribution Date), (viii)
      the Certificate Principal Balance of the Class B-1 Certificates (after taking
      into account distributions of principal on the Class B-1 Certificates on such
      Distribution Date), (ix) the Certificate Principal Balance of the Class B-2
      Certificates (after taking into account distributions of principal on the Class
      B-2 Certificates on such Distribution Date), (x) the Certificate Principal
      Balance of the Class B-3 Certificates (after taking into account distributions
      of principal on the Class B-3 Certificates on such Distribution Date) and (xi)
      the Certificate Principal Balance of the Class B-4 Certificates immediately
      prior to such Distribution Date over (y) the lesser of (A) the product of (i)
      94.00% and (ii) the Pool Balance as of the last day of the related Collection
      Period (after giving effect to scheduled payments of principal due during the
      related Collection Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the Pool Balance as of the last day of the related Collection Period (after
      giving effect to scheduled payments of principal due during the related
      Collection Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the Overcollateralization Floor, but in no event less than zero.

     

    “Class
      B-4 Realized Loss Amortization Amount”: As to the Class B-4 Certificates and as
      of any Distribution Date, the lesser of (x) the Unpaid Realized Loss Amount
      for
      the Class B-4 Certificates as of such Distribution Date and (y) the Monthly
      Excess Cashflow Amount remaining after distribution of (i) any
      Overcollateralization Deficiency for such Distribution Date and any Interest
      Carry Forward Amount to the Class B-4 Certificates and any Classes of
      Certificates with a higher distribution priority and (ii) Realized Loss
      Amortization Amounts to Classes of Certificates with a higher distribution
      priority.

     

    “Class
      CE-1 Certificate”: Any one of the Certificates with a “CE-1” designated on the
      face thereof substantially in the form annexed hereto as Exhibit C-8-1, executed
      by the Trustee on behalf of the Trust and authenticated and delivered by the
      Certificate Registrar, representing (i) a Regular Interest in REMIC 8, (ii)
      beneficial ownership of the Net WAC Rate Carryover Reserve Account and (iii)
      beneficial ownership of the Supplemental Interest Trust.

     

    “Class
      CE-1 Interest”: An uncertificated interest in the Trust Fund evidencing a
      Regular Interest in REMIC 3.

     

    “Class
      CE-2 Certificate”: Any one of the Certificates with a “CE-2” designated on the
      face thereof substantially in the form annexed hereto as Exhibit C-8-2, executed
      by the Trustee on behalf of the Trust and authenticated and delivered by the
      Certificate Registrar, representing a Regular Interest in REMIC 9.

     

    “Class
      CE-2 Interest”: An uncertificated interest in the Trust Fund evidencing a
      Regular Interest in REMIC 3.

     

    “Class
      IO
      Distribution Amount”: As defined in Section 4.09 hereof. For purposes of
      clarity, the Class IO Distribution Amount for any Distribution Date shall equal
      the amount payable to the Supplemental Interest Trust Trustee on such
      Distribution Date in excess of the amount payable on the Class IO Interest
      on
      such Distribution Date, all as further provided in Section 4.10
      hereof.

     

    “Class
      IO
      Interest”: An uncertificated interest in the Trust Fund evidencing a Regular
      Interest in REMIC 3.

     

    “Class
      M-1 Applied Realized Loss Amount”: As to the Class M-1 Certificates and as of
      any Distribution Date, the lesser of (x) the Certificate Principal Balance
      thereof (after taking into account the distribution of the Principal Remittance
      Amount and the Extra Principal Distribution Amount on such Distribution Date,
      but prior to the application of the Class M-1 Applied Realized Loss Amount,
      if
      any, on such Distribution Date) and (y) the excess of (i) the Applied Realized
      Loss Amount as of such Distribution Date over (ii) the sum
      of
      the Class M-2 Applied Realized Loss Amount, the Class M-3 Applied Realized
      Loss
      Amount, the Class M-4 Applied Realized Loss Amount, the Class M-5 Applied
      Realized Loss Amount, the Class M-6 Applied Realized Loss Amount, the Class
      B-1
      Applied Realized Loss Amount, the Class B-2 Applied Realized Loss Amount, the
      Class B-3 Applied Realized Loss Amount and the Class B-4 Applied Realized Loss
      Amount, in
      each
      case as of such Distribution Date.

     

    “Class
      M-1 Certificate”: Any one of the Certificates with an “M-1” designated on the
      face thereof substantially in the form annexed hereto as Exhibit C-2, executed
      by the Trustee on behalf of the Trust and authenticated and delivered by the
      Certificate Registrar, representing (i) a Regular Interest in REMIC 3, (ii)
      the
      right to receive Net WAC Rate Carryover Amount and (iii) the obligation to
      pay
      the Class IO Distribution Amount.

     

    “Class
      M-1 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the aggregate Certificate Principal Balance of the Class A
      Certificates (after taking into account distributions of principal on the Class
      A Certificates on such Distribution Date) and (ii) the Certificate Principal
      Balance of the Class M-1 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 65.20% and (ii) the Pool
      Balance as of the last day of the related Collection Period (after giving effect
      to scheduled payments of principal due during the related Collection Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) and (B) the Pool Balance as
      of
      the last day of the related Collection Period (after giving effect to scheduled
      payments of principal due during the related Collection Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) minus the Overcollateralization Floor, but in
      no
      event less than zero.

     

    “Class
      M-1 Realized Loss Amortization Amount”: As to the Class M-1 Certificates and as
      of any Distribution Date, the lesser of (x) the Unpaid Realized Loss Amount
      for
      the Class M-1 Certificates as of such Distribution Date and (y) the Monthly
      Excess Cashflow Amount remaining after distribution of any Overcollateralization
      Deficiency for such Distribution Date and any Interest Carry Forward Amount
      to
      the Class M-1 Certificates and any Classes of Certificates with a higher
      distribution priority.

     

    “Class
      M-2 Applied Realized Loss Amount”: As to the Class M-2 Certificates and as of
      any Distribution Date, the lesser of (x) the Certificate Principal Balance
      thereof (after taking into account the distribution of the Principal Remittance
      Amount and the Extra Principal Distribution Amount on such Distribution Date,
      but prior to the application of the Class M-2 Applied Realized Loss Amount,
      if
      any, on such Distribution Date) and (y) the excess of (i) the Applied Realized
      Loss Amount as of such Distribution Date over (ii) the sum of the Class M-3
      Applied Realized Loss Amount, the Class M-4 Applied Realized Loss Amount, the
      Class M-5 Applied Realized Loss Amount, the Class M-6 Applied Realized Loss
      Amount, the Class B-1 Applied Realized Loss Amount, the Class B-2 Applied
      Realized Loss Amount, the Class B-3 Applied Realized Loss Amount, the Class
      B-4
      Applied Realized Loss Amount, in each case as of such Distribution
      Date.

     

    “Class
      M-2 Certificate”: Any one of the Certificates with an “M-2” designated on the
      face thereof substantially in the form annexed hereto as Exhibit C-3, executed
      by the Trustee on behalf of the Trust and authenticated and delivered by the
      Certificate Registrar, representing (i) a Regular Interest in REMIC 3, (ii)
      the
      right to receive Net WAC Rate Carryover Amount and (iii) the obligation to
      pay
      the Class IO Distribution Amount.

     

    “Class
      M-2 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the aggregate Certificate Principal Balance of the Class A
      Certificates (after taking into account distributions of principal on the Class
      A Certificates on such Distribution Date), (ii) the Certificate Principal
      Balance of the Class M-1 Certificates (after taking into account distributions
      of principal on the Class M-1 Certificates on such Distribution Date) and (iii)
      the Certificate Principal Balance of the Class M-2 Certificates immediately
      prior to such Distribution Date over (y) the lesser of (A) the product of (i)
      71.70% and (ii) the Pool Balance as of the last day of the related Collection
      Period (after giving effect to scheduled payments of principal due during the
      related Collection Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the Pool Balance as of the last day of the related Collection Period (after
      giving effect to scheduled payments of principal due during the related
      Collection Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the Overcollateralization Floor, but in no event less than zero.

     

    “Class
      M-2 Realized Loss Amortization Amount”: As to the Class M-2 Certificates and as
      of any Distribution Date, the lesser of (x) the Unpaid Realized Loss Amount
      for
      the Class M-2 Certificates as of such Distribution Date and (y) the Monthly
      Excess Cashflow Amount remaining after distribution of (i) any
      Overcollateralization Deficiency for such Distribution Date and any Interest
      Carry Forward Amount to the Class M-2 Certificates and any Classes of
      Certificates with a higher distribution priority and (ii) Realized Loss
      Amortization Amounts to Classes of Certificates with a higher distribution
      priority.

     

    “Class
      M-3 Applied Realized Loss Amount”: As to the Class M-3 Certificates and as of
      any Distribution Date, the lesser of (x) the Certificate Principal Balance
      thereof (after taking into account the distribution of the Principal Remittance
      Amount and the Extra Principal Distribution Amount on such Distribution Date,
      but prior to the application of the Class M-3 Applied Realized Loss Amount,
      if
      any, on such Distribution Date) and (y) the excess of (i) the Applied Realized
      Loss Amount as of such Distribution Date over (ii) the sum of the Class M-4
      Applied Realized Loss Amount, the Class M-5 Applied Realized Loss Amount, the
      Class M-6 Applied Realized Loss Amount, the Class B-1 Applied Realized Loss
      Amount, the Class B-2 Applied Realized Loss Amount, the Class B-3 Applied
      Realized Loss Amount and the Class B-4 Applied Realized Loss Amount, in each
      case as of such Distribution Date.

     

    “Class
      M-3 Certificate”: Any one of the Certificates with an “M-3” designated on the
      face thereof substantially in the form annexed hereto as Exhibit C-4, executed
      by the Trustee on behalf of the Trust and authenticated and delivered by the
      Certificate Registrar, representing (i) a Regular Interest in REMIC 3, (ii)
      the
      right to receive Net WAC Rate Carryover Amount and (iii) the obligation to
      pay
      the Class IO Distribution Amount.

     

    “Class
      M-3 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the aggregate Certificate Principal Balance of the Class A
      Certificates (after taking into account distributions of principal on the Class
      A Certificates on such Distribution Date), (ii) the Certificate Principal
      Balance of the Class M-1 Certificates (after taking into account distributions
      of principal on the Class M-1 Certificates on such Distribution Date), (iii)
      the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account distributions of principal on the Class M-2 Certificates on such
      Distribution Date) and (iv) the Certificate Principal Balance of the Class
      M-3
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) 75.60% and (ii) the Pool Balance as of the last day
      of
      the related Collection Period (after giving effect to scheduled payments of
      principal due during the related Collection Period, to the extent received
      or
      advanced, and unscheduled collections of principal received during the related
      Prepayment Period) and (B) the Pool Balance as of the last day of the related
      Collection Period (after giving effect to scheduled payments of principal due
      during the related Collection Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) minus the Overcollateralization Floor, but in no event less than
      zero.

     

    “Class
      M-3 Realized Loss Amortization Amount”: As to the Class M-3 Certificates and as
      of any Distribution Date, the lesser of (x) the Unpaid Realized Loss Amount
      for
      the Class M-3 Certificates as of such Distribution Date and (y) the Monthly
      Excess Cashflow Amount remaining after distribution of (i) any
      Overcollateralization Deficiency for such Distribution Date and any Interest
      Carry Forward Amount to the Class M-3 Certificates and any Classes of
      Certificates with a higher distribution priority and (ii) Realized Loss
      Amortization Amounts to Classes of Certificates with a higher distribution
      priority.

     

    “Class
      M-4 Applied Realized Loss Amount”: As to the Class M-4 Certificates and as of
      any Distribution Date, the lesser of (x) the Certificate Principal Balance
      thereof (after taking into account the distribution of the Principal Remittance
      Amount and the Extra Principal Distribution Amount on such Distribution Date,
      but prior to the application of the Class M-4 Applied Realized Loss Amount,
      if
      any, on such Distribution Date) and (y) the excess of (i) the Applied Realized
      Loss Amount as of such Distribution Date over (ii) the sum of the Class M-5
      Applied Realized Loss Amount, the Class M-6 Applied Realized Loss Amount, the
      Class B-1 Applied Realized Loss Amount, the Class B-2 Applied Realized Loss
      Amount, the Class B-3 Applied Realized Loss Amount, the Class B-4 Applied
      Realized Loss Amount, in each case as of such Distribution Date.

     

    “Class
      M-4 Certificate”: Any one of the Certificates with an “M-4” designated on the
      face thereof substantially in the form annexed hereto as Exhibit C-5, executed
      by the Trustee on behalf of the Trust and authenticated and delivered by the
      Certificate Registrar, representing (i) a Regular Interest in REMIC 3, (ii)
      the
      right to receive Net WAC Rate Carryover Amount and (iii) the obligation to
      pay
      the Class IO Distribution Amount.

     

    “Class
      M-4 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the aggregate Certificate Principal Balance of the Class A
      Certificates (after taking into account distributions of principal on the Class
      A Certificates on such Distribution Date), (ii) the Certificate Principal
      Balance of the Class M-1 Certificates (after taking into account distributions
      of principal on the Class M-1 Certificates on such Distribution Date), (iii)
      the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account distributions of principal on the Class M-2 Certificates on such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account distributions of principal on the Class
      M-3 Certificates on such Distribution Date) and (v) the Certificate Principal
      Balance of the Class M-4 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 79.10% and (ii) the Pool
      Balance as of the last day of the related Collection Period (after giving effect
      to scheduled payments of principal due during the related Collection Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) and (B) the Pool Balance as
      of
      the last day of the related Collection Period (after giving effect to scheduled
      payments of principal due during the related Collection Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) minus the Overcollateralization Floor, but in
      no
      event less than zero.

     

    “Class
      M-4 Realized Loss Amortization Amount”: As to the Class M-4 Certificates and as
      of any Distribution Date, the lesser of (x) the Unpaid Realized Loss Amount
      for
      the Class M-4 Certificates as of such Distribution Date and (y) the Monthly
      Excess Cashflow Amount remaining after distribution of (i) any
      Overcollateralization Deficiency for such Distribution Date and any Interest
      Carry Forward Amount to the Class M-4 Certificates and any Classes of
      Certificates with a higher distribution priority and (ii) Realized Loss
      Amortization Amounts to Classes of Certificates with a higher distribution
      priority.

     

    “Class
      M-5 Applied Realized Loss Amount”: As to the Class M-5 Certificates and as of
      any Distribution Date, the lesser of (x) the Certificate Principal Balance
      thereof (after taking into account the distribution of the Principal Remittance
      Amount and the Extra Principal Distribution Amount on such Distribution Date,
      but prior to the application of the Class M-5 Applied Realized Loss Amount,
      if
      any, on such Distribution Date) and (y) the excess of (i) the Applied Realized
      Loss Amount as of such Distribution Date over (ii) the sum of the Class M-6
      Applied Realized Loss Amount, the Class B-1 Applied Realized Loss Amount, the
      Class B-2 Applied Realized Loss Amount, the Class B-3 Applied Realized Loss
      Amount and the Class B-4 Applied Realized Loss Amount, in each case as of such
      Distribution Date.

     

    “Class
      M-5 Certificate”: Any one of the Certificates with an “M-5” designated on the
      face thereof substantially in the form annexed hereto as Exhibit C-6, executed
      by the Trustee on behalf of the Trust and authenticated and delivered by the
      Certificate Registrar, representing (i) a Regular Interest in REMIC 3, (ii)
      the
      right to receive Net WAC Rate Carryover Amount and (iii) the obligation to
      pay
      the Class IO Distribution Amount.

     

    “Class
      M-5 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the aggregate Certificate Principal Balance of the Class A
      Certificates (after taking into account distributions of principal on the Class
      A Certificates on such Distribution Date), (ii) the Certificate Principal
      Balance of the Class M-1 Certificates (after taking into account distributions
      of principal on the Class M-1 Certificates on such Distribution Date), (iii)
      the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account distributions of principal on the Class M-2 Certificates on such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account distributions of principal on the Class
      M-3 Certificates on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account distributions
      of principal on the Class M-4 Certificates on such Distribution Date) and (vi)
      the Certificate Principal Balance of the Class M-5 Certificates immediately
      prior to such Distribution Date over (y) the lesser of (A) the product of (i)
      82.30% and (ii) the Pool Balance as of the last day of the related Collection
      Period (after giving effect to scheduled payments of principal due during the
      related Collection Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the Pool Balance as of the last day of the related Collection Period (after
      giving effect to scheduled payments of principal due during the related
      Collection Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the Overcollateralization Floor, but in no event less than zero.

     

    “Class
      M-5 Realized Loss Amortization Amount”: As to the Class M-5 Certificates and as
      of any Distribution Date, the lesser of (x) the Unpaid Realized Loss Amount
      for
      the Class M-5 Certificates as of such Distribution Date and (y) the Monthly
      Excess Cashflow Amount remaining after distribution of (i) any
      Overcollateralization Deficiency for such Distribution Date and any Interest
      Carry Forward Amount to the Class M-5 Certificates and any Classes of
      Certificates with a higher distribution priority and (ii) Realized Loss
      Amortization Amounts to Classes of Certificates with a higher distribution
      priority.

     

    “Class
      M-6 Applied Realized Loss Amount”: As to the Class M-6 Certificates and as of
      any Distribution Date, the lesser of (x) the Certificate Principal Balance
      thereof (after taking into account the distribution of the Principal Remittance
      Amount and the Extra Principal Distribution Amount on such Distribution Date,
      but prior to the application of the Class M-6 Applied Realized Loss Amount,
      if
      any, on such Distribution Date) and (y) the excess of (i) the Applied Realized
      Loss Amount as of such Distribution Date over (ii) the sum of the Class B-1
      Applied Realized Loss Amount, the Class B-2 Applied Realized Loss Amount, the
      Class B-3 Applied Realized Loss Amount and the Class B-4 Applied Realized Loss
      Amount, in each case as of such Distribution Date.

     

    “Class
      M-6 Certificate”: Any one of the Certificates with an “M-6” designated on the
      face thereof substantially in the form annexed hereto as Exhibit C-7, executed
      by the Trustee on behalf of the Trust and authenticated and delivered by the
      Certificate Registrar, representing (i) a Regular Interest in REMIC 3, (ii)
      the
      right to receive Net WAC Rate Carryover Amount and (iii) the obligation to
      pay
      the Class IO Distribution Amount.

     

    “Class
      M-6 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the aggregate Certificate Principal Balance of the Class A
      Certificates (after taking into account distributions of principal on the Class
      A Certificates on such Distribution Date), (ii) the Certificate Principal
      Balance of the Class M-1 Certificates (after taking into account distributions
      of principal on the Class M-1 Certificates on such Distribution Date), (iii)
      the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account distributions of principal on the Class M-2 Certificates on such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account distributions of principal on the Class
      M-3 Certificates on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account distributions
      of principal on the Class M-4 Certificates on such Distribution Date), (vi)
      the
      Certificate Principal Balance of the Class M-5 Certificates (after taking into
      account distributions of principal on the Class M-5 Certificates on such
      Distribution Date) and (vii) the Certificate Principal Balance of the Class
      M-6
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) 84.70% and (ii) the Pool Balance as of the last day
      of
      the related Collection Period (after giving effect to scheduled payments of
      principal due during the related Collection Period, to the extent received
      or
      advanced, and unscheduled collections of principal received during the related
      Prepayment Period) and (B) the Pool Balance as of the last day of the related
      Collection Period (after giving effect to scheduled payments of principal due
      during the related Collection Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) minus the Overcollateralization Floor, but in no event less than
      zero.

     

    “Class
      M-6 Realized Loss Amortization Amount”: As to the Class M-6 Certificates and as
      of any Distribution Date, the lesser of (x) the Unpaid Realized Loss Amount
      for
      the Class M-6 Certificates as of such Distribution Date and (y) the Monthly
      Excess Cashflow Amount remaining after distribution of (i) any
      Overcollateralization Deficiency for such Distribution Date and any Interest
      Carry Forward Amount to the Class M-6 Certificates and any Classes of
      Certificates with a higher distribution priority and (ii) Realized Loss
      Amortization Amounts to Classes of Certificates with a higher distribution
      priority.

     

    “Class
      P
      Certificate”: Any one of the Class P Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit C-9, representing a Regular Interest in REMIC
      10.

     

    “Class
      P
      Interest”: An uncertificated interest in the Trust Fund evidencing a Regular
      Interest in REMIC 3.

     

    “Class
      R
      Certificate”: The Class R Certificate executed by the Trustee, and authenticated
      and delivered by the Certificate Registrar, substantially in the form annexed
      hereto as Exhibit C-1-1 and evidencing the ownership of the Class R-1 Interest,
      the Class R-2 Interest and the Class R-3 Interest.

     

    “Class
      R-X Certificate”: The Class R-X Certificate executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit C-1-2 and evidencing the ownership of the Class
      R-4 Interest, the Class R-5 Interest, the Class R-6 Interest, the Class R-7
      Interest, the Class R-8 Interest, the Class R-9 Interest, the Class R-10
      Interest and the Class R-11 Interest.

     

    “Class
      R-1 Interest”: The uncertificated residual interest in REMIC 1.

     

    “Class
      R-2 Interest”: The uncertificated residual interest in REMIC 2.

     

    “Class
      R-3 Interest”: The uncertificated residual interest in REMIC 3.

     

    “Class
      R-4 Interest”: The uncertificated residual interest in REMIC 4.

     

    “Class
      R-5 Interest”: The uncertificated residual interest in REMIC 5.

     

    “Class
      R-6 Interest”: The uncertificated residual interest in REMIC 6.

     

    “Class
      R-7 Interest”: The uncertificated residual interest in REMIC 7.

     

    “Class
      R-8 Interest”: The uncertificated residual interest in REMIC 8.

     

    “Class
      R-9 Interest”: The uncertificated residual interest in REMIC 9.

     

    “Class
      R-10 Interest”: The uncertificated residual interest in REMIC 10.

     

    “Class
      R-11 Interest”: The uncertificated residual interest in REMIC 11.

     

    “Closing
      Date”: March 30, 2007.

     

    “Code”:
      The Internal Revenue Code of 1986, as it may be amended from time to
      time.

     

    “Collection
      Account”: The account or accounts created and maintained by the Servicer
      pursuant to Section 3.04, which shall be entitled “Collection Account, Litton
      Loan Servicing LP, as Servicer, in trust for registered Holders of 2007-CB3
      Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB3,” and
      which must be an Eligible Account.

     

    “Collection
      Period”: With respect to any Distribution Date, the period from the second day
      of the calendar month preceding the month in which such Distribution Date occurs
      through the first day of the month in which such Distribution Date
      occurs.

     

    “Combined
      Loan-to-Value Ratio”: As of any date and Mortgage Loan, the fraction, expressed
      as a percentage, the numerator of which is the Principal Balance of the Mortgage
      Loan plus the principal balance of any related senior mortgage loan, and the
      denominator of which is the Value of the related Mortgaged
      Property.

     

    “Compensating
      Interest”: As defined in Section 3.23 hereof.

     

    “Condemnation
      Proceeds”: All awards or settlements in respect of a taking of a Mortgaged
      Property by exercise of the power of eminent domain or
      condemnation.

     

    “Corporate
      Trust Office”: With respect to the Trustee, the principal corporate trust office
      of the Trustee at which at any particular time its corporate trust business
      in
      connection with this Agreement shall be administered, which office at the date
      of the execution of this instrument is located at 60 Livingston Avenue, St.
      Paul, Minnesota 55107, Attention: Structured Finance, C-BASS 2007-CB3, or at
      such other address as the Trustee may designate from time to time by notice
      to
      the Certificateholders, the Depositor, the Servicer and the
      Sponsor.

     

    “Corresponding
      Certificate”: With respect to each REMIC 2 Regular Interest or REMIC 3 Regular
      Interest set forth below, the corresponding Regular Certificate set forth in
      the
      table below:

     

    
      
        	
                REMIC
                  2 Regular Interest 

              	 	
                Regular
                  Certificate

              
	
                LT2A1

              	 	
                Class
                  A-1

              
	
                LT2A2

              	 	
                Class
                  A-2

              
	
                LT2A3

              	 	
                Class
                  A-3

              
	
                LT2A4

              	 	
                Class
                  A-4

              
	
                LT2A5

              	 	
                Class
                  A-5

              
	
                LT2M1

              	 	
                Class
                  M-1

              
	
                LT2M2

              	 	
                Class
                  M-2

              
	
                LT2M3

              	 	
                Class
                  M-3

              
	
                LT2M4
                  

              	 	
                Class
                  M-4

              
	
                LT2M5
                  

              	 	
                Class
                  M-5

              
	
                LT2M6
                  

              	 	
                Class
                  M-6

              
	
                LT2B1
                  

              	 	
                Class
                  B-1

              
	
                LT2B2
                  

              	 	
                Class
                  B-2

              
	
                LT2B3
                  

              	 	
                Class
                  B-3

              
	
                LT2B4

              	 	
                Class
                  B-4

              
	
                LT2P

              	 	
                Class
                  P

              
	
                LT2CE2

              	 	
                Class
                  CE-2

              

      

    

     

    “Custodial
      Agreement”: The Custodial Agreement, dated as of March 1, 2007, among the
      Trustee, the Servicer and the Custodian, as the same may be amended or
      supplemented pursuant to the terms thereof.

     

    “Custodian”:
      The Bank of New York, a New York banking corporation, or any successor custodian
      appointed pursuant to the terms of the Custodial Agreement.

     

    “Cut-off
      Date”: With respect to each Mortgage Loan, March 1, 2007.

     

    “Cut-off
      Date Principal Balance”: With respect to any Mortgage Loan, the unpaid principal
      balance thereof as of the Cut-off Date after application of funds received
      or
      advanced on or before such date (or as of the applicable date of substitution
      with respect to an Eligible Substitute Mortgage Loan).

     

    “DBRS”:
      DBRS, Inc. and its successors, and if such company shall for any reason no
      longer perform the functions of a securities rating agency, “DBRS” shall be
      deemed to refer to any other “nationally recognized statistical rating
      organization” as set forth on the most current list of such organizations
      released by the Securities
      and Exchange Commission.

     

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

     

    “Defective
      Mortgage Loan”: A Mortgage Loan replaced or to be replaced by one or more
      Eligible Substitute Mortgage Loans.

     

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

     

    “Definitive
      Certificates”: As defined in Section 5.02(c) hereof.

     

    “Delinquent”:
      Any Mortgage Loan, the Monthly Payment due on a Due Date with respect to which
      such monthly payment is not made by the close of business on the next scheduled
      Due Date for such Mortgage Loan.

     

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

     

    “Depository”:
      The initial depository shall be The Depository Trust Company, whose nominee
      is
      Cede & Co., or any other organization registered as a “clearing agency”
pursuant to Section 17A of the Securities Exchange Act of 1934, as amended.
      The
      Depository shall initially be the registered Holder of the Book-Entry
      Certificates. The Depository shall at all times be a “clearing corporation” as
      defined in Section 8-102(3) of the Uniform Commercial Code of the State of
      New
      York.

     

    “Depository
      Agreement”: With respect to any Book-Entry Certificates, the agreement among the
      Depositor, the Trustee and the initial Depository, to be dated on or about
      the
      Closing Date.

     

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

     

    “Determination
      Date”: With respect to any Distribution Date, the 16th
      day of
      the calendar month in which such Distribution Date occurs or, if such
      16th
      day is
      not a Business Day, the Business Day immediately preceding such 16th
      day.

     

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

     

    “Disqualified
      Organization”: A “disqualified organization” under Section 860E of the Code,
      which as of the Closing Date is any of: (i) the United States, any state or
      political subdivision thereof, any possession of the United States, any foreign
      government, any international organization, or any agency or instrumentality
      of
      any of the foregoing, (ii) any organization (other than a cooperative described
      in Section 521 of the Code) which is exempt from the tax imposed by Chapter
      1 of
      the Code unless such organization is subject to the tax imposed by Section
      511
      of the Code, (iii) any organization described in Section 1381(a)(2)(C) of the
      Code, or (iv) any other Person so designated by the Trustee based upon an
      Opinion of Counsel provided by nationally recognized counsel to the Trustee
      that
      the holding of an ownership interest in a Residual Certificate by such Person
      may cause the Trust Fund or any Person having an ownership interest in any
      Class
      of Certificates (other than such Person) to incur liability for any federal
      tax
      imposed under the Code that would not otherwise be imposed but for the transfer
      of an ownership interest in a Residual Certificate to such Person. A corporation
      will not be treated as an instrumentality of the United States or of any state
      or political subdivision thereof if all of its activities are subject to tax
      and
      a majority of its board of directors is not selected by a governmental unit.
      The
      term “United States,” “state” and “international organization” shall have the
      meanings set forth in Section 7701 of the Code.

     

    “Distribution
      Account”: The trust account or accounts created and maintained by the Trustee
      pursuant to Section 3.04(b) which shall be entitled “Distribution Account, U.S.
      Bank National Association, as Trustee, in trust for the registered Holders
      of
      2007-CB3 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB3”
and which must be an Eligible Account.

     

    “Distribution
      Information”: The items calculated and reported by the Trustee pursuant to
      Section 4.06(a)(i)-(iv), (xiii)-(xx), (xxii)-(xxiii) and any other information
      included in the Monthly Statement aggregated or calculated by the Trustee from
      (a) information contained in the Remittance Report or (b) other information
      furnished to the Trustee by the Servicer pursuant to Section 4.07.

     

    “Distribution
      Date”: The 25th
      day of
      any calendar month, or if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day,
      commencing in April 2007.

     

    “Due
      Date”: With respect to each Mortgage Loan, the day of the calendar month on
      which the Monthly Payment for such Mortgage Loan was due.

     

    “EDGAR”:
      As defined in Section 3.22(a) hereof.

     

    “Eligible
      Account”: Any of (i) an account or accounts maintained with a federal or state
      chartered depository institution or trust company the short-term unsecured
      debt
      obligations of which (or, in the case of a depository institution or trust
      company that is the principal subsidiary of a holding company, the short-term
      unsecured debt obligations of such holding company) are rated “A-1” (or the
      equivalent) by each of the Rating Agencies at the time any amounts are held
      on
      deposit therein, (ii) an account or accounts the deposits in which are fully
      insured by the FDIC (to the limits established by such corporation), the
      uninsured deposits in which account are otherwise secured such that, as
      evidenced by an Opinion of Counsel delivered to the Trustee and to each Rating
      Agency, the Certificateholders will have a claim with respect to the funds
      in
      such account or a perfected first priority security interest against such
      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, (iii) a trust
      account or accounts maintained with the trust department of a federal or state
      chartered depository institution, national banking association or trust company
      acting in its fiduciary capacity or (iv) an account otherwise acceptable to
      each
      Rating Agency without reduction or withdrawal of their then current ratings
      of
      the Certificates as evidenced by a letter from each Rating Agency to the
      Trustee. Eligible Accounts may bear interest.

     

    “Eligible
      Substitute Mortgage Loan”: A mortgage loan substituted for a Defective Mortgage
      Loan pursuant to the terms of this Agreement which must, on the date of such
      substitution, (i) have an outstanding principal balance, after application
      of
      all scheduled payments of principal and interest due during or prior to the
      month of substitution, not in excess of, and not more than 5% less than, the
      outstanding principal balance of the Defective Mortgage Loan as of the Due
      Date
      in the calendar month during which the substitution occurs, (ii) have a Mortgage
      Interest Rate, with respect to a Fixed-Rate Mortgage Loan, not less than the
      Mortgage Interest Rate of the Defective Mortgage Loan and not more than 1%
      in
      excess of the Mortgage Interest Rate of such Defective Mortgage Loan, (iii)
      if
      an Adjustable-Rate Mortgage Loan, have a Maximum Loan Rate not less than the
      Maximum Loan Rate for the Defective Mortgage Loan, (iv) if an Adjustable-Rate
      Mortgage Loan, have a Minimum Loan Rate not less than the Minimum Loan Rate
      of
      the Defective Mortgage Loan, (v) if an Adjustable-Rate Mortgage Loan, have
      a
      Gross Margin equal to or greater than the Gross Margin of the Defective Mortgage
      Loan, (vi) if an Adjustable-Rate Mortgage Loan, have a next Adjustment Date
      not
      more than two months later than the next Adjustment Date on the Defective
      Mortgage Loan, an Eligible Substitute Mortgage Loan must have all Adjustment
      Dates occurring during the same Interest Accrual Period during which Adjustment
      Dates occur with respect to the substituted Mortgage Loan, (vii) have a
      remaining term to maturity not greater than (and not more than one year less
      than) that of the Defective Mortgage Loan, (viii) be current as of the date
      of
      substitution, (ix) have a Combined Loan-to-Value Ratio as of the date of
      substitution equal to or lower than the Combined Loan-to-Value Ratio of the
      Defective Mortgage Loan as of such date, (x) have a risk grading determined
      by
      the Sponsor at least equal to the risk grading assigned on the Defective
      Mortgage Loan, (xi) have been reunderwritten by the Sponsor in accordance with
      the same underwriting criteria and guidelines as the Defective Mortgage Loan
      and
      (xii) conform to each representation and warranty set forth in Section 2.04
      hereof applicable to the Defective Mortgage Loan. In the event that one or
      more
      mortgage loans are substituted for one or more Defective Mortgage Loans, the
      amounts described in clause (i) hereof shall be determined on the basis of
      aggregate principal balances, the Mortgage Interest Rates described in clause
      (ii) hereof shall be determined on the basis of weighted average Mortgage
      Interest Rates, the risk gradings described in clause (x) hereof shall be
      satisfied as to each such mortgage loan, the terms described in clause (vii)
      hereof shall be determined on the basis of weighted average remaining term
      to
      maturity, the Combined Loan-to-Value Ratios described in clause (ix) hereof
      shall be satisfied as to each such mortgage loan and, except to the extent
      otherwise provided in this sentence, the representations and warranties
      described in clause (xii) hereof must be satisfied as to each Eligible
      Substitute Mortgage Loan or in the aggregate, as the case may be.

     

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

     

    “ERISA
      Restricted Certificates”: Any of the Class A Certificates, the Mezzanine
      Certificates, the Class B Certificates, the Class CE-1 Certificates, the Class
      CE-2 Certificates, the Class P Certificates and the Residual
      Certificates.

     

    “Escrow
      Account”: The account or accounts created and maintained pursuant to Section
      3.06.

     

    “Escrow
      Payments”: The amounts constituting ground rents, taxes, assessments, water
      rates, mortgage insurance premiums, fire and hazard insurance premiums and
      other
      payments required to be escrowed by the Mortgagor with the mortgagee pursuant
      to
      any Mortgage Loan.

     

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

     

    “Excess
      Servicing Fee”: As defined in Section 4.01.

     

    “Excess
      Servicing Fee Rate”: So long as Litton Loan Servicing LP is the Servicer and
      with respect to each Mortgage Loan, 0.35% per annum. At anytime Litton Loan
      Servicing LP is not the Servicer and with respect to each Mortgage Loan, 0.00%
      per annum.

     

    “Expense
      Adjusted Maximum Mortgage Rate”: With respect to any Mortgage Loan is equal to
      the then applicable maximum mortgage rate (or the Mortgage Rate in the case
      of
      any fixed-rate Mortgage Loan) minus the sum of (i) the Trustee Fee Rate, (ii)
      the Servicing Fee Rate and (iii) the Excess Servicing Fee Rate.

     

    “Expense
      Fee Rate”: The sum of (i) the Trustee Fee Rate, (ii) the Servicing Fee Rate and
(iii)
      the
      Excess Servicing Fee Rate.

     

    “Extra
      Principal Distribution Amount”: As of any Distribution Date, the lesser of (x)
      the Monthly Excess Cashflow Amount for such Distribution Date and (y) the
      Overcollateralization Deficiency for such Distribution Date.

     

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

     

    “Fidelity
      Bond”: Shall have the meaning assigned thereto in Section 3.12.

     

    “Final
      Recovery Determination”: With respect to any defaulted Mortgage Loan or any REO
      Property (other than a Mortgage Loan or REO Property purchased by the Sponsor
      or
      the Servicer pursuant to or as contemplated by Section 2.03 or 10.01), a
      determination made by the Servicer 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. The Servicer shall maintain records, prepared by a Servicing
      Officer, of each Final Recovery Determination made thereby.

     

    “Fitch”:
      Fitch Ratings and its successors, and if such company shall for any reason
      no
      longer perform the functions of a securities rating agency, “Fitch” shall be
      deemed to refer to any other “nationally recognized statistical rating
      organization” as set forth on the most current list of such organizations
      released by the Securities and Exchange Commission.

     

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

     

    
      	
              Class

            	 	
              REMIC
                I Regular Interest

            	 	
              Fixed
                Rate

            
	 	 	 	 	
              (1)

            	 	
              (2)

            
	
              A-1

            	 	
              LTA1

            	 	
              5.766%

            	 	
              6.266%

            
	
              A-2

            	 	
              LTA1

            	 	
              5.588%

            	 	
              6.088%

            
	
              A-3

            	 	
              LTA3

            	 	
              5.731%

            	 	
              6.231%

            
	
              A-4

            	 	
              LTA4

            	 	
              5.971%

            	 	
              6.471%

            
	
              A-5

            	 	
              LTA5

            	 	
              5.817%

            	 	
              6.317%

            
	
              B4

            	 	
              LTB4

            	 	
              7.000%

            	 	
              7.500%

            

    

    __________

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

            

    

    
      	
            	(2)	
              For
                each other Interest Accrual Period.

            

    

     

    “Fixed-Rate
      Mortgage Loan”: A Mortgage Loan which has a constant annual rate at which
      interest accrues in accordance with the provisions of the related Mortgage
      Note.

     

    “Fixed
      Rate Certificates”: The Class A Certificates and the Class B-4
      Certificates.

     

    “Fixed
      Swap Payment”: With respect to any Distribution Date, a fixed amount equal to
      the related amount set forth in the Interest Rate Swap Agreement.

     

    “Floating
      Rate Certificates”: The Mezzanine Certificates, the Class B-1 Certificates, the
      Class B-2 Certificates and the Class B-3 Certificates.

     

    “Floating
      Swap Payment”: With respect to any Distribution Date, a floating amount equal to
      the product of (i) Swap LIBOR, (ii) the related Base Calculation Amount (as
      defined in the Interest Rate Swap Agreement), (iii) 250 and (iv) a fraction,
      the
      numerator of which is the actual number of days elapsed from and including
      the
      previous Floating Rate Payer Payment Date (as defined in the Interest Rate
      Swap
      Agreement) to but excluding the current Floating Rate Payer Payment (or, for
      the
      first Floating Rate Payer Payment Date, the actual number of days elapsed from
      the Closing Date to but excluding the first Floating Rate Payer Payment Date),
      and the denominator of which is 360.

     

    “Foreclosure
      Price”: The amount reasonably expected to be received from the sale of the
      related Mortgaged Property net of any expenses associated with foreclosure
      proceedings.

     

    “Form
      10-K Certification”: As defined in Section 3.22(a) hereof.

     

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

     

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

     

    “Highest
      Priority”: As of any date of determination, the Class of Class B Certificates,
      Mezzanine Certificates or Class A Certificates then outstanding with a
      Certificate Principal Balance greater than zero, with the highest priority
      for
      payments pursuant to Section 4.02, in the following order: Class M-1, Class
      M-2,
      Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2, Class B-3
      and
      Class B-4.

     

    “Indenture”:
      An indenture relating to the issuance of notes secured by the Class CE-1
      Certificates, the Class P Certificates and/or the Class R Certificates (or
      any
      portion thereof).

     

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

     

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

     

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

     

    “Initial
      Certificate Principal Balance”: With respect to any Certificate of a Class other
      than a Residual Certificate, the amount designated “Initial Certificate
      Principal Balance” on the face thereof.

     

    “Initial
      Notional Amount”: With respect to any Class CE-1 Certificate, the amount
      designated “Initial Notional Amount” on the face thereof.

     

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

     

    “Interest
      Accrual Period”: With respect to any Distribution Date and (i) with respect to
      the Floating Rate Certificates, the period from the preceding Distribution
      Date
      to the day prior to the current Distribution Date (or, in the case of the first
      Distribution Date, the period from the Closing Date through April 24, 2007)
      and
      calculations of interest will be made on the basis of the actual number of
      days
      in the Interest Accrual Period and on a 360-day year, and (ii) with respect
      to
      the Fixed Rate Certificates, the Class CE-1 Certificates and the Class CE-2
      Certificates, the calendar month immediately preceding the month in which such
      Distribution Date occurs, and calculations of interest will be made on the
      basis
      of a 360-day year assumed to consist of twelve 30-day months.

     

    “Interest
      Carry Forward Amount”: For any Class of Certificates (other than the Class P and
      Residual Certificates) and any Distribution Date, the sum of (a) the excess,
      if
      any, of the Accrued Certificate Interest and any Interest Carry Forward Amount
      for the prior Distribution Date, over the amount in respect of interest actually
      distributed on each Class on such prior Distribution Date and (b) interest
      on
      such excess at the applicable Pass-Through Rate (i) with respect to the Floating
      Rate Certificates, for the actual number of days elapsed on the basis of a
      360-day year since the prior Distribution Date and (ii) with respect to the
      Fixed Rate Certificates, on the basis of a 360-day year consisting of twelve
      30-day months.

     

    “Interest
      Percentage”: With respect to any Class of Certificates, the Class B Interests,
      the Class CE-1 Interest and the Class CE-2 Interest and any Distribution Date,
      the ratio (expressed as a decimal carried to six places) of the Accrued
      Certificate Interest for such Class to the sum of the Accrued Certificate
      Interest for all Classes, in each case with respect to such Distribution
      Date.

     

    “Interest
      Rate Swap Agreement”: The 1992 ISDA Master Agreement (Multicurrency-Cross
      Border) dated as of March 30, 2007 (together with the schedule thereto, the
      Master Agreement) between the Swap Provider and the Supplemental Interest Trust
      Trustee.

     

    “Interest
      Remittance Amount”: As of any Determination Date, the sum, without duplication,
      of (i) all interest collected or advanced with respect to the related Collection
      Period on the Mortgage Loans (less the Servicing Fee, the Excess Servicing
      Fee,
      amounts available for reimbursement of Advances and Servicing Advances pursuant
      to Section 3.05, expenses reimbursable pursuant to Section 6.03, amounts
      reimbursable or payable to the Trustee pursuant to this Agreement (other than
      for Trustee Fees), including without limitation Sections 7.01, 7.02 and 8.05
      and
      any Net Swap Payment owed to the Swap Provider and any Swap Termination Payment
      owed to the Swap Provider, other than a Swap Termination Payment due to a Swap
      Provider Trigger Event), (ii) all Compensating Interest paid by the Servicer
      on
      such Determination Date and (iii) the portion of any payment in connection
      with
      any substitution, Purchase Price, Termination Price or Net Liquidation Proceeds
      or Insurance Proceeds relating to interest received during the related
      Prepayment Period.

     

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

     

    “LIBOR”:
      With respect to the Floating Rate Certificates and each Interest Accrual Period,
      the rate determined by the Trustee on the related LIBOR Determination Date
      on
      the basis of the offered rate for one month United States dollar deposits,
      as
      such rate appears on the Reuters
      Screen LIBOR01 Page,
      as of
      11:00 a.m. (London time) on such LIBOR Determination Date. If no such quotations
      are available on an LIBOR Determination Date, LIBOR for the related Interest
      Accrual Period will be established by the Trustee as follows:

     

    (i)  If
      on
      such LIBOR Determination Date two or more Reference Banks provide such offered
      quotations, LIBOR for the related Interest Accrual Period shall be the
      arithmetic mean of such offered quotations (rounded upwards if necessary to
      the
      nearest whole multiple of 0.001%);

     

    (ii)  If
      on
      such LIBOR Determination Date fewer than two Reference Banks provide such
      offered quotations, LIBOR for the related Interest Accrual Period shall be
      the
      arithmetic mean of the rates quoted by one or more major banks in New York
      City,
      selected by the Trustee after consultation with the Depositor, as of 11:00
      A.M.,
      New York City time, on such date for loans in U.S. Dollars to leading European
      banks for a period of one month in amounts approximately equal to the aggregate
      Certificate Principal Balance of the Floating Rate Certificates;
      and

     

    (iii)  If
      no
      such quotations can be obtained, LIBOR for the related Interest Accrual Period
      shall be LIBOR for the prior Distribution Date.

     

    “LIBOR
      Business Day”: Any day on which banks in London, England and The City of New
      York are open and conducting transactions in foreign currency and
      exchange.

     

    “LIBOR
      Determination Date”: With respect to any Interest Accrual Period for the
      Floating Rate Certificates, the second LIBOR Business Day preceding the first
      day of such Interest Accrual Period.

     

    “Liquidated
      Mortgage Loan”: As to any Distribution Date, any Mortgage Loan in respect of
      which the Servicer has determined, in accordance with the servicing procedures
      specified herein, as of the end of the related Prepayment Period, that all
      Liquidation Proceeds and Insurance Proceeds which it expects to recover with
      respect to the liquidation of the Mortgage Loan or disposition of the related
      REO Property have been recovered.

     

    “Liquidation
      Event”: With respect to any Mortgage Loan, any of the following events: (i) such
      Mortgage Loan is paid in full; (ii) a Final Recovery Determination is made
      as to
      such Mortgage Loan; or (iii) such Mortgage Loan is removed from the Trust Fund
      by reason of its being purchased, sold or replaced pursuant to or as
      contemplated by Section 2.03 or Section 10.01. With respect to any REO Property,
      either of the following events: (i) a Final Recovery Determination is made
      as to
      such REO Property; or (ii) such REO Property is removed from the Trust Fund
      by
      reason of its being sold or purchased pursuant to Section 3.13 or Section
      10.01.

     

    “Liquidation
      Proceeds”: The amount (other than amounts received in respect of the rental of
      any REO Property prior to REO Disposition) received by the Servicer in
      connection with (i) the taking of all or a part of a Mortgaged Property by
      exercise of the power of eminent domain or condemnation or (ii) the liquidation
      of a defaulted Mortgage Loan by means of a trustee’s sale, foreclosure sale or
      otherwise.

     

    “Liquidation
      Report”: The report with respect to a Liquidated Mortgage Loan in such form and
      containing such information as is agreed to by the Servicer and the
      Trustee.

     

    “Losses”:
      As defined in Section 9.03.

     

    “Lost
      Note Affidavit”: With respect to any Mortgage Loan as to which the original
      Mortgage Note has been permanently lost or destroyed and has not been replaced,
      an affidavit from the Sponsor certifying that the original Mortgage Note has
      been lost, misplaced or destroyed (together with a copy of the related Mortgage
      Note and indemnifying the Trust and the Trustee against any loss, cost or
      liability resulting from the failure to deliver the original Mortgage Note)
      in
      the form of Exhibit H hereto.

     

    “Majority
      Certificateholders”: The Holders of Certificates evidencing at least 51% of the
      Voting Rights.

     

    “Majority
      Class R Certificateholders”: The Holders of Residual Certificates evidencing at
      least a 51% Percentage Interest in the applicable Class of Residual
      Certificates.

     

    “Marker
      Rate”: With respect to the Class CE-1 Interest and any Distribution Date, a per
      annum rate equal to two (2) times the weighted average of the Uncertificated
      REMIC 2 Pass-Through Rates for REMIC 2 Regular Interest LT2A1, REMIC 2 Regular
      Interest LT2A2, REMIC 2 Regular Interest LT2A3, REMIC 2 Regular Interest LT2A4,
      REMIC 2 Regular Interest LT2A5, REMIC 2 Regular Interest LT2M1, REMIC 2 Regular
      Interest LT2M2, REMIC 2 Regular Interest LT2M3, REMIC 2 Regular Interest LT2M4,
      REMIC 2 Regular Interest LT2M5, REMIC 2 Regular Interest LT2M6, REMIC 2 Regular
      Interest LT2B1, REMIC 2 Regular Interest LT2B2, REMIC 2 Regular Interest LT2B3,
      REMIC 2 Regular Interest LT2B4 and REMIC 2 Regular Interest LT2ZZ, with the
      rate
      on each such REMIC 2 Regular Interest (other than REMIC 2 Regular Interest
      LT2ZZ) subject to a cap equal to the lesser of (i) (a) LIBOR as of the related
      LIBOR Determination Date, plus the related Certificate Margin for the
      Corresponding Certificate or (b) the fixed pass-through rate for the related
      Corresponding Certificate, as applicable, and (ii) the Rate Cap for such
      Distribution Date, and with the rate on REMIC 2 Regular Interest LT2ZZ subject
      to a cap of zero for the purpose of this calculation; provided, however, that
      for this purpose, calculations of the Uncertificated REMIC 2 Pass-Through Rate
      and the related caps with respect to REMIC 2 Regular Interest LT2M1, REMIC
      2
      Regular Interest LT2M2, REMIC 2 Regular Interest LT2M3, REMIC 2 Regular Interest
      LT2M4, REMIC 2 Regular Interest LT2M5, REMIC 2 Regular Interest LT2M6, REMIC
      2
      Regular Interest LT2B1, REMIC 2 Regular Interest LT2B2 and REMIC 2 Regular
      Interest LT2B3 shall be multiplied by a fraction, the numerator of which is
      the
      actual number of days elapsed in the related Interest Accrual Period and the
      denominator of which is 30.

     

    “Maximum
      Cap Rate”: For any Distribution Date and the Floating Rate Certificates, a per
      annum rate equal to the product of (x) the sum of (i) the weighted average
      of
      the Expense Adjusted Maximum Mortgage Rates of the Mortgage Loans, weighted
      on
      the basis of the outstanding Stated Principal Balances of the Mortgage Loans
      as
      of the first day of the related Collection Period (adjusted
      to reflect unscheduled principal payments made thereafter during the Prepayment
      Period that includes such first day)
      for
      such Distribution Date plus (ii) an amount, expressed as a per annum rate,
      equal
      to the product of 12 and a fraction, the numerator of which is any Net Swap
      Payment paid by the Swap Provider for such Distribution Date and the denominator
      of which
      is
      the outstanding Stated Principal Balances of the Mortgage Loans as
      of the
      first day of the related Collection Period (adjusted to reflect unscheduled
      principal payments made thereafter during the Prepayment Period that includes
      such first day) minus (iii) an amount, expressed as a per annum rate, equal
      to
      the product of 12 and a fraction, the numerator of which is Net Swap Payment
      and
      Swap Termination Payment (other than any Swap Termination Payment resulting
      from
      a Swap Provider Trigger Event) owed to the Swap Provider and the denominator
      of
      which is the outstanding Stated Principal Balances of the Mortgage Loans as
      of
      the first day of the related Collection Period (adjusted to reflect unscheduled
      principal payments made thereafter during the Prepayment Period that includes
      such first day) and (y) a fraction, the numerator of which is 30 and the
      denominator of which is the actual number of days elapsed in the related
      Interest Accrual Period.

     

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

     

    “Maximum
      LT2ZZ Uncertificated Accrued Interest Deferral Amount”: With respect to any
      Distribution Date, the excess of (a) accrued interest at the Uncertificated
      REMIC 2 Pass-Through Rate applicable to REMIC 2 Regular Interest LT2ZZ for
      such
      Distribution Date on a balance equal to the Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest LT2ZZ minus the REMIC 2 Overcollateralized Amount,
      in
      each case for such Distribution Date, over (b) Uncertificated Accrued Interest
      on REMIC 2 Regular Interest LT2A1, REMIC 2 Regular Interest LT2A2, REMIC 2
      Regular Interest LT2A3, REMIC 2 Regular Interest LT2A4, REMIC 2 Regular Interest
      LT2A5, REMIC 2 Regular Interest LT2M1, REMIC 2 Regular Interest LT2M2, REMIC
      2
      Regular Interest LT2M3, REMIC 2 Regular Interest LT2M4, REMIC 2 Regular Interest
      LT2M5, REMIC 2 Regular Interest LT2M6, REMIC 2 Regular Interest LT2B1, REMIC
      2
      Regular Interest LT2B2, REMIC 2 Regular Interest LT2B3 and REMIC 2 Regular
      Interest LT2B4, with the rate on each such REMIC 2 Regular Interest subject
      to a
      cap equal to the lesser of (i) (a) LIBOR as of the related LIBOR Determination
      Date, plus the related Certificate Margin for the Corresponding Certificate
      or
      (b) the fixed pass-through rate for the related Corresponding Certificate,
      as
      applicable, and (ii) the Rate Cap for such Distribution Date for the purpose
      of
      this calculation; provided, however, that for this purpose, calculations of
      the
      Uncertificated REMIC 2 Pass-Through Rate and the related caps with respect
      to
      REMIC 2 Regular Interest LT2M1, REMIC 2 Regular Interest LT2M2, REMIC 2 Regular
      Interest LT2M3, REMIC 2 Regular Interest LT2M4, REMIC 2 Regular Interest LT2M5,
      REMIC 2 Regular Interest LT2M6, REMIC 2 Regular Interest LT2B1, REMIC 2 Regular
      Interest LT2B2 and REMIC 2 Regular Interest LT2B3 shall be multiplied by a
      fraction, the numerator of which is the actual number of days elapsed in the
      related Interest Accrual Period and the denominator of which is 30.

     

    “Mezzanine
      Certificates”: The Class M-1 Certificates, the Class M-2 Certificates, the Class
      M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates and
      the
      Class M-6 Certificates.

     

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

     

    “Monthly
      Excess Cashflow Amount”: The Monthly Excess Interest Amount.

     

    “Monthly
      Excess Interest Amount”: With respect to each Distribution Date, the amount, if
      any, by which the Interest Remittance Amount for such Distribution Date exceeds
      the aggregate amount distributed on such Distribution Date pursuant to Section
      4.01.

     

    “Monthly
      Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of
      principal and interest on such Mortgage Loan which is payable by the related
      Mortgagor from time to time under the related Mortgage Note, determined: (a)
      after giving effect to (i) any Deficient Valuation and/or Debt Service Reduction
      with respect to such Mortgage Loan and (ii) any reduction in the amount of
      interest collectible from the related Mortgagor pursuant to the Relief Act;
      (b)
      without giving effect to any extension granted or agreed to by the Servicer
      pursuant to Section 3.01; and (c) on the assumption that all other amounts,
      if
      any, due under such Mortgage Loan are paid when due.

     

    “Monthly
      Statement”: The statement prepared and distributed by the Trustee pursuant to
      Section 4.06(a).

     

    “Moody’s”:
      Moody’s Investors Service, Inc. and its successors, and if such company shall
      for any reason no longer perform the functions of a securities rating agency,
      “Moody’s” shall be deemed to refer to any other “nationally recognized
      statistical rating organization” as set forth on the most current list of such
      organizations released by the Securities and Exchange Commission.

     

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

     

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

     

    “Mortgage
      Interest Rate”: With respect to each Mortgage Loan, the annual rate at which
      interest accrues on such Mortgage Loan from time to time in accordance with
      the
      provisions of the related Mortgage Note, which rate (i) in the case of each
      Fixed-Rate Mortgage Loan shall remain constant at the rate set forth in the
      Mortgage Loan Schedule as the Mortgage Interest Rate in effect immediately
      following the Cut-off Date and (ii) in the case of each Adjustable-Rate Mortgage
      Loan (A) as of any date of determination until the first Adjustment Date
      following the Cut-off Date shall be the rate set forth in the Mortgage Loan
      Schedule as the Mortgage Interest Rate in effect immediately following the
      Cut-off Date and (B) as of any date of determination thereafter shall be the
      rate as adjusted on the most recent Adjustment Date, to equal the sum, rounded
      to the nearest 0.125% as provided in the Mortgage Note, of the Index, determined
      as set forth in the related Mortgage Note, plus the related Gross Margin subject
      to the limitations set forth in the related Mortgage Note. With respect to
      each
      Mortgage Loan that becomes an REO Property, as of any date of determination,
      the
      annual rate determined in accordance with the immediately preceding sentence
      as
      of the date such Mortgage Loan became an REO Property.

     

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

     

    “Mortgage
      Loan Purchase Agreement”: The agreement between the Sponsor and the Depositor,
      dated as of March 23, 2007, regarding the transfer of the Mortgage Loans by
      the
      Sponsor to or at the direction of the Depositor.

     

    “Mortgage
      Loan Schedule”: As of any date (i) with respect to the Mortgage Loans, the list
      of such Mortgage Loans included in the Trust Fund on such date, attached hereto
      as Exhibit D. The Mortgage Loan Schedule shall be prepared by the Sponsor and
      shall set forth the following information with respect to each Mortgage
      Loan:

     

    (1) the
      Sponsor’s Mortgage Loan identifying number;

     

    (2)
       the
      city,
      state, and zip code of the Mortgaged Property;

     

    (3)
       the
      type
      of Residential Dwelling constituting the Mortgaged Property or a designation
      that the Mortgaged Property is a multi-family property;

     

    (4)
       the
      occupancy status of the Mortgaged Property at origination;

     

    (5)
       the
      original months to maturity;

     

    (6)
       the
      date
      of origination;

     

    (7)
       the
      first
      payment date;

     

    (8)
       the
      stated maturity date;

     

    (9)
       the
      stated remaining months to maturity;

     

    (10)
       the
      original principal amount of the Mortgage Loan;

     

    (11)
       the
      Principal Balance of each Mortgage Loan as of the Cut-off Date;

     

    (12)
       [reserved];

     

    (13)
       the
      Mortgage Interest Rate of the Mortgage Loan as of the Cut-off Date;

     

    (14)
       the
      current principal and interest payment of the Mortgage Loan as of the Cut-off
      Date;

     

    (15)
       the
      contractual interest paid to date of the Mortgage Loan;

     

    (16)
       if
      the
      Mortgage Loan is not owner-financed, the Combined Loan-to-Value Ratio at
      origination;

     

    (17)
       a
      code
      indicating the loan performance status of the Mortgage Loan as of the Cut-off
      Date;

     

    (18)
       [reserved];

     

    (19)
       a
      code
      indicating whether the Mortgaged Property is in bankruptcy or in its forbearance
      period as of the Cut-off Date;

     

    (20)
       [reserved];

     

    (21)
       with
      respect to each Adjustable-Rate Mortgage Loan, a code indicating the Index
      that
      is associated with such Mortgage Loan, the Gross Margin, the Periodic Rate
      Cap,
      the Minimum Loan Rate, the Maximum Loan Rate, the first Adjustment Date
      immediately following the Cut-off Date, the rate adjustment frequency and the
      payment adjustment frequency;

     

    (22)
       a
      code
      indicating whether the Mortgage Loan has a Prepayment Charge and the type of
      Prepayment Charge;

     

    (23) a
      code
      indicating whether the Mortgage Loan is owner-financed;

     

    (24)
       a
      code
      indicating whether the Mortgage Loan is subject to negative amortization;
      and

     

    (25)
       a
      code
      indicating whether the Mortgage Loan is a second lien.

     

    The
      Mortgage Loan Schedule shall set forth the following information, as of the
      Cut-off Date: (1) the number of Mortgage Loans; (2) the current Principal
      Balance of the Mortgage Loans; (3) the weighted average Mortgage Interest Rate
      of the Mortgage Loans; and (4) the weighted average maturity of the Mortgage
      Loans. The Mortgage Loan Schedule shall be amended from time to time by the
      Sponsor in accordance with the provisions of this Agreement. With respect to
      any
      Eligible Substitute Mortgage Loan, Cut-off Date shall refer to the related
      Cut-off Date for such Mortgage Loan, determined in accordance with the
      definition of Cut-off Date herein.

     

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

     

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

     

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

     

    “Mortgagor”:
      The obligor on a Mortgage Note.

     

    “Net
      Liquidation Proceeds”: With respect to any Liquidated Mortgage Loan or any other
      disposition of related Mortgaged Property (including REO Property) the related
      Liquidation Proceeds net of Advances, Servicing Advances, Servicing Fees, Excess
      Servicing Fees and any other accrued and unpaid Servicing Fees or unpaid Excess
      Servicing Fees received and retained in connection with the liquidation of
      such
      Mortgage Loan or Mortgaged Property.

     

    “Net
      Mortgage Interest Rate”: With respect to any Mortgage Loan, the Mortgage
      Interest Rate borne by such Mortgage Loan minus the Expense Fee
      Rate.

     

    “Net
      Swap
      Payment”: a net payment required to be made on each distribution date (a) by the
      Supplemental Interest Trust to the Swap Provider, to the extent that the Fixed
      Amount (as defined in the Interest Rate Swap Agreement) exceeds the
      corresponding Floating Amount (as defined in the Interest Rate Swap Agreement)
      or (b) by the Swap Provider to the Supplemental Interest Trust to the extent
      that the Floating Amount exceeds the corresponding Fixed Amount.

     

    “Net
      WAC
      Rate Carryover Amount”: For any Distribution Date and any Class A Certificate,
      Mezzanine Certificate or Class B Certificate, the excess of (i) the amount
      of
      interest accrued on such Certificate based on the related Pass-Through Rate
      (without regard to the Rate Cap), over (ii) the amount of interest accrued
      on
      such Certificate based on the Rate Cap, together with the unpaid portion of
      any
      such excess from prior Distribution Dates and interest accrued thereon at the
      then applicable Pass-Through Rate (without regard to the Rate Cap) on such
      Certificate.

     

    “Net
      WAC
      Rate Carryover Reserve Account”: The reserve account established and maintained
      pursuant to Section 3.29.

     

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

     

    “Nonrecoverable
      Advance”: Any Advance or Servicing Advance previously made or proposed to be
      made in respect of a Mortgage Loan that, in the good faith business judgment
      of
      the Servicer, will not or, in the case of a proposed Advance or Servicing
      Advance, would not be ultimately recoverable from Late Collections on such
      Mortgage Loan as provided herein.

     

    “Notional
      Amount”: Immediately prior to any Distribution Date, with respect to the Class
      CE-1 Interest, the aggregate Uncertificated Principal Balance of the REMIC
      2
      Regular Interests (other than REMIC 2 Regular Interest LT2P and
      LT2IO).

     

    “Offered
      Certificates”: The Class A Certificates, the Mezzanine Certificates, the Class
      B-1 Certificates, the Class B-2 Certificates and the Class B-3
      Certificates.

     

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

     

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

     

    “Optional
      Termination Date”: The first Distribution Date on which the Servicer or an
      Affiliate of the Servicer may opt to terminate the Mortgage Pool pursuant to
      Section 10.01.

     

    “Original
      Class Certificate Principal Balance”: With respect to each Class of
      Certificates, the Certificate Principal Balance thereof on the Closing Date,
      as
      set forth opposite such Class in the Preliminary Statement, except with respect
      to the Residual Certificates and the Class CE-2 Certificates, which have an
      Original Class Certificate Principal Balance of zero.

     

    “Overcollateralization
      Amount”: As of any Distribution Date, the excess of (x) the Pool Balance as of
      the last day of the immediately preceding Collection Period over (y) the
      aggregate Certificate Principal Balance of the Class A Certificates, the
      Mezzanine Certificates, the Class B Certificates and the Class P Certificates
      (after taking into account all distributions of principal on such Distribution
      Date).

     

    “Overcollateralization
      Deficiency”: As of any Distribution Date, the excess, if any, of (x) the
      Targeted Overcollateralization Amount for such Distribution Date over (y) the
      Overcollateralization Amount for such Distribution Date, calculated for this
      purpose after taking into account the reduction on such Distribution Date of
      the
      aggregate Certificate Principal Balance of the Class A Certificates, the
      Mezzanine Certificates and the Class B Certificates resulting from the
      distribution of the Principal Remittance Amount on such Distribution Date,
      but
      prior to taking into account any Applied Realized Loss Amounts on such
      Distribution Date.

     

    “Overcollateralization
      Floor”: As of any Distribution Date, 0.50% of the aggregate Cut-off Date
      Principal Balance of the Mortgage Loans.

     

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

     

    “Pass-Through
      Rate”: With respect to each class of Class A Certificates, Mezzanine
      Certificates and Class B Certificates, will equal the lesser of (x) the Formula
      Rate and (y) the Rate Cap for such Distribution Date.

     

    With
      respect to the Class CE-1 Interest and any Distribution Date, a per annum rate
      equal to the percentage equivalent of a fraction, the numerator of which is
      (x)
      interest on the Uncertificated Principal Balance of each REMIC 2 Regular
      Interest listed in clause (y) at a rate equal to the related Uncertificated
      REMIC 2 Pass-Through Rate minus the Marker Rate and the denominator of which
      is
      (y) the aggregate Uncertificated Principal Balance of REMIC 2 Regular Interest
      LT2AA, REMIC 2 Regular Interest LT2A1, REMIC 2 Regular Interest LT2A2, REMIC
      2
      Regular Interest LT2A3, REMIC 2 Regular Interest LT2A4, REMIC 2 Regular Interest
      LT2A5, REMIC 2 Regular Interest LT2M1, REMIC 2 Regular Interest LT2M2, REMIC
      2
      Regular Interest LT2M3, REMIC 2 Regular Interest LT2M4, REMIC 2 Regular Interest
      LT2M5, REMIC 2 Regular Interest LT2M6, REMIC 2 Regular Interest LT2B1, REMIC
      2
      Regular Interest LT2B2, REMIC 2 Regular Interest LT2B3, REMIC
      2
      Regular Interest LT2B4
      and
      REMIC 2 Regular Interest LT2ZZ.

     

    With
      respect to the Class CE-1 Certificates, 100% of the interest distributable
      to
      the Class CE-1 Interest, expressed as a per annum rate.

     

    With
      respect to the Class CE-2 Certificates, 100% of the interest distributable
      to
      the Class CE-2 Interest, expressed as a per annum rate.

     

    With
      respect to the Class CE-2 Interest, 100% of the interest distributable to the
      REMIC 2 Regular Interest LT2CE2, expressed as a per annum rate.

     

    The
      Class
      IO Interest shall not have a Pass-Through Rate, but interest for such Regular
      Interest and each Distribution Date shall be an amount equal to 100% of the
      amounts distributable to REMIC 2 Regular Interest LTIO.

     

    The
      REMIC
      11 Regular Interest SWAP-IO Interest shall not have a Pass-Through Rate, but
      interest for such Regular Interest and each Distribution Date shall be an amount
      equal to 100% of the amounts distributable to the Class IO Interest for such
      Distribution Date.

     

    The
      Class
      P Certificates and the Residual Certificates will not accrue interest and
      therefore will not have a Pass-Through Rate.

     

    “Paying
      Agent”: Any paying agent appointed pursuant to Section 5.05.

     

    “Percentage
      Interest”: With respect to any Certificate (other than a Class CE-1 Certificate
      or Residual Certificate), a fraction, expressed as a percentage, the numerator
      of which is the Initial Certificate Principal Balance, as the case may be,
      represented by such Certificate and the denominator of which is the Original
      Class Certificate Principal Balance of the related Class. With respect to a
      Class CE-1 Certificate, the undivided percentage interest obtained by dividing
      the Initial Notional Amount evidenced by such Certificate by the Original Class
      CE-1 Notional Amount. With respect to the Class CE-2 Certificates or a Residual
      Certificate, the portion of the Class evidenced thereby, expressed as a
      percentage, as stated on the face of such Certificate; provided, however, that
      the sum of all such percentages for each such Class totals 100%.

     

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

     

    “Permitted
      Investments”: Any one or more of the following obligations or securities
      acquired at a purchase price of not greater than par, regardless of whether
      issued or managed by the Depositor, the Servicer, the Trustee or any of their
      respective Affiliates or for which an Affiliate of the Trustee serves as an
      advisor:

     

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

     

    (i)  (A)
      demand and time deposits in, certificates of deposit of, bankers’ acceptances
      issued by or federal funds sold by any depository institution or trust company
      (including the Trustee or its agents acting in their respective commercial
      capacities) incorporated under the laws of the United States of America or
      any
      state thereof and subject to supervision and examination by federal and/or
      state
      authorities, so long as, at the time of such investment or contractual
      commitment providing for such investment, such depository institution or trust
      company or its ultimate parent has a short term uninsured debt rating in one
      of
      the two highest available rating categories of S&P (i.e., A-1+ and A-1) and
      Moody’s and the highest available rating category of Fitch and DBRS provided
      that each such investment has an original maturity of no more than 365 days
      and
      (B) any other demand or time deposit or deposit which is fully insured by the
      FDIC;

     

    (ii)  repurchase
      obligations with a term not to exceed 30 days with respect to any security
      described in clause (i) above and entered into with a depository institution
      or
      trust company (acting as principal) rated A-1 or higher by S&P, Fitch and
      DBRS and rated A2 or higher by Moody’s, provided,
      however,
      that
      collateral transferred pursuant to such repurchase obligation must be of the
      type described in clause (i) above and must (A) be valued daily at current
      market prices plus accrued interest or (B) pursuant to such valuation, be equal,
      at all times, to 105% of the cash transferred by the Trustee in exchange for
      such collateral and (C) be delivered to the Trustee or, if the Trustee is
      supplying the collateral, an agent for the Trustee, in such a manner as to
      accomplish perfection of a security interest in the collateral by possession
      of
      certificated securities;

     

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

     

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

     

    (v)  units
      of
      money market funds registered under the Investment Company Act of 1940 including
      funds managed or advised by the Trustee or affiliates thereof having the highest
      rating category by the applicable Rating Agency; and

     

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

     

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

     

    “Permitted
      Transferee”: Any transferee of a Residual Certificate other than a Disqualified
      Organization or a non-U.S. Person.

     

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

     

    “Pool
      Balance”: As of any date of determination, the aggregate Principal Balance of
      the Mortgage Loans.

     

    “Prepayment
      Assumption”: As set forth in the Prospectus Supplement.

     

    “Prepayment
      Charge”: With respect to any Prepayment Period, any prepayment premium, fee or
      charge payable by the a Mortgagor in connection with any Principal Prepayment
      pursuant to the terms of the related Mortgage Note.

     

    “Prepayment
      Interest Excess”: With respect to any Distribution Date, for each Mortgage Loan
      that was the subject of a Principal Prepayment in full during the portion of
      the
      related Prepayment Period occurring between the 1st
      day and
      the 15th
      day of
      the calendar month in which such Distribution Date occurs, an amount equal
      to
      interest (to the extent received) at the applicable Net Mortgage Interest Rate
      on the amount of such Principal Prepayment in full for the number of days
      commencing on the first day of the calendar month in which such Distribution
      Date occurs and ending on the date on which such prepayment is so
      applied.

     

    “Prepayment
      Interest Shortfall”: With respect to any Distribution Date, for each Mortgage
      Loan that was the subject of a Principal Prepayment in full during the portion
      of the related Prepayment Period occurring from the first day of the related
      Prepayment Period through the last day of the calendar month preceding the
      month
      in which such Distribution Date occurs, an amount equal to one-month’s interest
      at the applicable Net Mortgage Interest Rate less any payments made by the
      Mortgagor on the amount of such Principal Prepayment in full for the number
      of
      days commencing on the date such Principal Prepayment in full is received and
      ending on the last day of the calendar month preceding the month in which such
      Distribution Date occurs.

     

    “Prepayment
      Period”: With respect to any Distribution Date, the period commencing on the
      16th
      day of
      the calendar month preceding the calendar month in which such Distribution
      Date
      occurs (or, in the case of the first Distribution Date, from March 1, 2007)
      and
      ending on the 15th
      day of
      the calendar month in which the related Distribution Date occurs.

     

    “Principal
      Balance”: As to any Mortgage Loan and any day, other than a Liquidated Mortgage
      Loan, the related Cut-off Date Principal Balance, minus all collections credited
      against the principal balance of any such Mortgage Loan and the principal
      portion of Advances. For purposes of this definition, a Liquidated Mortgage
      Loan
      shall be deemed to have a Principal Balance equal to the Principal Balance
      of
      the related Mortgage Loan as of the final recovery of related Liquidation
      Proceeds and a Principal Balance of zero thereafter. As to any REO Property
      and
      any day, the Principal Balance of the related Mortgage Loan immediately prior
      to
      such Mortgage Loan becoming REO Property minus any REO Principal Amortization
      received with respect thereto on or prior to such day.

     

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

     

    “Principal
      Remittance Amount”: With respect to any Distribution Date, the sum (less amounts
      available for reimbursement of Advances and Servicing Advances pursuant to
      Section 3.05 and expenses reimbursable pursuant to Section 6.03) of the
      following amounts to the extent of funds available therefor, with respect to
      the
      Mortgage Loans and the immediately preceding Collection Period: (i) each payment
      of principal on a Mortgage Loan due during the related Collection Period and
      received by the Servicer on or prior to the related Determination Date, and
      any
      Advances with respect thereto, (ii) all full and partial Principal Prepayments
      received by the Servicer during the related Prepayment Period, (iii) the Net
      Liquidation Proceeds allocable to principal on the Mortgage Loans and any
      Subsequent Recoveries actually collected by the Servicer during the related
      Prepayment Period, (iv) with respect to Defective Mortgage Loans repurchased
      with respect to such Prepayment Period, the portion of the Purchase Price
      allocable to principal, (v) any Substitution Adjustment Amounts received on
      or
      prior to the previous Determination Date and not yet distributed and (vi) on
      the
      Distribution Date on which the Trust is to be terminated in accordance with
      Section 10.01 hereof, that portion of the Termination Price in respect of
      principal.

     

    “Private
      Certificates”: Any of the Class B-4 Certificates, the Class CE-1 Certificates,
      the Class CE-2 Certificates, the Class P Certificates and the Residual
      Certificates.

     

    “Property
      Insurance Proceeds”: Proceeds of any title policy, hazard policy or other
      insurance policy covering a Mortgage Loan, to the extent such proceeds are
      received by the Servicer and are not to be applied to the restoration of the
      related Mortgaged Property or released to the Mortgagor in accordance with
      the
      Servicer’s servicing procedures, subject to the terms and conditions of the
      related Mortgage Note and Mortgage.

     

    “Prospectus
      Supplement”: That certain Prospectus Supplement dated March 23, 2007 relating to
      the public offering of the Offered Certificates.

     

    “Purchase
      Price”: With respect to any Mortgage Loan or REO Property to be purchased
      pursuant to or as contemplated by Section 2.03 or 10.01, and as confirmed by
      an
      Officers’ Certificate from the Servicer to the Trustee, an amount equal to the
      sum of (i) 100% of the Principal Balance thereof as of the date of purchase
      (or
      such other price as provided in Section 10.01), (ii) in the case of (x) a
      Mortgage Loan, accrued interest on such Principal Balance at the applicable
      Mortgage Interest Rate in effect from time to time from the Due Date as to
      which
      interest was last covered by a payment by the Mortgagor or an Advance by the
      Servicer, which payment or Advance had as of the date of purchase been
      distributed pursuant to Section 4.01 and Section 4.02, through the end of the
      calendar month in which the purchase is to be effected, and (y) an REO Property,
      its fair market value, determined in good faith by the Servicer, (iii) any
      unreimbursed Servicing Advances and Advances and any unpaid Servicing Fees,
      Trustee Fees or Excess Servicing Fees allocable to such Mortgage Loan or REO
      Property, (iv) any amounts previously withdrawn from the Collection Account
      in
      respect of such Mortgage Loan or REO Property pursuant to Section 3.13, and
      (v)
      in the case of a Mortgage Loan required to be purchased pursuant to Section
      2.03, expenses reasonably incurred or to be incurred by the Servicer or the
      Trustee in respect of the breach or defect giving rise to the purchase
      obligation, including any costs and damages incurred by the Trust Fund in
      connection with any violation by such loan of any predatory or abusive lending
      law.

     

    “Qualified
      Insurer”: Any insurance company acceptable to Fannie Mae or Freddie
      Mac.

     

    “Rate
      Cap”: With respect to the Class A Certificates, the Mezzanine Certificates and
      the Class B Certificates and any Distribution Date, (I) a per annum rate equal
      to the weighted average of the Net Mortgage Interest Rates of the Mortgage
      Loans
      weighted on the basis of the outstanding Stated Principal Balances of the
      Mortgage Loans as of the first day of the related Collection Period (adjusted
      to
      reflect unscheduled principal payments made thereafter during the Prepayment
      Period that includes such first day) minus an amount, expressed as a per annum
      rate, equal to the sum of (x) the product of (i) any Net Swap Payment owed
      to
      the Swap Provider divided by the aggregate Principal Balance of the Mortgage
      Loans as of the first day of the related Collection Period (adjusted to reflect
      unscheduled principal payments made thereafter during the Prepayment Period
      that
      includes such first day) and (ii) 12 and (y) the product of (i) any Swap
      Termination Payment (other than any Swap Termination Payment resulting from
      a
      Swap Provider Trigger Event), payable by the Trust, divided by the aggregate
      Principal Balance of the Mortgage Loans as of the first day of the related
      Collection Period (adjusted to reflect unscheduled principal payments made
      thereafter during the Prepayment Period that includes such first day) and (ii)
      12, multiplied (in the case of the Floating Rate Certificates) by (II) a
      fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days elapsed in the related Interest Accrual Period.
For
      federal income tax purposes, such rate shall be expressed as (I) the weighted
      average of the Uncertificated REMIC 2 Pass-Through Rates on the REMIC 2 Regular
      Interests (other than REMIC 2 Regular Interest LTIO and REMIC 2 Regular Interest
      LT2CE2), weighted on the basis of the Uncertificated Principal Balance of each
      such REMIC 2 Regular Interest, multiplied (in the case of the Floating Rate
      Certificates) by (II) a fraction, the numerator of which is 30 and the
      denominator of which is the actual number of days elapsed in the related
      Interest Accrual Period. 

     

    “Rating
      Agency or Rating Agencies”: Fitch, Moody’s, S&P and DBRS, or their
      respective successors. If such agencies or their successors are no longer in
      existence, “Rating Agencies” shall be such nationally recognized statistical
      rating organizations as set forth on the most current list of such organizations
      released by the Securities and Exchange Commission and designated by the
      Depositor, notice of which designation shall be given to the Trustee and the
      Servicer.

     

    “Realized
      Loss”: With respect to a Liquidated Mortgage Loan, the unpaid principal balance
      thereof plus accrued and unpaid interest thereon at the mortgage rate through
      the last day of the month of liquidation, less the net proceeds from the
      liquidation of, and any insurance proceeds from, such mortgage loan and the
      related mortgaged property. With respect to any Mortgage Loan, (i) a Deficient
      Valuation and (ii) a reduction in the principal balance thereof resulting from
      a
      Servicer Modification.

     

    “Realized
      Loss Amortization Amount”: Any of the Class M-1 Realized Loss Amortization
      Amount, the Class M-2 Realized Loss Amortization Amount, the Class M-3 Realized
      Loss Amortization Amount, the Class M-4 Realized Loss Amortization Amount,
      the
      Class M-5 Realized Loss Amortization Amount, the Class M-6 Realized Loss
      Amortization Amount, the Class B-1 Realized Loss Amortization Amount, the Class
      B-2 Realized Loss Amortization Amount, the Class B-3 Realized Loss Amortization
      Amount and the Class B-4 Realized Loss Amortization Amount.

     

    “Record
      Date”: With respect to the Floating Rate Certificates, the Business Day
      immediately preceding such Distribution Date; provided,
      however,
      that if
      any such Certificate becomes a Definitive Certificate, the Record Date for
      such
      Certificate shall be the last Business Day of the month immediately preceding
      the month in which the related Distribution Date occurs. With respect to the
      Fixed Rate Certificates, the Class CE-1 Certificates, the Class CE-2
      Certificates, the Class P Certificates and the Residual Certificates and the
      first Distribution Date, the Closing Date, and with respect to each Distribution
      Date following the first Distribution Date, the last Business Day of the month
      immediately preceding the month in which the related Distribution Date
      occurs.

     

    “Reference
      Banks”: Those banks (i) with an established place of business in London,
      England, (ii) not controlling, under the control of or under common control
      with
      the Depositor or the Trustee and (iii) which have been designated as such by
      the
      Trustee after consultation with the Depositor; provided,
      however,
      that if
      fewer than two of such banks provide a LIBOR rate, then any leading banks
      selected by the Trustee which are engaged in transactions in United States
      dollar deposits in the international Eurocurrency market.

     

    “Regular
      Certificate”: Any of the Class A Certificates, the Mezzanine Certificates, the
      Class B Certificates, the Class CE-1 Certificates, the Class CE-2 Certificates
      or the Class P Certificates.

     

    “Regulation
      AB”: Subpart 22.1100 - 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 Securities
      and Exchange Commission in the adopting release (Asset-Backed Securities,
      Securities Release No. 33-8518, 70 Fed. Reg. 1,506, 1.531 (January 7, 2005)
      or
      by the staff of the Securities and Exchange Commission, or as may be provided
      by
      the Securities and Exchange Commission or its staff from time to
      time.

     

    “Related
      Documents”: With respect to any Mortgage Loan, the related Mortgage Note,
      Mortgage and other documents required by Section 2.01.

     

    “Relief
      Act”: The Servicemembers Civil Relief Act.

     

    “Relief
      Act Interest Shortfall”: With respect to any Distribution Date, for any Mortgage
      Loan with respect to which there has been a reduction in the amount of interest
      collectible thereon for the most recently ended Collection Period as a result
      of
      the application of the Relief Act or any similar state law, the amount by which
      (i) interest collectible on such Mortgage Loan during such Collection Period
      is
      less than (ii) one month’s interest on the Principal Balance of such Mortgage
      Loan at the Mortgage Interest Rate for such Mortgage Loan before giving effect
      to 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 Mortgage Loans as from time
      to
      time are subject to this Agreement, together with the Mortgage Files relating
      thereto, and together with all collections thereon and proceeds thereof, (ii)
      any REO Property, together with all collections thereon and proceeds thereof,
      (iii) the Trustee’s rights with respect to the Mortgage Loans under all
      insurance policies, required to be maintained pursuant to this Agreement and
      any
      proceeds thereof, (iv) the Depositor’s rights under the Mortgage Loan Purchase
      Agreement (including any security interest created thereby) and (v) the
      Collection Account, the Distribution 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, the Supplemental Interest Trust, the Interest Rate
      Swap Agreement or the Swap Account.

     

    “REMIC
      1
      Regular Interests”: Any of the separate non-certificated beneficial ownership
      interests in REMIC I 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 Pass-Through Rate in effect from time to time, and shall
      be entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Principal
      Balance as set forth in the Preliminary Statement hereto.

     

    “REMIC
      2”: The segregated pool of assets consisting of all of the REMIC 1 Regular
      Interests conveyed in trust to the Trustee, for the benefit of the Holders
      of
      the regular interests and the Class R Certificate (in respect of the Class
      R-2
      Interest), pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      2
      Interest Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to (a) the product of (i) the aggregate Principal Balance of the
      Mortgage Loans and related REO Properties then outstanding and (ii) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT2AA
      minus the Marker Rate, divided by (b) 12.

     

    “REMIC
      2
      Overcollateralization Target Amount”: 1.00% of the Targeted
      Overcollateralization Amount.

     

    “REMIC
      2
      Overcollateralized Amount”: With respect to any date of determination, (i) 1.00%
      of the aggregate Uncertificated Principal Balance of the REMIC 2 Regular
      Interests minus (ii) the aggregate Uncertificated Principal Balance of REMIC
      2
      Regular Interest LT2A1, REMIC 2 Regular Interest LT2A2, REMIC 2 Regular Interest
      LT2A3, REMIC 2 Regular Interest LT2A4, REMIC 2 Regular Interest LT2A5, REMIC
      2
      Regular Interest LT2M1, REMIC 2 Regular Interest LT2M2, REMIC 2 Regular Interest
      LT2M3, REMIC 2 Regular Interest LT2M4, REMIC 2 Regular Interest LT2M5, REMIC
      2
      Regular Interest LT2M6, REMIC 2 Regular Interest LT2B1, REMIC 2 Regular Interest
      LT2B2, REMIC 2 Regular Interest LT2B3 and REMIC 2 Regular Interest LT2B4, in
      each case as of such date of determination.

     

    “REMIC
      2
      Principal Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to (a) the product of (i) the aggregate Principal Balance of the
      Mortgage Loans and related REO Properties then outstanding and (ii) 1 minus
      a
      fraction, the numerator of which is two times the aggregate Uncertificated
      Principal Balance of REMIC 2 Regular Interest LT2A1, REMIC 2 Regular Interest
      LT2A2, REMIC 2 Regular Interest LT2A3, REMIC 2 Regular Interest LT2A4, REMIC
      2
      Regular Interest LT2A5, REMIC 2 Regular Interest LT2M1, REMIC 2 Regular Interest
      LT2M2, REMIC 2 Regular Interest LT2M3, REMIC 2 Regular Interest LT2M4, REMIC
      2
      Regular Interest LT2M5, REMIC 2 Regular Interest LT2M6, REMIC 2 Regular Interest
      LT2B1, REMIC 2 Regular Interest LT2B2, REMIC 2 Regular Interest LT2B3 and REMIC
      2 Regular Interest LT2B4, and the denominator of which is the aggregate
      Uncertificated Principal Balance of REMIC 2 Regular Interest LT2A1, REMIC 2
      Regular Interest LT2A2, REMIC 2 Regular Interest LT2A3, REMIC 2 Regular Interest
      LT2A4, REMIC 2 Regular Interest LT2A5, REMIC 2 Regular Interest LT2M1, REMIC
      2
      Regular Interest LT2M2, REMIC 2 Regular Interest LT2M3, REMIC 2 Regular Interest
      LT2M4, REMIC 2 Regular Interest LT2M5, REMIC 2 Regular Interest LT2M6, REMIC
      2
      Regular Interest LT2B1, REMIC 2 Regular Interest LT2B2, REMIC 2 Regular Interest
      LT2B3, REMIC 2 Regular Interest LT2B4 and REMIC 2 Regular Interest
      LT2ZZ.

     

    “REMIC
      2
      Regular Interests”: Any of the separate non-certificated beneficial ownership
      interests in REMIC 2 issued hereunder and designated as a “regular interest” in
      REMIC 2. Each REMIC 2 Regular Interest shall accrue interest at the related
      Uncertificated REMIC 2 Pass-Through Rate in effect from time to time, and shall
      be entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Principal
      Balance as set forth in the Preliminary Statement hereto. The following is
      a
      list of each of the REMIC I Regular Interests: REMIC 2 Regular Interest LT2AA,
      REMIC 2 Regular Interest LT2A1, REMIC 2 Regular Interest LT2A2, REMIC 2 Regular
      Interest LT2A3, REMIC 2 Regular Interest LT2A4, REMIC 2 Regular Interest LT2A5,
      REMIC 2 Regular Interest LT2M1, REMIC 2 Regular Interest LT2M2, REMIC 2 Regular
      Interest LT2M3, REMIC 2 Regular Interest LT2M4, REMIC 2 Regular Interest LT2M5,
      REMIC 2 Regular Interest LT2M6, REMIC 2 Regular Interest LT2B1, REMIC 2 Regular
      Interest LT2B2, REMIC 2 Regular Interest LT2B3, REMIC 2 Regular Interest LT2B4,
      REMIC 2 Regular Interest LT2P, REMIC 2 Regular Interest LT2IO and REMIC 2
      Regular Interest LT2ZZ.

     

    “REMIC
      3”: The segregated pool of assets consisting of all of the REMIC 2 Regular
      Interests conveyed in trust to the Trustee, for the benefit of the Holders
      of
      the regular interests and the Class R Certificate (in respect of the Class
      R-3
      Interest), pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      3
      Regular Interests”: The Class B-1 Interest, the Class B-2 Interest, the Class
      B-3 Interest, the Class B-4 Interest, the Class CE-1 Interest, the Class CE-2
      Interest, the Class P Interest and the Class IO Interest.

     

    “REMIC
      4”: The segregated pool of assets consisting of the Class B-1 Interest conveyed
      in trust to the Trustee, for the benefit of the Holders of the Class B-1
      Certificates and the Class R-X Certificate (in respect of the Class R-4
      Interest), pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      5”: The segregated pool of assets consisting of the Class B-2 Interest conveyed
      in trust to the Trustee, for the benefit of the Holders of the Class B-2
      Certificates and the Class R-X Certificate (in respect of the Class R-5
      Interest), pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      6”: The segregated pool of assets consisting of the Class B-3 Interest conveyed
      in trust to the Trustee, for the benefit of the Holders of the Class B-3
      Certificates and the Class R-X Certificate (in respect of the Class R-6
      Interest), pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      7”: The segregated pool of assets consisting of the Class B-4 Interest conveyed
      in trust to the Trustee, for the benefit of the Holders of the Class B-4
      Certificates and the Class R-X Certificate (in respect of the Class R-7
      Interest), pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      8”: The segregated pool of assets consisting of the Class CE-1 Interest conveyed
      in trust to the Trustee, for the benefit of the Holders of the Class CE-1
      Certificates and the Class R-X Certificate (in respect of the Class R-8
      Interest), pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      9”: The segregated pool of assets consisting of the Class CE-2 Interest conveyed
      in trust to the Trustee, for the benefit of the Holders of the Class CE-2
      Certificates and the Class R-X Certificate (in respect of the Class R-9
      Interest), pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      10”: The segregated pool of assets consisting of the Class P Interest conveyed
      in trust to the Trustee, for the benefit of the Holders of the Class P
      Certificates and the Class R-X Certificate (in respect of the Class R-10
      Interest), pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      11”: The segregated pool of assets consisting of the Class IO Interest conveyed
      in trust to the Trustee, for the benefit of the Holders of REMIC 11 Regular
      Interest SWAP IO and the Class R-X Certificate (in respect of the Class R-11
      Interest), pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

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

     

    “REMIC
      Regular Interests”: The REMIC 1 Regular Interests, the REMIC 2 Regular Interests
      and the REMIC 3 Regular Interests.

     

    “Remittance
      Report”: A report prepared by the Servicer and delivered to the Trustee pursuant
      to Section 4.07 in a form mutually agreed upon by the Servicer and the Trustee,
      containing the information attached hereto as Exhibit M.

     

    “Rents
      from Real Property”: With respect to any REO Property, gross income of the
      character described in Section 856(d) of the Code.

     

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

     

    “REO
      Principal Amortization”: With respect to any REO Property, for any calendar
      month, the aggregate of all amounts received in respect of such REO Property
      during such calendar month, whether in the form of rental income, sale proceeds
      (including, without limitation, that portion of the Termination Price paid
      in
      connection with a purchase of all of the Mortgage Loans and REO Properties
      pursuant to Section 10.01 that is allocable to such REO Property) or otherwise,
      net of any portion of such amounts (i) payable pursuant to Section 3.13 in
      respect of the proper operation, management and maintenance of such REO Property
      or (ii) payable or reimbursable to the Servicer pursuant to Section 3.13 for
      unpaid Servicing Fees or Excess Servicing Fees in respect of the related
      Mortgage Loan and unreimbursed Servicing Advances and Advances in respect of
      such REO Property or the related Mortgage Loan.

     

    “REO
      Property”: A Mortgaged Property acquired by the Servicer on behalf of the Trust
      Fund through foreclosure or deed-in-lieu of foreclosure, as described in Section
      3.13.

     

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

     

    “Residential
      Dwelling”: Any one of the following: (i) a one-family dwelling, (ii) a two- to
      four-family dwelling, (iii) a one-family dwelling unit in a Fannie Mae eligible
      condominium project, (iv) a one-family dwelling in a planned unit development,
      which is not a co-operative, or (v) a mobile or manufactured home (as defined
      in
      42 United States Code, Section 5402(6)).

     

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

     

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

     

    “Responsible
      Officer”: Any officer assigned to the Corporate Trust Division (or any successor
      thereto) of the Trustee, including any Vice President, Assistant Vice President,
      Trust Officer, any Assistant Secretary, any trust officer or any other officer
      of the Trustee customarily performing functions similar to those performed
      by
      any of the above designated officers and in each case having direct
      responsibility for the administration of this Agreement.

     

    “Reuters
      Screen LIBOR01 Page” means the display page currently so designated on the
      Reuters Monitor Money Rates Service (or such other page as may replace that
      page
      on that service for the purpose of displaying comparable rates or
      prices).

     

    “S&P”:
      Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and its
      successors, and if such company shall for any reason no longer perform the
      functions of a securities rating agency, “S&P” shall be deemed to refer to
      any other “nationally recognized statistical rating organization” as set forth
      on the most current list of such organizations released by the Securities and
      Exchange Commission.

     

    “Senior
      Enhancement Percentage”: For any Distribution Date, the percentage obtained by
      dividing (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Mezzanine Certificates and the Class B Certificates and (ii) the
      Overcollateralization Amount, in each case before taking into account the
      distribution of the Principal Remittance Amount and the Extra Principal
      Distribution Amount on such Distribution Date by (y) the Pool Balance as of
      the
      last day of the related Collection Period (after giving effect to scheduled
      payments of principal due during the related Collection Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period).

     

    “Senior
      Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the aggregate Certificate Principal Balance of the Class A Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 58.00% and (ii) the Principal Balance of the Mortgage Loans
      as of
      the last day of the related Collection Period (after giving effect to scheduled
      payments of principal due during the related Collection Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) and (B) the Principal Balance of the Mortgage
      Loans as of the last day of the related Collection Period (after giving effect
      to scheduled payments of principal due during the related Collection Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) minus the Overcollateralization
      Floor, but in no event less than zero.

     

    “Servicer”:
      Litton Loan Servicing LP, a Delaware limited partnership, or any successor
      servicer appointed as herein provided, in its capacity as Servicer
      hereunder.

     

    “Servicer
      Affiliate”: A Person (i) controlling, controlled by or under common control with
      the Servicer or which is 50% or more owned by the Servicer and (ii) which is
      qualified to service residential mortgage loans.

     

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

     

    “Servicer
      Modification”: With respect to any Mortgage Loan in default, or where default is
      reasonably foreseeable, is a modification permitted by the Servicer of such
      Mortgage Loan to reduce its principal balance and/or extend its term to a term
      not longer than the latest maturity date of any other Mortgage Loan. Any such
      principal reduction will constitute a Realized Loss at the time of such
      reduction. An extension of the term will not result in a Realized Loss unless
      coupled with a principal reduction.

     

    “Servicer
      Remittance Date”: With respect to any Distribution Date, one Business Day prior
      to such Distribution Date.

     

    “Servicing
      Advances”: All customary, reasonable and necessary “out of pocket” costs and
      expenses (including legal fees) incurred by the Servicer in the performance
      of
      its servicing obligations, including, but not limited to, the cost of (i) the
      preservation, restoration and protection of the Mortgaged Property, (ii) any
      enforcement or judicial proceedings, including foreclosures, (iii) the
      management and liquidation of the REO Property, (iv) compliance with the
      obligations under Section 3.08 and (v) rebating any points and fees that are
      to
      be reimbursed to a Mortgagor due to a Principal Prepayment.

     

    “Servicing
      Criteria”: As defined in Section 3.20(a).

     

    “Servicing
      Fee”: With respect to each Mortgage Loan (including each REO Property) and for
      any calendar month, an amount equal to one month’s interest (or in the event of
      any payment of interest which accompanies a Principal Prepayment in full made
      by
      the Mortgagor during such calendar month, interest for the number of days
      covered by such payment of interest) at the Servicing Fee Rate on the same
      principal amount on which interest on such Mortgage Loan accrues for such
      calendar month.

     

    “Servicing
      Fee Rate”: So long as Litton Loan Servicing LP is the Servicer, with respect to
      each Mortgage Loan, 0.15% per annum. At anytime Litton Loan Servicing LP is
      not
      the Servicer and with respect to each Mortgage Loan, 0.50% per
      annum.

     

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

     

    “Servicing
      Rights Pledgee”: One or more lenders, selected by the Servicer, to which the
      Servicer may pledge and assign all of its right, title and interest in, to
      and
      under this Agreement, including JPMorgan Chase Bank, National Association as
      the
      representative of certain lenders.

     

    “Servicing
      Standard”: Shall mean the standards set forth in Section 3.01.

     

    “Special
      Hazard Losses”: Realized Losses that result from direct physical damage to
      Mortgaged Properties caused by natural disasters and other hazards (i) which
      are
      not covered by hazard insurance policies (such as earthquakes) and (ii) for
      which claims have been submitted and rejected by the related hazard insurer
      and
      any shortfall in insurance proceeds for partial damage due to the application
      of
      the co-insurance clauses contained in hazard insurance policies.

     

    “Sponsor”:
      Credit-Based Asset Servicing and Securitization LLC, or its successor in
      interest, in its capacity as seller under the Mortgage Loan Purchase
      Agreement.

     

    “Startup
      Day”: As defined in Section 9.01(b) hereof.

     

    “Stayed
      Funds”: Any payment required to be made under the terms of the Certificates and
      this Agreement but which is not remitted by the Servicer because the Servicer
      is
      the subject of a proceeding under the Bankruptcy Code and the making of such
      remittance is prohibited by Section 362 of the Bankruptcy Code.

     

    “Stepdown
      Date”: The earlier to occur of (x) the Distribution Date on which the aggregate
      Certificate Principal Balance of the Class A Certificates is zero and (y) the
      later to occur of (A) the Distribution Date in April 2010 and (B) the first
      Distribution Date on which the Senior Enhancement Percentage is greater than
      or
      equal to 42.00%.

     

    “Subordinate
      Principal Distribution Amount”: The Class M-1 Principal Distribution Amount,
      Class M-2 Principal Distribution Amount, Class M-3 Principal Distribution
      Amount, Class M-4 Principal Distribution Amount, Class M-5 Principal
      Distribution Amount, Class M-6 Principal Distribution Amount, Class B-1
      Principal Distribution Amount, Class B-2 Principal Distribution Amount, Class
      B-3 Principal Distribution Amount or Class B-4 Principal Distribution Amount,
      as
      applicable.

     

    “Subsequent
      Recoveries”: As of any Distribution Date, amounts received by the Servicer (net
      of any expenses permitted to be reimbursed pursuant to Section 3.05) or surplus
      amounts held by the Servicer to cover estimated expenses (including, but not
      limited to, recoveries in respect of the representations and warranties made
      by
      the Sponsor pursuant to the Mortgage Loan Purchase Agreement) specifically
      related to a Mortgage Loan that was the subject of a Final Recovery
      Determination or an REO Disposition prior to the related Prepayment Period
      that
      resulted in a Realized Loss.

     

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

     

    “Supplemental
      Interest Trust”: The corpus of a trust created pursuant to Section 4.09 of this
      Agreement and designated as the “Supplemental Interest Trust,” consisting of the
      Interest Rate Swap Agreement, the Swap Account and the right to receive any
      Net
      Swap Payment and Swap Termination Payments from the Swap Provider, subject
      to
      the obligation to pay the amounts specified in Section 4.09. The Supplemental
      Interest Trust is not an asset of any REMIC created hereunder.

     

    “Supplemental
      Interest Trust Trustee”: The Trustee, in its capacity as supplemental interest
      trust trustee of the Supplemental Interest Trust.

     

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

     

    “Swap
      Interest Shortfall Amount”: Any shortfall of interest with respect to any Class
      of Certificates resulting from the application of the Rate Cap due to a
      discrepancy between the Uncertificated Notional Amount of REMIC 11 Regular
      Interest SWAP IO and the scheduled notional amount.

     

    “Swap
      LIBOR”:
      A per annum rate equal to the floating rate payable by the Swap Provider under
      the Swap Agreement.

     

    “Swap
      Provider”: Barclays Bank PLC.

     

    “Swap
      Provider Trigger Event”: A Swap Termination Payment that is triggered upon: (i)
      an Event of Default under the Interest Rate Swap Agreement with respect to
      which
      the Swap Provider is a Defaulting Party (as defined in the Interest Rate Swap
      Agreement), (ii) a Termination Event under the Interest Rate Swap Agreement
      (other than illegality or a tax event) with respect to which the Swap Provider
      is the sole Affected Party (as defined in the Interest Rate Swap Agreement)
      or
      (iii) an Additional Termination Event under the Interest Rate Swap Agreement
      with respect to which the Swap Provider is the sole Affected Party.

     

    “Swap
      Termination Payment”: The payment due to either party under the Interest Rate
      Swap Agreement upon the early termination of the Interest Rate Swap
      Agreement.

     

    “Targeted
      Overcollateralization Amount”: As of any Distribution Date, (a) prior to the
      Stepdown Date, 3.00% of the Cut-off Date Principal Balance of the Mortgage
      Loans, (b) on or after the Stepdown Date, provided a Trigger Event is not in
      effect, the greater of (i) 6.00% of the Pool Balance as of the last day of
      the
      related Collection Period (after giving effect to scheduled payments of
      principal due during the related Collection Period, to the extent received
      or
      advanced, and unscheduled collections of principal received during the related
      Prepayment Period) and (ii) 0.50% of the Cut-off Date Principal Balance of
      the
      Mortgage Loans and (c) on or after Stepdown Date if a Trigger Event is in
      effect, the Targeted Overcollateralization Amount for the immediately preceding
      Distribution Date. On and after any Distribution Date following the reduction
      of
      the aggregate Certificate Principal Balance of the Class A Certificates,
      Mezzanine Certificates and Class B Certificates to zero, the
      Overcollateralization Target Amount will be zero.

     

    “Tax
      Matters Person”: The tax matters person appointed pursuant to Section 9.01(e)
      hereof.

     

    “Tax
      Returns”: The federal income tax returns 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
      on
      behalf of the Trust for each of the REMICs created pursuant to this Agreement
      under the REMIC Provisions, together with any and all other information reports
      or returns that may be required to be furnished to the Certificateholders or
      filed with the Internal Revenue Service or any other governmental taxing
      authority under any applicable provisions of federal, state or local tax
      laws.

     

    “Termination
      Price”: As defined in Section 10.01(a) hereof.

     

    “Trigger
      Event”: With respect to any Distribution Date a Trigger Event is in effect, if
      (i) the six-month rolling average of 60+ Day Delinquent Loans (divided by the
      aggregate Principal Balance of the Mortgage Loans as of the last day of the
      previous calendar month) equals or exceeds 38.10% of the Senior Enhancement
      Percentage or (ii) the aggregate amount of Realized Losses incurred since the
      Cut-off Date through the last day of the related Collection Period (reduced
      by
      the amount of Subsequent Recoveries received since the Cut-off Date through
      the
      last day of the related Collection Period) divided by the Pool Balance exceeds
      the applicable percentages set forth below with respect to such distribution
      date: 

     

    
      	
              Distribution
                Date Occurring In

            	 	
              Percentage

            
	
              April
                2009 through March 2010

            	 	
              1.10%

            
	
              April
                2010 through March 2011

            	 	
              3.15%

            
	
              April
                2011 through March 2012

            	 	
              5.05%

            
	
              April
                2012 through March 2013

            	 	
              6.55%

            
	
              April
                2013 through March 2014

            	 	
              7.45%

            
	
              April
                2014 and thereafter

            	 	
              7.55%

            

    

    

    “Trust”:
      C-BASS Mortgage Loan Trust 2007-CB3, the trust created hereunder.

     

    “Trust
      Fund”: All of the assets of the Trust, which is the trust created hereunder
      consisting of REMIC 1, REMIC 2, REMIC 3, REMIC 4, REMIC 5, REMIC 6, REMIC 7,
      REMIC 8, REMIC 9, REMIC 10, REMIC 11, the Interest Rate Swap Agreement, the
      Swap
      Account and the Net WAC Rate Carryover Reserve Account.

     

    “Trustee”:
      U.S. Bank National Association, a national banking association, or any successor
      Trustee appointed as herein provided.

     

    “Trustee
      Fee”: With respect to any Distribution Date, the product of (x) one twelfth of
      the Trustee Fee Rate and (y) the aggregate Principal Balance of all Mortgage
      Loans as of the opening of business on the first day of the related Collection
      Period.

     

    “Trustee
      Fee Rate”: With respect to any Distribution Date, 0.0075% per annum.

     

    “Uncertificated
      Accrued Interest”: With respect to each REMIC Regular Interest on each
      Distribution Date, an amount equal to one month’s interest at the related
      Uncertificated Pass-Through Rate on the Uncertificated Principal Balance of
      such
      REMIC Regular Interest. In each case, Uncertificated Accrued Interest will
      be
      reduced by any Prepayment Interest Shortfalls and Relief Act Interest Shortfalls
      (allocated to such REMIC Regular Interests based on their respective
      entitlements to interest irrespective of any Prepayment Interest Shortfalls
      and
      Relief Act Interest Shortfalls for such Distribution Date).

     

    “Uncertificated
      Notional Amount”: With respect to REMIC 2 Regular Interest LT2IO and each
      Distribution Date listed below, the aggregate Uncertificated Principal Balance
      of the REMIC 1 Regular Interests ending with the designation “A” listed
      below:

     

    
      	
              Distribution
                Date

            	 	
              REMIC
                2 Regular Interests

            
	
              1st
                through 34th

            	 	
              I-1-A
                through I-14-A

            
	
              35th
                through 38th 

            	 	
              I-2-A
                through I-14-A

            
	
              39

            	 	
              I-3-A
                through I-14-A

            
	
              40

            	 	
              I-4-A
                through I-14-A

            
	
              41

            	 	
              I-5-A
                through I-14-A

            
	
              42

            	 	
              I-6-A
                through I-14-A

            
	
              43

            	 	
              I-7-A
                through I-14-A

            
	
              44

            	 	
              I-8-A
                through I-14-A

            
	
              45

            	 	
              I-9-A
                through I-14-A

            
	
              46

            	 	
              I-10-A
                through I-14-A

            
	
              47

            	 	
              I-11-A
                through I-14-A

            
	
              48

            	 	
              I-12-A
                through I-14-A

            
	
              49

            	 	
              I-13-A
                and I-14-A

            
	
              50

            	 	
              I-14-A

            
	
              thereafter

            	 	
              $0.00

            

    

     

    With
      respect to the Class IO Interest and any Distribution Date, an amount equal
      to
      the Uncertificated Notional Amount of the REMIC 2 Regular Interest
      LT2IO.

     

    With
      respect to the Class CE-2 Certificates and any Distribution Date, the
      Uncertificated Notional Amount of the Class CE-2 Interest and such Distribution
      Date.

     

    With
      respect to the Class CE-2 Interest and any Distribution Date, the Uncertificated
      Notional Amount of the REMIC 2 Regular Interest LT2CE2 for such Distribution
      Date. 

     

    With
      respect to REMIC 2 Regular Interest LT2CE2 and any Distribution Date, the
      Uncertificated Notional Amount of the REMIC 1 Regular Interest I-CE-2.

     

    With
      respect to REMIC 1 Regular Interest I-CE-2 and any Distribution Date, the sum
      of
      the aggregate principal balances of the Mortgage Loans serviced by Litton Loan
      Servicing LP pursuant to the terms of this Agreement for such Distribution
      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 Preliminary Statement hereto
      as
      its initial Uncertificated Principal Balance. On each Distribution 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
      Distribution Date pursuant to Section 4.03 and, if and to the extent necessary
      and appropriate, shall be further reduced on such Distribution Date by Realized
      Losses as provided in Section 4.03, and the Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest LT2ZZ shall be increased by interest deferrals as
      provided in Section 4.03. The Uncertificated Principal Balance of each REMIC
      Regular Interest that has an Uncertificated Principal Balance shall never be
      less than zero. With respect to the Class CE-1 Interest as of any date of
      determination, an amount equal to the excess, if any, of (A) the then aggregate
      Uncertificated Principal Balance of the REMIC 2 Regular Interests over (B)
      the
      then aggregate Certificate Principal Balance of the Class A Certificates, the
      Mezzanine Certificates, the Class B Certificates and the Class P Certificates
      then outstanding.

     

    “Uncertificated
      REMIC 1 Pass-Through Rate”: With respect to REMIC 1 Regular Interest I and REMIC
      1 Regular Interest P, a per annum rate equal to the weighted average of the
      Net
      Mortgage Interest Rates of the Mortgage Loans. With respect to each REMIC 1
      Regular Interest ending with the designation “A”, a per annum rate equal to the
      weighted average of the Net Mortgage Interest Rates of the Mortgage Loans
      multiplied by 2, subject to a maximum rate of 9.760%. With respect to each
      REMIC
      1 Regular Interest ending with the designation “B”, the greater of (x) a per
      annum rate equal to the excess, if any, of (i) 2 multiplied by the weighted
      average of the Net Mortgage Interest Rates of the Mortgage Loans over (ii)
      9.760% and (y) 0.00%. With respect to REMIC 1 Regular Interest I-CE-2, a
      weighted average per annum rate, determined on a Mortgage Loan by Mortgage
      Loan
      basis (and solely with respect to the Mortgage Loans serviced
      by Litton Loan Servicing LP pursuant to the terms of this Agreement), equal
      to
      the excess, if any, of (i) the excess of (a) the Mortgage Interest Rate for
      each
      such Mortgage Loan over (b) the sum of the (y) Servicing Fee Rate and (z)
      Trustee Fee Rate, over (ii) the Net Mortgage Interest Rate of each such Mortgage
      Loan. 

     

    “Uncertificated
      REMIC 2 Pass-Through Rate”: With respect to REMIC 2 Regular Interest LTAA, REMIC
      2 Regular Interest LTA1, REMIC 2 Regular Interest LTA2, REMIC 2 Regular Interest
      LTA3, REMIC 2 Regular Interest LTA4, REMIC 2 Regular Interest LTA5, REMIC 2
      Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest
      LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2
      Regular Interest LTM6, REMIC 2 Regular Interest LTB1, REMIC 2 Regular Interest
      LTB2, REMIC 2 Regular Interest LTB3, REMIC 2 Regular Interest LTB4, REMIC 2
      Regular Interest LTZZ and REMIC 2 Regular Interest LT2P, a
      per
      annum rate (but not less than zero) equal to the weighted average of (v) with
      respect to REMIC 1 Regular Interest I and REMIC 1 Regular Interest P, the
      Uncertificated REMIC 1 Pass-Through Rates for such REMIC 1 Regular Interests
      for
      each such Distribution Date, (w) with respect to REMIC 1 Regular Interests
      ending with the designation “B”, the weighted average of the Uncertificated
      REMIC 1 Pass-Through Rates for such REMIC 1 Regular Interests, weighted on
      the
      basis of the Uncertificated Principal Balance of such REMIC 1 Regular Interests
      for each such Distribution Date and (x) with respect to REMIC 1 Regular
      Interests ending with the designation “A”, for each Distribution Date listed
      below, the weighted average of the rates listed below for each such REMIC 1
      Regular Interest listed below, weighted on the basis of the Uncertificated
      Principal Balance of each such REMIC 1 Regular Interest for each such
      Distribution Date:

     

    
      	
              Distribution
                Date

            	 	
              REMIC
                1 Regular Interest

            	 	
              Rate

            
	
              1st
                through 34th 

            	 	
              I-1-A
                through I-14-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              35th
                through 38th 

            	 	
              I-2-A
                through I-14-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              39

            	 	
              I-3-A
                through I-14-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                and I-2-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              40

            	 	
              I-4-A
                through I-14-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-3-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              41

            	 	
              I-5-A
                through I-14-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-4-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              42

            	 	
              I-6-A
                through I-14-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-5-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              43

            	 	
              I-7-A
                through I-14-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-6-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              44

            	 	
              I-8-A
                through I-14-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-7-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              45

            	 	
              I-9-A
                through I-14-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-8-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              46

            	 	
              I-10-A
                through I-14-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-9-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              47

            	 	
              I-11-A
                through I-14-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-10-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              48

            	 	
              I-12-A
                through I-14-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-11-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              49

            	 	
              I-13-A
                and I-14-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-12-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              50

            	 	
              I-14-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-13-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              thereafter

            	 	
              I-1-A
                through I-14-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            

    

     

    With
      respect to REMIC 2 Regular Interest LT2IO, and (a) the first 50 Distribution
      Dates, the excess of (i) the Uncertificated REMIC 1 Pass-Through Rates for
      REMIC
      1 Regular Interests ending with the designation “A” over (ii) 2 multiplied by
      Swap LIBOR, and (b) thereafter 0.00%.

     

    The
      REMIC
      2 Regular Interest LT2CE2 shall not have a Pass-Through Rate, but interest
      for
      such Regular Interest and each Distribution Date shall be an amount equal to
      100% of the amounts distributable on REMIC 1 Regular Interest
      I-CE-2.

     

    “Underwriters”:
      Citigroup Global Markets Inc., Greenwich Capital Markets, Inc. and SG Americas
      Securities, LLC, Inc., as underwriters with respect to the Offered
      Certificates.

     

    “United
      States Person” or “U.S. Person”: (i) A citizen or resident of the United States,
      (ii) a corporation, partnership or other entity treated as a corporation or
      partnership for United States federal income tax purposes organized in or under
      the laws of the United States or any state thereof or the District of Columbia
      (unless, in the case of a partnership, Treasury regulations provide otherwise)
      or (iii) an estate the income of which is includible in gross income for United
      States tax purposes, regardless of its source, or (iv) 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. Notwithstanding the preceding
      sentence, to the extent provided in Treasury regulations, certain Trusts in
      existence on August 20, 1996, and treated as United States persons prior to
      such
      date, that elect to continue to be treated as United States persons will also
      be
      a U.S. Person.

     

    “Unpaid
      Realized Loss Amount”: For any Class of Mezzanine Certificate or Class B
      Certificate and as to any Distribution Date, the excess of (x) the aggregate
      Applied Realized Loss Amounts applied with respect to such Class for all prior
      Distribution Dates over (y) the aggregate Realized Loss Amortization Amounts
      with respect to such Class for all prior Distribution Dates and reduced by
      the
      amount of the increase in the related Certificate Principal Balance due to
      the
      receipt of Subsequent Recoveries as provided in Section 4.02.

     

    “Value”:
      With respect to any Mortgaged Property, the value thereof as determined by
      an
      independent appraisal made at the time of the origination of the related
      Mortgage Loan or the sale price, if the appraisal is not available; except
      that,
      with respect to any Mortgage Loan that is a purchase money mortgage loan, the
      lesser of (i) the value thereof as determined by an independent appraisal made
      at the time of the origination of such Mortgage Loan, if any, and (ii) the
      sales
      price of the related Mortgaged Property.

     

    “Voting
      Rights”: The portion of the voting rights of all of the Certificates which is
      allocated to any Certificate. The Voting Rights allocated among Holders of
      the
      Class A Certificates, the Mezzanine Certificates and the Class B Certificates
      shall be 98%, and shall be allocated among each such Class according to the
      fraction, expressed as a percentage, the numerator of which is the aggregate
      Certificate Principal Balance of all the Certificates of such Class then
      outstanding and the denominator of which is the aggregate Certificate Principal
      Balance of all the Class A Certificates, the Mezzanine Certificates and the
      Class B Certificates then outstanding. The Voting Rights allocated among Holders
      of the Class CE-1 Certificates shall be 1%, and shall be allocated among each
      such Class according to the fraction, expressed as a percentage, the numerator
      of which is the Certificate Principal Balance of all the Certificates of such
      Class then outstanding and the denominator of which is the aggregate Certificate
      Principal Balance of all the Class CE-1 Certificates then outstanding. The
      Voting Rights allocated among Holders of the Class P Certificates shall be
      1%,
      and shall be allocated among each such Class according to the fraction,
      expressed as a percentage, the numerator of which is the Certificate Principal
      Balance of all the Certificates of such Class then outstanding and the
      denominator of which is the aggregate Certificate Principal Balance of all
      the
      Class P Certificates then outstanding. The Voting Rights allocated to each
      such
      Class of Certificates shall be allocated among all holders of each such Class
      in
      proportion to the outstanding Certificate Principal Balance of such
      Certificates; provided,
      however,
      that
      any Certificate registered in the name of the Servicer, the Depositor, the
      Trustee or any of its respective affiliates shall not be included in the
      calculation of Voting Rights; provided that only such Certificates as are known
      by a Responsible Officer of the Trustee to be so registered will be so excluded.
      

     

    “Written
      Order to Authenticate”: A written order by which the Depositor directs the
      Trustee to execute, authenticate and deliver the Certificates.

     

    
      
        	
              	Section
                1.02	
                Accounting.

              

      

    

     

    Unless
      otherwise specified herein, for the purpose of any definition or calculation,
      whenever amounts are required to be netted, subtracted or added or any
      distributions are taken into account such definition or calculation and any
      related definitions or calculations shall be determined without duplication
      of
      such functions.

     

    
      
        	
              	Section
                1.03	
                Allocation
                  of Certain Interest Shortfalls.

              

      

    

     

    For
      purposes of calculating the amount of the Accrued Certificate Interest for
      the
      Class A Certificates, the Mezzanine Certificates, the Class B Certificates
      and
      the Class CE-1 Certificates for any Distribution Date, (1) the aggregate amount
      of any Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans for any Distribution Date shall be
      allocated first, among the Class CE-1 Certificates on a pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      Pass-Through Rate on the Notional Amount thereof and, thereafter, among the
      Class A Certificates, the Mezzanine Certificates and the Class B Certificates
      on
      a pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      respective Pass-Through Rate on the respective Certificate Principal Balance
      of
      each such Certificate and (2) the aggregate amount of any Realized Losses and
      Net WAC Rate Carryover Amounts incurred for any Distribution Date shall be
      allocated among the Class CE-1 Certificates on a pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      Pass-Through Rate on the Notional Amount thereof.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 1 Regular Interests for any Distribution Date the aggregate amount of
      any
      Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans shall be allocated first, to REMIC
      1
      Regular Interest I and to the REMIC 1 Regular Interests ending with the
      designation “B”, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 1 Pass-Through Rates on the respective Uncertificated
      Principal Balances of each such REMIC 1 Regular Interest, and then, to REMIC
      1
      Regular Interests ending with the designation “A”, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 1 Pass-Through Rates on the respective Uncertificated
      Principal Balances of each such REMIC 1 Regular Interest.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 2 Regular Interests for any Distribution Date, the aggregate amount of
      any
      Prepayment Interest Shortfalls and the aggregate amount of any Relief Act
      Interest Shortfalls incurred in respect of the Mortgage Loans for any
      Distribution Date shall be allocated among REMIC 2 Regular Interest LT2AA,
      REMIC
      2 Regular Interest LT2A1, REMIC 2 Regular Interest LT2A2, REMIC 2 Regular
      Interest LT2A3, REMIC 2 Regular Interest LT2A4, REMIC 2 Regular Interest LT2A5,
      REMIC 2 Regular Interest LT2M1, REMIC 2 Regular Interest LT2M2, REMIC 2 Regular
      Interest LT2M3, REMIC 2 Regular Interest LT2M4, REMIC 2 Regular Interest LT2M5,
      REMIC 2 Regular Interest LT2M6, REMIC 2 Regular Interest LT2B1, REMIC 2 Regular
      Interest LT2B2, REMIC 2 Regular Interest LT2B3 and REMIC 2 Regular Interest
      LT2B4 and REMIC 2 Regular Interest LT2ZZ, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 2 Pass-Through Rate on the respective Uncertificated
      Principal Balance of each such REMIC 2 Regular Interest.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 3 Regular Interests for any Distribution Date, the aggregate amount of
      any
      Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls incurred
      in respect of the Mortgage Loans for any Distribution Date shall be allocated
      to
      the Class B-1 Interest to the extent allocated to the Class B-1 Certificates,
      to
      the Class B-2 Interest to the extent allocated to the Class B-2 Certificates,
      to
      the Class B-3 Interest to the extent allocated to the Class B-3 Certificates,
      to
      the Class B-4 Interest to the extent allocated to the Class B-4 Certificates
      and
      to the Class CE-1 Certificates to the extent allocated to the Class CE
      Interest.

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    
      
        	
              	Section
                2.01	
                Conveyance
                  of Mortgage Loans.

              

      

    

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, on behalf of
      the
      Trust, without recourse for the benefit of the Certificateholders all the right,
      title and interest of the Depositor, including any security interest therein
      for
      the benefit of the Depositor, in and to (i) each Mortgage Loan identified on
      the
      Mortgage Loan Schedule, including the related Cut-off Date Principal Balance,
      all interest accruing thereon after the Cut-off Date and all collections in
      respect of interest and principal due after the Cut-off Date; (ii) property
      which secured each such Mortgage Loan and which has been acquired by foreclosure
      or deed in lieu of foreclosure; (iii) its interest in any insurance policies
      in
      respect of the Mortgage Loans; (iv) all proceeds of any of the foregoing; (v)
      the rights of the Depositor under the Mortgage Loan Purchase Agreement, (vi)
      the
      right to receive any amounts payable under the Interest Rate Swap Agreement
      and
      (vii) all other assets included or to be included in the Trust Fund. Such
      assignment includes all interest and principal due to the Depositor or the
      Servicer after the Cut off Date with respect to the Mortgage Loans.

     

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

     

    
      	 	
              (i)

            	
              the
                original Mortgage Note, endorsed either (A) in blank or (B) in the
                following form: “Pay to the order of U.S. Bank National Association, as
                Trustee for the C-BASS Mortgage Loan Asset-Backed Certificates, Series
                2007-CB3, without recourse,” or with respect to any lost Mortgage Note, an
                original Lost Note Affidavit, together with a copy of the related
                Mortgage
                Note;

            

    

     

    
      	 	
              (ii)

            	
              the
                original Mortgage with evidence of recording thereon, and the original
                recorded power of attorney, if the Mortgage was executed pursuant
                to a
                power of attorney, with evidence of recording thereon or, if such
                Mortgage
                or power of attorney has been submitted for recording but has not
                been
                returned from the applicable public recording office, has been lost
                or is
                not otherwise available, a copy of such Mortgage or power of attorney,
                as
                the case may be, certified to be a true and complete copy of the
                original
                submitted for recording;

            

    

     

    
      	 	
              (iii)

            	
              an
                original Assignment of Mortgage, in form and substance acceptable
                for
                recording. The Mortgage shall be assigned either (A) in blank or
                (B) to
                “U.S. Bank National Association, as Trustee for the C-BASS Mortgage
                Loan
                Asset-Backed Certificates, Series 2007-CB3, without
                recourse”;

            

    

     

    
      	 	
              (iv)

            	
              an
                original or a certified copy of any intervening assignment of Mortgage
                showing a complete chain of
                assignments;

            

    

     

    
      	 	
              (v)

            	
              the
                original or a certified copy of lender’s title insurance policy;
                and

            

    

     

    
      	 	
              (vi)

            	
              the
                original or copies of each assumption, modification, written assurance
                or
                substitution agreement, if any.

            

    

     

    If
      any of
      the documents referred to in Section 2.01(ii), (iii) or (iv) above has as of
      the
      Closing Date been submitted for recording but either (x) has not been returned
      from the applicable public recording office or (y) has been lost or such public
      recording office has retained the original of such document, the obligations
      of
      the Sponsor to deliver such documents shall be deemed to be satisfied upon
      (1)
      delivery to the Custodian no later than the Closing Date, of a copy of each
      such
      document certified by the Sponsor in the case of (x) above or the applicable
      public recording office in the case of (y) above to be a true and complete
      copy
      of the original that was submitted for recording and (2) if such copy is
      certified by the Sponsor, delivery to the Custodian, promptly upon receipt
      thereof of either the original or a copy of such document certified by the
      applicable public recording office to be a true and complete copy of the
      original. The Sponsor shall deliver or cause to be delivered to the Custodian
      promptly upon receipt thereof any other documents constituting a part of a
      Mortgage File received with respect to any Mortgage Loan, including, but not
      limited to, any original documents evidencing an assumption or modification
      of
      any Mortgage Loan.

     

    Upon
      discovery or receipt of notice of any materially defective document in, or
      that
      a document is missing from, a Mortgage File, the Sponsor shall have 120 days
      to
      cure such defect or 150 days following the Closing Date, in the case of missing
      Mortgages or Assignments or deliver such missing document to the Trustee or
      the
      Custodian. If the Sponsor does not cure such defect or deliver such missing
      document within such time period, the Sponsor shall either repurchase or
      substitute for such Mortgage Loan in accordance with Section 2.03.

     

    The
      Servicer shall cause the Assignments of Mortgage which were delivered in blank
      to be completed and shall cause all Assignments referred to in Section 2.01(iii)
      hereof and, to the extent necessary, in Section 2.01(iv) hereof to be recorded.
      The Servicer shall be required to deliver such assignments for recording within
      30 days of the Closing Date. The Servicer shall furnish the Trustee, or its
      designated agent, with a copy of each Assignment of Mortgage submitted for
      recording. In the event that any such Assignment is lost or returned unrecorded
      because of a defect therein, the Servicer shall promptly have a substitute
      Assignment prepared or have such defect cured, as the case may be, and
      thereafter cause each such Assignment to be duly recorded.

     

    In
      the
      event that any Assignments of Mortgage are not recorded or are improperly
      recorded, neither the Trustee nor the Servicer shall have any liability for
      its
      failure to receive or act on notices not received related to such Assignment
      of
      Mortgage.

     

    In
      the
      event that any Mortgage Note is endorsed in blank as of the Closing Date,
      promptly following the Closing Date the Servicer shall cause to be completed
      such endorsements in the following form: “Pay to the order of U.S. Bank National
      Association, as Trustee for the C-BASS Mortgage Loan Asset-Backed Certificates,
      Series 2007-CB3, without recourse.”

     

    The
      Depositor herewith delivers to the Trustee executed copies of the Mortgage
      Loan
      Purchase Agreement.

     

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

     

    The
      Sponsor hereby directs the Trustee, solely as Supplemental Interest Trust
      Trustee and not in its individual capacity, to execute, deliver and perform
      its
      obligations under the Interest Rate Swap Agreement. The Depositor, the Sponsor,
      the Servicer and the Holders of the Class A Certificates, the Mezzanine
      Certificates and the Class B Certificates by their acceptance of such
      Certificates acknowledge and agree that (i) the Trustee shall execute, deliver
      and perform its obligations under the Interest Rate Swap Agreement and shall
      do
      so solely in its capacity as Supplemental Interest Trust Trustee on behalf
      of
      the Supplemental Interest Trust, and not in its individual capacity, and (ii)
      the Trustee shall have no responsibility for the contents, adequacy or
      sufficiency of the Interest Rate Swap Agreement, including, without limitation,
      any covenants, representations and warranties contained therein. Any funds
      payable by the Supplemental Interest Trust or Party B under the Interest Rate
      Swap Agreement at closing shall be paid by the Sponsor. Notwithstanding anything
      to the contrary contained herein or in the Interest Rate Swap Agreement, neither
      the Trustee nor the Supplemental Interest Trust Trustee shall be required to
      make any payments to the Swap Provider under the Interest Rate Swap Agreement
      except to the extent amounts are available therefor in the Swap Account in
      accordance with this Agreement. Every provision of this Agreement relating
      to
      the conduct or affecting the liability of or affording protection to the Trustee
      shall apply to the Trustee’s execution of and performance of any obligations
      under the Interest Rate Swap Agreement in its capacity as Supplemental Interest
      Trust Trustee.

     

    
      
        	
              	Section
                2.02	
                Acceptance
                  by the Trustee.

              

      

    

     

    The
      Trustee acknowledges the receipt by the Custodian on its behalf, subject to
      the
      provisions of Section 2.01 and subject to the review described below and any
      exceptions noted on the exception report described in the next paragraph below,
      the documents referred to in Section 2.01 above and all other assets included
      in
      the definition of “Trust Fund” and declares that the Custodian on behalf of the
      Trust holds and will hold such documents and the other documents delivered
      to it
      constituting a Mortgage File pursuant to the Custodial Agreement, and that
      the
      Custodian on behalf of the Trust holds or will hold all such assets and such
      other assets included in the definition of “Trust Fund” in trust for the
      exclusive use and benefit of all present and future
      Certificateholders.

     

    The
      Trustee agrees to cause the Custodian pursuant to the Custodial Agreement to
      execute and deliver to the Depositor on or prior to the Closing Date an
      acknowledgment of receipt of the original Mortgage Note (with any exceptions
      noted), substantially in the form attached as Exhibit F-3 hereto.

     

    The
      Trustee agrees, for the benefit of the Certificateholders, to review (or cause
      the Custodian to review pursuant to the Custodial Agreement) each Mortgage
      File
      within 60 days after the Closing Date (or, with respect to any document
      delivered after the Startup Day, within 60 days of receipt and with respect
      to
      any Qualified Substitute Mortgage, within 60 days after the assignment thereof)
      and to certify (or cause the Custodian to certify) in substantially the form
      attached hereto as Exhibit F-1 that, as to each Mortgage Loan listed in the
      Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any
      Mortgage Loan specifically identified in the exception report annexed thereto
      as
      not being covered by such certification), (i) all documents required to be
      delivered to it pursuant to Section 2.01 of this Agreement are in its
      possession, (ii) such documents have been reviewed by it and have not been
      mutilated, damaged or torn and relate to such Mortgage Loan, (iii) based on
      its
      examination and only as to the foregoing, the information set forth in the
      Mortgage Loan Schedule that corresponds to items (1), (2), (3), (5), (13) and
      (22) (but only as to whether the Mortgage Loan has a Prepayment Charge) of
      the
      Mortgage Loan Schedule accurately reflects information set forth in the Mortgage
      File, (iv) all Assignments of Mortgage or intervening assignments of mortgage,
      as applicable, have been submitted for recording and (v) each Mortgage Note has
      been endorsed as provided in Section 2.01(i) of this Agreement and each Mortgage
      has been assigned in accordance with Section 2.01(iii) of this Agreement. It
      is
      herein acknowledged that, in conducting such review, the Custodian is under
      no
      duty or obligation to inspect, review or examine any such documents,
      instruments, certificates or other papers to determine that they are genuine,
      enforceable, or appropriate for the represented purpose or that they have
      actually been recorded or that they are other than what they purport to be
      on
      their face.

     

    Prior
      to
      the first anniversary date of this Agreement the Trustee shall deliver (or
      cause
      the Custodian to deliver) to the Depositor and the Servicer a final
      certification in the form annexed hereto as Exhibit F-2 evidencing the
      completeness of the Mortgage Files, with any applicable exceptions noted
      thereon.

     

    If
      in the
      process of reviewing the Mortgage Files and making or preparing, as the case
      may
      be, the certifications referred to above, the Trustee (or the Custodian, as
      applicable) finds any document or documents constituting a part of a Mortgage
      File to be missing or defective in any material respect, at the conclusion
      of
      its review the Trustee, upon its notification by the Custodian, if applicable,
      shall so notify the Sponsor, the Depositor, the Trustee and the Servicer. In
      addition, upon the discovery by the Sponsor, Depositor, the Trustee or the
      Servicer (or upon receipt by the Trustee of written notification of such breach)
      of a breach of any of the representations and warranties made by the Sponsor
      in
      the related Mortgage Loan Purchase Agreement in respect of any Mortgage Loan
      which materially adversely affects such Mortgage Loan or the interests of the
      related Certificateholders in such Mortgage Loan, the party discovering such
      breach shall give prompt written notice to the other parties.

     

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

     

    
      
        	
              	Section
                2.03	
                Repurchase
                  or Substitution of Mortgage Loans by the Sponsor.

              

      

    

     

    (a)  Upon
      discovery or receipt from the Custodian of written notice of any materially
      defective document in, or that a document is missing from, a Mortgage File
      or
      receipt from the Depositor, the Sponsor, the Servicer or the Custodian of
      written notice of the breach by the Sponsor of any representation, warranty
      or
      covenant under the Mortgage Loan Purchase Agreement or in Section 2.04 in
      respect of any Mortgage Loan which materially adversely affects the value of
      such Mortgage Loan or the interest therein of the Certificateholders, the
      Trustee (or the Custodian, as applicable) shall promptly notify the Sponsor
      and
      the Servicer of such defect, missing document or breach and request that the
      Sponsor deliver such missing document or cure such defect or breach within
      120
      days or 150 days following the Closing Date, in the case of missing Mortgages
      or
      Assignments from the date the Sponsor was notified of such missing document,
      defect or breach, and if the Sponsor does not deliver such missing document
      or
      cure such defect or breach in all material respects during such period, the
      Trustee shall enforce the Sponsor’s obligation under the Mortgage Loan Purchase
      Agreement and inform the Sponsor of its obligation to repurchase such Mortgage
      Loan from the Trust Fund at the Purchase Price on or prior to the Determination
      Date following the expiration of such 120 day period (subject to Section
      2.03(e)); provided that, in connection with any such breach that could not
      reasonably have been cured within such 120 day or 150 day period, if the Sponsor
      shall have commenced to cure such breach within such 120 day or 150 day period,
      the Sponsor shall be permitted to proceed thereafter diligently and
      expeditiously to cure the same within the additional period provided under
      the
      Mortgage Loan Purchase Agreement. The Purchase Price for the repurchased
      Mortgage Loan shall be deposited in the Collection Account, and upon receipt
      of
      written certification from the Servicer of such deposit, the Trustee shall
      cause
      the Custodian to release to the Sponsor the related Mortgage File and shall
      execute and deliver such instruments of transfer or assignment, in each case
      without recourse, representation or warranty, as the Sponsor shall furnish
      to it
      and as shall be necessary to vest in the Sponsor any Mortgage Loan released
      pursuant hereto and neither the Trustee nor the Custodian shall have any further
      responsibility with regard to such Mortgage File. In lieu of repurchasing any
      such Mortgage Loan as provided above, the Sponsor may cause such Mortgage Loan
      to be removed from the Trust Fund (in which case it shall become a Defective
      Mortgage Loan) and substitute one or more Eligible Substitute Mortgage Loans
      in
      the manner and subject to the limitations set forth in Section 2.03(d). It
      is
      understood and agreed that the obligation of the Sponsor to cure or to
      repurchase (or to substitute for) any Mortgage Loan as to which a document
      is
      missing, a material defect in a constituent document exists or as to which
      such
      a breach has occurred and is continuing shall constitute the sole remedy against
      the Sponsor respecting such omission, defect or breach available to the Trustee
      on behalf of the Certificateholders.

     

    (b)  [Reserved].

     

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

     

    (d)  Any
      substitution of Eligible Substitute Mortgage Loans for Defective Mortgage Loans
      made pursuant to Section 2.03(a) must be effected prior to the last Business
      Day
      that is within two years after the Closing Date. As to any Defective Mortgage
      Loan for which the Sponsor substitutes an Eligible Substitute Mortgage Loan
      or
      Loans, such substitution shall be effected by the Sponsor delivering to the
      Custodian on behalf of the Trustee, for such Eligible Substitute Mortgage Loan
      or Loans, the Mortgage Note, the Mortgage, the Assignment to the Trustee, and
      such other documents and agreements, with all necessary endorsements thereon,
      as
      are required by Section 2.01, together with an Officers’ Certificate providing
      that each such Eligible Substitute Mortgage Loan satisfies the definition
      thereof and specifying the Substitution Adjustment Amount (as described below),
      if any, in connection with such substitution. The Trustee shall acknowledge
      (or
      cause the Custodian to acknowledge) receipt for such Eligible Substitute
      Mortgage Loan or Loans and, within ten Business Days thereafter, shall review
      (or cause the Custodian to review) such documents as specified in Section 2.02
      and deliver (or cause the Custodian to deliver) to the Servicer, with respect
      to
      such Eligible Substitute Mortgage Loan or Loans, a certification substantially
      in the form attached hereto as Exhibit F-1, with any applicable exceptions
      noted
      thereon. Within one year of the date of substitution, the Trustee shall deliver
      (or cause the Custodian to deliver) to the Servicer a certification
      substantially in the form of Exhibit F-2 hereto with respect to such Eligible
      Substitute Mortgage Loan or Loans, with any applicable exceptions noted thereon.
      Monthly Payments due with respect to Eligible Substitute Mortgage Loans in
      the
      month of substitution are not part of the Trust Fund and will be retained by
      the
      Sponsor. For the month of substitution, distributions to Certificateholders
      will
      reflect the collections and recoveries in respect of such Defective Mortgage
      Loan in the Collection Period preceding the month of substitution and the
      Depositor or the Sponsor, as the case may be, shall thereafter be entitled
      to
      retain all amounts subsequently received in respect of such Defective Mortgage
      Loan. The Sponsor shall give or cause to be given written notice to the
      Certificateholders that such substitution has taken place, shall amend the
      Mortgage Loan Schedule to reflect the removal of such Defective Mortgage Loan
      from the terms of this Agreement and the substitution of the Eligible Substitute
      Mortgage Loan or Loans and shall deliver a copy of such amended Mortgage Loan
      Schedule to the Trustee and the Custodian. Upon such substitution, such Eligible
      Substitute Mortgage Loan or Loans shall constitute part of the Mortgage Pool
      and
      shall be subject in all respects to the terms of this Agreement and, in the
      case
      of a substitution effected by the Sponsor, the Mortgage Loan Purchase Agreement,
      including, in the case of a substitution effected by the Sponsor all applicable
      representations and warranties thereof included in the Mortgage Loan Purchase
      Agreement and all applicable representations and warranties thereof set forth
      in
      Section 2.04, in each case as of the date of substitution.

     

    For
      any
      month in which the Sponsor substitutes one or more Eligible Substitute Mortgage
      Loans for one or more Defective Mortgage Loans, the Servicer will determine
      the
      amount (the “Substitution Adjustment Amount”), if any, by which the aggregate
      Purchase Price of all such Defective Mortgage Loans exceeds the aggregate,
      as to
      each such Eligible Substitute Mortgage Loan, of the principal balance thereof
      as
      of the date of substitution, together with one month’s interest on such
      principal balance at the applicable Net Mortgage Interest Rate. On the date
      of
      such substitution, the Sponsor will deliver or cause to be delivered to the
      Servicer for deposit in the Collection Account an amount equal to the
      Substitution Adjustment Amount, if any, and upon receipt by the Trustee or
      the
      Custodian of the related Eligible Substitute Mortgage Loan or Loans and
      certification by the Servicer of such deposit, the Trustee shall cause the
      Custodian to release to the Sponsor the related Mortgage File or Files and
      the
      Trustee shall execute and deliver such instruments of transfer or assignment,
      in
      each case without recourse, representation or warranty, as the Sponsor shall
      deliver to it and as shall be necessary to vest therein any Defective Mortgage
      Loan released pursuant hereto.

     

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

     

    (e)  Upon
      discovery by the Sponsor, the Servicer or the Trustee that any Mortgage Loan
      does not constitute a “qualified mortgage” within the meaning of Section
      860G(a)(3) of the Code, the party discovering such fact shall within two
      Business Days give written notice thereof to the other parties. In connection
      therewith, the Sponsor shall repurchase or, subject to the limitations set
      forth
      in Section 2.03(d), substitute one or more Eligible Substitute Mortgage Loans
      for the affected Mortgage Loan within 90 days of the earlier of discovery or
      receipt of such notice with respect to such affected Mortgage Loan. In addition,
      upon discovery that a Mortgage Loan is defective in a manner that would cause
      it
      to be a “defective obligation” within the meaning of Treasury regulations
      relating to REMICs, the Sponsor shall cure the defect or make the required
      purchase or substitution no later than 90 days after the discovery of the
      defect. Any such repurchase or substitution shall be made in the same manner
      as
      set forth in Section 2.03(a), if made by the Sponsor. The Trustee shall reconvey
      to the Sponsor the Mortgage Loan to be released pursuant hereto in the same
      manner, and on the same terms and conditions, as it would a Mortgage Loan
      repurchased for breach of a representation or warranty.

     

    Notwithstanding
      anything to the contrary contained herein, the parties hereto acknowledge that
      any functions of the Trustee with respect to the custody, acceptance, inspection
      and release of the Mortgage Files pursuant to Sections 2.01, 2.02 and 2.03
      and
      preparation and delivery of any acknowledgment of receipt or certification
      (including, without limitation, the certifications in the form of Exhibit F-1,
      Exhibit F-2 and Exhibit F-3) shall be performed by the Custodian pursuant to
      the
      terms and conditions of the Custodial Agreement. The fees and expenses of the
      Custodian shall be paid by the Servicer.

     

    
      
        	
              	Section
                2.04	
                Representations
                  and Warranties of the Sponsor with Respect to the Mortgage
                  Loans.

              

      

    

     

    The
      Sponsor hereby represents and warrants to the Trustee for the benefit of the
      Certificateholders and the Depositor that as of the Closing Date or as of such
      other date specifically provided herein:

     

    (a)  The
      representations and warranties made by the Sponsor pursuant to Section 3.01
      of
      the Mortgage Loan Purchase Agreement are hereby being made to the Trustee and
      are true and correct as of the Closing Date.

     

    (b)  Any
      written agreement between the Mortgagor in respect of a Mortgage Loan and the
      Servicer modifying such Mortgagor’s obligation to make payments under the
      Mortgage Loan (such modified Mortgage Loan, a “Modified Mortgage Loan”) involved
      the application of the Sponsor’s underwriting standards or some assessment of
      the Mortgagor’s ability to repay the Modified Mortgage Loan.

     

    With
      respect to the representations and warranties set forth in this Section 2.04
      that are made to the best of the Sponsor’s knowledge or as to which the Sponsor
      has no knowledge, if it is discovered by the Depositor, the Sponsor, the
      Servicer, the Trustee or the Custodian that the substance of such representation
      and warranty is inaccurate and such inaccuracy materially and adversely affects
      the value of the related Mortgage Loan or the interest therein of the
      Certificateholders then, notwithstanding the Sponsor’s lack of knowledge with
      respect to the substance of such representation and warranty being inaccurate
      at
      the time the representation or warranty was made, such inaccuracy shall be
      deemed a breach of the applicable representation or warranty.

     

    Upon
      discovery by the Depositor, the Sponsor, the Servicer, the Trustee or the
      Custodian of a breach of any of the representations and warranties contained
      in
      this Section that materially and adversely affects the value of any Mortgage
      Loan or the interest therein of the Certificateholders, the party discovering
      the breach shall give prompt written notice to the others and in no event later
      than two Business Days from the date of such discovery. Within ninety days
      of
      its discovery or its receipt of notice of any such missing or materially
      defective documentation or any such breach of a representation or warranty,
      the
      Sponsor shall promptly deliver such missing document or cure such defect or
      breach in all material respects, or in the event such defect or breach cannot
      be
      cured, the Sponsor shall repurchase the affected Mortgage Loan or cause the
      removal of such Mortgage Loan from the Trust Fund and substitute for it one
      or
      more Eligible Substitute Mortgage Loans, in either case, in accordance with
      Section 2.03.

     

    It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 2.04 shall survive delivery of the Mortgage Files to the Trustee and
      shall inure to the benefit of the Certificateholders and the Depositor
      notwithstanding any restrictive or qualified endorsement or assignment. It
      is
      understood and agreed that the obligations of the Sponsor set forth in Section
      2.03(a) to cure, substitute for or repurchase a Mortgage Loan pursuant to the
      Mortgage Loan Purchase Agreement constitute the sole remedies available to
      the
      Depositor and to the Certificateholders or to the Trustee on their behalf
      respecting a breach of the representations and warranties contained in this
      Section 2.04.

     

    
      
        	
              	Section
                2.05	
                Representations,
                  Warranties and Covenants of the Servicer.

              

      

    

     

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

     

    (i)  The
      Servicer is duly organized, validly existing, and in good standing under the
      laws of the jurisdiction of its formation and has all licenses necessary to
      carry on its business as now being conducted, except for such licenses,
      certificates and permits the absence of which, individually or in the aggregate,
      would not have a material adverse effect on the ability of the Servicer to
      conduct its business as it is presently conducted, and is licensed, qualified
      and in good standing in the states where the Mortgaged Property is located
      if
      the laws of such state require licensing or qualification in order to conduct
      business of the type conducted by the Servicer or to ensure the enforceability
      or validity of each Mortgage Loan; the Servicer has the power and authority
      to
      execute and deliver this Agreement and to perform in accordance herewith; the
      execution, delivery and performance of this Agreement (including all instruments
      of transfer to be delivered pursuant to this Agreement) by the Servicer and
      the
      consummation of the transactions contemplated hereby have been duly and validly
      authorized; this Agreement evidences the valid, binding and enforceable
      obligation of the Servicer, subject to applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws affecting the enforcement
      of
      creditors’ rights generally; and all requisite corporate action has been taken
      by the Servicer to make this Agreement valid and binding upon the Servicer
      in
      accordance with its terms;

     

    (ii)  The
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Servicer and will not result in the breach
      of
      any term or provision of the certificate of formation or the partnership
      agreement of the Servicer or result in the breach of any term or provision
      of,
      or conflict with or constitute a default under or result in the acceleration
      of
      any obligation under, any agreement, indenture or loan or credit agreement
      or
      other instrument to which the Servicer or its property is subject, or result
      in
      the violation of any law, rule, regulation, order, judgment or decree to which
      the Servicer or its property is subject;

     

    (iii)  The
      Servicer is an approved servicer of mortgage loans for Fannie Mae and has the
      facilities, procedures and experienced personnel necessary for the sound
      servicing of mortgage loans of the same type as the Mortgage Loans. The Servicer
      is, and shall remain for as long as it is servicing the Mortgage Loans
      hereunder, in good standing to service mortgage loans for Fannie Mae or Freddie
      Mac, and no event has occurred, including but not limited to a change in
      insurance coverage, which would make the Servicer unable to comply with Fannie
      Mae or Freddie Mac eligibility requirements or which would require notification
      to any of Fannie Mae or Freddie Mac;

     

    (iv)  This
      Agreement, and all documents and instruments contemplated hereby which are
      executed and delivered by the Servicer, constitute and will constitute valid,
      legal and binding obligations of the Servicer, enforceable in accordance with
      their respective terms, except as the enforcement thereof may be limited by
      applicable bankruptcy laws and general principles of equity;

     

    (v)  The
      Servicer does not believe, nor does it have any reason or cause to believe,
      that
      it cannot perform each and every covenant contained in this
      Agreement;

     

    (vi)  There
      is
      no action, suit, proceeding or investigation pending or, to its knowledge,
      threatened against the Servicer that, either individually or in the aggregate,
      may result in any material adverse change in the business, operations, financial
      condition, properties or assets of the Servicer, or in any material impairment
      of the right or ability of the Servicer to carry on its business substantially
      as now conducted, or in any material liability on the part of the Servicer,
      or
      that would draw into question the validity or enforceability of this Agreement
      or of any action taken or to be taken in connection with the obligations of
      the
      Servicer contemplated herein, or that would be likely to impair materially
      the
      ability of the Servicer to perform under the terms of this
      Agreement;

     

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

     

    (viii)  Neither
      this Agreement nor any information, certificate of an officer, statement
      furnished in writing or report delivered to the Trustee by the Servicer in
      connection with the transactions contemplated hereby contains or will contain
      any untrue statement of a material fact or omits or will omit to state a
      material fact necessary in order to make the statements contained therein,
      in
      light of the circumstances under which they were made, not misleading;
      and

     

    (ix)  The
      Servicer has accurately and fully reported, and will continue to accurately
      and
      fully report, its borrower credit files to each of the credit repositories
      in a
      timely manner.

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.05 shall survive delivery of the Mortgage Files to
      the
      Trustee and shall inure to the benefit of the Trustee, the Depositor and the
      Certificateholders. Upon discovery by any of the Depositor, the Servicer, the
      Sponsor or the Trustee of a breach of any of the foregoing representations,
      warranties and covenants which materially and adversely affects the value of
      any
      Mortgage Loan or the interests therein of the Certificateholders, the party
      discovering such breach shall give prompt written notice (but in no event later
      than two Business Days following such discovery) to the other parties
      hereto.

     

    
      
        	
              	Section
                2.06	
                Representations
                  and Warranties of the Depositor.

              

      

    

     

    The
      Depositor represents and warrants to the Trust and the Trustee on behalf of
      the
      Certificateholders as follows:

     

    (i)  This
      Agreement constitutes a legal, valid and binding obligation of the Depositor,
      enforceable against the Depositor in accordance with its terms, except as
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws now or hereafter in effect
      affecting the enforcement of creditors’ rights in general and except as such
      enforceability may be limited by general principles of equity (whether
      considered in a proceeding at law or in equity);

     

    (ii)  Immediately
      prior to the sale and assignment by the Depositor to the Trustee on behalf
      of
      the Trust of each Mortgage Loan, the Depositor had good and marketable title
      to
      each Mortgage Loan (insofar as such title was conveyed to it by the Sponsor)
      subject to no prior lien, claim, participation interest, mortgage, security
      interest, pledge, charge or other encumbrance or other interest of any
      nature;

     

    (iii)  As
      of the
      Closing Date, the Depositor has transferred all right, title interest in the
      Mortgage Loans to the Trustee on behalf of the Trust;

     

    (iv)  The
      Depositor has not transferred the Mortgage Loans to the Trustee on behalf of
      the
      Trust with any intent to hinder, delay or defraud any of its
      creditors;

     

    (v)  The
      Depositor has been duly incorporated and is validly existing as a corporation
      in
      good standing under the laws of the State of Delaware, with full corporate
      power
      and authority to own its assets and conduct its business as presently being
      conducted;

     

    (vi)  The
      Depositor is not in violation of its certificate of incorporation or by-laws
      or
      in default in the performance or observance of any material obligation,
      agreement, covenant or condition contained in any contract, indenture, mortgage,
      loan agreement, note, lease or other instrument to which the Depositor is a
      party or by which it or its properties may be bound, which default might result
      in any material adverse changes in the financial condition, earnings, affairs
      or
      business of the Depositor or which might materially and adversely affect the
      properties or assets, taken as a whole, of the Depositor;

     

    (vii)  The
      execution, delivery and performance of this Agreement by the Depositor, and
      the
      consummation of the transactions contemplated thereby, do not and will not
      result in a material breach or violation of any of the terms or provisions
      of,
      or, to the knowledge of the Depositor, constitute a default under, any
      indenture, mortgage, deed of trust, loan agreement or other agreement or
      instrument to which the Depositor is a party or by which the Depositor is bound
      or to which any of the property or assets of the Depositor is subject, nor
      will
      such actions result in any violation of the provisions of the articles of
      incorporation or by-laws of the Depositor or, to the best of the Depositor’s
      knowledge without independent investigation, any statute or any order, rule
      or
      regulation of any court or governmental agency or body having jurisdiction
      over
      the Depositor or any of its properties or assets (except for such conflicts,
      breaches, violations and defaults as would not have a material adverse effect
      on
      the ability of the Depositor to perform its obligations under this
      Agreement);

     

    (viii)  To
      the
      best of the Depositor’s knowledge without any independent investigation, no
      consent, approval, authorization, order, registration or qualification of or
      with any court or governmental agency or body of the United States or any other
      jurisdiction is required for the issuance of the Certificates, or the
      consummation by the Depositor of the other transactions contemplated by this
      Agreement, except such consents, approvals, authorizations, registrations or
      qualifications as (a) may be required under State securities or Blue Sky laws,
      (b) have been previously obtained or (c) the failure of which to obtain would
      not have a material adverse effect on the performance by the Depositor of its
      obligations under, or the validity or enforceability of, this Agreement;
      and

     

    (ix)  There
      are
      no actions, proceedings or investigations pending before or, to the Depositor’s
      knowledge, threatened by any court, administrative agency or other tribunal
      to
      which the Depositor is a party or of which any of its properties is the subject:
      (a) which if determined adversely to the Depositor would have a material adverse
      effect on the business, results of operations or financial condition of the
      Depositor; (b) asserting the invalidity of this Agreement or the Certificates;
      (c) seeking to prevent the issuance of the Certificates or the consummation
      by
      the Depositor of any of the transactions contemplated by this Agreement, as
      the
      case may be; (d) which might materially and adversely affect the performance
      by
      the Depositor of its obligations under, or the validity or enforceability of,
      this Agreement.

     

    
      
        	
              	Section
                2.07	
                Representations
                  and Warranties of the Sponsor.

              

      

    

     

    The
      Sponsor hereby represents and warrants to the Trust and the Trustee on behalf
      of
      the Certificateholders that as of the Closing Date or as of such date
      specifically provided herein:

     

    (i)  The
      Sponsor is duly organized, validly existing and in good standing as a limited
      liability company under the laws of the State of Delaware and has the power
      and
      authority to own its assets and to transact the business in which it is
      currently engaged. The Sponsor is duly qualified to do business and is in good
      standing in each jurisdiction in which the character of the business transacted
      by it or properties owned or leased by it requires such qualification and in
      which the failure to so qualify would have a material adverse effect on (a)
      its
      business, properties, assets or condition (financial or other), (b) the
      performance of its obligations under this Agreement, (c) the value or
      marketability of the Mortgage Loans, or (d) its ability to foreclose on the
      related Mortgaged Properties.

     

    (ii)  The
      Sponsor has the power and authority to make, execute, deliver and perform this
      Agreement and to consummate all of the transactions contemplated hereunder
      and
      has taken all necessary action to authorize the execution, delivery and
      performance of this Agreement. When executed and delivered, this Agreement
      will
      constitute the Sponsor’s legal, valid and binding obligations enforceable in
      accordance with its terms, except as enforcement of such terms may be limited
      by
      (1) bankruptcy, insolvency, reorganization, receivership, moratorium or similar
      laws affecting the enforcement of creditors’ rights generally and by the
      availability of equitable remedies, (2) general equity principles (regardless
      of
      whether such enforcement is considered in a proceeding in equity or at law)
      or
      (3) public policy considerations underlying the securities laws, to the extent
      that such policy considerations limit the enforceability of the provisions
      of
      this Agreement which purport to provide indemnification from securities laws
      liabilities.

     

    (iii)  The
      Sponsor holds all necessary licenses, certificates and permits from all
      governmental authorities necessary for conducting its business as it is
      presently conducted, except for such licenses, certificates and permits the
      absence of which, individually or in the aggregate, would not have a material
      adverse effect on the ability of the Sponsor to conduct its business as it
      is
      presently conducted. It is not required to obtain the consent of any other
      party
      or any consent, license, approval or authorization from, or registration or
      declaration with, any governmental authority, bureau or agency in connection
      with the execution, delivery, performance, validity or enforceability of this
      Agreement, except for such consents, licenses, approvals or authorizations,
      or
      registrations or declarations as shall have been obtained or filed, as the
      case
      may be, prior to the Closing Date.

     

    (iv)  The
      execution, delivery and performance of this Agreement by the Sponsor will not
      conflict with or result in a breach of, or constitute a default under, any
      provision of any existing law or regulation or any order or decree of any court
      applicable to the Sponsor or any of its properties or any provision of its
      Limited Liability Company Agreement, or constitute a material breach of, or
      result in the creation or imposition of any lien, charge or encumbrance upon
      any
      of its properties pursuant to any mortgage, indenture, contract or other
      agreement to which it is a party or by which it may be bound.

     

    (v)  No
      certificate of an officer, written statement or report delivered pursuant to
      the
      terms hereof by the Sponsor contains any untrue statement of a material fact
      or
      omits to state any material fact necessary to make the certificate, statement
      or
      report not misleading.

     

    (vi)  The
      transactions contemplated by this Agreement are in the ordinary course of the
      Sponsor’s business.

     

    (vii)  The
      Sponsor is not insolvent, nor will the Sponsor be made insolvent by the transfer
      of the Mortgage Loans to the Depositor, nor is the Sponsor aware of any pending
      insolvency.

     

    (viii)  The
      Sponsor is not in violation of, and the execution and delivery of this Agreement
      by it and its performance and compliance with the terms of this Agreement will
      not constitute a violation with respect to any order or decree of any court,
      or
      any order or regulation of any federal, state, municipal or governmental agency
      having jurisdiction, which violation would materially and adversely affect
      the
      Sponsor’s condition (financial or otherwise) or operations or any of the
      Sponsor’s properties, or materially and adversely affect the performance of any
      of its duties hereunder.

     

    (ix)  There
      are
      no actions or proceedings against, or investigations of, the Sponsor pending
      or,
      to its knowledge, threatened, before any court, administrative agency or other
      tribunal (i) that, if determined adversely, would prohibit the Sponsor from
      entering into this Agreement, (ii) seeking to prevent the consummation of any
      of
      the transactions contemplated by this Agreement or (iii) that, if determined
      adversely, would prohibit or materially and adversely affect the Sponsor’s
      performance of any of its respective obligations under, or the validity or
      enforceability of, this Agreement.

     

    (x)  The
      Sponsor did not transfer the Mortgage Loans to the Depositor with any intent
      to
      hinder, delay or defraud any of its creditors.

     

    (xi)  The
      Sponsor acquired title to the Mortgage Loans in good faith, without notice
      of
      any adverse claims.

     

    (xii)  The
      transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
      by
      the Sponsor to the Depositor are not subject to the bulk transfer laws or any
      similar statutory provisions in effect in any applicable
      jurisdiction.

     

    
      
        	
              	Section
                2.08	
                Covenants
                  of the Sponsor.

              

      

    

     

    The
      Sponsor hereby covenants that except for the transfer hereunder, the Sponsor
      will not sell, pledge, assign or transfer to any other Person, or grant, create,
      incur, assume or suffer to exist any lien on any Mortgage Loan, or any interest
      therein; the Sponsor will notify the Trustee, as assignee of the Depositor,
      of
      the existence of any lien on any Mortgage Loan immediately upon discovery
      thereof, and the Sponsor will defend the right, title and interest of the Trust,
      as assignee of the Depositor, in, to and under the Mortgage Loans, against
      all
      claims of third parties claiming through or under the Sponsor; provided,
      however,
      that
      nothing in this Section 2.08 shall prevent or be deemed to prohibit the Sponsor
      from suffering to exist upon any of the Mortgage Properties any liens for
      municipal or other local taxes and other governmental charges if such taxes
      or
      governmental charges shall not at the time be due and payable or if the Sponsor
      shall currently be contesting the validity thereof in good faith by appropriate
      proceedings and shall have set aside on its books adequate reserves with respect
      thereto.

     

    
      
        	
              	Section
                2.09	
                Conveyance
                  of REMIC 1 Regular Interests and REMIC 2 Regular Interests and
                  Acceptance
                  of REMIC 1 and REMIC 2 by the Trustee; Issuance of Certificates
                  and REMIC
                  3 Regular Interests.

              

      

    

     

    (a)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the assets
      described in the definition of REMIC 1 for the benefit of the holders of the
      REMIC 1 Regular Interests (which are uncertificated) and the Class R
      Certificates (in respect of the Class R-1 Interest). The Trustee acknowledges
      receipt of the assets described in the definition of REMIC 1 and declares that
      it holds and will hold the same in trust for the exclusive use and benefit
      of
      the holders of the REMIC 1 Regular Interests and the Class R Certificates (in
      respect of the Class R-1 Interest). The interests evidenced by the Class R-1
      Interest, together with the REMIC 1 Regular Interests, constitute the entire
      beneficial ownership interest in REMIC 1.

     

    (b)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      1 Regular Interests for the benefit of the holders of the Regular Certificates,
      the REMIC 2 Regular Interests (which are uncertificated) and the Class R
      Certificates (in respect of the Class R-2 Interest). The Trustee acknowledges
      receipt of the REMIC 1 Regular Interests and declares that it holds and will
      hold the same in trust for the exclusive use and benefit of the holders of
      the
      REMIC 2 Regular Interests and the Class R Certificates (in respect of the Class
      R-2 Interest). The interests evidenced by the Class R-2 Interest and the REMIC
      2
Regular Interests, constitute the entire beneficial ownership interest in REMIC
      2.

     

    (c)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      2 Regular Interests for the benefit of the holders of the Regular Certificates,
      the REMIC 3 Regular Interests and the Class R Certificates (in respect of the
      Class R-3 Interest). The Trustee acknowledges receipt of the REMIC 2 Regular
      Interests and declares that it holds and will hold the same in trust for the
      exclusive use and benefit of the holders of the Regular Certificates (other
      than
      the Class B Certificates, the Class CE-1 Certificates and the Class P
      Certificates), the REMIC 3 Regular Interests and the Class R Certificates (in
      respect of the Class R-3 Interest). The interests evidenced by the Class R-3
      Interest, together with the Certificates (other than the Class B Certificates,
      the Class CE-1 Certificates and the Class P Certificates) and the REMIC 3
      Regular Interests, constitute the entire beneficial ownership interest in REMIC
      3

     

    (d)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 1 and the
      acceptance by the Trustee thereof, pursuant to Section 2.01 and Section 2.02
      and
      (ii) the assignment and delivery to the Trustee of REMIC 3 (including the
      Residual Interest therein represented by the Class R-3 Interest) and the
      acceptance by the Trustee thereof, pursuant to Section 2.10(c), the Trustee,
      pursuant to the written request of the Depositor executed by an officer of
      the
      Depositor, has executed, authenticated and delivered to or upon the order of
      the
      Depositor, the Class R Certificates in authorized denominations evidencing
      the
      Class R-1 Interest, the Class R-2 Interest and the Class R-3 Interest, the
      Class
      A Certificates, the Mezzanine Certificates, the Class B-1 Interest, the Class
      B-2 Interest, the Class B-3 Interest, the Class B-4 Interest, the Class CE-1
      Interest, the Class CE-2 Interest and the Class P Interest.

     

    
      
        	
              	Section
                2.10	
                Conveyance
                  of Class B-1 Interest and Acceptance of REMIC 4 by the Trustee;
                  Issuance
                  of the Class B-1 Certificates.

              

      

    

     

    (a)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      B-1 Interest for the benefit of the holders of the Class B-1 Certificates.
      The
      Trustee acknowledges receipt of the Class B-1 Interest (which is uncertificated)
      and declares that it holds and will hold the same in trust for the exclusive
      use
      and benefit of the holders of the Class B-1 Certificates. The Class R-4
      Interest, together with the Class B-1 Certificates, constitute the entire
      beneficial ownership interest in REMIC 4.

     

    (b)  In
      exchange for the Class B-1 Interest and, concurrently with the assignment to
      the
      Trustee thereof, pursuant to the written request of the Depositor executed
      by an
      officer of the Depositor, the Trustee has executed, authenticated and delivered
      to or upon the order of the Depositor, the Class B-1 Certificates in authorized
      denominations evidencing (together with the Class R-4 Interest) the entire
      beneficial ownership interest in REMIC 4.

     

    (c)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 4 (including the
      Residual Interest therein represented by the Class R-4 Interest) and the
      acceptance by the Trustee thereof, pursuant to Section 2.10(b), the Trustee,
      pursuant to the written request of the Depositor executed by an officer of
      the
      Depositor, has executed, authenticated and delivered to or upon the order of
      the
      Depositor, the Class R-4 Interest.

     

    
      
        	
              	Section
                2.11	
                Conveyance
                  of Class B-2 Interest and Acceptance of REMIC 5 by the Trustee;
                  Issuance
                  of the Class B-2 Certificates.

              

      

    

     

    (a)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      B-2 Interest for the benefit of the holders of the Class B-2 Certificates.
      The
      Trustee acknowledges receipt of the Class B-2 Interest (which is uncertificated)
      and declares that it holds and will hold the same in trust for the exclusive
      use
      and benefit of the holders of the Class B-2 Certificates. The Class R-5
      Interest, together with the Class B-2 Certificates, constitute the entire
      beneficial ownership interest in REMIC 5.

     

    (b)  In
      exchange for the Class B-2 Interest and, concurrently with the assignment to
      the
      Trustee thereof, pursuant to the written request of the Depositor executed
      by an
      officer of the Depositor, the Trustee has executed, authenticated and delivered
      to or upon the order of the Depositor, the Class B-2 Certificates in authorized
      denominations evidencing (together with the Class R-5 Interest) the entire
      beneficial ownership interest in REMIC 5.

     

    (c)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 5 (including the
      Residual Interest therein represented by the Class R-5 Interest) and the
      acceptance by the Trustee thereof, pursuant to Section 2.11(b), the Trustee,
      pursuant to the written request of the Depositor executed by an officer of
      the
      Depositor, has executed, authenticated and delivered to or upon the order of
      the
      Depositor, the Class R-5 Interest.

     

    
      
        	
              	Section
                2.12	
                Conveyance
                  of Class B-3 Interest and Acceptance of REMIC 6 by the Trustee;
                  Issuance
                  of the Class B-3 Certificates.

              

      

    

     

    (a)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      B-3 Interest for the benefit of the holders of the Class B-3 Certificates.
      The
      Trustee acknowledges receipt of the Class B-3 Interest (which is uncertificated)
      and declares that it holds and will hold the same in trust for the exclusive
      use
      and benefit of the holders of the Class B-3 Certificates. The Class R-6
      Interest, together with the Class B-3 Certificates, constitute the entire
      beneficial ownership interest in REMIC 6.

     

    (b)  In
      exchange for the Class B-3 Interest and, concurrently with the assignment to
      the
      Trustee thereof, pursuant to the written request of the Depositor executed
      by an
      officer of the Depositor, the Trustee has executed, authenticated and delivered
      to or upon the order of the Depositor, the Class B-3 Certificates in authorized
      denominations evidencing (together with the Class R-6 Interest) the entire
      beneficial ownership interest in REMIC 6.

     

    (c)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 6 (including the
      Residual Interest therein represented by the Class R-6 Interest) and the
      acceptance by the Trustee thereof, pursuant to Section 2.12(b), the Trustee,
      pursuant to the written request of the Depositor executed by an officer of
      the
      Depositor, has executed, authenticated and delivered to or upon the order of
      the
      Depositor, the Class R-6 Interest.

     

    
      
        	
              	Section
                2.13	
                Conveyance
                  of Class B-4 Interest and Acceptance of REMIC 7 by the Trustee;
                  Issuance
                  of the Class B-4 Certificates.

              

      

    

     

    (a)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      B-4 Interest for the benefit of the holders of the Class B-4 Certificates.
      The
      Trustee acknowledges receipt of the Class B-4 Interest (which is uncertificated)
      and declares that it holds and will hold the same in trust for the exclusive
      use
      and benefit of the holders of the Class B-4 Certificates. The Class R-7
      Interest, together with the Class B-4 Certificates, constitute the entire
      beneficial ownership interest in REMIC 7.

     

    (b)  In
      exchange for the Class B-4 Interest and, concurrently with the assignment to
      the
      Trustee thereof, pursuant to the written request of the Depositor executed
      by an
      officer of the Depositor, the Trustee has executed, authenticated and delivered
      to or upon the order of the Depositor, the Class B-4 Certificates in authorized
      denominations evidencing (together with the Class R-7 Interest) the entire
      beneficial ownership interest in REMIC 7.

     

    (c)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 7 (including the
      Residual Interest therein represented by the Class R-7 Interest) and the
      acceptance by the Trustee thereof, pursuant to Section 2.13(b), the Trustee,
      pursuant to the written request of the Depositor executed by an officer of
      the
      Depositor, has executed, authenticated and delivered to or upon the order of
      the
      Depositor, the Class R-7 Interest.

     

    
      
        	
              	Section
                2.14	
                Conveyance
                  of Class CE-1 Interest and Acceptance of REMIC 8 by the Trustee;
                  Issuance
                  of the Class CE-1 Certificates.

              

      

    

     

    (a)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      CE-1 Interest for the benefit of the holders of the Class CE-1 Certificates.
      The
      Trustee acknowledges receipt of the Class CE-1 Interest (which is
      uncertificated) and declares that it holds and will hold the same in trust
      for
      the exclusive use and benefit of the holders of the Class CE-1 Certificates.
      The
      Class R-8 Interest, together with the Class CE-1 Certificates, constitute the
      entire beneficial ownership interest in REMIC 8.

     

    (b)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 8 (including the
      Residual Interest therein represented by the Class R-8 Interest) and the
      acceptance by the Trustee thereof, pursuant to Section 2.14(a), the Trustee,
      pursuant to the written request of the Depositor executed by an officer of
      the
      Depositor, has executed, authenticated and delivered to or upon the order of
      the
      Depositor, the Class R-8 Interest. 

     

    
      
        	
              	Section
                2.15	
                Conveyance
                  of Class CE-2 Interest and Acceptance of REMIC 9 by the Trustee;
                  Issuance
                  of the Class CE-2 Certificates.

              

      

    

     

    (a)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      CE-2 Interest for the benefit of the holders of the Class CE-2 Certificates.
      The
      Trustee acknowledges receipt of the Class CE-2 Interest (which is
      uncertificated) and declares that it holds and will hold the same in trust
      for
      the exclusive use and benefit of the holders of the Class CE-2 Certificates.
      The
      Class R-9 Interest, together with the Class CE-2 Certificates, constitute the
      entire beneficial ownership interest in REMIC 9.

     

    (b)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 9 (including the
      Residual Interest therein represented by the Class R-9 Interest) and the
      acceptance by the Trustee thereof, pursuant to Section 2.15(a), the Trustee,
      pursuant to the written request of the Depositor executed by an officer of
      the
      Depositor, has executed, authenticated and delivered to or upon the order of
      the
      Depositor, the Class R-9 Interest.

     

    
      
        	
              	Section
                2.16	
                Conveyance
                  of Class P Interest and Acceptance of REMIC 10 by the Trustee;
                  Issuance of
                  the Class P Certificates.

              

      

    

     

    (a)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      P Interest for the benefit of the holders of the Class P Certificates. The
      Trustee acknowledges receipt of the Class P Interest (which is uncertificated)
      and declares that it holds and will hold the same in trust for the exclusive
      use
      and benefit of the holders of the Class P Certificates. The Class R-10 Interest,
      together with the Class P Certificates, constitute the entire beneficial
      ownership interest in REMIC 10.

     

    (b)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 10 (including
      the
      Residual Interest therein represented by the Class R-10 Interest) and the
      acceptance by the Trustee thereof, pursuant to Section 2.15(a), the Trustee,
      pursuant to the written request of the Depositor executed by an officer of
      the
      Depositor, has executed, authenticated and delivered to or upon the order of
      the
      Depositor, the Class R-10 Interest.

     

    
      
        	
              	Section
                2.17	
                Conveyance
                  of Class IO Interest and Acceptance of REMIC 11 by the Trustee;
                  Issuance
                  of REMIC 11 Regular Interest SWAP IO.

              

      

    

     

    (a)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      IO Interest for the benefit of the holders of REMIC 11 Regular Interest SWAP
      IO.
      The Trustee acknowledges receipt of the Class IO Interest (which is
      uncertificated) and declares that it holds and will hold the same in trust
      for
      the exclusive use and benefit of the holders of REMIC
      11
      Regular Interest SWAP IO.
      The
      Class R-11 Interest, together with REMIC 11 Regular Interest SWAP IO, constitute
      the entire beneficial ownership interest in REMIC 11.

     

    (b)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 11 (including
      the
      Residual Interest therein represented by the Class R-11 Interest) and the
      acceptance by the Trustee thereof, pursuant to Section 2.16(a), the Trustee,
      pursuant to the written request of the Depositor executed by an officer of
      the
      Depositor, has executed, authenticated and delivered to or upon the order of
      the
      Depositor, the Class R-11 Interest.

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      TRUST FUND

     

    
      
        	
              	Section
                3.01	
                Servicer
                  to Act as Servicer.

              

      

    

     

    The
      Servicer, as independent contract servicer, shall service and administer the
      Mortgage Loans in accordance with this Agreement and the normal and usual
      standards of practice of prudent mortgage servicers, and shall have full power
      and authority, acting alone, to do or cause to be done any and all things in
      connection with such servicing and administration which the Servicer may deem
      necessary or desirable and consistent with the terms of this Agreement (the
      “Servicing Standards”).

     

    Consistent
      with the terms of this Agreement, the Servicer may waive, modify or vary any
      term of any Mortgage Loan or consent to the postponement of strict compliance
      with any such term or in any manner grant indulgence to any Mortgagor if in
      the
      Servicer’s reasonable and prudent determination such waiver, modification,
      postponement or indulgence is not materially adverse to the Certificateholders;
      provided,
      however,
      that
      the Servicer shall not make future advances and (unless the Mortgagor is in
      default with respect to the Mortgage Loan or such default is, in the judgment
      of
      the Servicer, reasonably foreseeable) the Servicer shall not permit any
      modification with respect to any Mortgage Loan that would (i) change the
      Mortgage Interest Rate, defer or forgive the payment thereof of any principal
      or
      interest payments, reduce the outstanding principal amount (except for actual
      payments of principal) or extend the final maturity date with respect to such
      Mortgage Loan, (ii) affect adversely the status of any REMIC as a REMIC or
      (iii)
      cause any REMIC to be subject to a tax on “prohibited transactions” or
“contributions” pursuant to the REMIC Provisions. Notwithstanding the foregoing,
      the Servicer shall not permit any modification with respect to any Mortgage
      Loan
      that would both (x) effect an exchange or reissuance of such Mortgage Loan
      under
      Section 1.860G-2(b) of the Treasury Regulations and (y) cause any REMIC
      constituting part of the Trust Fund to fail to qualify as a REMIC under the
      Code
      or the imposition of any tax on “prohibited transactions” or “contributions”
after the Startup Day under the REMIC Provisions. Without limiting the
      generality of the foregoing, the Servicer shall continue, and is hereby
      authorized and empowered to execute and deliver on behalf of itself, and the
      Trustee, all instruments of satisfaction or cancellation, or of partial or
      full
      release, discharge and all other comparable instruments, with respect to the
      Mortgage Loans and with respect to the Mortgaged Property. The Servicer shall
      make all required Servicing Advances and shall service and administer the
      Mortgage Loans in accordance with Applicable Regulations, and shall provide
      to
      the Mortgagor any reports required to be provided to them thereby. If reasonably
      required by the Servicer, the Trustee shall furnish the Servicer with a power
      of
      attorney substantially in the form of Exhibit P hereto and other documents
      necessary or appropriate to enable the Servicer to carry out its servicing
      and
      administrative duties under this Agreement and the Trustee shall have no
      liability with respect to any misuse of such power of attorney and shall be
      indemnified by the Servicer for any costs, liabilities or expenses incurred
      by
      the Trustee in connection therewith. In connection with any modification
      pursuant to this Section 3.01, to the extent there are any unreimbursed Advances
      or Servicing Advances, the Servicer shall reimburse itself for such amounts
      from
      the Collection Account.

     

    Notwithstanding
      anything in this Agreement to the contrary, the Servicer shall be prohibited
      from foreclosing on any Mortgage Loan based on the delinquency status thereof
      as
      of the Cut-off Date.

     

    In
      servicing and administering the Mortgage Loans, the Servicer shall employ
      procedures including collection procedures and exercise the same care that
      it
      customarily employs and exercises in servicing and administering mortgage loans
      for its own account giving due consideration to accepted mortgage servicing
      practices of prudent lending institutions and the Certificateholders’ reliance
      on the Servicer.

     

    The
      Servicer shall give prompt notice to the Trustee of any action, of which the
      Servicer has actual knowledge, which action purports to (i) assert a claim
      against the Trust Fund or (ii) assert jurisdiction over the Trust
      Fund.

     

    Notwithstanding
      anything in this Agreement to the contrary, in the event of a Principal
      Prepayment in full of a Mortgage Loan, the Servicer may not waive any Prepayment
      Charge or portion thereof required by the terms of the related Mortgage Note
      unless (i) the Servicer determines that such waiver would maximize recovery
      of
      Liquidation Proceeds for such Mortgage Loan, taking into account the value
      of
      such Prepayment Charge, (ii) (A) the enforceability thereof is limited (1)
      by
      bankruptcy, insolvency, moratorium, receivership, or other similar law relating
      to creditors’ rights generally or (2) due to acceleration in connection with a
      foreclosure or other involuntary payment, or (B) the enforceability is otherwise
      limited or prohibited by applicable law or (iii) the Servicer has not been
      provided with information sufficient to enable it to collect the Prepayment
      Charge. In the event of a Principal Prepayment in full with respect to any
      Mortgage Loan, the Servicer shall deliver to the Trustee an Officer’s
      Certificate substantially in the form of Exhibit N no later than the date on
      which the Servicer delivers the Remittance Report to the Trustee and the Trustee
      will make such Officer’s Certificate available on its website to the Class P
      Certificateholders in the same manner as Monthly Statements pursuant to Section
      4.06. If the Servicer has waived or does not collect all or a portion of a
      Prepayment Charge relating to a Principal Prepayment in full due to any action
      or omission of the Servicer, other than as provided above, the Servicer shall,
      as soon as possible after the date such Principal Prepayment in full is made,
      but in no event later than five (5) Business Days from such date, deliver to
      the
      Trustee the amount of such Prepayment Charge (or such portion thereof as had
      been waived for deposit) into the Distribution Account for distribution in
      accordance with the terms of this Agreement.

     

    The
      Trustee shall make available on its website to the Depositor and the owner
      of
      the Class P Certificates, on a monthly basis in the same manner as Monthly
      Statements pursuant to Section 4.06, a statement setting forth the amounts
      received with respect to Prepayment Charges.

     

    
      
        	
              	Section
                3.02	
                Collection
                  of Mortgage Loan Payments.

              

      

    

     

    Continuously
      from the date hereof until the principal and interest on all Mortgage Loans
      are
      paid in full, the Servicer will diligently collect all payments due under each
      Mortgage Loan when the same shall become due and payable and shall, to the
      extent such procedures shall be consistent with this Agreement and Applicable
      Regulations, follow such collection procedures as it follows with respect to
      mortgage loans comparable to the Mortgage Loans and held for its own account.
      Further, the Servicer will take special care in ascertaining and estimating
      taxes, fire and hazard insurance premiums, mortgage insurance premiums, and
      all
      other charges that, as provided in the Mortgage, will become due and payable
      to
      that end that the installments payable by the Mortgagors will be sufficient
      to
      pay such charges as and when they become due and payable.

     

    
      
        	
              	Section
                3.03	
                Realization
                  Upon Defaulted Mortgage Loans.

              

      

    

     

    In
      the
      event that any payment due under any Mortgage Loan is not paid when the same
      becomes due and payable, or in the event the Mortgagor fails to perform any
      other covenant or obligation under the Mortgage Loan and such failure continues
      beyond any applicable grace period, the Servicer shall take such action as
      it
      shall deem to be in the best interest of the Certificateholders, including
      foreclosing on any such Mortgage Loan or working out an agreement with the
      Mortgagor, which may involve waiving or modifying certain terms of the Mortgage
      Loan. In addition, the Servicer may write-off any second lien Mortgage Loan
      that
      is delinquent by 180 days or more. With respect to any defaulted Mortgage Loan,
      the Servicer shall have the right to review the status of the related
      forbearance plan and, subject to the second paragraph of Section 3.01, may
      modify such forbearance plan; including, extending the Mortgage Loan repayment
      date for a period of one year or reducing the Mortgage Interest
      Rate.

     

    In
      connection with a foreclosure or other conversion, the Servicer shall exercise
      such rights and powers vested in it hereunder and use the same degree of care
      and skill in its exercise as prudent mortgage servicers would exercise or use
      under the circumstances in the conduct of their own affairs and consistent
      with
      Applicable Regulations and the servicing standards set forth in the Fannie
      Mae
      Guide, including, without limitation, advancing funds for the payment of taxes
      and insurance premiums with respect to first lien Mortgage Loans.

     

    Notwithstanding
      the foregoing provisions of this Section 3.03, with respect to any Mortgage
      Loan
      as to which the Servicer has received actual notice of, or has actual knowledge
      of, the presence of any toxic or hazardous substance on the related Mortgaged
      Property, the Servicer shall not either (i) obtain title to such Mortgaged
      Property as a result of or in lieu of foreclosure or otherwise, or (ii)
      otherwise acquire possession of, or take any other action with respect to,
      such
      Mortgaged Property if, as a result of any such action, the Trust Fund would
      be
      considered to hold title to, to be a mortgagee-in-possession of, or to be an
      owner or operator of such Mortgaged Property within the meaning of the
      Comprehensive Environmental Response, Compensation and Liability Act of 1980,
      as
      amended from time to time, or any comparable law, unless the Servicer has also
      previously determined, based on its reasonable judgment and a prudent report
      prepared by a Person who regularly conducts environmental audits using customary
      industry standards, that:

     

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

     

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

     

    The
      cost
      of the environmental audit report contemplated by this Section 3.03 shall be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Collection Account as provided in Section
      3.05(a)(ii).

     

    If
      the
      Servicer determines, as described above, that it is in the best economic
      interest of the Certificateholders to take such actions as are necessary to
      bring any such Mortgaged Property into compliance with applicable environmental
      laws, or to take such action with respect to the containment, clean-up or
      remediation of hazardous substances, hazardous materials, hazardous wastes,
      or
      petroleum-based materials affecting any such Mortgaged Property, then the
      Servicer shall take such action as it deems to be in the best economic interest
      of the Certificateholders. The cost of any such compliance, containment, cleanup
      or remediation shall be advanced by the Servicer, subject to the Servicer’s
      right to be reimbursed therefor from the Collection Account as provided in
      Section 3.05(a)(ii).

     

    
      
        	
              	Section
                3.04	
                Collection
                  Account and Distribution Account.

              

      

    

     

    (a)  The
      Servicer shall segregate and hold all funds collected and received pursuant
      to
      each Mortgage Loan separate and apart from any of its own funds and general
      assets and shall establish and maintain one or more Collection Accounts. Each
      Collection Account shall be an Eligible Account.

     

    The
      Servicer shall deposit in the Collection Account on a daily basis within two
      Business Days of receipt, and retain therein, the following payments and
      collections received or made by it after the Cut-off Date with respect to the
      Mortgage Loans:

     

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

     

    (ii)  all
      payments on account of interest on the Mortgage Loans adjusted to the Mortgage
      Interest Rate less the Servicing Fee Rate;

     

    (iii)  all
      proceeds from a Final Recovery Determination;

     

    (iv)  all
      Insurance Proceeds including amounts required to be deposited pursuant to
      Section 3.10, other than proceeds to be held in the Escrow Account and applied
      to the restoration or repair of the Mortgaged Property or released to the
      Mortgagor in accordance with the Servicer’s normal servicing procedures, the
      loan documents or applicable law;

     

    (v)  all
      Condemnation Proceeds affecting any Mortgaged Property which are not released
      to
      the Mortgagor in accordance with the Servicer’s normal servicing procedures, the
      loan documents or applicable law;

     

    (vi)  all
      Subsequent Recoveries; and

     

    (vii)  any
      amounts required to be deposited by the Servicer in connection with any REO
      Property pursuant to Section 3.13.

     

    provided,
      however, the Servicer shall deposit into the Collection Account on a daily
      basis
      within two Business Days after determining the proper application of funds
      that
      were improperly marked but would otherwise constitute payments or collections
      pursuant to subclauses (i) through (vii) above. For the avoidance of doubt,
      returned checks are not funds received by the Servicer pursuant to this Section
      3.04(a).

     

    Any
      interest paid on funds deposited in the Collection Account, subject to Section
      3.25, shall accrue to the benefit of the Servicer and the Servicer shall be
      entitled to retain and withdraw such interest from the Collection Account
      pursuant to Section 3.05(a)(v). The foregoing requirements for deposit from
      the
      Collection Account shall be exclusive, it being understood and agreed that,
      without limiting the generality of the foregoing, payments in the nature of
      late
      payment charges, prepayment charges that are not Prepayment Charges, and
      assumption fees need not be deposited by the Servicer in the Collection
      Account.

     

    (b)  On
      behalf
      of the Trust Fund and the Trustee, the Trustee shall establish and maintain
      one
      or more accounts (such account or accounts, the “Distribution Account”), held in
      trust for the benefit of the Certificateholders. On behalf of the Trust Fund,
      the Servicer shall deliver to the Trustee in immediately available funds for
      deposit in the Distribution Account by the close of business New York time
      on
      the Servicer Remittance Date, that portion of the Available Funds (calculated
      without regard to the references in the definition thereof to amounts that
      may
      be deposited to the Distribution Account from a different source as provided
      herein) then on deposit in the Collection Account. Funds in the Distribution
      Account shall be held uninvested.

     

    (c)  Funds
      in
      the Collection Account may be invested in Permitted Investments in accordance
      with the provisions set forth in Section 3.25. The Servicer shall give notice
      to
      the Trustee of the location of the Collection Account maintained by it when
      established and prior to any change thereof. The Trustee shall give notice
      to
      the Servicer and the Depositor of the location of the Distribution Account
      when
      established and prior to any change thereof.

     

    (d)  In
      the
      event the Servicer shall deliver to the Trustee for deposit in the Distribution
      Account any amount not required to be deposited therein, it may at any time, in
      writing pursuant to a certificate of a Servicing Officer, request that the
      Trustee withdraw such amount from the Distribution Account and remit to the
      Servicer any such amount, any provision herein to the contrary notwithstanding.
      In addition, the Servicer shall deliver to the Trustee from time to time for
      deposit, and the Trustee shall so deposit, in the Distribution Account in
      respect of REMIC 1:

     

    (i)  any
      Advances, as required pursuant to Section 4.07;

     

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

     

    (iii)  any
      Prepayment Charges or amounts in connection with the waiver of such Prepayment
      Charges, in each case required to be deposited pursuant to Section
      3.01;

     

    (iv)  any
      amounts required to be deposited in the Distribution Account pursuant to
      Sections 2.03, 3.04, 3.15, 3.16, 3.23 or 4.07; and

     

    (v)  any
      amounts required to be deposited by the Servicer pursuant to Section 3.11 in
      connection with the deductible clause in any blanket hazard insurance policy,
      such deposit being made from the Servicer’s own funds, without reimbursement
      therefor.

     

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

     

    
      
        	
              	Section
                3.05	
                Permitted
                  Withdrawals From the Collection Account and the Distribution
                  Account.

              

      

    

     

    (a)  The
      Servicer may, from time to time, withdraw from the Collection Account for the
      following purposes:

     

    (i)  to
      remit
      to the Trustee for deposit in the Distribution Account the amounts required
      to
      be so remitted pursuant to Section 3.04(b) or permitted to be so remitted
      pursuant to the first sentence of Section 3.04(d);

     

    (ii)  to
      reimburse itself for (x) Advances and Servicing Advances; the Servicer’s right
      to reimburse itself pursuant to this subclause (ii) being limited to amounts
      received on the related Mortgage Loan which represent payments of (a) principal
      and/or interest respecting which any such Advance was made or (b) Condemnation
      Proceeds, Insurance Proceeds or Liquidation Proceeds respecting which any such
      Servicing Advance was made or (y) any unreimbursed Advances made pursuant to
      Section 4.07(b) to the extent of funds held in the Collection Account for future
      distribution that were not included in Available Funds for the preceding
      Distribution Date;

     

    (iii)  to
      reimburse itself for unreimbursed Servicing Advances, any unpaid Servicing
      Fees
      and for unreimbursed Advances to the extent that such amounts are deemed to
      be
      Nonrecoverable Advances, to reimburse itself for such amounts to the extent
      that
      such amounts are nonrecoverable from the disposition of REO Property pursuant
      to
      Section 3.03 or Section 3.13 hereof and to reimburse itself for such amounts
      to
      the extent that such Advances or Servicing Advances have not been reimbursed
      at
      the time a Mortgage Loan has been modified;

     

    (iv)  to
      reimburse itself for any amounts paid pursuant to Section 3.03 (and not
      otherwise previously reimbursed);

     

    (v)  to
      pay to
      itself as servicing compensation (a) any interest earned on funds in the
      Collection Account (all such interest to be withdrawn monthly not later than
      each Servicer Remittance Date) and (b) the Servicing Fee from that portion
      of
      any payment or recovery as to interest to a particular Mortgage Loan to the
      extent not retained pursuant to Section 3.04(ii);

     

    (vi)  to
      pay or
      reimburse itself or any other party for any amounts payable or paid pursuant
      to
      Section 3.26 or Section 6.03 (and not otherwise previously reimbursed);
      and

     

    (vii)  to
      clear
      and terminate the Collection Account upon the termination of this
      Agreement.

     

    The
      foregoing requirements for withdrawal from the Collection Account shall be
      exclusive. In the event the Servicer shall deposit in the Collection Account
      any
      amount not required to be deposited therein, it may at any time withdraw such
      amount from the Collection Account, any provision herein to the contrary
      notwithstanding.

     

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

     

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

     

    (ii)  to
      pay to
      itself any interest income earned on funds deposited in the Distribution Account
      pursuant to Section 3.25(b);

     

    (iii)  to
      pay or
      reimburse the Trustee any amounts pursuant to this Agreement (other than for
      Trustee Fees), including, without limitation, Sections 7.01, 7.02 and
      8.05;

     

    (iv)  to
      pay
      any expenses of the Trust as permitted in this Agreement;

     

    (v)  to
      reimburse the Trustee, in its capacity as successor Servicer, for any Advance
      made by it under Section 7.01 (to the extent not reimbursed pursuant to
      3.05(a)(ii); 

     

    (vi)  to
      make
      deposits into the Swap Account in accordance with Section 4.09(b);
      and

     

    (vii)  to
      clear
      and terminate the Distribution Account upon the termination of this
      Agreement.

     

    
      
        	
              	Section
                3.06	
                Establishment
                  of Escrow Accounts; Deposits in Escrow Accounts.

              

      

    

     

    The
      Servicer shall segregate and hold all funds collected and received pursuant
      to
      each Mortgage Loan which constitute Escrow Payments separate and apart from
      any
      of its own funds and general assets and shall establish and maintain one or
      more
      Escrow Accounts, in the form of time deposit or demand accounts. A copy of
      such
      letter agreement shall be furnished to the Trustee upon request. The Escrow
      Account shall be an Eligible Account.

     

    The
      Servicer shall deposit in the Escrow Account or Accounts on a daily basis within
      two Business Days of receipt, and retain therein, (i) all Escrow Payments
      collected on account of the Mortgage Loans, for the purpose of effecting timely
      payment of any such items as required under the terms of this Agreement, and
      (ii) all Insurance Proceeds which are to be applied to the restoration or repair
      of any Mortgaged Property, provided, however, the Servicer shall deposit such
      amounts within two Business Days after determining the proper application of
      funds that were improperly marked but would otherwise constitute funds pursuant
      to clauses (i) and (ii) of this sentence. For the avoidance of doubt, returned
      checks are not funds received by the Servicer pursuant to this Section 3.06.
      The
      Servicer shall make withdrawals therefrom only to effect such payments as are
      required under this Agreement, and for such other purposes as shall be set
      forth
      in, or in accordance with, Section 3.07. The Servicer shall be entitled to
      retain any interest paid on funds deposited in the Escrow Account by the
      depository institution other than interest on escrowed funds required by law
      to
      be paid to the Mortgagor and, to the extent required by the related Mortgage
      Loan or Applicable Regulations, the Servicer shall pay interest on escrowed
      funds to the Mortgagor notwithstanding that the Escrow Account is non-interest
      bearing or that interest paid thereon is insufficient for such
      purposes.

     

    
      
        	
              	Section
                3.07	
                Permitted
                  Withdrawals From Escrow Account.

              

      

    

     

    Withdrawals
      from the Escrow Account may be made by the Servicer (i) to effect timely
      payments of taxes, fire, flood and hazard insurance premiums, and comparable
      items, (ii) to reimburse the Servicer for any Servicing Advance made by the
      Servicer with respect to a related Mortgage Loan but only from amounts received
      on the related Mortgage Loan which represent late payments or Late Collections
      of Escrow Payments thereunder, (iii) to refund to the Mortgagor any funds as
      may
      be determined to be overages, (iv) for transfer to the Collection Account in
      accordance with the terms of this Agreement, (v) for application to restoration
      or repair of the Mortgaged Property, (vi) to pay to the Servicer, or to the
      Mortgagor to the extent required by the related Mortgage Loan or Applicable
      Regulations, any interest paid on the funds deposited in the Escrow Account,
      (vii) to clear and terminate the Escrow Account on the termination of this
      Agreement or (viii) to transfer to the Collection Account any insurance
      proceeds. As part of its servicing duties, the Servicer shall pay to the
      Mortgagor interest on funds in the Escrow Account, to the extent required by
      the
      related Mortgage Loan or Applicable Regulations, and to the extent that interest
      earned on funds in the Escrow Account is insufficient, shall pay such interest
      from its own funds, without any reimbursement therefor.

     

    In
      the
      event the Servicer shall deposit in the Escrow Account any amount not required
      to be deposited therein, it may at any time withdraw such amount from the Escrow
      Account, any provision herein to the contrary notwithstanding.

     

    
      
        	
              	Section
                3.08	
                Payment
                  of Taxes, Insurance and Other Charges; Collections
                  There-under.

              

      

    

     

    With
      respect to each first lien Mortgage Loan, the Servicer shall maintain accurate
      records reflecting the status of taxes and other charges which are or may become
      a lien upon the Mortgaged Property and fire, flood and hazard insurance coverage
      and shall obtain, from time to time, all bills for the payment of such charges
      (including renewal premiums) and shall effect payment thereof prior to the
      applicable penalty or termination date and at a time appropriate for securing
      maximum discounts allowable, employing for such purpose deposits of the
      Mortgagor in the Escrow Account which shall have been estimated and accumulated
      by the Servicer in amounts sufficient for such purposes, as allowed under the
      terms of the Mortgage or Applicable Regulations. To the extent that a Mortgage
      does not provide for Escrow Payments, the Servicer (i) shall determine whether
      any such payments are made by the Mortgagor in a manner and at a time that
      is
      necessary to avoid the loss of the Mortgaged Property due to a tax sale or
      the
      foreclosure as a result of a tax lien and (ii) shall ensure that all insurance
      required to be maintained on the Mortgaged Property pursuant to this Agreement
      is maintained. If any such payment has not been made and the Servicer receives
      notice of a tax lien with respect to the Mortgage Loan being imposed, the
      Servicer will, to the extent required to avoid loss of the Mortgaged Property,
      advance or cause to be advanced funds necessary to discharge such lien on the
      Mortgaged Property. The Servicer assumes full responsibility for the payment
      of
      all such bills and shall effect payments of all such bills irrespective of
      the
      Mortgagor’s faithful performance in the payment of same or the making of the
      Escrow Payments and shall make Servicing Advances from its own funds to effect
      such payments.

     

    
      
        	
              	Section
                3.09	
                Transfer
                  of Accounts.

              

      

    

     

    The
      Servicer may transfer the Collection Account or the Escrow Account to a
      different depository institution from time to time. Upon such transfer, the
      Servicer shall deliver to the Trustee and the Depositor, a certification or
      letter agreement, as the case may be, as required pursuant to Sections 3.04
      and
      3.06.

     

    
      
        	
              	Section
                3.10	
                Maintenance
                  of Hazard Insurance.

              

      

    

     

    The
      Servicer shall cause to be maintained for each first lien Mortgage Loan fire
      and
      hazard insurance with extended coverage as is customary in the area where the
      Mortgaged Property is located in an amount which is at least equal to the lesser
      of (i) the amount necessary to fully compensate for any damage or loss to the
      improvements which are a part of such property on a replacement cost basis
      or
      (ii) the Principal Balance of the Mortgage Loan, in each case in an amount
      not
      less than such amount as is necessary to prevent the Mortgagor and/or the
      Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area
      identified in the Federal Register by the Flood Emergency Management Agency
      as
      having special flood hazards and flood insurance has been made available, the
      Servicer will cause to be maintained a flood insurance policy meeting the
      requirements of the current guidelines of the Federal Insurance Administration
      with a generally acceptable insurance carrier, in an amount representing
      coverage not less than the least of (i) the Principal Balance of the Mortgage
      Loan, (ii) the maximum insurable value of the improvements securing such
      Mortgage Loan or (iii) the maximum amount of insurance which is available under
      the Flood Disaster Protection Act of 1973, as amended. The Servicer shall also
      maintain on the REO Property for the benefit of the Certificateholders, (x)
      fire
      and hazard insurance with extended coverage in an amount which is at least
      equal
      to the replacement cost of the improvements which are a part of such property,
      (y) public liability insurance and, (z) to the extent required and available
      under the Flood Disaster Protection Act of 1973, as amended, flood insurance
      in
      an amount as provided above. Any amounts collected by the Servicer under any
      such policies other than amounts to be deposited in the Escrow Account and
      applied to the restoration or repair of the Mortgaged Property or REO Property,
      or released to the Mortgagor in accordance with the Servicer’s normal servicing
      procedures, shall be deposited in the Collection Account, subject to withdrawal
      pursuant to Section 3.05. It is understood and agreed that no earthquake or
      other additional insurance is required to be maintained by the Servicer or
      the
      Mortgagor or maintained on property acquired in respect of the Mortgage Loan,
      other than pursuant to such Applicable Regulations as shall at any time be
      in
      force and as shall require such additional insurance. All such policies shall
      be
      endorsed with standard mortgagee clauses with loss payable to the Servicer
      and
      shall provide for at least thirty days prior written notice of any cancellation,
      reduction in the amount of or material change in coverage to the Servicer.
      The
      Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting
      either his insurance carrier or agent, provided,
      however,
      that
      the Servicer shall not accept any such insurance policies from insurance
      companies unless such companies currently reflect a general policy rating of
      B:VI or better in Best’s Key Rating Guide and are licensed to do business in the
      state wherein the property subject to the policy is located.

     

    
      
        	
              	Section
                3.11	
                Maintenance
                  of Mortgage Impairment Insurance Policy.

              

      

    

     

    In
      the
      event that the Servicer shall obtain and maintain a blanket policy issued by
      an
      insurer that has a general policy rating of B:VI or better in Best’s Key Rating
      Guide insuring against hazard losses on all of the Mortgage Loans, then, to
      the
      extent such policy provides coverage in an amount equal to the amount required
      pursuant to Section 3.10 and otherwise complies with all other requirements
      of
      Section 3.10, it shall conclusively be deemed to have satisfied its obligations
      as set forth in Section 3.10, it being understood and agreed that such policy
      may contain a deductible clause, in which case the Servicer shall, in the event
      that there shall not have been maintained on the related Mortgaged Property
      or
      REO Property a policy complying with Section 3.10, and there shall have been
      a
      loss which would have been covered by such policy, deliver to the Trustee for
      deposit in the Distribution Account the amount not otherwise payable under
      the
      blanket policy because of such deductible clause, which amount shall not be
      reimbursable to the Servicer from the Trust Fund. In connection with its
      activities as servicer of the Mortgage Loans, the Servicer agrees to prepare
      and
      present, on behalf of the Trustee, claims under any such blanket policy in
      a
      timely fashion in accordance with the terms of such policy. Upon request of
      the
      Trustee, the Servicer shall cause to be delivered to the Trustee a certified
      true copy of such policy and a statement from the insurer thereunder that the
      surety and the insurer shall endeavor to notify the Trustee within thirty (30)
      days prior to such policy’s termination or material modification.

     

    
      
        	
              	Section
                3.12	
                Fidelity
                  Bond, Errors and Omissions Insurance.

              

      

    

     

    The
      Servicer shall maintain, at its own expense, a blanket fidelity bond (the
“Fidelity Bond”) and an errors and omissions insurance policy, with broad
      coverage with financially responsible companies on all officers, employees
      or
      other persons acting in any capacity with regard to the Mortgage Loans to handle
      funds, money, documents and papers relating to the Mortgage Loans. The Fidelity
      Bond and errors and omissions insurance shall be in the form of the Mortgage
      Banker’s Blanket Bond and shall protect and insure the Servicer against losses,
      including forgery, theft, embezzlement, fraud, errors and omissions and
      negligent acts of such persons. Such Fidelity Bond shall also protect and insure
      the Servicer against losses in connection with the failure to maintain any
      insurance policies required pursuant to this Agreement and the release or
      satisfaction of a Mortgage Loan without having obtained payment in full of
      the
      indebtedness secured thereby. No provision of this Section 3.12 requiring the
      Fidelity Bond and errors and omissions insurance shall diminish or relieve
      the
      Servicer from its duties and obligations as set forth in this Agreement. The
      minimum coverage under any such bond and insurance policy shall be at least
      equal to the corresponding amounts required by Fannie Mae in the Fannie Mae
      MBS
      Selling and Servicing Guide or by Freddie Mac in the Freddie Mac Servicer’s
      Guide. Upon the request of any party hereto, the Servicer shall cause to be
      delivered to such party proof of coverage of the Fidelity Bond and errors and
      omissions insurance policy and a statement from the surety and insurer that
      the
      surety and insurer shall endeavor to notify the Trustee within 30 days prior
      to
      such Fidelity Bond’s and errors and omissions insurance policy’s termination or
      material modification. In the absence of notice from the surety, insurer or
      Servicer of such termination or material modification, the Trustee shall be
      under no obligation to take any action to determine whether or not such Fidelity
      Bond or errors and omission policy has been terminated or materially
      modified.

     

    
      
        	
              	Section
                3.13	
                Title,
                  Management and Disposition of REO Property.

              

      

    

     

    (a)  In
      the
      event that title to a Mortgaged Property is acquired in foreclosure or by deed
      in lieu of foreclosure, the deed or certificate of sale shall be taken (pursuant
      to a limited power of attorney to be provided by the Trustee to the Servicer)
      in
      the name of the Trustee or a nominee thereof (which nominee shall not be the
      Servicer), on behalf of the Certificateholders, or in the event the Trustee
      or a
      nominee thereof is not authorized or permitted to hold title to real property
      in
      the state where the REO Property is located, or would be adversely affected
      under the “doing business” or tax laws of such state by so holding title, the
      deed or certificate of sale shall be taken in the name of such Person or Persons
      as shall be consistent with an Opinion of Counsel obtained by the Servicer
      from
      an attorney duly licensed to practice law in the state where the REO Property
      is
      located. Any Person or Persons holding such title other than the Trustee shall
      acknowledge in writing that such title is being held as nominee for the benefit
      of the Trustee. The Trustee’s name shall be placed on the title to such REO
      Property solely as the Trustee hereunder and not in its individual capacity.
      The
      Servicer shall ensure that the title to such REO Property references this
      Agreement and the Trustee’s capacity hereunder.

     

    (b)  In
      the
      event that the Trust Fund acquires any REO Property as aforesaid or otherwise
      in
      connection with a default or imminent default on a Mortgage Loan, the Servicer
      shall dispose of such REO Property before the end of the third calendar year
      beginning after the year of its acquisition by the Trust Fund for purposes
      of
      Section 860G(a)(8) of the Code or, at the expense of the Trust Fund, request
      from the Internal Revenue Service, more than 60 days before the day on which
      the
      above-mentioned grace period would otherwise expire, an extension of the
      above-mentioned grace period, unless the Servicer obtains an Opinion of Counsel,
      addressed to the Servicer and the Trustee, to the effect that the holding by
      the
      Trust Fund of such REO Property subsequent to such period will not: (i) result
      in the imposition of any tax on “prohibited transactions” as defined in Section
      860F of the Code; or (ii) cause any REMIC constituting any part of the Trust
      Fund to fail to qualify as a REMIC at any time that any Certificates are
      outstanding, in which case the Trust Fund may continue to hold such REO Property
      (subject to any conditions contained in such Opinion of Counsel). The Servicer
      shall be entitled to be reimbursed from the Collection Account for any costs
      incurred in obtaining such Opinion of Counsel, as provided in Section
      3.05.

     

    Subject
      to compliance with applicable laws and regulations as shall at any time be
      in
      force, and notwithstanding any other provisions of this Agreement, no REO
      Property acquired by the Trust Fund shall be rented (or allowed to continue
      to
      be rented) or otherwise used by or on behalf of the Trust Fund in such a manner
      or pursuant to any terms that would: (i) cause such REO Property to fail to
      qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of
      the Code; or (ii) subject any REMIC constituting part of the Trust Fund to
      the
      imposition of any federal income taxes on the income earned from such REO
      Property, including any taxes imposed by reason of Sections 860F or 860G(c)
      of
      the Code, unless the Servicer has agreed to indemnify and hold harmless the
      Trust Fund with respect to the imposition of any such taxes.

     

    The
      Servicer shall manage, conserve, protect and operate each REO Property for
      the
      Certificateholders and the Trust Fund solely for the purpose of its prompt
      disposition and sale in a manner which does not cause such REO Property to
      fail
      to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of
      the Code or result in the receipt by the related REMIC of any “income from
      non-permitted assets” within the meaning of Section 860F(a)(2)(B) of the Code,
      or any “net income from foreclosure property” which is subject to taxation under
      the REMIC Provisions. The Servicer shall cause each REO Property to be inspected
      promptly upon the acquisition of title thereto and shall cause each REO Property
      to be inspected at least annually thereafter. The Servicer shall make or cause
      to be made a written report of each such inspection. Such reports shall be
      retained in the Mortgage Servicing File and copies thereof shall be forwarded
      by
      the Servicer to the Trustee upon request. The Servicer shall attempt to sell
      the
      same (and may temporarily rent the same) on such terms and conditions as the
      Servicer deems to be in the best interest of the Certificateholders and the
      Trust Fund.

     

    With
      respect to each REO Property, the Servicer shall account separately for each
      REO
      Property with respect to all funds collected and received in connection with
      the
      operation of such REO Property.

     

    The
      Servicer shall deposit or cause to be deposited, on a daily basis, within two
      Business Days of receipt, in the Collection Account, all revenues received
      with
      respect to each REO Property and shall withdraw therefrom funds necessary for
      the proper operation, management and maintenance of the related REO Property,
      including the cost of maintaining any hazard insurance pursuant to Section
      3.10
      hereof and the fees of any managing agent acting on behalf of the Servicer,
      provided, however, the Servicer shall deposit into the Collection Account on
      a
      daily basis within two Business Days after determining the proper application
      of
      funds that were improperly marked but would otherwise constitute revenue
      received with respect to each REO Property. For the avoidance of doubt, returned
      checks are not funds received by the Servicer pursuant to this Section
      3.13(b).

     

    The
      Servicer shall furnish to the Trustee, on each Servicer Remittance Date, an
      operating statement for each REO Property covering the operation of each REO
      Property for the previous month. Such operating statement shall be accompanied
      by such other information as the Trustee shall reasonably request.

     

    The
      Servicer shall use its best efforts to dispose of the REO Property as promptly
      as is practically consistent with protecting the Certificateholders’
interests.

     

    Each
      REO
      Disposition shall be carried out by the Servicer at such price and upon such
      terms and conditions as the Servicer deems to be in the best interest of the
      Certificateholders. If as of the date title to any REO Property was acquired
      by
      the Servicer there were outstanding unreimbursed Servicing Advances with respect
      to the REO Property, the Servicer, upon an REO Disposition of such REO Property,
      shall be entitled to reimbursement for any related unreimbursed Servicing
      Advances from proceeds received in connection with such REO Disposition. The
      proceeds from the REO Disposition, net of any payment to the Servicer as
      provided above, shall be deposited in the Collection Account for distribution
      on
      the succeeding Servicer Remittance Date in accordance with Section 4.01 and
      Section 4.02.

     

    Any
      REO
      Disposition shall be for cash only (unless changes in the REMIC Provisions
      made
      subsequent to the Startup Day allow a sale for other consideration and an
      Opinion of Counsel is obtained by the Servicer to the effect that such sale
      shall not cause any REMIC constituting part of the Trust Fund to fail to qualify
      as a REMIC).

     

    
      
        	
              	Section
                3.14	
                Due-on-Sale
                  Clauses; Assumption and Substitution Agreements.

              

      

    

     

    When
      a
      Mortgaged Property has been or is about to be conveyed by the Mortgagor, the
      Servicer shall, to the extent it has knowledge of such conveyance or prospective
      conveyance, exercise its rights to accelerate the maturity of the related
      Mortgage Loan under any “due-on-sale” clause contained in the related Mortgage
      or Mortgage Note; provided,
      however,
      that
      the Servicer shall not exercise any such right if the “due-on-sale” clause, in
      the reasonable belief of the Servicer, is not enforceable under applicable
      law.
      An Opinion of Counsel at the expense of the Servicer (which expense shall
      constitute a Servicing Advance) delivered to the Trustee and the Depositor
      to
      the foregoing effect shall conclusively establish the reasonableness of such
      belief. In such event, the Servicer shall make reasonable efforts to enter
      into
      an assumption and modification agreement with the Person to whom such property
      has been or is about to be conveyed, pursuant to which such Person becomes
      liable under the Mortgage Note and, unless prohibited by applicable law or
      the
      Mortgage, the Mortgagor remains liable thereon. If the foregoing is not
      permitted under applicable law, the Servicer is authorized to enter into a
      substitution of liability agreement with such Person, pursuant to which the
      original Mortgagor is released from liability and such Person is substituted
      as
      Mortgagor and becomes liable under the Note. The Mortgage Loan, as assumed,
      shall conform in all respects to the requirements, representations and
      warranties of this Agreement. The Servicer shall notify the Trustee that any
      such assumption or substitution agreement has been completed by forwarding
      to
      the Trustee (or the Custodian, as the case may be) the original copy of such
      assumption or substitution agreement (indicating the Mortgage File to which
      it
      relates) which copy shall be added by the Trustee (or the Custodian, as the
      case
      may be) to the related Mortgage File and which shall, for all purposes, be
      considered a part of such Mortgage File to the same extent as all other
      documents and instruments constituting a part thereof. The Servicer shall be
      responsible for recording any such assumption or substitution agreements. In
      connection with any such assumption or substitution agreement, the Monthly
      Payment on the related Mortgage Loan shall not be changed but shall remain
      as in
      effect immediately prior to the assumption or substitution, the stated maturity
      or outstanding principal amount of such Mortgage Loan shall not be changed
      nor
      shall any required monthly payments of principal or interest be deferred or
      forgiven. Any fee collected by the Servicer for consenting to any such
      conveyance or entering into an assumption or substitution agreement shall be
      retained by or paid to the Servicer as additional servicing
      compensation.

     

    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, the Servicer
      shall not be deemed to be in default, breach or any other violation of its
      obligations hereunder by reason of any assumption of a Mortgage Loan by
      operation of law or any assumption which the Servicer may be restricted by
      law
      from preventing, for any reason whatsoever.

     

    
      
        	
              	Section
                3.15	
                Notification
                  of Adjustments.

              

      

    

     

    On
      each
      Adjustment Date, the Servicer shall make Mortgage Interest Rate adjustments
      for
      each Adjustable-Rate Mortgage Rate Loan in compliance with the requirements
      of
      the related Mortgage and Mortgage Note and Applicable Regulations. The Servicer
      shall execute and deliver the notices required by each Mortgage and Mortgage
      Note and Applicable Regulations regarding Mortgage Interest Rate adjustments.
      The Servicer also shall provide timely notification to the Trustee of all
      applicable data and information regarding such Mortgage Interest Rate
      adjustments and the Servicer’s methods of implementing such Mortgage Interest
      Rate adjustments. Upon the discovery by the Servicer or the Trustee that the
      Servicer has failed to adjust or has incorrectly adjusted a Mortgage Interest
      Rate or a Monthly Payment pursuant to the terms of the related Mortgage Note
      and
      Mortgage, the Servicer shall deliver to the Trustee for deposit in the
      Distribution Account from its own funds the amount of any interest loss caused
      thereby without reimbursement therefor; provided,
      however,
      the
      Servicer shall be held harmless with respect to any Mortgage Interest Rate
      adjustments made by any servicer prior to the Servicer. Under no circumstances
      shall the Trustee be responsible for monitoring or recalculating any Mortgage
      Rate Interest Adjustments by the Servicer.

     

    
      
        	
              	Section
                3.16	
                Optional
                  Purchases of Mortgage Loans by Servicer.

              

      

    

     

    The
      Servicer (or an affiliate of the Servicer) may, at its option, repurchase a
      Mortgage Loan or REO Property which becomes 120 or more days Delinquent or
      for
      which the Servicer has accepted a deed in lieu of foreclosure, during the period
      commencing on the first day of the calendar quarter succeeding the calendar
      quarter in which the Initial Delinquency Date occurred with respect to such
      Mortgage Loan and ending on the last Business Day of such calendar quarter.
      If
      the Servicer (or an affiliate of the Servicer) does not exercise its purchase
      right with respect to a Mortgage Loan during the period specified in the
      preceding sentence, such Mortgage Loan shall thereafter again become eligible
      for purchase pursuant to the preceding sentence only after the Mortgage Loan
      ceases to be 120 days or more Delinquent and thereafter becomes 120 days
      Delinquent again. The “Initial Delinquency Date” of a Mortgage Loan shall mean
      the date on which the Mortgage Loan first became 120 days Delinquent. Prior
      to
      repurchase pursuant to this Section 3.16, the Servicer shall be required to
      continue to make monthly advances pursuant to Section 4.07. The Servicer shall
      not use any procedure in selecting Mortgage Loans to be repurchased which is
      materially adverse to the interests of the Certificateholders. The Servicer
      shall purchase such (i) delinquent Mortgage Loan at a price equal to the
      Principal Balance of the Mortgage Loan plus accrued interest thereon at the
      Mortgage Interest Rate from the date to which interest has last been paid to
      the
      Trust Fund to the date of purchase plus any unreimbursed Servicing Advances
      and
      Advances or (ii) REO Property at its fair market value as determined in good
      faith by the Servicer. Any such repurchase of a Mortgage Loan or REO Property
      pursuant to this Section 3.16 shall be accomplished by delivery to the Trustee
      for deposit in the Distribution Account of the amount of the purchase price.
      The
      Trustee shall immediately effectuate the conveyance of such delinquent Mortgage
      Loan or REO Property to the Servicer to the extent necessary, including the
      prompt delivery of all documentation to the Servicer, without
      recourse.

     

    
      
        	
              	Section
                3.17	
                Trustee
                  to Cooperate; Release of Files.

              

      

    

     

    (a)  Upon
      the
      payment in full of any Mortgage Loan (including any liquidation of such Mortgage
      Loan through foreclosure or otherwise, or the receipt by the Servicer of a
      notification that payment in full will be escrowed in a manner customary for
      such purposes), the Servicer shall deliver to the Trustee (or the Custodian
      as
      the case may be) two executed copies of a completed “Request for Release” in the
      form of Exhibit E. Upon receipt of such Request for Release of Documents, the
      Trustee (or the Custodian as the case may be) shall promptly release the related
      Mortgage File, in trust to (i) the Servicer, or (ii) such other party identified
      in the related Request for Release. Upon any such payment in full, or the
      receipt of such notification that such funds have been placed in escrow, the
      Servicer shall direct the Trustee in writing to execute an instrument of
      satisfaction (or assignment of Mortgage without recourse) regarding the
      Mortgaged Property relating to such Mortgage, which instrument of satisfaction
      or assignment, as the case may be, shall be delivered to the Person or Persons
      entitled thereto against receipt therefor of payment in full, it being
      understood and agreed that no expense incurred in connection with such
      instrument of satisfaction or assignment, as the case may be, shall be
      chargeable to the Collection Account. In lieu of executing any such satisfaction
      or assignment, as the case may be, the Servicer may prepare and submit to the
      Trustee a satisfaction (or assignment without recourse, if requested by the
      Person or Persons entitled thereto) in form for execution by the Trustee with
      all requisite information completed by the Servicer; in such event, the Trustee
      shall execute and acknowledge such satisfaction or assignment, as the case
      may
      be, and deliver the same with the related Mortgage File, as
      aforesaid.

     

    (b)  From
      time
      to time and as appropriate in the servicing of any Mortgage Loan, including,
      without limitation, foreclosure or other comparable conversion of a Mortgage
      Loan or collection under any insurance policy relating to a Mortgage Loan,
      the
      Trustee shall (except in the case of the payment or liquidation pursuant to
      which the related Mortgage File is released to an escrow agent or an employee,
      agent or attorney of the Trustee), upon written request of the Servicer and
      delivery to the Trustee (or the Custodian, as the case may be) of two executed
      copies of a “Request for Release” in the form of Exhibit E signed by a Servicing
      Officer, release the related Mortgage File to the Servicer and shall execute
      such documents as shall be necessary to the prosecution of any such proceedings,
      including, without limitation, an assignment without recourse, representation
      or
      warranty of the related Mortgage to the Servicer. Such receipt shall obligate
      the Servicer to return the Mortgage File to the Trustee (or the Custodian,
      as
      the case may be) when the need therefor by the Servicer no longer exists unless
      the Mortgage Loan shall be liquidated, in which case, upon receipt of a Request
      for Release evidencing such liquidation, the receipt shall be released by the
      Trustee (or the Custodian, as the case may be) to the Servicer.

     

    (c)  Subject
      to Section 3.01, the Servicer shall have the right to accept applications of
      Mortgagors for consent to (i) partial releases of Mortgages, (ii) alterations,
      (iii) removal, demolition or division of properties subject to Mortgages and
      (iv) second mortgage subordination agreements. No application for approval
      shall
      be considered by the Servicer unless: (w) it has received an Opinion of Counsel,
      addressed to the Trustee (which opinion shall not be an expense of the Trustee
      or the Trust Fund) that such sale, disposition, substitution, acquisition or
      contribution will not affect adversely the status of any REMIC constituting
      part
      of the Trust Fund as a REMIC or cause any REMIC constituting part of the Trust
      Fund to be subject to a tax on “prohibited transactions” or “contributions”
pursuant to the REMIC Provisions; (x) the provisions of the related Note and
      Mortgage have been complied with; (y) the Combined Loan-to-Value Ratio and
      debt-to-income ratio after any release does not exceed the maximum Combined
      Loan-to-Value Ratio and debt-to-income ratio established in accordance with
      the
      underwriting standards of the Mortgage Loans; and (z) the lien priority of
      the
      related Mortgage is not affected. Upon receipt by the Trustee of a Servicing
      Officer’s certificate setting forth the action proposed to be taken in respect
      of a particular Mortgage Loan and certifying that the criteria set forth in
      the
      immediately preceding sentence have been satisfied, the Trustee shall execute
      and deliver to the Servicer the consent or partial release so requested by
      the
      Servicer. A proposed form of consent or partial release, as the case may be,
      shall accompany any Servicing Officer’s certificate delivered by the Servicer
      pursuant to this paragraph.

     

    
      
        	
              	Section
                3.18	
                Servicing
                  Compensation.

              

      

    

     

    As
      compensation for its activities hereunder, the Servicer shall be entitled to
      retain the amount of the Servicing Fee with respect to each Mortgage Loan
      (including REO Properties). The Servicer shall be entitled to retain additional
      servicing compensation in the form of release fees, bad check charges,
      assumption fees, modification or extension fees, late payment charges, customary
      real estate referral fees or any other service-related fees, Insurance Proceeds
      and Liquidation Proceeds not required to be deposited in the Collection Account
      and similar items, to the extent collected from Mortgagors.

     

    
      
        	
              	Section
                3.19	
                Annual
                  Statement as to Compliance.

              

      

    

     

    (a)  The
      Servicer, at its own expense, will deliver to the Trustee and the Depositor,
      not
      later than March 15th
      of each
      year commencing in 2008, a Servicing Officer’s certificate in the form attached
      hereto as Exhibit R-2, stating, as to each signer thereof, that (i) a review
      of
      the activities of the Servicer during such preceding calendar year (or such
      shorter period in the case of the first such report) and of performance of
      such
      servicer under this Agreement has been made under such officers’ supervision,
      and (ii) to the best of such officers’ knowledge, based on such review, the
      Servicer has fulfilled all its obligations under this Agreement for such year,
      or, if there has been a failure to fulfill any such obligation in any material
      respect, specifying each such failure known to such officer and the nature
      and
      status thereof.

     

    (b)  Delivery
      of such reports, information and documents to the Trustee is for informational
      purposes only and its receipt of such shall not constitute constructive notice
      of any information contained therein or determinable, from information contained
      therein, including the Servicer’s compliance with any of its covenants hereunder
      (as to which the Trustee is entitled to rely exclusively on Officers’
Certificates).

     

    (c)  The
      Servicer agrees to indemnify and hold harmless each of the Depositor, the
      Trustee and each Person, if any, who “controls” the Depositor or the Trustee
      within the meaning of the Securities Act and their respective officers,
      directors and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses that such Person actually sustains
      out of third party claims based on the failure of the Servicer or any related
      Sub-Servicer to deliver or cause to be delivered when required any Annual
      Statement of Compliance pursuant to this Section 3.19.

     

    
      
        	
              	Section
                3.20	
                Reports
                  on Assessment of Compliance and
                  Attestation.

              

      

    

     

    (a)  Not
      later
      than the earlier of (a) March 15 of each calendar year (other than the calendar
      year during which the Closing Date occurs) or (b) with respect to any calendar
      year during which an annual report on Form 10-K is required to be filed pursuant
      to Section 3.22 on behalf of the Trust, 15 calendar days before each date on
      which that annual report on Form 10-K is required to be filed, pursuant to
      Section 3.22 (or if such day is not a Business Day, the immediately preceding
      Business Day), the Servicer, at its own expense, shall deliver to the Depositor,
      the Trustee and each Rating Agency an officer’s certification and assessment of
      its compliance with the Servicing Criteria applicable to it during the preceding
      calendar year as required by Rules 13a-18 and 15d-18 of the Exchange Act and
      Item 1122 of Regulation AB (the “Assessment of Compliance”), which assessment
      shall be substantially in the form of Exhibit R-1 hereto. The parties
      acknowledge and agree that for the purposes of this Section 3.20, the items
      indicated as being subject to assessment by each applicable party on Exhibit
      A
      to Exhibit R-1 hereto are the items to be assessed by such party as of the
      Closing Date and that any changes to such allocation of assessment
      responsibilities will be made by mutual agreement of the parties (collectively,
      the “Servicing Criteria”). Any such changes will not require an amendment of
      this Agreement.

     

    (b)  Not
      later
      than the earlier of (a) March 15 of each calendar year (other than the calendar
      year during which the Closing Date occurs) or (b) with respect to any calendar
      year during which an annual report on Form 10-K is required to be filed pursuant
      to Section 3.22 on behalf of the Trust, 15 calendar days before each date on
      which that annual report on Form 10-K is required to be filed pursuant to
      Section 3.22 (or if such day is not a Business Day, the immediately preceding
      Business Day), the Servicer, at its own expense, shall cause a nationally or
      regionally recognized firm of independent registered public accountants (who
      may
      also render other services to the Servicer, the Sponsor or any affiliate
      thereof), which is a member of the American Institute of Certified Public
      Accountants to furnish a statement to the Depositor and the Trustee, that
      attests to and reports on the assessment of compliance provided by the Servicer
      pursuant to Section 3.20(a) (the “Accountant’s Attestation”). Such Accountant’s
      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.

     

    (c)  The
      Servicer shall cause any subservicer and each subcontractor to deliver, if
      applicable, with respect to any calendar year during which the Depositor’s
      annual report on Form 10-K is required to be filed in accordance with the
      Exchange Act and the rules and regulations of the Securities and Exchange
      Commission, not later than the 15th
      day of
      March preceding the date on which the Depositor’s annual report on Form 10-K is
      required to be filed in accordance with the Exchange Act and the rules and
      regulations of the Securities and Exchange Commission (or, in each case, if
      such
      day is not a Business Day, the immediately preceding Business Day) to the
      Depositor and the Trustee an Assessment of Compliance, which assessment shall
      be
      substantially in the form of Exhibit R-1 hereto.

     

    (d)  With
      respect to any calendar year during which the Depositor’s annual report on Form
      10-K is required to be filed in accordance with the Exchange Act and the rules
      and regulations of the Securities and Exchange Commission, not
      later
      than the 15th
      day of
      March preceding the
      date
      on which the Depositor’s annual report on Form 10-K is required to be filed in
      accordance with the Exchange Act and the rules and regulations of the Securities
      and Exchange Commission (or, in each case, if such day is not a Business Day,
      the immediately preceding Business Day), the Servicer shall cause each
      subservicer and each subcontractor to deliver to the Depositor and the Trustee
      an Accountant’s Attestation by a registered public accounting firm that attests
      to, and reports on, the Assessment of Compliance pursuant to Section 3.20(c)
      above. 

     

    (e)  With
      respect to any calendar year during which the Depositor’s annual report on Form
      10-K is required to be filed in accordance with the Exchange Act and the rules
      and regulations of the Securities and Exchange Commission, not later
      not
      later than the 15th
      day of
      March preceding
      the date
      on which the Depositor’s annual report on Form 10-K is required to be filed in
      accordance with the Exchange Act and the rules and regulations of the Securities
      and Exchange Commission (or, in each case, if such day is not a Business Day,
      the immediately preceding Business Day), the Custodian pursuant to the Custodial
      Agreement will deliver to the Servicer, the Depositor and the Trustee an
      Assessment of Compliance with regard to the Servicing Criteria applicable to
      the
      Custodian during the preceding calendar year, which assessment shall be
      substantially in the form of Exhibit R-1 hereto.

     

    (f)  With
      respect to any calendar year during which the Depositor’s annual report on Form
      10-K is required to be filed in accordance with the Exchange Act and the rules
      and regulations of the Securities and Exchange Commission, not
      later
      than the 15th
      day of
      March preceding
      the date
      on which the Depositor’s annual report on Form 10-K is required to be filed in
      accordance with the Exchange Act and the rules and regulations of the Securities
      and Exchange Commission (or, in each case, if such day is not a Business Day,
      the immediately preceding Business Day), the Custodian pursuant to the Custodial
      Agreement will deliver to the Depositor and the Trustee an Accountant’s
      Attestation by a registered public accounting firm that attests to, and reports
      on, the Assessment of Compliance pursuant to Section 3.20(e) above.

     

    (g)  With
      respect to any calendar year during which the Depositor’s annual report on Form
      10-K is required to be filed in accordance with the Exchange Act and the rules
      and regulations of the Securities and Exchange Commission, not later than
the
      15th
      day of
      March preceding
      the date
      on which the Depositor’s annual report on Form 10-K is required to be filed in
      accordance with the Exchange Act and the rules and regulations of the Securities
      and Exchange Commission (or, in each case, if such day is not a Business Day,
      the immediately preceding Business Day), the Trustee shall deliver to the
      Depositor an Assessment of Compliance with regard to the Servicing Criteria
      applicable to the Trustee during the preceding calendar year, which assessment
      shall be substantially in the form of Exhibit R-1 hereto.

     

    (h)  With
      respect to any calendar year during which the Depositor’s annual report on Form
      10-K is required to be filed in accordance with the Exchange Act and the rules
      and regulations of the Securities and Exchange Commission, not later than
the
      15th
      day of
      March preceding
      the date
      on which the Depositor’s annual report on Form 10-K is required to be filed in
      accordance with the Exchange Act and the rules and regulations of the Securities
      and Exchange Commission (or, in each case, if such day is not a Business Day,
      the immediately preceding Business Day), the Trustee shall deliver to the
      Depositor an Accountant’s Attestation by a registered public accounting firm
      that attests to, and reports on, the Assessment of Compliance pursuant to
      Section 3.20(g) above. 

     

    (i)  The
      Servicer agrees to indemnify and hold harmless each of the Depositor, the
      Trustee and each Person, if any, who “controls” the Depositor or the Trustee
      within the meaning of the Securities Act and their respective officers,
      directors and affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses that such Person actually sustains arising out
      of
      third party claims based on (i) the failure of the Servicer or any related
      subservicer or subcontractor to deliver or cause to be delivered when required
      any Assessment of Compliance or Accountant’s Attestation required of it pursuant
      to this Section 3.20, as applicable or (ii) any material misstatement contained
      in any Assessment of Compliance provided on its behalf pursuant to Section
      3.20,
      as applicable. Notwithstanding
      the foregoing, in no event shall the Servicer be liable for any consequential,
      indirect or punitive damages pursuant to this Section 3.20.

     

    (j)  The
      Trustee agrees to indemnify and hold harmless each of the Depositor, the
      Servicer and each Person, if any, who “controls” the Depositor or the Servicer
      within the meaning of the Securities Act and their respective officers,
      directors and affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related reasonable costs,
      judgments and other costs and expenses that such Person actually sustains
      arising out of third party claims based on (i) the failure of the Trustee to
      deliver or cause to be delivered when required any Assessment of Compliance
      required of it pursuant to Section 3.20 or (ii) any material misstatement
      contained in any Assessment of Compliance provided on its behalf pursuant to
      this Section 3.20, as applicable. Notwithstanding
      the foregoing, in no event shall the Trustee be liable for any consequential,
      indirect or punitive damages pursuant to this Section 3.20.

     

    (k)  Copies
      of
      such Assessments of Compliance and Accountant’s Attestations shall
      be
      provided by the Trustee to any Certificateholder,
      upon
      request, provided such documents are delivered to the Trustee. The initial
      Assessments of Compliance and Accountant’s Attestations required pursuant to
      this Section 3.20 shall be delivered to the Trustee and the Depositor, as
      applicable, by each party no later than March 15, 2008.

     

    
      
        	
              	Section
                3.21	
                Access
                  to Certain Documentation and Information Regarding the Mortgage
                  Loans.

              

      

    

     

    The
      Servicer shall provide to the Trustee, Certificateholders that are federally
      insured savings and loan associations, the Office of Thrift Supervision, the
      FDIC and the supervisory agents and examiners of each of the foregoing (which,
      in the case of supervisory agents and examiners, may be required by applicable
      state and federal regulations) access to the documentation regarding the
      Mortgage Loans, such access being afforded without charge but only upon
      reasonable request and during normal business hours at the offices of the
      Servicer designated by it.

     

    
      
        	
              	Section
                3.22	
                Periodic
                  Filings.

              

      

    

     

    (a)  The
      Trustee will prepare and file Current Reports on Form 8-K in respect of the
      Trust at the direction and expense of the Depositor, provided, that, as set
      forth on Exhibit S, the Depositor, the Seller or the Servicer shall have timely
      notified the Trustee of an item reportable on a Form 8-K and shall have
      delivered to the Trustee no later than three Business Days prior to the filing
      deadline for such Form 8-K, all information, data, and exhibits required to
      be
      provided or filed with such Form 8-K in electronic or other such other format
      reasonably acceptable to the Trustee. To the extent that a Responsible Officer
      of the Trustee has actual knowledge of an event relating to Items 3.03, 6.02,
      6.03 or 6.04 of Form 8-K, the Trustee shall notify the Depositor of such event.
      The Trustee shall not be responsible for determining what information is
      required to be filed on a Form 8-K in connection with the transactions
      contemplated by this Agreement or what events shall cause a Form 8-K to be
      required to be filed and shall not be liable for any late filing of a Form
      8-K
      in the event that it does not receive all information, data, signatures and
      exhibits required to be provided or filed on or prior to the second Business
      Day
      prior to the applicable filing deadline. Within 15 days after each Distribution
      Date, the Trustee shall, on behalf of the Trust and in accordance with industry
      standards, file with the Securities and Exchange Commission via the Electronic
      Data Gathering and Retrieval System (“EDGAR”), a Form 10-D (or other comparable
      form containing the same or comparable information or other information mutually
      agreed upon) with, as set forth on Exhibit T, (1) a copy of the report to the
      Certificateholders for such Distribution Date as an exhibit thereto and (2)
      such
      other information provided to the Trustee as identified on Exhibit T; provided
      that such information is provided to the Trustee no later than the first
      Business Day immediately following the related Distribution Date. Prior to
      March
      31, 2008 (and, if applicable, prior to March 31 of each subsequent year) (the
      “Form 10-K Filing Deadline”), the Trustee shall, on behalf of the Trust and in
      accordance with industry standards, prepare and file with the Securities and
      Exchange Commission via EDGAR a Form 10-K with respect to the Trust Fund. To
      facilitate the Trustee’s preparation of the Form 10-K, the Trustee shall provide
      to the Depositor its proposed Form 10-K template no later than forty-five (45)
      days prior to the Form 10-K Filing Deadline and the Depositor shall review
      such
      template and provide to the Trustee, no later than thirty (30) days prior to
      the
      Form 10-K Filing Deadline, any comments to such Form 10-K template. As set
      forth
      on Exhibit U, such Form 10-K shall include as exhibits, each annual statement
      of
      compliance required to be delivered pursuant to Section 3.19 and each
      Accountant’s Attestation and Assessment of Compliance required to be furnished
      pursuant to Section 3.20, in each case to the extent they have been timely
      delivered to the Trustee (or the Depositor, in the case of the Trustee’s
      Assessment of Compliance) and such other information as is required by
      Regulation AB. The Servicer will cause its senior officer in charge of
      securitization to execute the certification, in the form attached hereto as
      Exhibit O-1 (the “Form 10-K Certification”) required pursuant to Rule 13a -14
      under the Securities Exchange Act of 1934, as amended, and the Trustee shall
      file the same with the Securities and Exchange Commission prior to the Form
      10-K
      Filing Deadline. In connection therewith, the Trustee shall sign a certification
      (in the form attached hereto as Exhibit O-2) for the benefit of the Depositor
      and the Servicer and their officers, directors and affiliates regarding certain
      aspects of the Form 10-K Certification (the “Trustee’s Certification”). To the
      extent any information or exhibits required to be included in the Form 10-K
      are
      not timely received by the Trustee prior to the Form 10-K Filing Deadline,
      the
      Trustee shall, on behalf of the Trust, file one or more amended Form 10-Ks
      to
      include such missing information or exhibits promptly after receipt thereof
      by
      the Trustee. Promptly following the first date legally permissible under
      applicable regulations and interpretations of the Securities and Exchange
      Commission, the Trustee shall, on behalf of the Trust and in accordance with
      industry standards, file with the Securities and Exchange Commission via EDGAR
      a
      Form 15 Suspension Notification with respect to the Trust Fund, if applicable.
      The Servicer agrees to furnish to the Trustee promptly, from time to time upon
      request, such further information, reports and financial statements within
      its
      control related to this Agreement and the Mortgage Loans as the Trustee
      reasonably deems appropriate to prepare and file all necessary reports with
      the
      Securities and Exchange Commission. Upon the preparation of each Form 10-D
      filing by the Trustee, such Form 10-D filing shall be submitted to the
      Depositor. Upon receipt of written notice to the Trustee via electronic mail
      to
      michael.bengtson@usbank.com, with a copy to sheryl.christopherson@usbank.com,
      and from the Depositor that the Form 10-D is ready for filing, the Trustee
      shall
      attach to any Form 10-D the signature page of the Depositor and submit such
      Form
      10-D for filing with the Securities and Exchange Commission. The Trustee shall
      provide a copy of each Form 10-D and Form 8-K to each of the Servicer and the
      Depositor. The Trustee shall have no responsibility to file any items with
      the
      Securities and Exchange Commission other than those specified in this section
      and the Servicer shall execute any and all Form 10-Ks and the Depositor shall
      execute any and all Form 8-Ks and 10-Ds required hereunder. All materials
      provided to the Trustee relating to the Form 8-Ks, 10-Ds and 10-Ks required
      hereunder shall be provided in electronic format compatible with the EDGAR
      system, which may be in Microsoft Word. To the extent that (i) no notice is
      provided to the Trustee of events or information reportable in any Form 8-K,
      (ii) no notice is provided of events or information reportable in any Form
      10-D
      by the first Business Day after the related Distribution Date or (iii) no notice
      is provided of events or information reportable in any Form 10-K by March 15
      of
      each year, in each case the Trustee shall without further notice conclude that
      there is no event or information to be reported. Notwithstanding anything set
      forth herein, the Servicer will not be responsible for the filing of any Form
      8-K or Form 10-D filed on behalf of the Trust (including but not limited to
      the
      timing of any filing or completeness of such filings) and will not be
      responsible for determining whether the content of any Form 8-K or Form 10-D
      filed on behalf of the Trust is accurate or correct (unless such information
      is
      contained in the Remittance Report or otherwise specific to the Servicer, in
      which case the Servicer will be responsible for making such a determination).
      

     

    (b)  The
      Trustee shall, subject to Sections 8.01 and 8.02, indemnify and hold harmless
      the Depositor, the Servicer and any director, officer, employee or agent of
      the
      Depositor and the Servicer and hold them harmless against any and all claims,
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments, and any other costs, fees and expenses (other
      than punitive damages) that any of them may sustain in any way related to (x)
      a
      breach of its obligation or the failure of the Trustee to perform any of its
      obligations pursuant to Section 3.22(a), (y) or Trustee’s negligence, bad faith
      or willful misconduct in connection therewith or any inaccuracy in the Trustee’s
      Certification and (z) any inaccurate information provided by the Trustee (to
      the
      extent such inaccuracy is not due to inaccurate information provided to the
      Trustee by the Servicer or any other party) that is contained in any Form 10-D
      filed with the SEC, other than any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs, fees and expenses arising out of the Servicer’s or any other
      party’s breach of its obligations under this Agreement or any other related
      agreement. If the indemnification provided for herein is unavailable or
      insufficient to hold harmless any indemnified party, then the Trustee shall
      contribute to the amount paid or payable by the indemnified party as a result
      of
      the losses, claims, damages or liabilities of such indemnified party in such
      proportion as is appropriate to reflect the relative fault of the indemnified
      party on the one hand and the Trustee on the other.

     

    (c)  The
      Servicer shall indemnify and hold harmless the Trustee and its officers,
      directors and Affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses arising out of the Servicer’s failure to sign and
      deliver either the certification or the Form 10-K within the time frame provided
      in Section 3.22(a), other than any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses arising out of the Trustee’s breach of its
      obligations under this Agreement. If the indemnification provided for herein
      is
      unavailable or insufficient to hold harmless the Trustee and its officers,
      directors and Affiliates, then the Servicer shall contribute to the amount
      paid
      or payable by the Trustee, its officers, directors or Affiliates as a result
      of
      the losses, claims, damages or liabilities of the Trustee, its officers,
      directors or Affiliates in such proportion as is appropriate to reflect the
      relative fault of the Trustee and its officers, directors and Affiliates on
      the
      one hand and the Servicer on the other.

     

    (d)  If
      the
      Securities and Exchange Commission issues additional interpretative guidance
      or
      promulgates additional rules or regulations with respect to Regulation AB or
      otherwise, or if other changes in applicable law occur, that would require
      the
      reporting arrangements, or the allocation of responsibilities with respect
      thereto, described in this Section 3.22, to be conducted differently than as
      described, the Depositor, the Servicer, and the Trustee will reasonably
      cooperate to amend the provisions of this Section 3.22 in order to comply with
      such amended reporting requirements and such amendment of this Section 3.22.
      Any
      such amendment shall be made in accordance with the first paragraph of Section
      11.01 without the consent of the Certificateholders and without the requirement
      to deliver notice in writing to the Depositor, the Servicer and the Trustee
      from
      the Rating Agencies that such action will not result in the reduction or
      withdrawal of the rating of any outstanding Class of Certificates with respect
      to which it is a Rating Agency. Such amendment may result in the reduction
      of
      the reports filed by the Trustee on behalf of the Trust under the Exchange
      Act.
      Notwithstanding the foregoing, none of the Depositor, the Servicer and the
      Trustee shall be obligated to enter into any amendment pursuant to this Section
      3.22 that adversely affects its obligations and immunities under this
      Agreement.

     

    (e)  In
      filing
      any Monthly Form 8-K or Form 10-K, the Trustee shall not undertake any analysis
      of, and shall have no responsibility for, any financial information,
      accountant’s report, certification or other matter contained therein, except for
      computations performed by the Trustee and reflected in the statement set forth
      in Section 4.06(a) hereof.

     

    (f)  The
      Depositor, the Servicer and the Trustee agree to use their good faith efforts
      to
      cooperate in complying with the requirements of this Section 3.22.

     

    (g)  Upon
      any
      filing with the Securities and Exchange Commission, the Trustee shall promptly
      deliver to the Depositor and the Servicer a copy of any such executed report,
      statement or information.

     

    (h)  The
      obligations set forth in paragraphs (a) and (b) of this Section shall only
      apply
      with respect to periods for which reports are required to be filed with respect
      to the Trust under the Exchange Act. Prior to January 30 of the first year
      in
      which the Trustee is able to do so under applicable law, the Trustee shall
      file
      a Form 15 Suspension Notification with respect to the Trust. At any time after
      the filing of a Form 15 Suspension Notification, if the number of
      Certificateholders of record exceeds the number set forth in Section 15(d)
      of
      the Exchange Act or the regulations promulgated pursuant thereto which would
      cause the Trust to again become subject to the reporting requirements of the
      Exchange Act, the Trustee, solely at the Depositor’s prior written direction and
      expense, shall recommence preparing and filing reports on Form 10-K and 10-D
      as
      required pursuant to this Section 3.22 and the parties hereto shall again have
      the obligations set forth in this Section.

     

    (i)  For
      so
      long as reports are required to be filed with the Securities and Exchange
      Commission under the Exchange Act with respect to the Trust, each of the
      Depositor, the Trustee, the Servicer and the Seller shall notify the Depositor
      and the Trustee in writing of any litigation or proceeding that would be
      material to Certificateholders pending against such notifying person (or, in
      the
      case of the Servicer, against the Servicer or any Subservicer engaged by it),
      or, with respect to the Depositor, the Trustee and the Seller, any affiliations
      or relationships that develop following the Closing Date between such notifying
      person (or, in the case of the Servicer, between the Servicer or any Subservicer
      engaged by it) and any other party hereto or an Originator, that may have to
      be
      reported on a Form 8-K, Form 10-K or Form 10-D with respect to the Trust.

     

    (j)  For
      so
      long as reports are required to be filed with the Securities and Exchange
      Commission under the Exchange Act with respect to the Trust, the Depositor
      shall
      notify the Servicer and the Trustee in writing within 10 days following any
      Distribution Date as to whether the registrant (1) has filed all reports
      required to be filed by Section 13 or 15(d) of the Securities Exchange Act
      of
      1934 during the preceding 12 months (or for such shorter period that the
      registrant was required to file such reports), and (2) has been subject to
      such
      filing requirements for the past 90 days. Notwithstanding the foregoing, unless
      otherwise indicated in writing by the Depositor within such 10 day-period of
      time, the Depositor shall be deemed to have notified the Servicer and the
      Trustee in the affirmative as to clauses (1) and (2) above. The Depositor shall
      indemnify and hold harmless each of the Servicer and the Trustee, and officers,
      directors and Affiliates of each, from and against any losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses arising out of the Depositor’s
      failure to provide the accurate information required pursuant to this Section
      3.22(j), other than any losses, damages, penalties, fines, forfeitures,
      reasonable and necessary legal fees and related costs, judgments and other
      costs
      and expenses arising out of the Servicer’s or the Trustee’s breach of its
      respective obligations under this Agreement. If the indemnification provided
      for
      herein is unavailable or insufficient to hold harmless the Servicer or the
      Trustee and its respective officers, directors and Affiliates, then the
      Depositor shall contribute to the amount paid or payable by the Servicer, or
      the
      Trustee, as the case may be, its respective officers, directors or Affiliates
      as
      a result of the losses, claims, damages or liabilities of the Servicer, or
      the
      Trustee, as the case may be, its respective officers, directors or Affiliates
      in
      such proportion as is appropriate to reflect the relative fault of the Servicer,
      or the Trustee and its respective officers, directors and Affiliates on the
      one
      hand and the Depositor on the other. 

     

    

     

    
      
        	
              	Section
                3.23	
                Obligations
                  of the Servicer in Respect of Compensating Interest.

              

      

    

     

    Not
      later
      than the close of business on each Servicer Remittance Date, the Servicer shall
      deliver to the Trustee for deposit in the Distribution Account an amount
      (“Compensating Interest”) equal to the lesser of (A) the aggregate of the
      Prepayment Interest Shortfalls on the Mortgage Loans for the related
      Distribution Date resulting from Principal Prepayments in full on the Mortgage
      Loans during the related Prepayment Period and (B) 50% of (x) its aggregate
      Servicing Fee received in the related Collection Period and (y) the Excess
      Servicing Fee with respect to such Distribution Date. Compensating Interest
      shall be applied to offset any Prepayment Interest Shortfalls on the Mortgage
      Loans. The Servicer shall not have the right to reimbursement for any amounts
      remitted to the Trustee in respect of Compensating Interest. Such amounts so
      remitted shall be included in the Available Funds and distributed therewith
      on
      the next Distribution Date. The Servicer shall not be obligated to cover
      shortfalls due to bankruptcy proceedings or the application of the Relief Act
      or
      similar state or local laws and ordinances.

     

    
      
        	
              	Section
                3.24	
                Obligations
                  of the Servicer in Respect of Mortgage Interest Rates and Monthly
                  Payments.

              

      

    

     

    In
      the
      event that a shortfall in any collection on or liability with respect to any
      Mortgage Loan results from or is attributable to adjustments to Mortgage
      Interest Rates, Monthly Payments or Principal Balances that were made by the
      Servicer in a manner not consistent with the terms of the related Mortgage
      Note
      and this Agreement, the Servicer, upon discovery or receipt of notice thereof,
      immediately shall deliver to the Trustee for deposit in the Distribution Account
      from its own funds the amount of any such shortfall and shall indemnify and
      hold
      harmless the Trust Fund, the Trustee, the Depositor and any successor servicer
      in respect of any such liability. Such indemnities shall survive the termination
      or discharge of this Agreement.

     

    
      
        	
              	Section
                3.25	
                Investment
                  of Funds in the Collection Account and the Distribu-tion
                  Account.

              

      

    

     

    (a)  The
      Servicer with respect to the Collection Account and the Trustee with respect
      to
      the Distribution Account, may direct any depository institution maintaining
      the
      Collection Account or Distribution Account, as applicable (for purposes of
      this
      Section 3.25, each an “Investment Account”), to invest the funds in such
      Investment Account in one or more Permitted Investments bearing interest or
      sold
      at a discount, and maturing, unless payable on demand, (i) no later than the
      Business Day immediately preceding the date on which such funds are required
      to
      be withdrawn from such account pursuant to this Agreement, if a Person other
      than the Trustee is the obligor thereon, and (ii) no later than the date on
      which such funds are required to be withdrawn from such account pursuant to
      this
      Agreement, if the Trustee is the obligor thereon. All such Permitted Investments
      shall be held to maturity, unless payable on demand. Any investment of funds
      in
      an Investment Account shall be made in the name of the Trustee or the Servicer,
      as applicable (in its capacity as such) or in the name of a nominee of the
      Trustee. 

     

    In
      the
      event amounts on deposit in an Investment Account are at any time invested
      in a
      Permitted Investment payable on demand, the Trustee shall at the direction
      of
      the Servicer:

     

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

     

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

     

    (b)  All
      income and gain realized from the investment of funds in the Distribution
      Account shall be for the benefit of the Trustee. The Trustee shall deposit
      in
      the Distribution Account the amount of any loss incurred in respect of any
      such
      Permitted Investment made with funds in such account immediately upon
      realization of such loss. 

     

    (c)  All
      income and gain realized from the investment of funds in the Collection Account
      shall be for the benefit of the Servicer. The Servicer shall deposit in the
      Collection Account the amount of any loss incurred in respect of any such
      Permitted Investment made with funds in such account immediately upon
      realization of such loss.

     

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

     

    The
      Trustee shall not in any way be held liable by reason of any insufficiency
      in
      any Account held by the Trustee resulting from any investment loss on any
      Permitted Investment included therein (except to the extent that the Trustee
      is
      the obligor and has defaulted thereon).

     

    
      
        	
              	Section
                3.26	
                Liability
                  of Servicer; Indemnification.

              

      

    

     

    (a)  Subject
      to clause (b) below and Section 6.03, the Servicer (except the Trustee if it
      is
      required to succeed the Servicer hereunder) indemnifies and holds the Trustee,
      the Sponsor, the Depositor and each Certificateholder harmless against any
      and
      all claims, losses, penalties, fines, forfeitures, reasonable legal fees and
      related costs, judgments, and any other costs, fees and expenses that the
      Trustee, the Depositor and any Certificateholder may sustain in any way related
      to the failure of the Servicer to perform its duties and service the Mortgage
      Loans in compliance with the Servicing Standards. The Servicer shall immediately
      notify the Trustee, the Depositor and each Certificateholder if a claim is
      made
      that may result in such claims, losses, penalties, fines, forfeitures, legal
      fees or related costs, judgments, or any other costs, fees and expenses, and
      the
      Servicer shall assume (with the consent of the Trustee) the defense of any
      such
      claim and pay all expenses in connection therewith, including reasonable counsel
      fees, and promptly pay, discharge and satisfy any judgment or decree which
      may
      be entered against the Servicer, the Trustee, the Depositor and/or
      Certificateholder in respect of such claim. The provisions of this Section
      3.26
      shall survive the termination of this Agreement, the termination of the Servicer
      or the Trustee and the payment of the outstanding Certificates.

     

    (b)  None
      of
      the Depositor, the Sponsor, the Servicer, or any of the directors, officers,
      employees or agents of the Depositor, the Sponsor or the Servicer shall be
      under
      any liability to the Trust Fund or the Certificateholders for any action taken,
      or for refraining from the taking of any action, in good faith pursuant to
      this
      Agreement, or for errors in judgment; provided,
      however,
      that
      this provision shall not protect the Depositor, the Sponsor or the Servicer
      or
      any such Person against any breach of warranties or representations made herein,
      or against any specific liability imposed on the Servicer for a breach of the
      Servicing Standard, or against any liability which would otherwise be imposed
      by
      reason of its respective willful misfeasance, bad faith, fraud or negligence
      in
      the performance of its duties or by reasons of negligent disregard of its
      respective obligations or duties hereunder.

     

    The
      Depositor, the Servicer, the Sponsor and any director, officer, employee or
      agent of the Depositor, the Sponsor or the Servicer, may rely in good faith
      on
      any document of any kind which, prima facie, is properly executed and submitted
      by any appropriate Person with respect to any matters arising hereunder. The
      Depositor, the Servicer, the Sponsor, and any director, officer, employee or
      agent of the Depositor, the Sponsor or the Servicer shall be indemnified and
      held harmless by the Trust Fund against any loss, liability or expense incurred
      in connection with any legal action relating to this Agreement or the
      Certificates, other than any loss, liability or expense incurred in connection
      with any legal action incurred by reason of its respective misfeasance, bad
      faith, fraud or negligence, a breach of a representation or warranty hereunder
      or (in the case of the Servicer) a breach of the Servicing Standard in the
      performance of its respective duties or by reason of negligent disregard of
      its
      respective obligations or duties hereunder. Neither the Depositor, the Sponsor
      nor the Servicer shall be under any obligation to appear in, prosecute or defend
      any legal action unless such action is related to its respective duties under
      this Agreement and in its opinion does not expose it to any expense or
      liability; provided,
      however,
      that
      the Depositor, the Sponsor or the Servicer may in its discretion undertake
      any
      action related to its obligations hereunder which it may deem necessary or
      desirable with respect to this Agreement and the rights and duties of the
      parties hereto and the interests of the Certificateholders
      hereunder.

     

    
      
        	
              	Section
                3.27	
                Reports
                  of Foreclosure and Abandonment of Mortgaged Properties.

              

      

    

     

    On
      or
      before the last day of February of each year beginning in 2008, the Servicer
      shall file the reports of foreclosure and abandonment of any Mortgaged Property
      required by Section 6050J of the Code with the Internal Revenue Service and
      provide an Officer’s Certificate certifying its compliance with this Section
      3.27 to the Trustee. The reports from the Servicer shall be in form and
      substance sufficient to meet the reporting requirements imposed by such Section
      6050J.

     

    
      
        	
              	Section
                3.28	
                Protection
                  of Assets.

              

      

    

     

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

     

    (1) borrow
      money or issue debt;

     

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

     

    (3) engage
      in
      any business or activities.

     

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

     

    
      
        	
              	Section
                3.29	
                Net
                  WAC Rate Carryover Reserve Account.

              

      

    

     

    No
      later
      than the Closing Date, the Trustee shall establish and maintain with itself
      a
      separate, segregated trust account titled, “Net WAC Rate Carryover Reserve
      Account, U.S. Bank National Association, as Trustee, in trust for the registered
      Holders of 2007-CB3 Trust, C-BASS Mortgage Loan Asset-Backed Certificates,
      Series 2007-CB3.

     

    On
      each
      Distribution Date as to which there is a Net WAC Rate Carryover Amount payable
      to the Class A Certificates, the Mezzanine Certificates or the Class B
      Certificates, the Trustee has been directed by the Class CE-1 Certificateholders
      to, and therefore shall, deposit into the Net WAC Rate Carryover Reserve Account
      the amounts described in Section 4.02(B)(vi), rather than distributing such
      amounts to the Class CE-1 Certificateholders. On each such Distribution Date,
      the Trustee shall hold all such amounts for the benefit of the Holders of the
      Class
      A
      Certificates, the Mezzanine Certificates and the Class B
      Certificates,
      and
      shall distribute such amounts to the Holders of the Class A Certificates, the
      Mezzanine Certificates and/or the Class B Certificates in the amounts and
      priorities set forth in Section 4.02.

     

    For
      federal and state income tax purposes, the Class CE-1 Certificateholders will
      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 8 to the Holders of the Class CE-1
      Certificates. Upon the termination of the Trust, or the payment in full of
      the
      Class A Certificates, the Mezzanine Certificates and the Class B Certificates,
      all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account
      shall be released by the Trust and distributed to the Class CE-1
      Certificateholders or their designees. The Net WAC Rate Carryover Reserve
      Account shall be part of the Trust but not part of any REMIC and any payments
      to
      the Holders of the Class A Certificates, the Mezzanine Certificates or the
      Class
      B Certificates 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). The Net WAC Rate Carryover Reserve Account will be an “outside
      reserve fund” within the meaning of Treasury Regulation Section
      1.860G-2(h).

     

    By
      accepting a Class CE-1 Certificate, each Class CE-1 Certificateholder hereby
      agrees to direct the Trustee, and the Trustee hereby is directed, to deposit
      into the Net WAC Rate Carryover Reserve Account the amounts described above
      on
      each Distribution Date as to which there is any Net WAC Rate Carryover Amount
      rather than distributing such amounts to the Class CE-1 Certificateholders.
      By
      accepting a Class CE-1 Certificate, each Class CE-1 Certificateholder further
      agrees that such direction is given for good and valuable consideration, the
      receipt and sufficiency of which is acknowledged by such
      acceptance.

     

    Amounts
      on deposit in the Net WAC Rate Carryover Reserve Account shall remain
      uninvested.

     

    For
      federal tax return and information reporting, the value of the right of Class
      A
      Certificates, the Mezzanine Certificates and the Class B Certificates to receive
      payments from the Net WAC Rate Carryover Reserve Account in respect of any
      Net
      WAC Rate Carryover Amount shall be zero.

     

    
      
        	
              	Section
                3.30	
                Advance
                  Facility.

              

      

    

     

    (a)  The
      Servicer is hereby authorized to enter into a financing or other facility (any
      such arrangement, an “Advance Facility”), the documentation for which complies
      with Section 3.30(e) below, under which (1) the Servicer assigns or pledges
      its
      rights under this Agreement to be reimbursed for any or all Advances and/or
      Servicing Advances to (i) a Person, which may be a special-purpose
      bankruptcy-remote entity (an “SPV”), (ii) a Person, which may simultaneously
      assign or pledge such rights to an SPV or (iii) a lender (a “Lender”), which, in
      the case of any Person or SPV of the type described in either of the preceding
      clauses (i) or (ii), may directly or through other assignees and/or pledgees,
      assign or pledge such rights to a Person, which may include a trustee acting
      on
      behalf of holders of debt instruments (any such Person or any such Lender,
      an
“Advance Financing Person”), and/or (2) an Advance Financing Person agrees to
      fund all the Advances and/or Servicing Advances required to be made by the
      Servicer pursuant to this Agreement. No consent of the Trustee,
      Certificateholders or any other party shall be required before the Servicer
      may
      enter into an Advance Facility nor shall the Trustee or the Certificateholders
      be a third party beneficiary of any obligation of an Advance Financing Person
      to
      the Servicer. Notwithstanding the existence of any Advance Facility under which
      an Advance Financing Person agrees to fund Advances and/or Servicing Advances,
      (A) the Servicer (i) shall remain obligated pursuant to this Agreement to make
      Advances and/or Servicing Advances pursuant to and as required by this Agreement
      and (ii) shall not be relieved of such obligations by virtue of such Advance
      Facility and (B) neither the Advance Financing Person nor any Servicer’s
      Assignee (as hereinafter defined) shall have any right to proceed against or
      otherwise contact any Mortgagor for the purpose of collecting any payment that
      may be due with respect to any related Mortgage Loan or enforcing any covenant
      of such Mortgagor under the related Mortgage Loan documents.

     

    (b)  If
      the
      Servicer enters into an Advance Facility, the Servicer and the related Advance
      Financing Person shall deliver to the Trustee at the address set forth in
      Section 11.05 hereof a written notice (an “Advance Facility Notice”), stating
      (a) the identity of the Advance Financing Person and (b) the identity of the
      Person (the “Servicer’s Assignee”) that will, subject to Section 3.30(c) hereof,
      have the right to make withdrawals from the Collection Account pursuant to
      Section 3.05 hereof to reimburse previously unreimbursed Advances and/or
      Servicing Advances (“Advance Reimbursement Amounts”). Advance Reimbursement
      Amounts (i) shall consist solely of amounts in respect of Advances and/or
      Servicing Advances for which the Servicer would be permitted to reimburse itself
      in accordance with Section 3.05 hereof, assuming the Servicer had made the
      related Advance(s) and/or Servicing Advance(s) and (ii) shall not consist of
      amounts payable to a successor Servicer in accordance with Section 3.05 hereof
      to the extent permitted under Section 3.30(e) below.

     

    (c)  Notwithstanding
      the existence of an Advance Facility, the Servicer, on behalf of the Advance
      Financing Person and the Servicer’s Assignee, shall be entitled to receive
      reimbursements of Advances and/or Servicing Advances in accordance with Section
      3.05 hereof, which entitlement may be terminated by the Advance Financing Person
      pursuant to a written notice to the Trustee in the manner set forth in Section
      11.05 hereof. Upon receipt of such written notice, the Servicer shall no longer
      be entitled to receive reimbursement for any Advance Reimbursement Amounts
      and
      the Servicer’s Assignee shall immediately have the right to receive from the
      Collection Account all Advance Reimbursement Amounts. Notwithstanding the
      foregoing, and for the avoidance of doubt, (i) the Servicer and/or the
      Servicer’s Assignee shall only be entitled to reimbursement of Advance
      Reimbursement Amounts hereunder from withdrawals from the Collection Account
      pursuant to Section 3.05 of this Agreement and shall not otherwise be entitled
      to make withdrawals of, or receive, Advance Reimbursement Amounts that shall
      be
      deposited in the Distribution Account pursuant to Section 3.04(b) hereof, and
      (ii) none of the Trustee or the Certificateholders shall have any right to,
      or
      otherwise be entitled to, receive any Advance Reimbursement Amounts to which
      the
      Servicer or Servicer’s Assignee, as applicable, shall be entitled pursuant to
      Section 3.05 hereof. Without limiting the foregoing, none of the Trustee or
      the
      Certificateholders shall have any right to set off against Advance Reimbursement
      Amounts hereunder. An Advance Facility may be terminated by the joint written
      direction of the Servicer and the related Advance Financing Person. Written
      notice of such termination shall be delivered to the Trustee in the manner
      set
      forth in Section 11.05 hereof. Neither the Depositor nor the Trustee shall,
      as a
      result of the existence of any Advance Facility, have any additional duty or
      liability with respect to the calculation or payment of any Advance
      Reimbursement Amount, nor, as a result of the existence of any Advance Facility,
      shall the Depositor or the Trustee have any additional responsibility to track
      or monitor the administration of the Advance Facility or the payment of Advance
      Reimbursement Amounts to the Servicer’s Assignee. The Depositor and the Trustee
      shall be entitled to rely without independent investigation on the Advance
      Facility Notice and on such Servicer’s report of the amount of Advance
      Reimbursement Amounts and Servicing Advance Reimbursement Amounts that were
      included in the remittance from such Servicer to the Trustee pursuant to Section
      4.01. The Servicer shall indemnify the Depositor, the Trustee, any successor
      Servicer and the Trust Fund for any claim, loss, liability or damage resulting
      from any claim by the related Advance Financing Person, except to the extent
      that such claim, loss, liability or damage resulted from or arose out of
      negligence, recklessness or willful misconduct on the part of the Depositor,
      the
      Trustee or any successor Servicer, as the case may be, or failure by the
      successor Servicer or the Trustee, as the case may be, to remit funds as
      required by this Agreement or the commission of an act or omission to act by
      the
      successor Servicer or the Trustee, as the case may be, and the passage of any
      applicable cure or grace period, such that an Event of Termination under this
      Agreement occurs or such entity is subject to termination for cause under this
      Agreement. The Servicer shall maintain and provide to any successor Servicer
      and, upon request, the Trustee a detailed accounting on a loan-by-loan basis
      as
      to amounts advanced by, pledged or assigned to, and reimbursed to any Advance
      Financing Person. The successor Servicer shall be entitled to rely on any such
      information provided by the predecessor Servicer, and the successor Servicer
      shall not be liable for any errors in such information.

     

    (d)  [Reserved].

     

    (e)  As
      between a predecessor Servicer and its Advance Financing Person, on the one
      hand, and a successor Servicer and its Advance Financing Person, if any, on
      the
      other hand, Advance Reimbursement Amounts on a loan-by-loan basis with respect
      to each Mortgage Loan as to which an Advance and/or Servicing Advance shall
      have
      been made and be outstanding shall be allocated on a “first-in, first out”
basis. In the event the Servicer’s Assignee shall have received some or all of
      an Advance Reimbursement Amount related to Advances and/or Servicing Advances
      that were made by a Person other than such predecessor Servicer or its related
      Advance Financing Person in error, then such Servicer’s Assignee shall be
      required to remit any portion of such Advance Reimbursement Amount to each
      Person entitled to such portion of such Advance Reimbursement Amount. Without
      limiting the generality of the foregoing, the Servicer shall remain entitled
      to
      be reimbursed by the Advance Financing Person for all Advances and/or Servicing
      Advances funded by the Servicer to the extent the related Advance Reimbursement
      Amounts have not been assigned or pledged to such Advance Financing Person
      or
      Servicer’s Assignee.

     

    (f)  For
      purposes of any Officer’s Certificate of the Servicer made pursuant to Section
      4.07(d), any Nonrecoverable Advance referred to therein may have been made
      by
      such Servicer or any predecessor Servicer. In making its determination that
      any
      Advance or Servicing Advance theretofore made has become a Nonrecoverable
      Advance, the Servicer shall apply the same criteria in making such determination
      regardless of whether such Advance or Servicing Advance shall have been made
      by
      the Servicer or any predecessor Servicer.

     

    (g)  Any
      amendment to this Section 3.30 or to any other provision of this Agreement
      that
      may be necessary or appropriate to effect the terms of an Advance Facility
      as
      described generally in this Section 3.30, including amendments to add provisions
      relating to a successor Servicer, may be entered into by the Trustee, the
      Depositor and the Servicer without the consent of any Certificateholder,
      provided such amendment complies with Section 11.01 hereof. All reasonable
      costs
      and expenses (including attorneys’ fees) of each party hereto of any such
      amendment shall be borne solely by the Servicer. The parties hereto hereby
      acknowledge and agree that: (a) the Advances and/or Servicing Advances financed
      by and/or pledged to an Advance Financing Person under any Advance Facility
      are
      obligations owed to the Servicer payable only from the cash flows and proceeds
      received under this Agreement for reimbursement of Advances and/or Servicing
      Advances only to the extent provided herein, and the Trustee and the Trust
      are
      not, as a result of the existence of any Advance Facility, obligated or liable
      to repay any Advances and/or Servicing Advances financed by the Advance
      Financing Person; (b) the Servicer will be responsible for remitting to the
      Advance Financing Person the applicable amounts collected by it as reimbursement
      for Advances and/or Servicing Advances funded by the Advance Financing Person,
      subject to the provisions of this Agreement; and (c) the Trustee shall not
      have
      any responsibility to track or monitor the administration of the financing
      arrangement between the Servicer and any Advance Financing Person.

     

    ARTICLE
      IV

     

    FLOW
      OF
      FUNDS

     

    
      
        	
              	Section
                4.01	
                Interest
                  Distributions.

              

      

    

     

    On
      each
      Distribution Date, the Trustee shall withdraw from the Distribution Account
      the
      Interest Remittance Amount (net of any Trustee Fees then due and owing, which
      shall be withdrawn and paid to the Trustee) to the extent on deposit therein
      and
      apply it in the following order of priority (based upon the Mortgage Loan
      information provided to it in the Remittance Report, upon which the Trustee
      may
      conclusively rely):

     

    (i)  concurrently,
      to the Holders of each Class of Class A Certificates, on a pro
      rata basis
      based on the entitlement of each such Class, the applicable Accrued Certificate
      Interest for such Distribution Date;

     

    (ii)  concurrently,
      to the Holders of each Class of Class A Certificates, on a pro
      rata basis
      based on the entitlement of each such Class, the applicable Interest Carry
      Forward Amount for the Class A Certificates;

     

    (iii)  sequentially,
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, in that
      order, in an amount equal to the Accrued Certificate Interest on each such
      Class
      for such Distribution Date; and

     

    (iv)  any
      remaining Interest Remittance Amount applied as Monthly Excess Cashflow Amounts
      as set forth under Section 4.02(B) below.

     

    With
      respect to any distributions to be made on the Class B-1 Certificates, the
      Class
      B-2 Certificates, the Class B-3 Certificates or the Class B-4 Certificates
      pursuant to this Section 4.01, such distributions will be made first, on the
      related Class B Interest and then, on the related Class of
      Certificates.

     

    On
      each
      Distribution Date, for so long as Litton Loan Servicing LP is the Servicer
      of
      the Mortgage Loans, the Trustee shall distribute to the Holders of the Class
      CE-2 Certificates, with respect to each Mortgage Loan and for each such calendar
      month, an amount equal to one-twelfth of the product of (i) the Excess Servicing
      Fee Rate multiplied by (ii) the same principal amount on which interest on
      such
      Mortgage Loan accrues for such calendar month (the “Excess Servicing
      Fee”).

     

    
      
        	
              	Section
                4.02	
                Distributions
                  of Principal, Monthly Excess Cashflow Amounts, Net WAC Rate Carryover
                  Amounts, Net Swap Payments.

              

      

    

     

    (A)  Distributions
      of Principal:

     

    I.  On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, distributions in respect of principal to the extent of the
      Principal Remittance Amount will be made in the following order of priority
      to
      the extent available:

     

    (a) to
      the
      Holders of the Class A Certificates (allocated among the Class A Certificates
      in
      the priority described below), until the Certificate Principal Balances thereof
      have been reduced to zero; and

     

    (b) sequentially,
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, in that
      order, until the Certificate Principal Balances thereof have been reduced to
      zero.

     

    II.  On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, distributions in respect of principal to the extent
      of
      the Principal Remittance Amount shall be made in the following order of priority
      to the extent available:

     

    (a) to
      the
      Holders of the Class A Certificates (allocated among the Class A Certificates
      in
      the priority described below), in an amount equal to the Senior Principal
      Distribution Amount, until the Certificate Principal Balances thereof have
      been
      reduced to zero; and

     

    (b) sequentially,
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, in that
      order, in an amount equal to the related Subordinate Principal Distribution
      Amount, until the Certificate Principal Balances thereof have been reduced
      to
      zero.

     

    With
      respect to the Class A Certificates, all principal distributions will be
      distributed first, to the Holders of the Class A-5 Certificates, the Lockout
      Distribution Percentage of such principal distributions, until the Certificate
      Principal Balance of the Class A-5 Certificates has been reduced to zero;
      second, to the Class A-1 Certificates, until the Certificate Principal Balance
      of the Class A-1 Certificates has been reduced to zero; third, to the Class
      A-2
      Certificates, until the Certificate Principal Balance of the Class A-2
      Certificates has been reduced to zero; fourth, to the Class A-3 Certificates,
      until the Certificate Principal Balance of the Class A-3 Certificates has been
      reduced to zero; fifth, to the Class A-4 Certificates, until the Certificate
      Principal Balance of the Class A-4 Certificates has been reduced to zero; and
      sixth, to the Class A-5 Certificates, until the Certificate Principal Balances
      of the Class A-5 Certificates have been reduced to zero, provided, however,
      on
      any Distribution Date on which the aggregate Certificate Principal Balance
      of
      the Mezzanine Certificates and the Class B Certificate has been reduced to
      zero,
      principal distributions will be distributed concurrently, to the Class A
      Certificates, on a pro
      rata
      basis,
      based on the Certificate Principal Balance of each such Class, until their
      respective Certificate Principal Balances have been reduced to
      zero.

     

    (B)  On
      each
      Distribution Date, any Monthly Excess Cashflow Amount shall be distributed,
      to
      the extent available, in the following order of priority on such Distribution
      Date:

     

    (i)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to the
      Overcollateralization Deficiency, distributable as part of the Principal
      Remittance Amount;

     

    (ii)  beginning
      with the Distribution Date in March 2026, if the aggregate Principal Balance
      of
      the Mortgage Loans with original terms to maturity of greater than 30 years
      exceeds the Overcollateralization Amount for such Distribution Date,
      sequentially, to the Holders of the Class A Certificates (on a pro
      rata
      basis
      based on the Certificate Principal Balance of each such Class), the Class M-1
      Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class
      M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class B-1
      Certificates, Class B-2 Certificates, Class B-3 Certificates and Class B-4
      Certificates, in that order, as distributions of principal in reduction of
      the
      Certificate Principal Balances thereof, until the aggregate Principal Balance
      of
      the Mortgage Loans with original terms to maturity of greater than 30 years
      is
      equal to or less than the Overcollateralization Amount for such Distribution
      Date;

     

    (iii)  sequentially,
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, in that
      order, first, to fund the Interest Carry Forward Amount, if any, for each such
      Class and second, to fund the related Realized Loss Amortization Amount for
      each
      such Class for such Distribution Date;

     

    (iv)  to
      the
      Net WAC Rate Carryover Reserve Account to fund the amount of any Net WAC Rate
      Carryover Amount;

     

    (v)  to
      the
      Swap Provider, any Swap Termination Payments resulting from a Swap Provider
      Trigger Event;

     

    (vi)  to
      the
      Holders of the Class CE-1 Certificates, (a) the Accrued Certificate Interest
      for
      such Distribution Date and (b) on any Distribution Date on which the aggregate
      Certificate Principal Balance of the Floating Rate Certificates and the Fixed
      Rate Certificates have been reduced to zero, any remaining amounts in reduction
      of the Certificate Principal Balance of the Class CE-1 Certificates, until
      the
      Certificate Principal Balance thereof has been reduced to zero; and

     

    (vii)  if
      such
      Distribution Date follows the Prepayment Period during which occurs the latest
      date on which a Prepayment Charge may be required to be paid in respect of
      any
      Mortgage Loans, to the Holders of the Class P Certificates, in reduction of
      the
      Certificate Principal Balance thereof, until the Certificate Principal Balance
      thereof is reduced to zero; and

     

    (viii)  any
      remaining amounts to the Holders of the Residual Certificates (in respect of
      the
      Class R-1 Interest, the Class R-2 Interest, the Class R-3 Interest, the Class
      R-4 Interest, the Class R-5 Interest, the Class R-6 Interest, the Class R-7
      Interest, the Class R-8 Interest, the Class R-9 Interest, the Class R-10
      Interest and the Class R-11 Interest, as applicable).

     

    With
      respect to any distributions to be made on the Class B Certificates, the Class
      CE-1 Certificates, the Class CE-2 Certificates and the Class P Certificates
      pursuant to this Section 4.02, such distributions will be made first, on the
      related Class B Interest, Class CE-1 Interest, the Class CE-2 Interest or Class
      P Interest, as applicable, and then, on the related Class of
      Certificates.

     

    Following
      the foregoing distributions, an amount equal to the amount of Subsequent
      Recoveries deposited into the Collection Account pursuant to Section 3.04(a)
      shall be applied to increase the Certificate Principal Balance of the Class
      of
      Certificates with the Highest Priority up to the extent of such Realized Losses
      previously allocated to that Class of Certificates pursuant to Section 4.03.
      An
      amount equal to the amount of any remaining Subsequent Recoveries shall be
      applied to increase the Certificate Principal Balance of the Class of
      Certificates with the next Highest Priority, up to the amount of such Realized
      Losses previously allocated to that Class of Certificates pursuant to Section
      4.03. Holders of such Certificates will not be entitled to any distribution
      in
      respect of interest on the amount of such increases for any Interest Accrual
      Period preceding the Distribution Date on which such increase occurs. Any such
      increases shall be applied to the Certificate Principal Balance of each
      Certificate of such Class in accordance with its respective Percentage
      Interest.

     

    (C)  On
      each
      Distribution Date, all Prepayment Charges (including amounts deposited in
      connection with the full or partial waiver of such Prepayment Charges pursuant
      to Section 3.01) shall be allocated to the Class P Certificates.

     

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

     

    (i)  concurrently,
      to each Class of Class A Certificates, on a pro
      rata
      basis
      based on the Net WAC Rate Carryover Amount remaining for each such Class;
      and

     

    (ii)  sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      B-1, Class B-2, Class B-3 and Class B-4 Certificates, in that order, to the
      extent of any remaining Net WAC Rate Carryover Amount for such
      Class.

     

    (E)  On
      each
      Distribution Date, after making the distributions of the Available Funds, the
      Monthly Excess Cashflow Amount and amounts on deposit in the Net WAC Rate
      Carryover Reserve Account as set forth above, the Trustee shall distribute
      the
      amount on deposit in the Swap Account as follows:

     

    (i)  to
      the
      Swap Provider, any Net Swap Payment owed to the Swap Provider pursuant to the
      Interest Rate Swap Agreement for such Distribution Date;

     

    (ii)  to
      the
      Swap Provider, any Swap Termination Payment owed to the Swap Provider pursuant
      to the Interest Rate Swap Agreement not due to a Swap Provider Trigger
      Event;

     

    (iii)  sequentially,
      to the Class M-1 Certificates,
      Class
      M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5
      Certificates and Class M-6 Certificates, in that order, the related Accrued
      Certificate Interest and Interest Carry Forward Amount, to the extent remaining
      undistributed after the distributions of the Interest Remittance Amount and
      the
      Monthly Excess Cashflow Amount;

     

    (iv)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any remaining
      Overcollateralization Deficiency Amount after taking into account distributions
      made pursuant to Section 4.02(B)(i), in the manner and the priority set forth
      in
      Section 4.02(A);

     

    (v)  sequentially
      to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
      Class M-4 Certificates, Class M-5 Certificates and Class M-6 Certificates,
      in
      that order, in each case up to the related Allocated Realized Loss Amount
      related to such Certificates for such Distribution Date remaining undistributed
      after distribution of the Monthly Excess Cashflow Amount;

     

    (vi)  sequentially,
      to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
      Class M-4 Certificates, Class M-5 Certificates and Class M-6 Certificates,
      in
      that order, the related Net WAC Rate Carryover Amount, to the extent remaining
      undistributed after distributions are made from the Net WAC Rate Carryover
      Reserve Account; and

     

    (vii)  any
      remaining amounts to the Holders of the Class CE-1 Certificates.

     

    
      
        	
              	Section
                4.03	
                Allocation
                  of Losses.

              

      

    

     

    (a)  All
      Realized Losses on the Mortgage Loans allocated to any Regular Certificate
      shall
      be allocated by the Trustee on each Distribution Date as follows: first, to
      the
      Accrued Certificate Interest on the Class CE-1 Certificates as provided in
      Section 1.03 (after the allocation thereto of any Prepayment Interest Shortfalls
      or Relief Act Interest Shortfalls as provided in Section 1.03); second, to
      the
      Class CE-1 Certificates, until the Certificate Principal Balance thereof has
      been reduced to zero; third, to the Class B-4 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; fourth, to
      the
      Class B-3 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; fifth, to the Class B-2 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; sixth, to the Class B-1
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; seventh, to the Class M-6 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero; eighth, to the Class M-5 Certificates,
      until the Certificate Principal Balance thereof has been reduced to zero; ninth,
      to the Class M-4 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero; tenth, to the Class M-3 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; eleventh, to
      the
      Class M-2 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero and twelfth, to the Class M-1 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero. All Realized
      Losses to be allocated to the Certificate Principal Balances of all Classes
      on
      any Distribution Date shall be so allocated after the actual distributions
      to be
      made on such date as provided above. All references above to the Certificate
      Principal Balance of any Class of Certificates shall be to the Certificate
      Principal Balance of such Class immediately prior to the relevant Distribution
      Date, before reduction thereof by any Realized Losses, in each case to be
      allocated to such Class of Certificates, on such Distribution Date.

     

    Any
      allocation of Realized Losses to a Mezzanine Certificate or a Class B
      Certificate on any Distribution Date shall be made by reducing the Certificate
      Principal Balance thereof by the amount so allocated.

     

    (b)  With
      respect to the REMIC 1 Regular Interests, all Realized Losses on the Mortgage
      Loans shall be allocated by the Trustee on each Distribution Date, first to
      REMIC 1 Regular Interest I until the Uncertificated Principal Balance has been
      reduced to zero, and second, to REMIC 1 Regular Interest I-1-A through REMIC
      1
      Regular Interest I-14-B, starting with the lowest numerical denomination until
      such REMIC 1 Regular Interest has been reduced to zero, provided that, for
      REMIC
      1 Regular Interests with the same numerical denomination, such Realized Losses
      shall be allocated pro
      rata
      between
      such REMIC 1 Regular Interests.

     

    (c)  All
      Realized Losses on the Mortgage Loans shall be allocated by the Trustee on
      each
      Distribution Date to the following REMIC 2 Regular Interests in the specified
      percentages, as follows: first, to Uncertificated Accrued Interest payable
      to
      REMIC 2 Regular Interest LT2AA and REMIC 2 Regular Interest LT2ZZ up to an
      aggregate amount equal to the REMIC 2 Interest Loss Allocation Amount, 98%
      and
      2%, respectively; second, to the Uncertificated Principal Balances of REMIC
      2
      Regular Interest LT2AA and REMIC 2 Regular Interest LT2ZZ up to an aggregate
      amount equal to the REMIC 2 Principal Loss Allocation Amount, 98% and 2%,
      respectively; third, to the Uncertificated Principal Balances of REMIC 2 Regular
      Interest LT2AA, REMIC 2 Regular Interest LT2B4 and REMIC 2 Regular Interest
      LT2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance
      of REMIC 2 Regular Interest LT2B4 has been reduced to zero; fourth, to the
      Uncertificated Principal Balances of REMIC 2 Regular Interest LT2AA, REMIC
      2
      Regular Interest LT2B3 and REMIC 2 Regular Interest LT2ZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LT2B3 has been reduced to zero; fifth, to the Uncertificated Principal
      Balances of REMIC 2 Regular Interest LT2AA, REMIC 2 Regular Interest LT2B2
      and
      REMIC 2 Regular Interest LT2ZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LT2B2 has been
      reduced to zero; sixth, to the Uncertificated Principal Balances of REMIC 2
      Regular Interest LT2AA, REMIC 2 Regular Interest LT2B1 and REMIC 2 Regular
      Interest LT2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LT2B1 has been reduced to zero; seventh,
      to
      the Uncertificated Principal Balances of REMIC 2 Regular Interest LT2AA, REMIC
      2
      Regular Interest LT2M6 and REMIC 2 Regular Interest LT2ZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LT2M6 has been reduced to zero; eighth, to the Uncertificated Principal
      Balances of REMIC 2 Regular Interest LT2AA, REMIC 2 Regular Interest LT2M5
      and
      REMIC 2 Regular Interest LT2ZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LT2M5 has been
      reduced to zero; ninth, to the Uncertificated Principal Balances of REMIC 2
      Regular Interest LT2AA, REMIC 2 Regular Interest LT2M4 and REMIC 2 Regular
      Interest LT2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LT2M4 has been reduced to zero; tenth,
      to
      the Uncertificated Principal Balances of REMIC 2 Regular Interest LT2AA, REMIC
      2
      Regular Interest LT2M3 and REMIC 2 Regular Interest LT2ZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LT2M3 has been reduced to zero; eleventh, to the Uncertificated
      Principal Balances of REMIC 2 Regular Interest LT2AA, REMIC 2 Regular Interest
      LT2M2 and REMIC 2 Regular Interest LT2ZZ, 98%, 1% and 1%, respectively, until
      the Uncertificated Principal Balance of REMIC 2 Regular Interest LT2M2 has
      been
      reduced to zero and twelfth, to the Uncertificated Principal Balances of REMIC
      2
      Regular Interest LT2AA, REMIC 2 Regular Interest LT2M1 and REMIC 2 Regular
      Interest LT2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LT2M1 has been reduced to zero.

     

    (d)  Special
      Hazard Losses will be allocated as set forth in (a) above; provided, however,
      that if Special Hazard Losses exceed the greatest of (i) 1.00% of the aggregate
      Principal Balance of the Mortgage Loans as of the Cut-off Date, (ii) the product
      (a) two (b) the Principal Balance of the Mortgage Loan with the largest
      Principal Balance as of the last day of the related Collection Period and (iii)
      the aggregate Principal Balance of the Mortgage Loans located within the largest
      zip-code concentration in California as of the last day of the related
      Collection Period, such excess Special Hazard Losses will be allocated among
      the
      Class B Certificates and the Mezzanine Certificates on a pro
      rata basis
      based on the Certificate Principal Balance of each such Class.

     

    
      
        	
              	Section
                4.04	
                Method
                  of Distribution.

              

      

    

     

    The
      Trustee shall make distributions in respect of a Distribution Date to each
      Certificateholder of record on the related Record Date (other than as provided
      in Section 10.01 respecting the final distribution), in the case of
      Certificateholders of the Certificates, by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trustee in writing at least five Business Days prior
      to the Record Date immediately prior to such Distribution Date and is the
      registered owner of such Certificates the aggregate initial Certificate
      Principal Balance or Notional Amount of which is in excess of $5,000,000, or
      by
      check mailed by first class mail to the address of the Person entitled thereto,
      as such name and address shall appear on the Certificate Register, provided
      that
      the Trustee may deduct a reasonable wire transfer fee from any payment made
      by
      wire transfer. Distributions among Certificateholders shall be made in
      proportion to the Percentage Interests evidenced by the Certificates held by
      such Certificateholders.

     

    
      
        	
              	Section
                4.05	
                Distributions
                  on Book-Entry Certificates.

              

      

    

     

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

     

    
      
        	
              	Section
                4.06	
                Statements.

              

      

    

     

    (a)  On
      each
      Distribution Date, based, as applicable, on the Mortgage Loan information
      contained in the Remittance Report, the Trustee shall prepare and make available
      on its website at http://www.usbank.com/abs, or at such other site as the
      Trustee may designate from time to time, for access by each Holder of the
      Regular Certificates and the Depositor, a statement as to the distributions
      made
      on such Distribution Date:

     

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

     

    (ii)  the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Certificates allocable to interest, separately identified; the amount
      of the distribution made on such Distribution Date to the Holders of the Class
      CE-1 Certificates and the aggregate amount of Prepayment Charges collected
      (including amounts deposited in connection with the full or partial waiver
      of
      such Prepayment Charges pursuant to Section 3.01) during the related Collection
      Period and the amounts thereof allocable to the Class P
      Certificates;

     

    (iii)  the
      Overcollateralization Amount, the Overcollateralization Release Amount, the
      Overcollateralization Deficiency, the Targeted Overcollateralization Amount
      and
      the Monthly Excess Interest Amount as of such Distribution Date;

     

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

     

    (v)  the
      aggregate amount of Advances for the related Collection Period (including the
      general purpose of such Advances to the extent such information is provided
      to
      the Trustee by the Servicer);

     

    (vi)  the
      Pool
      Balance at the close of business at the end of the related Collection
      Period;

     

    (vii)  the
      number, weighted average remaining term to maturity and weighted average
      Mortgage Interest Rate of the Mortgage Loans as of the related Due
      Date;

     

    (viii)  the
      number and aggregate unpaid Principal Balance of Mortgage Loans (a) 30 to 59
      days past due on a contractual basis, (b) 60 to 89 days past due on a
      contractual basis, (c) 90 or more days past due on a contractual basis, (d)
      as
      to which foreclosure proceedings have been commenced and (e) in bankruptcy
      as of
      the close of business on the last day of the calendar month preceding such
      Distribution Date;

     

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

     

    (x)  the
      book
      value of any REO Property as of the close of business on the last Business
      Day
      of the calendar month preceding the Distribution Date, and, cumulatively, the
      total number and cumulative principal balance of all REO Properties as of the
      close of business of the last day of the preceding Collection
      Period;

     

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

     

    (xii)  the
      aggregate amount of Realized Losses incurred during the related Collection
      Period and the cumulative amount of Realized Losses;

     

    (xiii)  the
      Certificate Principal Balance or Notional Amount, as applicable, of each Class
      of Certificates (other than the Residual Certificates), after giving effect
      to
      the distributions, and allocations of Realized Losses or Applied Realized Loss
      Amounts, as applicable, made on such Distribution Date, separately identifying
      any reduction thereof due to allocations of Realized Losses or Applied Realized
      Loss Amounts;

     

    (xiv)  the
      Accrued Certificate Interest in respect of each Class of Class A Certificates,
      Mezzanine Certificates and Class B Certificates for such Distribution Date,
      and
      the respective portions thereof, if any, remaining unpaid following the
      distributions made in respect of such Certificates on such Distribution Date
      and
      the amount of any Net WAC Rate Carryover Amounts;

     

    (xv)  the
      aggregate amount of any Prepayment Interest Shortfalls for such Distribution
      Date, to the extent not covered by payments by the Servicer pursuant to Section
      3.23;

     

    (xvi)  the
      Net
      WAC Rate Carryover Amounts distributed on such Distribution Date and the amounts
      remaining after giving effect to distributions thereof on such Distribution
      Date;

     

    (xvii)  whether
      a
      Stepdown Date or Trigger Event has occurred and is continuing, and the
      cumulative Realized Losses, as a percentage of the original Pool
      Balance;

     

    (xviii)  the
      Available Funds;

     

    (xix)  the
      rate
      at which interest accrues for each Class of Certificates for such Distribution
      Date;

     

    (xx)  the
      Liquidation Report for such Distribution Date;

     

    (xxi)  the
      aggregate Principal Balance of Mortgage Loans purchased by the Servicer or
      Sponsor during the related Collection Period and indicating the Section of
      this
      Agreement requiring or allowing the purchase of each such Mortgage
      Loan;

     

    (xxii)  the
      amount of any Net Swap Payments or Swap Termination Payments; and

     

    (xxiii)  the
      applicable Record Date, Interest Accrual Period, Determination Date,
      Distribution Date and any other applicable determination dates for calculating
      distributions for such Distribution Date.

     

    The
      Trustee’s responsibility for providing the above statement is limited to the
      availability, timeliness and accuracy of the information derived from the
      Servicer. The Trustee may fully rely upon and shall have no liability with
      respect to information with respect to the Mortgage Loans provided by the
      Servicer.

     

    In
      the
      case of information furnished pursuant to subclauses (i) through (iii) above,
      the amounts shall be expressed in a separate section of the report as a dollar
      amount for each Class for each $1,000 original dollar amount as of the Cut-off
      Date.

     

    Parties
      that are unable to use or access the Trustee’s website are entitled to have a
      paper copy of the above statement mailed to them by first class mail by calling
      the Trustee at (800) 934-6802.

     

    (b)  Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall
      furnish to each Person who at any time during the calendar year was a
      Certificateholder of a Regular Certificate, if requested in writing by such
      Person, such information as is reasonably necessary to provide to such Person
      a
      statement containing the information set forth in subclauses (i), (ii), (xv)
      and
      (xx) above, aggregated for such calendar year or applicable portion thereof
      during which such Person was a Certificateholder. Such obligation of the Trustee
      shall be deemed to have been satisfied to the extent that substantially
      comparable information shall be prepared and furnished by the Trustee to
      Certificateholders pursuant to any requirements of the Code as are in force
      from
      time to time.

     

    (c)  On
      each
      Distribution Date, the Trustee shall forward to the Residual Certificateholders
      a copy of the reports forwarded to the Regular Certificateholders in respect
      of
      such Distribution Date with such other information as the Trustee deems
      necessary or appropriate. Such obligation of the Trustee shall be deemed to
      have
      been satisfied to the extent that substantially comparable information shall
      be
      prepared and furnished to Residual Certificateholders by the Trustee pursuant
      to
      any requirements of the Code as from time to time in force.

     

    
      
        	
              	Section
                4.07	
                Remittance
                  Reports; Advances.

              

      

    

     

    (a)  On
      the
      second Business Day following each Determination Date but in no event less
      than
      four Business Days prior to the related Distribution Date, the Servicer shall
      deliver to the Trustee by telecopy (or by such other means as the Servicer
      and
      the Trustee may agree from time to time) a Remittance Report with respect to
      the
      related Distribution Date. On the same date, the Servicer shall forward to
      the
      Trustee by overnight mail a computer readable magnetic tape or diskette or
      in
      such other medium as may be agreed between the Servicer and the Trustee
      containing the information set forth in such Remittance Report with respect
      to
      the related Distribution Date. Not later than the close of business New York
      time on the Servicer Remittance Date, the Servicer shall deliver or cause to
      be
      delivered to the Trustee in addition to the information provided on the
      Remittance Report, such other information reasonably available to it with
      respect to the Mortgage Loans as the Trustee may reasonably request or order
      in
      order for the Trustee to perform the calculations necessary to make the
      distributions contemplated by Section 4.01, 4.02 and 4.03 and to prepare the
      statements to Certificateholders contemplated by Section 4.06. The Trustee
      shall
      not be responsible to recompute, recalculate or verify any information provided
      to it by the Servicer.

     

    (b)  The
      amount of Advances to be made by the Servicer for any Distribution Date shall
      equal, subject to Section 4.07(d), (i) the aggregate amount of Monthly Payments
      (net of the related Servicing Fee and the Excess Servicing Fee and other than
      the portion of the Monthly Payment representing principal on any second lien
      Mortgage Loan), due during the related Collection Period in respect of the
      Actuarial Mortgage Loans, which Monthly Payments were delinquent on a
      contractual basis as of the close of business on the related Determination
      Date
      and (ii) with respect to each REO Property, which REO Property was acquired
      during or prior to the related Prepayment Period and as to which such REO
      Property an REO Disposition did not occur during the related Prepayment Period,
      an amount equal to the excess, if any, of only the interest portion of the
      Monthly Payments (net of the related Servicing Fee and the Excess Servicing
      Fee)
      that would have been due on the related Due Date in respect of the related
      Mortgage Loans, over the net income from such REO Property deposited in the
      Collection Account pursuant to Section 3.13 for distribution on such
      Distribution Date. For purposes of the preceding sentence, the Monthly Payment
      on each Balloon Mortgage Loan with a delinquent Balloon Payment is equal to
      the
      assumed monthly payment that would have been due on the related Due Date based
      on the original principal amortization schedule for the such Balloon Mortgage
      Loan.

     

    On
      or
      before the close of business New York time on the Servicer Remittance Date,
      the
      Servicer shall remit in immediately available funds to the Trustee for deposit
      in the Distribution Account an amount equal to the aggregate amount of Advances,
      if any, to be made in respect of the Mortgage Loans and REO Properties for
      the
      related Distribution Date either (i) from its own funds or (ii) from the
      Collection Account, to the extent of funds held therein for future distribution
      (in which case it will cause to be made an appropriate entry in the records
      of
      the Collection Account that amounts held for future distribution have been,
      as
      permitted by this Section 4.07, used by the Servicer in discharge of any such
      Advance) or (iii) in the form of any combination of (i) and (ii) aggregating
      the
      total amount of Advances to be made by the Servicer with respect to the Mortgage
      Loans and REO Properties. In addition, the Servicer shall have the right to
      reimburse itself for any Advances previously made from the Collection Account,
      to the extent of funds held therein for future distribution. Any amounts held
      for future distribution and so used shall be appropriately reflected in the
      Servicer’s records and replaced by the Servicer by deposit in the Collection
      Account on or before the next Distribution Date to the extent that the Available
      Funds for the related Distribution Date (determined without regard to Advances
      to be made on the Servicer Remittance Date) shall be less than the total amount
      that would be distributed to the Classes of Certificateholders pursuant to
      Section 4.01 and 4.02 on such Distribution Date if such amounts held for future
      distributions had not been so used to make Advances. The Trustee will provide
      notice to the Servicer by telecopy by the close of business on any Servicer
      Remittance Date in the event that the amount remitted by the Servicer to the
      Trustee on such date is less than the Advances required to be made by the
      Servicer for the related Distribution Date, as set forth in the related
      Remittance Report.

     

    (c)  The
      obligation of the Servicer to make such Advances is mandatory, notwithstanding
      any other provision of this Agreement but subject to (d) below, and, with
      respect to any Mortgage Loan or REO Property, shall continue until the earlier
      of such time as such Mortgage Loan is paid in full by the Mortgagor or disposed
      of by the Trust, or until the recovery of all Liquidation Proceeds
      thereon.

     

    (d)  Notwithstanding
      anything herein to the contrary, no Advance or Servicing Advance shall be
      required to be made hereunder by the Servicer if such Advance would, if made,
      constitute a Nonrecoverable Advance. The determination by the Servicer that
      it
      has made a Nonrecoverable Advance or that any proposed Advance, if made, would
      constitute a Nonrecoverable Advance, shall be evidenced by an Officers’
Certificate of the Servicer delivered to the Depositor and the
      Trustee.

     

    
      
        	
              	Section
                4.08	
                REMIC
                  Distributions.

              

      

    

     

    (a)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts to be distributed by REMIC 1 to REMIC 2 on account of
      the
      REMIC 1 Regular Interests or withdrawn from the Distribution Account and
      distributed to the Holders of the Class R Certificates (in respect of the Class
      R-1 Interest), as the case may be:

     

    (i)  to
      Holders of each of REMIC 1 Regular Interest I, REMIC 1 Regular Interest I-CE-2
      and REMIC 1 Regular Interest I-1-A through I-14-B, on a pro
      rata
      basis,
      in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1
      Regular Interests for such Distribution Date, plus (B) any amounts payable
      in
      respect thereof remaining unpaid from previous Distribution Dates;

     

    (ii)  to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (A)
      above, payments of principal shall be allocated as follows: first, to the REMIC
      1 Regular Interest I and then to REMIC 1 Regular interests I-1-A through I-14-B
      starting with the lowest numerical denomination until the Uncertificated
      Principal Balance of each such REMIC 1 Regular Interest is reduced to zero,
      provided that, for REMIC 1 Regular Interests with the same numerical
      denomination, such payments of principal shall be allocated pro rata between
      such REMIC 1 Regular Interests; and

     

    (iii)  to
      the
      Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100%
      of
      the amount paid in respect of Prepayment Charges and (B) on the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date thereafter
      until $100 has been distributed pursuant to this clause.

     

    (b)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts to be distributed by REMIC 2 to REMIC 3 on account of
      the
      REMIC 2 Regular Interests or withdrawn from the Distribution Account and
      distributed to the Holders of the Class R Certificates (in respect of the Class
      R-2 Interest), as the case may be:

     

    (i)  to
      the
      Holders of REMIC 2 Regular Interest LT2IO, in an amount equal to (A)
      Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates;

     

    (ii)  to
      Holders of REMIC 2 Regular Interest LT2AA, REMIC 2 Regular Interest LT2A1,
      REMIC
      2 Regular Interest LT2A2, REMIC 2 Regular Interest LT2A3, REMIC 2 Regular
      Interest LT2A4, REMIC 2 Regular Interest LT2A5, REMIC 2 Regular Interest LT2M1,
      REMIC 2 Regular Interest LT2M2, REMIC 2 Regular Interest LT2M3, REMIC 2 Regular
      Interest LT2M4, REMIC 2 Regular Interest LT2M5, REMIC 2 Regular Interest LT2M6,
      REMIC 2 Regular Interest LT2B1, REMIC 2 Regular Interest LT2B2, REMIC 2 Regular
      Interest LT2B3, REMIC 2 Regular Interest LT2B4 and REMIC 2 Regular Interest
      LT2ZZ, and REMIC 2 Regular Interest LT2CE2 pro
      rata,
      in an
      amount equal to (A) the Uncertificated Accrued Interest for such Distribution
      Date, plus (B) any amounts in respect thereof remaining unpaid from previous
      Distribution Dates. Amounts payable as Uncertificated Accrued Interest in
      respect of REMIC 2 Regular Interest LT2ZZ shall be reduced and deferred when
      the
      REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization
      Target Amount, by the lesser of (x) the amount of such difference and (y) the
      Maximum LT2ZZ Uncertificated Accrued Interest Deferral Amount and such amount
      will be payable to the Holders of REMIC 2 Regular Interest LT2A1, REMIC 2
      Regular Interest LT2A2, REMIC 2 Regular Interest LT2A3, REMIC 2 Regular Interest
      LT2A4, REMIC 2 Regular Interest LT2A5, REMIC 2 Regular Interest LT2M1, REMIC
      2
      Regular Interest LT2M2, REMIC 2 Regular Interest LT2M3, REMIC 2 Regular Interest
      LT2M4, REMIC 2 Regular Interest LT2M5, REMIC 2 Regular Interest LT2M6, REMIC
      2
      Regular Interest LT2B1, REMIC 2 Regular Interest LT2B2, REMIC 2 Regular Interest
      LT2B3 and REMIC 2 Regular Interest LT2B4 in the same proportion as the
      Overcollateralization Deficiency is allocated to the Corresponding Certificates
      and the Uncertificated Principal Balance of REMIC 2 Regular Interest LT2ZZ
      shall
      be increased by such amount;

     

    (iii)  to
      the
      Holders of REMIC 2 Regular Interests, in an amount equal to the remainder of
      the
      Available Funds for such Distribution Date after the distributions made pursuant
      to clause (i) above, allocated as follows:

     

    (a) 98.00%
      of
      such remainder to the Holders of REMIC 2 Regular Interest LTAA and REMIC 2
      Regular Interest LTP, until the Uncertificated Principal Balance of such
      Uncertificated REMIC 2 Regular Interest is reduced to zero; provided, however,
      that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date
      thereafter, at which point such amount shall be distributed to REMIC 2 Regular
      Interest LTP, until $100 has been distributed pursuant to this
      clause;

     

    (b) 2.00%
      of
      such remainder, first, to the Holders of REMIC 2 Regular Interest LT2A1, REMIC
      2
      Regular Interest LT2A2, REMIC 2 Regular Interest LT2A3, REMIC 2 Regular Interest
      LT2A4, REMIC 2 Regular Interest LT2A5, REMIC 2 Regular Interest LT2M1, REMIC
      2
      Regular Interest LT2M2, REMIC 2 Regular Interest LT2M3, REMIC 2 Regular Interest
      LT2M4, REMIC 2 Regular Interest LT2M5, REMIC 2 Regular Interest LT2M6, REMIC
      2
      Regular Interest LT2B1, REMIC 2 Regular Interest LT2B2, REMIC 2 Regular Interest
      LT2B3 and REMIC 2 Regular Interest LT2B4, in the same proportion as principal
      payments are allocated to the Corresponding Certificates, until the
      Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced
      to zero; and second, to the Holders of REMIC 2 Regular Interest LT2ZZ until
      the
      Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced
      to
      zero;

     

    (c) any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-2 Interest)

     

    provided,
      however, that (i) 98.00% and (ii) 2.00% of any principal payments that are
      attributable to an Overcollateralization Release Amount shall be allocated
      to
      Holders of (i) REMIC 2 Regular Interest LT2AA and (ii) REMIC 2 Regular Interest
      LT2ZZ, respectively.

     

    Notwithstanding
      the distributions pursuant to this Section 4.08, distribution of funds shall
      be
      made only in accordance with Section 4.01 and Section 4.02.

     

    (c)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts to be distributed by REMIC 3 to REMIC 4 on account of
      the
      Class B-1 Interest or withdrawn from the Distribution Account and distributed
      to
      the Holders of the Class R-X Certificates (in respect of the Class R-4
      Interest), as the case may be:

     

    (i)  to
      the
      Holders of the Class B-1 Interest, in an amount equal to (A) the Accrued
      Certificate Interest for such Distribution Date, plus (B) any amounts in respect
      thereof remaining unpaid from previous Distribution Dates; and

     

    (ii)  to
      the
      Holders of the Class B-1 Interest, until the Certificate Principal Balance
      of
      the Class B-2 Interest is reduced to zero.

     

    (d)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts to be distributed by REMIC 3 to REMIC 5 on account of
      the
      Class B-2 Interest or withdrawn from the Distribution Account and distributed
      to
      the Holders of the Class R-X Certificates (in respect of the Class R-5
      Interest), as the case may be:

     

    (i)  to
      the
      Holders of the Class B-2 Interest, in an amount equal to (A) the Accrued
      Certificate Interest for such Distribution Date, plus (B) any amounts in respect
      thereof remaining unpaid from previous Distribution Dates; and

     

    (ii)  to
      the
      Holders of the Class B-2 Interest, until the Certificate Principal Balance
      of
      the Class B-2 Interest is reduced to zero.

     

    (e)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts to be distributed by REMIC 3 to REMIC 6 on account of
      the
      Class B-3 Interest or withdrawn from the Distribution Account and distributed
      to
      the Holders of the Class R-X Certificates (in respect of the Class R-6
      Interest), as the case may be:

     

    (i)  to
      the
      Holders of the Class B-3 Interest, in an amount equal to (A) the Accrued
      Certificate Interest for such Distribution Date, plus (B) any amounts in respect
      thereof remaining unpaid from previous Distribution Dates; and

     

    (ii)  to
      the
      Holders of the Class B-3 Interest, until the Certificate Principal Balance
      of
      the Class B-3 Interest is reduced to zero.

     

    (f)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts to be distributed by REMIC 3 to REMIC 7 on account of
      the
      Class B-4 Interest or withdrawn from the Distribution Account and distributed
      to
      the Holders of the Class R-X Certificates (in respect of the Class R-7
      Interest), as the case may be:

     

    (i)  to
      the
      Holders of the Class B-4 Interest, in an amount equal to (A) the Accrued
      Certificate Interest for such Distribution Date, plus (B) any amounts in respect
      thereof remaining unpaid from previous Distribution Dates; and

     

    (ii)  to
      the
      Holders of the Class B-4 Interest, until the Certificate Principal Balance
      of
      the Class B-4 Interest is reduced to zero.

     

    (g)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts to be distributed by REMIC 3 to REMIC 8 on account of
      the
      Class CE-1 Interest or withdrawn from the Distribution Account and distributed
      to the Holders of the Class R-X Certificates (in respect of the Class R-8
      Interest), as the case may be:

     

    (i)  to
      the
      Holders of the Class CE-1 Interest, in an amount equal to the Accrued
      Certificate Interest for such Distribution Date; and

     

    (ii)  on
      the
      Distribution Date on which the aggregate Certificate Principal Balance of the
      Class A Certificates, the Mezzanine Certificates and the Class B Certificates
      has been reduced to zero, to the Holders of the Class CE-1 Interest, until
      the
      Certificate Principal Balance of the Class CE-1 Interest is reduced to
      zero.

     

    (h) On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts to be distributed by REMIC 3 to REMIC 9 on account of
      the
      Class CE-2
      Interest
      or withdrawn from the Distribution Account and distributed to the Holders of
      the
      Class R-X Certificates (in respect of the Class R-9 Interest), as the case
      may
      be, to the Holders of the Class CE-2 Certificates, in an amount equal to 100%
      of
      the amounts received in respect of the Class CE-2 Interest.

     

    (i) On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts to be distributed by REMIC 3 to REMIC 10 on account of
      the
      Class P Interest or withdrawn from the Distribution Account and distributed
      to
      the Holders of the Class R-X Certificates (in respect of the Class R-10
      Interest), as the case may be:

     

    (i)  to
      the
      Holders of the Class P Interest, in an amount equal to 100% of the amount paid
      in respect of Prepayment Charges; and 

     

    (ii)  on
      the
      Distribution Date immediately following the expiration of the latest Prepayment
      Charge as identified on the Prepayment Charge Schedule or any Distribution
      Date
      thereafter, to the Holders of the Class P Interest, until $100 has been
      distributed pursuant to this clause. 

     

    (j) On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts to be distributed by REMIC 3 to REMIC 11 on account of
      the
      Class IO Interest or withdrawn from the Distribution Account and distributed
      to
      the Holders of the Class R-X Certificates (in respect of the Class R-11
      Interest), as the case may be, to the Holders of the Class IO Interest, in
      an
      amount equal to 100% of the amounts received in respect of the Class IO
      Interest.

     

    
      
        	
              	Section
                4.09	
                Swap
                  Account.

              

      

    

     

    (a)  On
      the
      Closing Date, there is hereby established a separate trust (the “Supplemental
      Interest Trust”), into which the Depositor shall deposit the Interest Rate Swap
      Agreement. The Supplemental Interest Trust shall be maintained by the
      Supplemental Interest Trust Trustee, who initially, shall be the Trustee. No
      later than the Closing Date, the Supplemental Interest Trust Trustee shall
      establish and maintain a separate, segregated trust account to be held in the
      Supplemental Interest Trust, titled, “Swap Account, U.S. Bank National
      Association, as Trustee, in trust for the registered Holders of 2007-CB3 Trust,
      C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB3.” Such account
      shall be an Eligible Account and funds on deposit therein shall be held separate
      and apart from, and shall not be commingled with, any other moneys, including,
      without limitation, other moneys of the Trustee held pursuant to this Agreement.
      Amounts therein shall be held uninvested.

     

    (b)  On
      each
      Distribution Date, prior to any distribution to any Certificate, the
      Supplemental Interest Trust Trustee shall deposit into the Swap Account: (i)
      the
      amount of any Net Swap Payment or Swap Termination Payment (other than any
      Swap
      Termination Payment resulting from a Swap Provider Trigger Event) owed to the
      Swap Provider (after taking into account any upfront payment received from
      the
      counterparty to a replacement interest rate swap agreement) from funds received
      by it from the Servicer with respect to the Mortgage Loans prior to the
      determination of Available Funds with respect to such Distribution Date. For
      federal income tax purposes, any amounts paid to the Swap Provider on each
      Distribution Date shall first be deemed paid to the Swap Provider in respect
      of
      REMIC 11 Regular Interest SWAP IO to the extent of the amount distributable
      on
      REMIC 11 Regular Interest SWAP IO on such Distribution Date, and any remaining
      amount shall be deemed paid to the Swap Provider in respect of a Class IO
      Distribution Amount (as defined below).

     

    (c)  It
      is the
      intention and direction of the Sponsor that, for federal and state income and
      state and local franchise tax purposes, the Supplemental Interest Trust be
      disregarded as an entity separate from the Holder of the Class CE-1 Certificates
      unless and until the date when either (a) there is more than one Class CE-1
      Certificateholder or (b) any Class of Certificates in addition to the Class
      CE-1
      Certificates is recharacterized as an equity interest in the Supplemental
      Interest Trust for federal income tax purposes, in which case it is the
      intention and direction of the Sponsor to the other parties hereto that, for
      federal and state income and state and local franchise tax purposes, the
      Supplemental Interest Trust be treated as a partnership. The Supplemental
      Interest Trust will be an “outside reserve fund” within the meaning of Treasury
      Regulation Section 1.860G-2(h).

     

    (d)  To
      the
      extent that the Supplemental Interest Trust is determined to be a separate
      legal
      entity from the Supplemental Interest Trust Trustee, any obligation of the
      Supplemental Interest Trust Trustee under the Interest Rate Swap Agreement
      shall
      be deemed to be an obligation of the Supplemental Interest Trust.

     

    (e)  The
      Trustee shall treat the Holders of Certificates (other than the Class CE-1
      Certificates, Class P Certificates and Residual Certificates) as having entered
      into a notional principal contract with respect to the Holders of the Class
      CE-1
      Certificates. Pursuant to each such notional principal contract, all Holders
      of
      Certificates (other than the Class CE-1 Certificates, Class P Certificates
      and
      Residual Certificates) shall be treated as having agreed to pay, on each
      Distribution Date, to the Holder of the Class CE-1 Certificates an aggregate
      amount equal to the excess, if any, of (i) the amount payable on such
      Distribution Date on the REMIC 2 Regular Interest corresponding to such Class
      of
      Certificates over (ii) the amount payable on such Class of Certificates on
      such
      Distribution Date (such excess, a “Class
      IO
      Distribution Amount”). A Class IO Distribution Amount payable from interest
      collections shall be allocated pro
      rata
      among
      such Certificates based on the excess of (a) the amount of interest otherwise
      payable to such Certificates over (ii) the amount of interest payable to such
      Certificates at a per annum rate equal to the Rate Cap, and a Class IO
      Distribution Amount payable from principal collections shall be allocated to
      the
      most subordinate Class of Certificates with an outstanding Certificate Principal
      Balance to the extent of such balance. In addition, pursuant to such notional
      principal contract, the Holder of the Class CE-1 Certificates shall be treated
      as having agreed to pay Net WAC Rate Carryover Amounts to the Holders of the
      Certificates (other than the Class CE-1 Certificates, the Class CE-2
      Certificates, Class P Certificates and Residual Certificates) in accordance
      with
      the terms of this Agreement. Any payments to such Certificates from amounts
      deemed received in respect of this notional principal contract shall not be
      payments with respect to a Regular Interest in a REMIC within the meaning of
      Section 860G(a)(1) of the Code. However, any payment from the Certificates
      (other than the Class CE-1 Certificates, the Class CE-2 Certificates, Class
      P
      Certificates and Residual Certificates) of a Class IO Distribution Amount shall
      be treated for tax purposes as having been received by the Holders of such
      Certificates in respect of their interests in REMIC 3 and as having been paid
      by
      such Holders pursuant to the notional principal contract. Thus, each Certificate
      (other than the Class CE-1 Certificates, the Class CE-2 Certificates, Class
      P
      Certificates and Residual Certificates) shall be treated as representing not
      only ownership of Regular Interests in REMIC 2, but also ownership of an
      interest in, and obligations with respect to, a notional principal
      contract.

     

    (f)  The
      Supplemental Interest Trust Trustee shall, at the written direction of the
      Sponsor, enforce all of the Supplemental Interest Trust Trustee’s rights and
      exercise any remedies under the Swap Agreement. In the event the Swap Agreement
      is terminated as a result of the designation by either party thereto of an
      Early
      Termination Date (as defined therein), the Supplemental Interest Trust Trustee
      shall, at the written direction of the Sponsor, cooperate with the Sponsor
      in
      replacing the Interest Rate Swap Agreement with a new
      interest
      rate swap agreement. The Supplemental Interest Trust Trustee shall have no
      responsibility with regard to the selection of a replacement swap provider
      or
      the negotiation of a replacement interest rate swap agreement. Any Swap
      Termination Payment received by the Supplemental Interest Trust Trustee shall
      be
      deposited in the Swap Account and shall be used to make any upfront payment
      required under a replacement swap agreement and any upfront payment received
      from the counterparty to a replacement swap agreement shall be used to pay
      any
      Swap Termination Payment owed to the Swap Provider.

     

    
      
        	
              	Section
                4.10	
                Tax
                  Treatment of Swap Payments and Swap Termination Payments.

              

      

    

     

    For
      federal income tax purposes, each holder of a Floating Rate Certificate and
      Fixed Rate Certificate is deemed to own an undivided beneficial ownership
      interest in a REMIC regular interest and the right to receive payments from
      either the Net WAC Rate Carryover Reserve Account or the Swap Account in respect
      of the Net WAC Rate Carryover Amount or the obligation to make payments to
      the
      Swap Account. For federal income tax purposes, the Trustee shall account for
      payments to each Floating Rate Certificate and Fixed Rate Certificate as
      follows: each such Certificate shall be treated as receiving their entire
      payment from REMIC 3 (regardless of any Swap Termination Payment or obligation
      under the Interest Rate Swap Agreement) and subsequently paying their portion
      of
      any Swap Termination Payment in respect of each such Class’ obligation under the
      Interest Rate Swap Agreement. In the event that any such Class is resecuritized
      in a REMIC, the obligation under the Interest Rate Swap Agreement to pay any
      such Swap Termination Payment (or any shortfall in a Swap Payment owed to the
      Swap Provider), shall be made by one or more of the REMIC Regular Interests
      issued by the resecuritization REMIC subsequent to such REMIC Regular Interest
      receiving its full payment from any such Floating Rate Certificate or Fixed
      Rate
      Certificate.

     

    The
      REMIC
      regular interest corresponding to a Floating Rate Certificate or Fixed Rate
      Certificate shall be entitled to receive interest and principal payments at
      the
      times and in the amounts equal to those made on the certificate to which it
      corresponds, except that (i) the maximum interest rate of that REMIC regular
      interest will equal the Rate Cap computed for this purpose by limiting the
      Base
      Calculation Amount (as set forth in the Interest Rate Swap Agreement) to the
      aggregate Principal Balance of the Mortgage Loans and (ii) any Swap Termination
      Payment shall be treated as being payable solely from Monthly Excess Cashflow
      Amount. As a result of the foregoing, the amount of distributions and taxable
      income on the REMIC regular interest corresponding to a Floating Rate
      Certificate or Fixed Rate Certificate may exceed the actual amount of
      distributions on such Certificates.

     

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    
      
        	
              	Section
                5.01	
                The
                  Certificates.

              

      

    

     

    Each
      of
      the Class A Certificates, the Mezzanine Certificates, the Class B Certificates,
      the Class CE-1 Certificates, the Class CE-2 Certificates, the Class P
      Certificates and the Residual Certificates shall be substantially in the forms
      annexed hereto as exhibits, and shall, on original issue, be executed by the
      Trustee and authenticated and delivered by the Certificate Registrar to or
      upon
      the receipt of a Written Order to Authenticate from the Depositor concurrently
      with the sale and assignment to the Trustee of the Trust Fund. Each Class of
      the
      Class A Certificates, the Mezzanine Certificates and the Class B Certificates
      shall be initially evidenced by one or more Certificates representing a
      Percentage Interest with a minimum dollar (or notional amount) denomination
      of
      $25,000 and integral multiples of $1 in excess thereof. The Class CE-1
      Certificates, Class P Certificates and Residual Certificates are issuable only
      in minimum Percentage Interests of 10%.

     

    The
      Certificates shall be executed on behalf of the Trust by manual or facsimile
      signature on behalf of the Trustee by a Responsible Officer. Certificates
      bearing the manual or facsimile signatures of individuals who were, at the
      time
      when such signatures were affixed, authorized to sign on behalf of the Trustee
      shall bind the Trust, notwithstanding that such individuals or any of them
      have
      ceased to be so authorized prior to the authentication and delivery of such
      Certificates or did not hold such offices at the date of such Certificate.
      No
      Certificate shall be entitled to any benefit under this Agreement or be valid
      for any purpose, unless such Certificate shall have been manually authenticated
      by the Certificate Registrar substantially in the form provided for herein,
      and
      such authentication upon any Certificate shall be conclusive evidence, and
      the
      only evidence, that such Certificate has been duly authenticated and delivered
      hereunder. All Certificates shall be dated the date of their authentication.
      Subject to Section 5.02(c), the Class A Certificates, the Mezzanine Certificates
      and the Class B Certificates shall be Book-Entry Certificates. The Class CE-1
      Certificates, Class CE-2 Certificates, Class P Certificates and Residual
      Certificates shall not be Book-Entry Certificates but shall be issued in fully
      registered certificate form.

     

    
      
        	
              	Section
                5.02	
                Registration
                  of Transfer and Exchange of Certificates.

              

      

    

     

    (a)  The
      Certificate Registrar shall cause to be kept at the Corporate Trust Office
      of
      the Trustee a Certificate Register in which, subject to such reasonable
      regulations as it may prescribe, the Certificate Registrar shall provide for
      the
      registration of Certificates and of transfers and exchanges of Certificates
      as
      herein provided. The Trustee shall initially serve as Certificate Registrar
      for
      the purpose of registering Certificates and transfers and exchanges of
      Certificates as herein provided. The Trustee as Certificate Registrar shall
      be
      subject to the same standards of care, limitations on liability and rights
      to
      indemnity as the Trustee, and the provisions of Sections 8.01, 8.02, 8.03,
      8.04,
      8.05, 8.14 and 8.15 shall apply to the Certificate Registrar to the same extent
      as they apply to the Trustee. Any Certificate Registrar appointed in accordance
      with this Section 5.02(a) may at any time resign by giving at least 30 days’
advance written notice of resignation to the Trustee, the Servicer and the
      Depositor, such resignation to become effective upon appointment of a successor
      Certificate Registrar.

     

    Upon
      surrender for registration of transfer of any Certificate at any office or
      agency of the Certificate Registrar maintained for such purpose pursuant to
      the
      foregoing paragraph and, in the case of a Residual Certificate, upon
      satisfaction of the conditions set forth below, the Trustee on behalf of the
      Trust shall execute and the Certificate Registrar shall authenticate and
      deliver, in the name of the designated transferee or transferees, one or more
      new Certificates of the same aggregate Percentage Interest.

     

    At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates in authorized denominations and the same aggregate Percentage
      Interests, upon surrender of the Certificates to be exchanged at any such office
      or agency. Whenever any Certificates are so surrendered for exchange, the
      Trustee shall execute on behalf of the Trust and the Certificate Registrar
      shall
      authenticate and deliver the Certificates which the Certificateholder making
      the
      exchange is entitled to receive. Every Certificate presented or surrendered
      for
      registration of transfer or exchange shall (if so required by the Trustee or
      the
      Certificate Registrar) be duly endorsed by, or be accompanied by a written
      instrument of transfer satisfactory to the Trustee and the Certificate Registrar
      duly executed by, the Holder thereof or his attorney duly authorized in
      writing.

     

    (b)  Upon
      original issuance, the Book-Entry Certificates shall be issued in the form
      of
      one or more typewritten certificates, to be delivered to the Depository, the
      initial Depository, by, or on behalf of, the Depositor; or to, and deposited
      with the Certificate Custodian, on behalf of the Depository, if directed to
      do
      so pursuant to instructions from the Depository. Except as provided in paragraph
      (c) below, the Book-Entry Certificates shall at all times remain registered
      in
      the name of the Depository or its nominee and at all times: (i) registration
      of
      such Certificates may not be transferred by the Trustee except to another
      Depository; (ii) the Depository shall maintain book-entry records with respect
      to the Certificate Owners and with respect to ownership and transfers of such
      Certificates; (iii) ownership and transfers of registration of such Certificates
      on the books of the Depository shall be governed by applicable rules established
      by the Depository; (iv) the Depository may collect its usual and customary
      fees,
      charges and expenses from its Depository Participants; (v) the Trustee shall
      for
      all purposes deal with the Depository as representative of the Certificate
      Owners of the Certificates for purposes of exercising the rights of Holders
      under this Agreement, and requests and directions for and votes of such
      representative shall not be deemed to be inconsistent if they are made with
      respect to different Certificate Owners; (vi) the Trustee may rely and shall
      be
      fully protected in relying upon information furnished by the Depository with
      respect to its Depository Participants and furnished by the Depository
      Participants with respect to indirect participating firms and Persons shown
      on
      the books of such indirect participating firms as direct or indirect Certificate
      Owners; and (vii) the direct participants of the Depository shall have no rights
      under this Agreement under or with respect to any of the Certificates held
      on
      their behalf by the Depository, and the Depository may be treated by the Trustee
      and its agents, employees, officers and directors as the absolute owner of
      the
      Certificates for all purposes whatsoever.

     

    All
      transfers by Certificate Owners of Book-Entry Certificates shall be made in
      accordance with the procedures established by the Depository Participant or
      brokerage firm representing such Certificate Owners. Each Depository Participant
      shall only transfer Book Entry Certificates of Certificate Owners that it
      represents or of brokerage firms for which it acts as agent in accordance with
      the Depository’s normal procedures. The parties hereto are hereby authorized to
      execute a Letter of Representations with the Depository or take such other
      action as may be necessary or desirable to register a Book-Entry Certificate
      to
      the Depository. In the event of any conflict between the terms of any such
      Letter of Representation and this Agreement, the terms of this Agreement shall
      control.

     

    (c)  If
      (i)(x)
      the Depository or the Depositor advises the Trustee in writing that the
      Depository is no longer willing or able to discharge properly its
      responsibilities as Depository and (y) the Depositor is unable to locate a
      qualified successor or (ii) after the occurrence of a Servicer Event of
      Termination, the Certificate Owners of each Class of Book-Entry Certificates
      representing Percentage Interests of such Classes aggregating not less than
      51%
      advises the Trustee and Depository through the Financial Intermediaries and
      the
      Depository Participants in writing that the continuation of a book-entry system
      through the Depository to the exclusion of definitive, fully registered
      certificates (the “Definitive Certificates”) to Certificate Owners is no longer
      in the best interests of the Certificate Owners. Upon surrender to the
      Certificate Registrar of the Book-Entry Certificates by the Depository,
      accompanied by registration instructions from the Depository for registration,
      the Trustee shall, at the Depositor’s expense, in the case of (ii) above, or the
      Sponsor’s expense, in the case of (i) and (iii) above, execute on behalf of the
      Trust and the Certificate Registrar shall authenticate the Definitive
      Certificates. Neither the Depositor nor the Trustee shall be liable for any
      delay in delivery of such instructions and may conclusively rely on, and shall
      be protected in relying on, such instructions. Upon the issuance of Definitive
      Certificates, the Trustee, the Certificate Registrar, the Servicer, any Paying
      Agent and the Depositor shall recognize the Holders of the Definitive
      Certificates as Certificateholders hereunder.

     

    (d)  Except
      with respect to (a) the initial transfer of the Private Certificates by the
      Depositor, (b) the transfer of a Private Certificate to the issuer under any
      Indenture or the indenture trustee under any Indenture and (c) a transfer of
      any
      such Private Certificate from the issuer under any Indenture or the indenture
      trustee under any Indenture, no transfer, sale, pledge or other disposition
      of
      any Private Certificate or Ownership Interest therein shall be made unless
      such
      disposition is exempt from the registration requirements of the Securities
      Act
      of 1933, as amended (the “1933 Act”), and any applicable state securities laws
      or is made in accordance with the 1933 Act and laws. In the event of any such
      transfer, (i) unless such transfer is made in reliance upon Rule 144A (as
      evidenced by the investment letter delivered to the Certificate Registrar,
      in
      substantially the form attached hereto as Exhibit J-2) under the 1933 Act,
      if
      the Certificate Registrar and the Depositor shall require a written Opinion
      of
      Counsel (which may be in-house counsel) acceptable to and in form and substance
      reasonably satisfactory to the Certificate Registrar and the Depositor that
      such
      transfer may be made pursuant to an exemption, describing the applicable
      exemption and the basis therefor, from the 1933 Act or is being made pursuant
      to
      the 1933 Act, which Opinion of Counsel shall not be an expense of the
      Certificate Registrar or the Depositor or (ii) the Certificate Registrar shall
      require the transferor to execute a transferor certificate (in substantially
      the
      form attached hereto as Exhibit L) and the transferee to execute an investment
      letter (in substantially the form attached hereto as Exhibit J-1) acceptable
      to
      and in form and substance reasonably satisfactory to the Depositor and the
      Certificate Registrar certifying to the Depositor and the Certificate Registrar
      the facts surrounding such transfer, which investment letter shall not be an
      expense of the Certificate Registrar or the Depositor. 

     

    If
      any
      Certificate Owner that is required under this Section 5.02(d) to transfer its
      Book-Entry Certificates in the form of Definitive Certificates, (i) notifies
      the
      Trustee of such transfer or exchange and (ii) transfers such Book-Entry
      Certificates to the Trustee, in its capacity as such, through the book-entry
      facilities of the Depository, then the Trustee shall decrease the balance of
      such Book-Entry Certificates or, the Trustee shall use reasonable efforts to
      cause the surrender to the Certificate Registrar of such Book-Entry Certificates
      by the Depository, and thereupon, the Trustee shall execute, authenticate and
      deliver to such Certificate Owner or its designee one or more Definitive
      Certificates in authorized denominations and with a like aggregate principal
      amount.

     

    Subject
      to the provisions of this Section 5.02(d) governing registration of transfer
      and
      exchange, Private Certificates (i) held as Definitive Certificates may be
      transferred in the form of Book-Entry Certificates in reliance on Rule 144A
      under the 1933 Act to one or more “qualified institutional buyers” that are
      acquiring such Definitive Certificates for their own accounts or for the
      accounts of other “qualified institutional buyers” and (ii) held as Definitive
      Certificates by a “qualified institutional buyer” for its own account or for the
      account of another “qualified institutional buyer” may be exchanged for
      Book-Entry Certificates, in each case upon surrender of such Private
      Certificates for registration of transfer or exchange at the offices of the
      Trustee maintained for such purpose. Whenever any such Private Certificates
      are
      so surrendered for transfer or exchange, either the Trustee shall increase
      the
      balance of the related Book-Entry Certificates or the Trustee shall execute,
      authenticate and deliver the Book-Entry Certificates for which such Private
      Certificates were transferred or exchanged, as necessary and appropriate. No
      Holder of Definitive Certificates other than a “qualified institutional buyer”
holding such Certificates for its own account or for the account of another
      “qualified institutional buyer” may exchange such Private Certificates for
      Book-Entry Certificates. Further, any Certificate Owner of a Book-Entry
      Certificate other than any such “qualified institutional buyers” shall notify
      the Trustee of its status as such and shall transfer such Book-Entry Certificate
      to the Trustee, through the book-entry facilities of the Depository, whereupon,
      and also upon surrender to the Trustee of such Book-Entry Certificate by the
      Depository, (which surrender the Trustee shall use reasonable efforts to cause
      to occur), the Trustee shall execute, authenticate and deliver to such
      Certificate Owner or such Certificate Owner’s nominee one or more Definitive
      Certificates in authorized denominations and with a like aggregate principal
      amount.

     

    No
      transfer of an
      ERISA
      Restricted Certificate (other
      than in connection with (a) the initial transfer of the Private Certificates
      by
      the Depositor, (b) the transfer of a Private Certificate to the issuer under
      the
      Indenture or the indenture trustee under the Indenture and (c) a transfer of
      any
      Private Certificate from the issuer under the Indenture or the indenture trustee
      under the Indenture) other than a Class B-4 Certificate, shall be made unless
      the Certificate Registrar shall have received either (i) a representation from
      the transferee of such Certificate, acceptable to and in form and substance
      satisfactory to the Certificate Registrar and the Depositor, (such requirement
      is satisfied only by the Certificate Registrar’s receipt of a representation
      letter from the transferee substantially in the form of Exhibit I hereto, as
      appropriate), to the effect that such transferee is not an employee benefit
      plan
      or arrangement subject to Section 406 of ERISA or a plan subject to Section
      4975
      of the Code (“Plans”), nor a person acting on behalf of any such Plan nor using
      the assets of any such Plan or arrangement (“Plan Assets”) to effect such
      transfer or (ii) (except in the case of a Residual Certificate) in the case
      of
      any such ERISA Restricted Certificate presented for registration in the name
      of
      an employee benefit plan subject to ERISA or a plan or arrangement subject
      to
      Section 4975 of the Code (or comparable provisions of any subsequent
      enactments), or a trustee of any such plan or any other person acting on behalf
      of any such plan or arrangement or using such plan’s or arrangement’s assets, an
      Opinion of Counsel satisfactory to the Certificate Registrar (which Opinion
      of
      Counsel shall not be an expense of the Servicer, the Certificate Registrar,
      the
      Depositor, the Seller or the Trust), and upon which the Trustee, the Depositor,
      the Seller, the Servicer and the Certificate Registrar shall be entitled to
      rely, to the effect that the purchase and holding of such ERISA Restricted
      Certificate will not result in a non-exempt prohibited transaction under ERISA
      and the Code and will not subject the Servicer, the Trustee or the Certificate
      Registrar to any obligation in addition to those expressly undertaken in this
      Agreement or to any liability. For purposes of the preceding sentence, the
      representation in (i) shall be deemed to have been made to the Certificate
      Registrar by the acceptance by a Certificate Owner of the beneficial interest
      in
      any such Class of ERISA Restricted Certificates, unless the Certificate
      Registrar shall have received from the transferee an alternative representation
      acceptable in form and substance to the Depositor. Notwithstanding anything
      else
      to the contrary herein, any purported transfer of an ERISA Restricted
      Certificate to or on behalf of an employee benefit plan subject to ERISA in
      violation of this paragraph as described above shall be void and of no
      effect.

     

    For
      so
      long as the Supplemental Interest Trust is in existence, each beneficial owner
      of a Class B-4 Certificate or any interest therein, shall be deemed to have
      represented, by virtue of its acquisition or holding of the offered certificate,
      or interest therein, that either (i) it is not a Plan or investing Plan Assets
      or (ii) the acquisition and holding of such certificate and the separate right
      to receive payments from the Supplemental Interest Trust are eligible for the
      exemptive relief available under Prohibited Transaction Class Exemption (“PTCE”)
      95-60. 

    

    Each
      beneficial owner of a Class B-4 Certificate or any interest therein that is
      acquired following termination of the Supplemental Interest Trust shall be
      deemed to have represented, by virtue of its acquisition or holding of that
      certificate or interest therein, that either (i) it is not a Plan or investing
      Plan Assets or (ii) (1) it is an insurance company, (2) the source of funds
      used
      to acquire or hold the certificate or interest therein is an “insurance company
      general account,” as such term is defined in PTCE 95-60, and (3) the conditions
      in Sections I and III of PTCE 95-60 have been satisfied.

     

    Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      appointed the Depositor or its designee as its attorney-in-fact to negotiate
      the
      terms of any mandatory sale under clause (v) below and to execute all
      instruments of transfer and to do all other things necessary in connection
      with
      any such sale, and the rights of each Person acquiring any Ownership Interest
      in
      a Residual Certificate are expressly subject to the following
      provisions:

     

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

     

    (ii)  No
      Person
      shall acquire an Ownership Interest in a Residual Certificate unless such
      Ownership Interest is a pro
      rata undivided
      interest.

     

    (iii)  In
      connection with any proposed transfer of any Ownership Interest in a Residual
      Certificate, the Certificate Registrar shall as a condition to registration
      of
      the transfer, require delivery to it, in form and substance satisfactory to
      it,
      of each of the following:

     

    A. an
      affidavit in the form of Exhibit K hereto from the proposed transferee to the
      effect that, among other things, such transferee is a Permitted Transferee
      and
      that it is not acquiring its Ownership Interest in the Residual Certificate
      that
      is the subject of the proposed transfer as a nominee, trustee or agent for
      any
      Person who is not a Permitted Transferee; and

     

    B. a
      covenant of the proposed transferee to the effect that the proposed transferee
      agrees to be bound by and to abide by the transfer restrictions applicable
      to
      the Residual Certificates.

     

    (iv)  Any
      attempted or purported transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section shall be absolutely
      null and void and shall vest no rights in the purported transferee. If any
      purported transferee shall, in violation of the provisions of this Section,
      become a Holder of a Residual Certificate, then the prior Holder of such
      Residual Certificate that is a Permitted Transferee shall, upon discovery that
      the registration of transfer of such Residual Certificate was not in fact
      permitted by this Section, be restored to all rights as Holder thereof
      retroactive to the date of registration of transfer of such Residual
      Certificate. The Certificate Registrar shall be under no liability to any Person
      for any registration of transfer of a Residual Certificate that is in fact
      not
      permitted by this Section or for making any distributions due on such Residual
      Certificate to the Holder thereof or taking any other action with respect to
      such Holder under the provisions of this Agreement so long as the Certificate
      Registrar received the documents specified in clause (iii). The Trustee shall
      be
      entitled to recover from any Holder of a Residual Certificate that was in fact
      not a Permitted Transferee at the time such distributions were made all
      distributions made on such Residual Certificate. Any such distributions so
      recovered by the Trustee shall be distributed and delivered by the Trustee
      to
      the prior Holder of such Residual Certificate that is a Permitted
      Transferee.

     

    (v)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Certificate Registrar shall have the right but not the obligation, without
      notice to the Holder of such Residual Certificate or any other Person having
      an
      Ownership Interest therein, to notify the Depositor to arrange for the sale
      of
      such Residual Certificate. The proceeds of such sale, net of commissions (which
      may include commissions payable to the Depositor or its affiliates in connection
      with such sale), expenses and taxes due, if any, will be remitted by the Trustee
      to the previous Holder of such Residual Certificate that is a Permitted
      Transferee, except that in the event that the Trustee determines that the Holder
      of such Residual Certificate may be liable for any amount due under this Section
      or any other provisions of this Agreement, the Trustee may withhold a
      corresponding amount from such remittance as security for such claim. The terms
      and conditions of any sale under this clause (v) shall be determined in the
      sole
      discretion of the Trustee and it shall not be liable to any Person having an
      Ownership Interest in a Residual Certificate as a result of its exercise of
      such
      discretion.

     

    (vi)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trustee will provide to the Internal Revenue Service, and to the persons
      specified in Sections 860E(e)(3) and (6) of the Code, information needed to
      compute the tax imposed under Section 860E(e)(5) of the Code on transfers of
      residual interests to disqualified organizations. The Trustee shall be entitled
      to reasonable compensation for providing such information from the person to
      whom it is provided.

     

    No
      transfer of any Class CE-1 Certificate shall be made unless the transferee
      of
      such Class CE-1 Certificate provides to the Trustee and the Swap Provider the
      appropriate tax certification form (i.e. IRS Form W-9 or IRS Form W-8BEN,
      W-8IMY, W-8EXP or W-8ECI, as applicable (or any successor thereto)) as a
      condition to such transfer and agrees to update such forms (i) upon expiration
      of any such form, (ii) as required under then applicable U.S. Treasury
      Regulations and (iii) promptly upon learning that any IRS Form W-9 or IRS Form
      W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable (or any successor thereto)),
      has
      become obsolete or incorrect. In addition, no transfer of any Class CE-1
      Certificate shall be made if such transfer would cause the Net WAC Rate
      Carryover Reserve Account or the Swap Account to be beneficially owned by two
      or
      more persons for federal income tax purposes, or continue to be so treated,
      unless (a) each proposed transferee of such Class CE-1 Certificate complies
      with
      the foregoing conditions, (b) the proposed majority Holder of the Class CE-1
      Certificates (or each Holder, if there is or would be no majority Holder) (A)
      provides, or causes to be provided, on behalf of the Net WAC Rate Carryover
      Reserve Account or the Swap Account the appropriate tax certification form
      that
      would be required from the Net WAC Rate Carryover Reserve Account or the Swap
      Account to eliminate any withholding or deduction for taxes from amounts payable
      to such account (i.e. IRS Form W-9 or IRS Form W-8BEN, W-9IMY, W-8EXP or W-8ECI,
      as applicable (or any successor form thereto) as a condition to such transfer,
      together with any applicable attachments) and (B) agrees to update such form
      (x)
      upon the expiration of any such form, (y) as required under then applicable
      U.S.
      Treasury regulations and (z) promptly upon learning that such form has become
      obsolete or incorrect.

     

    Upon
      receipt of any such tax certification form from a transferee of any Class CE-1
      Certificate pursuant to the immediately preceding paragraph, the Trustee shall
      provide a copy of any such tax certification form to the Swap Provider, upon
      its
      request, solely to the extent the Swap Provider has not received such IRS Form
      directly from the Holder of the Class CE-1 Certificates. Each Holder of a Class
      CE-1 Certificate by its purchase of such Certificate is deemed to consent to
      any
      such IRS Form being so forwarded. Upon the request of the Swap Provider, the
      Trustee shall be required to forward any tax certification received by it to
      the
      Swap Provider at the last known address provided to it, and, subject to Section
      8.01, shall not be liable for the receipt of such tax certification by the
      Swap
      Provider, nor any action taken or not taken by the Swap Provider with respect
      to
      such tax certification. Any purported sales or transfers of any Class CE-1
      Certificate to a transferee which does not comply with the requirements of
      the
      preceding paragraph shall be deemed null and void under this Agreement. The
      Trustee shall have no duty to take any action to correct any misstatement or
      omission in any tax certification provided to it by the Holder of the Class
      CE-1
      Certificates and forwarded to the Swap Provider absent actual knowledge of
      a
      Responsible Officer of the Trustee of such misstatement or omission.

     

    The
      foregoing provisions of this Section shall cease to apply to transfers occurring
      on or after the date on which there shall have been delivered to the Certificate
      Registrar, in form and substance satisfactory to the Certificate Registrar,
      (i)
      written notification from each Rating Agency that the removal of the
      restrictions on Transfer set forth in this Section will not cause such Rating
      Agency to downgrade its rating of the Certificates and (ii) an Opinion of
      Counsel to the effect that such removal will not cause any REMIC hereunder
      to
      fail to qualify as a REMIC.

     

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

     

    All
      Certificates surrendered for registration of transfer or exchange shall be
      cancelled by the Certificate Registrar and disposed of pursuant to its standard
      procedures.

     

    
      
        	
              	Section
                5.03	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              

      

    

     

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

     

    
      
        	
              	Section
                5.04	
                Persons
                  Deemed Owners.

              

      

    

     

    The
      Servicer, the Depositor, the Trustee, the Certificate Registrar, any Paying
      Agent and any agent of the Servicer, the Depositor, the Certificate Registrar,
      any Paying Agent or the Trustee may treat the Person, including a Depository,
      in
      whose name any Certificate is registered as the owner of such Certificate for
      the purpose of receiving distributions pursuant to Section 4.01 and Section
      4.02
      and for all other purposes whatsoever, and none of the Servicer, the Trust,
      the
      Trustee nor any agent of any of them shall be affected by notice to the
      contrary.

     

    
      
        	
              	Section
                5.05	
                Appointment
                  of Paying Agent.

              

      

    

     

    The
      Paying Agent shall make distributions to Certificateholders from the
      Distribution Account pursuant to Section 4.01 and Section 4.02 and shall report
      the amounts of such distributions to the Trustee. The duties of the Paying
      Agent
      may include the obligation to distribute statements and provide information
      to
      Certificateholders as required hereunder. The Paying Agent hereunder shall
      at
      all times be an entity duly incorporated and validly existing under the laws
      of
      the United States of America or any state thereof, authorized under such laws
      to
      exercise corporate trust powers and subject to supervision or examination by
      federal or state authorities. The Paying Agent shall initially be the Trustee.
      The Trustee may appoint a successor to act as Paying Agent, which appointment
      shall be reasonably satisfactory to the Depositor and the Rating Agencies.
      The
      Trustee as Paying Agent shall be subject to the same standards of care,
      limitations on liability and rights to indemnity as the Trustee, and the
      provisions of Sections 8.01, 8.02, 8.03, 8.04, 8.05, 8.14 and 8.15 shall apply
      to the Paying Agent to the same extent as they apply to the Trustee. Any Paying
      Agent appointed in accordance with this Section 5.02(a) may at any time resign
      by giving at least 30 days’ advance written notice of resignation to the
      Trustee, the Servicer and the Depositor, such resignation to become effective
      upon appointment of a successor Paying Agent.

     

    ARTICLE
      VI

     

    THE
      SPONSOR, THE SERVICER AND THE DEPOSITOR

     

    
      
        	
              	Section
                6.01	
                Liability
                  of the Sponsor, the Servicer and the Depositor.

              

      

    

     

    The
      Sponsor and the Servicer shall be liable in accordance herewith only to the
      extent of the obligations specifically imposed upon and undertaken by the
      Sponsor or Servicer, as the case may be, herein. The Depositor shall be liable
      in accordance herewith only to the extent of the obligations specifically
      imposed upon and undertaken by the Depositor.

     

    
      
        	
              	Section
                6.02	
                Merger
                  or Consolidation of, or Assumption of the Obligations of, the Sponsor,
                  the
                  Servicer or the Depositor.

              

      

    

     

    Any
      entity into which the Sponsor, the Servicer or the Depositor may be merged
      or
      consolidated, or any entity resulting from any merger, conversion or
      consolidation to which the Sponsor, the Servicer or the Depositor shall be
      a
      party, or any corporation succeeding to the business of the Sponsor, the
      Servicer or the Depositor, shall be the successor of the Sponsor, the Servicer
      or the Depositor, as the case may be, hereunder, without the execution or filing
      of any paper or any further act on the part of any of the parties hereto,
      anything herein to the contrary notwithstanding; provided,
      however,
      that
      the successor Servicer shall satisfy all the requirements of Section 7.02 with
      respect to the qualifications of a successor Servicer.

     

    
      
        	
              	Section
                6.03	
                Limitation
                  on Liability of the Servicer and Others.

              

      

    

     

    Neither
      the Servicer, the Depositor nor any of the directors or officers or employees
      or
      agents of the Servicer or the Depositor shall be under any liability to the
      Trust or the Certificateholders for any action taken or for refraining from
      the
      taking of any action by the Servicer in good faith pursuant to this Agreement,
      or for errors in judgment; provided,
      however,
      that
      this provision shall not protect the Servicer, the Depositor or any such Person
      against any liability which would otherwise be imposed by reason of its willful
      misfeasance, bad faith or gross negligence in the performance of duties of
      the
      Servicer or the Depositor or by reason of its reckless disregard of its
      obligations and duties of the Servicer or the Depositor hereunder; provided,
      further,
      that
      this provision shall not be construed to entitle the Servicer to indemnity
      in
      the event that amounts advanced by the Servicer to retire any senior lien exceed
      Liquidation Proceeds (in excess of related liquidation expenses) realized with
      respect to the related Mortgage Loan. The Servicer, the Depositor and any
      director or officer or employee or agent of the Servicer or the Depositor may
      rely in good faith on any document of any kind prima facie
      properly
      executed and submitted by any Person respecting any matters arising hereunder.
      The Servicer, the Depositor and any director or officer or employee or agent
      of
      the Servicer or the Depositor shall be indemnified by the Trust and held
      harmless against any loss, liability or expense incurred in connection with
      any
      legal action relating to this Agreement or the Certificates, other than any
      loss, liability or expense incurred by reason of its willful misfeasance, bad
      faith or negligence in the performance of duties hereunder or by reason of
      its
      reckless disregard of obligations and duties hereunder. The Servicer or the
      Depositor may undertake any such action which it may deem necessary or desirable
      in respect of this Agreement, and the rights and duties of the parties hereto
      and the interests of the Certificateholders hereunder. In such event, the
      reasonable legal expenses and costs of such action and any liability resulting
      therefrom shall be expenses, costs and liabilities of the Trust and the Servicer
      or the Depositor shall be entitled to pay such expenses from the proceeds of
      the
      Trust or to be reimbursed therefor pursuant to Section 3.05 upon presentation
      to
      the Trustee of documentation of such expenses, costs and liabilities. The
      Servicer’s right to indemnity or reimbursement pursuant to this Section shall
      survive any resignation or termination of the Servicer pursuant to Section
      6.04
      or 7.01 with respect to any losses, expenses, costs or liabilities arising
      prior
      to such resignation or termination (or arising from events that occurred prior
      to such resignation or termination). This paragraph shall apply to the Servicer
      and the Depositor solely in their capacities as Servicer and Depositor hereunder
      and in no other capacities.

     

    
      
        	
              	Section
                6.04	
                Servicer
                  Not to Resign.

              

      

    

     

    Subject
      to the provisions of Section 7.01 and the second paragraph of Section 7.02,
      Section 6.02 and the second paragraph of this Section 6.04, the Servicer shall
      not resign from the obligations and duties hereby imposed on it except (i)
      upon
      determination that the performance of its obligations or duties hereunder are
      no
      longer permissible under applicable law or are in material conflict by reason
      of
      applicable law with any other activities carried on by it or its subsidiaries
      or
      Affiliates, the other activities of the Servicer so causing such a conflict
      being of a type and nature carried on by the Servicer or its subsidiaries or
      Affiliates at the date of this Agreement or (ii) upon satisfaction of the
      following conditions: (a) the Servicer has proposed a successor servicer to
      the
      Trustee in writing and such proposed successor servicer is reasonably acceptable
      to the Trustee; and (b) each Rating Agency shall have delivered a letter to
      the
      Trustee prior to the appointment of the successor servicer stating that the
      proposed appointment of such successor servicer as Servicer hereunder will
      not
      result in the reduction or withdrawal of the then current rating of the Regular
      Certificates or the ratings that are in effect; provided,
      however,
      that no
      such resignation by the Servicer shall become effective until such successor
      servicer or, in the case of (i) above, the Trustee shall have assumed the
      Servicer’s responsibilities and obligations hereunder or the Trustee shall have
      designated a successor servicer in accordance with Section 7.02. Any such
      resignation shall not relieve the Servicer of responsibility for any of the
      obligations specified in Sections 7.01 and 7.02 as obligations that survive
      the
      resignation or termination of the Servicer. Any such determination permitting
      the resignation of the Servicer pursuant to clause (i) above shall be evidenced
      by an Opinion of Counsel to such effect delivered to the Trustee. Any such
      determination permitting the resignation of the Servicer shall be evidenced
      by
      an Opinion of Counsel to such effect delivered to the Trustee.

     

    Notwithstanding
      anything to the contrary which may be set forth above, the Trustee and the
      Depositor hereby specifically (i) consent to the pledge and assignment by the
      Servicer of all the Servicer’s right, title and interest in, to and under this
      Agreement to the Servicing Rights Pledgee, for the benefit of certain lenders,
      and (ii) provided that no Servicer Event of Termination exists, agree that
      upon
      delivery to the Trustee by the Servicing Rights Pledgee of a letter signed
      by
      the Servicer whereunder the Servicer shall resign as Servicer under this
      Agreement, the Trustee shall appoint the Servicing Rights Pledgee or its
      designee as successor Servicer, provided that at the time of such appointment,
      the Servicing Rights Pledgee or such designee meets the requirements of a
      successor Servicer pursuant to Section 7.02(a) and agrees to be subject to
      the
      terms of this Agreement. If, pursuant to any provision hereof, the duties of
      the
      Servicer are transferred to a successor, the entire amount of the Servicing
      Fee
      and other compensation payable to the Servicer pursuant hereto shall thereafter
      be payable to such successor.

     

    
      
        	
              	Section
                6.05	
                Delegation
                  of Duties.

              

      

    

     

    In
      the
      ordinary course of business, the Servicer at any time may delegate any of its
      duties hereunder to any Person, including any of its Affiliates, who agrees
      to
      conduct such duties in accordance with standards comparable to those set forth
      in Section 3.01. Such delegation shall not relieve the Servicer of its
      liabilities and responsibilities with respect to such duties and shall not
      constitute a resignation within the meaning of Section 6.04. The Servicer shall
      provide the Trustee and the Rating Agencies with 60 days prior written notice
      prior to the delegation of any of its duties to any Person other than any of
      the
      Servicer’s Affiliates or their respective successors and assigns.

     

    ARTICLE
      VII

     

    DEFAULT

     

    
      
        	
              	Section
                7.01	
                Servicer
                  Events of Termination.

              

      

    

     

    (a)  If
      any
      one of the following events (“Servicer Events of Termination”) shall occur and
      be continuing:

     

    (i)  (A)
      The
      failure by the Servicer to make any Advance; or (B) any other failure by the
      Servicer to deposit in the Collection Account or Distribution Account any
      deposit required to be made under the terms of this Agreement which continues
      unremedied for a period of one Business Day after the date upon which written
      notice of such failure shall have been given to the Servicer by the Trustee
      or
      by any Holder of a Regular Certificate evidencing at least 25% of the Voting
      Rights; or

     

    (ii)  The
      failure by the Servicer to make any required Servicing Advance which failure
      continues unremedied for a period of 30 days, or the failure by the Servicer
      duly to observe or perform, in any material respect, any other covenants,
      obligations or agreements of the Servicer as set forth in this Agreement, which
      failure continues unremedied for a period of 30 days, after the date (A) on
      which written notice of such failure, requiring the same to be remedied, shall
      have been given to the Servicer by the Trustee or by any Holder of a Regular
      Certificate evidencing at least 25% of the Voting Rights or (B) actual knowledge
      of such failure by a Servicing Officer of the Servicer; or

     

    (iii)  The
      entry
      against the Servicer of a decree or order by a court or agency or supervisory
      authority having jurisdiction in the premises for the appointment of a trustee,
      conservator, receiver or liquidator in any insolvency, conservatorship,
      receivership, readjustment of debt, marshalling of assets and liabilities or
      similar proceedings, or for the winding up or liquidation of its affairs, and
      the continuance of any such decree or order unstayed and in effect for a period
      of 60 days; or

     

    (iv)  The
      Servicer shall voluntarily go into liquidation, consent to the appointment
      of a
      conservator or receiver or liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings of or relating to the Servicer or of or relating to all or
      substantially all of its property; or a decree or order of a court or agency
      or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a conservator, receiver, liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall have
      been entered against the Servicer and such decree or order shall have remained
      in force undischarged, unbonded or unstayed for a period of 60 days; or the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of any applicable insolvency
      or
      reorganization statute, make an assignment for the benefit of its creditors
      or
      voluntarily suspend payment of its obligations.

     

    (b)  Then,
      and
      in each and every such case, so long as a Servicer Event of Termination shall
      not have been remedied within the applicable grace period, (x) with respect
      solely to clause (i)(A) above, if such Advance is not made by 2:00 P.M., New
      York time, on the Business Day immediately following the Servicer Remittance
      Date, the Trustee may terminate all of the rights and obligations of the
      Servicer under this Agreement and the Trustee, or a successor servicer appointed
      in accordance with Section 7.02, shall immediately make such Advance and assume,
      pursuant to Section 7.02, the duties of a successor Servicer and (y) in the
      case
      of (i)(B), (ii), (iii) and (iv) above, the Trustee shall, at the direction
      of
      the Holders of each Class of Regular Certificates evidencing Percentage
      Interests aggregating not less than 51%, by notice then given in writing to
      the
      Servicer, terminate all of the rights and obligations of the Servicer as
      servicer under this Agreement. Any such notice to the Servicer shall also be
      given to each Rating Agency, the Depositor and the Sponsor. On or after the
      receipt by the Servicer of such written notice, all authority and power of
      the
      Servicer under this Agreement, whether with respect to the Certificates or
      the
      Mortgage Loans or otherwise, shall pass to and be vested in the Trustee pursuant
      to and under this Section; and, without limitation, the Trustee is hereby
      authorized and empowered to execute and deliver, on behalf of the Servicer,
      as
      attorney-in-fact or otherwise, any and all documents and other instruments,
      and
      to do or accomplish all other acts or things necessary or appropriate to effect
      the purposes of such notice of termination, whether to complete the transfer
      and
      endorsement of each Mortgage Loan and Related Documents or otherwise. The
      Servicer agrees to cooperate with the Trustee (or the applicable successor
      Servicer) in effecting the termination of the responsibilities and rights of
      the
      Servicer hereunder, including, without limitation, the delivery to the successor
      Servicer of all documents and records requested by it to enable it to assume
      the
      Servicer’s functions under this Agreement within ten Business Days subsequent to
      such notice, the transfer within one Business Day subsequent to such notice
      to
      the Trustee (or the applicable successor Servicer) for the administration by
      it
      of all cash amounts that shall at the time be held by the Servicer and to be
      deposited by it in the Collection Account, the Distribution Account, any REO
      Account or any Escrow Account or that have been deposited by the Servicer in
      such accounts or thereafter received by the Servicer with respect to the
      Mortgage Loans or any REO Property received by the Servicer. All reasonable
      costs and expenses (including attorneys’ fees) incurred in connection with
      transferring the servicing to the successor Servicer and amending this Agreement
      to reflect such succession as Servicer pursuant to this Section shall be paid
      by
      the predecessor Servicer (or if the predecessor Servicer is the Trustee, the
      initial Servicer) upon presentation of reasonable documentation of such costs
      and expenses or if not paid by such predecessor Servicer then by the Trust
      Fund.

     

    
      
        	
              	Section
                7.02	
                Trustee
                  to Act; Appointment of Successor.

              

      

    

     

    (a)  Within
      90
      days of the time the Servicer and the Trustee receives a notice of termination
      pursuant to Section 7.01 or resignation pursuant to 6.04(i), the Trustee (or
      such other successor Servicer as is approved in accordance with this Agreement)
      shall be the successor in all respects to the Servicer in its capacity as
      servicer under this Agreement and the transactions set forth or provided for
      herein and shall be subject to all the responsibilities, duties and liabilities
      relating thereto placed on the Servicer by the terms and provisions hereof
      arising on and after its succession. As compensation therefor, the Trustee
      (or
      such other successor Servicer) shall be entitled to such compensation as the
      Servicer would have been entitled to hereunder if no such notice of termination
      had been given. Notwithstanding the above, (i) if the Trustee is unwilling
      to
      act as successor Servicer or (ii) if the Trustee is legally unable so to act,
      the Trustee shall appoint or petition a court of competent jurisdiction to
      appoint, any established housing and home finance institution, bank or other
      mortgage loan or home equity loan servicer having a net worth of not less than
      $50,000,000 as the successor to the Servicer hereunder in the assumption of
      all
      or any part of the responsibilities, duties or liabilities of the Servicer
      hereunder; provided,
      that
      the appointment of any such successor Servicer will not result in the
      qualification, reduction or withdrawal of the ratings assigned to the
      Certificates or the ratings that are in effect by the Rating Agencies as
      evidenced by a letter to such effect from the Rating Agencies. Pending
      appointment of a successor to the Servicer hereunder, unless the Trustee is
      prohibited by law from so acting, the Trustee shall act in such capacity as
      hereinabove provided. In connection with such appointment and assumption, the
      successor shall be entitled to receive compensation out of payments on Mortgage
      Loans in an amount equal to the compensation which the Servicer would otherwise
      have received pursuant to Section 3.18 (or such other compensation as the
      Trustee and such successor shall agree, not to exceed the Servicing Fee). The
      successor servicer shall be entitled to withdraw from the Collection Account
      all
      costs and expenses associated with the transfer of the servicing to the
      successor servicer. The appointment of a successor servicer shall not affect
      any
      liability of the predecessor Servicer which may have arisen under this Agreement
      prior to its termination as Servicer to pay any deductible under an insurance
      policy pursuant to Section 3.12 or to indemnify the parties indicated in Section
      3.26 pursuant to the terms thereof, nor shall any successor Servicer be liable
      for any acts or omissions of the predecessor Servicer or for any breach by
      such
      Servicer of any of its representations or warranties contained herein or in
      any
      related document or agreement. The Trustee and such successor shall take such
      action, consistent with this Agreement, as shall be necessary to effectuate
      any
      such succession.

     

    In
      the
      event of a Servicer Event of Termination, notwithstanding anything to the
      contrary above, the Trustee and the Depositor hereby agree that upon delivery
      to
      the Trustee by the Servicing Rights Pledgee of a letter signed by the Servicer
      within ten Business Days of when notification of such event shall have been
      provided to the Trustee, whereunder the Servicer shall resign as Servicer under
      this Agreement, the Servicing Rights Pledgee or its designee shall be appointed
      as successor Servicer (provided that at the time of such appointment the
      Servicing Rights Pledgee or such designee meets the requirements of a successor
      Servicer set forth above) and the Servicing Rights Pledgee agrees to be subject
      to the terms of this Agreement.

     

    (b)  Any
      successor, including the Trustee, to the Servicer as servicer shall during
      the
      term of its service as servicer continue to service and administer the Mortgage
      Loans for the benefit of Certificateholders, and maintain in force a policy
      or
      policies of insurance covering errors and omissions in the performance of its
      obligations as Servicer hereunder and a Fidelity Bond in respect of its
      officers, employees and agents to the same extent as the Servicer is so required
      pursuant to Section 3.12.

     

    
      
        	
              	Section
                7.03	
                Waiver
                  of Defaults.

              

      

    

     

    The
      Majority Certificateholders may, on behalf of all Certificateholders, waive
      any
      events permitting removal of the Servicer as servicer pursuant to this Article
      VII, provided,
      however,
      that
      the Majority Certificateholders may not waive a default in making a required
      distribution on a Certificate without the consent of the Holder of such
      Certificate. Upon any waiver of a past default, such default shall cease to
      exist and any Servicer Event of Termination arising therefrom shall be deemed
      to
      have been remedied for every purpose of this Agreement. No such waiver shall
      extend to any subsequent or other default or impair any right consequent thereto
      except to the extent expressly so waived. Notice of any such waiver shall be
      given by the Trustee to the Rating Agencies.

     

    
      
        	
              	Section
                7.04	
                Notification
                  to Certificateholders.

              

      

    

     

    (a)  On
      any
      termination or appointment of a successor the Servicer pursuant to this Article
      VII or Section 6.04, the Trustee shall give prompt written notice thereof to
      the
      Certificateholders at their respective addresses appearing in the Certificate
      Register and each Rating Agency.

     

    (b)  No
      later
      than 60 days after the occurrence of any event which constitutes or which,
      with
      notice or a lapse of time or both, would constitute a Servicer Event of
      Termination for five Business Days after a Responsible Officer of the Trustee
      becomes aware of the occurrence of such an event, the Trustee shall transmit
      by
      mail to all Certificateholders notice of such occurrence unless such default
      or
      Servicer Event of Termination shall have been waived or cured. Such notice
      shall
      be given to the Rating Agencies promptly after any such occurrence.

     

    
      
        	
              	Section
                7.05	
                Survivability
                  of Servicer Liabilities.

              

      

    

     

    Notwithstanding
      anything herein to the contrary, upon termination of the Servicer hereunder,
      any
      liabilities of the Servicer which accrued prior to such termination shall
      survive such termination.

     

    ARTICLE
      VIII

     

    THE
      TRUSTEE

     

    
      
        	
              	Section
                8.01	
                Duties
                  of Trustee.

              

      

    

     

    The
      Trustee, prior to the occurrence of a Servicer Event of Termination of which
      a
      Responsible Officer of the Trustee shall have actual knowledge and after the
      waiver or curing of all Servicer Events of Termination which may have occurred,
      undertakes to perform such duties and only such duties as are specifically
      set
      forth in this Agreement. If a Servicer Event of Termination has occurred (which
      has not been cured) of which a Responsible Officer has actual knowledge, the
      Trustee shall exercise such of the rights and powers vested in it by this
      Agreement, and use the same degree of care and skill in their exercise, as
      a
      prudent person would exercise or use under the circumstances in the conduct
      of
      such person’s own affairs.

     

    The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee which
      are specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they conform on their face
      to
      the requirements of this Agreement to the extent specified herein; provided,
      however,
      that
      the Trustee shall not be responsible for the accuracy or content of any
      resolution, certificate, statement, opinion, report, document, order or other
      instrument furnished by the Servicer, the Sponsor or the Depositor hereunder.
      If
      any such instrument is found not to conform in any material respect to the
      requirements of this Agreement, the Trustee shall notify the Certificateholders
      of such instrument in the event that the Trustee, after so requesting, does
      not
      receive a satisfactorily corrected instrument.

     

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

     

    (i)  prior
      to
      the occurrence of a Servicer Event of Termination, and after the waiver or
      curing of all such Servicer Events of Termination which may have occurred,
      the
      duties and obligations of the Trustee shall be determined solely by the express
      provisions of this Agreement, the Trustee shall not be liable except for the
      performance of such duties and obligations as are specifically set forth in
      this
      Agreement, no implied covenants or obligations shall be read into this Agreement
      against the Trustee and, in the absence of bad faith on the part of the Trustee,
      the Trustee may conclusively rely, as to the truth of the statements and the
      correctness of the opinions expressed therein, upon any certificates or opinions
      furnished to the Trustee and conforming to the requirements of this
      Agreement;

     

    (ii)  the
      Trustee shall not be liable for an error of judgment made in good faith by
      a
      Responsible Officer of the Trustee unless it shall be proved that the Trustee
      was negligent in ascertaining or investigating the facts related
      thereto;

     

    (iii)  the
      Trustee shall not be liable with respect to any action taken, suffered or
      omitted to be taken by it in good faith in accordance with the direction of
      the
      Majority Certificateholders relating to the time, method and place of conducting
      any proceeding for any remedy available to the Trustee or exercising or omitting
      to exercise any trust or power conferred upon the Trustee under this Agreement;
      and

     

    (iv)  the
      Trustee shall not be charged with knowledge of any failure by the Servicer
      to
      comply with the obligations of the Servicer referred to in clauses (i) and
      (ii)
      of Section 7.01(a) or any Servicer Event of Termination unless a Responsible
      Officer of the Trustee at the applicable Corporate Trust Office obtains actual
      knowledge of such failure or the Trustee receives written notice of such failure
      from the Servicer or the Majority Certificateholders. In the absence of such
      receipt of such notice, the Trustee may conclusively assume that there is no
      Servicer Event of Termination.

     

    The
      Trustee shall not 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 adequate indemnity against such
      risk or liability is not reasonably assured to it, and none of the provisions
      contained in this Agreement shall in any event require the Trustee to perform,
      or be responsible for the manner of performance of, any of the obligations
      of
      the Servicer under this Agreement, except with respect to the Trustee during
      such time, if any, as the Trustee shall be the successor to, and be vested
      with
      the rights, duties, powers and privileges of, the Servicer in accordance with
      the terms of this Agreement.

     

    The
      Trustee shall not have any duty (A) to see to any recording, filing, or
      depositing of this Agreement or any agreement referred to herein or any
      financing statement or continuation statement evidencing a security interest,
      or
      to see to the maintenance of any such recording or filing or depositing or
      to
      any rerecording, refiling or redepositing of any thereof, (B) to see to any
      insurance or (C) to see to the payment or discharge of any tax, assessment,
      or
      other governmental charge or any lien or encumbrance of any kind owing with
      respect to, assessed or levied against, any part of the Trust Fund other than
      from funds available in the Distribution Account and to the extent set forth
      herein.

     

    
      
        	
              	Section
                8.02	
                Certain
                  Matters Affecting the Trustee.

              

      

    

     

    (a)  Except
      as
      otherwise provided in Section 8.01:

     

    (i)  the
      Trustee may request and rely upon, and shall be protected in acting or
      refraining from acting upon, any resolution, Officer’s Certificate, certificate
      of auditors or any other certificate, statement, instrument, opinion, report,
      notice, request, consent, order, appraisal, bond or other paper or document
      reasonably believed by it to be genuine and to have been signed or presented
      by
      the proper party or parties;

     

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

     

    (iii)  the
      Trustee shall not be under any obligation to exercise any of the rights or
      powers vested in it by this Agreement, or to institute, conduct or defend any
      litigation hereunder or in relation hereto, at the request, order or direction
      of the Certificateholders pursuant to the provisions of this Agreement, unless
      such Certificateholders shall have offered to the Trustee reasonable security
      or
      indemnity against the costs, expenses and liabilities which may be incurred
      therein or thereby; the right of the Trustee to perform any discretionary act
      enumerated in this Agreement shall not be construed as a duty, and the Trustee
      shall not be answerable for other than its negligence or willful misconduct
      in
      the performance of any such act;

     

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

     

    (v)  prior
      to
      the occurrence of a Servicer Event of Termination and after the waiver or curing
      of all Servicer Events of Termination which may have occurred, the Trustee
      shall
      not be bound to make any investigation into the facts or matters stated in
      any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or documents, unless
      requested in writing to do so by the Majority Certificateholder; provided,
      however,
      that if
      the payment within a reasonable time to the Trustee of the costs, expenses
      or
      liabilities likely to be incurred by it in the making of such investigation
      is,
      in the opinion of the Trustee, not reasonably assured to the Trustee by the
      security afforded to it by the terms of this Agreement, the Trustee may require
      reasonable indemnity against such cost, expense or liability as a condition
      to
      such proceeding. The reasonable expense of every such examination shall be
      paid
      by the Servicer or, if paid by the Trustee, shall be reimbursed by the Servicer
      upon demand. Nothing in this clause (v) shall derogate from the obligation
      of
      the Servicer to observe any applicable law prohibiting disclosure of information
      regarding the Mortgagors;

     

    (vi)  the
      Trustee shall not be accountable, shall have any liability or make any
      representation as to any acts or omissions hereunder of the Servicer until
      such
      time as the Trustee may be required to act as Servicer pursuant to Section
      7.02
      or of the Custodian;

     

    (vii)  the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents or attorneys or a custodian
      and the Trustee shall not be responsible for any misconduct or negligence on
      the
      part of any such agent, attorney or custodian appointed by it with due care;
      and

     

    (viii)  the
      right
      of the Trustee to perform any discretionary act enumerated in this Agreement
      shall not be construed as a duty, and the Trustee shall not be answerable for
      other than its negligence or willful misconduct in the performance of such
      act.

     

    
      
        	
              	Section
                8.03	
                Trustee
                  Not Liable for Certificates or Mortgage Loans.

              

      

    

     

    The
      recitals contained herein and in the Certificates (other than the authentication
      of the Trustee on the Certificates) shall be taken as the statements of the
      Sponsor, and the Trustee assumes no responsibility for the correctness of the
      same. The Trustee makes no representations as to the validity or sufficiency
      of
      this Agreement or of the Certificates (other than the signature of the Trustee
      and authentication of the Trustee on the Certificates) or of any Mortgage Loan
      or Related Document. The Trustee shall not be accountable for the use or
      application by the Servicer, or for the use or application of any funds paid
      to
      the Servicer in respect of the Mortgage Loans or deposited in or withdrawn
      from
      the Collection Account by the Servicer. The Trustee shall not at any time have
      any responsibility or liability for or with respect to the legality, validity
      and enforceability of any Mortgage or any Mortgage Loan, or the perfection
      and
      priority of any Mortgage or the maintenance of any such perfection and priority,
      or for or with respect to the sufficiency of the Trust or its ability to
      generate the payments to be distributed to Certificateholders under this
      Agreement, including, without limitation: the existence, condition and ownership
      of any Mortgaged Property; the existence and enforceability of any hazard
      insurance thereon (other than if the Trustee shall assume the duties of the
      Servicer pursuant to Section 7.02); the validity of the assignment of any
      Mortgage Loan to the Trustee or of any intervening assignment; the completeness
      of any Mortgage Loan; the performance or enforcement of any Mortgage Loan (other
      than if the Trustee shall assume the duties of the Servicer pursuant to Section
      7.02); the compliance by the Depositor, the Sponsor or the Servicer with any
      warranty or representation made under this Agreement or in any related document
      or the accuracy of any such warranty or representation prior to the Trustee’s
      receipt of notice or other discovery of any non-compliance therewith or any
      breach thereof; any investment of monies by or at the direction of the Servicer
      or any loss resulting therefrom, the acts or omissions of any of the Servicer
      (other than if the Trustee shall assume the duties of the Servicer pursuant
      to
      Section 7.02), or any Mortgagor; any action of the Servicer (other than if
      the
      Trustee shall assume the duties of the Servicer pursuant to Section 7.02),
      taken
      in the name of the Trustee; the failure of the Servicer to act or perform any
      duties required of it as agent of the Trustee hereunder; or any action by the
      Trustee taken at the instruction of the Servicer (other than if the Trustee
      shall assume the duties of the Servicer pursuant to Section 7.02); provided,
      however,
      that
      the foregoing shall not relieve the Trustee of its obligation to perform its
      duties under this Agreement. The Trustee shall not have any responsibility
      for
      filing any financing or continuation statement in any public office at any
      time
      or to otherwise perfect or maintain the perfection of any security interest
      or
      lien granted to it hereunder.

     

    
      
        	
              	Section
                8.04	
                Trustee
                  May Own Certificates.

              

      

    

     

    The
      Trustee in its individual or any other capacity may become the owner or pledgee
      of Certificates with the same rights as it would have if it were not Trustee
      and
      may transact any banking and trust business with the Sponsor, the Servicer,
      the
      Depositor or their Affiliates.

     

    
      
        	
              	Section
                8.05	
                Sponsor
                  to Pay Trustee Fees and Expenses.

              

      

    

     

    The
      Trustee shall withdraw from the Distribution Account on each Distribution Date
      and pay to itself its fees in an aggregate amount equal to the Trustee Fee
      pursuant to Section 4.01 and, to the extent the Interest Remittance Amount
      is at
      any time insufficient for such purpose, the Sponsor shall pay such fees as
      reasonable compensation (which shall not be limited by any provision of law
      in
      regard to the compensation of a trustee of an express trust) for all services
      rendered by it in the execution of the trusts hereby created and in the exercise
      and performance of any of the powers and duties hereunder of the Trustee, and
      the Sponsor will pay or reimburse the Trustee upon its request for all
      reasonable expenses, disbursements and advances incurred or made by the Trustee
      in accordance with any of the provisions of this Agreement (including the
      reasonable compensation and the expenses and disbursements of its counsel and
      of
      all persons not regularly in its employ) except any such expense, disbursement
      or advance as may arise from such party’s negligence or bad faith or which is
      the responsibility of Certificateholders or the Trustee hereunder. In addition
      to the Trustee Fee, the Trustee, as compensation for its activities hereunder,
      shall be entitled to withdraw from the Distribution Account on each Distribution
      Date prior to making distributions pursuant to Sections 4.01 and 4.02 any
      investment income or other benefit derived from balances in the Distribution
      Account for such Distribution Date pursuant to Section 3.05(b). Notwithstanding
      any other provision of this Agreement, including Section 2.03(a) and Section
      2.04, to the contrary, the Sponsor covenants and agrees to indemnify the Trustee
      and its respective officers, directors, employees and agents from, and hold
      each
      of them harmless against, any and all losses, liabilities, damages, claims
      or
      expenses incurred in connection with any legal action relating to this Agreement
      (including, without limitation, the last paragraph of Section 2.01), the
      Certificates or incurred in connection with the administration of the Trust,
      other than with respect to a party, any loss, liability or expense incurred
      by
      reason of willful misfeasance, bad faith or negligence of such party in the
      performance of their respective duties hereunder or by reason of such party’s
      reckless disregard of obligations and duties hereunder; provided, that the
      foregoing exclusion shall not apply with respect to any indemnification
      obligation to the Trustee hereunder relating to the last paragraph of Section
      2.01 hereof. Anything in this Agreement to the contrary notwithstanding, in
      no
      event shall the Trustee be liable for special, indirect or consequential loss
      or
      damage of any kind whatsoever (including but not limited to lost profits),
      even
      if the Trustee has been advised of the likelihood of such loss or damage and
      regardless of the form of action. The Trustee and any director, officer,
      employee or agent of the Trustee shall be indemnified, to the extent not paid
      by
      the Sponsor pursuant to this Section, by the Trust Fund and held harmless
      against any loss, liability or expense (not including expenses, disbursements
      and advances incurred or made by the Trustee, in the ordinary course of the
      Trustee’s performance in accordance with the provisions of this Agreement)
      incurred by the Trustee or such party arising out of or in connection with
      the
      acceptance or administration of its duties under this Agreement, other than
      any
      loss, liability or expense incurred by reason of willful misfeasance, bad faith
      or negligence in the performance by the Trustee of its duties under this
      Agreement or by reason of the reckless disregard of the Trustee’s obligations
      and duties under this Agreement; provided, that the foregoing exclusion shall
      not apply with respect to any indemnification obligation to the Trustee
      hereunder relating to the last paragraph of Section 2.01 hereof. This section
      shall survive termination of this Agreement or the resignation or removal of
      any
      Trustee hereunder.

     

    
      
        	
              	Section
                8.06	
                Eligibility
                  Requirements for Trustee.

              

      

    

     

    The
      Trustee hereunder shall at all times be a Department of Housing and Urban
      Development and Federal Housing Administration approved mortgagee, an entity
      duly organized and validly existing under the laws of the United States of
      America or any state thereof, authorized under such laws to exercise corporate
      trust powers, having a combined capital and surplus of at least $50,000,000
      and
      a minimum long-term debt rating of BBB by Fitch and S&P and a long term debt
      rating of at least A1 or better by Moody’s, and subject to supervision or
      examination by federal or state authority. If such entity publishes reports
      of
      condition at least annually, pursuant to law or to the requirements of the
      aforesaid supervising or examining authority, then for the purposes of this
      Section 8.06, the combined capital and surplus of such entity shall be deemed
      to
      be its combined capital and surplus as set forth in its most recent report
      of
      condition so published. The principal office of the Trustee (other than the
      initial Trustee) shall be in a state with respect to which an Opinion of Counsel
      has been delivered to such Trustee at the time such Trustee is appointed Trustee
      to the effect that the Trust will not be a taxable entity under the laws of
      such
      state. In case at any time the Trustee shall cease to be eligible in accordance
      with the provisions of this Section 8.06, the Trustee shall resign immediately
      in the manner and with the effect specified in Section 8.07.

     

    
      
        	
              	Section
                8.07	
                Resignation
                  or Removal of Trustee.

              

      

    

     

    The
      Trustee may at any time resign and be discharged from the trusts hereby created
      by giving written notice thereof to the Depositor, the Servicer and each Rating
      Agency. Upon receiving such notice of resignation, the Depositor shall promptly
      appoint a successor Trustee by written instrument, in duplicate, one copy of
      which instrument shall be delivered to the resigning Trustee and one copy to
      the
      successor Trustee. If no successor Trustee shall have been so appointed and
      having accepted appointment within 30 days after the giving of such notice
      of
      resignation, the resigning Trustee may petition any court of competent
      jurisdiction for the appointment of a successor Trustee.

     

    If
      at any
      time the Trustee shall cease to be eligible in accordance with the provisions
      of
      Section 8.06 and shall fail to resign after written request therefor by the
      Depositor, or if at any time the Trustee shall be legally unable to act, or
      shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or
      of
      its property shall be appointed, or any public officer shall take charge or
      control of the Trustee or of its property or affairs for the purpose of
      rehabilitation, conservation or liquidation, then the Depositor may remove
      the
      Trustee. If the Depositor or the Servicer removes the Trustee under the
      authority of the immediately preceding sentence, the Depositor shall promptly
      appoint a successor Trustee by written instrument, in duplicate, one copy of
      which instrument shall be delivered to the Trustee so removed and one copy
      to
      the successor Trustee.

     

    The
      Majority Certificateholders may at any time remove the Trustee by written
      instrument or instruments delivered to the Servicer, the Depositor and the
      Trustee and any expenses incurred by the Trustee in connection with such removal
      shall be reimbursed to it by the Majority Certificateholders promptly upon
      demand therefor; the Depositor shall thereupon use its best efforts to appoint
      a
      successor Trustee in accordance with this Section.

     

    Any
      resignation or removal of the Trustee and appointment of a successor Trustee
      pursuant to any of the provisions of this Section 8.07 shall not become
      effective until acceptance of appointment by the successor Trustee as provided
      in Section 8.08.

     

    
      
        	
              	Section
                8.08	
                Successor
                  Trustee.

              

      

    

     

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

     

    No
      successor Trustee shall accept appointment as provided in this Section 8.08
      unless at the time of such acceptance such successor Trustee shall be eligible
      under the provisions of Section 8.06 and the appointment of such successor
      Trustee shall not result in a downgrading of the Regular Certificates by any
      Rating Agency, as evidenced by a letter from each Rating Agency.

     

    Upon
      acceptance of appointment by a successor Trustee as provided in this Section
      8.08, the successor Trustee shall mail notice of the appointment of a successor
      Trustee hereunder to all Holders of Certificates at their addresses as shown
      in
      the Certificate Register and to each Rating Agency.

     

    
      
        	
              	Section
                8.09	
                Merger
                  or Consolidation of Trustee.

              

      

    

     

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

     

    
      
        	
              	Section
                8.10	
                Appointment
                  of Co-Trustee or Separate Trustee.

              

      

    

     

    Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust or
      any
      Mortgaged Property may at the time be located, the Depositor and the Trustee
      acting jointly shall have the power and shall execute and deliver all
      instruments to appoint one or more Persons approved by the Trustee to act as
      co-trustee or co-trustees, jointly with the Trustee, or separate trustee or
      separate trustees, of all or any part of the Trust, and to vest in such Person
      or Persons, in such capacity and for the benefit of the Certificateholders,
      such
      title to the Trust, or any part thereof, and, subject to the other provisions
      of
      this Section 8.10, such powers, duties, obligations, rights and trusts as the
      Servicer and the Trustee may consider necessary or desirable. Any such
      co-trustee or separate trustee shall be subject to the written approval of
      the
      Servicer. If the Servicer shall not have joined in such appointment within
      15
      days after the receipt by it of a request so to do, or in the case a Servicer
      Event of Termination shall have occurred and be continuing, the Trustee alone
      shall have the power to make such appointment. No co-trustee or separate trustee
      hereunder shall be required to meet the terms of eligibility as a successor
      Trustee under Section 8.06, and no notice to Certificateholders of the
      appointment of any co-trustee or separate trustee shall be required under
      Section 8.08. The Servicer shall be responsible for the fees of any co-trustee
      or separate trustee appointed hereunder.

     

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

     

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

     

    (iii)  the
      Servicer and the Trustee, acting jointly may at any time accept the resignation
      of or remove any separate trustee or co-trustee except that following the
      occurrence of a Servicer Event of Termination, the Trustee acting alone may
      accept the resignation or remove any separate trustee or
      co-trustee.

     

    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      VIII. Each separate trustee and co-trustee, upon its acceptance of the trusts
      conferred, shall be vested with the estates or property specified in its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee and a copy thereof given to
      the
      Depositor, the Rating Agencies and the Servicer.

     

    Any
      separate trustee or co-trustee may, at any time, constitute the Trustee, its
      agent or attorney-in-fact, with full power and authority, to the extent not
      prohibited by law, to do any lawful act under or in respect of this Agreement
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Trustee, to the extent permitted by law, without the appointment of a new or
      successor Trustee.

     

    
      
        	
              	Section
                8.11	
                Limitation
                  of Liability.

              

      

    

     

    The
      Certificates are executed by the Trustee, not in its individual capacity but
      solely as Trustee of the Trust, in the exercise of the powers and authority
      conferred and vested in it by this Agreement. Each of the undertakings and
      agreements made on the part of the Trustee in the Certificates is made and
      intended not as a personal undertaking or agreement by the Trustee but is made
      and intended for the purpose of binding only the Trust.

     

    
      
        	
              	Section
                8.12	
                Trustee
                  May Enforce Claims Without Possession of Certificates.

              

      

    

     

    (a)  All
      rights of action and claims under this Agreement or the Certificates may be
      prosecuted and enforced by the Trustee without the possession of any of the
      Certificates or the production thereof in any proceeding relating thereto,
      and
      such proceeding instituted by the Trustee shall be brought in its own name
      or in
      its capacity as Trustee for the benefit of all Holders of such Certificates,
      subject to the provisions of this Agreement. Any recovery of judgment shall,
      after provision for the payment of the reasonable compensation, expenses,
      disbursement and advances of the Trustee, its agents and counsel, be for the
      ratable benefit of the Certificateholders in respect of which such judgment
      has
      been recovered.

     

    (b)  The
      Trustee shall afford the Sponsor, the Depositor, the Servicer and each
      Certificateholder upon reasonable notice during normal business hours, access
      to
      all records maintained by the Trustee in respect of its duties hereunder and
      access to officers of the Trustee responsible for performing such duties. The
      Trustee shall cooperate fully with the Sponsor, the Servicer, the Depositor
      and
      such Certificateholder and shall make available to the Sponsor, the Servicer,
      the Depositor and such Certificateholder for review and copying at the expense
      of the party requesting such copies, such books, documents or records as may
      be
      requested with respect to the Trustee’s duties hereunder. The Sponsor, the
      Depositor, the Servicer and the Certificateholders shall not have any
      responsibility or liability for any action or failure to act by the Trustee
      and
      are not obligated to supervise the performance of the Trustee under this
      Agreement or otherwise.

     

    
      
        	
              	Section
                8.13	
                Suits
                  for Enforcement.

              

      

    

     

    In
      case a
      Servicer Event of Termination or other default by the Servicer or the Sponsor
      hereunder shall occur and be continuing, the Trustee may proceed to protect
      and
      enforce its rights and the rights of the Certificateholders under this Agreement
      by a suit, action or proceeding in equity or at law or otherwise, whether for
      the specific performance of any covenant or agreement contained in this
      Agreement or in aid of the execution of any power granted in this Agreement
      or
      for the enforcement of any other legal, equitable or other remedy, as the
      Trustee, being advised by counsel, and subject to the foregoing, shall deem
      most
      effectual to protect and enforce any of the rights of the Trustee and the
      Certificateholders.

     

    
      
        	
              	Section
                8.14	
                Waiver
                  of Bond Requirement.

              

      

    

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee post a bond or other surety with any court, agency
      or
      body whatsoever.

     

    
      
        	
              	Section
                8.15	
                Waiver
                  of Inventory, Accounting and Appraisal Requirement.

              

      

    

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee file any inventory, accounting or appraisal of the
      Trust with any court, agency or body at any time or in any manner
      whatsoever.

     

    ARTICLE
      IX

     

    REMIC
      ADMINISTRATION

     

    
      
        	
              	Section
                9.01	
                REMIC
                  Administration.

              

      

    

     

    (a)  REMIC
      elections as set forth in the Preliminary Statement shall be made by the Trustee
      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
      Certificates are issued. The regular interests and residual interest in each
      REMIC shall be as designated in the Preliminary Statement.

     

    (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
      Servicer shall pay any and all tax related expenses (not including taxes) of
      each REMIC, including but not limited to any professional fees or expenses
      related to audits or any administrative or judicial proceedings with respect
      to
      each REMIC that involve the Internal Revenue Service or state tax authorities,
      but only to the extent that (i) such expenses are ordinary or routine expenses,
      including expenses of a routine audit but not expenses of litigation (except
      as
      described in (ii)); or (ii) such expenses or liabilities (including taxes and
      penalties) are attributable to the negligence or willful misconduct of the
      Servicer in fulfilling its duties hereunder. The Servicer shall be entitled
      to
      reimbursement of expenses to the extent provided in clause (i) above from the
      Collection Account.

     

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

     

    (e)  The
      Holder of the Residual Certificate at any time holding the largest Percentage
      Interest thereof shall be the “tax matters person” as defined in the REMIC
      Provisions (the “Tax Matters Person”) with respect to each REMIC and shall act
      as Tax Matters Person for each REMIC. The Trustee, 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 Trustee,
      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 Residual Certificate to any disqualified
      person or organization and (ii) to the Certificateholders such information
      or
      reports as are required by the Code or REMIC Provisions. The Trustee, 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
      Trustee, the Servicer and the Holders of Certificates shall take any action
      or
      cause the REMIC to take any action required under this Agreement necessary,
      or
      otherwise which, based on an Opinion of Counsel, is 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. None
      of
      the Trustee, the Servicer or the Holder of any Residual Certificate shall 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 Trustee and the Servicer 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 Residual Certificate will consult with the Trustee and the Servicer,
      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 Trustee or the Servicer has advised it in writing that
      an
      Adverse REMIC Event could occur.

     

    (g)  Each
      Holder of a Residual Certificate 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 Trust taxes are not paid by a Residual Certificateholder,
      the Trustee shall pay any remaining REMIC taxes out of current or future amounts
      otherwise distributable to the Holder of the Residual Certificate in the REMICs
      or, if no such amounts are available, out of other amounts held in the
      Distribution Account, and shall reduce amounts otherwise payable to Holders
      of
      regular interests in the related REMIC.

     

    (h)  The
      Trustee, 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 Eligible
      Substitute Mortgage Loans.

     

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

     

    (k)  On
      or
      before April 15th
      of each
      calendar year beginning in 2008, the Servicer shall deliver to the Trustee
      and
      each Rating Agency an Officers’ Certificate stating the Servicer’s compliance
      with the provisions of this Section 9.01.

     

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

     

    
      
        	
              	Section
                9.02	
                Prohibited
                  Transactions and Activities.

              

      

    

     

    Neither
      the Sponsor, the Depositor, the Servicer nor the Trustee shall sell, dispose
      of,
      or substitute for any of the Mortgage Loans, except in a disposition pursuant
      to
      (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of any REMIC created hereunder pursuant to Article X
      of
      this Agreement, (iv) a substitution pursuant to Article II of this Agreement
      or
      (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement,
      nor
      acquire any assets for any REMIC, nor sell or dispose of any investments in
      the
      Distribution Account for gain, nor accept any contributions to either 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 Residual Certificates as the regular interests
      therein, (b) affect the distribution of interest or principal on the
      Certificates, (c) result in the encumbrance of the assets transferred or
      assigned to the Trust Fund (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
                9.03	
                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 Servicer of its duties and obligations set forth herein,
      the
      Servicer shall indemnify the Holder of the related Residual Certificates against
      any and all losses, claims, damages, liabilities or expenses (“Losses”)
      resulting from such negligence; provided,
      however,
      that
      the Servicer shall not be liable for any such Losses attributable to the action
      or inaction of the Trustee, the Depositor or the Holder of such Residual
      Certificate, as applicable, nor for any such Losses resulting from
      misinformation provided by the Holder of such Residual Certificate on which
      the
      Servicer has relied. The foregoing shall not be deemed to limit or restrict
      the
      rights and remedies of the Holder of such Residual Certificate now or hereafter
      existing at law or in equity. Notwithstanding the foregoing, however, in no
      event shall the Servicer 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 Agreement, (2) for any Losses
      other than arising out of a negligent performance by the Servicer of its duties
      and obligations set forth herein, and (3) for any special or consequential
      damages to Certificateholders (in addition to payment of principal and interest
      on the Certificates).

     

    ARTICLE
      X

     

    TERMINATION

     

    
      
        	
              	Section
                10.01	
                Termination.

              

      

    

     

    (a)  The
      respective obligations and responsibilities of the Sponsor, the Servicer, the
      Depositor, the Paying Agent, the Trustee and the Certificate Registrar created
      hereby (other than the obligation of the Trustee to make certain payments to
      Certificateholders after the final Distribution Date and the obligation of
      the
      Servicer to send certain notices as hereinafter set forth) shall terminate
      upon
      notice to the Trustee upon the earliest of (i) the Distribution Date on which
      the Certificate Principal Balance of each Class of Certificates has been reduced
      to zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      in the Trust, and (iii) the optional purchase by the Servicer or an Affiliate
      of
      the Servicer of the Mortgage Loans as described below. Notwithstanding the
      foregoing, in no event shall the trust created hereby continue beyond the
      expiration of 21 years from the death of the last survivor of the descendants
      of
      Joseph P. Kennedy, the late ambassador of the United States to the Court of
      St.
      James, living on the date hereof.

     

    The
      Servicer or an Affiliate of the Servicer may, at its option, terminate the
      Mortgage Loans in the Trust Fund and retire the Class A Certificates, the
      Mezzanine Certificates and the Class B Certificates on the next succeeding
      Distribution Date upon which the current Pool Balance is 10% or less than the
      Pool Balance as of the Cut-off Date by purchasing all of the outstanding (i)
      Mortgage Loans in the Trust Fund at a price equal to the sum of the outstanding
      Principal Balance of the Mortgage Loans and except to the extent previously
      advanced by the Servicer, accrued and unpaid interest thereon at the weighted
      average of the Mortgage Interest Rates through the end of the Collection Period
      preceding the final Distribution Date plus unreimbursed Servicing Advances,
      Advances, unpaid Servicing Fees or Excess Servicing Fees allocable to such
      Mortgage Loans and Swap Termination Payment payable to the Swap Provider and
      (ii) REO Properties in the Trust Fund at a price equal to their fair market
      value as determined in good faith by the Servicer (the “Termination
      Price”).

     

    In
      connection with any such purchase pursuant to the preceding paragraph, the
      Servicer shall deliver to the Trustee for deposit in the Distribution Account
      all amounts then on deposit in the Collection Account (less amounts permitted
      to
      be withdrawn by the Servicer pursuant to Section 3.07), which deposit shall
      be
      deemed to have occurred immediately following such purchase.

     

    Any
      such
      purchase shall be accomplished by delivery to the Trustee for deposit into
      the
      Distribution Account as part of Available Funds on the Determination Date before
      such Distribution Date of the Termination Price.

     

    (b)  Notice
      of
      any termination, specifying the Distribution Date (which shall be a date that
      would otherwise be a Distribution Date) upon which the Certificateholders may
      surrender their Certificates for payment of the final distribution and
      cancellation, shall be given promptly by the Trustee upon the Trustee receiving
      notice of such date from the Servicer, by letter to the Certificateholders
      mailed not earlier than the 15th
      day of
      the month preceding the month of such final distribution and not later than
      the
      15th
      day of
      the month of such final distribution specifying (1) the Distribution Date upon
      which final distribution of the Certificates will be made upon presentation
      and
      surrender of such Certificates at the office or agency therein designated,
      (2)
      the location of the office or agency at which such presentation and surrender
      must be made, (3) the amount of any such final distribution and (4) that the
      Record Date otherwise applicable to such Distribution Date is not applicable,
      distributions being made only upon presentation and surrender of the
      Certificates at the office or agency therein specified.

     

    (c)  Upon
      presentation and surrender of the Certificates, the Trustee shall cause to
      be
      distributed to the Holders of the Certificates on the Distribution Date for
      such
      final distribution, in proportion to the Percentage Interests of their
      respective Class and to the extent that funds are available for such purpose,
      an
      amount equal to the amount required to be distributed to such Holders in
      accordance with the provisions of Sections 4.01 and Section 4.02 for such
      Distribution Date.

     

    (d)  In
      the
      event that all Certificateholders shall not surrender their Certificates for
      final payment and cancellation on or before such final Distribution Date, the
      Trustee shall promptly following such date cause all funds in the Distribution
      Account not distributed in final distribution to Certificateholders to be
      withdrawn therefrom and credited to the remaining Certificateholders by
      depositing such funds in a separate escrow account for the benefit of such
      Certificateholders, and the Servicer (if the Servicer has exercised its right
      to
      purchase the Mortgage Loans) or the Trustee (in any other case) shall give
      a
      second written notice to the remaining Certificateholders, to surrender their
      Certificates for cancellation and receive the final distribution with respect
      thereto. If within nine months after the second notice all the Certificates
      shall not have been surrendered for cancellation, the Residual
      Certificateholders shall be entitled to all unclaimed funds and other assets
      which remain subject hereto and the Trustee upon transfer of such funds shall
      be
      discharged of any responsibility for such funds, and such Certificateholders
      shall look to the Residual Certificateholders for payment.

     

    
      
        	
              	Section
                10.02	
                Additional
                  Termination Requirements.

              

      

    

     

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

     

    (i)  The
      Trustee shall designate a date within 90 days prior to the final Distribution
      Date as the date of adoption of plans of complete liquidation of each REMIC
      prepared and delivered to it by the terminating party or its designee and shall
      specify such date in the final federal income tax return of each
      REMIC;

     

    (ii)  After
      the
      date of adoption of such plans of complete liquidation and at or prior to the
      final Distribution Date, the Trustee shall sell all of the assets of the Trust
      to the Servicer for cash; and

     

    (iii)  At
      the
      time of the making of the final payment on the Certificates, the Trustee shall
      distribute or credit, or cause to be distributed or credited in the following
      order of priority (A) (i) to the Holders of the Class A Certificates and (ii)
      to
      the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      B-1,
      Class B-2, Class B-3 and Class B-4 Certificates, the related Certificate
      Principal Balance, as applicable, plus one month’s interest thereon at the
      applicable Pass-Through Rate, (B) to the Class CE-1 Certificates in respect
      of
      the Class CE-1 Interest, the amount of any remaining Monthly Excess Cash Flow
      Amounts not previously distributed thereon, (C) to the remaining REMIC Regular
      Interests the amounts allocable thereto pursuant to Section 4.08 and (D) to
      the
      Class R and Class R-X Certificateholders, all cash on hand in respect of the
      related REMIC or REMICs after such payment (other than cash retained to meet
      claims) and the Trust shall terminate at such time.

     

    (b)  By
      their
      acceptance of Certificates, the Holders thereof hereby agree to appoint the
      Trustee as their attorney in fact to: (i) designate such date of adoption of
      plans of complete liquidation and (ii) to take such other action in connection
      therewith as may be reasonably required to carry out such plans of complete
      liquidation all in accordance with the terms hereof.

     

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    
      
        	
              	Section
                11.01	
                Amendment.

              

      

    

     

    This
      Agreement may be amended from time to time by the Sponsor, the Depositor, the
      Servicer and the Trustee; and without the consent of the Certificateholders,
      (i)
      to cure any ambiguity, (ii) to correct or supplement any provisions herein
      which
      may be defective or inconsistent with any other provisions herein, (iii) to
      amend the provisions of Section 3.22, (iv) to make any other provisions with
      respect to matters or questions arising under this Agreement, which shall not
      be
      inconsistent with the provisions of this Agreement, (v) to comply with any
      rules
      of the Securities and Exchange Commission coming into effect following the
      date
      hereof which apply to the Certificates or (vi) to comply with Regulation AB;
      provided,
      however,
      that
      any such action listed in clause (i) through (iv) above shall not adversely
      affect in any respect the interests of any Certificateholder, as evidenced
      by
      (i) notice in writing to the Depositor, the Servicer and the Trustee from the
      Rating Agencies that such action will not result in the reduction or withdrawal
      of the rating of any outstanding Class of Certificates with respect to which
      it
      is a Rating Agency, or (ii) an Opinion of Counsel delivered to the Servicer
      and
      the Trustee.

     

    In
      addition, this Agreement may be amended from time to time by Sponsor, the
      Depositor, the Servicer and the Trustee, with the consent of the Majority
      Certificateholders for the purpose of adding any provisions to or changing
      in
      any manner or eliminating any of the provisions of this Agreement or of
      modifying in any manner the rights of the Holders of Certificates or the Swap
      Provider; provided,
      however,
      that no
      such amendment or waiver shall (x) reduce in any manner the amount of, or delay
      the timing of, payments on the Certificates which are required to be made on
      any
      Certificate without the consent of the Holder of such Certificate, (y) adversely
      affect in any material respect the interests of the Holders of any Class of
      Certificates or the Swap Provider (as evidenced by (i) notice in writing to
      the
      Depositor, the Servicer and the Trustee from the Rating Agencies that such
      action will not result in the reduction or withdrawal of the rating of any
      outstanding Class of Certificates with respect to which it is a Rating Agency,
      or (ii) an Opinion of Counsel delivered to the Servicer and the Trustee) in
      a
      manner other than as described in clause (x) above, without the consent of
      the
      Holders of Certificates of such Class evidencing at least a 66% Percentage
      Interest in such Class, or (z) reduce the percentage of Voting Rights required
      by clause (y) above without the consent of the Holders of all Certificates
      of
      such Class then outstanding. Upon approval of an amendment, a copy of such
      amendment shall be sent to the Rating Agencies. Prior to the execution of any
      amendment to this Agreement, the Trustee shall be entitled to receive and rely
      upon an Opinion of Counsel (at the expense of the Person seeking such amendment)
      stating that the execution of such amendment is authorized or permitted by
      this
      Agreement. The Trustee may, but shall not be obligated to, enter into any such
      amendment which affects the Trustee’s own rights, duties or immunities under
      this Agreement.

     

    Notwithstanding
      any provision of this Agreement to the contrary, the Trustee shall not consent
      to any amendment to this Agreement unless it shall have first received an
      Opinion of Counsel, delivered by (and at the expense of) the Person seeking
      such
      Amendment, to the effect that such amendment is permitted hereunder and will
      not
      result in the imposition of a tax on any REMIC constituting part of the Trust
      Fund pursuant to the REMIC Provisions or cause any REMIC constituting part
      of
      the Trust to fail to qualify as a REMIC at any time that any Certificates are
      outstanding and that the amendment is being made in accordance with the terms
      hereof.

     

    Promptly
      after the execution of any such amendment the Trustee shall furnish, at the
      expense of the Person that requested the amendment if such Person is the Sponsor
      or the Servicer (but in no event at the expense of the Trustee), otherwise
      at
      the expense of the Trust, a copy of such amendment and the Opinion of Counsel
      referred to in the immediately preceding paragraph to the Servicer and each
      Rating Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 11.01
      to approve the particular form of any proposed amendment; instead it shall
      be
      sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents and of evidencing the authorization of the execution
      thereof by Certificateholders shall be subject to such reasonable regulations
      as
      the Trustee may prescribe.

     

    Notwithstanding
      anything to the contrary in this Section 11.01, the
      Trustee, the Sponsor and the Servicer shall reasonably cooperate with the
      Depositor and its counsel to enter into such amendments or modifications to
      the
      Agreement as may be necessary to comply with Regulation AB and any
      interpretation thereof by the Securities and Exchange Commission.

     

    Notwithstanding
      anything to the contrary in this Section 11.01, no amendment shall be permitted
      that adversely affects in any respect the rights and interests hereunder of
      the
      Swap Provider (as evidenced by an Opinion of Counsel delivered to the Servicer
      and the Trustee) without the prior written consent of the Swap
      Provider.

     

    
      
        	
              	Section
                11.02	
                Recordation
                  of Agreement; Counterparts.

              

      

    

     

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

     

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

     

    
      
        	
              	Section
                11.03	
                Limitation
                  on Rights of Certificateholders.

              

      

    

     

    The
      death
      or incapacity of any Certificateholder shall not (i) operate to terminate this
      Agreement or the Trust, (ii) entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust, or (iii)
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

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

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee a written notice of default and of the continuance
      thereof, as herein provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights shall have made written request
      upon the Trustee to institute such action, suit or proceeding in its own name
      as
      Trustee hereunder and shall have offered to the Trustee such reasonable
      indemnity as it may require against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee for 15 days after its receipt
      of
      such notice, request and offer of indemnity, shall have neglected or refused
      to
      institute any such action, suit or proceeding. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatever by virtue of any provision of this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, which priority or preference is not otherwise provided
      for herein, or to enforce any right under this Agreement, except in the manner
      herein provided and for the equal, ratable and common benefit of all
      Certificateholders. For the protection and enforcement of the provisions of
      this
      Section 11.03 each and every Certificateholder and the Trustee shall be entitled
      to such relief as can be given either at law or in equity.

     

    
      
        	
              	Section
                11.04	
                Governing
                  Law; Jurisdiction.

              

      

    

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York, and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws (without regard to the conflicts of
      laws
      provisions thereof). With respect to any claim arising out of this Agreement,
      each party irrevocably submits to the exclusive jurisdiction of the courts
      of
      the State of New York and the United States District Court located in the
      Borough of Manhattan in The City of New York, and each party irrevocably waives
      any objection which it may have at any time to the laying of venue of any suit,
      action or proceeding arising out of or relating hereto brought in any such
      courts, irrevocably waives any claim that any such suit, action or proceeding
      brought in any such court has been brought in any inconvenient forum and further
      irrevocably waives the right to object, with respect to such claim, suit, action
      or proceeding brought in any such court, that such court does not have
      jurisdiction over such party, provided that service of process has been made
      by
      any lawful means.

     

    
      
        	
              	Section
                11.05	
                Notices.

              

      

    

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, or by express delivery service, to (a) in the
      case
      of the Sponsor, Credit-Based Asset Servicing and Securitization LLC, 335 Madison
      Avenue, 19th Floor, New York, New York, 10017, Attention: Director - Mortgage
      Finance (telecopy number (212) 850-7760), or such other address or telecopy
      number as may hereafter be furnished to the Depositor and the Trustee in writing
      by the Sponsor, (b) in the case of the Trustee, the Corporate Trust Office,
      or
      such other address as may hereafter be furnished to the Depositor, the Sponsor
      and the Servicer in writing by the Trustee, (c) in the case of the Depositor,
      Citigroup Mortgage Loan Trust Inc., 390 Greenwich Street, 4th
      Floor,
      New York, New York 10013 Attention: Mortgage Finance, or such other address
      as
      may be furnished to the Sponsor, the Servicer and the Trustee in writing by
      the
      Depositor, and (d) in the case of the Servicer, Litton Loan Servicing LP, 4828
      Loop Central Drive, Houston, Texas 77081, Attention: Janice McClure, or such
      other address as may be furnished to the Sponsor, the Depositor and the Trustee
      in writing by the Servicer. Any notice required or permitted to be mailed to
      a
      Certificateholder shall be given by first class mail, postage prepaid, at the
      address of such Holder as shown in the Certificate Register. Notice of any
      Servicer Event of Termination shall be given by telecopy and by certified mail.
      Any notice so mailed within the time prescribed in this Agreement shall be
      conclusively presumed to have duly been given when mailed, whether or not the
      Certificateholder receives such notice. A copy of any notice required to be
      telecopied hereunder shall also be mailed to the appropriate party in the manner
      set forth above.

     

    
      
        	
              	Section
                11.06	
                Severability
                  of Provisions.

              

      

    

     

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

     

    
      
        	
              	Section
                11.07	
                Article
                  and Section References.

              

      

    

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    
      
        	
              	Section
                11.08	
                Notice
                  to the Rating Agencies.

              

      

    

     

    (a)  Each
      of
      the Trustee and the Servicer shall be obligated to use its best reasonable
      efforts promptly to provide notice to the Rating Agencies with respect to each
      of the following of which a Responsible Officer of the Trustee or the Servicer,
      as the case may be, has actual knowledge:

     

    (i)  any
      material change or amendment to this Agreement;

     

    (ii)  the
      occurrence of any Servicer Event of Termination that has not been cured or
      waived;

     

    (iii)  the
      resignation or termination of the Servicer or the Trustee;

     

    (iv)  the
      final
      payment to Holders of the Certificates of any Class;

     

    (v)  any
      change in the location of any Account; and

     

    (vi)  if
      the
      Trustee is acting as successor Servicer pursuant to Section 7.02 hereof, any
      event that would result in the inability of the Trustee to make
      Advances.

     

    (vii)  In
      addition, the Servicer shall promptly furnish to each Rating Agency copies
      of
      the following:

     

    (A) each
      annual statement as to compliance described in Section 3.19 hereof;

     

    (B) each
      annual independent public accountants’ servicing report described in Section
      3.20 hereof; and

     

    (C) each
      notice delivered pursuant to Section 7.01(a) hereof which relates to the fact
      that the Servicer has not made an Advance.

     

    Any
      such
      notice pursuant to this Section 11.08 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered or mailed by first class mail,
      postage prepaid, or by express delivery service to Moody’s Investors Service,
      Inc., 99 Church Street, New York, New York 10007, Attention: Managing Director,
      Residential Mortgage-Backed Securities; Fitch Ratings, One State Street Plaza,
      New York, New York 10004, Attention: Managing Director, Residential
      Mortgage-Backed Securities; Standard & Poor’s, a division of The McGraw-Hill
      Companies, Inc., 55 Water Street, New York, New York 10041, Attention: Mortgage
      Surveillance Group; and Dominion Bond Rating Service, Inc., 55 Broadway, New
      York, New York 10006, Attention: Michael Nelson.

     

    
      
        	
              	Section
                11.09	
                Further
                  Assurances.

              

      

    

     

    Notwithstanding
      any other provision of this Agreement, neither the Regular Certificateholders
      nor the Trustee shall have any obligation to consent to any amendment or
      modification of this Agreement unless they have been provided reasonable
      security or indemnity against their out-of-pocket expenses (including reasonable
      attorneys’ fees) to be incurred in connection therewith.

     

    
      
        	
              	Section
                11.10	
                Benefits
                  of Agreement.

              

      

    

     

    Nothing
      in this Agreement or in the Certificates, expressed or implied, shall give
      to
      any Person, other than the Certificateholders and the parties hereto and their
      successors hereunder, any benefit or any legal or equitable right, remedy or
      claim under this Agreement.

     

    
      
        	
              	Section
                11.11	
                Acts
                  of Certificateholders.

              

      

    

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by the Certificateholders
      may be embodied in and evidenced by one or more instruments of substantially
      similar tenor signed by such Certificateholders in person or by agent duly
      appointed in writing; and such action shall become effective when such
      instrument or instruments are delivered to the Trustee, the Sponsor and the
      Servicer. Such instrument or instruments (and the action embodied therein and
      evidenced thereby) are herein sometimes referred to as the “act” of the
      Certificateholders 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 Agreement and conclusive in favor of the
      Trustee and the Trust, if made in the manner provided in this Section
      11.11.

     

    (b)  The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      a notary public or other officer authorized by law to take acknowledgments
      of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by a
      signer acting in a capacity other than his or her individual capacity, such
      certificate or affidavit shall also constitute sufficient proof of his
      authority.

     

    (c)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by any Certificateholder shall bind every future Holder of such
      Certificate and the Holder of every Certificate issued upon the registration
      of
      transfer thereof or in exchange therefor or in lieu thereof, in respect of
      anything done, omitted or suffered to be done by the Trustee or the Trust in
      reliance thereon, whether or not notation of such action is made upon such
      Certificate.

     

    
      
        	
              	Section
                11.12	
                Compliance
                  with Regulation AB.

              

      

    

     

    Each
      of
      the parties hereto acknowledges and agrees that the purpose of Sections 3.19,
      3.20 and 3.22 of this Agreement is to facilitate compliance by the Depositor
      with the provisions of Regulation AB, as such may be amended or clarified from
      time to time. Therefore, each of the parties agrees that (a) the obligations
      of
      the parties hereunder shall be interpreted in such a manner as to accomplish
      compliance with Regulation AB, (b) the parties’ obligations hereunder will be
      supplemented and modified as necessary to be consistent with any such
      amendments, interpretive advice or guidance, convention or consensus among
      active participants in the asset-backed securities markets, advice of counsel,
      or otherwise in respect of the requirements of Regulation AB and (c) the parties
      shall comply, to the extent practicable from a timing and information systems
      perspective, with reasonable requests made by the Depositor for delivery of
      such
      information as the Depositor may determine in good faith is necessary to comply
      with the provisions of Regulation AB.

     

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

    
      	 	 	 
	 	
              CITIGROUP
                MORTGAGE
                LOAN TRUST INC., 

              as
                Depositor

            
	 
 	 
 	 
 
	 	  	By: 
              /s/ Peter D. Steinmetz
	 	
              
                

              

            
	 	
              Name:
                Peter D. Steinmetz

              Title:
                Vice President

            

    

     

    
      	 	 	 
	 	
              CREDIT-BASED
                ASSET
                SERVICING AND 

              SECURITIZATION
                LLC, as Sponsor

            
	 
 	 
 	 
 
	 	  	By: 
              /s/ David A. Chin
	 	
              
                

              

            
	 	
              Name:
                David A. Chin

              Title:
                Vice President

            

    

     

    
      	 	 	 
	 	
              LITTON
                LOAN
                SERVICING LP, as Servicer

            
	 
 	 
 	 
 
	 	 	By: 
              /s/ Janice McClure
	 	
              
                

              

            
	 	
              Name:
                Janice McClure

              Title:
                Senior Vice President

            

    

     

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL
                ASSOCIATION, as 

              Trustee

            
	 
 	 
 	 
 
	 	 	By: 
              /s/ Sheryl Christopherson
	 	
              
                

              

            
	 	
              Name:
                Sheryl Christopherson

              Title:
                Vice President

            

    

    
 

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

     

    On
      the
      ___ day
      of
      March, 2007 before me, a notary public in and for said State, personally
      appeared ______________, known to me to be a _____________ of Citigroup Mortgage
      Loan Trust Inc., a Delaware corporation that executed the within instrument,
      and
      also known to me to be the person who executed it on behalf of said corporation,
      and acknowledged to me that such corporation executed the within
      instrument.

     

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

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	Notary
              Public

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

     

    On
      the
      ___ day of March 2007 before me, a notary public in and for said State,
      personally appeared _______________ known to me to be a _______________ of
      Credit-Based Asset Servicing and Securitization LLC, a limited liability company
      that executed the within instrument, and also known to me to be the person
      who
      executed it on behalf of said limited liability company, and acknowledged to
      me
      that such limited liability company executed the within instrument.

     

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

    
      
        	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                

              
	 	Notary
                Public

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

     

    On
      the
      ___ day of March 2007 before me, a notary public in and for said State,
      personally appeared ____________, known to me to be a _____________ of U.S.
      Bank
      National Association, a national banking association that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      said corporation, and acknowledged to me that such corporation executed the
      within instrument.

     

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

    
      
        
          	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                  

                
	 	Notary
                  Public

      

    

    
      	
              STATE
                OF TEXAS

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF HARRIS

            	
              )

            	 

    

    

     

    On
      the
      ___ day of March 2007 before me, a notary public in and for said State,
      personally appeared _______________, known to me to be a _____________ of Litton
      Loan Servicing LP, a Delaware limited partnership, that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      said limited partnership, and acknowledged to me that such limited partnership
      executed the within instrument.

     

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

    
      
        
          	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                  

                
	 	Notary
                  Public- State of Texas

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

     

     

     

    EXHIBIT
      A-1

     

    FORM
      OF CLASS A-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
      CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
      PROPERTY.

     

    PRIOR
      TO TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, NO TRANSFER OF THIS
      CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT
      TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION
      4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED HEREIN. 

     

    

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB3, CLASS A-1

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class A-1

               

              Pass-Through
                Rate: Variable

               

              Date
                of Pooling and Servicing Agreement and
                Cut-off Date: March 1, 2007

               

              First
                Distribution Date: April 25, 2007

               

              No.
                1

               

              CUSIP:
                17311YAA1 

               

            	 	
              Original
                Class Certificate Principal Balance of the
                Class A-1 Certificates as of the Closing Date:
                $202,083,000.00

               

              Initial
                Certificate Principal Balance: 

              $202,083,000.00

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

               

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the Class
      A-1
      Certificates) in that certain beneficial ownership interest evidenced by all
      the
      Class A-1 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer, Credit-Based
      Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
      summary of certain of the pertinent provisions of which is set forth hereafter.
      To the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Business Day immediately
      preceding such Distribution Date (the “Record Date”), from funds in the
      Distribution Account in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to the Holders of Class A-1 Certificates on such Distribution Date pursuant
      to
      the Agreement provided, however, that if any Class A-1 Certificate becomes
      a
      Definitive Certificate, the Record Date for such Certificate will be the last
      Business Day of the month immediately preceding the month in which the related
      Distribution Date occurs.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class A-1 Certificates the aggregate Initial Certificate
      Principal Balance of which is in excess of $5,000,000, or by check mailed by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register, provided that the Trustee
      may
      deduct a reasonable wire transfer fee from any payment made by wire transfer.
      Notwithstanding the above, the final distribution on this Certificate will
      be
      made after due notice by the Trustee of the pendency of such distribution and
      only upon presentation and surrender of this Certificate at the office or agency
      appointed by the Trustee for that purpose as provided in the
      Agreement.

     

    The
      Class
      A-1 Pass-Through Rate on each Distribution Date will be a rate per annum equal
      to the lesser of (i) the sum of one month LIBOR plus the Class A-1 Certificate
      Margin and (ii) the Rate Cap for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class A-1 Certificates.

     

    The
      Class
      A-1 Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer and the Trustee
      with the consent of the Holders of Certificates entitled to the Voting Rights
      identified in the Agreement. Any such consent by the Holder of this Certificate
      shall be conclusive and binding on such Holder and upon all future Holders
      of
      this Certificate and of any Certificate issued upon the transfer hereof or
      in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    Prior
      to
      termination of the Supplemental Interest Trust, any transferee of this
      Certificate or any interest herein who is an employee benefit plans or certain
      other retirement plans and arrangements, including individual retirement
      accounts and annuities, Keogh plans and collective investment funds and separate
      accounts in which such plans, accounts or arrangements are invested that are
      subject to the fiduciary responsibility provisions of ERISA and Section 4975
      of
      the Code (“Plans”) or any person who is directly or indirectly purchasing this
      Certificate or interest herein on behalf of, as named fiduciary of, as trustee
      of, or with assets of a Plan except in accordance with section 5.02 of the
      Pooling and Servicing Agreement.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder's
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

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

     

    The
      Depositor, the Servicer, the Trustee and the Certificate Registrar and any
      agent
      of the Depositor, the Servicer, the Trustee or the Certificate Registrar may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from the Trust Fund of all Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from the Trust Fund all Mortgage Loans and all property acquired in respect
      of
      any Mortgage Loan at a price determined as provided in the Agreement. The
      exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, 

              as
                Trustee

            
	 
 	 
 	 
 
	 	  	By: 
              /s/ 
	 	
              
                

              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      
        	 	 	 
	 	
                
                  U.S.
                    BANK NATIONAL ASSOCIATION, 

                  as
                    Certificate Registrar

                

              
	 
 	 
 	 
 
	 	  	By: 
                /s/ 
	 	
                
                  

                

              
	 	
                
                  Authorized
                    Signatory

                

              

      

       

       

    

    Date
      of
      authentication: March ___, 2007

     

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT   - as
                tenants by the entireties

               

              JT
                TEN     - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	 	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

    

     

    
      	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                by or on behalf of assignor

            

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                Guaranteed

            

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

     

     

    EXHIBIT
      A-2

     

    FORM
      OF CLASS A-2 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
      CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
      PROPERTY.

     

    PRIOR
      TO TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, NO TRANSFER OF THIS
      CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT
      TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION
      4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED HEREIN. 

     

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB3, CLASS A-2

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class A-2

               

              Pass-Through
                Rate: Variable

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: March 1,
                2007

               

              First
                Distribution Date: April 25, 2007

               

              No.
                1

               

              CUSIP:
                17311YAB9 

               

            	 	
              Original
                Class Certificate Principal Balance of the Class A-2 Certificates
                as of
                the Closing Date:  $25,968,000.00

               

              Initial
                Certificate Principal Balance: 

              $25,968,000.00

               

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

               

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the Class
      A-2
      Certificates) in that certain beneficial ownership interest evidenced by all
      the
      Class A-2 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer, Credit-Based
      Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
      summary of certain of the pertinent provisions of which is set forth hereafter.
      To the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Business Day immediately
      preceding such Distribution Date (the “Record Date”), from funds in the
      Distribution Account in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to the Holders of Class A-2 Certificates on such Distribution Date pursuant
      to
      the Agreement provided, however, that if any Class A-2 Certificate becomes
      a
      Definitive Certificate, the Record Date for such Certificate will be the last
      Business Day of the month immediately preceding the month in which the related
      Distribution Date occurs.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class A-2 Certificates the aggregate Initial Certificate
      Principal Balance of which is in excess of $5,000,000, or by check mailed by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register, provided that the Trustee
      may
      deduct a reasonable wire transfer fee from any payment made by wire transfer.
      Notwithstanding the above, the final distribution on this Certificate will
      be
      made after due notice by the Trustee of the pendency of such distribution and
      only upon presentation and surrender of this Certificate at the office or agency
      appointed by the Trustee for that purpose as provided in the
      Agreement.

     

    The
      Class
      A-2 Pass-Through Rate on each Distribution Date will be a rate per annum equal
      to the lesser of (i) the sum of one month LIBOR plus the Class A-2 Certificate
      Margin and (ii) the Rate Cap for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class A-2 Certificates.

     

    The
      Class
      A-2 Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer and the Trustee
      with the consent of the Holders of Certificates entitled to the Voting Rights
      identified in the Agreement. Any such consent by the Holder of this Certificate
      shall be conclusive and binding on such Holder and upon all future Holders
      of
      this Certificate and of any Certificate issued upon the transfer hereof or
      in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder's
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    Prior
      to
      termination of the Supplemental Interest Trust, any transferee of this
      Certificate or any interest herein who is an employee benefit plans or certain
      other retirement plans and arrangements, including individual retirement
      accounts and annuities, Keogh plans and collective investment funds and separate
      accounts in which such plans, accounts or arrangements are invested that are
      subject to the fiduciary responsibility provisions of ERISA and Section 4975
      of
      the Code (“Plans”) or any person who is directly or indirectly purchasing this
      Certificate or interest herein on behalf of, as named fiduciary of, as trustee
      of, or with assets of a Plan except in accordance with section 5.02 of the
      Pooling and Servicing Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

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

     

    The
      Depositor, the Servicer, the Trustee and the Certificate Registrar and any
      agent
      of the Depositor, the Servicer, the Trustee or the Certificate Registrar may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from the Trust Fund of all Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from the Trust Fund all Mortgage Loans and all property acquired in respect
      of
      any Mortgage Loan at a price determined as provided in the Agreement. The
      exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, 

              as
                Trustee

            
	 
 	 
 	 
 
	 	 	By: 
              /s/ 
	 	
              
                

              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Certificate
                Registrar

            
	 
 	 
 	 
 
	 	 	By: 
	 	
              
                

              

            
	 	
              Authorized
                Signatory

            

    

     

    Date
      of
      authentication: March ___, 2007

    
 

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT - as
                tenants by the entireties

               

              JT
                TEN - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	 	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

    

     

    
      	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                by or on behalf of assignor

            

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                Guaranteed

            

    

     

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

     

     

    EXHIBIT
      A-3

     

    FORM
      OF CLASS A-3 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
      CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
      PROPERTY.

     

    PRIOR
      TO TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, NO TRANSFER OF THIS
      CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT
      TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION
      4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED HEREIN. 

     

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB3, CLASS A-3

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class A-3

               

              Pass-Through
                Rate: Variable

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: March 1,
                2007

               

              First
                Distribution Date: April 25, 2007

               

              No.
                1

               

              CUSIP:
                17311YAC7

               

            	 	
              Original
                Class Certificate Principal Balance of the Class A-3 Certificates
                as of
                the Closing Date:  $76,895,000.00
                

               

              Initial
                Certificate Principal Balance: 

              $76,895,000.00
                

               

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

               

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

    

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the Class
      A-3
      Certificates) in that certain beneficial ownership interest evidenced by all
      the
      Class A-3 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer, Credit-Based
      Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
      summary of certain of the pertinent provisions of which is set forth hereafter.
      To the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Business Day immediately
      preceding such Distribution Date (the “Record Date”), from funds in the
      Distribution Account in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to the Holders of Class A-3 Certificates on such Distribution Date pursuant
      to
      the Agreement provided, however, that if any Class A-3 Certificate becomes
      a
      Definitive Certificate, the Record Date for such Certificate will be the last
      Business Day of the month immediately preceding the month in which the related
      Distribution Date occurs.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class A-3 Certificates the aggregate Initial Certificate
      Principal Balance of which is in excess of $5,000,000, or by check mailed by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register, provided that the Trustee
      may
      deduct a reasonable wire transfer fee from any payment made by wire transfer.
      Notwithstanding the above, the final distribution on this Certificate will
      be
      made after due notice by the Trustee of the pendency of such distribution and
      only upon presentation and surrender of this Certificate at the office or agency
      appointed by the Trustee for that purpose as provided in the
      Agreement.

     

    The
      Class
      A-3 Pass-Through Rate on each Distribution Date will be a rate per annum equal
      to the lesser of (i) the sum of one month LIBOR plus the Class A-3 Certificate
      Margin and (ii) the Rate Cap for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class A-3 Certificates.

     

    The
      Class
      A-3 Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer, the Sponsor
      and
      the Trustee with the consent of the Holders of Certificates entitled to the
      Voting Rights identified in the Agreement. Any such consent by the Holder of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon this Certificate. The Agreement also permits the
      amendment thereof, in certain limited circumstances, without the consent of
      the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder's
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    Prior
      to
      termination of the Supplemental Interest Trust, any transferee of this
      Certificate or any interest herein who is an employee benefit plans or certain
      other retirement plans and arrangements, including individual retirement
      accounts and annuities, Keogh plans and collective investment funds and separate
      accounts in which such plans, accounts or arrangements are invested that are
      subject to the fiduciary responsibility provisions of ERISA and Section 4975
      of
      the Code (“Plans”) or any person who is directly or indirectly purchasing this
      Certificate or interest herein on behalf of, as named fiduciary of, as trustee
      of, or with assets of a Plan except in accordance with section 5.02 of the
      Pooling and Servicing Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

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

     

    The
      Depositor, the Servicer, the Trustee and the Certificate Registrar and any
      agent
      of the Depositor, the Servicer, the Trustee or the Certificate Registrar may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from the Trust Fund of all Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from the Trust Fund all Mortgage Loans and all property acquired in respect
      of
      any Mortgage Loan at a price determined as provided in the Agreement. The
      exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Trustee

            
	 
 	 
 	 
 
	 	 	
              
                By:

              

            
	 	
              
                

              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      
        	 	 	 
	 	
                
                  U.S.
                    BANK NATIONAL ASSOCIATION, as 

                  Certificate
                    Registrar

                

              
	 
 	 
 	 
 
	 	 	
                
                  By:

                

              
	 	
                
                  

                

              
	 	
                
                  Authorized
                    Signatory

                

              

      

       

    

     

    Date
      of
      authentication: March ___, 2007

     

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT - as
                tenants by the entireties

               

              JT
                TEN - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	 	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

    

     

    
      
        	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                

              
	 	
                Signature
                  by or on behalf of assignor

              

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                

              
	 	
                Signature
                  Guaranteed

              

      

       

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

     

    EXHIBIT
      A-4

     

    FORM
      OF CLASS A-4 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
      CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
      PROPERTY.

     

    PRIOR
      TO TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, NO TRANSFER OF THIS
      CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT
      TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION
      4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED HEREIN. 

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB3, CLASS A-4

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class A-4

               

              Pass-Through
                Rate: Variable

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: March 1,
                2007

               

              First
                Distribution Date: April 25, 2007

               

              No.
                1

               

              CUSIP:
                17311YAD5 

               

            	 	
              Original
                Class Certificate Principal Balance of the Class A-4 Certificates
                as of
                the Closing Date:  $14,778,000.00
                

               

              Initial
                Certificate Principal Balance: 

              $14,778,000.00
                

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

               

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

    

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the Class
      A-4
      Certificates) in that certain beneficial ownership interest evidenced by all
      the
      Class A-4 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer, Credit-Based
      Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
      summary of certain of the pertinent provisions of which is set forth hereafter.
      To the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Business Day immediately
      preceding such Distribution Date (the “Record Date”), from funds in the
      Distribution Account in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to the Holders of Class A-4 Certificates on such Distribution Date pursuant
      to
      the Agreement provided, however, that if any Class A-4 Certificate becomes
      a
      Definitive Certificate, the Record Date for such Certificate will be the last
      Business Day of the month immediately preceding the month in which the related
      Distribution Date occurs.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class A-4 Certificates the aggregate Initial Certificate
      Principal Balance of which is in excess of $5,000,000, or by check mailed by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register, provided that the Trustee
      may
      deduct a reasonable wire transfer fee from any payment made by wire transfer.
      Notwithstanding the above, the final distribution on this Certificate will
      be
      made after due notice by the Trustee of the pendency of such distribution and
      only upon presentation and surrender of this Certificate at the office or agency
      appointed by the Trustee for that purpose as provided in the
      Agreement.

     

    The
      Class
      A-4 Pass-Through Rate on each Distribution Date will be a rate per annum equal
      to the lesser of (i) the sum of one month LIBOR plus the Class A-4 Certificate
      Margin and (ii) the Rate Cap for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class A-4 Certificates.

     

    The
      Class
      A-4 Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer, the Sponsor
      and
      the Trustee with the consent of the Holders of Certificates entitled to the
      Voting Rights identified in the Agreement. Any such consent by the Holder of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon this Certificate. The Agreement also permits the
      amendment thereof, in certain limited circumstances, without the consent of
      the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder's
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    Prior
      to
      termination of the Supplemental Interest Trust, any transferee of this
      Certificate or any interest herein who is an employee benefit plans or certain
      other retirement plans and arrangements, including individual retirement
      accounts and annuities, Keogh plans and collective investment funds and separate
      accounts in which such plans, accounts or arrangements are invested that are
      subject to the fiduciary responsibility provisions of ERISA and Section 4975
      of
      the Code (“Plans”) or any person who is directly or indirectly purchasing this
      Certificate or interest herein on behalf of, as named fiduciary of, as trustee
      of, or with assets of a Plan except in accordance with section 5.02 of the
      Pooling and Servicing Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

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

     

    The
      Depositor, the Servicer, the Trustee and the Certificate Registrar and any
      agent
      of the Depositor, the Servicer, the Trustee or the Certificate Registrar may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from the Trust Fund of all Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from the Trust Fund all Mortgage Loans and all property acquired in respect
      of
      any Mortgage Loan at a price determined as provided in the Agreement. The
      exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Certificate
                Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Signatory

            

    

     

     

    Date
      of
      authentication: March ___, 2007

     

     

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT - as
                tenants by the entireties

               

              JT
                TEN - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	 	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

    

     

    
      	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                by or on behalf of assignor

            

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	  	 
	 	
              

            
	 	
              Signature
                Guaranteed

            

    

     

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    
 

    EXHIBIT
      A-5

     

    FORM
      OF CLASS A-5 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
      CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
      PROPERTY.

     

    PRIOR
      TO TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, NO TRANSFER OF THIS
      CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT
      TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION
      4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED HEREIN. 

     

    

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB3, CLASS A-5

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class A-5

               

              Pass-Through
                Rate: Variable

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: March 1,
                2007

               

              First
                Distribution Date: April 25, 2007

               

              No.
                1

               

              CUSIP:
                17311YAE3 

               

            	 	
              Original
                Class Certificate Principal Balance of the Class A-5 Certificates
                as of
                the Closing Date:  $35,525,000.00
                

               

              Initial
                Certificate Principal Balance: 

              $35,525,000.00
                

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

               

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the Class
      A-5
      Certificates) in that certain beneficial ownership interest evidenced by all
      the
      Class A-5 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer, Credit-Based
      Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
      summary of certain of the pertinent provisions of which is set forth hereafter.
      To the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Business Day immediately
      preceding such Distribution Date (the “Record Date”), from funds in the
      Distribution Account in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to the Holders of Class A-5 Certificates on such Distribution Date pursuant
      to
      the Agreement provided, however, that if any Class A-5 Certificate becomes
      a
      Definitive Certificate, the Record Date for such Certificate will be the last
      Business Day of the month immediately preceding the month in which the related
      Distribution Date occurs.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class A-5 Certificates the aggregate Initial Certificate
      Principal Balance of which is in excess of $5,000,000, or by check mailed by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register, provided that the Trustee
      may
      deduct a reasonable wire transfer fee from any payment made by wire transfer.
      Notwithstanding the above, the final distribution on this Certificate will
      be
      made after due notice by the Trustee of the pendency of such distribution and
      only upon presentation and surrender of this Certificate at the office or agency
      appointed by the Trustee for that purpose as provided in the
      Agreement.

     

    The
      Class
      A-5 Pass-Through Rate on each Distribution Date will be a rate per annum equal
      to the lesser of (i) the sum of one month LIBOR plus the Class A-5 Certificate
      Margin and (ii) the Rate Cap for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class A-5 Certificates.

     

    The
      Class
      A-5 Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer, the Sponsor
      and
      the Trustee with the consent of the Holders of Certificates entitled to the
      Voting Rights identified in the Agreement. Any such consent by the Holder of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon this Certificate. The Agreement also permits the
      amendment thereof, in certain limited circumstances, without the consent of
      the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder's
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    Prior
      to
      termination of the Supplemental Interest Trust, any transferee of this
      Certificate or any interest herein who is an employee benefit plans or certain
      other retirement plans and arrangements, including individual retirement
      accounts and annuities, Keogh plans and collective investment funds and separate
      accounts in which such plans, accounts or arrangements are invested that are
      subject to the fiduciary responsibility provisions of ERISA and Section 4975
      of
      the Code (“Plans”) or any person who is directly or indirectly purchasing this
      Certificate or interest herein on behalf of, as named fiduciary of, as trustee
      of, or with assets of a Plan except in accordance with section 5.02 of the
      Pooling and Servicing Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

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

     

    The
      Depositor, the Servicer, the Trustee and the Certificate Registrar and any
      agent
      of the Depositor, the Servicer, the Trustee or the Certificate Registrar may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from the Trust Fund of all Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from the Trust Fund all Mortgage Loans and all property acquired in respect
      of
      any Mortgage Loan at a price determined as provided in the Agreement. The
      exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Certificate
                Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Signatory

            

    

     

     

    Date
      of
      authentication: March ___, 2007

    
 

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT - as
                tenants by the entireties

               

              JT
                TEN - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	 	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

     

    
       

      
        	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                

              
	 	
                Signature
                  by or on behalf of assignor

              

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	 	  	 
	 	
                

              
	 	
                Signature
                  Guaranteed

              

      

       

    

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

     

    EXHIBIT
      B-1

     

    FORM
      OF CLASS B-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
      AND
      THE MEZZANINE CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR SECTION 4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE
      WITH THE PROCEDURES DESCRIBED HEREIN.

    

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
      CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
      PROPERTY.

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB3, CLASS B-1

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class B-1

               

              Pass-Through
                Rate: Variable

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: March 1,
                2007

               

              First
                Distribution Date: April 25, 2007

               

              No.
                1

               

              CUSIP:
                17311YAM5 

               

            	 	
              Original
                Class Certificate Principal Balance of the Class B-1 Certificates
                as of
                the Closing Date: $4,047,000.00

               

              Initial
                Certificate Principal Balance:

              $4,047,000.00

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the Class
      B-1
      Certificates) in that certain beneficial ownership interest evidenced by all
      the
      Class B-1 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer, Credit-Based
      Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
      summary of certain of the pertinent provisions of which is set forth hereafter.
      To the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the last Business Day of the
      month immediately preceding the month in which the related Distribution Date
      occurs (the “Record Date”), from funds in the Distribution Account in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class B-1
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class B-1 Certificates the aggregate Initial Certificate
      Principal Balance of which is in excess of $5,000,000, or by check mailed by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register, provided that the Trustee
      may
      deduct a reasonable wire transfer fee from any payment made by wire transfer.
      Notwithstanding the above, the final distribution on this Certificate will
      be
      made after due notice by the Trustee of the pendency of such distribution and
      only upon presentation and surrender of this Certificate at the office or agency
      appointed by the Trustee for that purpose as provided in the
      Agreement.

     

    The
      Class
      B-1 Pass-Through Rate on each Distribution Date is the lesser of (i) the sum
      of
      one month LIBOR plus the B-1 Certificate Margin and (ii) the related Rate Cap
      for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class B-1 Certificates.

     

    The
      Class
      B-1 Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    This
      certificate is subordinated in right of payment to the Class A Certificates
      and
      the Mezzanine Certificates as described in the Pooling and Servicing Agreement
      referred to herein.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer, the Sponsor
      and
      the Trustee with the consent of the Holders of Certificates entitled to the
      Voting Rights identified in the Agreement. Any such consent by the Holder of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon this Certificate. The Agreement also permits the
      amendment thereof, in certain limited circumstances, without the consent of
      the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder's
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate or any interest herein may be made to employee
      benefit plans and certain other retirement plans and arrangements, including
      individual retirement accounts and annuities, Keogh plans and collective
      investment funds and separate accounts in which such plans, accounts or
      arrangements are invested that are subject to the fiduciary responsibility
      provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
      directly or indirectly purchasing this Certificate or interest herein on behalf
      of, as named fiduciary of, as trustee of, or with assets of a Plan except in
      accordance with section 5.02 of the Pooling and Servicing
      Agreement.

     

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

     

    The
      Depositor, the Servicer, the Trustee and the Certificate Registrar and any
      agent
      of the Depositor, the Servicer, the Trustee or the Certificate Registrar may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from the Trust Fund of all
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all Mortgage Loans and all property acquired
      in
      respect of any Mortgage Loan at a price determined as provided in the Agreement.
      The exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      
        	 	 	 
	 	
                
                  U.S.
                    BANK NATIONAL ASSOCIATION, as 

                  Certificate
                    Registrar

                

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	
                
                  Authorized
                    Signatory

                

              

      

       

    

    Date
      of
      authentication: March ___, 2007

     

     

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT - as
                tenants by the entireties

               

              JT
                TEN - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	 	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

     

     

    
      
        
          	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                  

                
	 	
                  Signature
                    by or on behalf of assignor

                

        

        
          	 	 	 
	 	 
	 
 	 
 	 
 
	 	  	 
	 	
                  

                
	 	
                  Signature
                    Guaranteed

                

        

         

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

     

    EXHIBIT
      B-2

     

    FORM
      OF CLASS B-2 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES,
      THE
      MEZZANINE CERTIFICATES AND THE CLASS B-1 CERTIFICATES AS DESCRIBED IN THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR SECTION 4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE
      WITH THE PROCEDURES DESCRIBED HEREIN.

    

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
      CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
      PROPERTY.

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB3, CLASS B-2

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class B-2

               

              Pass-Through
                Rate: Variable

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: March 1,
                2007

               

              First
                Distribution Date: April 25, 2007

               

              No.
                1

               

              CUSIP:
                17311YAN3 

               

            	 	
              Original
                Class Certificate Principal Balance of the Class B-2 Certificates
                as of
                the Closing Date: $3,823,000.00 

               

              Initial
                Certificate Principal Balance:

              $3,823,000.00
                

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

    

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the Class
      B-2
      Certificates) in that certain beneficial ownership interest evidenced by all
      the
      Class B-2 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer, Credit-Based
      Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
      summary of certain of the pertinent provisions of which is set forth hereafter.
      To the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the last Business Day of the
      month immediately preceding the month in which the related Distribution Date
      occurs (the “Record Date”), from funds in the Distribution Account in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class B-2
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class B-2 Certificates the aggregate Initial Certificate
      Principal Balance of which is in excess of $5,000,000, or by check mailed by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register, provided that the Trustee
      may
      deduct a reasonable wire transfer fee from any payment made by wire transfer.
      Notwithstanding the above, the final distribution on this Certificate will
      be
      made after due notice by the Trustee of the pendency of such distribution and
      only upon presentation and surrender of this Certificate at the office or agency
      appointed by the Trustee for that purpose as provided in the
      Agreement.

     

    The
      Class
      B-2 Pass-Through Rate on each Distribution Date is the lesser of (i) the sum
      of
      one month LIBOR plus the B-2 Certificate Margin and (ii) the related Rate Cap
      for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class B-2 Certificates.

     

    The
      Class
      B-2 Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    This
      certificate is subordinated in right of payment to the Class A Certificates,
      the
      Mezzanine Certificates and the Class B-1 Certificates as described in the
      Pooling and Servicing Agreement referred to herein.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer, the Sponsor
      and
      the Trustee with the consent of the Holders of Certificates entitled to the
      Voting Rights identified in the Agreement. Any such consent by the Holder of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon this Certificate. The Agreement also permits the
      amendment thereof, in certain limited circumstances, without the consent of
      the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder's
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate or any interest herein may be made to employee
      benefit plans and certain other retirement plans and arrangements, including
      individual retirement accounts and annuities, Keogh plans and collective
      investment funds and separate accounts in which such plans, accounts or
      arrangements are invested that are subject to the fiduciary responsibility
      provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
      directly or indirectly purchasing this Certificate or interest herein on behalf
      of, as named fiduciary of, as trustee of, or with assets of a Plan except in
      accordance with section 5.02 of the Pooling and Servicing
      Agreement.

     

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

     

    The
      Depositor, the Servicer, the Trustee and the Certificate Registrar and any
      agent
      of the Depositor, the Servicer, the Trustee or the Certificate Registrar may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from the Trust Fund of all
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all Mortgage Loans and all property acquired
      in
      respect of any Mortgage Loan at a price determined as provided in the Agreement.
      The exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      	 	 	 
	 	
              
                U.S.
                  BANK NATIONAL ASSOCIATION, as 

                Certificate
                  Registrar

              

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              
                Authorized
                  Signatory

              

            

    

     

     

    Date
      of
      authentication: March ___, 2007

    

     

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT - as
                tenants by the entireties

               

              JT
                TEN - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	 	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

    

     

    
      	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                by or on behalf of assignor

            

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              
                Signature
                  Guaranteed

              

            

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    EXHIBIT
      B-3

     

    FORM
      OF CLASS B-3 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES,
      THE
      MEZZANINE CERTIFICATES, THE CLASS B-1 CERTIFICATES AND THE CLASS B-2
      CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR SECTION 4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE
      WITH THE PROCEDURES DESCRIBED HEREIN.

    

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
      CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
      PROPERTY.

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB3, CLASS B-3

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class B-3

               

              Pass-Through
                Rate: Variable

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: March 1,
                2007

               

              First
                Distribution Date: April 25, 2007

               

              No.
                1

               

              CUSIP:
                17311YAP8

               

            	 	
              Original
                Class Certificate Principal Balance of the Class B-3 Certificates
                as of
                the Closing Date: $4,946,000.00

               

              Initial
                Certificate Principal Balance:

              $4,946,000.00

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

    

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the Class
      B-3
      Certificates) in that certain beneficial ownership interest evidenced by all
      the
      Class B-3 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer, Credit-Based
      Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
      summary of certain of the pertinent provisions of which is set forth hereafter.
      To the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the last Business Day of the
      month immediately preceding the month in which the related Distribution Date
      occurs (the “Record Date”), from funds in the Distribution Account in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class B-3
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class B-3 Certificates the aggregate Initial Certificate
      Principal Balance of which is in excess of $5,000,000, or by check mailed by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register, provided that the Trustee
      may
      deduct a reasonable wire transfer fee from any payment made by wire transfer.
      Notwithstanding the above, the final distribution on this Certificate will
      be
      made after due notice by the Trustee of the pendency of such distribution and
      only upon presentation and surrender of this Certificate at the office or agency
      appointed by the Trustee for that purpose as provided in the
      Agreement.

     

    The
      Class
      B-3 Pass-Through Rate on each Distribution Date is the lesser of (i) the sum
      of
      one month LIBOR plus the Class B-3 Certificate Margin and (ii) the related
      Rate
      Cap for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class B-3 Certificates.

     

    The
      Class
      B-3 Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    This
      certificate is subordinated in right of payment to the Class A Certificates,
      the
      Mezzanine Certificates, the Class B-1 Certificates and the Class B-2
      Certificates as described in the Pooling and Servicing Agreement referred to
      herein.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer, the Sponsor
      and
      the Trustee with the consent of the Holders of Certificates entitled to the
      Voting Rights identified in the Agreement. Any such consent by the Holder of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon this Certificate. The Agreement also permits the
      amendment thereof, in certain limited circumstances, without the consent of
      the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder's
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate or any interest herein may be made to employee
      benefit plans and certain other retirement plans and arrangements, including
      individual retirement accounts and annuities, Keogh plans and collective
      investment funds and separate accounts in which such plans, accounts or
      arrangements are invested that are subject to the fiduciary responsibility
      provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
      directly or indirectly purchasing this Certificate or interest herein on behalf
      of, as named fiduciary of, as trustee of, or with assets of a Plan except in
      accordance with section 5.02 of the Pooling and Servicing
      Agreement.

     

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

     

    The
      Depositor, the Servicer, the Trustee and the Certificate Registrar and any
      agent
      of the Depositor, the Servicer, the Trustee or the Certificate Registrar may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from the Trust Fund of all
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all Mortgage Loans and all property acquired
      in
      respect of any Mortgage Loan at a price determined as provided in the Agreement.
      The exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Certificate
                Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Signatory

            

    

     

    Date
      of
      authentication: March ___, 2007

     

     

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT - as
                tenants by the entireties

               

              JT
                TEN - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	 	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

    

     

    
      	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	  	 
	 	
              

            
	 	
              Signature
                by or on behalf of assignor

            

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                Guaranteed

            

    

     

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

     

    EXHIBIT
      B-4

     

    FORM
      OF CLASS B-4 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES,
      THE
      MEZZANINE CERTIFICATES, THE CLASS B-1 CERTIFICATES, THE CLASS B-2 CERTIFICATES
      AND THE CLASS B-3 CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF
      1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE. ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
      REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES NOT
      REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR SECTION 4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE
      WITH THE PROCEDURES DESCRIBED HEREIN.

    

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
      CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
      PROPERTY.

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB3, CLASS B-4

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class B-4

               

              Pass-Through
                Rate: Fixed

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: March 1,
                2007

               

              First
                Distribution Date: April 25, 2007

               

              No.
                1

               

              CUSIP:
                17311YAQ6 

               

            	 	
              Original
                Class Certificate Principal Balance of the Class B-4 Certificates
                as of
                the Closing Date: $8,095,000.00 

               

               

               

              Initial
                Certificate Principal Balance:

              $8,095,000.00
                

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the Class
      B-4
      Certificates) in that certain beneficial ownership interest evidenced by all
      the
      Class B-4 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer, Credit-Based
      Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
      summary of certain of the pertinent provisions of which is set forth hereafter.
      To the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the last Business Day of the
      month immediately preceding the month in which the related Distribution Date
      occurs (the “Record Date”), from funds in the Distribution Account in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class B-4
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class B-4 Certificates the aggregate Initial Certificate
      Principal Balance of which is in excess of $5,000,000, or by check mailed by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register, provided that the Trustee
      may
      deduct a reasonable wire transfer fee from any payment made by wire transfer.
      Notwithstanding the above, the final distribution on this Certificate will
      be
      made after due notice by the Trustee of the pendency of such distribution and
      only upon presentation and surrender of this Certificate at the office or agency
      appointed by the Trustee for that purpose as provided in the
      Agreement.

     

    The
      Class
      B-4 Pass-Through Rate on each Distribution Date is the lesser of (i) prior
      to
      the Optional Termination Date, 7.000% per annum and on or after the Optional
      Termination Date, 7.500% per annum and (ii) the related Rate Cap for such
      Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class B-4 Certificates.

     

    The
      Class
      B-4 Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    This
      certificate is subordinated in right of payment to the Class A Certificates,
      the
      Mezzanine Certificates, the Class B-1 Certificates, the Class B-2 Certificates
      and the Class B-3 Certificates as described in the Pooling and Servicing
      Agreement referred to herein.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer, the Sponsor
      and
      the Trustee with the consent of the Holders of Certificates entitled to the
      Voting Rights identified in the Agreement. Any such consent by the Holder of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon this Certificate. The Agreement also permits the
      amendment thereof, in certain limited circumstances, without the consent of
      the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder's
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate shall be made unless that transfer is made pursuant
      to an effective registration statement under the 1933 Act and effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      In
      the event that a transfer is to be made without registration or qualification,
      the Certificate Registrar shall require, in order to assure compliance with
      such
      laws, either (i) that the Certificateholder desiring to effect the transfer
      and
      such Certificateholder's prospective transferee each execute a representation
      letter in the form described by the Agreement certifying to the Certificate
      Registrar the facts surrounding the transfer, or (ii) that the Depositor and
      the
      Certificate Registrar shall require an Opinion of Counsel satisfactory to them
      that such transfer may be made without such registration or qualification,
      which
      Opinion of Counsel shall not be an expense of the Depositor, the Trustee or
      the
      Certificate Registrar, in their respective capacities as such. None of the
      Depositor, the Certificate Registrar nor the Trustee is obligated to register
      or
      qualify the Class of Certificates specified on the face hereof under the 1933
      Act or any other securities law or to take any action not otherwise required
      under the Agreement to permit the transfer of such Certificates without
      registration or qualification. Any such Certificateholder desiring to effect
      such transfer shall, and does hereby agree to, indemnify the Trustee, the
      Depositor, the Certificate Registrar and any Servicer against any liability
      that
      may result if the transfer is not so exempt or is not made in accordance with
      such federal and state laws.

     

    Any
      transferee of this Certificate or any interest herein shall be deemed to make
      the representation in Section 5.02 of the Pooling and Servicing Agreement.
      

     

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

     

    The
      Depositor, the Servicer, the Trustee and the Certificate Registrar and any
      agent
      of the Depositor, the Servicer, the Trustee or the Certificate Registrar may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from the Trust Fund of all
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all Mortgage Loans and all property acquired
      in
      respect of any Mortgage Loan at a price determined as provided in the Agreement.
      The exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Certificate
                Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Signatory

            

    

     

    Date
      of
      authentication: March ___, 2007

    

    

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT - as
                tenants by the entireties

               

              JT
                TEN - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	 	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

     

     

    
      
        	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	  	 
	 	
                

              
	 	
                Signature
                  by or on behalf of assignor

              

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                

              
	 	
                Signature
                  Guaranteed

              

      

       

    

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    
 

    EXHIBIT
      C-1-1

     

    FORM
      OF CLASS R CERTIFICATE

     

    THIS
      CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES
      PERSON.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS THE “RESIDUAL
      INTEREST” IN THREE SEPARATE “REAL ESTATE MORTGAGE INVESTMENT CONDUITS,” AS THOSE
      TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
      REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE OFFERED CERTIFICATES AND THE CLASS B
      CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED HEREIN AND IN THE POOLING
      AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CLASS R CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS
      DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF
      1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE. ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
      REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES NOT
      REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR SECTION 4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE
      WITH THE PROCEDURES DESCRIBED HEREIN.

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CLASS R CERTIFICATE MAY BE MADE
      ONLY IF THE PROPOSED TRANSFEREE PROVIDES (1) AN AFFIDAVIT TO THE CERTIFICATE
      REGISTRAR THAT SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE OR
      POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
      ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B)
      ANY
      ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE)
      WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
      ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (C)
      ANY
      ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE (ANY SUCH PERSON
      DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREINAFTER REFERRED
      TO
      AS A “DISQUALIFIED ORGANIZATION”), OR (D) AN AGENT OF A DISQUALIFIED
      ORGANIZATION AND (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT
      OR
      COLLECTION OF TAX, AND (3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL
      CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.
      NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OR ANY TRANSFER,
      SALE OR OTHER DISPOSITION OF THIS CLASS R CERTIFICATE TO A DISQUALIFIED
      ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION
      SHALL
      BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
      NOT
      BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT
      NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER
      OF
      A CLASS R CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO
      HAVE
      CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION
      5.02(d) OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ANY PERSON
      THAT IS A DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL
      OWNERSHIP OF THIS CLASS R CERTIFICATE.

    

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB3, CLASS R

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class R

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: March 1,
                2007

               

              First
                Distribution Date: April 25, 2007

               

              No.
                1

               

              Percentage
                Interest: 100%

            	 	
              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

               

            

    

    

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

     

    This
      certifies that CMI Investor 2, LP is the registered owner of a Percentage
      Interest set forth above in that certain beneficial ownership interest evidenced
      by all the Class R Certificates in the Trust Fund created pursuant to a Pooling
      and Servicing Agreement, dated as specified above (the “Agreement”), among
      Citigroup Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Servicer,
      Credit-Based Asset Servicing and Securitization LLC (the “Sponsor”) and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the last Business Day of the
      month immediately preceding the month in which the related Distribution Date
      occurs or the Closing Date, in the case of the first Distribution Date (the
      “Record Date”), from funds in the Distribution Account in an amount equal to the
      product of the Percentage Interest evidenced by this Certificate and the amount
      required to be distributed to the Holders of Class R Certificates on such
      Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class R Certificates the aggregate Percentage Interest
      of which is in excess of a 66% Percentage Interest of the Class R Certificates,
      or by check mailed by first class mail to the address of the Person entitled
      thereto, as such name and address shall appear on the Certificate Register,
      provided that the Trustee may deduct a reasonable wire transfer fee from any
      payment made by wire transfer. Notwithstanding the above, the final distribution
      on this Certificate will be made after due notice by the Trustee of the pendency
      of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trustee for that purpose
      as
      provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing the Percentage
      Interest specified on the face hereof.

     

    The
      Class
      R Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor and the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer, the Sponsor
      and
      the Trustee with the consent of the Holders of Certificates entitled to the
      Voting Rights identified in the Agreement. Any such consent by the Holder of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon this Certificate. The Agreement also permits the
      amendment thereof, in certain limited circumstances, without the consent of
      the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder's
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate shall be made unless that transfer is made pursuant
      to an effective registration statement under the 1933 Act and effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      In
      the event that a transfer is to be made without registration or qualification,
      the Certificate Registrar shall require, in order to assure compliance with
      such
      laws, either (i) that the Certificateholder desiring to effect the transfer
      and
      such Certificateholder's prospective transferee each execute a representation
      letter in the form described by the Agreement certifying to the Certificate
      Registrar the facts surrounding the transfer, or (ii) that the Depositor and
      the
      Certificate Registrar shall require an Opinion of Counsel satisfactory to them
      that such transfer may be made without such registration or qualification,
      which
      Opinion of Counsel shall not be an expense of the Depositor, the Trustee or
      the
      Certificate Registrar, in their respective capacities as such. None of the
      Depositor, the Certificate Registrar nor the Trustee is obligated to register
      or
      qualify the Class of Certificates specified on the face hereof under the 1933
      Act or any other securities law or to take any action not otherwise required
      under the Agreement to permit the transfer of such Certificates without
      registration or qualification. Any such Certificateholder desiring to effect
      such transfer shall, and does hereby agree to, indemnify the Trustee, the
      Depositor, the Certificate Registrar and any Servicer against any liability
      that
      may result if the transfer is not so exempt or is not made in accordance with
      such federal and state laws.

     

    No
      transfer of this Certificate or any interest herein may be made to employee
      benefit plans and certain other retirement plans and arrangements, including
      individual retirement accounts and annuities, Keogh plans and collective
      investment funds and separate accounts in which such plans, accounts or
      arrangements are invested that are subject to the fiduciary responsibility
      provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
      directly or indirectly purchasing this Certificate or interest herein on behalf
      of, as named fiduciary of, as trustee of, or with assets of a Plan except in
      accordance with section 5.02 of the Pooling and Servicing
      Agreement.

     

    The
      Holder of this Certificate, by its acceptance hereof, shall be deemed for all
      purposes to have consented to the provisions of Section 5.02 of the Agreement
      and to any amendment of the Agreement deemed necessary by counsel of the
      Depositor to ensure that the transfer of this Certificate to any Person other
      than a Permitted Transferee or any other Person will not cause the Trust to
      cease to qualify as eight separate REMICs or cause the imposition of a tax
      upon
      the Trust.

     

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

     

    The
      Depositor, the Servicer, the Trustee and the Certificate Registrar and any
      agent
      of the Depositor, the Servicer, the Trustee or the Certificate Registrar may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from the Trust Fund of all Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from the Trust Fund all Mortgage Loans and all property acquired in respect
      of
      any Mortgage Loan at a price determined as provided in the Agreement. The
      exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      	 	 	 
	 	
              
                U.S.
                  BANK NATIONAL ASSOCIATION, as 

                Certificate
                  Registrar

              

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              
                Authorized
                  Signatory

              

            

    

     

    Date
      of
      authentication: March ___, 2007

    
 

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT - as
                tenants by the entireties

               

              JT
                TEN - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	 	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

    

     

    
      	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                by or on behalf of assignor

            

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                Guaranteed

            

    

     

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    
 

    EXHIBIT
      C-1-2

     

    FORM
      OF CLASS R-X CERTIFICATE

     

    THIS
      CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES
      PERSON.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS THE “RESIDUAL
      INTEREST” IN SEVEN SEPARATE “REAL ESTATE MORTGAGE INVESTMENT CONDUITS,” AS THOSE
      TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
      REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE OFFERED CERTIFICATES AND THE CLASS B
      CERTIFICATES OF THE SERIES TO THE EXTENT DESCRIBED HEREIN AND IN THE POOLING
      AND
      SERVICING AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CLASS R-X CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS
      DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF
      1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE. ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
      REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES NOT
      REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR SECTION 4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE
      WITH THE PROCEDURES DESCRIBED HEREIN.

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CLASS R-X CERTIFICATE MAY BE
      MADE
      ONLY IF THE PROPOSED TRANSFEREE PROVIDES (1) AN AFFIDAVIT TO THE CERTIFICATE
      REGISTRAR THAT SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE OR
      POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
      ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B)
      ANY
      ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE)
      WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
      ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (C)
      ANY
      ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE (ANY SUCH PERSON
      DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREINAFTER REFERRED
      TO
      AS A “DISQUALIFIED ORGANIZATION”), OR (D) AN AGENT OF A DISQUALIFIED
      ORGANIZATION AND (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT
      OR
      COLLECTION OF TAX, AND (3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL
      CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.
      NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OR ANY TRANSFER,
      SALE OR OTHER DISPOSITION OF THIS CLASS R-X CERTIFICATE TO A DISQUALIFIED
      ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION
      SHALL
      BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
      NOT
      BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT
      NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER
      OF
      A CLASS R-X CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO
      HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION
      5.02(d) OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ANY PERSON
      THAT IS A DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL
      OWNERSHIP OF THIS CLASS R-X CERTIFICATE.

     

    

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB3, CLASS R-X

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class R-X

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: March 1,
                2007

               

              First
                Distribution Date: April 25, 2007

               

              No.
                1

               

              Percentage
                Interest: 100%

            	 	
              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

               

            

    

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

     

    This
      certifies that Eric B. Freeman is the registered owner of a Percentage Interest
      set forth above in that certain beneficial ownership interest evidenced by
      all
      the Class R-X Certificates in the Trust Fund created pursuant to a Pooling
      and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer, Credit-Based
      Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
      summary of certain of the pertinent provisions of which is set forth hereafter.
      To the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the last Business Day of the
      month immediately preceding the month in which the related Distribution Date
      occurs or the Closing Date, in the case of the first Distribution Date (the
      “Record Date”), from funds in the Distribution Account in an amount equal to the
      product of the Percentage Interest evidenced by this Certificate and the amount
      required to be distributed to the Holders of Class R-X Certificates on such
      Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class R-X Certificates the aggregate Percentage Interest
      of which is in excess of a 66% Percentage Interest of the Class R-X
      Certificates, or by check mailed by first class mail to the address of the
      Person entitled thereto, as such name and address shall appear on the
      Certificate Register, provided that the Trustee may deduct a reasonable wire
      transfer fee from any payment made by wire transfer. Notwithstanding the above,
      the final distribution on this Certificate will be made after due notice by
      the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing the Percentage
      Interest specified on the face hereof.

     

    The
      Class
      R-X Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor and the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer, the Sponsor
      and
      the Trustee with the consent of the Holders of Certificates entitled to the
      Voting Rights identified in the Agreement. Any such consent by the Holder of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon this Certificate. The Agreement also permits the
      amendment thereof, in certain limited circumstances, without the consent of
      the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder's
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate shall be made unless that transfer is made pursuant
      to an effective registration statement under the 1933 Act and effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      In
      the event that a transfer is to be made without registration or qualification,
      the Certificate Registrar shall require, in order to assure compliance with
      such
      laws, either (i) that the Certificateholder desiring to effect the transfer
      and
      such Certificateholder's prospective transferee each execute a representation
      letter in the form described by the Agreement certifying to the Certificate
      Registrar the facts surrounding the transfer, or (ii) that the Depositor and
      the
      Certificate Registrar shall require an Opinion of Counsel satisfactory to them
      that such transfer may be made without such registration or qualification,
      which
      Opinion of Counsel shall not be an expense of the Depositor, the Trustee or
      the
      Certificate Registrar, in their respective capacities as such. None of the
      Depositor, the Certificate Registrar nor the Trustee is obligated to register
      or
      qualify the Class of Certificates specified on the face hereof under the 1933
      Act or any other securities law or to take any action not otherwise required
      under the Agreement to permit the transfer of such Certificates without
      registration or qualification. Any such Certificateholder desiring to effect
      such transfer shall, and does hereby agree to, indemnify the Trustee, the
      Depositor, the Certificate Registrar and any Servicer against any liability
      that
      may result if the transfer is not so exempt or is not made in accordance with
      such federal and state laws.

     

    No
      transfer of this Certificate or any interest herein may be made to employee
      benefit plans and certain other retirement plans and arrangements, including
      individual retirement accounts and annuities, Keogh plans and collective
      investment funds and separate accounts in which such plans, accounts or
      arrangements are invested that are subject to the fiduciary responsibility
      provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
      directly or indirectly purchasing this Certificate or interest herein on behalf
      of, as named fiduciary of, as trustee of, or with assets of a Plan except in
      accordance with section 5.02 of the Pooling and Servicing
      Agreement.

     

    The
      Holder of this Certificate, by its acceptance hereof, shall be deemed for all
      purposes to have consented to the provisions of Section 5.02 of the Agreement
      and to any amendment of the Agreement deemed necessary by counsel of the
      Depositor to ensure that the transfer of this Certificate to any Person other
      than a Permitted Transferee or any other Person will not cause the Trust to
      cease to qualify as eight separate REMICs or cause the imposition of a tax
      upon
      the Trust.

     

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

     

    The
      Depositor, the Servicer, the Trustee and the Certificate Registrar and any
      agent
      of the Depositor, the Servicer, the Trustee or the Certificate Registrar may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from the Trust Fund of all Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from the Trust Fund all Mortgage Loans and all property acquired in respect
      of
      any Mortgage Loan at a price determined as provided in the Agreement. The
      exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Certificate
                Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Signatory

            

    

     

    Date
      of
      authentication: March ___, 2007

    

    

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT - as
                tenants by the entireties

               

              JT
                TEN - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	 	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

    

     

    
      
        	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                

              
	 	
                Signature
                  by or on behalf of assignor

              

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                

              
	 	
                Signature
                  Guaranteed

              

      

       

       

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    
 

    EXHIBIT
      C-2

     

    FORM
      OF CLASS M-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
      AS
      DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR SECTION 4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE
      WITH THE PROCEDURES DESCRIBED HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
      CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
      PROPERTY.

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB3, CLASS M-1

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class M-1

               

              Pass-Through
                Rate: Variable

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: March 1,
                2007

               

              First
                Distribution Date: April 25, 2007

               

              No.
                1

               

              CUSIP:
                17311YAF0 

               

            	 	
              Original
                Class Certificate Principal Balance of the Class M-1 Certificates
                as of
                the Closing Date: $16,189,000.00

               

              Initial
                Certificate Principal Balance:

              $16,189,000.00

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

    

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the Class
      M-1
      Certificates) in that certain beneficial ownership interest evidenced by all
      the
      Class M-1 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer, Credit-Based
      Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
      summary of certain of the pertinent provisions of which is set forth hereafter.
      To the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Business Day immediately
      preceding such Distribution Date (the “Record Date”), from funds in the
      Distribution Account in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to the Holders of Class M-1 Certificates on such Distribution Date pursuant
      to
      the Agreement provided, however, that if any Class M-1 Certificate becomes
      a
      Definitive Certificate, the Record Date for such Certificate will be the last
      Business Day of the month immediately preceding the month in which the related
      Distribution Date occurs.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-1 Certificates the aggregate Initial Certificate
      Principal Balance of which is in excess of $5,000,000, or by check mailed by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register, provided that the Trustee
      may
      deduct a reasonable wire transfer fee from any payment made by wire transfer.
      Notwithstanding the above, the final distribution on this Certificate will
      be
      made after due notice by the Trustee of the pendency of such distribution and
      only upon presentation and surrender of this Certificate at the office or agency
      appointed by the Trustee for that purpose as provided in the
      Agreement.

     

    The
      Class
      M-1 Pass-Through Rate on each Distribution Date will be a rate per annum equal
      to the lesser of (i) the sum of one month LIBOR plus the Class M-1 Certificate
      Margin and (ii) the Rate Cap for such Distribution Date. 

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class M-1 Certificates.

     

    The
      Class
      M-1 Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    This
      certificate is subordinated in right of payment to the Class A Certificates
      as
      described in the Pooling and Servicing Agreement referred to
      herein.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer, the Sponsor
      and
      the Trustee with the consent of the Holders of Certificates entitled to the
      Voting Rights identified in the Agreement. Any such consent by the Holder of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon this Certificate. The Agreement also permits the
      amendment thereof, in certain limited circumstances, without the consent of
      the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder's
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate or any interest herein may be made to employee
      benefit plans and certain other retirement plans and arrangements, including
      individual retirement accounts and annuities, Keogh plans and collective
      investment funds and separate accounts in which such plans, accounts or
      arrangements are invested that are subject to the fiduciary responsibility
      provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
      directly or indirectly purchasing this Certificate or interest herein on behalf
      of, as named fiduciary of, as trustee of, or with assets of a Plan except in
      accordance with section 5.02 of the Pooling and Servicing
      Agreement.

     

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

     

    The
      Depositor, the Servicer, the Trustee and the Certificate Registrar and any
      agent
      of the Depositor, the Servicer, the Trustee or the Certificate Registrar may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from the Trust Fund of all
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all Mortgage Loans and all property acquired
      in
      respect of any Mortgage Loan at a price determined as provided in the Agreement.
      The exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as

              Certificate
                Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Signatory

            

    

     

    Date
      of
      authentication: March ___, 2007

    

     

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT - as
                tenants by the entireties

               

              JT
                TEN - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	 	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

    

     

    
      	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                by or on behalf of assignor

            

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	  	 
	 	
              

            
	 	
              Signature
                Guaranteed

            

    

     

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

    EXHIBIT
      C-3

     

    FORM
      OF CLASS M-2 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
      AND
      THE CLASS M-1 CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR SECTION 4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE
      WITH THE PROCEDURES DESCRIBED HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
      CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
      PROPERTY.

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB3, CLASS M-2

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class M-2

               

              Pass-Through
                Rate: Variable

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: March 1,
                2007

               

              First
                Distribution Date: April 25, 2007

               

              No.
                1

               

              CUSIP:
                17311YAG8 

               

            	 	
              Original
                Class Certificate Principal Balance of the Class M-2 Certificates
                as of
                the Closing Date: $14,615,000.00

               

              Initial
                Certificate Principal Balance:

              $14,615,000.00

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the Class
      M-2
      Certificates) in that certain beneficial ownership interest evidenced by all
      the
      Class M-2 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer, Credit-Based
      Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
      summary of certain of the pertinent provisions of which is set forth hereafter.
      To the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Business Day immediately
      preceding such Distribution Date (the “Record Date”), from funds in the
      Distribution Account in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to the Holders of Class M-2 Certificates on such Distribution Date pursuant
      to
      the Agreement provided, however, that if any Class M-2 Certificate becomes
      a
      Definitive Certificate, the Record Date for such Certificate will be the last
      Business Day of the month immediately preceding the month in which the related
      Distribution Date occurs.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-2 Certificates the aggregate Initial Certificate
      Principal Balance of which is in excess of $5,000,000, or by check mailed by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register, provided that the Trustee
      may
      deduct a reasonable wire transfer fee from any payment made by wire transfer.
      Notwithstanding the above, the final distribution on this Certificate will
      be
      made after due notice by the Trustee of the pendency of such distribution and
      only upon presentation and surrender of this Certificate at the office or agency
      appointed by the Trustee for that purpose as provided in the
      Agreement.

     

    The
      Class
      M-2 Pass-Through Rate on each Distribution Date will be a rate per annum equal
      to the lesser of (i) the sum of one month LIBOR plus the Class M-2 Certificate
      Margin and (ii) the Rate Cap for such Distribution Date. 

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class M-2 Certificates.

     

    The
      Class
      M-2 Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    This
      certificate is subordinated in right of payment to the Class A Certificates
      and
      the Class M-1 Certificates as described in the Pooling and Servicing Agreement
      referred to herein.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer, the Sponsor
      and
      the Trustee with the consent of the Holders of Certificates entitled to the
      Voting Rights identified in the Agreement. Any such consent by the Holder of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon this Certificate. The Agreement also permits the
      amendment thereof, in certain limited circumstances, without the consent of
      the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder's
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate or any interest herein may be made to employee
      benefit plans and certain other retirement plans and arrangements, including
      individual retirement accounts and annuities, Keogh plans and collective
      investment funds and separate accounts in which such plans, accounts or
      arrangements are invested that are subject to the fiduciary responsibility
      provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
      directly or indirectly purchasing this Certificate or interest herein on behalf
      of, as named fiduciary of, as trustee of, or with assets of a Plan except in
      accordance with section 5.02 of the Pooling and Servicing
      Agreement.

     

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

     

    The
      Depositor, the Servicer, the Trustee and the Certificate Registrar and any
      agent
      of the Depositor, the Servicer, the Trustee or the Certificate Registrar may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from the Trust Fund of all
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all Mortgage Loans and all property acquired
      in
      respect of any Mortgage Loan at a price determined as provided in the Agreement.
      The exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Certificate
                Registrar

            
	 
 	 
 	 
 
	 	By:  	/
	 	
              

            
	 	
              Authorized
                Signatory

            

    

     

    Date
      of
      authentication: March ___, 2007

    

    

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT - as
                tenants by the entireties

               

              JT
                TEN - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	 	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

    

     

    
      	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                by or on behalf of assignor

            

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                Guaranteed

            

    

     

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

    EXHIBIT
      C-4

     

    FORM
      OF CLASS M-3 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES,
      THE
      CLASS M-1 CERTIFICATES AND THE CLASS M-2 CERTIFICATES AS DESCRIBED IN THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR SECTION 4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE
      WITH THE PROCEDURES DESCRIBED HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
      CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
      PROPERTY.

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB3, CLASS M-3

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class M-3

               

              Pass-Through
                Rate: Variable

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: March 1,
                2007

               

              First
                Distribution Date: April 25, 2007

               

              No.
                1

               

              CUSIP:
                17311YAH6 

               

            	 	
              Original
                Class Certificate Principal Balance of the Class M-3 Certificates
                as of
                the Closing Date: $8,769,000.00

               

              Initial
                Certificate Principal Balance:

              $8,769,000.00

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the Class
      M-3
      Certificates) in that certain beneficial ownership interest evidenced by all
      the
      Class M-3 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer, Credit-Based
      Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
      summary of certain of the pertinent provisions of which is set forth hereafter.
      To the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Business Day immediately
      preceding such Distribution Date (the “Record Date”), from funds in the
      Distribution Account in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to the Holders of Class M-3 Certificates on such Distribution Date pursuant
      to
      the Agreement provided, however, that if any Class M-3 Certificate becomes
      a
      Definitive Certificate, the Record Date for such Certificate will be the last
      Business Day of the month immediately preceding the month in which the related
      Distribution Date occurs.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-3 Certificates the aggregate Initial Certificate
      Principal Balance of which is in excess of $5,000,000, or by check mailed by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register, provided that the Trustee
      may
      deduct a reasonable wire transfer fee from any payment made by wire transfer.
      Notwithstanding the above, the final distribution on this Certificate will
      be
      made after due notice by the Trustee of the pendency of such distribution and
      only upon presentation and surrender of this Certificate at the office or agency
      appointed by the Trustee for that purpose as provided in the
      Agreement.

     

    The
      Class
      M-3 Pass-Through Rate on each Distribution Date will be a rate per annum equal
      to the lesser of (i) the sum of one month LIBOR plus the Class M-3 Certificate
      Margin and (ii) the Rate Cap for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class M-3 Certificates.

     

    The
      Class
      M-3 Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    This
      certificate is subordinated in right of payment to the Class A Certificates,
      the
      Class M-1 Certificates and the Class M-2 Certificates as described in the
      Pooling and Servicing Agreement referred to herein.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer, the Sponsor
      and
      the Trustee with the consent of the Holders of Certificates entitled to the
      Voting Rights identified in the Agreement. Any such consent by the Holder of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon this Certificate. The Agreement also permits the
      amendment thereof, in certain limited circumstances, without the consent of
      the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder’s
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate or any interest herein may be made to employee
      benefit plans and certain other retirement plans and arrangements, including
      individual retirement accounts and annuities, Keogh plans and collective
      investment funds and separate accounts in which such plans, accounts or
      arrangements are invested that are subject to the fiduciary responsibility
      provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
      directly or indirectly purchasing this Certificate or interest herein on behalf
      of, as named fiduciary of, as trustee of, or with assets of a Plan except in
      accordance with section 5.02 of the Pooling and Servicing
      Agreement.

     

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

     

    The
      Depositor, the Servicer, the Trustee and the Certificate Registrar and any
      agent
      of the Depositor, the Servicer, the Trustee or the Certificate Registrar may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from the Trust Fund of all
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all Mortgage Loans and all property acquired
      in
      respect of any Mortgage Loan at a price determined as provided in the Agreement.
      The exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Certificate
                Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Signatory

            

    

     

    Date
      of
      authentication: March ___, 2007

    
 

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT - as
                tenants by the entireties

               

              JT
                TEN - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	 	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

    

     

    
      	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                by or on behalf of assignor

            

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	  	 
	 	
              

            
	 	
              Signature
                Guaranteed

            

    

     

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

     

    EXHIBIT
      C-5

     

    FORM
      OF CLASS M-4 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES,
      THE
      CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES AND THE CLASS M-3
      CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR SECTION 4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE
      WITH THE PROCEDURES DESCRIBED HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
      CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
      PROPERTY.

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB3, CLASS M-4

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class M-4

               

              Pass-Through
                Rate: Variable

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: March 1,
                2007

               

              First
                Distribution Date: April 25, 2007

               

              No.
                1

               

              CUSIP:
                17311YAJ2 

               

            	 	
              Original
                Class Certificate Principal Balance of the Class M-4 Certificates
                as of
                the Closing Date: $7,869,000.00 

               

              Initial
                Certificate Principal Balance:

              $7,869,000.00
                

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the Class
      M-4
      Certificates) in that certain beneficial ownership interest evidenced by all
      the
      Class M-4 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer, Credit-Based
      Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
      summary of certain of the pertinent provisions of which is set forth hereafter.
      To the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Business Day immediately
      preceding such Distribution Date (the “Record Date”), from funds in the
      Distribution Account in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to the Holders of Class M-4 Certificates on such Distribution Date pursuant
      to
      the Agreement provided, however, that if any Class M-4 Certificate becomes
      a
      Definitive Certificate, the Record Date for such Certificate will be the last
      Business Day of the month immediately preceding the month in which the related
      Distribution Date occurs.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-4 Certificates the aggregate Initial Certificate
      Principal Balance of which is in excess of $5,000,000, or by check mailed by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register, provided that the Trustee
      may
      deduct a reasonable wire transfer fee from any payment made by wire transfer.
      Notwithstanding the above, the final distribution on this Certificate will
      be
      made after due notice by the Trustee of the pendency of such distribution and
      only upon presentation and surrender of this Certificate at the office or agency
      appointed by the Trustee for that purpose as provided in the
      Agreement.

     

    The
      Class
      M-4 Pass-Through Rate on each Distribution Date will be a rate per annum equal
      to the lesser of (i) the sum of one month LIBOR plus the Class M-4 Certificate
      Margin and (ii) the Rate Cap for such Distribution Date. 

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class M-4 Certificates.

     

    The
      Class
      M-4 Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    This
      certificate is subordinated in right of payment to the Class A Certificates,
      the
      Class M-1 Certificates, Class M-2 Certificates and the Class M-3 Certificates
      as
      described in the Pooling and Servicing Agreement referred to
      herein.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer, the Sponsor
      and
      the Trustee with the consent of the Holders of Certificates entitled to the
      Voting Rights identified in the Agreement. Any such consent by the Holder of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon this Certificate. The Agreement also permits the
      amendment thereof, in certain limited circumstances, without the consent of
      the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder’s
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate or any interest herein may be made to employee
      benefit plans and certain other retirement plans and arrangements, including
      individual retirement accounts and annuities, Keogh plans and collective
      investment funds and separate accounts in which such plans, accounts or
      arrangements are invested that are subject to the fiduciary responsibility
      provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
      directly or indirectly purchasing this Certificate or interest herein on behalf
      of, as named fiduciary of, as trustee of, or with assets of a Plan except in
      accordance with section 5.02 of the Pooling and Servicing
      Agreement.

     

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

     

    The
      Depositor, the Servicer, the Trustee and the Certificate Registrar and any
      agent
      of the Depositor, the Servicer, the Trustee or the Certificate Registrar may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from the Trust Fund of all
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all Mortgage Loans and all property acquired
      in
      respect of any Mortgage Loan at a price determined as provided in the Agreement.
      The exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Certificate
                Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Signatory

            

    

     

    Date
      of
      authentication: March ___, 2007

    

    

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT - as
                tenants by the entireties

               

              JT
                TEN - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	 	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

    

     

    
      	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                by or on behalf of assignor

            

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              
                Signature
                  Guaranteed

              

            

    

     

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    
 

    EXHIBIT
      C-6

     

    FORM
      OF CLASS M-5 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES,
      THE
      CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES
      AND THE CLASS M-4 CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR SECTION 4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE
      WITH THE PROCEDURES DESCRIBED HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
      CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
      PROPERTY.

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB3, CLASS M-5

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class M-5

               

              Pass-Through
                Rate: Variable

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: March 1,
                2007

               

              First
                Distribution Date: April 25, 2007

               

              No.
                1

               

              CUSIP:
                17311YAK9 

               

            	 	
              Original
                Class Certificate Principal Balance of the Class M-5 Certificates
                as of
                the Closing Date: $7,195,000.00

               

              Initial
                Certificate Principal Balance:

              $7,195,000.00

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

    

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the Class
      M-5
      Certificates) in that certain beneficial ownership interest evidenced by all
      the
      Class M-5 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer, Credit-Based
      Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
      summary of certain of the pertinent provisions of which is set forth hereafter.
      To the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Business Day immediately
      preceding such Distribution Date (the “Record Date”), from funds in the
      Distribution Account in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to the Holders of Class M-5 Certificates on such Distribution Date pursuant
      to
      the Agreement provided, however, that if any Class M-5 Certificate becomes
      a
      Definitive Certificate, the Record Date for such Certificate will be the last
      Business Day of the month immediately preceding the month in which the related
      Distribution Date occurs.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-5 Certificates the aggregate Initial Certificate
      Principal Balance of which is in excess of $5,000,000, or by check mailed by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register, provided that the Trustee
      may
      deduct a reasonable wire transfer fee from any payment made by wire transfer.
      Notwithstanding the above, the final distribution on this Certificate will
      be
      made after due notice by the Trustee of the pendency of such distribution and
      only upon presentation and surrender of this Certificate at the office or agency
      appointed by the Trustee for that purpose as provided in the
      Agreement.

     

    The
      Class
      M-5 Pass-Through Rate on each Distribution Date will be a rate per annum equal
      to the lesser of (i) the sum of one month LIBOR plus the Class M-5 Certificate
      Margin and (ii) the Rate Cap for such Distribution Date. 

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class M-5 Certificates.

     

    The
      Class
      M-5 Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    This
      certificate is subordinated in right of payment to the Class A Certificates,
      the
      Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates and
      the
      Class M-4 Certificates as described in the Pooling and Servicing Agreement
      referred to herein.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer, the Sponsor
      and
      the Trustee with the consent of the Holders of Certificates entitled to the
      Voting Rights identified in the Agreement. Any such consent by the Holder of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon this Certificate. The Agreement also permits the
      amendment thereof, in certain limited circumstances, without the consent of
      the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder’s
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate or any interest herein may be made to employee
      benefit plans and certain other retirement plans and arrangements, including
      individual retirement accounts and annuities, Keogh plans and collective
      investment funds and separate accounts in which such plans, accounts or
      arrangements are invested that are subject to the fiduciary responsibility
      provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
      directly or indirectly purchasing this Certificate or interest herein on behalf
      of, as named fiduciary of, as trustee of, or with assets of a Plan except in
      accordance with section 5.02 of the Pooling and Servicing
      Agreement.

     

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

     

    The
      Depositor, the Servicer, the Trustee and the Certificate Registrar and any
      agent
      of the Depositor, the Servicer, the Trustee or the Certificate Registrar may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from the Trust Fund of all
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all Mortgage Loans and all property acquired
      in
      respect of any Mortgage Loan at a price determined as provided in the Agreement.
      The exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Certificate
                Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Signatory

            

    

     

    Date
      of
      authentication: March ___, 2007

    

    

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT - as
                tenants by the entireties

               

              JT
                TEN - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

    

     

     

    
      	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                by or on behalf of assignor

            

    

     

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	  	 
	 	
              

            
	 	
              Signature
                Guaranteed

            

    

     

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    
 

    EXHIBIT
      C-7

     

    FORM
      OF CLASS M-6 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES,
      THE
      CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES,
      THE CLASS M-4 CERTIFICATES AND THE CLASS M-5 CERTIFICATES AS DESCRIBED IN THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR SECTION 4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE
      WITH THE PROCEDURES DESCRIBED HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
      CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
      PROPERTY.

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB3, CLASS M-6

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class M-6

               

              Pass-Through
                Rate: Variable

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: March 1,
                2007

               

              First
                Distribution Date: April 25, 2007

               

              No.
                1

               

              CUSIP:
                17311YAL7 

               

            	 	
              Original
                Class Certificate Principal Balance of the Class M-6 Certificates
                as of
                the Closing Date: $5,396,000.00

               

               

              Initial
                Certificate Principal Balance:

              $5,396,000.00

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the Class
      M-6
      Certificates) in that certain beneficial ownership interest evidenced by all
      the
      Class M-6 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer, Credit-Based
      Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
      summary of certain of the pertinent provisions of which is set forth hereafter.
      To the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Business Day immediately
      preceding such Distribution Date (the “Record Date”), from funds in the
      Distribution Account in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to the Holders of Class M-6 Certificates on such Distribution Date pursuant
      to
      the Agreement provided, however, that if any Class M-6 Certificate becomes
      a
      Definitive Certificate, the Record Date for such Certificate will be the last
      Business Day of the month immediately preceding the month in which the related
      Distribution Date occurs.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-6 Certificates the aggregate Initial Certificate
      Principal Balance of which is in excess of $5,000,000, or by check mailed by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register, provided that the Trustee
      may
      deduct a reasonable wire transfer fee from any payment made by wire transfer.
      Notwithstanding the above, the final distribution on this Certificate will
      be
      made after due notice by the Trustee of the pendency of such distribution and
      only upon presentation and surrender of this Certificate at the office or agency
      appointed by the Trustee for that purpose as provided in the
      Agreement.

     

    The
      Class
      M-6 Pass-Through Rate on each Distribution Date will be a rate per annum equal
      to the lesser of (i) the sum of one month LIBOR plus the Class M-6 Certificate
      Margin and (ii) the Rate Cap for such Distribution Date. 

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class M-6 Certificates.

     

    The
      Class
      M-6 Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    This
      certificate is subordinated in right of payment to the Class A Certificates,
      the
      Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates,
      the Class M-4 Certificates and the Class M-5 Certificates as described in the
      Pooling and Servicing Agreement referred to herein.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer, the Sponsor
      and
      the Trustee with the consent of the Holders of Certificates entitled to the
      Voting Rights identified in the Agreement. Any such consent by the Holder of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon this Certificate. The Agreement also permits the
      amendment thereof, in certain limited circumstances, without the consent of
      the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder’s
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate or any interest herein may be made to employee
      benefit plans and certain other retirement plans and arrangements, including
      individual retirement accounts and annuities, Keogh plans and collective
      investment funds and separate accounts in which such plans, accounts or
      arrangements are invested that are subject to the fiduciary responsibility
      provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
      directly or indirectly purchasing this Certificate or interest herein on behalf
      of, as named fiduciary of, as trustee of, or with assets of a Plan except in
      accordance with section 5.02 of the Pooling and Servicing
      Agreement.

     

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

     

    The
      Depositor, the Servicer, the Trustee and the Certificate Registrar and any
      agent
      of the Depositor, the Servicer, the Trustee or the Certificate Registrar may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from the Trust Fund of all
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all Mortgage Loans and all property acquired
      in
      respect of any Mortgage Loan at a price determined as provided in the Agreement.
      The exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Certificate
                Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Signatory

            

    

     

    Date
      of
      authentication: March ___, 2007

    

    

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT - as
                tenants by the entireties

               

              JT
                TEN - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	 	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

    

     

    
      	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                by or on behalf of assignor
 

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                Guaranteed

            

    

     

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

     

    EXHIBIT
      C-8-1

     

    FORM
      OF CLASS CE-1 CERTIFICATES

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A DIRECT OR
      INDIRECT BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
      INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G
      AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND IN
      CERTAIN OTHER PROPERTY.

     

    THIS
      CLASS CE-1 CERTIFICATE IS SUBORDINATE TO THE OFFERED CERTIFICATES AND THE CLASS
      B CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED HEREIN AND IN THE POOLING
      AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    THE
      CLASS CE-1 CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS
      DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    THIS
      CLASS CE-1 CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES
      ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE.
      ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
      REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES NOT
      REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR SECTION 4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE
      WITH THE PROCEDURES DESCRIBED HEREIN.

    

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

     

    SERIES
      2007-CB3, CLASS CE-1

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class CE-1

               

              Pass-Through
                Rate: Variable

               

              Date
                of Pooling and Servicing Agreement 

               

              Cut-off
                Date: March 1, 2007

               

              First
                Distribution Date: April 25, 2007

               

              No.
                1

               

            	 	
              Notional
                Amount of the Class CE-1 Certificate: $ 449,683,526.07 

               

              Aggregate
                Certificate Principal Balance of the Class CE-1 Certificate as of
                the
                Issue Date: $
                13,490,526.07

               

              Denomination:
                $ 13,490,526.07

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

               

            

    

    

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

     

    This
      certifies that NIM I LLC is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class CE-1 Certificates as of the Issue
      Date) above in that certain beneficial ownership interest evidenced by all
      the
      Class CE-1 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer, Credit-Based
      Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
      summary of certain of the pertinent provisions of which is set forth hereafter.
      To the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the last Business Day of the
      month immediately preceding the month in which the related Distribution Date
      occurs or the Closing Date in the case of the first Distribution Date (the
      “Record Date”), from funds in the Distribution Account in an amount equal to the
      product of the Percentage Interest evidenced by this Certificate and the amount
      required to be distributed to the Holders of Class CE-1 Certificates on such
      Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class CE-1 Certificates the aggregate Initial
      Certificate Principal Balance of which is in excess of a 66% Percentage Interest
      of the Class CE-1 Certificates or by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register, provided that the Trustee may deduct a reasonable
      wire
      transfer fee from any payment made by wire transfer. Notwithstanding the above,
      the final distribution on this Certificate will be made after due notice by
      the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing the Percentage
      Interest specified on the face hereof.

     

    The
      Class
      CE-1 Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer, the Sponsor
      and
      the Trustee with the consent of the Holders of Certificates entitled to the
      Voting Rights identified in the Agreement. Any such consent by the Holder of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon this Certificate. The Agreement also permits the
      amendment thereof, in certain limited circumstances, without the consent of
      the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder's
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate shall be made unless that transfer is made pursuant
      to an effective registration statement under the 1933 Act and effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      In
      the event that a transfer is to be made without registration or qualification,
      the Certificate Registrar shall require, in order to assure compliance with
      such
      laws, either (i) that the Certificateholder desiring to effect the transfer
      and
      such Certificateholder's prospective transferee each execute a representation
      letter in the form described by the Agreement certifying to the Certificate
      Registrar the facts surrounding the transfer, or (ii) that the Depositor and
      the
      Certificate Registrar shall require an Opinion of Counsel satisfactory to them
      that such transfer may be made without such registration or qualification,
      which
      Opinion of Counsel shall not be an expense of the Depositor, the Trustee or
      the
      Certificate Registrar, in their respective capacities as such. None of the
      Depositor, the Certificate Registrar nor the Trustee is obligated to register
      or
      qualify the Class of Certificates specified on the face hereof under the 1933
      Act or any other securities law or to take any action not otherwise required
      under the Agreement to permit the transfer of such Certificates without
      registration or qualification. Any such Certificateholder desiring to effect
      such transfer shall, and does hereby agree to, indemnify the Trustee, the
      Depositor, the Certificate Registrar and the Servicer against any liability
      that
      may result if the transfer is not so exempt or is not made in accordance with
      such federal and state laws.

     

    No
      transfer of this Certificate or any interest herein may be made to employee
      benefit plans and certain other retirement plans and arrangements, including
      individual retirement accounts and annuities, Keogh plans and collective
      investment funds and separate accounts in which such plans, accounts or
      arrangements are invested that are subject to the fiduciary responsibility
      provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
      directly or indirectly purchasing this Certificate or interest herein on behalf
      of, as named fiduciary of, as trustee of, or with assets of a Plan except in
      accordance with section 5.02 of the Pooling and Servicing
      Agreement.

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee and the Certificate Registrar and any
      agent
      of the Depositor, the Servicer, the Trustee or the Certificate Registrar may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from the Trust Fund of all Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from the Trust Fund all Mortgage Loans and all property acquired in respect
      of
      any Mortgage Loan at a price determined as provided in the Agreement. The
      exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Certificate
                Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Signatory

            

    

     

    Date
      of
      authentication: March ___, 2007

    
 

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT - as
                tenants by the entireties

               

              JT
                TEN - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	 	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

    

     

    
      	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                by or on behalf of assignor

            

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                Guaranteed

            

    

    
 

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    
 

    EXHIBIT
      C-8-2

     

    FORM
      OF CLASS CE-2 CERTIFICATES

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A DIRECT OR
      INDIRECT BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
      INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G
      AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND IN
      CERTAIN OTHER PROPERTY.

     

    THIS
      CLASS CE-2 CERTIFICATE IS SUBORDINATE TO THE OFFERED CERTIFICATES AND THE CLASS
      B CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED HEREIN AND IN THE POOLING
      AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    THE
      CLASS CE-2 CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS
      DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN

     

    THIS
      CLASS CE-2 CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES
      ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE.
      ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
      REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES NOT
      REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR SECTION 4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE
      WITH THE PROCEDURES DESCRIBED HEREIN.

    

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

     

    SERIES
      2007-CB3, CLASS CE-2

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class CE-2

               

              Date
                of Pooling and Servicing Agreement 

               

              Cut-off
                Date: March 1, 2007

               

              First
                Distribution Date: April 25, 2007

               

              No.
                1

               

              Percentage
                Interest: 100%

               

            	 	
              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

               

            

    

    

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

     

    This
      certifies that Credit
      Based Asset Servicing and Securitization LLC
      is
      the registered owner of a Percentage Interest (obtained by dividing the
      denomination of this Certificate by the aggregate Certificate Principal Balance
      of the Class CE-2 Certificates as of the Issue Date) above in that certain
      beneficial ownership interest evidenced by all the Class CE-2 Certificates
      in
      the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated
      as
      specified above (the “Agreement”), among Citigroup Mortgage Loan Trust Inc.
      (hereinafter called the “Depositor,” which term includes any successor entity
      under the Agreement), the Servicer, Credit-Based Asset Servicing and
      Securitization LLC (the “Sponsor”) and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the last Business Day of the
      month immediately preceding the month in which the related Distribution Date
      occurs or the Closing Date in the case of the first Distribution Date (the
      “Record Date”), from funds in the Distribution Account in an amount equal to the
      product of the Percentage Interest evidenced by this Certificate and the amount
      required to be distributed to the Holders of Class CE-2 Certificates on such
      Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class CE-2 Certificates the aggregate Initial
      Certificate Principal Balance of which is in excess of a 66% Percentage Interest
      of the Class CE-2 Certificates or by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register, provided that the Trustee may deduct a reasonable
      wire
      transfer fee from any payment made by wire transfer. Notwithstanding the above,
      the final distribution on this Certificate will be made after due notice by
      the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing the Percentage
      Interest specified on the face hereof.

     

    On
      each
      Distribution Date, for so long as Litton Loan Servicing LP is the Servicer
      of
      the Mortgage Loans, the Trustee shall distribute to the Holders of the Class
      CE-2 Certificates, with respect to each Mortgage Loan and for each such calendar
      month, an amount equal to one-twelfth of the product of (i) the Excess Servicing
      Fee Rate multiplied by (ii) the same principal amount on which interest on
      such
      Mortgage Loan accrues for such calendar month (the “Excess Servicing
      Fee”).

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer, the Sponsor
      and
      the Trustee with the consent of the Holders of Certificates entitled to the
      Voting Rights identified in the Agreement. Any such consent by the Holder of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon this Certificate. The Agreement also permits the
      amendment thereof, in certain limited circumstances, without the consent of
      the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder's
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate shall be made unless that transfer is made pursuant
      to an effective registration statement under the 1933 Act and effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      In
      the event that a transfer is to be made without registration or qualification,
      the Certificate Registrar shall require, in order to assure compliance with
      such
      laws, either (i) that the Certificateholder desiring to effect the transfer
      and
      such Certificateholder's prospective transferee each execute a representation
      letter in the form described by the Agreement certifying to the Certificate
      Registrar the facts surrounding the transfer, or (ii) that the Depositor and
      the
      Certificate Registrar shall require an Opinion of Counsel satisfactory to them
      that such transfer may be made without such registration or qualification,
      which
      Opinion of Counsel shall not be an expense of the Depositor, the Trustee or
      the
      Certificate Registrar, in their respective capacities as such. None of the
      Depositor, the Certificate Registrar nor the Trustee is obligated to register
      or
      qualify the Class of Certificates specified on the face hereof under the 1933
      Act or any other securities law or to take any action not otherwise required
      under the Agreement to permit the transfer of such Certificates without
      registration or qualification. Any such Certificateholder desiring to effect
      such transfer shall, and does hereby agree to, indemnify the Trustee, the
      Depositor, the Certificate Registrar and the Servicer against any liability
      that
      may result if the transfer is not so exempt or is not made in accordance with
      such federal and state laws.

     

    No
      transfer of this Certificate or any interest herein may be made to employee
      benefit plans and certain other retirement plans and arrangements, including
      individual retirement accounts and annuities, Keogh plans and collective
      investment funds and separate accounts in which such plans, accounts or
      arrangements are invested that are subject to the fiduciary responsibility
      provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
      directly or indirectly purchasing this Certificate or interest herein on behalf
      of, as named fiduciary of, as trustee of, or with assets of a Plan except in
      accordance with section 5.02 of the Pooling and Servicing
      Agreement.

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee and the Certificate Registrar and any
      agent
      of the Depositor, the Servicer, the Trustee or the Certificate Registrar may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from the Trust Fund of all Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from the Trust Fund all Mortgage Loans and all property acquired in respect
      of
      any Mortgage Loan at a price determined as provided in the Agreement. The
      exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Certificate
                Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Signatory

            

    

     

    Date
      of
      authentication: March ___, 2007

    
 

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT - as
                tenants by the entireties

               

              JT
                TEN - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	 	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

    

     

    
      	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                by or on behalf of assignor

            

    

     

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                Guaranteed 

            

    

     

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

    EXHIBIT
      C-9

     

    FORM
      OF CLASS P CERTIFICATE

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A DIRECT OR
      INDIRECT BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
      INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G
      AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND IN
      CERTAIN OTHER PROPERTY.

     

    THIS
      CLASS P CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS
      DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. THIS
      CLASS P CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF
      ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT
      SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES
      NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE
      PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED
      TO
      HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR SECTION 4975 OF THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE
      WITH THE PROCEDURES DESCRIBED HEREIN.

    

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

     

    SERIES
      2007-CB3, CLASS P

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
      loans formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    

    
      	
              Series
                2007-CB3, Class P

               

              Date
                of Pooling and Servicing Agreement 

               

              Cut-off
                Date: March 1, 2007

               

              First
                Distribution Date:  April 25, 2007

               

              No.
                1

            	 	
              Original
                Class P Certificate Principal Balance as of the Closing Date:
                $100.00

               

              Denomination:
                $100.00

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                U.S. Bank National Association

               

              Closing
                Date: March 30, 2007

               

            

    

    

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
      UNITED STATES.

     

    This
      certifies that NIM I LLC is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class P Certificate as of the Issue Date)
      in that certain beneficial ownership interest evidenced by all the Class P
      Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Servicer, Credit-Based Asset
      Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a summary of
      certain of the pertinent provisions of which is set forth hereafter. To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Certificate is issued under and is subject
      to
      the terms, provisions and conditions of the Agreement, to which Agreement the
      Holder of this Certificate by virtue of the acceptance hereof assents and by
      which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the first Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the last Business Day of the
      month immediately preceding the month in which the related Distribution Date
      occurs or the Closing Date in the case of the first Distribution Date (the
      “Record Date”), from funds in the Distribution Account in an amount equal to the
      product of the Percentage Interest evidenced by this Certificate and the amount
      required to be distributed to the Holders of Class P Certificates on such
      Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Trustee in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class P Certificates the aggregate Initial Certificate
      Principal Balance of which is in excess of a 66% Percentage Interest of the
      Class P Certificates or by check mailed by first class mail to the address
      of
      the Person entitled thereto, as such name and address shall appear on the
      Certificate Register, provided that the Trustee may deduct a reasonable wire
      transfer fee from any payment made by wire transfer. Notwithstanding the above,
      the final distribution on this Certificate will be made after due notice by
      the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing the Percentage
      Interest specified on the face hereof.

     

    The
      Class P Certificates are limited in right of payment to certain collections
      and recoveries respecting the Mortgage Loans, all as more specifically set
      forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
      under the Agreement at any time by the Depositor, the Servicer, the Sponsor
      and
      the Trustee with the consent of the Holders of Certificates entitled to the
      Voting Rights identified in the Agreement. Any such consent by the Holder of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon this Certificate. The Agreement also permits the
      amendment thereof, in certain limited circumstances, without the consent of
      the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by, the Holder hereof or such Holder's
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations evidencing the same aggregate
      Percentage Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate shall be made unless that transfer is made pursuant
      to an effective registration statement under the 1933 Act and effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      In
      the event that a transfer is to be made without registration or qualification,
      the Certificate Registrar shall require, in order to assure compliance with
      such
      laws, either (i) that the Certificateholder desiring to effect the transfer
      and
      such Certificateholder's prospective transferee each execute a representation
      letter in the form described by the Agreement certifying to the Certificate
      Registrar the facts surrounding the transfer, or (ii) that the Depositor and
      the
      Certificate Registrar shall require an Opinion of Counsel satisfactory to them
      that such transfer may be made without such registration or qualification,
      which
      Opinion of Counsel shall not be an expense of the Depositor, the Trustee or
      the
      Certificate Registrar, in their respective capacities as such. None of the
      Depositor, the Certificate Registrar nor the Trustee is obligated to register
      or
      qualify the Class of Certificates specified on the face hereof under the 1933
      Act or any other securities law or to take any action not otherwise required
      under the Agreement to permit the transfer of such Certificates without
      registration or qualification. Any such Certificateholder desiring to effect
      such transfer shall, and does hereby agree to, indemnify the Trustee, the
      Depositor, the Certificate Registrar and the Servicer against any liability
      that
      may result if the transfer is not so exempt or is not made in accordance with
      such federal and state laws.

     

    No
      transfer of this Certificate or any interest herein may be made to employee
      benefit plans and certain other retirement plans and arrangements, including
      individual retirement accounts and annuities, Keogh plans and collective
      investment funds and separate accounts in which such plans, accounts or
      arrangements are invested that are subject to the fiduciary responsibility
      provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
      directly or indirectly purchasing this Certificate or interest herein on behalf
      of, as named fiduciary of, as trustee of, or with assets of a Plan except in
      accordance with section 5.02 of the Pooling and Servicing
      Agreement.

     

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

     

    The
      Depositor, the Servicer and the Trustee and the Certificate Registrar and any
      agent of the Depositor, the Servicer, the Trustee or the Certificate Registrar
      may treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
      the Certificate Registrar nor any such agent shall be affected by notice to
      the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by or
      on
      behalf of the Trustee and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund, and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from the Trust Fund of all Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from the Trust Fund all Mortgage Loans and all property acquired in respect
      of
      any Mortgage Loan at a price determined as provided in the Agreement. The
      exercise of such right will effect early retirement of the Certificates;
      however, such right to purchase is subject to the aggregate Principal Balance
      of
      the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
      Date
      Principal Balance of the Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Officer

            

    

     

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as 

              Certificate
                Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Authorized
                Signatory 

            

    

     

    Date
      of
      authentication: March ___, 2007

    
 

    ABBREVIATIONS

     

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

    

    
      	
              TEN
                COM - as
                tenants in common

               

              TEN
                ENT - as
                tenants by the entireties

               

              JT
                TEN - as
                joint tenants with right of survivorship and not as tenants in
                common

               

            	 	
              UNIF
                GIFT MIN ACT - Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

               

            

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

    a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer of such
      interest to assignee on the Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Certificate Registrar to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:

    

    
      	 

    

    

     

    
      	Dated:	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                by or on behalf of assignor

            

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              

            
	 	
              Signature
                Guaranteed

            

    

     

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to

    
      	 	 
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	 
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    
 

    EXHIBIT
      D

     

    MORTGAGE
      LOAN SCHEDULE

     

    

    Previously
      Filed

    

    EXHIBIT
      E

     

    FORM
      OF REQUEST FOR RELEASE OF DOCUMENTS

     

    
      	To:	
              U.S.
                Bank National Association

            

    

    60
      Livingston Avenue

    Mailcode
      EP-MN-WS3D

    St.
      Paul,
      MN 55107

    Attention:
      Structured Finance Services- C-BASS 2007-CB3

    

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement dated as of March 1, 2007 among Citigroup
                Mortgage
                Loan Trust Inc., as depositor, Credit-Based Asset Servicing and
                Securitization LLC, as Sponsor, Litton Loan Servicing LP, as servicer
                and
                U.S.
                Bank National Association, as
                trustee

            

    

     

    All
      capitalized terms used herein shall have the means ascribed to them in the
      Pooling and Servicing Agreement (the “Agreement”) referenced above.

     

    In
      connection with the administration of the Mortgage Loans held by you as Trustee
      pursuant to the Agreement, we request the release, and hereby acknowledge
      receipt, of the Trustee's Mortgage File for the Mortgage Loan described below,
      for the reason indicated.

     

    Mortgage
      Loan Number:

     

    Mortgagor
      Name, Address & Zip Code:

     

    Reason
      for Requesting Documents (check one):

     

    _____ 1.    Mortgage
      Paid in Full

     

    _____ 2.    Foreclosure

     

    _____ 3.    Substitution

     

    _____ 4.    Other
      Liquidation (Repurchases, etc.)

     

    _____ 5.    Nonliquidation    Reason:

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	By: 
	 	
              
                

              

            
	 	
              (authorized
                signer)

              
                Issuer:

                 

                
                  Address:

                

              

            

    

     

     

     

    Date:

     

    Custodian

     

    The
      Bank
      of New York

     

    Please
      acknowledge the execution of the above request by your signature and date
      below:

     

    
      	 	
              Signature

            	 	
              Date

            

    

     

    Documents
      returned to Custodian:

     

    
      	 	
              Custodian

            	 	
              Date

            

    

    
 

    EXHIBIT
      F-1

     

    FORM
      OF TRUSTEE'S OR CUSTODIAN'S INITIAL CERTIFICATION

     

    Trust
      Receipt #__________

    Cut-off
      Date Principal Balance $__________

    

    

    U.S.
      Bank
      National Association

    as
      Trustee for the Citigroup Mortgage Loan Trust, Series 2007-CB3,

    C-BASS
      Mortgage Loan Asset-Backed Certificates, 

    60
      Livingston Avenue

    Mailcode
      EP-MN-WS3D

    St.
      Paul,
      MN 55107

    Attention:
      Structured Finance Services- C-BASS 2007-CB3

    

    

     

    
      	 	
              Re:

            	
              Custodial
                Agreement, dated as of March 1, 2007, among U.S. Bank National
                Association, as Trustee, Litton Loan Servicing LP, as Servicer, and
                The
                Bank of New York, as Custodian

            

    

     

    Ladies
      and Gentlemen:

    

    In
      accordance with the provisions of Section 6 of the above-referenced Custodial
      Agreement, the undersigned, as the Custodian, hereby certifies that as to each
      Mortgage Loan listed on the Mortgage Loan Schedule (other than any Mortgage
      Loan
      paid in full or any Mortgage Loan listed on the attachment hereto) it has
      reviewed the Custodial Files and has determined that: (i) all documents required
      to be delivered to it pursuant to Sections 2(a)(i)-(vi) of the Custodial
      Agreement are in its possession; (ii) such documents have been reviewed by
      it;
      and have not been mutilated, damaged or torn and relate to such Mortgage Loan
      (iii) based on its examination and only as to the foregoing, the information
      set
      forth in the Mortgage Loan Schedule relating to the Mortgage Loan identifying
      number, the city, state, and zip code of the Mortgaged Property, the type of
      Residential Dwelling constituting the Mortgaged Property or a designation that
      the Mortgaged Property is a multi-family property, the original months to
      maturity, the Mortgage Interest Rate of the Mortgage Loan as of the Cut-off
      Date, and whether the Mortgage Loan has a prepayment penalty accurately reflects
      information set forth in the Mortgage File; (iv) all Assignments of Mortgage
      or
      intervening assignments of mortgage, as applicable, have been submitted for
      recording; and (v) each Mortgage Note has been endorsed as provided in Section
      2(a)(i) of the Custodial Agreement and each Mortgage has been assigned in
      accordance with Section 2(a)(iii) of the Custodial Agreement. The Custodian
      makes no representations as to (i) the validity, legality, enforceability,
      sufficiency, due authorization or genuineness of any of the documents contained
      in each Custodial File or of any of the Mortgage Loans or (ii) the
      collectability, insurability, effectiveness or suitability of any such Mortgage
      Loan.

     

    The
      Custodian hereby confirms that it is holding each such Custodial File as agent
      and bailee of, and custodian for the exclusive use and benefit, and subject
      to
      the sole direction, of Trustee pursuant to the terms and conditions of the
      Custodial Agreement.

     

    This
      Trust Receipt and Initial Certification is not divisible or
      negotiable.

     

    The
      Custodian will accept and act on instructions with respect to the Mortgage
      Loans
      subject hereto upon surrender of this Trust Receipt and Final Certification
      at
      the office of the Subcustodian at Bank of New York Trust Company, N.A., 5730
      Katella Avenue, Cypress, California 90630, Attention: Reginald
      Carter.

     

    Capitalized
      terms used herein shall have the meaning ascribed to them in the Custodial
      Agreement.

     

    
      	 	 	 
	 	
              THE
                BANK OF NEW YORK 

              as
                Custodian

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Name:
                

              Title:

            

    EXHIBIT
      F-2

     

    FORM
      OF TRUSTEE'S OR CUSTODIAN’S FINAL CERTIFICATION

     

    Trust
      Receipt #___________

    Cut-off
      Date Principal Balance $____________

    

    

    U.S.
      Bank
      National Association

    as
      Trustee for the Citigroup Mortgage Loan Trust, Series 2007-CB3,

    C-BASS
      Mortgage Loan Asset-Backed Certificates, 

    60
      Livingston Avenue

    Mailcode
      EP-MN-WS3D

    St.
      Paul,
      MN 55107

    Attention:
      Structured Finance Services- C-BASS 2007-CB3

    

    
      	 	
              Re:

            	
              Custodial
                Agreement, dated as of March 1, 2007, among U.S. Bank National
                Association, as Trustee, Litton Loan Servicing LP, as Servicer, and
                The
                Bank of New York, as Custodian

            

    

     

    Ladies
      and Gentlemen:

    

    In
      accordance with Section 6(b) of the Custodial Agreement, the undersigned, as
      Custodian, hereby certifies that as to each Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule
      I
      hereto) it has received the applicable documents listed in Section 2(a) of
      the
      Custodial Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed above and has determined that
      each
      such document appears to be complete and, based on an examination of such
      documents, the information set forth in the Mortgage Loan Schedule is
      correct.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Custodial Agreement. This Certificate is qualified in all respects
      by the terms of said Custodial Agreement.

     

    
      	 	 	 
	 	
              THE
                BANK OF NEW YORK,

              as
                Custodian

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Name:

              Title:

            

    

    

    EXHIBIT
      F-3

     

    FORM
      OF RECEIPT OF MORTGAGE NOTE

     

     

    [BANK
      OF
      NEW YORK LETTERHEAD]

     

    ACKNOWLEDGMENT
      OF RECEIPT

     

    March
      30,
      2007

     

    U.S.
      Bank
      National Association,

    as
      Trustee for C-BASS

    Mortgage
      Loan Asset-Backed

    Certificates,
      Series 2007-CB3

    60
      Livingston Avenue

    Mailcode
      EP-MN-WS3D

    St.
      Paul,
      MN 55107

    Attention:
      Structured Finance Services- C-BASS 2007-CB3

    

    

    Re: Custodial
      Agreement dated as of March 1, 2007 among U.S. Bank National Association, as
      Trustee, Litton Loan Servicing LP, as Servicer, and The Bank of New York, as
      Custodian

     

    Ladies
      and Gentlemen:

     

    In
      accordance with the provisions of Section 4 of the above-referenced Custodial
      Agreement, the undersigned, as the Custodian, hereby certifies as to each
      Mortgage Loan in the Mortgage Schedule that (i) it has received the original
      Mortgage Note with respect to each Mortgage Loan identified in the Mortgage
      Loan
      Schedule attached hereto as Exhibit A and (ii) such Mortgage Note has been
      reviewed by it and appears regular on its face and relates to such Mortgage
      Loan. The Custodian makes no representations as to (i) the validity, legality,
      enforceability, sufficiency, due authorization or genuineness of any of the
      documents contained in each Custodial File or of any of the Mortgage Loans
      or
      (ii) the collectability, insurability, effectiveness or suitability of any
      such
      Mortgage Loan.

     

    The
      Custodian hereby confirms that it is holding each such Mortgage Note as agent
      and bailee of, and custodian for the exclusive use and benefit, and subject
      to
      the sole direction of the Trustee pursuant to the terms and conditions of the
      Custodial Agreement.

     

    This
      Acknowledgment of Receipt is not divisible or negotiable.

     

    The
      Custodian will accept and act on instructions with respect to the Mortgage
      Loans
      subject hereto upon surrender of this Trust Receipt and Initial Certification
      at
      the office of the Subcustodian at Bank of New York Western Trust Company, 700
      South Flower Street, Suite 200, Los Angeles, California 90017, Attention:
      Reginald Carter.

     

    Capitalized
      terms used herein shall have the meaning ascribed tot hem in the Custodial
      Agreement.

    
      	 	 	 
	 	
              THE
                BANK OF NEW YORK,

              as
                Custodian

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	 

    

     

    

    EXHIBIT
      G

     

    FORM
      OF MORTGAGE LOAN PURCHASE AGREEMENT

     

     

    

      

      
        

        

      

       

      

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      as
        Purchaser

       

      

      and

       

       

      CREDIT-BASED
        ASSET SERVICING AND SECURITIZATION LLC

       

      as
        Seller

      

       

      MORTGAGE
        LOAN PURCHASE AGREEMENT

       

      
 

       

      Fixed
        Rate and Adjustable Rate Mortgage Loans

       

       

      

       

      C-BASS
        Mortgage Loan Trust 2007-CB3

      C-BASS
        Mortgage Loan Asset-Backed Certificates

       

       

      

       

      Dated
        as
        of March 23, 2007

       

      

       

      
        

        

      

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      

       

      TABLE
        OF CONTENTS

       

      

      
        	
                ARTICLE
                  I

              
	
                DEFINITIONS

              
	 	 
	
                Section
                  1.01

              	
                Definitions

              
	 	 
	 	 
	
                ARTICLE
                  II

              
	
                SALE
                  OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

              
	 	 
	
                Section
                  2.01

              	
                Sale
                  of Mortgage Loans and Interest Rate Swap Agreement. 

              
	
                Section
                  2.02

              	
                Obligations
                  of Seller Upon Sale. 

              
	
                Section
                  2.03

              	
                Payment
                  of Purchase Price for the Mortgage Loans

              
	 	 
	 	 
	
                ARTICLE
                  III

              
	
                REPRESENTATIONS
                  AND WARRANTIES; REMEDIES FOR BREACH

              
	 	 
	
                Section
                  3.01

              	
                Seller
                  Representations and Warranties Relating to the Mortgage
                  Loans

              
	
                Section
                  3.02

              	
                Seller
                  Representations and Warranties

              
	 	 
	 	 
	
                ARTICLE
                  IV

              
	
                SELLER’S
                  COVENANTS

              
	 	 
	
                Section
                  4.01

              	
                Covenants
                  of the Seller. 

              
	 	 
	 	 
	
                ARTICLE
                  V

              
	
                OPTIONAL
                  PURCHASE OF DEFAULTED MORTGAGE LOANS

              
	 	 
	 	 
	
                ARTICLE
                  VI

              
	
                TERMINATION

              
	 	 
	
                Section
                  6.01

              	
                Termination

              
	 	 
	 	 
	
                ARTICLE
                  VII

              
	
                MISCELLANEOUS
                  PROVISIONS

              
	 	 
	
                Section
                  7.01

              	
                Amendment

              
	
                Section
                  7.02

              	
                Governing
                  Law

              
	
                Section
                  7.03

              	
                Notices

              
	
                Section
                  7.04

              	
                Severability
                  of Provisions

              
	
                Section
                  7.05

              	
                Counterparts

              
	
                Section
                  7.06

              	
                Further
                  Agreements

              
	
                Section
                  7.07

              	
                Intention
                  of the Parties

              
	
                Section
                  7.08

              	
                Successors
                  and Assigns; Assignment of this Agreement

              
	
                Section
                  7.09

              	
                Survival

              
	 	 
	
                Schedule
                  I

              	
                Mortgage
                  Loan Schedule

              
	
                Schedule
                  II

              	
                EPD
                  Loan List 

              

      

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      MORTGAGE
        LOAN PURCHASE AGREEMENT, dated as of March 23, 2007, (the “Agreement”),
        between CREDIT-BASED ASSET SERVICING AND SECURITIZATION LLC (“C-BASS”
or
        the
“Seller”)
        and
        CITIGROUP MORTGAGE LOAN TRUST INC. (the “Purchaser”).

       

      W
        I T
        N E S S E T H:

       

      WHEREAS,
        the Seller is the owner of either the notes or other evidence of indebtedness
        (the “Mortgage
        Notes”)
        or
        other evidence of ownership so indicated on Schedule I hereto, and the other
        documents or instruments constituting the Mortgage File (collectively, the
        “Mortgage
        Loans”);
        and

       

      WHEREAS,
        the Seller, as of the date hereof, owns the mortgages (the “Mortgages”)
        on the
        properties (the “Mortgaged
        Properties”)
        securing such Mortgage Loans, including rights (a) to any property acquired
        by
        foreclosure or deed in lieu of foreclosure or otherwise and (b) to the proceeds
        of any insurance policies covering the Mortgage Loans or the Mortgaged
        Properties or the obligors on the Mortgage Loans; and

       

      WHEREAS,
        the parties hereto desire that the Seller sell the Mortgage Loans to the
        Purchaser and the Purchaser purchase the Mortgage Loans from the Seller pursuant
        to the terms of this Agreement; and

       

      WHEREAS,
        pursuant to the terms of a Pooling and Servicing Agreement, dated as of March
        1,
        2007 (the “Pooling
        and Servicing Agreement”),
        among
        the Seller as sponsor, the Purchaser, as depositor, Litton Loan Servicing
        LP
        (“Litton”), as servicer, and U.S. Bank National Association, as trustee (the
“Trustee”), the Purchaser will convey the Mortgage Loans to C-BASS Mortgage Loan
        Trust 2007-CB3.

       

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

       

      ARTICLE
        I

       

      DEFINITIONS

       

      Section
        1.01   Definitions.
        All
        capitalized terms used but not defined herein and below shall have the meanings
        assigned thereto in the Pooling and Servicing Agreement.

       

      “Custodian”:
        A
        custodian acceptable to the Trustee, which may be the Trustee and which shall
        not be the Seller or any affiliate of the Seller. The initial Custodian shall
        be
        The Bank of New York.

       

      ARTICLE
        II

       

      SALE
        OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

       

      Section
        2.01   Sale
        of Mortgage Loans and Interest Rate Swap Agreement.

       

      (a)  The
        Seller does hereby agree to and does hereby sell, assign, set over, and
        otherwise convey to the Purchaser, without recourse, on the Closing Date,
        all
        its right, title and interest, in and to (i) each Mortgage Loan and the related
        Cut-off Date Principal Balance thereof, including any Related Documents;
        (ii)
        all payments on or collections in respect of the Mortgage Loans due after
        the
        Cut-off Date; (iii) property which secured such Mortgage Loan and which has
        been
        acquired by foreclosure or deed in lieu of foreclosure; (iv) its interest
        in any
        insurance policies in respect of the Mortgage Loans; and (v) all proceeds
        of any
        of the foregoing.

       

      (b)  The
        Seller, concurrently with the execution and delivery of this Agreement does
        hereby sell, and in connection therewith hereby assigns to the Purchaser,
        effective as of the Closing Date, without recourse, (i) all of its right,
        title
        and interest in the Interest Rate Swap Agreement, dated March 30, 2007 and
        (ii)
        all proceeds of the foregoing.

       

      Section
        2.02   Obligations
        of Seller Upon Sale.

       

      (a)  In
        connection with any transfer pursuant to Section 2.01 hereof, the Seller
        further
        agrees, at its own expense, on or prior to the Closing Date, (x) to indicate
        in
        its books and records that the Mortgage Loans have been sold to the Purchaser
        pursuant to this Agreement and (y) to deliver to the Purchaser and the Trustee
        a
        computer file containing a true and complete list of all the Mortgage Loans
        specifying, among other things, for each Mortgage Loan, as of the Cut-off
        Date,
        its account number and Cut-off Date Principal Balance. Such file (the
“Mortgage
        Loan Schedule”)
        which
        is included as Exhibit D to the Pooling and Servicing Agreement, shall also
        be
        marked as Schedule I to this Agreement and is hereby incorporated into and
        made
        a part of this Agreement.

       

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

       

      (i)  the
        original Mortgage Note, endorsed either (A) in blank or (B) in the following
        form: “Pay to the order of U.S. Bank National Association, as Trustee for the
        C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB3, without
        recourse,” or with respect to any lost Mortgage Note, an original lost note
        affidavit, together with a copy of the related Mortgage Note;

       

      (ii)  the
        original Mortgage with evidence of recording thereon, and the original recorded
        power of attorney, if the Mortgage was executed pursuant to a power of attorney,
        with evidence of recording thereon or, if such Mortgage or power of attorney
        has
        been submitted for recording but has not been returned from the applicable
        public recording office, has been lost or is not otherwise available, a copy
        of
        such Mortgage or power of attorney, as the case may be, certified to be a
        true
        and complete copy of the original submitted for recording;

       

      (iii)  an
        original Assignment of Mortgage, in form and substance acceptable for recording.
        The Mortgage shall be assigned either (A) in blank or (B) to “U.S. Bank National
        Association, as Trustee for the C-BASS Mortgage Loan Asset-Backed Certificates,
        Series 2007-CB3, without recourse”;

       

      (iv)  an
        original or a certified copy of any intervening assignment of Mortgage showing
        a
        complete chain of assignments;

       

      (v)  the
        original or a certified copy of lender’s title insurance policy;
        and

       

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

       

      If
        any of
        the documents referred to in Section 2.02(ii), (iii) or (iv) above has as
        of the
        Closing Date been submitted for recording but either (x) has not been returned
        from the applicable public recording office or (y) has been lost or such
        public
        recording office has retained the original of such document, the obligations
        of
        the Seller to deliver such documents shall be deemed to be satisfied upon
        (1)
        delivery to the Trustee or the Custodian no later than the Closing Date,
        of a
        copy of each such document certified by the Seller in the case of (x) above
        or
        the applicable public recording office in the case of (y) above to be a true
        and
        complete copy of the original that was submitted for recording and (2) if
        such
        copy is certified by the Seller, delivery to the Trustee or the Custodian,
        promptly upon receipt thereof of either the original or a copy of such document
        certified by the applicable public recording office to be a true and complete
        copy of the original. The Seller shall deliver or cause to be delivered to
        the
        Trustee or the Custodian promptly upon receipt thereof any other documents
        constituting a part of a Mortgage File received with respect to any Mortgage
        Loan, including, but not limited to, any original documents evidencing an
        assumption or modification of any Mortgage Loan.

       

      Upon
        discovery or receipt of notice of any materially defective document in, or
        that
        a document is missing from, a Mortgage File, the Seller shall have 120 days
        to
        cure such defect or 150 days following the Closing Date, in the case of missing
        Mortgages or Assignments or deliver such missing document to the Trustee
        or the
        Custodian. If the Seller does not cure such defect or deliver such missing
        document within such time period, the Seller shall either repurchase or
        substitute for such Mortgage Loan in accordance with Section 3.01
        hereof.

       

      The
        Purchaser hereby acknowledges its acceptance of all right, title and interest
        to
        the Mortgage Loans and other property, now existing and hereafter created,
        conveyed to it pursuant to Section 2.01.

       

      The
        parties hereto intend that the transaction set forth herein be a sale by
        the
        Seller to the Purchaser of all the Seller’s right, title and interest in and to
        the Mortgage Loans and other property described above. In the event the
        transaction set forth herein is deemed not to be a sale, the Seller hereby
        grants to the Purchaser a security interest in all of the Seller’s right, title
        and interest in, to and under the Mortgage Loans and other property described
        above, whether now existing or hereafter created, to secure all of the Seller’s
        obligations hereunder; and this Agreement shall constitute a security agreement
        under applicable law. The Seller and the Purchaser shall, to the extent
        consistent with this Agreement, take such actions as may be necessary to
        ensure
        that, if this Agreement were deemed to create a security interest in the
        Mortgage Loans, such security interest would be deemed to be a perfected
        security interest of first priority under applicable law and will be maintained
        as such throughout the term of this Agreement.

       

      (b)  The
        Seller shall cause the Assignments of Mortgage which were delivered in blank
        to
        be completed and shall cause all Assignments referred to in Section 2.02(iii)
        hereof and, to the extent necessary, in Section 2.02(iv) hereof to be recorded.
        The Seller shall be required to deliver such assignments for recording within
        30
        days of the Closing Date. The Seller shall furnish the Trustee, or its
        designated agent, with a copy of each assignment of Mortgage submitted for
        recording. In the event that any such Assignment is lost or returned unrecorded
        because of a defect therein, the Seller shall promptly have a substitute
        Assignment prepared or have such defect cured, as the case may be, and
        thereafter cause each such Assignment to be duly recorded.

       

      In
        the
        event that any Mortgage Note is endorsed in blank as of the Closing Date,
        promptly following the Closing Date the Seller shall cause to be completed
        such
        endorsements in the following form: “Pay to the order of U.S. Bank National
        Association, as Trustee for the C-BASS Mortgage Loan Asset-Backed Certificates,
        Series 2007-CB3, without recourse.”

       

      1.  Payment
        of Purchase Price for the Mortgage Loans.
        In
        consideration of the sale of the Mortgage Loans from the Seller to the Purchaser
        on the Closing Date, the Purchaser agrees to pay to the Seller on the Closing
        Date by transfer of immediately available funds, as directed by the Seller,
        an
        amount equal to $428,273,575.62 in respect of the Mortgage Loans (the
“Purchase
        Price”),
        net
        of an expense reimbursement amount of $45,000 (the “Expense
        Reimbursement Amount”),
        and
        to transfer to the Seller or its designee on the Closing Date the Class CE-2
        and
        Residual Certificates (collectively, the “Retained Certificates”). The Expense
        Reimbursement Amount shall reimburse the Purchaser for the Purchaser’s
        Securities and Exchange Commission registration statement fees and the
        Purchaser’s registration statement administration fees allocable to the Trust.
        The Seller shall pay, and be billed directly for, all expenses incurred by
        the
        Purchaser in connection with the issuance of the Certificates, including,
        without limitation, printing fees incurred in connection with the prospectus
        relating to the Certificates, blue sky registration fees and expenses, fees
        and
        reasonable expenses of Purchaser’s counsel, fees of the rating agencies
        requested to rate the Certificates, accountant’s fees and expenses and the fees
        and expenses of the Trustee and other out-of-pocket costs, if any. If the
        Purchaser shall determine that the Expense Reimbursement Amount is not
        sufficient to reimburse the Purchaser for all expenses incurred by it that
        are
        subject to reimbursement by the Seller hereunder as described above, the
        Seller
        shall promptly reimburse the Purchaser for such additional amounts upon written
        notice by the Purchaser to the Seller.

       

      ARTICLE
        III

       

      REPRESENTATIONS
        AND WARRANTIES; REMEDIES FOR BREACH

       

      Section
        3.01   Seller
        Representations and Warranties Relating to the Mortgage Loans.
        The
        Seller hereby represents and warrants to the Purchaser, with respect to the
        Mortgage Loans, that as of the Closing Date or as of such date specifically
        provided herein:

       

      (a)  The
        information set forth in the Mortgage Loan Schedule is complete, true and
        correct as of the Cut-off Date.

       

      (b)  There
        are
        no delinquent taxes, ground rents, water charges, sewer rents, assessments,
        including assessments payable in future installments, or other outstanding
        charges affecting the related Mortgaged Property.

       

      (c)  The
        terms
        of the Mortgage Note and the Mortgage have not been impaired, waived, altered
        or
        modified in any respect, except by written instruments, recorded in the
        applicable public recording office if necessary to maintain the lien priority
        of
        the Mortgage and the interests of the Certificateholders, and which have
        been
        delivered to the Trustee; the substance of any such waiver, alteration or
        modification has been approved by the title insurer, to the extent required
        by
        the related policy, and is reflected on the Mortgage Loan Schedule. No
        instrument of waiver, alteration or modification has been executed, and no
        Mortgagor has been released, in whole or in part, except, in connection with
        an
        assumption agreement approved by the title insurer, to the extent required
        by
        the policy, and which assumption agreement has been delivered to the Trustee
        and
        the terms of which are reflected in the Mortgage Loan Schedule.

       

      (d)  The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including the defense of usury, nor will
        the
        operation of any of the terms of the Mortgage Note and the Mortgage, or the
        exercise of any right thereunder, render the Mortgage unenforceable, in whole
        or
        in part, or subject to any right of rescission, set-off, counterclaim or
        defense, including the defense of usury and no such right of rescission,
        set-off, counterclaim or defense has been asserted with respect
        thereto.

       

      (e)  All
        buildings upon the Mortgaged Property are insured by a generally acceptable
        insurer against loss by fire, hazards of extended coverage and such other
        hazards as are customary in the area where the Mortgaged Property is located,
        pursuant to insurance policies conforming to the requirements of the Pooling
        and
        Servicing Agreement. All such insurance policies contain a standard mortgagee
        clause naming the Seller, its successors and assigns as mortgagee and all
        premiums thereon have been paid. If upon origination of the Mortgage Loan,
        the
        Mortgaged Property was in an area identified on a Flood Hazard Map or Flood
        Insurance Rate Map issued by the Federal Emergency Management Agency as having
        special flood hazards (and such flood insurance has been made available)
        a flood
        insurance policy meeting the requirements of the current guidelines of the
        Federal Insurance Administration is in effect which policy conforms to the
        requirements of the Federal National Mortgage Association (“FNMA”)
        and
        the Federal Home Loan Mortgage Corporation (“FHLMC”).
        The
        Mortgage obligates the Mortgagor thereunder to maintain all such insurance
        at
        the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so,
        authorizes the holder of the Mortgage to maintain such insurance at the
        Mortgagor’s cost and expense and to seek reimbursement therefor from the
        Mortgagor. All acts required to be performed to preserve the rights and remedies
        of the Trustee in any such insurance policies have been performed, including,
        without limitation, any necessary notifications of insurers and assignments
        of
        policies or interests therein.

       

      (f)  As
        of the
        date of origination of the Mortgage Loan, any and all requirements of any
        federal, state or local law, including, without limitation, usury, truth
        in
        lending, real estate settlement procedures, consumer credit protection, equal
        credit opportunity or disclosure laws applicable to the origination of the
        Mortgage Loans have been complied with. Any and all requirements of any federal,
        state or local law, including, without limitation, usury, truth in lending,
        real
        estate settlement procedures, consumer credit protection, equal credit
        opportunity or disclosure laws applicable to the servicing of the Mortgage
        Loans
        have been complied with.

       

      (g)  The
        Mortgage has not been satisfied, canceled, subordinated (other than with
        respect
        to second lien loans, the subordination to the first lien loan) rescinded,
        in
        whole or in part, and the Mortgaged Property has not been released from the
        lien
        of the Mortgage, in whole or in part, nor has any instrument been executed
        that
        would effect any such satisfaction, cancellation, subordination, rescission
        or
        release.

       

      (h)  The
        Mortgage is a valid, existing and enforceable first or second lien on the
        Mortgaged Property, including all improvements on the Mortgaged Property
        subject
        only to (1) the lien of current real property taxes and assessments not yet
        due
        and payable, (2) covenants, conditions and restrictions, rights of way,
        easements and other matters of the public record as of the date of recording
        being acceptable to mortgage lending institutions generally, (3) other matters
        to which like properties are commonly subject which do not materially interfere
        with the benefits of the security intended to be provided by the Mortgage
        or the
        use, enjoyment, value or marketability of the related Mortgaged Property
        and (4)
        with respect to any second lien mortgage loan, the lien of the related first
        mortgage loan. Any security agreement, chattel mortgage or equivalent document
        related to and delivered in connection with the Mortgage Loan establishes
        and
        creates a valid, existing and enforceable first or second lien and first
        or
        second priority security interest on the property described therein and the
        Seller has full right to sell and assign the same to the Purchaser.

       

      (i)  The
        Mortgage Note and the related Mortgage are genuine and each is the legal,
        valid
        and binding obligation of the maker thereof, enforceable in accordance with
        its
        terms.

       

      (j)  The
        proceeds of the Mortgage Loan have been fully disbursed to or for the account
        of
        the Mortgagor and there is no obligation for the mortgagee to advance additional
        funds thereunder and any and all requirements as to completion of any on-site
        or
        off-site improvement and as to disbursements of any escrow funds therefor
        have
        been complied with. All costs, fees and expenses incurred in making or closing
        the Mortgage Loan and the recording of the Mortgage have been paid, and the
        Mortgagor is not entitled to any refund of any amounts paid or due to the
        mortgagee pursuant to the Mortgage Note or Mortgage.

       

      (k)  Immediately
        prior to the transfer and assignment contemplated herein, the Seller was
        the
        sole owner and holder of the Mortgage Loans and has good and marketable title
        to
        each Mortgage Loan, free and clear of any and all liens, pledges, charges,
        claims, participation interests, mortgages, security interests or encumbrances
        or other interests of any nature and has full right and authority to sell
        and
        assign the same.

       

      (l)  Each
        Mortgage Loan is covered by an ALTA mortgagee title insurance policy acceptable
        to FNMA or FHLMC, issued by a title insurer acceptable to FNMA and FHLMC,
        and
        qualified to do business in the jurisdiction where the Mortgaged Property
        is
        located, insuring (subject to the exceptions contained in (h)(1) and (2)
        above)
        the Seller, its successors and assigns as to the first or second priority
        lien
        of the Mortgage in the original principal amount of the Mortgage Loan and
        against any loss by reason of the invalidity or unenforceability of the lien
        resulting from the provisions of the Mortgage providing for adjustment in
        the
        mortgage interest rate and/or monthly payment including any negative
        amortization thereunder. Additionally, such mortgagee title insurance policy
        affirmatively insures ingress and egress to and from the Mortgaged Property,
        and
        against encroachments by or upon the Mortgaged Property or any interest therein.
        The Seller is the sole insured of such mortgagee title insurance policy,
        and
        such lender’s title insurance policy is in full force and effect and will be in
        full force and effect upon the consummation of the transactions contemplated
        by
        this Agreement. No claims have been made under such mortgagee title insurance
        policy, and no prior holder of the related Mortgage, including the Seller,
        has
        done, by act or omission, anything which would impair the coverage of such
        mortgagee title insurance policy.

       

      (m)  There
        are
        no mechanics’ or similar liens or claims which have been filed for work, labor
        or material (and no rights are outstanding that under law could give rise
        to
        such lien) affecting the related Mortgaged Property which are or may be liens
        prior to, or equal or coordinate with, the lien of the related
        Mortgage.

       

      (n)  The
        collection practices used by the Servicer with respect to each Mortgage Note
        and
        Mortgage have been in all respects legal, proper, prudent and customary in
        the
        mortgage servicing industry.

       

      (o)  The
        Mortgage and related Mortgage Note contain customary and enforceable provisions
        such as to render the rights and remedies of the holder thereof adequate
        for the
        realization against the Mortgaged Property of the benefits of the security
        provided thereby, including, (1) in the case of a Mortgage designated as
        a deed
        of trust, by trustee’s sale, and (2) otherwise by judicial foreclosure. There is
        no homestead or other exemption available to the Mortgagor which would interfere
        with the right to sell the Mortgaged Property at a trustee’s sale or the right
        to foreclose the Mortgage. The Mortgagor has not notified the Seller and
        the
        Seller has no knowledge of any relief requested or allowed to the Mortgagor
        under the Servicemembers Civil Relief Act, 50 U.S.C. App. §§ 501-596, enacted on
        December 19, 2003, as amended.

       

      (p)  The
        Mortgage Note is not and has not been secured by any collateral except the
        lien
        of the corresponding Mortgage on the Mortgaged Property and the security
        interest of any applicable security agreement or chattel mortgage.

       

      (q)  In
        the
        event the Mortgage constitutes a deed of trust, a trustee, duly qualified
        under
        applicable law to serve as such, has been properly designated and currently
        so
        serves and is named in the Mortgage, and no fees or expenses are or will
        become
        payable by the Purchaser to the trustee under the deed of trust, except in
        connection with a trustee’s sale after default by the Mortgagor.

       

      (r)  No
        Mortgage Loan contains provisions pursuant to which monthly payments are
        (1)
        paid or partially paid with funds deposited in any separate account established
        by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (2) paid
        by
        any source other than the Mortgagor or (3) contains any other similar provisions
        which may constitute a “buydown” provision. The Mortgage Loan is not a graduated
        payment mortgage loan and the Mortgage Loan does not have a shared appreciation
        or other contingent interest feature.

       

      (s)  The
        Mortgage Note, the Mortgage, the Assignment and any other documents required
        to
        be delivered with respect to each Mortgage Loan pursuant to Section 2.02
        hereof
        have been delivered to the Purchaser or its designee, all in compliance with
        the
        specific requirements of Section 2.02 hereof.

       

      (t)  If
        the
        residential dwelling on the Mortgaged Property is a condominium unit or a
        unit
        in a planned unit development (other than a de minimis planned unit development)
        such condominium or planned unit development project meets FNMA’s eligibility
        requirements.

       

      (u)  None
        of
        the Mortgage Loans are secured by a leasehold estate or constitute other
        than
        real property under applicable state law.

       

      (v)  The
        rights with respect to each Mortgage Loan are assignable by the Seller without
        the consent of any Person other than consents which will have been obtained
        on
        or before the Closing Date.

       

      (w)  The
        Mortgage Loans are not being transferred by the Seller with any intent to
        hinder, delay or defraud any creditors of the Seller.

       

      (x)  All
        parties which have had any interest in each Mortgage Loan, whether as mortgagee,
        assignee, pledgee or otherwise, and including, without limitation, the Seller,
        are (or during the period in which they held and disposed such interest,
        were)
        in compliance with any and all applicable licensing requirements of the laws
        of
        the state wherein the property securing the Mortgage is located to the extent
        that any noncompliance thereunder would affect the value or marketability
        of the
        Mortgage Loans.

       

      (y)  To
        the
        best of Seller’s knowledge, the Mortgaged Property is free from any and all
        toxic or hazardous substances and there exists no violation of any local,
        state
        or federal environmental law, rule or regulation.

       

      (z)  The
        Mortgaged Property is free from material damage.

       

      (aa)  Each
        Mortgage Loan has been serviced by the Servicer in accordance with the terms
        thereof and Applicable Regulations.

       

      (bb)  [Reserved]

       

      (cc)  [Reserved]

       

      (dd)  There
        is
        no proceeding pending for the total or partial condemnation and no eminent
        domain proceedings pending affecting any Mortgaged Property.

       

      (ee)  To
        the
        best of the Seller’s knowledge, there was no fraud or gross negligence involved
        in the origination of any Mortgage Loan by the applicable mortgagee or
        Mortgagor, and to the best of the Seller’s knowledge, there was no fraud or
        gross negligence by the appraiser or any other party involved in the origination
        of any such Mortgage Loan.

       

      (ff)  Each
        mortgage file contains an appraisal of or a broker’s price opinion regarding the
        related Mortgaged Property indicating an appraised value equal to the appraised
        value identified for such Mortgaged Property on the Mortgage Loan Schedule.
        [Each appraisal has been prepared on FNMA or FHLMC forms.]

       

      (gg)  No
        improvements on any Mortgaged Property encroach on adjoining properties (and
        in
        the case of a condominium unit, such improvements are within the project
        with
        respect to that unit), and no improvements on adjoining properties encroach
        upon
        such Mortgaged Property unless there exists in the applicable Mortgage File
        a
        title policy with endorsements which insure against losses sustained by the
        insured as a result of such encroachments.

       

      (hh)  [Reserved].

       

      (ii)  With
        respect to escrow deposits, if any, all such payments are in the possession
        of,
        or under the control of, the Servicer and there exists no deficiencies in
        connection therewith for which customary arrangements for repayment thereof
        have
        not been made. No escrow deposits or escrow advances or other charges or
        payments due the Servicer have been capitalized under any Mortgage or the
        related Note.

       

      (jj)  No
        Mortgage Loan, other than a Bankruptcy Plan Mortgage Loan, is subject to
        any
        pending bankruptcy or insolvency proceeding. To the Seller’s best knowledge, no
        material litigation or lawsuit relating to any Mortgage Loan is
        pending.

       

      (kk)  The
        Seller used no selection procedures that identified the Mortgage Loans as
        being
        less desirable or valuable than other comparable mortgage loans acquired
        by the
        Seller.

       

      (ll)  The
        sale,
        transfer, assignment and conveyance of Mortgage Loans by the Seller pursuant
        to
        this Agreement will not result in any tax, fee or governmental charge (other
        than income taxes and related taxes) payable by the Seller, the Depositor
        or the
        Trustee to any federal, state or local government other than taxes which
        have or
        will be paid by the Seller as due (“Transfer
        Taxes”).
        In
        the event that the Depositor or the Trustee receives actual notice of any
        Transfer Taxes arising out of the transfer, assignment and conveyance of
        the
        Mortgage Loans, other than any taxes to be paid by the creditor, on written
        demand by the Depositor, or the Trustee, or upon the Seller’s otherwise being
        given notice thereof by the Depositor or the Trustee, the Seller shall pay,
        and
        otherwise indemnify and hold the Depositor and the Trustee harmless, on an
        after-tax basis, from and against any and all such Transfer Taxes (it being
        understood that the Certificateholders, the Trustee and the Depositor shall
        have
        no obligation to pay such Transfer Taxes).

       

      (mm)  With
        respect to the Mortgage Loans, the Mortgaged Properties securing repayment
        of
        the related Mortgage Note consist of a fee simple interest in a single parcel
        or
        two contiguous parcels of real property (i) improved by a (A) detached or
        semi-detached one-family dwelling, (B) detached or semi-detached two-to four
        family dwelling, (C) one-family unit in a FNMA eligible condominium project,
        (D)
        detached or semi-detached one-family dwelling in a planned unit development,
        (E)
        multi-family dwelling or townhouse or (F) mobile home or manufactured dwelling
        which constitutes real property or (ii) unimproved by any residential
        dwelling.

       

      (nn)  Except
        for the Mortgage Loans identified on the Mortgage Loan Schedule as delinquent,
        there is no default, breach, violation or event of acceleration existing
        under
        the Mortgage or the Mortgage Note and no event which, with the passage of
        time
        or with notice and the expiration of any grace or cure period, would constitute
        a default, breach, violation or event of acceleration, and the Seller has
        not
        waived any default, breach, violation or event of acceleration.

       

      (oo)  The
        Seller has no actual knowledge that with respect to any Mortgage Loan (1)
        the
        Servicer has sent a notice of default to the related Mortgagor which the
        Servicer is currently seeking to enforce, or (2) any foreclosure proceedings
        have been commenced or acceleration been declared which is currently pending.
        The Seller is not transferring any Mortgage Loan to the Purchaser with the
        intention or knowledge that the Purchaser or the Trust will acquire the related
        Mortgaged Property.

       

      (pp)  With
        respect to any Mortgage Loan that is secured by a second lien on the related
        Mortgaged Property, either (i) no consent for the Mortgage Loan is required
        by
        the holder of any related senior lien or (ii) such consent has been obtained
        and
        is contained in the Mortgage File.

       

      (qq)  In
        any
        case in which a Mortgage Loan is secured by a second lien and a senior lien
        on
        the related Mortgaged Property provides for negative amortization or deferred
        interest, the balance of such senior lien on the related Mortgaged Property
        used
        to calculate the Combined Loan to Value Ratio for the Mortgage Loan is based
        on
        the maximum amount of negative amortization possible under such senior
        loan.

       

      (rr)  With
        respect to a Mortgage Loan which is a second lien, as of the date hereof,
        the
        Seller has not received a notice of default of a senior lien on the related
        Mortgaged Property which has not been cured.

       

      (ss)  No
        Mortgage Loan is delinquent (other than Mortgage Loans subject to a bankruptcy
        plan or forbearance plan). The Seller has not waived any default, breach,
        violation or event of acceleration, and the Seller has not taken any action
        to
        waive any default, breach, violation or event of acceleration, with respect
        to
        any Mortgage Loan.

       

      (tt)  Each
        Mortgage Loan is a “qualified Mortgage” within the meaning of Section 860
        G(a)(3) of the Code.

       

      (uu)  With
        respect to any Adjustable-Rate Mortgage Loan, all rate adjustments have been
        performed in accordance with the terms of the related Mortgage Note or
        subsequent modifications, if any.

       

      (vv)  [Reserved].

       

      (ww)  Each
        Mortgage Loan is directly secured by a Mortgage on a residential property,
        and
        either (1) substantially all of the proceeds of the Mortgage Loan were used
        to
        acquire, improve or protect the portion of the residential property that
        consists of an interest in real property (within the meaning of Treasury
        Regulations Sections 1.856-3(c) and 1.856-3(d)) and the interest in real
        property was the only security for the Mortgage Loan as of the Testing Date
        (as
        defined below), or (2) the fair market value of the interest in real property
        which secures the Mortgage Loan was at least equal to 80% of the principal
        amount of the Mortgage Loan (a) as of the Testing Date, or (b) as of the
        Closing
        Date. For purposes of the previous sentence, (1) the fair market value of
        the
        referenced interest in real property shall first be reduced by (a) the amount
        of
        any lien on the interest in real property that is senior to the Mortgage
        Loan,
        unless the Mortgage Loan includes both a first lien loan and a second lien
        loan
        on the same Mortgaged Property, in which case the 80% test shall be applied
        in
        the aggregate, and (b) a proportionate amount of any lien on the interest
        in
        real property that is on a parity with the Mortgage Loan, and (2) the
“Testing
        Date”
shall
        be the date on which the referenced Mortgage Loan was originated unless (a)
        the
        Mortgage Loan was modified after the date of its origination in a manner
        that
        would cause “significant modification” of the Mortgage Loan within the meaning
        of Treasury Regulations Section 1.1001-3, and (b) the “significant modification”
did not occur at a time when the Mortgage Loan was in default or when default
        with respect to the Mortgage Loan was reasonably foreseeable.

       

      (xx)  With
        respect to each Mortgage Loan that is a mobile or manufactured housing unit,
        such unit is a “single family residence” within the meaning of Section 25(e)(1)
        of the Code, and has a minimum of 400 square feet of living space, a minimum
        width of 102 inches and is of a kind customarily used at a fixed
        location.

       

      (yy)  Any
        written agreement between the Mortgagor in respect of a Mortgage Loan and
        the
        Servicer modifying such Mortgagor’s obligation to make payments under the
        Mortgage Loan (such modified Mortgage Loan, a “Modified Mortgage Loan”) involved
        some assessment of the Mortgagor’s ability to repay the Modified Mortgage
        Loan.

       

      (zz)  No
        Mortgage Loan is covered by the Home Ownership and Equity Protection Act
        of 1994
        (“HOEPA”) and no Mortgage Loan is in violation of any state law or ordinance
        similar to HOEPA.

       

      (aaa)  No
        proceeds from any Mortgage Loan were used to finance single-premium credit
        insurance policies.

       

      (bbb)  Any
        Mortgage Loan originated prior to October 1, 2002 will not impose a Prepayment
        Charge in excess of five years.

       

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

       

      (ddd)  There
        is
        no Mortgage Loan in the Trust Fund that was originated on or after October
        1,
        2002 and before March 7, 2003, which is secured by property located in the
        State
        of Georgia.

       

      (eee)  There
        is
        no Mortgage Loan in the Trust Fund that was originated on or after March
        7,
        2003, which is a “high cost home loan” as defined under the Georgia Fair Lending
        Act.

       

      (fff)  
        (a) No
        Mortgage Loan is classified as a high cost mortgage loan under HOEPA; and
        (b) no
        Mortgage Loan in the Trust is a “high cost home,” “covered” (excluding home
        loans defined as “covered home loans” pursuant to clause (1) of the definition
        of that term in the New Jersey Home Ownership Security Act of 2002 that were
        originated between November 26, 2003 and July 7, 2004), “high risk home” or
“predatory” loan under any other applicable state, federal or local law (or a
        similarly classified loan using different terminology under a law imposing
        heightened regulatory scrutiny or additional legal liability for residential
        mortgage loans having high interest rates, points and/or fees).

      

      (ggg)  None
        of
        the Mortgage Loans are High Cost as defined by the applicable

      predatory
        and abusive lending laws or any federal, state or local law.

      

      (hhh)  No
        Mortgage Loans are subject to the Georgia Fair Lending act (“GFLA”) effective
        from October 1, 2002 to March 6, 2003.

       

      (iii)  The
        Prepayment Charges included in the transaction are enforceable and were
        originated in compliance with all federal, state and local laws.

       

      (jjj)  
        Information provided to the rating agencies, including the loan level detail,
        is
        true and correct according to the rating agency requirements.

       

      (kkk)  No
        Mortgage Loan is a High Cost Loan or a Covered Loan, as applicable (as such
        terms are defined in the then current Standard & Poor’s LEVELS Glossary,
        which is now Version 5.6(c), Appendix E).

       

      (lll)  With
        respect to the Mortgage Loans set forth on Schedule II hereto, the related
        Mortgagor will make its indicated monthly payment by the date set forth on
        Schedule II. 

       

      With
        respect to the representations and warranties set forth in this Section 3.01
        that are made to the best of the Seller’s knowledge or as to which the Seller
        has no knowledge, if it is discovered by the Depositor, the Seller, the Servicer
        or the Trustee, as set forth in Section 2.04 of the Pooling and Servicing
        Agreement, that the substance of such representation and warranty is inaccurate
        and such inaccuracy materially and adversely affects the value of the related
        Mortgage Loan or the interest therein of the Purchaser or the Purchaser’s
        assignee, transferee or designee for the benefit of the Certificateholders
        then,
        notwithstanding the Seller’s lack of knowledge with respect to the substance of
        such representation and warranty being inaccurate at the time the representation
        or warranty was made, such inaccuracy shall be deemed a breach of the applicable
        representation or warranty.

       

      Upon
        discovery by the Depositor, the Seller, the Servicer, the Purchaser or any
        assignee, transferee or designee of the Purchaser of a breach of any of the
        representations and warranties contained in this Article III or Section 2.04
        of
        the Pooling and Servicing Agreement that materially and adversely affects
        the
        value of any Mortgage Loan or the interest therein of the Purchaser or the
        Purchaser’s assignee, transferee or designee for the benefit of the
        Certificateholders, the party discovering the breach shall give prompt written
        notice to the others and in no event later than two Business Days from the
        date
        of such discovery. Within 90 days of the earlier of its discovery or its
        receipt
        of notice of any such breach of a representation or warranty, the Seller
        shall
        promptly cure such breach in all material respects, or in the event such
        defect
        or breach cannot be cured, the Seller shall repurchase the affected Mortgage
        Loan or cause the removal of such Mortgage Loan from the Trust Fund and
        substitute for it one or more Eligible Substitute Mortgage Loans, in either
        case, in accordance with Section 2.03 of the Pooling and Servicing
        Agreement.

       

      Upon
        discovery or receipt of written notice by the Seller of any materially defective
        document in, or that a material document is missing from, a Mortgage File,
        the
        Seller shall have 120 days to cure such defect or 150 days following the
        Closing
        Date, in the case of missing Mortgages or Assignments (or within 90 days
        of the
        earlier of the Seller’s discovery or receipt of notification if such defect
        would cause the Mortgage Loan not to be a “qualified mortgage” for REMIC
        purposes), or in the event such defect cannot be cured, the Seller shall
        repurchase the affected Mortgage Loan or cause the removal of such Mortgage
        Loan
        from the Trust Fund and substitute for it one or more Eligible Substitute
        Mortgage Loans, in either case, within such time periods and in accordance
        with
        Section 2.03 of the Pooling and Servicing Agreement.

       

      It
        is
        understood and agreed that the representations and warranties set forth in
        this
        Section 3.01 shall survive delivery of the respective Mortgage Files to the
        Trustee or its agent, on behalf of the Purchaser and shall inure to the benefit
        of the Certificateholders notwithstanding any restrictive or qualified
        endorsement or assignment.

       

      It
        is
        understood and agreed that the obligations of the Seller set forth in this
        Section 3.01 to cure, repurchase or substitute for a defective Mortgage Loan
        constitute the sole remedies of the Purchaser, the Certificateholders or
        the
        Trustee on their behalf respecting a missing or defective document or a breach
        of the representations or warranties contained in this Section
        3.01.

       

      Section
        3.02   Seller
        Representations and Warranties.
        The
        Seller hereby represents and warrants to the Purchaser that as of the Closing
        Date or as of such date specifically provided herein:

       

      (i)  
        The
        Seller is duly organized, validly existing and in good standing as a limited
        liability company under the laws of the State of Delaware and has the power
        and
        authority to own its assets and to transact the business in which it is
        currently engaged. The Seller is duly qualified to do business and is in
        good
        standing in each jurisdiction in which the character of the business transacted
        by it or properties owned or leased by it requires such qualification and
        in
        which the failure to so qualify would have a material adverse effect on (a)
        its
        business, properties, assets or condition (financial or other), (b) the
        performance of its obligations under this Agreement, (c) the value or
        marketability of the Mortgage Loans, or (d) its ability to foreclose on the
        related Mortgaged Properties.

       

      (ii)  The
        Seller has the power and authority to make, execute, deliver and perform
        this
        Agreement and to consummate all of the transactions contemplated hereunder
        and
        has taken all necessary action to authorize the execution, delivery and
        performance of this Agreement. When executed and delivered, this Agreement
        will
        constitute the Seller’s legal, valid and binding obligations enforceable in
        accordance with its terms, except as enforcement of such terms may be limited
        by
        (1) bankruptcy, insolvency, reorganization, receivership, moratorium or similar
        laws affecting the enforcement of creditors’ rights generally and by the
        availability of equitable remedies, (2) general equity principals (regardless
        of
        whether such enforcement is considered in a proceeding in equity or at law)
        or
        (3) public policy considerations underlying the securities laws, to the extent
        that such policy considerations limit the enforceability of the provisions
        of
        this Agreement which purport to provide indemnification from securities laws
        liabilities.

       

      (iii)  The
        Seller holds all necessary licenses, certificates and permits from all
        governmental authorities necessary for conducting its business as it is
        presently conducted, except for such licenses, certificates and permits the
        absence of which, individually or in the aggregate, would not have a material
        adverse effect on the ability of the Seller to conduct its business as it
        is
        presently conducted. It is not required to obtain the consent of any other
        party
        or any consent, license, approval or authorization from, or registration
        or
        declaration with, any governmental authority, bureau or agency in connection
        with the execution, delivery, performance, validity or enforceability of
        this
        Agreement, except for such consents, licenses, approvals or authorizations,
        or
        registrations or declarations as shall have been obtained or filed, as the
        case
        may be, prior to the Closing Date.

       

      (iv)  The
        execution, delivery and performance of this Agreement by the Seller will
        not
        conflict with or result in a breach of, or constitute a default under, any
        provision of any existing law or regulation or any order or decree of any
        court
        applicable to the Seller or any of its properties or any provision of its
        Limited Liability Company Agreement, or constitute a material breach of,
        or
        result in the creation or imposition of any lien, charge or encumbrance upon
        any
        of its properties pursuant to any mortgage, indenture, contract or other
        agreement to which it is a party or by which it may be bound.

       

      (v)  No
        certificate of an officer, written statement or report delivered pursuant
        to the
        terms hereof by the Seller contains any untrue statement of a material fact
        or
        omits to state any material fact necessary to make the certificate, statement
        or
        report not misleading.

       

      (vi)  The
        transactions contemplated by this Agreement are in the ordinary course of
        the
        Seller’s business.

       

      (vii)  The
        Seller is not insolvent, nor will the Seller be made insolvent by the transfer
        of the Mortgage Loans, nor is the Seller aware of any pending
        insolvency.

       

      (viii)  The
        Seller is not in violation of, and the execution and delivery of this Agreement
        by it and its performance and compliance with the terms of this Agreement
        will
        not constitute a violation with respect to any order or decree of any court,
        or
        any order or regulation of any federal, state, municipal or governmental
        agency
        having jurisdiction, which violation would materially and adversely affect
        the
        Seller’s condition (financial or otherwise) or operations or any of the Seller’s
        properties, or materially and adversely affect the performance of any of
        its
        duties hereunder.

       

      (ix)  There
        are
        no actions or proceedings against, or investigations of, the Seller pending
        or,
        to its knowledge, threatened, before any court, administrative agency or
        other
        tribunal (i) that, if determined adversely, would prohibit the Seller from
        entering into this Agreement and the Pooling and Servicing Agreement, (ii)
        seeking to prevent the consummation of any of the transactions contemplated
        by
        this Agreement or (iii) that, if determined adversely, would prohibit or
        materially and adversely affect the Seller’s performance of any of its
        respective obligations under, or the validity or enforceability of, this
        Agreement and the Pooling and Servicing Agreement.

       

      (x)  The
        Seller is not transferring the Mortgage Loans to the Purchaser hereunder
        with
        any intent to hinder, delay or defraud any of its creditors.

       

      (xi)  The
        Seller acquired title to the Mortgage Loans in good faith, without notice
        of any
        adverse claims.

       

      (xii)  The
        transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
        by
        the Seller pursuant to this Agreement are not subject to the bulk transfer
        laws
        or any similar statutory provisions in effect in any applicable
        jurisdiction.

       

      (xiii)  The
        Seller understands that (a) the Retained Certificates have not been and will
        not
        be registered or qualified under the Securities Act of 1933, as amended (the
        “Securities
        Act”)
        or any
        state securities law, (b) the Purchaser is not required to so register or
        qualify the Retained Certificates, (c) the Retained Certificates may be resold
        only if registered and qualified pursuant to the provisions of the Act or
        any
        state securities law, or if an exemption from such registration and
        qualification is available, (d) the Pooling and Servicing Agreement contains
        restrictions regarding the transfer of the Retained Certificates and (e)
        the
        Retained Certificates will bear a legend to the foregoing effect.

       

      (xiv)  The
        Seller is acquiring the Retained Certificates for its own account for investment
        only and not with a view to or for sale in connection with any distribution
        thereof in any manner that would violate the Securities Act or any applicable
        state securities laws.

       

      (xv)  The
        Seller is (a) a substantial, sophisticated institutional investor having
        such
        knowledge and experience in financial and business matters, and, in particular,
        in such matters related to securities similar to the Retained Certificates,
        such
        that it is capable of evaluating the merits and risks of investment in the
        Retained Certificates, (b) able to bear the economic risks of such an investment
        and (c) an “accredited investor” within the meaning of Rule 501 (a) promulgated
        pursuant to the Securities Act.

       

      (xvi)  The
        Seller has been furnished with such information concerning the Retained
        Certificates and the Purchaser as has been requested by the Seller from the
        Purchaser and is relevant to the Seller’s decision to purchase the Retained
        Certificates. The Seller has had any questions arising from such review answered
        by the Purchaser to the satisfaction of the Seller.

       

      (xvii)  The
        Seller has not and will not nor has it authorized or will it authorize any
        person to (a) offer, pledge, sell, dispose of or otherwise transfer any Retained
        Certificate, any interest in any Retained Certificate or any other similar
        security to any person in any manner, (b) solicit any offer to buy or to
        accept
        a pledge, disposition of other transfer of any Retained Certificate, any
        interest in any Retained Certificate or any other similar security from any
        person in any manner, (c) otherwise approach or negotiate with respect to
        any
        Retained Certificate, any interest in any Retained Certificate or any other
        similar security with any person in any manner, (d) make any general
        solicitation by means of general advertising or in any other manner or (e)
        take
        any other action, that (as to any of (a) through (e) above) would constitute
        a
        distribution of any Retained Certificate under the Securities Act, that would
        render the disposition of any Retained Certificate a violation of Section
        5 of
        the Securities Act or any state securities law, or that would require
        registration or qualification pursuant thereto. The Seller will not sell
        or
        otherwise transfer any of the Retained Certificates, except in compliance
        with
        the provisions of the Pooling and Servicing Agreement.

       

      (xviii)  The
        Seller is not an employee benefit plan or other retirement arrangement subject
        to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or
        Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
        (collectively, an “ERISA Plan”), and is not acting on behalf of, as named
        fiduciary of, as trustee of, or investing the assets of an ERISA
        Plan.

       

      ARTICLE
        IV

       

      SELLER’S
        COVENANTS

       

      Section
        4.01   Covenants
        of the Seller.
        The
        Seller hereby covenants that except for the transfer hereunder, the Seller
        will
        not sell, pledge, assign or transfer to any other Person, or grant, create,
        incur, assume or suffer to exist any lien on any Mortgage Loan, or any interest
        therein; the Seller will notify the Trustee, as assignee of the Purchaser,
        of
        the existence of any lien on any Mortgage Loan immediately upon discovery
        thereof, and the Seller will defend the right, title and interest of the
        Trust,
        as assignee of the Purchaser, in, to and under the Mortgage Loans, against
        all
        claims of third parties claiming through or under the Seller; provided,
        however,
        that
        nothing in this Section 4.01 shall prevent or be deemed to prohibit the Seller
        from suffering to exist upon any of the Mortgage Loans any liens for municipal
        or other local taxes and other governmental charges if such taxes or
        governmental charges shall not at the time be due and payable or if the Seller
        shall currently be contesting the validity thereof in good faith by appropriate
        proceedings and shall have set aside on its books adequate reserves with
        respect
        thereto.

       

      ARTICLE
        V

       

      OPTIONAL
        PURCHASE OF DEFAULTED MORTGAGE LOANS

       

      (a)  In
        accordance with the terms of Section 3.16 of the Pooling and Servicing
        Agreement, as to any Mortgage Loan which is Delinquent in payment by 120
        days or
        more or any REO Property, an Affiliate of the Seller may, at its option,
        purchase such Mortgage Loan from the Trust Fund at the Purchase Price for
        such
        Mortgage Loan provided that an Affiliate of the Seller may exercise the purchase
        right during the period commencing on the first day of the calendar quarter
        succeeding the calendar quarter in which the Initial Delinquency Date occurred
        and ending on the last Business Day of such calendar quarter. The “Initial
        Delinquency Date” of a Mortgage Loan shall mean the date on which the Mortgage
        Loan first became 120 days Delinquent.

       

      (b)  If
        an
        Affiliate of the Seller does not exercise the purchase right with respect
        to a
        Mortgage Loan during the period specified in the preceding paragraph, such
        Mortgage Loan shall thereafter again become eligible for purchase pursuant
        to
        the preceding paragraph only after the Mortgage Loan ceases to be 120 days
        or
        more Delinquent and thereafter becomes 120 day Delinquent again.

       

      ARTICLE
        VI

       

      TERMINATION

       

      Section
        6.01   Termination.
        The
        respective obligations and responsibilities of the Seller and the Purchaser
        created hereby shall terminate upon the termination of the Trust as provided
        in
        Section 8.01 of the Trust Agreement.

       

      ARTICLE
        VII

       

      MISCELLANEOUS
        PROVISIONS

       

      Section
        7.01   Amendment.
        This
        Agreement may be amended from time to time by the Seller and the Purchaser,
        by
        written agreement signed by the Seller and the Purchaser.

       

      Section
        7.02   Governing
        Law.
        This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New York and the obligations, rights and remedies of the parties
        hereunder shall be determined in accordance with such laws.

       

      Section
        7.03   Notices.
        All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given if personally delivered at or mailed by
        registered mail, postage prepaid, addressed as follows:

       

      if
        to the
        Seller:

       

      Credit-Based
        Asset Servicing and Securitization LLC

      335
        Madison Avenue

      19th
        Floor

      New
        York,
        New York 10017

      Attention:
        General Counsel

       

      or
        such
        other address as may hereafter be furnished to the Purchaser in writing by
        the
        Seller.

       

      if
        to the
        Purchaser:

       

      Citigroup
        Mortgage Loan Trust Inc.

      390
        Greenwich Street

      New
        York,
        New York 10013

      Attention:
        Mortgage Finance Group

       

      or
        such
        other address as may hereafter be furnished to the Seller in writing by the
        Purchaser.

       

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

       

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

       

      Section
        7.06   Further
        Agreements.
        The
        Purchaser and the Seller each agree to execute and deliver to the other such
        additional documents, instruments or agreements as may be necessary or
        reasonable and appropriate to effectuate the purposes of this Agreement or
        in
        connection with the issuance of any Series of Certificates representing
        interests in the Mortgage Loans.

       

      Without
        limiting the generality of the foregoing, as a further inducement for the
        Purchaser to purchase the Mortgage Loans from the Seller, the Seller will
        cooperate with the Purchaser in connection with the sale of any of the
        securities representing interests in the Mortgage Loans. In that connection,
        the
        Seller will provide to the Purchaser any and all information and appropriate
        verification of information, whether through letters of its auditors and
        counsel
        or otherwise, as the Purchaser shall reasonably request and will provide
        to the
        Purchaser such additional representations and warranties, covenants, opinions
        of
        counsel, letters from auditors, and certificates of public officials or officers
        of the Seller as are reasonably required in connection with such transactions
        and the offering of investment grade securities rated by the Rating
        Agencies.

       

      Section
        7.07   Intention
        of the Parties.
        It is
        the intention of the parties that the Purchaser is purchasing, and the Seller
        is
        selling, the Mortgage Loans rather than the pledging of the Mortgage Loans
        by
        the Seller to secure a loan by the Purchaser to the Seller. Accordingly,
        the
        parties hereto each intend to treat the transaction for Federal income tax
        purposes and all other purposes as a sale by the Seller and a purchase by
        the
        Purchaser of the Mortgage Loans. The Purchaser will have the right to review
        the
        Mortgage Loans and the related Mortgage Files to determine the characteristics
        of the Mortgage Loans which will affect the Federal income tax consequences
        of
        owning the Mortgage Loans and the Seller will cooperate with all reasonable
        requests made by the Purchaser in the course of such review.

       

      Section
        7.08   Successors
        and Assigns; Assignment of this Agreement.
        This
        Agreement shall bind and inure to the benefit of and be enforceable by the
        Seller, the Purchaser and the Trustee. The obligations of the Seller under
        this
        Agreement cannot be assigned or delegated to a third party without the consent
        of the Purchaser and which consent shall be at the Purchaser’s sole discretion,
        except that the Purchaser acknowledges and agrees that the Seller may assign
        its
        obligations hereunder to any Person into which the Seller is merged or any
        corporation resulting from any merger, conversion or consolidation to which
        the
        Seller is a party or any Person succeeding to the business of the Seller.
        The
        parties hereto acknowledge that the Purchaser is acquiring the Mortgage Loans
        for the purpose of contributing them to a trust that will issue a series
        of
        certificates representing undivided interests in such Mortgage Loans. As
        an
        inducement to the Purchaser to purchase the Mortgage Loans, the Seller
        acknowledges and consents to the assignment by the Purchaser to the Trustee
        of
        all of the Purchaser’s rights against the Seller pursuant to this Agreement
        insofar as such rights relate to Mortgage Loans transferred to the Trustee
        and
        to the enforcement or exercise of any right or remedy against the Seller
        pursuant to this Agreement by the Trustee. Such enforcement of a right or
        remedy
        by the Trustee shall have the same force and effect as if the right or remedy
        had been enforced or exercised by the Purchaser directly.

       

      Section
        7.09   Survival.
        The
        representations and warranties set forth in Sections 3.01 and 3.02 hereof
        shall
        survive the purchase of the Mortgage Loans hereunder.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Seller and the Purchaser have caused their names to
        be
        signed to this Mortgage Loan Purchase Agreement by their respective officers
        thereunto duly authorized as of the day and year first above
        written.

       

      

      
        	 	 	 	 	 	 	 	
                CITIGROUP
                  MORTGAGE LOAN TRUST INC.,

                as
                  Purchaser

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                 

              
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                CREDIT-BASED
                  ASSET SERVICING AND SECURITIZATION LLC,

                as
                  Seller

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                 

              
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

       

      SCHEDULE
        I

       

      MORTGAGE
        LOAN SCHEDULE

       

      AVAILABLE
        UPON REQUEST

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        II

       

      EPD
        LOAN
        LIST 

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      H

     

    FORM
      OF LOST NOTE AFFIDAVIT

     

    Personally
      appeared before me the undersigned authority to administer oaths,
      ______________________ who first being duly sworn deposes and says: Deponent
      is
      ______________________ of ______________________________, successor by merger
      to
      _________________________________________ (“Seller”) and who has personal
      knowledge of the facts set out in this affidavit.

     

    On
      ___________________, _________________________ did execute and deliver a
      promissory note in the principal amount of $__________.

     

    That
      said
      note has been misplaced or lost through causes unknown and is presently lost
      and
      unavailable after diligent search has been made. Seller's records show that
      an
      amount of principal and interest on said note is still presently outstanding,
      due, and unpaid, and Seller is still owner and holder in due course of said
      lost
      note.

     

    Seller
      executes this Affidavit for the purpose of inducing U.S. Bank National
      Association, as trustee on behalf of C-BASS Mortgage Loan Asset-Backed
      Certificates, Series 2007-CB3, to accept the transfer of the above described
      loan from Seller.

     

    Seller
      agrees to indemnify and hold harmless U.S. Bank National Association, Citigroup
      Mortgage Loan Trust Inc., Citigroup Global Markets Inc. and Greenwich Capital
      Markets, Inc. for any losses incurred by such parties resulting from the above
      described promissory note has been lost or misplaced.

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	  	
              By:

            
	 	
              Name:

            
	 	
              Title:

            

    

    
 

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              SS:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      this
      ____ day of _______ 20__, before me, a Notary Public, in and for said County
      and
      State, appeared ________________________, who acknowledged the extension of
      the
      foregoing and who, having been duly sworn, states that any representations
      therein contained are true.

     

    Witness
      my hand and Notarial Seal this ____ day of _______ 20__.

     

     

    My
      commission expires _____.

    

    

    EXHIBIT
      I

     

    FORM
      OF ERISA REPRESENTATION

     

     

    U.S.
      Bank
      National Association

    4
      New
      York Plaza

    6th
      Floor

    New
      York,
      New York 10004

    Attention:
      Worldwide Securities Services- Structured Finance Services

    Citigroup
      C-BASS 2007-CB3

    

    

    Citigroup
      Mortgage Loan Trust Inc.

    390
      Greenwich Street

    New
      York,
      New York 10013

     

    
      	 	
              Re:

            	
              C-BASS
                Mortgage Loan Asset-Backed Certificates, Series
                2007-CB3

            

    

     

    Ladies
      and Gentlemen:

     

    1. [The
      undersigned is the ______________________ of (the “Transferee”) a [corporation
      duly organized] and existing under the laws of __________, on behalf of which
      he
      makes this affidavit.] [The undersigned, ___________________, is the transferee
      (the “Transferee”).]

     

    2. The
      Transferee hereby acknowledges that under the terms of the Pooling and Servicing
      Agreement (the “Agreement”) among Citigroup Mortgage Loan Trust Inc., as
      depositor (the “Depositor”), Credit-Based Asset Servicing and Securitization
      LLC, as Sponsor, Litton Loan Servicing LP, as servicer and U.S. Bank National
      Association, as trustee (the “Trustee”), no transfer of the ERISA-Restricted
      Certificates shall be permitted to be made to any person unless the Depositor
      and the Certificate Registrar (as defined in the Agreement) have received a
      certificate from such transferee in the form hereof.

     

    3. The
      Transferee either (x) (i) is not an employee benefit plan subject to Section
      406
      or Section 407 of the Employee Retirement Income Security Act of 1974, as
      amended (“ERISA”), or Section 4975 of the Internal Revenue Code of 1986, as
      amended (the “Code”), the Trustee of any such plan or a person acting on behalf
      of any such plan nor a person using the assets of any such plan or (ii) (except
      in the case of the Residual, Class CE-1, Class CE-2 or Class P Certificates)
      is
      an insurance company which is purchasing such Certificates with funds contained
      in an “insurance company general account” (as such term is defined in Section
      V(e) of Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”) and that the
      purchase and holding of such Certificates are covered under Sections I and
      III
      of PTCE 95-60 or (y) (except in the case of a Mezzanine or Residual Certificate)
      shall deliver to the Certificate Registrar and the Depositor an opinion of
      counsel (a “Benefit Plan Opinion”) satisfactory to the Certificate Registrar,
      and upon which the Certificate Registrar and the Depositor shall be entitled
      to
      rely, to the effect that the purchase and holding of such Certificate by the
      Transferee will not result in the assets of the Trust Fund being deemed to
      be
      plan assets and subject to the prohibited transaction provisions of ERISA or
      the
      Code and will not subject the Trustee, the Certificate Registrar or the
      Depositor to any obligation in addition to those undertaken by such entities
      in
      the Pooling and Servicing Agreement, which opinion of counsel shall not be
      an
      expense of the Trustee or the Depositor.

     

    Capitalized
      terms used but not defined herein shall have the meanings ascribed to such
      terms
      in the Agreement.

     

    IN
      WITNESS WHEREOF, the Transferee has executed this certificate.

     

    
      	 	 	 
	 	
              [Transferee]

            
	 
 	 
 	 
 
	 	 	
              By:

            
	 	Name:
	 	
              
                Title:

              

            

    EXHIBIT
      J-1

     

    FORM
      OF INVESTMENT LETTER NON-RULE 144A

     

    [DATE]

     

    Citigroup
      Mortgage Loan Trust Inc.

    390
      Greenwich Street

    New
      York,
      New York 10013

     

    U.S.
      Bank
      National Association

    4
      New
      York Plaza

    6th
      Floor

    New
      York,
      New York 10004

    Attention:
      Worldwide Securities Services- Structured Finance Services

    Citigroup
      C-BASS 2007-CB3

    

    

    
      	 	
              Re:

            	
              C-BASS
                Mortgage Loan Asset-Backed Certificates, Series
                2007-CB3

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the C-BASS Mortgage Loan Asset-Backed
      Certificates, Series 2007-CB3 (the “Certificates”), we certify that (a) we
      understand that the Certificates are not being registered under the Securities
      Act of 1933, as amended (the “Act”), or any state securities laws and are being
      transferred to us in a transaction that is exempt from the registration
      requirements of the Act and any such laws, (b) we are an “institutional
      accredited investor,” as defined in Section 501(a)(1), (2) or (3) under the Act,
      and have such knowledge and experience in financial and business matters that
      we
      are capable of evaluating the merits and risks of investments in the
      Certificates, (c) we have had the opportunity to ask questions of and receive
      answers from the Depositor concerning the purchase of the Certificates and
      all
      matters relating thereto or any additional information deemed necessary to
      our
      decision to purchase the Certificates, (d) we are acquiring the Certificates
      for
      investment for our own account and not with a view to any distribution of such
      Certificates (but without prejudice to our right at all times to sell or
      otherwise dispose of the Certificates in accordance with clause (g) below),
      (e)
      we agree that the Certificates must be held indefinitely by us and we
      acknowledge that we are able to bear the economic risk of investment in the
      Certificates, (f) we have not offered or sold any Certificates to, or solicited
      offers to buy any Certificates from, any person, or otherwise approached or
      negotiated with any person with respect thereto, or taken any other action
      which
      would result in a violation of Section 5 of the Act, (g) we will not sell,
      transfer or otherwise dispose of any Certificates unless (1) such sale, transfer
      or other disposition is made pursuant to an effective registration statement
      under the Act or is exempt from such registration requirements, and if
      requested, we will at our expense provide an opinion of counsel satisfactory
      to
      the addressees of this Certificate that such sale, transfer or other disposition
      may be made pursuant to an exemption from the Act, (2) the purchaser or
      transferee of such Certificate has executed and delivered to you a certificate
      to substantially the same effect as this certificate, and (3) the purchaser
      or
      transferee has otherwise complied with any conditions for transfer set forth
      in
      the Pooling and Servicing Agreement and (h) we acknowledge that the Certificates
      will bear a legend setting forth the applicable restrictions on
      transfer.

    

      	 	 	 
	 	
              Very
                truly yours,

               

              
                [NAME
                  OF TRANSFEREE]

              

            
	 
 	 
 	 
 
	 	By:  	 
	 	
            
	 	
              Authorized
                Officer

            

    

    

    EXHIBIT
      J-2

     

    FORM
      OF INVESTMENT LETTER RULE 144A

     

    [DATE]

     

    Citigroup
      Mortgage Loan Trust Inc.

    390
      Greenwich Street

    New
      York,
      New York 10013

     

    U.S.
      Bank
      National Association

    4
      New
      York Plaza

    6th
      Floor

    New
      York,
      New York 10004

    Attention:
      Worldwide Securities Services- Structured Finance Services

    Citigroup
      C-BASS 2007-CB3

    

    
      	 	
              Re:

            	
              C-BASS
                Mortgage Loan Asset-Backed Certificates, Series
                2007-CB3

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the C-BASS Mortgage Loan Asset-Backed
      Certificates, Series 2007-CB3 (the “Certificates”), we certify that (a) we
      understand that the Certificates are not being registered under the Securities
      Act of 1933, as amended (the “Act”), or any state securities laws and are being
      transferred to us in a transaction that is exempt from the registration
      requirements of the Act and any such laws, (b) we have had the opportunity
      to
      ask questions of and receive answers from the Depositor concerning the purchase
      of the Certificates and all matters relating thereto or any additional
      information deemed necessary to our decision to purchase the Certificates,
      (c)
      we have not, nor has anyone acting on our behalf offered, transferred, pledged,
      sold or otherwise disposed of the Certificates, any interest in the Certificates
      or any other similar security to, or solicited any offer to buy or accept a
      transfer, pledge or other disposition of the Certificates, any interest in
      the
      Certificates or any other similar security from, or otherwise approached or
      negotiated with respect to the Certificates, any interest in the Certificates
      or
      any other similar security with, any person in any manner, or made any general
      solicitation by means of general advertising or in any other manner, or taken
      any other action, that would constitute a distribution of the Certificates
      under
      the Securities Act or that would render the disposition of the Certificates
      a
      violation of Section 5 of the Securities Act or require registration pursuant
      thereto, nor will act, nor has authorized or will authorize any person to act,
      in such manner with respect to the Certificates, (d) we are a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act and have completed either of the forms of certification to that effect
      attached hereto as Annex 1 or Annex 2. We are aware that the sale to us is
      being
      made in reliance on Rule 144A. We are acquiring the Certificates for our own
      account or for resale pursuant to Rule 144A and further, understand that such
      Certificates may be resold, pledged or transferred only (i) to a person
      reasonably believed to be a qualified institutional buyer that purchases for
      its
      own account or for the account of a qualified institutional buyer to whom notice
      is given that the resale, pledge or transfer is being made in reliance on Rule
      144A, or (ii) pursuant to another exemption from registration under the
      Securities Act.

     

    
      	 	 	 
	 	
              Very
                truly yours,

               

              
                [NAME
                  OF TRANSFEREE]

              

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              Authorized
                Officer 

            
	 	
               

            

    

    

     

    ANNEX
      1 TO EXHIBIT J

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [FOR
      TRANSFEREES OTHER THAN REGISTERED INVESTMENT COMPANIES]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

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

     

    ii. In
      connection with purchases by the Buyer, the Buyer is a “qualified institutional
      buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
      amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
      discretionary basis $            1 
      in
      securities (except for the excluded securities referred to below) as of the
      end
      of the Buyer's most recent fiscal year (such amount being calculated in
      accordance with Rule 144A and (ii) the Buyer satisfies the criteria in the
      category marked below.

     

    ___ Corporation,
      etc.
      The
      Buyer is a corporation (other than a bank, savings and loan association or
      similar institution), Massachusetts or similar business trust, partnership,
      or
      charitable organization described in Section 501(c)(3) of the Internal Revenue
      Code of 1986, as amended.

     

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

     

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

     

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

     

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

     

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

     

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

     

    ___ Investment
      Advisor.
      The
      Buyer is an investment advisor registered under the Investment Advisors Act
      of
      1940.

     

    ___ Small
      Business Investment Company.
      Buyer
      is a small business investment company licensed by the U.S. Small Business
      Administration under Section 301(c) or (d) of the Small Business Investment
      Act
      of 1958.

     

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

     

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

     

    iv. For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Buyer, the Buyer used the cost of such
      securities to the Buyer and did not include any of the securities referred
      to in
      the preceding paragraph, except (i) where the Buyer reports its securities
      holdings in its financial statements on the basis of their market value, and
      (ii) no current information with respect to the cost of those securities has
      been published. If clause (ii) in the preceding sentence applies, the securities
      may be valued at market. Further, in determining such aggregate amount, the
      Buyer may have included securities owned by subsidiaries of the Buyer, but
      only
      if such subsidiaries are consolidated with the Buyer in its financial statements
      prepared in accordance with generally accepted accounting principles and if
      the
      investments of such subsidiaries are managed under the Buyer's direction.
      However, such securities were not included if the Buyer is a majority-owned,
      consolidated subsidiary of another enterprise and the Buyer is not itself a
      reporting company under the Securities Exchange Act of 1934, as
      amended.

     

    v. 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.

     

    vi. Until
      the
      date of purchase of the Rule 144A Securities, the Buyer will notify each of
      the
      parties to which this certification is made of any changes in the information
      and conclusions herein. Until such notice is given, the Buyer's purchase of
      the
      Certificates will constitute a reaffirmation of this certification as of the
      date of such purchase. In addition, if the Buyer is a bank or savings and loan
      is provided above, the Buyer agrees that it will furnish to such parties updated
      annual financial statements promptly after they become available.

    
      	 	 	 
	 	
              Print
                Name of Buyer

            
	 
 	 
 	 
 
	 	  	By:
	 	
              Name:

            
	 	
              Title :

               

               

              
                Date:

              

            

    

     

     

    ANNEX
      2 TO EXHIBIT J

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [FOR
      TRANSFEREES THAT ARE REGISTERED INVESTMENT COMPANIES]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

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

     

    2. In
      connection with purchases by Buyer, the Buyer is a “qualified institutional
      buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
      company registered under the Investment Company Act of 1940, as amended and
      (ii)
      as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
      owned at least $100,000,000 in securities (other than the excluded securities
      referred to below) as of the end of the Buyer's most recent fiscal year. For
      purposes of determining the amount of securities owned by the Buyer or the
      Buyer's Family of Investment Companies, the cost of such securities was used,
      except (i) where the Buyer or the Buyer's Family of Investment Companies reports
      its securities holdings in its financial statements on the basis of their market
      value, and (ii) no current information with respect to the cost of those
      securities has been published. If clause (ii) in the preceding sentence applies,
      the securities may be valued at market.

     

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

     

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

     

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

     

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

     

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

     

    6. Until
      the
      date of purchase of the Certificates, the undersigned will notify the parties
      listed in the Rule 144A Transferee Certificate to which this certification
      relates of any changes in the information and conclusions herein. Until such
      notice is given, the Buyer's purchase of the Certificates will constitute a
      reaffirmation of this certification by the undersigned as of the date of such
      purchase.

    
      	 	 	 
	 	
              Print
                Name of Buyer or Adviser

            
	 
 	 
 	 
 
	 	  	By:
	 	
              Name:

            
	 	
              Title:

            

    

     

    
      	 	 	 
	 	
              
                IF
                  AN ADVISER:

              

            
	 
 	 
 	 
 
	 	  	
              Print
                Name of Buyer

            
	 	
               

            
	 	
              Date:

            

    

     

    

      

    

    
      
        1 Buyer
          must own and/or invest on a discretionary basis at least $__________ in
          securities unless Buyer is a dealer, and, in that case, Buyer must own
          and/or
          invest on a discretionary basis at least $__________ in
          securities.

      

    

    

    EXHIBIT
      K

     

    FORM
      OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2007-CB3

     

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    1. The
      undersigned is [an officer of]                     ,
      the
      proposed Transferee of an Ownership Interest in a [Class R and/or Class R-X
      Certificates] (the “Certificates”) issued pursuant to the Pooling and Servicing
      Agreement, (the “Agreement”), relating to the above-referenced Certificates,
      among Citigroup Mortgage Loan Trust Inc., as depositor, Credit-Based Asset
      Servicing and Securitization LLC, as Sponsor, Litton Loan Servicing LP, as
      servicer and U.S. Bank National Association, as trustee. Capitalized terms
      used,
      but not defined herein shall have the meanings ascribed to such terms in the
      Agreement. The Transferee has authorized the undersigned to make this affidavit
      on behalf of the Transferee.

     

    2. The
      Transferee is, as of the date hereof, and will be, as of the date of the
      Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
      Interest in the Certificates either (i) for its own account or (ii) as nominee,
      trustee or agent for another Person and has attached hereto an affidavit from
      such Person in substantially the same form as this affidavit. The Transferee
      has
      no knowledge that any such affidavit is false.

     

    3. The
      Transferee has been advised of, and understands that (i) a tax will be imposed
      on Transfers of the Certificates to Persons that are not Permitted Transferees;
      (ii) such tax will be imposed on the transferor, or, if such Transfer is through
      an agent (which includes a broker, nominee or middleman) for a Person that
      is
      not a Permitted Transferee, on the agent; and (iii) the Person otherwise liable
      for the tax shall be relieved of liability for the tax if the subsequent
      Transferee furnished to such Person an affidavit that such subsequent Transferee
      is a Permitted Transferee and, at the time of Transfer, such Person does not
      have actual knowledge that the affidavit is false.

     

    4. The
      Transferee has been advised of, and understands that a tax will be imposed
      on a
“pass-through entity” holding the Certificates if at any time during the taxable
      year of the pass-through entity a Person that is not a Permitted Transferee
      is
      the record holder of an interest in such entity. The Transferee understands
      that
      such tax will not be imposed for any period with respect to which the record
      holder furnishes to the pass-through entity an affidavit that such record holder
      is a Permitted Transferee and the pass-through entity does not have actual
      knowledge that such affidavit is false. (For this purpose, a “pass-through
      entity” includes a regulated investment company, a real estate investment trust
      or common trust fund, a partnership, trust or estate, and certain cooperatives
      and, except as may be provided in Treasury Regulations, persons holding
      interests in pass-through entities as a nominee for another
      Person.)

     

    5. The
      Transferee has reviewed the provisions of Section 5.02(d) of the Agreement
      and
      understands the legal consequences of the acquisition of an Ownership Interest
      in the Certificates including, without limitation, the restrictions on
      subsequent Transfers and the provisions regarding voiding the Transfer and
      mandatory sales. The Transferee expressly agrees to be bound by and to abide
      by
      the provisions of Section 5.02(d) of the Agreement and the restrictions noted
      on
      the face of the Certificates. The Transferee understands and agrees that any
      breach of any of the representations included herein shall render the Transfer
      to the Transferee contemplated hereby null and void.

     

    6. The
      Transferee agrees to require a Transfer Affidavit from any Person to whom the
      Transferee attempts to Transfer its Ownership Interest in the Certificates,
      and
      in connection with any Transfer by a Person for whom the Transferee is acting
      as
      nominee, trustee or agent, and the Transferee will not Transfer its Ownership
      Interest or cause any Ownership Interest to be Transferred to any Person that
      the Transferee knows is not a Permitted Transferee. In connection with any
      such
      Transfer by the Transferee, the Transferee agrees to deliver to the Trustee
      a
      certificate substantially in the form set forth in this Exhibit K to the
      Agreement (a “Transferor Certificate”) to the effect that such Transferee has no
      actual knowledge that the Person to which the Transfer is to be made is not
      a
      Permitted Transferee.

     

    7. The
      Transferee does not have the intention to impede the assessment or collection
      of
      any tax legally required to be paid with respect to the
      Certificates.

     

    8. The
      Transferee's taxpayer identification number is_________.

     

    9. The
      Transferee is a U.S. Person as defined in Code Section 7701(a)(30).

     

    10. The
      Transferee is aware that the Certificates may be a “noneconomic residual
      interest” within the meaning of proposed Treasury regulations promulgated
      pursuant to the Code and that the transferor of a noneconomic residual interest
      will remain liable for any taxes due with respect to the income on such residual
      interest, unless no significant purpose of the transfer was to impede the
      assessment or collection of tax.

     

    11. The
      Transferee is not an employee benefit plan that is subject to ERISA or a plan
      that is subject to Section 4975 of the Code, nor are we acting on behalf of
      such
      a plan.

    

    IN
      WITNESS WHEREOF, the Transferee has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its duly authorized
      officer and its corporate seal to be hereunto affixed, duly attested, this
      __
      day of ________,
      20_.

    
      	 	 	 
	 	
              [NAME
                OF TRANSFEREE]

            
	 
 	 
 	 
 
	 	 	By: 
	 	
              Name:

            
	 	
              Title:

            

    

     

     

     

    [Corporate
      Seal]

     

    ATTEST:

     

    [Assistant]
      Secretary

     

    Personally
      appeared before me the above-named _______, known or proved to me to be the
      same
      person who executed the foregoing instrument and to be the ___________ of the
      Transferee, and acknowledged that he executed the same as his free act and
      deed
      and the free act and deed of the Transferee.

     

    Subscribed
      and sworn before me this ___
      day of
      _______, 20__

     

    
      	 	 	 
	 	
              NOTARY
                PUBLIC

            
	 
 	 
 	
               

              
My
                Commission expires the     
                day

            
	 	 	 
	 	of_______, 20  .
	 	 

    

    

    EXHIBIT
      L

     

    FORM
      OF TRANSFEROR CERTIFICATE

     

    [DATE]

     

    U.S.
      Bank
      National Association

    4
      New
      York Plaza

    6th
      Floor

    New
      York,
      New York 10004

    Attention:
      Worldwide Securities Services- Structured Finance Services

    Citigroup
      C-BASS 2007-CB3

    

    

    Citigroup
      Mortgage Loan Trust Inc.

    390
      Greenwich Street

    New
      York,
      New York 10013

     

    
      	 	
              Re:

            	
              C-BASS
                Mortgage Loan Asset-Backed Certificates, Series
                2007-CB3

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our disposition of the C-BASS Mortgage Loan Asset-Backed
      Certificates, Series 2007-CB3 (the “Certificates”), we certify that (a) we
      understand that the Certificates have not been registered under the Securities
      Act of 1933, as amended (the “Act”), and are being disposed by us in a
      transaction that is exempt from the registration requirements of the Act, (b)
      we
      have not offered or sold any Certificates to, or solicited offers to buy any
      Certificates from, any person, or otherwise approached or negotiated with any
      person with respect thereto, in a manner that would be deemed, or taken any
      other action which would result in, a violation of Section 5 of the Act, (c)
      [in
      the case of a Residual Certificate only] to the extent we are disposing of
      a
      Class [R, or R-X] Certificate, we have no knowledge the Transferee is not a
      Permitted Transferee and (d) [in the case of a Residual Certificate only] no
      purpose of the proposed disposition of a Class [R, or R-X] Certificate is to
      impede the assessment or collection of tax.

    
      	 	 	 
	 	
              Very
                truly yours,

               

              
                [TRANSFEROR]

              

            
	 
 	 
 	 
 
	 	 	
              By: 

               

            
	 	
              

            
	 	
              Name:

              
                Title:

              

            

    

     

    

    EXHIBIT
      M

     

    MONTHLY
      INFORMATION PROVIDED BY SERVICER

     

    
      	
              1.

            	
              With
                respect to the Mortgage Pool, the number and Principal Balances of
                all
                Mortgage Loans which were the subject of Principal Prepayments during
                the
                related Due Period.

            

    

     

    
      	
              2.

            	
              With
                respect to the Mortgage Pool, the amount of all curtailments which
                were
                received during the related Due
                Period.

            

    

     

    
      	
              3.

            	
              With
                respect to the Mortgage Pool, the aggregate amount of principal portion
                of
                all Monthly Payments received during the related Due
                Period.

            

    

     

    
      	
              4.

            	
              With
                respect to the Mortgage Pool, the amount of interest received on
                the
                Mortgage Loans during the related Due
                Period.

            

    

     

    
      	
              5.

            	
              With
                respect to the Mortgage Pool, the aggregate amount of the Advances
                made
                and recovered with respect to such Distribution
                Date.

            

    

     

    
      	
              6.

            	
              With
                respect to the Mortgage Pool, the delinquency and foreclosure information
                and the amount of Mortgage Loan Losses during the related Due
                Period.

            

    

     

    
      	
              7.

            	
              With
                respect to the Mortgage Pool, the weighted average maturity, the
                weighted
                average Mortgage Interest Rate and the weighted average Net Mortgage
                Interest Rate as of the last day of the Due Period preceding of the
                related Interest Accrual Period.

            

    

     

    
      	
              8.

            	
              The
                Servicing Fees paid and Servicing Fees accrued during the related
                Due
                Period.

            

    

     

    
      	
              9.

            	
              The
                amount of all payments or reimbursements to the Servicer paid or
                to be
                paid since the prior Distribution Date (or in the case of the first
                Distribution Date, since the Closing
                Date).

            

    

     

    
      	
              10.

            	
              The
                Pool Balance.

            

    

     

    
      	
              11.

            	
              With
                respect to the Mortgage Pool, the number of Mortgage Loans outstanding
                at
                the beginning and at the end of the related Due
                Period.

            

    

     

    
      	
              12.

            	
              The
                aggregate interest accrued on the Mortgage Loans at their respective
                Mortgage Interest Rates for the related Due
                Period.

            

    

     

    
      	
              13.

            	
              The
                amount deposited in the Collection Account which may not be withdrawn
                therefrom pursuant to an Order of a United States Bankruptcy Court
                of
                competent jurisdiction imposing a stay pursuant to Section 362 of
                U.S. Bankruptcy Code.

            

    

     

    
      	
              14.

            	
              The
                aggregate Realized Losses since the Cut-off Date as of the end of
                the
                related Due Period.

            

    

     

    
      	
              15.

            	
              The
                Net WAC Rate Carryover Amount for the Certificates, if any, with
                respect
                to such Distribution Date.

            

    

     

    
      	
              16.

            	
              The
                Overcollateralized Amount, the Targeted Overcollateralization Amount
                and
                any Overcollateralization Deficiency, in each case after giving effect
                to
                distributions on such Distribution
                Date.

            

    

    

    

    EXHIBIT
      N

     

    FORM
      OF OFFICER'S CERTIFICATE WITH RESPECT TO PREPAYMENTS

     

    Officer's
      Certificate

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2007-CB3

     

    [DATE]

     

    VIA
      FACSIMILE

     

    U.S.
      Bank
      National Association

    4
      New
      York Plaza

    6th
      Floor

    New
      York,
      New York 10004

    Attention:
      Worldwide Securities Services- Structured Finance Services

    Citigroup
      C-BASS 2007-CB3

    

     

    
      	 	
              Re:

            	
              Prepayments

            

    

     

    Dear
      Sir
      or Madam:

     

    __________________
      hereby certifies that he/she is an officer of the Servicer, holding the office
      set forth beneath his/her name and hereby further certifies as
      follows:

     

    With
      respect to the Mortgage Loans set forth in the attached schedule:

     

    
      	 	
              1.

            	
              A
                Principal Prepayment in full was received during the related Collection
                Period;

            

    

     

    
      	
            	2.	
              Any
                prepayment penalty due under the terms of the Mortgage Note with
                respect
                to such Principal Prepayment in full was received from the mortgagor
                and
                deposited in the Collection Account: ____
                Yes ____
                No

            

    

     

    
      	 	
              3.

            	
              As
                to each Mortgage Loan so noted on the attached schedule, all or part
                of
                the prepayment penalty required in connection with the Principal
                Prepayment in full was waived based upon (Circle
                one):

            

    

     

    (i) the
      Servicer's determination that such waiver would maximize recovery of Liquidation
      Proceeds for such Mortgage Loan, taking into account the value of such
      prepayment penalty, or

     

    (ii)(A)
      the enforceability thereof be limited (1) by bankruptcy insolvency, moratorium,
      receivership, or other similar law relating to creditors' rights generally
      or
      (2) due to acceleration in connection with a foreclosure or other involuntary
      payment, or (B) the enforceability is otherwise limited or prohibited by
      applicable law;

     

    
      	 	
              4.

            	
              We
                certify that all amounts due in connection with the waiver of a prepayment
                penalty inconsistent with number 3 above which are required to be
                deposited by the Servicer pursuant to Section 3.01 of the Pooling
                and
                Servicing Agreement, have been or will be so
                deposited.

            

    

     

    Capitalized
      terms used herein shall have the meanings ascribed to such terms in the Pooling
      and Servicing Agreement, dated March 1, 2007, among Citigroup Mortgage Loan
      Trust Inc., as depositor, Credit-Based Asset Servicing and Securitization LLC,
      as Sponsor, Litton Loan Servicing LP, as servicer and U.S. Bank National
      Association, as trustee.

    
      	 	 	 
	 	
              LITTON
                LOAN SERVICING LP

            
	 
 	 
 	 
 
	 	 	By: 
	 	
              Name:

            
	 	
              Title:

            

    

     

    

    EXHIBIT
      O-1

     

    FORM
      OF
      CERTIFICATION TO BE PROVIDED BY THE SERVICER WITH FORM 10-K

     

    CERTIFICATION

     

    1. I
      have
      reviewed the 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 [identify
      the issuing entity] (the “Exchange Act Periodic Reports”);

     

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

     

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

     

    4. [I
      am
      responsible for reviewing the activities performed by the servicer(s) and based
      on my knowledge and the compliance review(s) conducted in preparing the servicer
      compliance statement(s) required in this report under Item 1123 of Regulation
      AB, and except as disclosed in the Exchange Act Periodic Reports, the
      servicer(s) [has/have] fulfilled [its/their] obligations under the servicing
      agreement(s) in all material respects]; and

     

    5. All
      of
      the reports on assessment of compliance with servicing criteria for ABS 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 [name of servicer,
      sub-servicer, co-servicer, depositor, custodian or trustee].

    
      	 	 	 
	 	
              LITTON
                LOAN SERVICING LP

            
	 
 	 
 	 
 
	 	 	
              By:  

            
	 	
              
                

              

            
	 	
              Name:

              
                Title:

                
                  Date:

                

              

            

    

    

    EXHIBIT
      O-2

     

    

    FORM
      OF CERTIFICATION TO BE PROVIDED BY THE TRUSTEE TO THE
      SERVICER

     

    
      	Re:	
              C-BASS
                Mortgage Asset-Backed Certificates, Series
                2007-CB3

            

    

    

    I,
      _____________________________, certify to Litton Loan Servicing LP (the
“Servicer”), and its officers, directors and affiliates, and with the knowledge
      and intent that they will rely upon this certification, that:

    

    1. I
      have
      reviewed the annual report on Form 10 K for the fiscal year [___], and all
      reports on Form 10-D containing Monthly Statements filed in respect of periods
      included in the year covered by that annual report, of Citigroup Mortgage Loan
      Trust Inc. (the “Depositor”) relating to the above referenced
      trust;

    

    2. Subject
      to paragraph 4 hereof, based on my knowledge, the Distribution Information
      in
      the Monthly Statements prepared by the Trustee, taken as a whole, does not
      contain any untrue statement of a material fact or omit to state a material
      fact
      required by the Pooling and Servicing Agreement to be included therein and
      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. Based
      on
      my knowledge, the Distribution Information required to be provided by the
      Trustee under the Pooling and Servicing Agreement is included in these
      reports.

    

    4. In
      compiling the Distribution Information and making the foregoing certifications,
      the Trustee has relied upon information furnished to it by the Servicer under
      the Pooling and Servicing Agreement. The Trustee shall have no responsibility
      or
      liability for any inaccuracy in such reports resulting from information so
      provided to it by the Servicer. 

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Pooling and Servicing Agreement, dated March 1, 2007 (the “Pooling and Servicing
      Agreement”), among the Depositor, as depositor, Credit-Based Asset Servicing and
      Securitization LLC, as seller, the Servicer, as servicer and U.S. Bank National
      Association, as trustee.

    
      	 	 	 
	 	
              Dated:

              U.S.
                Bank National Association,

              as
                Trustee

            
	 
 	 
 	 
 
	 	 	By: ____________________________
	 	Name: __________________________
	 	Title: ___________________________

    
       

    

    EXHIBIT
      P

     

    FORM
      OF POWER OF ATTORNEY

     

    RECORDING
      REQUESTED BY

    AND
      WHEN
      RECORDED MAIL TO

    LITTON
      LOAN SERVICING LP

    4828
      Loop
      Central Drive

    Houston,
      Texas 77081

    Attn:
      _________________________________

     

    LIMITED
      POWER OF ATTORNEY

     

    KNOW
      ALL
      MEN BY THESE PRESENTS, that U.S. Bank National Association, having its principal
      place of business at 4 New York Plaza, 6th
      Floor,
      New York, New York 10004-2477, as Trustee (the “Trustee”) pursuant to that
      Pooling and Servicing Agreement among Citigroup Mortgage Loan Trust Inc. as
      depositor (the “Depositor”), Litton Loan Servicing LP as servicer (the
“Servicer”), Credit-Based Asset Servicing and Securities LLC as sponsor (the
“Sponsor”) and the Trustee, dated as of March 1, 2007 (the “Pooling and
      Servicing Agreement”), hereby constitutes and appoints the Servicer, by and
      through the Servicer’s officers, the Trustee’s true and lawful Attorney-in-Fact,
      in the Trustee’s name, place and stead and for the Trustee’s benefit, in
      connection with all mortgage loans serviced by the Servicer pursuant to the
      Pooling and Servicing Agreement for the purpose of performing all acts and
      executing all documents in the name of the Trustee as may be customarily and
      reasonably necessary and appropriate to effectuate the following enumerated
      transactions in respect of any of the mortgages or deeds of trust (the
“Mortgages” and the “Deeds of Trust”, respectively) and promissory notes secured
      thereby (the “Mortgage Notes”) for which the undersigned is acting as Trustee
      for various certificateholders (whether the undersigned is named therein as
      mortgagee or beneficiary or has become mortgagee by virtue of endorsement of
      the
      Mortgage Note secured by any such Mortgage or Deed of Trust) and for which
      the
      Servicer is acting as servicer, all subject to the terms of the Pooling and
      Servicing Agreement.

    

     

    This
      appointment shall apply to the following enumerated transactions
      only:

     

    1. The
      modification or re-recording of a Mortgage or Deed of Trust, where said
      modification or re-recordings is for the purpose of correcting the Mortgage
      or
      Deed of Trust to conform same to the original intent of the parties thereto
      or
      to correct title errors discovered after such title insurance was issued and
      said modification or re-recording, in either instance, does not adversely affect
      the lien of the Mortgage or Deed of Trust as insured.

     

    2. The
      subordination of the lien of a Mortgage or Deed of Trust to an easement in
      favor
      of a public utility company of a government agency or unit with powers of
      eminent domain; this section shall include, without limitation, the execution
      of
      partial satisfactions/releases, partial reconveyances or the execution or
      requests to trustees to accomplish same.

     

    3. The
      conveyance of the properties to the mortgage insurer, or the closing of the
      title to the property to be acquired as real estate owned, or conveyance of
      title to real estate owned.

     

    4. The
      completion of loan assumption agreements.

     

    5. 
      The full
      satisfaction/release of a Mortgage or Deed of Trust or full conveyance upon
      payment and discharge of all sums secured thereby, including, without
      limitation, cancellation of the related Mortgage Note.

     

    6. The
      assignment of any Mortgage or Deed of Trust and the related Mortgage Note,
      in
      connection with the repurchase of the mortgage loan secured and evidenced
      thereby.

     

    7. The
      full
      assignment of a Mortgage or Deed of Trust upon payment and discharge of all
      sums
      secured thereby in conjunction with the refinancing thereof, including, without
      limitation, the assignment of the related Mortgage Note.

     

    8. With
      respect to a Mortgage or Deed of Trust, the foreclosure, the taking of a deed
      in
      lieu of foreclosure, or the completion of judicial or non-judicial foreclosure
      or termination, cancellation or rescission of any such foreclosure, including,
      without limitation, any and all of the following acts:

     

    a. the
      substitution of trustee(s) serving under a Deed of Trust, in accordance with
      state law and the Deed of Trust;

     

    b. the
      preparation and issuance of statements of breach or
      non-performance;

     

    c. the
      preparation and filing of notices of default and/or notices of
      sale;

     

    d. the
      cancellation/rescission of notices of default and/or notices of
      sale;

     

    e. the
      taking of a deed in lieu of foreclosure; and

     

    f. the
      preparation and execution of such other documents and performance of such other
      actions as may be necessary under the terms of the Mortgage, Deed of Trust
      or
      state law to expeditiously complete said transactions in paragraphs 8.a. through
      8.e., above.

     

    The
      undersigned gives said Attorney-in-Fact full power and authority to execute
      such
      instruments and to do and perform all and every act and thing necessary and
      proper to carry into effect the power or powers granted by or under this Limited
      Power of Attorney as fully as the undersigned might or could do, and hereby
      does
      ratify and confirm to all that said Attorney-in-Fact shall lawfully do or cause
      to be done by authority hereof.

     

    This
      Power of Attorney is effective for one (1) year from the date hereof or the
      earlier of (i) revocation by the Bank, (ii) the Attorney shall no longer be
      retained on behalf of the Bank or an affiliate of the Bank; or (iii) the
      expiration of one year from the date of execution.

     

    The
      authority granted to the attorney-in-fact by the Power of Attorney is not
      transferable to any other party or entity.

     

    IN
      WITNESS WHEREOF, U.S. Bank National Association as Trustee pursuant to that
      Pooling and Servicing Agreement among the Depositor, the Servicer, and the
      Trustee, dated as of March 1, 2007 (Citigroup Mortgage Loan Trust, Series
      2007-CB3, C-BASS Mortgage Loan Asset-Backed Certificates), has caused its
      corporate seal to be hereto affixed and these presents to be signed and
      acknowledged in its name and behalf by _______ its duly elected and authorized
      ______________ this _____ day of ______, 200__.

     

    
      	 	 	 
	 	
              As
                Trustee for Citigroup Mortgage Loan Trust, Series 2007-CB3, C-BASS
                Mortgage Loan 

              Asset-Backed
                Certificates

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	 

    

     

     

     

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      ___________, 200__, before me, the undersigned, a Notary Public in and for
      said
      state, personally appeared ___________, Vice President of U.S. Bank National
      Association as Trustee for Citigroup Mortgage Loan Trust, Series 2007-CB3 C-BASS
      Mortgage Loan Asset-Backed Certificates, personally known to me to be the person
      whose name is subscribed to the within instrument and acknowledged to me that
      he/she executed that same in his/her authorized capacity, and that by his/her
      signature on the instrument the entity upon behalf of which the person acted
      and
      executed the instrument.

     

    WITNESS
      my hand and official seal.

    
      	
              (SEAL)

            

    

    Notary
      Public

    

    My
      Commission Expires ________________________

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      Q

     

    FORM
      OF INTEREST RATE SWAP AGREEMENT

    

      

        

        

        

        

        

        Barclays
          Capital

        5
          The
          North Colonnade

        Canary
          Wharf

        London
          E14 4BB

        

        Tel
          +44
          (0)20 7623 2323

        

        

        
          	
                  TO:

                	
                  Credit-Based
                    Asset Servicing and Securitization LLC (the
                    “Counterparty” or “Party B”)

                
	
                  ATTENTION:

                	
                  Global
                    Securities and Trust Services - C-BASS 2007-CB3

                
	
                  FROM:

                	
                  BARCLAYS
                    BANK PLC (LONDON HEAD OFFICE) (“Barclays” or “Party A”)

                
	
                  SUBJECT:

                	
                  Fixed
                    Income Derivatives Confirmation 

                
	
                  DATE:

                	
                  March
                    23, 2007

                
	
                  REFERENCE
                    NUMBER:

                	
                  1677469B
                    

                

        

        

        

        The
          purpose of this long-form confirmation (“Confirmation”)
          is to
          confirm the terms and conditions of the current Transaction entered into
          on the
          Trade Date specified below (the “Transaction”)
          between
          (“Party
          A”) and
          Credit-Based Asset Servicing and Securitization LLC (“Party
          B”).
          This
          Confirmation evidences a complete and binding agreement between you and
          us to
          enter into the Transaction on the terms set forth below and replaces any
          previous agreement between us with respect to the subject matter hereof.
          This
          Confirmation constitutes a “Confirmation”
          and also
          constitutes a “Schedule”
          as
          referred to in the ISDA Master Agreement, and Paragraph 13 of a Credit
          Support
          Annex to the Schedule. 

         

        
          	
                  1.

                	
                  This
                    Confirmation shall supplement, form a part of, and be subject
                    to an
                    agreement in the form of the ISDA Master Agreement (Multicurrency
                    - Cross
                    Border) as published and copyrighted in 1992 by the International
                    Swaps
                    and Derivatives Association, Inc. (the “ISDA
                    Master Agreement”),
                    as if Party A and Party B had executed an agreement in such form
                    on the
                    date hereof, with a Schedule as set forth in Item 3 of this Confirmation,
                    and an ISDA Credit Support Annex (Bilateral Form - ISDA Agreements
                    Subject
                    to New York Law Only version) as published and copyrighted in
                    1994 by the
                    International Swaps and Derivatives Association, Inc., with Paragraph
                    13
                    thereof as set forth in Annex A hereto (the “Credit
                    Support Annex”).
                    For the avoidance of doubt, the Transaction described herein
                    shall be the
                    sole Transaction governed by such ISDA Master Agreement. In the
                    event of
                    any inconsistency among any of the following documents, the relevant
                    document first listed shall govern: (i) this Confirmation, exclusive
                    of
                    the provisions set forth in Item 3 hereof and Annex A hereto;
                    (ii) the
                    provisions set forth in Item 3 hereof, which are incorporated
                    by reference
                    into the Schedule; (iii) the Credit Support Annex; (iv) the Definitions;
                    and (v) the ISDA Master Agreement.

                

        

        

        Each
          reference herein to a “Section” (unless specifically referencing the Pooling and
          Servicing Agreement) or to a “Section” “of this Agreement” will be construed as
          a reference to a Section of the ISDA Master Agreement; each herein reference
          to
          a “Part” will be construed as a reference to the provisions herein deemed
          incorporated in a Schedule to the ISDA Master Agreement; each reference
          herein
          to a “Paragraph” will be construed as a reference to a Paragraph of the Credit
          Support Annex.

        

        2.          
           The
          terms
          of the particular Transaction to which this Confirmation relates are as
          follows:

        

        
          	
                  Type
                    of Transaction:

                	
                  Interest
                    Rate Swap

                
	 	 
	
                  Notional
                    Amount:

                	
                  With
                    respect to any Calculation Period, the amount set forth for such
                    period on
                    Schedule I attached hereto.

                
	 	 
	
                  Trade
                    Date:

                	
                  March
                    23, 2007

                
	 	 
	
                  Effective
                    Date:

                	
                  March
                    30, 2007

                
	 	 
	
                  Termination
                    Date:

                	
                  May
                    25, 2011, subject to adjustment in accordance with the Following
                    Business
                    Day Convention; provided, however, that for the purpose of determining
                    the
                    final Fixed Rate Payer Period End Date, Termination Date shall
                    be subject
                    to No Adjustment.

                
	 	 
	
                  Fixed
                    Amounts:

                	 
	 	 
	 	
                  Fixed
                    Rate Payer:

                	
                  Party
                    B

                
	 	 	 
	 	
                  Fixed
                    Rate Payer

                	 
	 	
                  Payment
                    Dates:

                	
                  The
                    25th
                    calendar day of each month during the Term of this Transaction,
                    commencing
                    April 25, 2007, and ending on the Termination Date, with No
                    Adjustment.

                
	 	 	 
	 	
                  Fixed
                    Amount:

                	
                  To
                    be determined in accordance with the following formula:

                
	 	 	 
	 	 	
                  250*Fixed
                    Rate*Notional Amount*Fixed Rate Day Count Fraction

                
	 	 	 
	 	
                  Fixed
                    Rate:

                	
                  4.88%

                
	 	 	 
	 	
                  Fixed
                    Rate Day 

                	 
	 	
                  Count
                    Fraction:

                	
                  30/360

                
	 	 
	
                  Floating
                    Amounts:

                	 
	 	 
	 	
                  Floating
                    Rate Payer:

                	
                  Party
                    A

                
	 	 	 
	 	
                  Floating
                    Rate Payer 

                  Period
                    End Dates:

                	
                  The
                    25th
                    calendar day of each month during the Term of this Transaction,
                    commencing
                    April 25, 2007, and ending on the Termination Date, subject to
                    adjustment
                    in accordance with the Following Business Day
                    Convention.

                
	 	 	 
	 	
                  Floating
                    Rate Payer 

                  Payment
                    Dates:

                	
                  Early
                    Payment shall be applicable. Each Floating Rate Payer Payment
                    Date shall
                    be one Business Day preceding each Floating Rate Payer Period
                    End Date.
                    Notwithstanding anything to the contrary in Section 2(c) of the
                    ISDA
                    Master Agreement, amounts that are payable with respect to the
                    same
                    Calculation Period shall be netted, as provided in Section 2(c)
                    of the
                    ISDA Master Agreement, even if such amounts are not due on the
                    same
                    Payment Date.

                
	 	 	 
	 	
                  Floating
                    Rate Option:

                	
                  USD-LIBOR-BBA

                
	 	 	 
	 	
                  Floating
                    Amount:

                	
                  To
                    be determined in accordance with the following formula:

                
	 	 	 
	 	 	
                  250*Floating
                    Rate Option*Notional Amount*Floating Rate Day Count
                    Fraction

                
	 	 	 
	 	
                  Designated
                    Maturity:

                	
                  One
                    month.

                
	 	 	 
	 	
                  Floating
                    Rate Day 

                  Count
                    Fraction:

                	
                  Actual/360

                
	 	 	 
	 	
                  Reset
                    Dates:

                	
                  The
                    first day of each Calculation Period.

                
	 	 	 
	 	
                  Compounding:

                	
                  Inapplicable

                
	 	 	 
	 	
                  Business
                    Days:

                	
                  New
                    York

                
	 	 	 
	 	
                  Business
                    Day Convention:

                	
                  Following

                
	 	 	 
	 	
                  Calculation
                    Agent:

                	
                  Party
                    A

                
	 	 	 
	 	 	
                  Account
                    Details and Settlement Information:

                
	 	 	 
	 	
                  Payments
                    to Party A:

                	
                  Correspondent:
                    BARCLAYS BANK PLC NEW YORK

                
	 	 	
                  FEED:
                    026002574

                
	 	 	
                  Beneficiary:
                    BARCLAYS SWAPS

                
	 	 	
                  Beneficiary
                    Account: 050-01922-8

                
	 	 	 
	 	
                  Payments
                    to Party B:

                	
                  [TO
                    BE PROVIDED]

                

        

         

        [Remainder
          of this page intentionally left blank.]

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

             

            

          

        

        The
          time
          of dealing will be confirmed by Party A upon written request. Barclays
          is
          regulated by the Financial Services Authority. Barclays is acting for its
          own
          account in respect of this Transaction.

         

        Please
          confirm that the foregoing correctly sets forth all the terms and conditions
          of
          our agreement with respect to the Transaction by responding within three
          (3)
          Business Days by promptly signing in the space provided below and both
          (i)
          faxing the signed copy to Incoming Transaction Documentation, Barclays
          Capital
          Global OTC Transaction Documentation & Management, Global Operations, Fax
          +(44) 20-7773-6810/6857, Tel +(44) 20-7773-6901/6904/6965, and (ii) mailing
          the
          signed copy to Barclays Bank PLC, 5 The North Colonnade, Canary Wharf,
          London
          E14 4BB, Attention of Incoming Transaction Documentation, Barclays Capital
          Global OTC Transaction Documentation & Management, Global Operation. Your
          failure to respond within such period shall not affect the validity or
          enforceability of the Transaction against you. This facsimile shall be
          the only
          documentation in respect of the Transaction and accordingly no hard copy
          versions of this Confirmation for this Transaction shall be provided unless
          Party B requests such a copy.

         

        

          
            	
                    For
                      and on behalf of: 

                    BARCLAYS
                      BANK PLC

                  	 	
                    For
                      and on behalf of:

                    CREDIT-BASED
                      ASSET SERVICING 

                    AND
                      SECURITIZATION LLC

                  
	 	 	 
	
                    Name:

                    Title:

                    Date:

                  	 	
                    Name:
                      

                    Title:
                      

                    Date:

                  

          

        

        

        Barclays
          Bank PLC and its Affiliates, including Barclays Capital Inc., may share
          with
          each other information, including non-public credit information, concerning
          its
          clients and prospective clients. If you do not want such information to
          be
          shared, you must write to the Director of Compliance, Barclays Bank PLC,
          200
          Park Avenue, New York, NY 10166.

         

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

             

            

          

        

        

        SCHEDULE
          I

        (All
          such
          dates subject to No Adjustment with respect to Fixed Rate Payer Period
          End Dates
          and 

        adjustment
          in accordance with the Following Business Day Convention with respect to
          Floating Rate Payer 

        Period
          End Dates) 

        

        
          	
                  From
                    and including

                	 	
                  To
                    but excluding

                	 	
                  Notional
                    Amount (USD)

                
	
                  3/30/2007

                	 	
                  4/25/2007

                	 	
                  291,396.00

                
	
                  4/25/2007

                	 	
                  5/25/2007

                	 	
                  291,396.00

                
	
                  5/25/2007

                	 	
                  6/25/2007

                	 	
                  291,396.00

                
	
                  6/25/2007

                	 	
                  7/25/2007

                	 	
                  291,396.00

                
	
                  7/25/2007

                	 	
                  8/25/2007

                	 	
                  291,396.00

                
	
                  8/25/2007

                	 	
                  9/25/2007

                	 	
                  291,396.00

                
	
                  9/25/2007

                	 	
                  10/25/2007

                	 	
                  291,396.00

                
	
                  10/25/2007

                	 	
                  11/25/2007

                	 	
                  291,396.00

                
	
                  11/25/2007

                	 	
                  12/25/2007

                	 	
                  291,396.00

                
	
                  12/25/2007

                	 	
                  1/25/2008

                	 	
                  291,396.00

                
	
                  1/25/2008

                	 	
                  2/25/2008

                	 	
                  291,396.00

                
	
                  2/25/2008

                	 	
                  3/25/2008

                	 	
                  291,396.00

                
	
                  3/25/2008

                	 	
                  4/25/2008

                	 	
                  291,396.00

                
	
                  4/25/2008

                	 	
                  5/25/2008

                	 	
                  291,396.00

                
	
                  5/25/2008

                	 	
                  6/25/2008

                	 	
                  291,396.00

                
	
                  6/25/2008

                	 	
                  7/25/2008

                	 	
                  291,396.00

                
	
                  7/25/2008

                	 	
                  8/25/2008

                	 	
                  291,396.00

                
	
                  8/25/2008

                	 	
                  9/25/2008

                	 	
                  291,396.00

                
	
                  9/25/2008

                	 	
                  10/25/2008

                	 	
                  291,396.00

                
	
                  10/25/2008

                	 	
                  11/25/2008

                	 	
                  291,396.00

                
	
                  11/25/2008

                	 	
                  12/25/2008

                	 	
                  291,396.00

                
	
                  12/25/2008

                	 	
                  1/25/2009

                	 	
                  291,396.00

                
	
                  1/25/2009

                	 	
                  2/25/2009

                	 	
                  291,396.00

                
	
                  2/25/2009

                	 	
                  3/25/2009

                	 	
                  291,396.00

                
	
                  3/25/2009

                	 	
                  4/25/2009

                	 	
                  291,396.00

                
	
                  4/25/2009

                	 	
                  5/25/2009

                	 	
                  291,396.00

                
	
                  5/25/2009

                	 	
                  6/25/2009

                	 	
                  291,396.00

                
	
                  6/25/2009

                	 	
                  7/25/2009

                	 	
                  291,396.00

                
	
                  7/25/2009

                	 	
                  8/25/2009

                	 	
                  291,396.00

                
	
                  8/25/2009

                	 	
                  9/25/2009

                	 	
                  291,396.00

                
	
                  9/25/2009

                	 	
                  10/25/2009

                	 	
                  291,396.00

                
	
                  10/25/2009

                	 	
                  11/25/2009

                	 	
                  291,396.00

                
	
                  11/25/2009

                	 	
                  12/25/2009

                	 	
                  291,396.00

                
	
                  12/25/2009

                	 	
                  1/25/2010

                	 	
                  291,396.00

                
	
                  1/25/2010

                	 	
                  2/25/2010

                	 	
                  279,573.98

                
	
                  2/25/2010

                	 	
                  3/25/2010

                	 	
                  279,573.98

                
	
                  3/25/2010

                	 	
                  4/25/2010

                	 	
                  279,573.98

                
	
                  4/25/2010

                	 	
                  5/25/2010

                	 	
                  279,573.98

                
	
                  5/25/2010

                	 	
                  6/25/2010

                	 	
                  275,284.60

                
	
                  6/25/2010

                	 	
                  7/25/2010

                	 	
                  263,032.28

                
	
                  7/25/2010

                	 	
                  8/25/2010

                	 	
                  251,363.75

                
	
                  8/25/2010

                	 	
                  9/25/2010

                	 	
                  240,249.64

                
	
                  9/25/2010

                	 	
                  10/25/2010

                	 	
                  229,661.41

                
	
                  10/25/2010

                	 	
                  11/25/2010

                	 	
                  219,572.46

                
	
                  11/25/2010

                	 	
                  12/25/2010

                	 	
                  209,957.64

                
	
                  12/25/2010

                	 	
                  1/25/2011

                	 	
                  200,793.12

                
	
                  1/25/2011

                	 	
                  2/25/2011

                	 	
                  192,056.32

                
	
                  2/25/2011

                	 	
                  3/25/2011

                	 	
                  183,725.89

                
	
                  3/25/2011

                	 	
                  4/25/2011

                	 	
                  175,781.61

                
	
                  4/25/2011

                	 	
                  5/25/2011

                	 	
                  168,204.25

                

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

             

            

          

        

        Annex
          A

        

        Paragraph
          13 of the Credit Support Annex

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      

        

        

        EXHIBIT
          B

        

        Barclays
          Capital

        5
          The
          North Colonnade

        Canary
          Wharf

        London
          E14 4BB

        

        Tel
          +44
          (0)20 7623 2323

        

        
          	
                  TO:

                	
                  U.S.
                    Bank National Association, not in its individual capacity, but
                    solely as
                    Supplemental Interest Trust Trustee on behalf of the Supplemental
                    Interest
                    Trust with respect to the C-BASS Mortgage Loan Trust 2007-CB3,
                    C-BASS
                    Mortgage Loan Asset-Backed Certificates, Series 2007-CB3 (the
                    “Counterparty” or “Party B”)

                
	 	 
	
                  ATTENTION:

                	
                  C-BASS
                    2007-CB3

                
	
                  FROM:

                	
                  BARCLAYS
                    BANK PLC (LONDON HEAD OFFICE) (“Barclays” or “Party A”)

                
	
                  SUBJECT:

                	
                  Fixed
                    Income Derivatives Confirmation 

                
	
                  DATE:

                	
                  March
                    30, 2007

                
	
                  REFERENCE
                    NUMBER:

                	
                  1677469B

                

        

        

        The
          purpose of this long-form confirmation (“Confirmation”)
          is to
          confirm the terms and conditions of the current Transaction entered into
          on the
          Trade Date specified below (the “Transaction”)
          between
          (“Party
          A”) and
          U.S.
          Bank National Association, not in its individual capacity, but solely as
          supplemental interest trust trustee (the “Supplemental Interest Trust Trustee”)
          on behalf of the supplemental interest trust with respect to the C-BASS
          Mortgage
          Loan Trust 2007-CB3, C-BASS Mortgage Loan Asset-Backed Certificates, Series
          2007-CB3 (the “Supplemental Interest Trust”) (“Party
          B”)
          created
          under the Pooling and Servicing Agreement, dated as of March 1, 2007 among
          Citigroup Mortgage Loan Trust Inc., as depositor, Credit-Based Asset Servicing
          and Securitization LLC, as seller, Litton Loan Servicing LP, as servicer
          and
          U.S. Bank National Association, as trustee (the
          “Pooling
          and Servicing Agreement”).
          This
          Confirmation evidences a complete and binding agreement between you and
          us to
          enter into the Transaction on the terms set forth below and replaces any
          previous agreement between us with respect to the subject matter hereof.
          This
          Confirmation constitutes a “Confirmation”
          and also
          constitutes a “Schedule”
          as
          referred to in the ISDA Master Agreement, and Paragraph 13 of a Credit
          Support
          Annex to the Schedule. 

        

        
          	
                  1.

                	
                  This
                    Confirmation shall supplement, form a part of, and be subject
                    to an
                    agreement in the form of the ISDA Master Agreement (Multicurrency
                    - Cross
                    Border) as published and copyrighted in 1992 by the International
                    Swaps
                    and Derivatives Association, Inc. (the “ISDA
                    Master Agreement”),
                    as if Party A and Party B had executed an agreement in such form
                    on the
                    date hereof, with a Schedule as set forth in Item 3 of this Confirmation,
                    and an ISDA Credit Support Annex (Bilateral Form - ISDA Agreements
                    Subject
                    to New York Law Only version) as published and copyrighted in
                    1994 by the
                    International Swaps and Derivatives Association, Inc., with Paragraph
                    13
                    thereof as set forth in Annex A hereto (the “Credit
                    Support Annex”).
                    For the avoidance of doubt, the Transaction described herein
                    shall be the
                    sole Transaction governed by such ISDA Master Agreement. In the
                    event of
                    any inconsistency among any of the following documents, the relevant
                    document first listed shall govern: (i) this Confirmation, exclusive
                    of
                    the provisions set forth in Item 3 hereof and Annex A hereto;
                    (ii) the
                    provisions set forth in Item 3 hereof, which are incorporated
                    by reference
                    into the Schedule; (iii) the Credit Support Annex; (iv) the Definitions;
                    and (v) the ISDA Master Agreement.

                

        

        

        Each
          reference herein to a “Section” (unless specifically referencing the Pooling and
          Servicing Agreement) or to a “Section” “of this Agreement” will be construed as
          a reference to a Section of the ISDA Master Agreement; each herein reference
          to
          a “Part” will be construed as a reference to the provisions herein deemed
          incorporated in a Schedule to the ISDA Master Agreement; each reference
          herein
          to a “Paragraph” will be construed as a reference to a Paragraph of the Credit
          Support Annex.

        

        2. The
          terms
          of the particular Transaction to which this Confirmation relates are as
          follows:

        

        
          	
                  Type
                    of Transaction:

                	
                  Interest
                    Rate Swap

                
	 	 
	
                  Notional
                    Amount:

                	
                  With
                    respect to any Calculation Period, the amount set forth for such
                    period on
                    Schedule I attached hereto.

                
	 	 
	
                  Trade
                    Date:

                	
                  March
                    30, 2007

                
	 	 
	
                  Effective
                    Date:

                	
                  March
                    30, 2007

                
	 	 
	
                  Termination
                    Date:

                	
                  May
                    25, 2011, subject to adjustment in accordance with the Following
                    Business
                    Day Convention; provided, however, that for the purpose of determining
                    the
                    final Fixed Rate Payer Period End Date, Termination Date shall
                    be subject
                    to No Adjustment.

                
	 	 
	 	
                  Fixed
                    Amounts:

                	 
	 	 	 
	 	
                  Fixed
                    Rate Payer:

                	
                  Party
                    B

                
	 	 	 
	 	
                  Fixed
                    Rate Payer

                	 
	 	
                  Payment
                    Dates:

                	
                  The
                    25th calendar day of each month during the Term of this Transaction,
                    commencing April 25, 2007, and ending on the Termination Date,
                    with No
                    Adjustment.

                
	 	 	 
	 	
                  Fixed
                    Amount:

                	
                  To
                    be determined in accordance with the following formula:

                
	 	 	 
	 	 	
                  250*Fixed
                    Rate*Notional Amount*Fixed Rate Day Count Fraction

                
	 	 	 
	 	
                  Fixed
                    Rate:

                	
                  4.88%

                
	 	 	 
	 	
                  Fixed
                    Rate Day 

                	 
	 	
                  Count
                    Fraction:

                	
                  30/360

                
	 	 
	
                  Floating
                    Amounts:

                	 
	 	 
	 	
                  Floating
                    Rate Payer:

                	
                  Party
                    A

                
	 	 	 
	 	
                  Floating
                    Rate Payer

                	 
	 	
                  Period
                    End Dates:

                	
                  The
                    25th calendar day of each month during the Term of this Transaction,
                    commencing April 25, 2007, and ending on the Termination Date,
                    subject to
                    adjustment in accordance with the Following Business Day
                    Convention.

                
	 	 	 
	 	
                  Floating
                    Rate Payer

                	 
	 	
                  Payment
                    Dates:

                	
                  Early
                    Payment shall be applicable. Each Floating Rate Payer Payment
                    Date shall
                    be one Business Day preceding each Floating Rate Payer Period
                    End Date.
                    Notwithstanding anything to the contrary in Section 2(c) of the
                    ISDA
                    Master Agreement, amounts that are payable with respect to the
                    same
                    Calculation Period shall be netted, as provided in Section 2(c)
                    of the
                    ISDA Master Agreement, even if such amounts are not due on the
                    same
                    Payment Date.

                
	 	 	 
	 	 	 
	 	
                  Floating
                    Rate Option:

                	
                  USD-LIBOR-BBA

                
	 	 	 
	 	 	 
	 	
                  Floating
                    Amount:

                	
                  To
                    be determined in accordance with the following formula:

                
	 	 	 
	 	 	
                  250*Floating
                    Rate Option*Notional Amount*Floating Rate Day Count
                    Fraction

                
	 	 	 
	 	
                  Designated
                    Maturity:

                	
                  One
                    month.

                
	 	 	 
	 	
                  Floating
                    Rate Day 

                	 
	 	
                  Count
                    Fraction:

                	
                  Actual/360

                
	 	 	 
	 	
                  Reset
                    Dates:

                	
                  The
                    first day of each Calculation Period.

                
	 	 	 
	 	
                  Compounding:

                	
                  Inapplicable

                
	 	 	 
	 	
                  Business
                    Days:

                	
                  New
                    York

                
	 	 	 
	 	
                  Business
                    Day Convention:

                	
                  Following

                
	 	 	 
	 	
                  Calculation
                    Agent:

                	
                  Party
                    A

                
	 	 	 
	 	
                  Upfront
                    Payment:

                	
                  USD14,000
                    to be paid by Credit-Based Asset Servicing and Securitization
                    LLC to Party
                    A on March 30, 2007

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

             

            

          

        

        3. Provisions
          Deemed Incorporated in a Schedule to the ISDA Master Agreement:

        

        
          	
                  Part
                    1.

                	
                  Termination
                    Provisions.

                

        

        

        For
          the
          purposes of this Agreement:-

        

        
          	(a)       
                    	
                  “Specified
                    Entity”
                    will not apply to Party A or Party B for any purpose.
                    

                

        

        

        
          	(b)          	
                  “Specified
                    Transaction”
                    will have the meaning specified in Section
                    14.

                

        

        

        
          	(c)          	
                  Events
                    of Default.

                

        

        

        The
          statement below that an Event of Default will apply to a specific party
          means
          that upon the occurrence of such an Event of Default with respect to such
          party,
          the other party shall have the rights of a Non-defaulting Party under Section
          6
          of this Agreement; conversely, the statement below that such event will
          not
          apply to a specific party means that the other party shall not have such
          rights.

        

        
          	(i)          	
                  The
                    “Failure
                    to Pay or Deliver”
                    provisions of Section 5(a)(i) will apply to Party A and will
                    apply to
                    Party B; provided, however, that notwithstanding anything to
                    the contrary
                    in Section 5(a)(i), any failure by Party A to comply with or
                    perform any
                    obligation to be complied with or performed by Party A under
                    the Credit
                    Support Annex shall not constitute an Event of Default under
                    Section
                    5(a)(i) unless (A) a Required Ratings Downgrade Event has occurred
                    and
                    been continuing for 30 or more Local Business Days and (B) such
                    failure is
                    not remedied on or before the third Local Business Day after
                    notice of
                    such failure is given to Party A.

                

        

        

        
          	(ii)          	
                  The
                    “Breach
                    of Agreement”
                    provisions of Section 5(a)(ii) will apply to Party A and will
                    not apply to
                    Party B; provided, however, that notwithstanding anything to
                    the contrary
                    in Section 5(a)(ii), any failure by Party A to comply with or
                    perform any
                    obligation to be complied with or performed by Party A under
                    the Credit
                    Support Annex shall not constitute an Event of Default under
                    Section
                    5(a)(ii) unless (A) a Required Ratings Downgrade Event has occurred
                    and
                    been continuing for 30 or more Local Business Days and (B) such
                    failure is
                    not remedied on or before the third Local Business Day after
                    notice of
                    such failure is given to Party A.

                

        

        

        
          	(iii)          	
                  The
                    “Credit
                    Support Default”
                    provisions of Section 5(a)(iii) will apply to Party A and will
                    not apply
                    to Party B except that Section 5(a)(iii)(1) will apply to Party
                    B solely
                    in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                    Support Annex; provided, however, that notwithstanding anything
                    to the
                    contrary in Section 5(a)(iii)(1), any failure by Party A to comply
                    with or
                    perform any obligation to be complied with or performed by Party
                    A under
                    the Credit Support Annex shall not constitute an Event of Default
                    under
                    Section 5(a)(iii) unless (A) a Required Ratings Downgrade Event
                    has
                    occurred and been continuing for 30 or more Local Business Days
                    and (B)
                    such failure is not remedied on or before the third Local Business
                    Day
                    after notice of such failure is given to Party
                    A.

                

        

        

        
          	(iv)          	
                  The
                    “Misrepresentation”
                    provisions of Section 5(a)(iv) will apply to Party A and will
                    not apply to
                    Party B. 

                

        

        

        
          	(v)          	
                  The
                    “Default
                    under Specified Transaction”
                    provisions of Section 5(a)(v) will not apply to Party A and will
                    not apply
                    to Party B.

                

        

        

        
          	(vi)          	
                  The
                    “Cross
                    Default”
                    provisions of Section 5(a)(vi) will apply to Party A and will
                    not apply to
                    Party B. For purposes of Section 5(a)(vi), solely with respect
                    to Party
                    A:

                

        

        

        “Specified
          Indebtedness” will have the meaning specified in Section 14,except that such
          term shall not include obligations in respect of deposits received in the
          ordinary course of Party A’s banking business.

        

        “Threshold
          Amount” means with respect to Party A an amount equal to three percent (3%) of
          the Shareholders’ Equity of Party A or, if applicable, the Eligible Guarantor.

        

        “Shareholders’
          Equity” means with respect to an entity, at any time, the sum (as shown in the
          most recent annual audited financial statements of such entity) of (i)
          its
          capital stock (including preferred stock) outstanding, taken at par value,
          (ii)
          its capital surplus and (iii) its retained earnings, minus (iv) treasury
          stock,
          each to be determined in accordance with generally accepted accounting
          principles.

        

        
          	(vii)          	
                  The
                    “Bankruptcy”
                    provisions of Section 5(a)(vii) will apply to Party A and will
                    apply to
                    Party B except that the provisions of Section 5(a)(vii)(2), (6)
                    (to the
                    extent that such provisions refer to any appointment contemplated
                    or
                    effected by the Pooling and Servicing Agreement or any appointment
                    to
                    which Party B has not become subject), (7) and (9) will not apply
                    to Party
                    B; provided that, with respect to Party B only, Section 5(a)(vii)(4)
                    is
                    hereby amended by adding after the words “against it” the words
                    “(excluding any proceeding or petition instituted or presented
                    by Party A
                    or its Affiliates)”, and Section 5(a)(vii)(8) is hereby amended by
                    deleting the words “to (7) inclusive” and inserting lieu thereof “, (3),
                    (4) as amended, (5), (6) as amended, or
                    (7)”.

                

        

        

        
          	(viii)          	
                  The
                    “Merger
                    Without Assumption”
                    provisions of Section 5(a)(viii) will apply to Party A and will
                    apply to
                    Party B.

                

        

        

        
          	(d)          	
                  Termination
                    Events.

                

        

        

        The
          statement below that a Termination Event will apply to a specific party
          means
          that upon the occurrence of such a Termination Event, if such specific
          party is
          the Affected Party with respect to a Tax Event, the Burdened Party with
          respect
          to a Tax Event Upon Merger (except as noted below) or the non-Affected
          Party
          with respect to a Credit Event Upon Merger, as the case may be, such specific
          party shall have the right to designate an Early Termination Date in accordance
          with Section 6 of this Agreement; conversely, the statement below that
          such an
          event will not apply to a specific party means that such party shall not
          have
          such right; provided, however, with respect to “Illegality” the statement that
          such event will apply to a specific party means that upon the occurrence
          of such
          a Termination Event with respect to such party, either party shall have
          the
          right to designate an Early Termination Date in accordance with Section
          6 of
          this Agreement.

        

        
          	(i)          	
                  The
                    “Illegality”
                    provisions of Section 5(b)(i) will apply to Party A and will
                    apply to
                    Party B.

                

        

        

        
          	(ii)          	
                  The
                    “Tax
                    Event”
                    provisions of Section 5(b)(ii) will apply to Party A except that,
                    for
                    purposes of the application of Section 5(b)(ii) to Party A, Section
                    5(b)(ii) is hereby amended by deleting the words “(x) any action taken by
                    a taxing authority, or brought in a court of competent jurisdiction,
                    on or
                    after the date on which a Transaction is entered into (regardless
                    of
                    whether such action is taken or brought with respect to a party
                    to this
                    Agreement) or (y)”, and the “Tax
                    Event”
                    provisions of Section 5(b)(ii) will apply to Party B.
                    

                

        

        

        
          	(iii)          	
                  The
                    “Tax
                    Event Upon Merger”
                    provisions of Section 5(b)(iii) will apply to Party A and will
                    apply to
                    Party B, provided that Party A shall not be entitled to designate
                    an Early
                    Termination Date by reason of a Tax Event upon Merger in respect
                    of which
                    it is the Affected Party.

                

        

        

        
          	(iv)          	
                  The
                    “Credit
                    Event Upon Merger”
                    provisions of Section 5(b)(iv) will not apply to Party A and
                    will not
                    apply to Party B.

                

        

        

        
          	(e)          	
                  The
                    “Automatic
                    Early Termination”
                    provision of Section 6(a) will not apply to Party A and will
                    not apply to
                    Party B.

                

        

        

        
          	(f)          	
                   Payments
                    on Early Termination.
                    For the purpose of Section 6(e) of this
                    Agreement:

                

        

        

        
          	(i)          	
                  Market
                    Quotation will apply, provided, however, that, in the event of
                    a
                    Derivative Provider Trigger Event, the following provisions will
                    apply:

                

        

        

        
          	 	
                  (A)
                    

                	
                  The
                    definition of Market Quotation in Section 14 shall be deleted
                    in its
                    entirety and replaced with the
                    following:

                

        

        

        “Market
          Quotation” means,
          with respect to one or more Terminated Transactions, a Firm Offer which
          is (1)
          made by a Reference Market-maker that is an Eligible Replacement, (2) for
          an
          amount that would be paid to Party B (expressed as a negative number) or
          by
          Party B (expressed as a positive number) in consideration of an agreement
          between Party B and such Reference Market-maker to enter into a Replacement
          Transaction, and (3) made on the basis that Unpaid Amounts in respect of
          the
          Terminated Transaction or group of Transactions are to be excluded but,
          without
          limitation, any payment or delivery that would, but for the relevant Early
          Termination Date, have been required (assuming satisfaction of each applicable
          condition precedent) after that Early Termination Date is to be
          included.

        

        
          	 	
                  (B)

                	
                  The
                    definition of Settlement Amount shall be deleted in its entirety
                    and
                    replaced with the following:

                

        

        

        “Settlement
          Amount”
          means,
          with respect to any Early Termination Date, an amount (as determined by
          Party B)
          equal to: 

        

        
          	 	
                  (a)

                	
                  If
                    a Market Quotation for the relevant Terminated Transaction or
                    group of
                    Terminated Transactions is accepted by Party B so as to become
                    legally
                    binding on or before the day falling ten Local Business Days
                    after the day
                    on which the Early Termination Date is designated, or such later
                    day as
                    Party B may specify in writing to Party A, but in either case
                    no later
                    than one Local Business Day prior to the Early Termination Date
                    (such day,
                    the “Latest Settlement Amount Determination Day”), the Termination
                    Currency Equivalent of the amount (whether positive or negative)
                    of such
                    Market Quotation; 

                

        

        

        
          	 	
                  (b)

                	
                  If,
                    on the Latest Settlement Amount Determination Day, no Market
                    Quotation for
                    the relevant Terminated Transaction or group of Terminated Transactions
                    has been accepted by Party B so as to become legally binding
                    and one or
                    more Market Quotations from
                    Approved Replacements have
                    been made and remain capable of becoming legally binding upon
                    acceptance,
                    the Settlement Amount shall equal the Termination Currency Equivalent
                    of
                    the amount (whether positive or negative) of the lowest of such
                    Market
                    Quotations (for the avoidance of doubt, the lowest of such Market
                    Quotations shall be the lowest Market Quotation of
                    such Market Quotations
                    expressed as a positive number or, if any of such Market Quotations
                    is
                    expressed as a negative number, the Market Quotation expressed
                    as a
                    negative number with the largest absolute value);
                    or

                

        

        

        
          	 	
                  (c)

                	
                  If,
                    on the Latest Settlement Amount Determination Day, no Market
                    Quotation for
                    the relevant Terminated Transaction or group of Terminated Transactions
                    is
                    accepted by Party B so as to become legally binding and no Market
                    Quotation from an Approved Replacement remains capable of becoming
                    legally
                    binding upon acceptance, the Settlement Amount shall equal Party
                    B’s Loss
                    (whether positive or negative and without reference to any Unpaid
                    Amounts)
                    for the relevant Terminated Transaction or group of Terminated
                    Transactions.

                

        

        

        
          	 	
                  (C)

                	
                  Party
                    A may obtain Market Quotations, and if Party B requests Party
                    A in writing
                    to obtain Market Quotations, Party A shall use its reasonable
                    efforts to
                    do so before the Latest Settlement Amount Determination
                    Day.

                

        

        

        
          	 	
                  (D)

                	
                  If
                    the Settlement Amount is a negative number, Section 6(e)(i)(3)
                    shall be
                    deleted in its entirety and replaced with the
                    following:

                

        

        

        “(3)
          Second
          Method and Market Quotation.
          If the
          Second Method and Market Quotation apply, (I) Party B shall pay to Party
          A an
          amount equal to the absolute value of the Settlement Amount in respect
          of the
          Terminated Transactions, (II) Party B shall pay to Party A the Termination
          Currency Equivalent of the Unpaid Amounts owing to Party A and (III) Party
          A
          shall pay to Party B the Termination Currency Equivalent of the Unpaid
          Amounts
          owing to Party B; provided, however, that (x) the amounts payable under
          the
          immediately preceding clauses (II) and (III) shall be subject to netting
          in
          accordance with Section 2(c) of this Agreement and (y) notwithstanding
          any other
          provision of this Agreement, any amount payable by Party A under the immediately
          preceding clause (III) shall not be netted-off against any amount payable
          by
          Party B under the immediately preceding clause (I).”

        

        
          	 	
                  (E)

                	
                  At
                    any time on or before the Latest Settlement Amount Determination
                    Day at
                    which two or more Market Quotations from Approved Replacements
                    remain
                    capable of becoming legally binding upon acceptance, Party B
                    shall be
                    entitled to accept only the lowest of such Market Quotations
                    (for the
                    avoidance of doubt, the lowest of such Market Quotations shall
                    be the
                    lowest Market Quotation of such Market Quotations expressed as
                    a positive
                    number or, if any of such Market Quotations is expressed as a
                    negative
                    number, the Market Quotation expressed as a negative number with
                    the
                    largest absolute value).

                

        

        

        
          	(i)          	
                  The
                    Second Method will apply.

                

        

        

        (g)         “Termination
          Currency”
          means
          USD.

        

        
          	
                  (h)
                    

                	
                  Additional
                    Termination Events.
                    Additional Termination Events will apply as provided in Part
                    5(c).
                    

                

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

             

            

          

        

        Part
          2.  Tax
          Matters.

        

        (a)         Tax
          Representations. 

        

        
          	 	
                  (i)

                	
                  Payer
                    Representations.
                    For the purpose of Section 3(e) of this Agreement:
                    

                

        

         

        (A) 
                  Party
          A
          makes the following representation(s):

        

        None.

        

        (B)        
           Party
          B
          makes the following representation(s):

        

        None.

        

        (ii)          Payee
          Representations.
          For the
          purpose of Section 3(f) of this Agreement: 

         

        (A)         Party
          A
          makes the following representation(s):

        

        None.

        

        (B)         Party
          B
          makes the following representation(s):

        

        None. 

        

        
          	
                  (b)

                	
                  Tax
                    Provisions.

                

        

        

        
          	(i)          	
                  Indemnifiable
                    Tax.
                    Notwithstanding the definition of “Indemnifiable Tax” in Section 14 of
                    this Agreement, all Taxes in relation to payments by Party A
                    shall be
                    Indemnifiable Taxes unless (i) such Taxes are assessed directly
                    against
                    Party B and not by deduction or withholding by Party A or (ii)
                    arise as a
                    result of a Change in Tax Law (in which case such Tax shall be
                    an
                    Indemnifiable Tax only if such Tax satisfies the definition of
                    Indemnifiable Tax provided in Section 14). In relation to payments
                    by
                    Party B, no Tax shall be an Indemnifiable Tax, and Section 2(d)(i)(4)
                    shall not apply to Party B as X, and Section 2(d)(ii) shall not
                    apply to
                    Party B as Y, in each case such that Party B shall not be required
                    to pay
                    any additional amounts referred to
                    therein.

                

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

             

            

          

        

        Part
          3.  Agreement
          to Deliver Documents.  

        

        (a)         For
          the
          purpose of Section 4(a)(i), tax forms, documents, or certificates to be
          delivered are:

        

        
          	
                   

                  Party
                    required 

                  to
                    deliver document

                	 	
                   

                   

                  Form/Document/Certificate

                	 	
                   

                  Date
                    by which 

                  to
                    be
                    delivered

                
	
                   

                  Party
                    A

                   

                	 	
                   

                  A
                    properly completed and executed United States Internal Revenue
                    Service
                    Form W-8BEN and 8ECI (or any successor thereto) with respect
                    to any
                    payments received or to be received by Party A that eliminates
                    U.S.
                    federal withholding and backup withholding Tax on payments to
                    Party A
                    under this Agreement.

                   

                	 	
                   

                  (i)
                    upon execution of this Agreement, (ii) on or before the first
                    payment date
                    under this Agreement, including any Credit Support Document,
                    (iii)
                    promptly upon the reasonable demand by Party B, (iv) prior to
                    the
                    expiration or obsolescence of any previously delivered form,
                    and (v)
                    promptly upon the information on any such previously delivered
                    form
                    becoming inaccurate or incorrect.

                   

                
	
                   

                  Party
                    B

                   

                	 	
                   

                  (i)
                    Upon execution of this Agreement, an original properly completed
                    and
                    executed United States Internal Revenue Service Form W-9 (or
                    any successor
                    thereto) with respect to any payments received or to be received
                    by the
                    initial beneficial owner of payments to Party B under this Agreement,
                    and
                    (ii) thereafter, the appropriate tax certification form (i.e.,
                    IRS Form
                    W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable
                    (or any
                    successor form thereto)) with respect to any payments received
                    or to be
                    received by the beneficial owner of payments to Party B under
                    this
                    Agreement from time to time. 

                   

                	 	
                   

                  (i)
                    upon execution of this Agreement, (ii) on or before the first
                    payment date
                    under this Agreement, including any Credit Support Document,
                    (iii) in the
                    case of a tax certification form other than a Form W-9, before
                    December 31
                    of each third succeeding calendar year, (iv) promptly upon the
                    reasonable
                    demand by Party A, (v) prior to the expiration or obsolescence
                    of any
                    previously delivered form, and (vi) promptly upon the information
                    on any
                    such previously delivered form becoming inaccurate or
                    incorrect.

                   

                

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

             

            

          

        

        (b) For
          the
          purpose of Section 4(a)(ii), other documents to be delivered are:

        

        
          	
                   

                  Party
                    required 

                  to
                    deliver document

                	 	
                   

                  Form/Document/

                  Certificate

                	 	
                   

                  Date
                    by which 

                  to
                    be
                    delivered

                	 	
                   

                  Covered
                    by Section 

                  3(d)
                    Representation

                
	
                   

                  Party
                    A and

                  Party
                    B

                   

                	 	
                   

                  Any
                    documents reasonably required by the receiving party to evidence
                    the
                    authority of the delivering party or its Credit Support Provider,
                    if any,
                    for it to execute and deliver the Agreement, this Confirmation,
                    and any
                    Credit Support Documents to which it is a party, and to evidence
                    the
                    authority of the delivering party or its Credit Support Provider
                    to
                    perform its obligations under the Agreement, this Confirmation
                    and any
                    Credit Support Document, as the case may be

                   

                	 	
                   

                  Upon
                    the execution and delivery of this Agreement

                   

                	 	
                   

                  Yes

                   

                
	
                   

                  Party
                    A and

                  Party
                    B

                   

                	 	
                   

                  A
                    certificate of an authorized officer of the party, as to the
                    incumbency
                    and authority of the respective officers of the party signing
                    the
                    Agreement, this Confirmation, and any relevant Credit Support
                    Document, as
                    the case may be

                   

                	 	
                   

                  Upon
                    the execution and delivery of this Agreement

                   

                	 	
                   

                  Yes

                   

                
	
                   

                  Party
                    A

                   

                	 	
                   

                  Annual
                    Report of Party A containing consolidated financial statements
                    certified
                    by independent certified public accountants and prepared in accordance
                    with generally accepted accounting principles in the country
                    in which
                    Party A is organized

                   

                	 	
                   

                  Promptly
                    upon request after becoming publicly available

                   

                	 	
                   

                  Yes

                   

                
	
                   

                  Party
                    A

                   

                	 	
                   

                  Opinions
                    of counsel to Party A substantially in the form of Exhibit A
                    to this
                    Confirmation

                   

                	 	
                   

                  Upon
                    the execution and delivery of this Agreement

                   

                	 	
                   

                  No

                   

                
	
                   

                  Party
                    B

                   

                	 	
                   

                  An
                    opinion of counsel to Party B reasonably satisfactory to Party
                    A

                   

                	 	
                   

                  Upon
                    the execution and delivery of this Agreement

                   

                	 	
                   

                  No

                   

                
	
                   

                  Party
                    B

                   

                	 	
                   

                  An
                    executed copy of the Pooling and Servicing Agreement

                   

                	 	
                   

                  Promptly
                    following finalization thereof

                   

                	 	
                   

                  No

                   

                

        

        

        Part
          4.    Miscellaneous. 

        

        (a)         Address
          for Notices:
          For the
          purposes of Section 12(a) of this Agreement:

        

        
          	 	
                  Address
                    for notices or communications to Party A:

                
	 	 	 
	 	
                  Address:

                	
                  5
                    The North Colonnade

                
	 	 	
                  Canary
                    Wharf

                
	 	 	
                  London
                    E14 4BB

                
	 	
                  Facsimile:

                	
                  44
                    (20) 777 36461

                
	 	
                  Phone:

                	
                  44
                    (20) 777 36810

                
	 	 	 
	 	
                  (For
                    all purposes)

                

        

         

        
          	 	
                  Address
                    for notices or communications to Party B:

                
	 	 	 
	 	
                  Address:

                	
                  U.S.
                    Bank National Association

                
	 	 	
                  EP-MN-WS3D

                
	 	 	
                  60
                    Livingston Avenue

                
	 	 	
                  St.
                    Paul, Minnesota 55107

                
	 	 	 
	 	
                  Attention:

                	
                  Structured
                    Finance—C-BASS 2007-CB3

                
	 	
                  Facsimile:

                	
                  (651)
                    495-8090

                
	 	
                  Phone:

                	
                  (651)
                    495-3852

                
	 	 	 
	 	
                  (For
                    all purposes)

                

        

        

        (b)         Process
          Agent.
          For the
          purpose of Section 13(c):

        

        Party
          A
          appoints as its Process Agent: Not applicable.

        

        Party
          B
          appoints as its Process Agent: Not applicable.

        

        (c)         Offices.
          The
          provisions of Section 10(a) will apply to this Agreement.

        

        (d)         Multibranch
          Party.
          For the
          purpose of Section 10(c) of this Agreement:

        

        Party
          A
          is not a Multibranch Party.

        

        Party
          B
          is not a Multibranch Party.

        

        
          	
                  (e)

                	
                  Calculation
                    Agent.
                    The Calculation Agent is Party A; provided, however, that if
                    an Event of
                    Default shall have occurred with respect to Party A, Party B
                    shall have
                    the right to appoint as Calculation Agent a third party, reasonably
                    acceptable to Party A, the cost for which shall be borne by Party
                    A.

                

        

        

        (f) Credit
          Support Document.

        

        
          	 	
                  Party
                    A:

                	
                  The
                    Credit Support Annex, and any guarantee in support of Party A’s
                    obligations under this Agreement.

                
	 	 	 
	 	
                  Party
                    B:

                	
                  The
                    Credit Support Annex, solely in respect of Party B’s obligations under
                    Paragraph 3(b) of the Credit Support
                    Annex.

                

        

        

        (g) Credit
          Support Provider.

        

        
          	 	
                  Party
                    A:

                	
                  The
                    guarantor under any guarantee in support of Party A’s obligations under
                    this Agreement.

                
	 	 	 
	 	
                  Party
                    B:

                	
                  None.

                

        

        

        
          	
                  (h)

                	
                  Governing
                    Law.
                    The parties to this Agreement hereby agree that the law of the
                    State of
                    New York shall govern their rights and duties in whole (including
                    any
                    claim or controversy arising out of or relating to this Agreement),
                    without regard to the conflict of law provisions thereof other
                    than New
                    York General Obligations Law Sections 5-1401 and 5-1402.
                    

                

        

        

        
          	
                  (i)

                	
                  Netting
                    of Payments.
                    The parties agree that subparagraph (ii) of Section 2(c) will
                    apply to
                    each Transaction hereunder. 

                

        

        

        
          	
                  (j)

                	
                  Affiliate.“Affiliate”
                    shall have the meaning assigned thereto in Section 14; provided,
                    however,
                    that Party B shall be deemed to have no Affiliates for purposes
                    of this
                    Agreement, including for purposes of Section
                    6(b)(ii).

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

             

            

          

        

        Part
          5.  Others
          Provisions.

        

        
          	
                  (a)

                	
                  Definitions.
                    Unless
                    otherwise specified in a Confirmation, this Agreement and each
                    Transaction
                    under this Agreement are subject to the 2000 ISDA Definitions
                    as published
                    and copyrighted in 2000 by the International Swaps and Derivatives
                    Association, Inc. (the “Definitions”),
                    and will be governed in all relevant respects by the provisions
                    set forth
                    in the Definitions, without regard to any amendment to the Definitions
                    subsequent to the date hereof. The provisions of the Definitions
                    are
                    hereby incorporated by reference in and shall be deemed a part
                    of this
                    Agreement, except that (i) references in the Definitions to a
“Swap
                    Transaction” shall be deemed references to a “Transaction” for purposes of
                    this Agreement, and (ii) references to a “Transaction” in this Agreement
                    shall be deemed references to a “Swap Transaction” for purposes of the
                    Definitions. Each term capitalized but not defined in this Agreement
                    shall
                    have the meaning assigned thereto in the Pooling and Servicing
                    Agreement.

                

        

         

        (b)         Amendments
          to ISDA Master Agreement.

        

        
          	 	
                  (i)

                	
                  Single
                    Agreement.
                    Section 1(c) is hereby amended by the adding the words “including, for the
                    avoidance of doubt, the Credit Support Annex” after the words “Master
                    Agreement”. 

                

        

        

        (ii)        
           Conditions
          Precedent. Section
          2(a)(iii) is hereby amended by adding the following at the end thereof:
          

        

        Notwithstanding
          anything to the contrary in Section 2(a)(iii)(1), if an Event of Default
          with
          respect to Party B or Potential Event of Default with respect to Party
          B has
          occurred and been continuing for more than 30 Local Business Days and no
          Early
          Termination Date in respect of the Affected Transactions has occurred or
          been
          effectively designated by Party A, the obligations of Party A under Section
          2(a)(i) shall cease to be subject to the condition precedent set forth
          in
          Section 2(a)(iii)(1) with respect to such specific occurrence of such Event
          of
          Default or such Potential Event of Default (the “Specific
          Event”);
          provided, however, for the avoidance of doubt, the obligations of Party
          A under
          Section 2(a)(i) shall be subject to the condition precedent set forth in
          Section
          2(a)(iii)(1) (subject to the foregoing) with respect to any subsequent
          occurrence of the same Event of Default with respect to Party B or Potential
          Event of Default with respect to Party B after the Specific Event has ceased
          to
          be continuing and with respect to any occurrence of any other Event of
          Default
          with respect to Party B or Potential Event of Default with respect to Party
          B
          that occurs subsequent to the Specific Event. 

        

        
          	 	
                  (iii)

                	
                  Change
                    of Account.
                    Section 2(b) is hereby amended by the addition of the following
                    after the
                    word “delivery” in the first line
                    thereof:

                

        

         

        “to
          another account in the same legal and tax jurisdiction as the original
          account”.

        

        
          	 	
                  (iv)

                	
                  Representations.
                    Section 3 is hereby amended by adding at the end thereof the
                    following
                    subsection (g): 

                

        

        

        
          	 	
                  “(g)

                	
                  Relationship
                    Between Parties. 

                

        

        

        
          	 	
                  (1)

                	
                  Non-Reliance.
                    It is not relying on any communication (written or oral) of the
                    other
                    party as investment advice or as a recommendation to enter into
                    that
                    Transaction, it being understood that information and explanations
                    related
                    to the terms and conditions of a Transaction will not be considered
                    investment advice or a recommendation to enter into that Transaction.
                    No
                    communication (written or oral) received from the other party
                    will be
                    deemed to be an assurance or guarantee as to the expected results
                    of that
                    Transaction.

                

        

         

        
          	 	
                  (2)

                	
                  Assessment
                    and Understanding. It is capable of assessing the merits of and
                    understanding (on its own behalf or through independent professional
                    advice), and understands and accepts, the terms, conditions and
                    risks of
                    that Transaction. It is also capable of assuming, and assumes,
                    the risks
                    of that Transaction. 

                

        

        

        
          	 	
                  (3)

                	
                  Purpose.
                    It is entering into the Transaction for the purposes of managing
                    its
                    borrowings or investments, hedging its underlying assets or liabilities
                    or
                    in connection with a line of business.

                

        

        

        
          	 	
                  (4)

                	
                  Status
                    of Parties. The other party is not acting as fiduciary for or
                    advisor to
                    it in respect of the Transaction. 

                

        

        

        
          	 	
                  (5)

                	
                  Eligible
                    Contract Participant. It is an “eligible contract participant” as defined
                    in Section 1(a)(12) of the Commodity Exchange Act, as
                    amended.”

                

        

        

        
          	 	
                  (v)

                	
                  Reserved.

                

        

        

        
          	 	
                  (vi)

                	
                  Jurisdiction.
                    Section
                    13(b) is hereby amended by: (i) deleting in the second line of
                    subparagraph (i) thereof the word "non-", (ii) deleting “; and” from the
                    end of subparagraph (i) and inserting “.” in lieu thereof, and (iii)
                    deleting the final paragraph
                    thereof.

                

        

        

        
          	 	
                  (vii)

                	
                  Local
                    Business Day.
                    The definition of Local Business Day in Section 14 is hereby
                    amended by
                    the addition of the words “or any Credit Support Document” after “Section
                    2(a)(i)” and the addition of the words “or Credit Support Document” after
                    “Confirmation”. 

                

        

        

        
          	
                  (c)

                	
                  Additional
                    Termination Events.
                    The following Additional Termination Events will
                    apply:

                

        

        

        
          	(i)   
                         	
                  First
                    Rating Trigger Collateral.
                    If
                    (A) it is not the case that a Moody’s Second Trigger Ratings Event has
                    occurred and been continuing for 30 or more Local Business Days
                    and (B)
                    Party
                    A has failed to comply with or perform any obligation to be complied
                    with
                    or performed by Party A in accordance with the Credit Support
                    Annex, then
                    an Additional Termination Event shall have occurred with respect
                    to Party
                    A and Party A shall be the sole Affected Party with respect to
                    such
                    Additional Termination Event. 

                

        

        

        
          	(ii)        
                    	
                  Second
                    Rating Trigger Replacement.
                    If
                    (A) a Required Ratings Downgrade Event has occurred and been
                    continuing
                    for 30 or more Local Business Days and (B) (i) at least one Eligible
                    Replacement has made a Firm Offer to be the transferee of all
                    of Party A’s
                    rights and obligations under this Agreement (and such Firm Offer
                    remains
                    an offer that will become legally binding upon such Eligible
                    Replacement
                    upon acceptance by the offeree) and/or (ii) an Eligible Guarantor
                    has made
                    a Firm Offer to provide an Eligible Guarantee (and such Firm
                    Offer remains
                    an offer that will become legally binding upon such Eligible
                    Guarantor
                    immediately upon acceptance by the offeree), then an Additional
                    Termination Event shall have occurred with respect to Party A
                    and Party A
                    shall be the sole Affected Party with respect to such Additional
                    Termination Event. 

                

        

        

        
          	 	
                  (iii)

                	
                  Amendment
                    of Pooling and Servicing Agreement.
                    If, without the prior written consent of Party A where such consent
                    is
                    required under the Pooling and Servicing Agreement (such consent
                    not to be
                    unreasonably withheld), an amendment is made to the Pooling and
                    Servicing
                    Agreement which amendment could reasonably be expected to have
                    a material
                    adverse effect on the interests of Party A (excluding, for the
                    avoidance
                    of doubt, any amendment to the Pooling and Servicing Agreement
                    that is
                    entered into solely for the purpose of appointing a successor
                    servicer,
                    master servicer, securities administrator, trustee or other service
                    provider) under this Agreement, an Additional Termination Event
                    shall have
                    occurred with respect to Party B and Party B shall be the sole
                    Affected
                    Party with respect to such Additional Termination Event.
                    

                

        

        

        
          	 	
                  (iv)

                	
                  Optional
                    Termination of Securitization.
                    An
                    Additional Termination Event shall occur upon the notice to
                    Certificateholders of an Optional Termination becoming unrescindable
                    in
                    accordance with Article IX of the Pooling and Servicing Agreement
                    (such
                    notice, the “Optional
                    Termination Notice”).
                    With respect to such Additional Termination Event: (A) Party
                    B shall be
                    the sole Affected Party; (B) notwithstanding anything to the
                    contrary in
                    Section 6(b)(iv) or Section 6(c)(i), the final Distribution Date
                    specified
                    in the Optional Termination Notice is hereby designated as the
                    Early
                    Termination Date for this Additional Termination Event in respect
                    of all
                    Affected Transactions; (C) Section 2(a)(iii)(2) shall not be
                    applicable to
                    any Affected Transaction in connection with the Early Termination
                    Date
                    resulting from this Additional Termination Event; notwithstanding
                    anything
                    to the contrary in Section 6(c)(ii), payments and deliveries
                    under Section
                    2(a)(i) or Section 2(e) in respect of the Terminated Transactions
                    resulting from this Additional Termination Event will be required
                    to be
                    made through and including the Early Termination Date designated
                    as a
                    result of this Additional Termination Event; provided, for the
                    avoidance
                    of doubt, that any such payments or deliveries that are made
                    on or prior
                    to such Early Termination Date will not be treated as Unpaid
                    Amounts in
                    determining the amount payable in respect of such Early Termination
                    Date;
                    (D) notwithstanding anything to the contrary in Section 6(d)(i),
                    (I) if,
                    no later than 4:00 pm New York City time on the day that is four
                    Business
                    Days prior to the final Distribution Date specified in the Optional
                    Termination Notice, the Trustee requests the amount of the Estimated
                    Swap
                    Termination Payment, Party A shall provide to the Trustee in
                    writing
                    (which may be done in electronic format) the amount of the Estimated
                    Swap
                    Termination Payment no later than 2:00 pm New York City time
                    on the
                    following Business Day and (II) if the Trustee provides written
                    notice
                    (which may be done in electronic format) to Party A no later
                    than two
                    Business Days prior to the final Distribution Date specified
                    in the
                    Optional Termination Notice that all requirements of the Optional
                    Termination have been met, then Party A shall, no later than
                    one Business
                    Day prior to the final Distribution Date specified in the Optional
                    Termination Notice, make the calculations contemplated by Section
                    6(e) of
                    the ISDA Master Agreement (as amended herein) and provide to
                    the Trustee
                    in writing (which may be done in electronic format) the amount
                    payable by
                    either Party B or Party A in respect of the related Early Termination
                    Date
                    in connection with this Additional Termination Event; provided,
                    however,
                    that the amount payable by Party B, if any, in respect of the
                    related
                    Early Termination Date shall be the lesser of (x) the amount
                    calculated to
                    be due from Party B pursuant to Section 6(e) and (y) the Estimated
                    Swap
                    Termination Payment; and (E) notwithstanding anything to the
                    contrary in
                    this Agreement, any amount due from Party B to Party A in respect
                    of this
                    Additional Termination Event will be payable on the final Distribution
                    Date specified in the Optional Termination Notice and any amount
                    due from
                    Party A to Party B in respect of this Additional Termination
                    Event will be
                    payable one Business Day prior to the final Distribution Date
                    specified in
                    the Optional Termination Notice.

                

        

        

        The
          Securities Administrator shall be an express third party beneficiary of
          this
          Agreement as if a party hereto to the extent of the Securities Administrator’s
          rights specified herein. 

        

        
          	
                  (d)

                	
                  Required
                    Ratings Downgrade Event.
                    In
                    the event that no Relevant Entity has credit ratings at least
                    equal to the
                    Required Ratings Threshold, then Party A shall, as soon as reasonably
                    practicable and so long as a Required Ratings Downgrade Event
                    is in
                    effect, at its own expense, use commercially reasonable efforts
                    to procure
                    either (A) a Permitted Transfer or (B) an Eligible
                    Guarantee.

                

        

        

        
          	
                  (e)
                    

                	
                  Item
                    1115 Agreement.
                    Party A and Party B hereby agree that the terms of the Item 1115
                    Agreement, dated as of March 30, 2007, (the “Item
                    1115 Agreement”),
                    among Credit-Based Asset Servicing and Securitization LLC (“Sponsor”),
                    Citigroup Mortgage Loan Trust Inc. (“Depositor”) and Barclays Bank PLC
                    (the “Derivative Provider”) shall be incorporated by reference into this
                    Agreement and Party B shall be an express third party beneficiary
                    of the
                    Item 1115 Agreement. A copy of the Item 1115 Agreement is annexed
                    hereto
                    at Annex B. 

                

        

        

        
          	
                  (f)

                	
                  Transfers. 

                

        

         

        (i)           
           Section
          7
          is hereby amended to read in its entirety as follows:

         

        “Except
          with respect to any Permitted Transfer pursuant to Section 6(b)(ii), Part
          5(d),
          the Item 1115 Agreement, or the succeeding sentence, neither Party A nor
          Party B
          is permitted to assign, novate or transfer (whether by way of security
          or
          otherwise) as a whole or in part any of its rights, obligations or interests
          under the Agreement or any Transaction unless (a) the prior written consent
          of
          the other party is obtained (such consent not to be unreasonably withheld),
          and
          (b) the Rating Agency Condition has been satisfied with respect to S&P,
          Fitch and DBRS, except that:

         

        
          	(a)          	
                  a
                    party may make such a transfer of this Agreement pursuant to
                    a
                    consolidation or amalgamation with, or merger with or into, or
                    transfer of
                    all or substantially all its assets to, another entity (but without
                    prejudice to any other right or remedy under this Agreement);
                    and

                

        

         

        
          	(b)          	
                  a
                    party may make such a transfer of all or any part of its interest
                    in any
                    amount payable to it from a Defaulting Party under Section
                    6(e).

                

        

         

        At
          any
          time at which no Relevant Entity has credit ratings at least equal to the
          Approved Ratings Threshold, Party A may make a Permitted Transfer.”

         

        
          	 	
                  (ii)

                	
                  If
                    an Eligible Replacement has made a Firm Offer (which remains
                    an offer that
                    will become legally binding upon acceptance by Party B) to be
                    the
                    transferee pursuant to a Permitted Transfer, Party B shall, at
                    Party A’s
                    written request and at Party A’s expense, take any reasonable steps
                    required to be taken by Party B to effect such transfer.
                    

                

        

         

        
          	
                  (g)

                	
                  Non-Recourse.
                    Party A acknowledges and agree that, notwithstanding any provision
                    in this
                    Agreement to the contrary, the obligations of Party B hereunder
                    are
                    limited recourse obligations of Party B, payable solely from
                    the
                    Supplemental Interest Trust and the proceeds thereof, in accordance
                    with
                    the priority of payments and other terms of the Pooling and Servicing
                    Agreement and that Party A will not have any recourse to any
                    of the
                    directors, officers, employees, shareholders or affiliates of
                    the Party B
                    with respect to any claims, losses, damages, liabilities, indemnities
                    or
                    other obligations in connection with any transactions contemplated
                    hereby.
                    In the event that the Supplemental Interest Trust and the proceeds
                    thereof, should be insufficient to satisfy all claims outstanding
                    and
                    following the realization of the account held by the Supplemental
                    Interest
                    Trust and the proceeds thereof, any claims against or obligations
                    of Party
                    B under the ISDA Master Agreement or any other confirmation thereunder
                    still outstanding shall be extinguished and thereafter not revive.
                    The
                    Supplemental Interest Trust Trustee shall not have liability
                    for any
                    failure or delay in making a payment hereunder to Party A due
                    to any
                    failure or delay in receiving amounts in the account held by
                    the
                    Supplemental Interest Trust from the Trust created pursuant to
                    the Pooling
                    and Servicing Agreement. This provision will survive the termination
                    of
                    this Agreement.

                

        

        

        
          	
                  (h)

                	
                  Timing
                    of Payments by Party B upon Early Termination.
                    Notwithstanding anything to the contrary in Section 6(d)(ii),
                    to the
                    extent that all or a portion (in either case, the “Unfunded
                    Amount”)
                    of any amount that is calculated as being due in respect of any
                    Early
                    Termination Date under Section 6(e) from Party B to Party A will
                    be paid
                    by Party B from amounts other than any upfront payment paid to
                    Party B by
                    an Eligible Replacement that has entered a Replacement Transaction
                    with
                    Party B, then such Unfunded Amount shall be due on the next subsequent
                    Distribution Date following the date on which the payment would
                    have been
                    payable as determined in accordance with Section 6(d)(ii), and
                    on any
                    subsequent Distribution Dates until paid in full (or if such
                    Early
                    Termination Date is the final Distribution Date, on such final
                    Distribution Date); provided, however, that if the date on which
                    the
                    payment would have been payable as determined in accordance with
                    Section
                    6(d)(ii) is a Distribution Date, such payment will be payable
                    on such
                    Distribution Date. For the avoidance of doubt, interest on any
                    payment due
                    in respect of an Early Termination Date under Section 6(e) will
                    in all
                    events accrue interest from (and including) such Early Termination
                    Date to
                    (but excluding) the date on which the relevant payment is
                    made.

                

        

        

        
          	
                  (i)

                	
                  Rating
                    Agency Notifications. Notwithstanding
                    any other provision of this Agreement, no Early Termination Date
                    shall be
                    effectively designated hereunder by Party B and no transfer of
                    any rights
                    or obligations under this Agreement shall be made by either party
                    unless
                    each Swap Rating Agency has been given prior written notice of
                    such
                    designation or transfer. 

                

        

        

        
          	
                  (j)

                	
                  No
                    Set-off.
                    Except as expressly provided for in Section 2(c), Section 6 or
                    Part
                    1(f)(i)(D) hereof, and notwithstanding any other provision of
                    this
                    Agreement or any other existing or future agreement, each party
                    irrevocably waives any and all rights it may have to set off,
                    net, recoup
                    or otherwise withhold or suspend or condition payment or performance
                    of
                    any obligation between it and the other party hereunder against
                    any
                    obligation between it and the other party under any other agreements.
                    Section 6(e) shall be amended by deleting the following sentence:
“The
                    amount, if any, payable in respect of an Early Termination Date
                    and
                    determined pursuant to this Section will be subject to any
                    Set-off.”.

                

        

         

        
          	
                  (k)

                	
                  Amendment.
                    Notwithstanding any provision to the contrary in this Agreement,
                    no
                    amendment of either this Agreement or any Transaction under this
                    Agreement
                    shall be permitted by either party unless each of the Swap Rating
                    Agencies
                    has been provided prior written notice of the same and such amendment
                    satisfies the Rating Agency Condition with respect to S&P, Fitch and
                    DBRS. 

                

        

        

        
          	
                  (l)

                	
                  Notice
                    of Certain Events or Circumstances.
                    Each Party agrees, upon learning of the occurrence or existence
                    of any
                    event or condition that constitutes (or that with the giving
                    of notice or
                    passage of time or both would constitute) an Event of Default
                    or
                    Termination Event with respect to such party, promptly to give
                    the other
                    Party and to each Swap Rating Agency notice of such event or
                    condition;
                    provided that failure to provide notice of such event or condition
                    pursuant to this Part 5(l) shall not constitute an Event of Default
                    or a
                    Termination Event.

                

        

         

        (m)         Proceedings.
          No
          Relevant Entity shall institute against, or cause any other person to institute
          against, or join any other person in instituting against Party B, the
          Supplemental Interest Trust, or the trust formed pursuant to the Pooling
          and
          Servicing Agreement, in any bankruptcy, reorganization, arrangement, insolvency
          or liquidation proceedings or other proceedings under any federal or state
          bankruptcy or similar law for a period of one year (or, if longer, the
          applicable preference period) and one day following payment in full of
          the
          Certificates and any Notes; provided, however, that nothing will preclude,
          or be
          deemed to stop, Party A (i) from taking any action prior to the expiration
          of
          the aforementioned one year and one day period, or if longer the applicable
          preference period then in effect, in (A) any case or proceeding voluntarily
          filed or commenced by Party B or (B) any involuntary insolvency proceeding
          commenced by a Person other than Party A, or (ii) from commencing against
          Party
          B or any of the Collateral any legal action which is not a bankruptcy,
          reorganization, arrangement, insolvency, moratorium, liquidation or similar
          proceeding. This provision will survive the termination of this
          Agreement. 

        

        
          	
                  (n)

                	
                  Supplemental
                    Interest Trust Trustee Liability Limitations.
                    It
                    is expressly understood and agreed by the parties hereto that
                    (a) this
                    Agreement is executed by U.S. Bank National Association (“U.S. Bank”) not
                    in its individual capacity, but solely as Supplemental Interest
                    Trust
                    Trustee on behalf of the Supplemental Interest Trust in the exercise
                    of
                    the powers and authority conferred and invested in it under the
                    Pooling
                    and Servicing Agreement; (b) U.S. Bank has been directed pursuant
                    to the
                    Pooling and Servicing Agreement to enter into this Agreement
                    and to
                    perform its obligations hereunder; (c) each of the representations,
                    undertakings and agreements herein made on behalf of the Supplemental
                    Interest Trust or on the part of Party B is made and intended
                    not as
                    personal representations of U.S. Bank but is made and intended
                    for the
                    purpose of binding only the Supplemental Interest Trust; and
                    (d) under no
                    circumstances shall U.S.
                    Bank in its individual capacity be personally liable for any
                    payments
                    hereunder or for the breach or failure of any obligation, representation,
                    warranty or covenant made or undertaken under this Agreement,
                    as to all of
                    which recourse shall be had solely to the assets of the Supplemental
                    Interest Trust in accordance with the terms of the Pooling and
                    Servicing
                    Agreement.

                

        

        

        
          	
                  (o)

                	
                  Severability.
                    If
                    any term, provision, covenant, or condition of this Agreement,
                    or the
                    application thereof to any party or circumstance, shall be held
                    to be
                    invalid or unenforceable (in whole or in part) in any respect,
                    the
                    remaining terms, provisions, covenants, and conditions hereof
                    shall
                    continue in full force and effect as if this Agreement had been
                    executed
                    with the invalid or unenforceable portion eliminated, so long
                    as this
                    Agreement as so modified continues to express, without material
                    change,
                    the original intentions of the parties as to the subject matter
                    of this
                    Agreement and the deletion of such portion of this Agreement
                    will not
                    substantially impair the respective benefits or expectations
                    of the
                    parties; provided, however, that this severability provision
                    shall not be
                    applicable if any provision of Section 2, 5, 6, or 13 (or any
                    definition
                    or provision in Section 14 to the extent it relates to, or is
                    used in or
                    in connection with any such Section) shall be so held to be invalid
                    or
                    unenforceable. 

                

        

        

        The
          parties shall endeavor to engage in good faith negotiations to replace
          any
          invalid or unenforceable term, provision, covenant or condition with a
          valid or
          enforceable term, provision, covenant or condition, the economic effect
          of which
          comes as close as possible to that of the invalid or unenforceable term,
          provision, covenant or condition. 

        

        
          	
                  (p)

                	
                  Agent
                    for Party B. Party
                    A acknowledges that Party B has appointed the Supplemental Interest
                    Trust
                    Trustee as its agent under the Pooling and Servicing Agreement
                    to carry
                    out certain functions on behalf of Party B, and that the Supplemental
                    Interest Trust Trustee shall be entitled to give notices and
                    to perform
                    and satisfy the obligations of Party B hereunder on behalf of
                    Party
                    B.

                

        

         

        
          	
                  (q)

                	
                  Escrow
                    Payments.
                    If
                    (whether by reason of the time difference between the cities
                    in which
                    payments are to be made or otherwise) it is not possible for
                    simultaneous
                    payments to be made on any date on which both parties are required
                    to make
                    payments hereunder, either Party may at its option and in its
                    sole
                    discretion notify the other Party that payments on that date
                    are to be
                    made in escrow. In this case deposit of the payment due earlier
                    on that
                    date shall be made by 2:00 pm (local time at the place for the
                    earlier
                    payment) on that date with an escrow agent selected by the notifying
                    party, accompanied by irrevocable payment instructions (i) to
                    release the
                    deposited payment to the intended recipient upon receipt by the
                    escrow
                    agent of the required deposit of any corresponding payment payable
                    by the
                    other party on the same date accompanied by irrevocable payment
                    instructions to the same effect or (ii) if the required deposit
                    of the
                    corresponding payment is not made on that same date, to return
                    the payment
                    deposited to the party that paid it into escrow. The party that
                    elects to
                    have payments made in escrow shall pay all costs of the escrow
                    arrangements.

                

        

         

        
          	
                  (r)

                	
                  Consent
                    to Recording.
                    Each party hereto consents to the monitoring or recording, at
                    any time and
                    from time to time, by the other party of any and all communications
                    between trading, marketing, and operations personnel of the parties
                    and
                    their Affiliates, waives any further notice of such monitoring
                    or
                    recording, and agrees to notify such personnel of such monitoring
                    or
                    recording. 

                

        

        

        
          	
                  (s)

                	
                  Waiver
                    of Jury Trial.
                    Each party waives any right it may have to a trial by jury in
                    respect of
                    any in respect of any suit, action or proceeding relating to
                    this
                    Agreement or any Credit Support Document.

                

        

        

        
          	
                  (t)

                	
                  Form
                    of ISDA Master Agreement. Party
                    A and Party B hereby agree that the text of the body of the ISDA
                    Master
                    Agreement is intended to be the printed form of the ISDA Master
                    Agreement
                    (Multicurrency - Crossborder) as published and copyrighted in
                    1992 by the
                    International Swaps and Derivatives Association,
                    Inc.

                

        

        

        
          	
                  (u)

                	
                  Payment
                    Instructions.
                    Party A hereby agrees that, unless notified in writing by Party
                    B of other
                    payment instructions, any and all amounts payable by Party A
                    to Party B
                    under this Agreement shall be paid to the account specified in
                    Item 4 of
                    this Confirmation, below. 

                

        

        

        
          	
                  (v)

                	
                  Additional
                    representations.

                

        

        

          
          Party A represents to Party B on the date on which Party A enters into
          each
          Transaction this Agreement that it is entering into the Agreement and the
          Transaction as principal and not as agent of any person. Party B represents
          to
          Party A on the date on which Party B enters into each Transaction this
          Agreement
          that it is entering into the Agreement and the Transaction not in its individual
          capacity but solely as Supplemental Interest Trust Trustee on behalf of
          the
          Supplemental Interest Trust.

         

        
          	
                  (w)

                	
                  Acknowledgements.

                

        

        

        
          	 	
                  (i)

                	
                  Substantial
                    financial transactions.
                    Each party hereto is hereby advised and acknowledges as of the
                    date hereof
                    that the other party has engaged in (or refrained from engaging
                    in)
                    substantial financial transactions and has taken (or refrained
                    from
                    taking) other material actions in reliance upon the entry by
                    the parties
                    into the Transaction being entered into on the terms and conditions
                    set
                    forth herein and in the Pooling and Servicing Agreement relating
                    to such
                    Transaction, as applicable. This paragraph shall be deemed repeated
                    on the
                    trade date of each Transaction.

                

        

         

        
          	 	
                  (ii)

                	
                  Bankruptcy
                    Code.
                    Subject to Part 5(m), without limiting the applicability if any,
                    of any
                    other provision of the U.S. Bankruptcy Code as amended (the “Bankruptcy
                    Code”) (including without limitation Sections 362, 546, 556, and 560
                    thereof and the applicable definitions in Section 101 thereof),
                    the
                    parties acknowledge and agree that all Transactions entered into
                    hereunder
                    will constitute “forward contracts” or “swap agreements” as defined in
                    Section 101 of the Bankruptcy Code or “commodity contracts” as defined in
                    Section 761 of the Bankruptcy Code, that the rights of the parties
                    under
                    Section 6 of this Agreement will constitute contractual rights
                    to
                    liquidate Transactions, that any margin or collateral provided
                    under any
                    margin, collateral, security, pledge, or similar agreement related
                    hereto
                    will constitute a “margin payment” as defined in Section 101 of the
                    Bankruptcy Code, and that the parties are entities entitled to
                    the rights
                    under, and protections afforded by, Sections 362, 546, 556, and
                    560 of the
                    Bankruptcy Code.

                

        

         

        (x)        
           Additional
          Definitions. 

         

        As
          used
          in this Agreement, the following terms shall have the meanings set forth
          below,
          unless the context clearly requires otherwise: 

         

        “Approved
          Ratings Threshold”
          means
          each of the S&P Approved Ratings Threshold, the Moody’s First Trigger
          Ratings Threshold, the Fitch Approved Ratings Threshold and the DBRS Approved
          Ratings Threshold.

        

        “Approved
          Replacement” means,
          with respect to a Market Quotation, an entity making such Market Quotation,
          which entity would satisfy conditions (a), (b), (c) and (d) of the definition
          of
          Permitted Transfer (as determined by Party B in its sole discretion, acting
          in a
          commercially reasonable manner) if such entity were a Transferee, as defined
          in
          the definition of Permitted Transfer.

        

        “DBRS”
          means
          Dominion Bond Rating Service, or any successor thereto. 

        

        “DBRS
          Approved Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee, or
          an
          Eligible Replacement, a long-term unsecured and unsubordinated debt rating
          from
          DBRS of “AA(low)” and a short-term unsecured and unsubordinated debt rating from
          DBRS of “R-1(middle)”.

        

        “DBRS
          Required Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a
          long-term unsecured and unsubordinated debt rating from DBRS of
“BBB”.

        

        “Derivative
          Provider Trigger Event”
          means
          (i) an Event of Default with respect to which Party A is a Defaulting Party,
          (ii) a Termination Event with respect to which Party A is the sole Affected
          Party or (iii) an Additional Termination Event with respect to which Party
          A is
          the sole Affected Party.

        

        “Eligible
          Guarantee”
          means an
          unconditional and irrevocable guarantee of all present and future obligations
          (for the avoidance of doubt, not limited to payment obligations) of Party
          A (or
          an Eligible Replacement) to Party B under this Agreement that is provided
          by an
          Eligible Guarantor as principal debtor rather than surety and that is directly
          enforceable by Party B, the form and substance of which guarantee are subject
          to
          the Rating Agency Condition with respect to S&P, Fitch and DBRS, and either
          (A) a law firm has given a legal opinion confirming that none of the guarantor’s
          payments to Party B under such guarantee will be subject to Tax
          collected by withholding or
          (B)
          such guarantee provides that, in the event that any of such guarantor’s payments
          to Party B are subject to Tax collected by withholding, such guarantor
          is
          required to pay such additional amount as is necessary to ensure that the
          net
          amount actually received by Party B (free and clear of any Tax collected
          by
          withholding) will equal the full amount Party B would have received had
          no such
          withholding been required.

        

        “Eligible
          Guarantor” means
          an
          entity that (A) has credit ratings from S&P, Fitch and DBRS at least equal
          to the S&P/Fitch/DBRS Approved Ratings Threshold and (B) has credit ratings
          from Moody’s at least equal to the Moody’s Second Trigger Ratings Threshold,
          provided, for the avoidance of doubt, that an Eligible Guarantee of an
          Eligible
          Guarantor with credit ratings below the Moody’s First Trigger Ratings Threshold
          will not cause a Collateral Event (as defined in the Credit Support Annex)
          not
          to occur or continue with respect to Moody’s. 

        

        “Eligible
          Replacement”
          means an
          entity (A) (i) (a) that has credit ratings from S&P, Fitch and DBRS at least
          equal to the S&P, Fitch and DBRS Approved Ratings Threshold, and (b) has
          credit ratings from Moody’s at least equal to the Moody’s Second Trigger Ratings
          Threshold, provided, for the avoidance of doubt, that an Eligible Replacement
          with credit ratings below the Moody’s First Trigger Ratings Threshold will not
          cause a Collateral Event (as defined in the Credit Support Annex) not to
          occur
          or continue with respect to Moody’s, or (ii) the present and future obligations
          (for the avoidance of doubt, not limited to payment obligations) of which
          entity
          to Party B under this Agreement are guaranteed pursuant to an Eligible
          Guarantee
          and (B) that has executed an Item 1115 Agreement with Depositor.

        

        “Estimated
          Swap Termination Payment”
          means,
          with respect to an Early Termination Date, an amount determined by Party
          A in
          good faith and in a commercially reasonable manner as the maximum payment
          that
          could be owed by Party B to Party A in respect of such Early Termination
          Date
          pursuant to Section 6(e) of the ISDA Master Agreement, taking into account
          then
          current market conditions.

        

        “Firm
          Offer”
          means
          (A) with respect to an Eligible Replacement, a quotation from such Eligible
          Replacement (i) in an amount equal to the actual amount payable by or to
          Party B
          in consideration of an agreement between Party B and such Eligible Replacement
          to replace Party A as the counterparty to this Agreement by way of novation
          or,
          if such novation is not possible, an agreement between Party B and such
          Eligible
          Replacement to enter into a Replacement Transaction (assuming that all
          Transactions hereunder become Terminated Transactions), and (ii) that
          constitutes an offer by such Eligible Replacement to replace Party A as
          the
          counterparty to this Agreement or enter a Replacement Transaction that
          will
          become legally binding upon such Eligible Replacement upon acceptance by
          Party
          B, and (B) with respect to an Eligible Guarantor, an offer by such Eligible
          Guarantor to provide an Eligible Guarantee that will become legally binding
          upon
          such Eligible Guarantor upon acceptance by the offeree.

        

        “Fitch”
          means
          Fitch Ratings Ltd., or any successor thereto. 

        

        “Fitch
          Approved Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a long-term unsecured and unsubordinated debt rating
          from
          Fitch of “A” and a short-term unsecured and unsubordinated debt rating from
          Fitch of “F1”.

        

        “Fitch
          Required Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a long-term unsecured and unsubordinated debt rating
          from
          Fitch of “BBB-”.

        

        “Moody’s”
          means
          Moody’s Investors Service, Inc., or any successor thereto. 

        

        “Moody’s
          First Trigger Ratings Event”
          means
          that no Relevant Entity has credit ratings from Moody’s at least equal to the
          Moody’s First Trigger Ratings Threshold.

        

        “Moody’s
          First Trigger Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, (i) if such entity has a short-term unsecured and
          unsubordinated debt rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
          short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”,
          or (ii) if such entity does not have a short-term unsecured and unsubordinated
          debt rating or counterparty rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of
“A1”.

        

        “Moody’s
          Second Trigger Ratings Event”
          means
          that no Relevant Entity has credit ratings from Moody’s at least equal to the
          Moody’s Second Trigger Ratings Threshold. 

        

        “Moody’s
          Second Trigger Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, (i) if such entity has a short-term unsecured and
          unsubordinated debt rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a
          short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”,
          or (ii) if such entity does not have a short-term unsecured and unsubordinated
          debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating
          or counterparty rating from Moody’s of “A3”.

        

        “Permitted
          Transfer” means
          a
          transfer by novation by Party A pursuant to Section 6(b)(ii), Part 5(d),
          the
          Item 1115 Agreement, or the second sentence of Section 7 (as amended herein)
          to
          a transferee (the “Transferee”)
          of all,
          but not less than all, of Party A’s rights, liabilities, duties and obligations
          under this Agreement, with
          respect to which transfer each of the following conditions is
          satisfied:
          (a) the
          Transferee is an Eligible Replacement; (b) Party A and the Transferee are
          both
“dealers in notional principal contracts” within the meaning of Treasury
          regulations section 1.1001-4; (c) as of the date of such transfer the Transferee
          would not be required to withhold or deduct on account of Tax from any
          payments
          under this Agreement or would be required to gross up for such Tax under
          Section
          2(d)(i)(4); (d) an Event of Default or Termination Event would not occur
          as a
          result of such transfer; (e) pursuant to a written instrument (the “Transfer
          Agreement”),
          the
          Transferee acquires and assumes all rights and obligations of Party A under
          the
          Agreement and the relevant Transaction; (f) Party B shall have determined,
          in
          its sole discretion, acting in a commercially reasonable manner, that such
          Transfer Agreement is effective to transfer to the Transferee all, but
          not less
          than all, of Party A’s rights and obligations under the Agreement and all
          relevant Transactions; (g) Party A will be responsible for any costs or
          expenses
          incurred in connection with such transfer (including any replacement cost
          of
          entering into a replacement transaction); (h) either (A) Moody’s has been given
          prior written notice of such transfer and the Rating Agency Condition is
          satisfied with respect to S&P, Fitch and DBRS or (B) each Swap Rating Agency
          has been given prior written notice of such transfer and such transfer
          is in
          connection with the assignment and assumption of this Agreement without
          modification of its terms, other than party names, dates relevant to the
          effective date of such transfer, tax representations (provided that the
          representations in Part 2(a)(i) are not modified) and any other representations
          regarding the status of the substitute counterparty of the type included
          in Part
          5(b)(iv) or Part 5(v), notice information and account details; and such
          transfer
          otherwise complies with the terms of the Pooling and Servicing
          Agreement.

         

        “Rating
          Agency Condition”
          means,
          with respect to any particular proposed act or omission to act hereunder
          and
          each Swap Rating Agency specified in connection with such proposed act
          or
          omission, that the party acting or failing to act must consult with each
          of the
          specified Swap Rating Agencies and receive from each such Swap Rating Agency
          a
          prior written confirmation that the proposed action or inaction would not
          cause
          a downgrade or withdrawal of the then-current rating of any Certificates
          or
          Notes.

        

        “Relevant
          Entity” means
          Party A and, to the extent applicable, a guarantor under an Eligible
          Guarantee.

        

        “Replacement
          Transaction”
          means,
          with respect to any Terminated Transaction or group of Terminated Transactions,
          a transaction or group of transactions that (i) would have the effect of
          preserving for Party B the economic equivalent of any payment or delivery
          (whether the underlying obligation was absolute or contingent and assuming
          the
          satisfaction of each applicable condition precedent) by the parties under
          Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated
          Transactions that would, but for the occurrence of the relevant Early
          Termination Date, have been required after that Date, and (ii) has terms
          which
          are substantially the same as this Agreement, including, without limitation,
          rating triggers, Regulation AB compliance, and credit support documentation,
          save for the exclusion of provisions relating to Transactions that are
          not
          Terminated Transaction, as determined by Party B in its sole discretion,
          acting
          in a commercially reasonable manner.

        

        “Required
          Ratings Downgrade Event”
          means
          that no Relevant Entity has credit ratings at least equal to the Required
          Ratings Threshold.

        

        “Required
          Ratings Threshold” means
          each of the S&P Required Ratings Threshold, the Moody’s Second Trigger
          Ratings Threshold, the Fitch Required Ratings Threshold and the DBRS Required
          Ratings Threshold.

        

        “S&P”
          means
          Standard & Poor's Rating Services, a division of The McGraw-Hill Companies,
          Inc., or any successor thereto. 

        

        “S&P
          Approved Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a short-term unsecured and unsubordinated debt rating
          from
          S&P of “A-1”, or, if such entity does not have a short-term unsecured and
          unsubordinated debt rating from S&P, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from S&P of
“A+”.

        

        “S&P
          Required Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a long-term unsecured and unsubordinated debt rating
          or
          counterparty rating from S&P of “BBB+”. 

        

        “Swap
          Rating Agencies”
          means,
          with respect to any date of determination, each of S&P, Moody’s, Fitch and
          DBRS, to the extent that each such rating agency is then providing a rating
          for
          any of the C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB2
          (the
“Certificates”) or any notes backed by the Certificates (the
“Notes”).

        

         

        [Remainder
          of this page intentionally left blank.]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

             

            

          

        

        4.         Account
          Details and Settlement Information:

        

        
          	 	
                  Payments
                    to Party A:

                	
                  Correspondent:
                    BARCLAYS BANK PLC NEW YORK

                
	 	 	
                  FEED:
                    026002574

                
	 	 	
                  Beneficiary:
                    BARCLAYS SWAPS

                
	 	 	
                  Beneficiary
                    Account: 050-01922-8

                
	 	 	 
	 	
                  Payments
                    to Party B:

                	
                  US
                    Bank N.A

                
	 	 	
                  ABA
                    091000022

                
	 	 	
                  DDA
                    173103322058

                
	 	 	
                  REF#
                    C-BASS 2007-CB3 Swap Acct 111955002

                
	 	 	
                  Attn:
                    Chris Wilkening 

                

        

         

        This
          Agreement may be executed in several counterparts, each of which shall
          be deemed
          an original but all of which together shall constitute one and the same
          instrument.

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

             

            

          

        

        

        The
          time
          of dealing will be confirmed by Party A upon written request. Barclays
          is
          regulated by the Financial Services Authority. Barclays is acting for its
          own
          account in respect of this Transaction.

        

        Please
          confirm that the foregoing correctly sets forth all the terms and conditions
          of
          our agreement with respect to the Transaction by responding within three
          (3)
          Business Days by promptly signing in the space provided below and both
          (i)
          faxing the signed copy to Incoming Transaction Documentation, Barclays
          Capital
          Global OTC Transaction Documentation & Management, Global Operations, Fax
          +(44) 20-7773-6810/6857, Tel +(44) 20-7773-6901/6904/6965, and (ii) mailing
          the
          signed copy to Barclays Bank PLC, 5 The North Colonnade, Canary Wharf,
          London
          E14 4BB, Attention of Incoming Transaction Documentation, Barclays Capital
          Global OTC Transaction Documentation & Management, Global Operation. Your
          failure to respond within such period shall not affect the validity or
          enforceability of the Transaction against you. This facsimile shall be
          the only
          documentation in respect of the Transaction and accordingly no hard copy
          versions of this Confirmation for this Transaction shall be provided unless
          Party B requests such a copy.

        

        

        
          	
                  For
                    and on behalf of: 

                  BARCLAYS
                    BANK PLC

                	 	
                  For
                    and on behalf of:

                  U.S.
                    Bank National Association, not in its individual capacity, but
                    solely as
                    Supplemental Interest Trust Trustee on behalf of the Supplemental
                    Interest
                    Trust with respect to the C-BASS Mortgage Loan Trust 2007-CB3,
                    C-BASS
                    Mortgage Loan Asset-Backed Certificates, Series
                    2007-CB3

                
	 	 	 
	 	 	 
	
                  Name:

                  Title:

                  Date:

                	 	
                  Name:

                  Title:

                  Date:

                

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

             

            

          

        

        

        SCHEDULE
          I

        (All
          such
          dates subject to No Adjustment with respect to Fixed Rate Payer Period
          End
          Dates

        and
          adjustment in accordance with the Following Business Day Convention with
          respect
          to Floating Rate Payer

        Period
          End Dates) 

        

        

        
          	
                  From
                    and including

                	
                  To
                    but excluding

                	
                  Notional
                    Amount (USD)

                
	
                  3/30/2007

                	
                  4/25/2007

                	
                  291,396.00

                	 
	
                  4/25/2007

                	
                  5/25/2007

                	
                  291,396.00

                	 
	
                  5/25/2007

                	
                  6/25/2007

                	
                  291,396.00

                	 
	
                  6/25/2007

                	
                  7/25/2007

                	
                  291,396.00

                	 
	
                  7/25/2007

                	
                  8/25/2007

                	
                  291,396.00

                	 
	
                  8/25/2007

                	
                  9/25/2007

                	
                  291,396.00

                	 
	
                  9/25/2007

                	
                  10/25/2007

                	
                  291,396.00

                	 
	
                  10/25/2007

                	
                  11/25/2007

                	
                  291,396.00

                	 
	
                  11/25/2007

                	
                  12/25/2007

                	
                  291,396.00

                	 
	
                  12/25/2007

                	
                  1/25/2008

                	
                  291,396.00

                	 
	
                  1/25/2008

                	
                  2/25/2008

                	
                  291,396.00

                	 
	
                  2/25/2008

                	
                  3/25/2008

                	
                  291,396.00

                	 
	
                  3/25/2008

                	
                  4/25/2008

                	
                  291,396.00

                	 
	
                  4/25/2008

                	
                  5/25/2008

                	
                  291,396.00

                	 
	
                  5/25/2008

                	
                  6/25/2008

                	
                  291,396.00

                	 
	
                  6/25/2008

                	
                  7/25/2008

                	
                  291,396.00

                	 
	
                  7/25/2008

                	
                  8/25/2008

                	
                  291,396.00

                	 
	
                  8/25/2008

                	
                  9/25/2008

                	
                  291,396.00

                	 
	
                  9/25/2008

                	
                  10/25/2008

                	
                  291,396.00

                	 
	
                  10/25/2008

                	
                  11/25/2008

                	
                  291,396.00

                	 
	
                  11/25/2008

                	
                  12/25/2008

                	
                  291,396.00

                	 
	
                  12/25/2008

                	
                  1/25/2009

                	
                  291,396.00

                	 
	
                  1/25/2009

                	
                  2/25/2009

                	
                  291,396.00

                	 
	
                  2/25/2009

                	
                  3/25/2009

                	
                  291,396.00

                	 
	
                  3/25/2009

                	
                  4/25/2009

                	
                  291,396.00

                	 
	
                  4/25/2009

                	
                  5/25/2009

                	
                  291,396.00

                	 
	
                  5/25/2009

                	
                  6/25/2009

                	
                  291,396.00

                	 
	
                  6/25/2009

                	
                  7/25/2009

                	
                  291,396.00

                	 
	
                  7/25/2009

                	
                  8/25/2009

                	
                  291,396.00

                	 
	
                  8/25/2009

                	
                  9/25/2009

                	
                  291,396.00

                	 
	
                  9/25/2009

                	
                  10/25/2009

                	
                  291,396.00

                	 
	
                  10/25/2009

                	
                  11/25/2009

                	
                  291,396.00

                	 
	
                  11/25/2009

                	
                  12/25/2009

                	
                  291,396.00

                	 
	
                  12/25/2009

                	
                  1/25/2010

                	
                  291,396.00

                	 
	
                  1/25/2010

                	
                  2/25/2010

                	
                  279,573.98

                	 
	
                  2/25/2010

                	
                  3/25/2010

                	
                  279,573.98

                	 
	
                  3/25/2010

                	
                  4/25/2010

                	
                  279,573.98

                	 
	
                  4/25/2010

                	
                  5/25/2010

                	
                  279,573.98

                	 
	
                  5/25/2010

                	
                  6/25/2010

                	
                  275,284.60

                	 
	
                  6/25/2010

                	
                  7/25/2010

                	
                  263,032.28

                	 
	
                  7/25/2010

                	
                  8/25/2010

                	
                  251,363.75

                	 
	
                  8/25/2010

                	
                  9/25/2010

                	
                  240,249.64

                	 
	
                  9/25/2010

                	
                  10/25/2010

                	
                  229,661.41

                	 
	
                  10/25/2010

                	
                  11/25/2010

                	
                  219,572.46

                	 
	
                  11/25/2010

                	
                  12/25/2010

                	
                  209,957.64

                	 
	
                  12/25/2010

                	
                  1/25/2011

                	
                  200,793.12

                	 
	
                  1/25/2011

                	
                  2/25/2011

                	
                  192,056.32

                	 
	
                  2/25/2011

                	
                  3/25/2011

                	
                  183,725.89

                	 
	
                  3/25/2011

                	
                  4/25/2011

                	
                  175,781.61

                	 
	
                  4/25/2011

                	
                  5/25/2011

                	
                  168,204.25

                	 

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

             

            

          

        

        Annex
          A

        

        Paragraph
          13 of the Credit Support Annex

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

             

            

          

        

        [Annex
          B

        

        Item
          1115 Agreement]

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        
 

        ANNEX
          A

        

        ISDA®

        CREDIT
          SUPPORT ANNEX

        to
          the
          Schedule to the

        ISDA
          Master Agreement

        dated
          as
          of March 30, 2007 between

        Barclays
          Bank PLC (hereinafter referred to as “Party
          A”
          or
“Pledgor”)

        and

        U.S.
          Bank
          National Association, not in its individual capacity, but solely as supplemental
          interest trust trustee (the “Supplemental Interest Trust Trustee”) on behalf of
          the supplemental interest trust with respect to the C-BASS Mortgage Loan
          Trust
          2007-CB3, C-BASS Mortgage Loan Asset-Backed Certificates, Series
          2007-CB3
          (the
“Supplemental Interest Trust”) ( “hereinafter referred to as“Party
          B”
          or
“Secured
          Party”)

         

        

        For
          the
          avoidance of doubt, and notwithstanding anything to the contrary that may
          be
          contained in the Agreement, this Credit Support Annex shall relate solely
          to the
          Transaction documented in the Confirmation dated March 30, 2007, between
          Party A
          and Party B, Reference Number 1677469B.

         

        Paragraph
          13. Elections and Variables.

         

        
          	(a)	
                  Security
                    Interest for “Obligations”.
                    The term “Obligations”
                    as
                    used in this Annex includes the following additional
                    obligations:

                

        

         

        With
          respect to Party A: not applicable.

         

        With
          respect to Party B: not applicable.

         

        
          	(b)	
                  Credit
                    Support Obligations.

                

        

         

        
          	
                	(i)	
                  Delivery
                    Amount, Return Amount and Credit Support
                    Amount.

                

        

         

        
          	
                	(A)	
                  “Delivery
                    Amount”
                    has the meaning specified in Paragraph 3(a) as amended (I) by
                    deleting the
                    words “upon a demand made by the Secured Party on or promptly following
                    a
                    Valuation Date” and inserting in lieu thereof the words “not later than
                    the close of business on each Valuation Date” and (II) by deleting in its
                    entirety the sentence beginning “Unless otherwise specified in Paragraph
                    13” and ending “(ii) the Value as of that Valuation Date of all Posted
                    Credit Support held by the Secured Party.” and inserting in lieu thereof
                    the following:

                

        

         

        The
          “Delivery
          Amount”
          applicable to the Pledgor for any Valuation Date will equal the greatest
          of

         

        
          	 	
                  (1)
                    

                	
                  the
                    amount by which (a) the S&P/Fitch/DBRS Credit Support Amount for such
                    Valuation Date exceeds (b) the S&P/Fitch/DBRS Value as of such
                    Valuation Date of all Posted Credit Support held by the Secured
                    Party,
                    

                

        

         

         

        REFERENCE
          NUMBER:    1677469B

         

         

        
          	 	
                  (2)
                    

                	
                  the
                    amount by which (a) the Moody’s First Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                    Valuation Date of all Posted Credit Support held by the Secured
                    Party,
                    and

                

        

         

        
          	 	
                  (3)
                    

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                    such Valuation Date of all Posted Credit Support held by the
                    Secured
                    Party.

                

        

         

        
          	
                	(B)	
                  “Return
                    Amount”
                    has the meaning specified in Paragraph 3(b) as amended by deleting
                    in its
                    entirety the sentence beginning “Unless otherwise specified in Paragraph
                    13” and ending “(ii) the Credit Support Amount.” and inserting in lieu
                    thereof the following:

                

        

         

        The
          “Return
          Amount”
          applicable to the Secured Party for any Valuation Date will equal the least
          of

         

        
          	 	
                  (1)
                    

                	
                  the
                    amount by which (a) the S&P/Fitch/DBRS Value as of such Valuation Date
                    of all Posted Credit Support held by the Secured Party exceeds
                    (b) the
                    S&P/Fitch/DBRS Credit Support Amount for such Valuation Date,
                    

                

        

         

        
          	 	
                  (2)
                    

                	
                  the
                    amount by which (a) the Moody’s First Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                    and

                

        

         

        
          	 	
                  (3)
                    

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s Second Trigger Credit Support Amount for such Valuation
                    Date.

                

        

         

        
          	
                	(C)	
                  “Credit
                    Support Amount”
                    shall not apply. For purposes of calculating any Delivery Amount
                    or Return
                    Amount for any Valuation Date, reference shall be made to the
                    S&P/Fitch/DBRS Credit Support Amount, the Moody’s First Trigger Credit
                    Support Amount, or the Moody’s Second Trigger Credit Support Amount, in
                    each case for such Valuation Date, as provided in Paragraphs
                    13(b)(i)(A)
                    and 13(b)(i)(B), above.

                

        

         

        
          	
                	(ii)	
                  Eligible
                    Collateral.
                    

                

        

         

        On
          any
          date, the following items will qualify as “Eligible
          Collateral”
(for
          the avoidance of doubt, all Eligible Collateral to be denominated in
          USD):

         

         

        
          	
                   

                  Collateral
                    

                	
                  S&P/Fitch/DBRS
                    

                  Valuation
                    

                  Percentage

                	
                  Moody’s
                    

                  First
                    Trigger 

                  Valuation

                  Percentage

                	
                  Moody’s
                    

                  Second
                    Trigger 

                  Valuation

                  Percentage

                
	
                  (A)  Cash

                	
                  100%

                	
                  100%

                	
                  100%

                
	
                  (B)  Fixed-rate
                    negotiable debt obligations issued by the U.S. Treasury Department
                    having
                    a remaining maturity on such date of not more than one
                    year

                	
                  98.5%

                	
                  100%

                	
                  100%

                
	
                  (C)  Fixed-rate
                    negotiable debt obligations issued by the U.S. Treasury Department
                    having
                    a remaining maturity on such date of more than one year but not
                    more than
                    ten years

                	
                  91.0%

                	
                  100%

                	
                  94%

                
	
                  (D)  Fixed-rate
                    negotiable debt obligations issued by the U.S. Treasury Department
                    having
                    a remaining maturity on such date of more than ten years

                	
                  88.0%

                	
                  100%

                	
                  88%

                

        

         

        Notwithstanding
          the Valuation Percentages set forth in the preceding table, upon the first
          Transfer of Eligible Collateral under this Annex, the Pledgor may, at the
          Pledgor’s expense, amend the Valuation Percentages in relation to (B) through
          (D) above with the approval of the relevant rating agency (to the extent
          such
          rating agency is providing a rating for the Certificates), and upon such
          approval (as evidenced in writing), such Valuation Percentages shall supersede
          those set forth in the preceding table.

         

        
          	
                	(iii)	
                  Other
                    Eligible Support. 

                

        

         

        The
          following items will qualify as “Other
          Eligible Support”
          for the
          party specified: 

         

        Not
          applicable. 

         

        
          	
                	(iv)	
                  Threshold.

                

        

         

        
          	
                	(A)	
                  “Independent
                    Amount”
                    means zero with respect to Party A and Party
                    B.

                

        

         

        
          	
                	(B)	
                  “Threshold”
                    means, with respect to Party A and any Valuation Date, zero if
                    (i) a
                    Collateral Event has occurred and has been continuing (x) for
                    at least 30
                    days or (y) since this Annex was executed, or (ii) a Required
                    Ratings
                    Downgrade Event has occurred and is continuing; otherwise,
                    infinity.

                

        

         

          “Threshold”
          means,
          with respect to Party B and any Valuation Date, infinity.

         

        
          	
                	(C)	
                  “Minimum
                    Transfer Amount” means
                    USD 100,000 with respect to Party A and Party B; provided, however,
                    that
                    if the aggregate Certificate Principal Balance of the Certificates
                    and the
                    aggregate principal balance of the Notes rated by S&P is at the time
                    of any transfer less than USD 50,000,000, the “Minimum
                    Transfer Amount”
                    shall be USD 50,000.

                

        

         

        
          	
                	(D)	
                  Rounding:
                    The Delivery Amount will be rounded up to the nearest integral
                    multiple of
                    USD 10,000. The Return Amount will be rounded down to the nearest
                    integral
                    multiple of USD 10,000; provided, that if the Return Amount is
                    equal to
                    all Posted Credit Support held by the Secured Party, the Return
                    Amount
                    will not be rounded.

                

        

         

        
          	(c)	
                  Valuation
                    and Timing.

                

        

         

        
          	
                	(i)	
                  “Valuation
                    Agent”
                    means Party A; provided, however, that if an Event of Default
                    shall have
                    occurred with respect to which Party A is the Defaulting Party,
                    Party B
                    shall have the right to designate as Valuation Agent an independent
                    party,
                    reasonably acceptable to Party A, the cost for which shall be
                    borne by
                    Party A. All calculations by the Valuation Agent must be made
                    in
                    accordance with standard market practice, including, in the event
                    of a
                    dispute as to the Value of any Eligible Credit Support or Posted
                    Credit
                    Support, by making reference to quotations received by the Valuation
                    Agent
                    from one or more Pricing Sources.

                

        

         

        
          	
                	(ii)	
                  “Valuation
                    Date” means
                    each Local Business Day.

                

        

         

        
          	
                	(iii)	
                  “Valuation
                    Time” means
                    the close of business in the city of the Valuation Agent on the
                    Local
                    Business Day immediately preceding the Valuation Date or date
                    of
                    calculation, as applicable; provided
                    that the calculations of Value and Exposure will be made as of
                    approximately the same time on the same date. The Valuation Agent
                    will
                    notify each party (or the other party, if the Valuation Agent
                    is a party)
                    of its calculations not later than the Notification Time on the
                    applicable
                    Valuation Date (or in the case of Paragraph 6(d), the Local Business
                    Day
                    following the day on which such relevant calculations are
                    performed).”

                

        

         

        
          	
                	(iv)	
                  “Notification
                    Time” means
                    11:00 a.m., New York time, on a Local Business Day.
                    

                

        

         

        
          	
                	(v)	
                  External
                    Verification.
                    Notwithstanding anything to the contrary in the definitions of
                    Valuation
                    Agent or Valuation Date, at any time at which neither Party A
                    (nor, to the
                    extent applicable, its Credit Support Provider) has a long-term
                    unsubordinated and unsecured debt rating of at least “BBB+” from S&P,
                    the Valuation Agent shall (A) calculate the Secured Party’s Exposure and
                    the S&P Value of Posted Credit Suppport on each Valuation Date based
                    on internal marks and (B) verify such calculations with external
                    marks
                    monthly by obtaining on the last Local Business Day of each calendar
                    month
                    two external marks for each Transaction to which this Annex relates
                    and
                    for all Posted Credit Suport; such verification of the Secured
                    Party’s
                    Exposure shall be based on the higher of the two external marks.
                    Each
                    external mark in respect of a Transaction shall be obtained from
                    an
                    independent Reference Market-maker that would be eligible and
                    willing to
                    enter into such Transaction in the absence of the current derivative
                    provider, provided that an external mark may not be obtained
                    from the same
                    Reference Market-maker more than four times in any 12-month period.
                    The
                    Valuation Agent shall obtain these external marks directly or
                    through an
                    independent third party, in either case at no cost to Party B.
                    The
                    Valuation Agent shall calculate on each Valuation Date (for purposes
                    of
                    this paragraph, the last Local Business Day in each calendar
                    month
                    referred to above shall be considered a Valuation Date) the Secured
                    Party’s Exposure based on the greater of the Valuation Agent’s internal
                    marks and the external marks received. If the S&P Value on any such
                    Valuation Date of all Posted Credit Support then held by the
                    Secured Party
                    is less than the S&P Credit Support Amount on such Valuation Date (in
                    each case as determined pursuant to this paragraph), Party A
                    shall, within
                    three Local Business Days of such Valuation Date, Transfer to
                    the Secured
                    Party Eligible Credit Support having an S&P Value as of the date of
                    Transfer at least equal to such deficiency.

                

        

         

        
          	
                	(vi)	
                  Notice
                    to S&P.
                    At
                    any time at which neither Party A (nor, to the extent applicable,
                    its
                    Credit Support Provider) has a long-term unsubordinated and unsecured
                    debt
                    rating of at least “BBB+” from S&P, the Valuation Agent shall provide
                    to S&P not later than the Notification Time on the Local Business
                    Day
                    following each Valuation Date its calculations of the Secured
                    Party’s
                    Exposure and the S&P Value of any Eligible Credit Support or Posted
                    Credit Support for that Valuation Date. The Valuation Agent shall
                    also
                    provide to S&P any external marks received pursuant to the preceding
                    paragraph.

                

        

         

        
          	(d)	
                  Conditions
                    Precedent and Secured Party’s Rights and
                    Remedies.
                    The following Termination Events will be a “Specified
                    Condition”
                    for the party specified (that party being the Affected Party
                    if the
                    Termination Event occurs with respect to that party): With respect
                    to
                    Party A: any Additional Termination Event with respect to which
                    Party A is
                    the sole Affected Party. With respect to Party B:
                    None.

                

        

         

        
          	(e)	
                  Substitution.

                

        

         

        
          	
                	(i)	
                  “Substitution
                    Date”
                    has the meaning specified in Paragraph
                    4(d)(ii).

                

        

         

        
          	
                	(ii)	
                  Consent.
                    If
                    specified here as applicable, then the Pledgor must obtain the
                    Secured
                    Party’s consent for any substitution pursuant to Paragraph 4(d):
                    Inapplicable.

                

        

         

        
          	(f)	
                  Dispute
                    Resolution.

                

        

         

        
          	
                	(i)	
                  “Resolution
                    Time”
                    means 1:00 p.m. New York time on the Local Business Day following
                    the date
                    on which the notice of the dispute is given under Paragraph
                    5.

                

        

         

        
          	
                	(ii)	
                  Value.
                    Notwithstanding anything to the contrary in Paragraph 12, for
                    the purpose
                    of Paragraphs 5(i)(C) and 5(ii), the S&P/Fitch/DBRS Value, Moody’s
                    First Trigger Value, and Moody’s Second Trigger Value, on any date, of
                    Eligible Collateral other than Cash will be calculated as follows:
                    

                

        

         

        For
          Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
          the
          sum of (A) the product of (1)(x) the bid price at the Valuation Time for
          such
          securities on the principal national securities exchange on which such
          securities are listed, or (y) if such securities are not listed on a national
          securities exchange, the bid price for such securities quoted at the Valuation
          Time by any principal market maker for such securities selected by the
          Valuation
          Agent, or (z) if no such bid price is listed or quoted for such date, the
          bid
          price listed or quoted (as the case may be) at the Valuation Time for the
          day
          next preceding such date on which such prices were available and (2) the
          applicable Valuation Percentage for such Eligible Collateral, and (B) the
          accrued interest on such securities (except to the extent Transferred to
          the
          Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price
          referred to in the immediately preceding clause (A)) as of such
          date.

         

        
          	
                	(iii)	
                  Alternative.
                    The provisions of Paragraph 5 will
                    apply.

                

        

         

        
          	(g)	
                  Holding
                    and Using Posted
                    Collateral.

                

        

         

        
          	
                	(i)	
                  Eligibility
                    to Hold Posted Collateral; Custodians.  Party
                    B is not and will not be entitled to hold Posted Collateral.
                    Party B’s
                    Custodian will be entitled to hold Posted Collateral pursuant
                    to Paragraph
                    6(b).

                

        

         

        Party
          B
          may appoint as Custodian (A) the entity then serving as [Trustee] or (B)
          any
          entity other than the entity then serving as Supplmental Interest Trust
          Trustee
          if such other entity (or, to the extent applicable, its parent company
          or credit
          support provider) shall then have a short-term unsecured and unsubordinated
          debt
          rating from S&P of at least “A-1.”

         

        Initially,
          the Custodian
          for
          Party B is: The Supplemental Interest Trust Trustee.

         

        
          	
                	(ii)	
                  Use
                    of Posted Collateral. The
                    provisions of Paragraph 6(c)(i) will not apply to Party B, but
                    the
                    provisions of Paragraph 6(c)(ii) will apply to Party
                    B.

                

        

         

        
          	(h)	
                  Distributions
                    and Interest Amount.

                

        

         

        
          	
                	(i)	
                  Interest
                    Rate.
                    The “Interest
                    Rate”
                    will be the actual interest rate earned on Posted Collateral
                    in the form
                    of Cash that is held by Party B or its Custodian. Posted Collateral
                    in the
                    form of Cash shall be invested in such overnight (or redeemable
                    within two
                    Local Business Days of demand) [Permitted Investments] rated
                    at least (x)
                    AAAm or AAAm-G by S&P and (y) Prime-1 by Moody’s or Aaa by Moody’s, as
                    directed by Party A (unless (x) an Event of Default or an Additional
                    Termination Event has occurred with respect to which Party A
                    is the
                    defaulting or sole Affected Party or (y) an Early Termination
                    Date has
                    been designated, in which case such investment shall be held
                    uninvested).
                    Gains and losses incurred in respect of any investment of Posted
                    Collateral in the form of Cash in [Permitted Investments] as
                    directed by
                    Party A shall be for the account of Party
                    A.

                

        

         

        
          	
                	(ii)	
                  Transfer
                    of Interest Amount.
                    The Transfer of the Interest Amount will be made on the second
                    Local
                    Business Day following the end of each calendar month and on
                    any other
                    Local Business Day on which Posted Collateral in the form of
                    Cash is
                    Transferred to the Pledgor pursuant to Paragraph 3(b); provided,
                    however,
                    that the obligation of Party B to Transfer any Interest Amount
                    to Party A
                    shall be limited to the extent that Party B has earned and received
                    such
                    funds and such funds are available to Party B.

                

        

         

        
          	
                	(iii)	
                  Alternative
                    to Interest Amount.
                    The provisions of Paragraph 6(d)(ii) will
                    apply.

                

        

         

        
          	(i)	
                  Additional
                    Representation(s).
                    There are no additional representations by either
                    party.

                

        

         

        
          	(j)	
                  Other
                    Eligible Support and Other Posted Support.

                

        

         

        
          	
                	(i)	
                  “Value”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable. 

                

        

         

        
          	
                	(ii)	
                  “Transfer”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable.

                

        

         

        
          	(k)	
                  Demands
                    and Notices.All
                    demands, specifications and notices under this Annex will be
                    made pursuant
                    to the Notices Section of this Agreement, except that any demand,
                    specification or notice shall be given to or made at the following
                    addresses, or at such other address as the relevant party may
                    from time to
                    time designate by giving notice (in accordance with the terms
                    of this
                    paragraph) to the other party:

                

        

         

        If
          to
          Party A:

         

        5
          The
          North Colonnade

        Canary
          Wharf

        London
          E14 4BB, England

        Attention: Swaps
          Documentation

        Facsimile
          No.: 0207-773-6857/6858

        Telephone
          No.: 0207-773-6915/6904

         

        with
          a
          copy to:

         

        General
          Counsel’s Office

        200
          Park
          Avenue

        New
          York,
          NY 10166

         

        Notices
          to Party A shall not be deemed effective unless delivered to the London
          address
          set forth above.

         

        If
          to
          Party B: As
          set
          forth in the Agreement

         

        
          	(l)	
                  Address
                    for Transfers.
                    Each Transfer hereunder shall be made to the address [specified
                    below or
                    to an address] specified in writing from time to time by the
                    party to
                    which such Transfer will be made.

                

        

         

        Party
          A
          account details:         Correspondent:
          BARCLAYS BANK PLC NEW YORK

        FEED:
          026002574

        Beneficiary:
          BARCLAYS SWAPS

        Beneficiary
          Account: 050-01922-8

        

         

        Party
          B
          account details:         
US
          Bank
          N.A

        ABA
          091000022

        DDA
          173103322058

        REF#
          C-BASS 2007-CB3 Swap Collateral Acct 111955003

        Attn:
          Chris Wilkening 

        
          	(m)	
                  Other
                    Provisions.

                

        

         

        
          	
                	(i)	
                  Collateral
                    Account.
                    Party B shall open and maintain a segregated account, which shall
                    be an
                    Eligible Account, and hold, record and identify all Posted Collateral
                    in
                    such segregated account.

                

        

         

        
          	
                	(ii)	
                  Agreement
                    as to Single Secured Party and Single Pledgor.
                    Party A and Party B hereby agree that, notwithstanding anything
                    to the
                    contrary in this Annex, (a) the term “Secured Party” as used in this Annex
                    means only Party B, (b) the term “Pledgor” as used in this Annex means
                    only Party A, (c) only Party A makes the pledge and grant in
                    Paragraph 2,
                    the acknowledgement in the final sentence of Paragraph 8(a) and
                    the
                    representations in Paragraph 9.

                

        

         

        
          	
                	(iii)	
                  Calculation
                    of Value.
                    Paragraph 4(c) is hereby amended by deleting the word “Value” and
                    inserting in lieu thereof “S&P/Fitch/DBRS Value, Moody’s First Trigger
                    Value, Moody’s Second Trigger Value”. Paragraph 4(d)(ii) is hereby amended
                    by (A) deleting the words “a Value” and inserting in lieu thereof “an
                    S&P/Fitch/DBRS Value, Moody’s First Trigger Value, and Moody’s Second
                    Trigger Value” and (B) deleting the words “the Value” and inserting in
                    lieu thereof “S&P/Fitch/DBRS Value, Moody’s First Trigger Value, and
                    Moody’s Second Trigger Value”. Paragraph 5 (flush language) is hereby
                    amended by deleting the word “Value” and inserting in lieu thereof
                    “S&P/Fitch/DBRS Value, Moody’s First Trigger Value, or Moody’s Second
                    Trigger Value”. Paragraph 5(i) (flush language) is hereby amended by
                    deleting the word “Value” and inserting in lieu thereof
                    “S&P/Fitch/DBRS Value, Moody’s First Trigger Value, and Moody’s Second
                    Trigger Value”. Paragraph 5(i)(C) is hereby amended by deleting the word
                    “the Value, if” and inserting in lieu thereof “any one or more of the
                    S&P/Fitch/DBRS Value, Moody’s First Trigger Value, or Moody’s Second
                    Trigger Value, as may be”. Paragraph 5(ii) is hereby amended by (1)
                    deleting the first instance of the words “the Value” and inserting in lieu
                    thereof “any one or more of the S&P/Fitch/DBRS Value, Moody’s First
                    Trigger Value, or Moody’s Second Trigger Value” and (2) deleting the
                    second instance of the words “the Value” and inserting in lieu thereof
                    “such disputed S&P/Fitch/DBRS Value, Moody’s First Trigger Value, or
                    Moody’s Second Trigger Value”. Each of Paragraph 8(b)(iv)(B) and Paragraph
                    11(a) is hereby amended by deleting the word “Value” and inserting in lieu
                    thereof “least of the S&P/Fitch/DBRS Value, Moody’s First Trigger
                    Value, and Moody’s Second Trigger Value”.

                

        

         

        
          	
                	(iv)	
                  Form
                    of Annex. Party
                    A and Party B hereby agree that the text of Paragraphs 1 through
                    12,
                    inclusive, of this Annex is intended to be the printed form of
                    ISDA Credit
                    Support Annex (Bilateral Form - ISDA Agreements Subject to New
                    York Law
                    Only version) as published and copyrighted in 1994 by the International
                    Swaps and Derivatives Association,
                    Inc.

                

        

         

        
          	
                	(v)	
                  Events
                    of Default.
                    Paragraph 7 will not apply to cause any Event of Default to exist
                    with
                    respect to Party B except that Paragraph 7(i) will apply to Party
                    B solely
                    in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                    Support Annex. Notwithstanding anything to the contrary in Paragraph
                    7,
                    any failure by Party A to comply with or perform any obligation
                    to be
                    complied with or performed by Party A under the Credit Support
                    Annex shall
                    only be an Event of Default if (A) a
                    Required Ratings Downgrade Event has occurred and been continuing
                    for 30
                    or more Local Business Days, and (B) such failure is not remedied
                    on or
                    before the third Local Business Day after notice of such failure
                    is given
                    to Party A.

                

        

         

        
          	
                	(vi)	
                  Expenses.
                    Notwithstanding anything to the contrary in Paragraph 10, the
                    Pledgor will
                    be responsible for, and will reimburse the Secured Party for,
                    all transfer
                    and other taxes and other costs involved in any Transfer of Eligible
                    Collateral.

                

        

         

        
          	
                	(vii)	
                  Withholding.
                    Paragraph 6(d)(ii) is hereby amended by inserting immediately
                    after “the
                    Interest Amount” in the fourth line thereof the words “less any applicable
                    withholding taxes.”

                

        

         

        
          	
                	(viii)	
                  Additional
                    Definitions.
                    As used in this Annex:

                

        

         

        “Collateral
          Event” means
          that no Relevant Entity has credit ratings at least equal to the Approved
          Ratings Threshold.

         

        “Exposure”
          has the meaning specified in Paragraph 12, except that after the word
“Agreement” the words “(assuming, for this purpose only, that Part 1(f) of the
          Schedule is deleted)” shall be inserted. 

         

        “Local
          Business Day”
means,
          for purposes of this Annex: any day on which (A) commercial banks are open
          for
          business (including dealings in foreign exchange and foreign currency deposits)
          in London, New York and the location of Party A, Party B and any Custodian,
          and
          (B) in relation to a Transfer of Eligible Collateral, any day on which
          the
          clearance system agreed between the parties for the delivery of Eligible
          Collateral is open for acceptance and execution of settlement instructions
          (or
          in the case of a Transfer of Cash or other Eligible Collateral for which
          delivery is contemplated by other means a day on which commercial banks
          are open
          for business (including dealings in foreign exchange and foreign deposits)
          in
          New York and the location of Party A, Party B and any Custodian. 

         

        “Moody’s
          First Trigger Additional Collateralized Amount”
          means,
          with respect to any Transaction and any Valuation Date, the product of
          the
          applicable Moody’s First Trigger Factor set forth in Table 1 and the Notional
          Amount for such Transaction for the Calculation Period which includes such
          Valuation Date.

         

        “Moody’s
          First Trigger Event” means
          that no Relevant Entity has credit ratings from Moody’s at least equal to the
          Moody’s First Trigger Ratings Threshold.

         

        “Moody’s
          First Trigger Credit Support Amount” means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which (I) a Moody’s First Trigger Ratings Event has
                    occurred and has been continuing (x) for at least 30 Local Business
                    Days
                    or (y) since this Annex was executed and (II) it is not the case
                    that a
                    Moody’s Second Trigger Ratings Event has occurred and been continuing
                    for
                    at least 30 Local Business Days, an amount equal to the greater
                    of (a)
                    zero and (b) the sum of (i) the Secured Party’s Exposure for such
                    Valuation Date and (ii) the product of (X) the applicable Moody’s First
                    Trigger Factor as set forth in Table 1, (Y) 250, and (Z) the
                    Notional
                    Amount for the Transaction for the Calculation Period for such
                    Transaction
                    (each as defined in the related Confirmation) which includes
                    such
                    Valuation Date; or

                

        

         

        

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        
          	
                	(II)	
                  the
                    Threshold for Party A for such Valuation
                    Date.

                

        

         

        “Moody’s
          First Trigger Value”
          means,
          on any date and with respect to any Eligible Collateral other than Cash,
          the bid
          price obtained by the Valuation Agent multiplied by the Moody’s First Trigger
          Valuation Percentage for such Eligible Collateral set forth in Paragraph
          13(b)(ii).

         

        “Moody’s
          Second Trigger Additional Collateralized Amount”
          means,
          with respect to any Transaction and any Valuation Date, (A) if such Transaction
          is not a Transaction-Specific Hedge, the product of the applicable Moody’s
          Second Trigger Factor set forth in Table 2 and the Notional Amount for
          such
          Transaction for the Calculation Period which includes such Valuation Date
          and
          (B) if such Transaction is a Transaction-Specific Hedge, the product of
          the
          applicable Moody’s Second Trigger Factor set forth in Table 3 and the Notional
          Amount for such Transaction for the Calculation Period which includes such
          Valuation Date.

         

        “Moody’s
          Second Trigger Credit Support Amount”
          means,
          for any Valuation Date, the excess, if any, of

        
           

          
            	 	
                    (I)

                  	
                    (A)

                  	
                    for
                      any Valuation Date on which it is the case that a Moody’s Second Trigger
                      Ratings Event has occurred and been continuing for at least
                      30 Local
                      Business Days, an amount equal to the greatest of (a) zero,
                      (b) the
                      aggregate amount of the Next Payments for all Next Payment
                      Dates, and (c)
                      the sum of (x) the Secured Party’s Exposure for such Valuation Date and
                      (y) the product of (i) the applicable Moody’s Second Trigger Factor set
                      forth in Table 2, (ii) 250, and (iii) the Notional Amount for
                      the
                      Transaction for the Calculation Period for such Transaction
                      (each as
                      defined in the related Confirmation) which includes such Valuation
                      Date;
                      or

                  

          

        

        

         

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        
          	
                	(II)	
                  the
                    Threshold for Party A for such Valuation
                    Date.

                

        

         

        “Moody’s
          Second Trigger Value”
          means,
          on any date and with respect to any Eligible Collateral other than Cash,
          the bid
          price obtained by the Valuation Agent multiplied by the Moody’s Second Trigger
          Valuation Percentage for such Eligible Collateral set forth in Paragraph
          13(b)(ii).

         

        “Next
          Payment”
means,
          in respect of the Next Payment Date, the greater of (i) the amount of any
          payments due to be made by Party A under Section 2(a) on such Next Payment
          Date
          less any payments due to be made by Party B under Section 2(a) on such
          Next
          Payment Date (in each case, after giving effect to any applicable netting
          under
          Section 2(c)) and (ii) zero.

         

        “Next
          Payment Date”
means
          the date on which the next scheduled payment under any Transaction is due
          to be
          paid.

         

        “Pricing
          Sources”
          means
          the sources of financial information commonly known as Bloomberg, Bridge
          Information Services, Data Resources Inc., Interactive Data Services,
          International Securities Market Association, Merrill Lynch Securities Pricing
          Service, Muller Data Corporation, Reuters, Wood Gundy, Trepp Pricing, JJ
          Kenny,
          S&P and Telerate.

         

        “Remaining
          Weighted Average Maturity” means,
          with respect to a Transaction, the expected weighted average maturity for
          such
          Transaction as determined by the Valuation Agent. 

         

        “S&P/Fitch/DBRS
          Approved Ratings Downgrade Event”
          means
          that no Relevant Entity has credit ratings at least equal to [the S&P
          Approved Ratings Threshold, the Fitch Approved Ratings Threshold and the
          DBRS
          Approved Ratings Threshold].

         

        “S&P/Fitch/DBRS
          Credit Support Amount”
          means,
          for any Valuation Date, the excess, if any, of

        
          
             

            
              	 	
                      (I)

                    	
                      (A)

                    	
                      for
                        any Valuation Date on which (i) a S&P/Fitch/DBRS Approved Ratings
                        Downgrade Event has occurred and been continuing for at least
                        30 days, or
                        (ii) a S&P/Fitch/DBRS Required Ratings Downgrade Event has occurred
                        and is continuing, an amount equal to the sum of (1) 100.0%
                        of the Secured
                        Party’s Exposure for such Valuation Date and (2) the product of
                        (i) the
                        Volatility Buffer for the Transaction, (ii) 250, and (iii)
                        the Notional
                        Amount of such Transaction for the Calculation Period of
                        such Transaction
                        (each as defined in the related Confirmation) which includes
                        such
                        Valuation Date, or

                    

            

          

          
          

        

        or
          

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        
          	
                	(II)	
                  the
                    Threshold for Party A for such Valuation
                    Date.

                

        

         

        "S&P/Fitch/DBRS
          Required Ratings Downgrade Event"
          means
          that no Relevant Entity has credit ratings at least equal to the S&P
          Required Ratings Threshold, the Fitch Required Ratings Threshold and the
          DBRS
          Required Ratings Threshold.

         

        “S&P/Fitch/DBRSValue”
          means,
          on any date and with respect to any Eligible Collateral other than Cash,
          the
          product of (A) the bid price obtained by the Valuation Agent for such Eligible
          Collateral and (B) the S&P/Fitch/DBRS Valuation Percentage for such Eligible
          Collateral set forth in paragraph 13(b)(ii).

         

        “Transaction-Specific
          Hedge” means
          any
          Transaction that is (i) an interest rate swap in respect of which (x) the
          notional amount of the interest rate swap is “balance guaranteed” or (y) the
          notional amount of the interest rate swap for any Calculation Period (as
          defined
          in the related Confirmation) otherwise is not a specific dollar amount
          that is
          fixed at the inception of the Transaction, (ii) an interest rate cap, (iii)
          an
          interest rate floor or (iv) an interest rate swaption.

         

        “Valuation
          Percentage”
          shall
          mean, for purposes of determining the S&P/Fitch/DBRS Value, Moody’s First
          Trigger Value, or Moody’s Second Trigger Value with respect to any Eligible
          Collateral or Posted Collateral, the applicable S&P/Fitch/DBRS Valuation
          Percentage, Moody’s First Trigger Valuation Percentage, or Moody’s Second
          Trigger Valuation Percentage for such Eligible Collateral or Posted Collateral,
          respectively, in each case as set forth in Paragraph 13(b)(ii).

         

        “Value”
          shall
          mean, in respect of any date, the related S&P/Fitch/DBRS Value, the related
          Moody’s First Trigger Value, and the related Moody’s Second Trigger
          Value.

         

        “Volatility
          Buffer”
          means,
          for any Transaction, the related percentage set forth in the following
          table.

         

        
          	
                  The
                    higher of the S&P credit rating of (i) Party A and (ii) the Credit
                    Support Provider of Party A, if applicable

                	
                  Remaining
                    Weighted Average Maturity of such Transaction

                  up
                    to 3 years

                	
                  Remaining
                    Weighted Average Maturity of such Transaction

                  up
                    to 5 years

                	
                  Remaining
                    Weighted Average Maturity of such Transaction

                  up
                    to 10 years

                	
                  Remaining
                    Weighted Average Maturity of such Transaction

                  up
                    to 30 years

                
	
                  “A-2”
                    or higher

                	
                  2.75%

                	
                  3.25%

                	
                  4.00%

                	
                  4.75%

                
	
                  “A-3”

                	
                  3.25%

                	
                  4.00%

                	
                  5.00%

                	
                  6.25%

                
	
                  “BB+”
                    or
                    lower

                	
                  3.50%

                	
                  4.50%

                	
                  6.75%

                	
                  7.50%

                

        

        

         

        

         

        [Remainder
          of this page intentionally left blank]

         

        
 

        Table
          1

         

        Moody’s
          First Trigger Factor

         

         

        
          	
                  Remaining

                  Weighted
                    Average Life 

                  of
                    Hedge in Years

                	
                  Daily

                  Collateral

                  Posting

                
	
                  1
                    or less

                	
                  0.15%

                
	
                  More
                    than 1 but not more than 2

                	
                  0.30%

                
	
                  More
                    than 2 but not more than 3

                	
                  0.40%

                
	
                  More
                    than 3 but not more than 4

                	
                  0.60%

                
	
                  More
                    than 4 but not more than 5

                	
                  0.70%

                
	
                  More
                    than 5 but not more than 6

                	
                  0.80%

                
	
                  More
                    than 6 but not more than 7

                	
                  1.00%

                
	
                  More
                    than 7 but not more than 8

                	
                  1.10%

                
	
                  More
                    than 8 but not more than 9

                	
                  1.20%

                
	
                  More
                    than 9 but not more than 10

                	
                  1.30%

                
	
                  More
                    than 10 but not more than 11

                	
                  1.40%

                
	
                  More
                    than 11 but not more than 12

                	
                  1.50%

                
	
                  More
                    than 12 but not more than 13

                	
                  1.60%

                
	
                  More
                    than 13 but not more than 14

                	
                  1.70%

                
	
                  More
                    than 14 but not more than 15

                	
                  1.80%

                
	
                  More
                    than 15 but not more than 16

                	
                  1.90%

                
	
                  More
                    than 16 but not more than 17

                	
                  2.00%

                
	
                  More
                    than 17 but not more than 18

                	
                  2.00%

                
	
                  More
                    than 18 but not more than 19

                	
                  2.00%

                
	
                  More
                    than 19 but not more than 20

                	
                  2.00%

                
	
                  More
                    than 20 but not more than 21

                	
                  2.00%

                
	
                  More
                    than 21 but not more than 22

                	
                  2.00%

                
	
                  More
                    than 22 but not more than 23

                	
                  2.00%

                
	
                  More
                    than 23 but not more than 24

                	
                  2.00%

                
	
                  More
                    than 24 but not more than 25

                	
                  2.00%

                
	
                  More
                    than 25 but not more than 26

                	
                  2.00%

                
	
                  More
                    than 26 but not more than 27

                	
                  2.00%

                
	
                  More
                    than 27 but not more than 28

                	
                  2.00%

                
	
                  More
                    than 28 but not more than 29

                	
                  2.00%

                
	
                  More
                    than 29

                	
                  2.00%

                

        

        

        Table
          2

         

        Moody’s
          Second Trigger Factor for Interest Rate Swaps with Fixed Notional
          Amounts

         

        

        
          	
                  Remaining

                  Weighted
                    Average Life 

                  of
                    Hedge in Years

                	
                  Daily

                  Collateral

                  Posting

                
	
                  1
                    or less

                	
                  0.50%

                
	
                  More
                    than 1 but not more than 2

                	
                  1.00%

                
	
                  More
                    than 2 but not more than 3

                	
                  1.50%

                
	
                  More
                    than 3 but not more than 4

                	
                  1.90%

                
	
                  More
                    than 4 but not more than 5

                	
                  2.40%

                
	
                  More
                    than 5 but not more than 6

                	
                  2.80%

                
	
                  More
                    than 6 but not more than 7

                	
                  3.20%

                
	
                  More
                    than 7 but not more than 8

                	
                  3.60%

                
	
                  More
                    than 8 but not more than 9

                	
                  4.00%

                
	
                  More
                    than 9 but not more than 10

                	
                  4.40%

                
	
                  More
                    than 10 but not more than 11

                	
                  4.70%

                
	
                  More
                    than 11 but not more than 12

                	
                  5.00%

                
	
                  More
                    than 12 but not more than 13

                	
                  5.40%

                
	
                  More
                    than 13 but not more than 14

                	
                  5.70%

                
	
                  More
                    than 14 but not more than 15

                	
                  6.00%

                
	
                  More
                    than 15 but not more than 16

                	
                  6.30%

                
	
                  More
                    than 16 but not more than 17

                	
                  6.60%

                
	
                  More
                    than 17 but not more than 18

                	
                  6.90%

                
	
                  More
                    than 18 but not more than 19

                	
                  7.20%

                
	
                  More
                    than 19 but not more than 20

                	
                  7.50%

                
	
                  More
                    than 20 but not more than 21

                	
                  7.80%

                
	
                  More
                    than 21 but not more than 22

                	
                  8.00%

                
	
                  More
                    than 22 but not more than 23

                	
                  8.00%

                
	
                  More
                    than 23 but not more than 24

                	
                  8.00%

                
	
                  More
                    than 24 but not more than 25

                	
                  8.00%

                
	
                  More
                    than 25 but not more than 26

                	
                  8.00%

                
	
                  More
                    than 26 but not more than 27

                	
                  8.00%

                
	
                  More
                    than 27 but not more than 28

                	
                  8.00%

                
	
                  More
                    than 28 but not more than 29

                	
                  8.00%

                
	
                  More
                    than 29

                	
                  8.00%

                

        

        

         

        Table
          3

         

        Moody’s
          Second Trigger Factor for Transaction-Specific Hedges

         

        
          	
                  Remaining

                  Weighted
                    Average Life 

                  of
                    Hedge in Years

                	
                  Daily

                  Collateral

                  Posting

                
	
                  1
                    or less

                	
                  0.65%

                
	
                  More
                    than 1 but not more than 2

                	
                  1.30%

                
	
                  More
                    than 2 but not more than 3

                	
                  1.90%

                
	
                  More
                    than 3 but not more than 4

                	
                  2.50%

                
	
                  More
                    than 4 but not more than 5

                	
                  3.10%

                
	
                  More
                    than 5 but not more than 6

                	
                  3.60%

                
	
                  More
                    than 6 but not more than 7

                	
                  4.20%

                
	
                  More
                    than 7 but not more than 8

                	
                  4.70%

                
	
                  More
                    than 8 but not more than 9

                	
                  5.20%

                
	
                  More
                    than 9 but not more than 10

                	
                  5.70%

                
	
                  More
                    than 10 but not more than 11

                	
                  6.10%

                
	
                  More
                    than 11 but not more than 12

                	
                  6.50%

                
	
                  More
                    than 12 but not more than 13

                	
                  7.00%

                
	
                  More
                    than 13 but not more than 14

                	
                  7.40%

                
	
                  More
                    than 14 but not more than 15

                	
                  7.80%

                
	
                  More
                    than 15 but not more than 16

                	
                  8.20%

                
	
                  More
                    than 16 but not more than 17

                	
                  8.60%

                
	
                  More
                    than 17 but not more than 18

                	
                  9.00%

                
	
                  More
                    than 18 but not more than 19

                	
                  9.40%

                
	
                  More
                    than 19 but not more than 20

                	
                  9.70%

                
	
                  More
                    than 20 but not more than 21

                	
                  10.00%

                
	
                  More
                    than 21 but not more than 22

                	
                  10.00%

                
	
                  More
                    than 22 but not more than 23

                	
                  10.00%

                
	
                  More
                    than 23 but not more than 24

                	
                  10.00%

                
	
                  More
                    than 24 but not more than 25

                	
                  10.00%

                
	
                  More
                    than 25 but not more than 26

                	
                  10.00%

                
	
                  More
                    than 26 but not more than 27

                	
                  10.00%

                
	
                  More
                    than 27 but not more than 28

                	
                  10.00%

                
	
                  More
                    than 28 but not more than 29

                	
                  10.00%

                
	
                  More
                    than 29

                	
                  10.00%

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      

        NOVATION
          CONFIRMATION

         

        

        

        
          	
                  Date:

                	
                  March
                    30, 2007

                
	 	 
	
                  To:

                	
                  Credit-Based
                    Asset Servicing and Securitization LLC

                
	 	 
	
                  From:

                	
                  Barclays
                    Bank PLC (London Head Office)

                
	 	 
	
                  Re:

                	
                  Novation
                    Transaction

                
	 	 

        

         

        The
          purpose of this letter is to confirm the terms and conditions of the Novation
          Transaction entered into between the parties and effective from the Novation
          Date specified below. This Novation Confirmation constitutes a “Confirmation” as
          referred to in the New Agreement specified below.

         

        1.   
            The
          definitions and provisions contained in the 2004 ISDA Novation Definitions
          (the
“Definitions”) and the terms and provisions of 2000 ISDA Definitions, as
          published by the International Swaps and Derivatives Association, Inc.
          and
          amended from time to time, are incorporated in this Novation Confirmation.
          Each
          term capitalized but not defined in this Novation Confirmation shall have
          the
          meaning assigned thereto in the Pooling and Servicing Agreement, dated
          as of
[__________],
          March
          1,
2007
          among Citigroup Mortgage Loan Trust Inc., as depositor, Credit-Based Asset
          Servicing and Securitization LLC, as seller, Litton Loan Servicing LP,
          as
          servicer and U.S. Bank National Association, as trustee (the “Pooling and
          Servicing Agreement”). In the event of any inconsistency between (i) the
          Definitions, (ii) 2000 ISDA Definitions and/or (iii) the Novation Agreement
          and
          this Novation Confirmation, this Novation Confirmation will govern.

        

        2.    
           The
          terms
          of the Novation Transaction to which this Novation Confirmation relates
          are as
          follows:

        

        
          	 	
                  Novation
                    Trade Date:

                	 	
                  March
                    30, 2007

                
	 	 	 	 
	 	
                  Novation
                    Date:

                	 	
                  March
                    30, 2007

                
	 	 	 	 
	 	
                  Novated
                    Amount:

                	 	
                  USD
                    291,396.00 

                
	 	 	 	 
	 	
                  Transferor:

                	 	
                  Credit-Based
                    Asset Servicing and Securitization LLC

                
	 	 	 	 
	 	
                  Transferee:

                	 	
                  U.S.
                    Bank National Association, not in its individual capacity, but
                    solely as
                    Supplemental Interest Trust Trustee on behalf of the Supplemental
                    Interest
                    Trust with respect to the C-BASS Mortgage Loan Trust 2007-CB3,
                    C-BASS
                    Mortgage Loan Asset-Backed Certificates, Series 2007-CB3U.S.
                    Bank National Association, not in its individual capacity but
                    solely as
                    Supplemental Interest Trust Trustee on behalf of the Supplemental
                    Interest
                    Trust with respect to C-BASS Mortgage Loan Asset-Backed Certificates,
                    Series 2007-CB3

                
	 	 	 	 
	 	
                  Remaining
                    Party:

                	 	
                  Barclays
                    Bank PLC (London Head Office)

                
	 	 	 	 
	 	
                  New
                    Agreement (between Transferee and Remaining Party):

                	 	
                  ISDA
                    Master Agreement dated as of March 30, 2007 subject to the laws
                    of the
                    State of New York

                

        

        

        3.     
              The
          terms
          of each Old Transaction to which this Novation Confirmation relates, for
          identification purposes, are as follows. A copy of the Old Confirmation
          is
          attached hereto as Exhibit A.

        

        
          	 	
                  Trade
                    Date of Old Transaction:

                	 	
                  March
                    23, 2007

                
	 	 	 	 
	 	
                  Effective
                    Date of Old Transaction:

                	 	
                  March
                    30, 2007

                
	 	 	 	 
	 	
                  Termination
                    Date of Old Transaction:

                	 	
                  May
                    25, 2011

                

        

        

        4.       
            The
          terms
          of each New Transaction to which this Novation Confirmation relates shall
          be as
          specified in the New Confirmation attached hereto as Exhibit B.

        

        5.       
           Supplemental
          Interest Trust Trustee Liability Limitations. It is expressly understood
          and
          agreed by the parties hereto that (a) this Agreement is executed by U.S.
          Bank
          National Association (“U.S. Bank”) not in its individual capacity, but solely as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          in the exercise of the powers and authority conferred and invested in it
          under
          the Pooling and Servicing Agreement; (b) U.S. Bank has been directed pursuant
          to
          the Pooling and Servicing Agreement to enter into this Agreement and to
          perform
          its obligations hereunder; (c) each of the representations, undertakings
          and
          agreements herein made on behalf of the Supplemental Interest Trust or
          on the
          part of Party B is made and intended not as personal representations of
          U.S.
          Bank but is made and intended for the purpose of binding only the Supplemental
          Interest Trust; and (d) under no circumstances shall U.S. Bank in its individual
          capacity be personally liable for any payments hereunder or for the breach
          or
          failure of any obligation, representation, warranty or covenant made or
          undertaken under this Agreement, as to all of which recourse shall be had
          solely
          to the assets of the Supplemental Interest Trust in accordance with the
          terms of
          the Pooling and Servicing Agreement.

         

        5.         Supplemental
          Interest Trust Trustee Liability Limitations. It is expressly understood
          and
          agreed by the parties hereto that (a) this Agreement is executed by U.S.
          Bank
          National Association (“U.S. Bank”) not in its individual capacity, but solely as
          Supplemental Interest Trust Trustee under the Pooling and Servicing Agreement
          in
          the exercise of the powers and authority conferred and invested in it
          thereunder; (b) U.S. Bank has been directed pursuant to the Pooling and
          Servicing Agreement to enter into this Agreement and to perform its obligations
          hereunder; (c) each of the representations, undertakings and agreements
          herein
          made on behalf of the Supplemental Interest Trust is made and intended
          not as
          personal representations of the Supplemental Interest Trust Trustee but
          is made
          and intended for the purpose of binding only the Supplemental Interest
          Trust;
          and (d) under no circumstances shall U.S. Bank in its individual capacity
          be
          personally liable for any payments hereunder or for the breach or failure
          of any
          obligation, representation, warranty or covenant made or undertaken under
          this
          Agreement.

         

        6.         This
          Novation Confirmation will be governed by and construed in accordance with
          the
          laws of the State of New York without reference to the conflict of laws
          provisions thereof, other than New York General Obligations Law Sections
          5-1401
          and 5-1402.

        

        7.         Notice
          Details:

        

        
          	
                  Transferee:

                	 	 
	 	
                  Address:

                	
                  U.S.
                    Bank National Association

                
	 	 	
                  EP-MN-WS3D

                
	 	 	
                  60
                    Livingston Avenue

                
	 	 	
                  St.
                    Paul, Minnesota 55107

                
	 	
                  Attention:

                	
                  Structured
                    Finance- C-BASS 2007-CB3

                
	 	
                  Facsimile:

                	
                  (651)
                    495-8090

                
	 	
                  Phone:

                	
                  (651)
                    495-3852

                
	 	 	 
	Remaining
                  Party:	
                  Address:

                	
                  5
                    The North Colonnade

                
	 	 	
                  Canary
                    Wharf

                
	 	 	
                  London
                    E14 4BB

                
	 	
                  Facsimile:

                	
                  44
                    (20) 777 36461

                
	 	
                  Phone:

                	
                  44
                    (20) 777 36810

                
	 	 	 

        

        

         

        [Remainder
          of this page intentionally left blank.]

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        8.       
           The
          parties confirm their acceptance to be bound by this Novation Confirmation
          as of
          the Novation Date by executing a copy of this Novation Confirmation and
          returning it to us. The Transferor, by its execution of a copy of this
          Novation
          Confirmation, agrees to the terms of the Novation Confirmation as it relates
          to
          each Old Transaction. The Transferee, by its execution of a copy of this
          Novation Confirmation, agrees to the terms of the Novation Confirmation
          as it
          relates to each New Transaction. 

        

        

          

          
            	
                    Barclays
                      Bank PLC (London Head Office)

                  	 	
                    Credit-Based
                      Asset Servicing and Securitization LLC

                  
	 	 	 
	 	 	 
	 	 	 
	
                    By:
                      

                  	 	 	
                    By:
                      

                  	 
	
                    Name:

                  	 	
                    Name:

                  
	
                    Title:

                  	 	
                    Title:

                  
	
                    Date:

                  	 	
                    Date:

                  
	 	 	 

          

          

          

            

            
              	
                      U.S.
                        Bank National Association, not in its individual capacity,
                        but solely as
                        Supplemental Interest Trust Trustee on behalf of  the
                        Supplemental Interest Trust with respect to the C-BASS Mortgage
                        Loan Trust 2007-CB3, C-BASS Mortgage Loan  Asset-Backed
                        Certificates, Series 2007-CB3

                    	 
	 	 
	 	 
	
                      By:
                        

                    	 	 	 
	
                      Name:

                    	 
	
                      Title:

                    	 
	
                      Date:

                    	 

            

            

          

        

         

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R-1

    

    FORM
      OF 1122(d) SERVICING CRITERIA LETTER

     

    [DATE]

     

    

    

    U.S.
      Bank
      National Association

    60
      Livingston Avenue

    Mailcode
      EP-MN-WS3D

    St.
      Paul,
      MN 55107 

    Attention:
      Structured Finance—C-BASS 2007-CB3

    

    The
      Bank
      of New York 

    101
      Barclay Street

    New
      York,
      New York 10286

    Attention:
      Glen Mitchell

    

    
      	 	
              Re:

            	
              Item
                1122 of Regulation AB

              C-BASS
                Mortgage Loan Trust, Series
                2007-CB3

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with the above-referenced transaction, Litton Loan Servicing LP
      (the
“Servicer”), U.S. Bank National Association (the “Trustee”) and The Bank of New
      York (the “Custodian”) hereby acknowledge and agree that the purpose of this
      letter agreement (this “Letter Agreement”) is to facilitate compliance by the
      Servicer, the Trustee and the Custodian with identifying each party’s
      responsibility with respect to the servicing criteria identified in Item 1122(d)
      of Regulation AB. Citigroup Mortgage Loan Trust Inc. (the “Depositor”) shall not
      exercise its right to request delivery of information or other performance
      under
      these provisions other than in good faith, or for purposes other than compliance
      with the Securities Act, the Exchange Act and the rules and regulations of
      the
      Commission thereunder. 

     

    The
      Servicer, the Trustee and the Custodian each agree that as of the Closing Date,
      each such party will, solely with respect to completing assessments as required
      with respect to Item 1122(d) of Regulation AB and not as an obligation with
      respect to the administration of the transaction, comply with the servicing
      criteria indicated on Exhibit
      A
      hereto
      applicable to it in order to comply with the requirements of Item 1122(d) of
      Regulation AB. 

     

    The
      Servicer, the Trustee and the Custodian each hereby acknowledge that
      interpretations of the requirements of Item 1122(d) of Regulation AB may change
      over time and agree in good faith to comply with requests made by the Depositor
      in good faith for delivery of information under these provisions on the basis
      of
      evolving interpretations of Regulation AB. In the event that the parties are
      not
      able to agree upon the servicing criteria applicable to it, the parties hereby
      agree to negotiate in good faith to come to a determination of the servicing
      criteria applicable to them under Item 1122(d) of Regulation AB using industry
      practice, industry groups’ recommended practices and SEC interpretative guidance
      as determining factors. If the parties cannot come to a resolution after such
      negotiations, the parties hereby agree to submit to binding arbitration by
      an
      arbitrator agreed to by the parties or if an arbitrator can not be agreed upon
      then an arbitrator selected by the Depositor.

     

    Capitalized
      terms used but not defined herein shall have the meanings assigned to them
      in
      the Pooling and Servicing Agreement, dated as of March 1, 2007 among
      Credit-Based Asset Servicing and Securitization LLC, the Servicer, the Trustee
      and the Depositor.

     

    This
      Letter
      Agreement shall be construed in accordance with the laws of the State of New
      York, and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with the laws of the State of New York except to the
      extent preempted by federal law. 

     

    For
      the
      purpose of facilitating the execution of this Letter Agreement, and for other
      purposes, this Letter Agreement may be executed simultaneously in any number
      of
      counterparts. Each counterpart shall be deemed to be an original, and all such
      counterparts shall constitute one and the same instrument.

     

    

     

    [NO
      FURTHER TEXT ON THIS PAGE]

     

     

    
      	LITTON
              LOAN
              SERVICING LP	 	 	 
	By:	 	 	 
	
              
                

              

            	 	 	
            
	
              Name:

              Title:

            	 	 	 

    

     

    ACKNOWLEDGED
      AND AGREED:

     

    
       

      
        	
                U.S.
                  BANK NATIONAL ASSOCIATION

                 

              	 	 	 
	By:	 	 	 
	
                
                  

                

              	 	 	
              
	
                Name:

                Title:

              	 	 	 

      

       

       

    

    
      
        
          	
                  THE
                    BANK OF NEW YORK

                   

                	 	 	 
	By:	 	 	 
	
                  
                    

                  

                	 	 	
                
	
                  Name:

                  Title:

                	 	 	 

           

          
            
              
                	
                        CITIGROUP
                          MORTGAGE
                          LOAN TRUST INC.

                         

                         

                      	 	 	 
	By:	 	 	 
	
                        
                          

                        

                      	 	 	
                      
	
                        Name:

                        Title:

                      	 	 	 

            

          

        

      

    

    EXHIBIT
      A

    

    SERVICING
      CRITERIA TO BE ADDRESSED

    IN
      ASSESSMENT OF COMPLIANCE

    

    

    

    
      	Definitions 	Key:
	Primary Servicer
              -
              transaction party having borrower contact	X
              -
              obligation 

    

     

    Custodian
      - safe
      keeper of pool assets

    Trustee
      -
      fiduciary of the transaction

    

    

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements.

     

    
      	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Litton
                Loan Servicing LP (Servicer)

            	
              (Custodian)

              The
                Bank of New York

            	
              (Trustee)

              U.S.
                Bank National Association

            
	
               General
                Servicing Considerations

            
	
              1122(d)(1)(i)

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

            	
              X

            	 	
              X

            
	
              1122(d)(1)(ii)

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

            	
              If
                applicable for a transaction participant

            	
              If
                applicable for a transaction participant

            	
              If
                applicable for a transaction participant

            
	
              1122(d)(1)(iii)

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

            	 	 	 
	
              1122(d)(1)(iv)

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

            	
              X

            	 	 
	
               Cash
                Collection and Administration

            
	
              1122(d)(2)(i)

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

            	
              X

            	 	
              X*

            
	
              1122(d)(2)(ii)

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

            	
              X

            	 	
              X

            
	
              1122(d)(2)(iii)

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

            	
              X

            	 	 
	
              1122(d)(2)(iv)

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

            	
              X*

            	 	
              X*

            
	
              1122(d)(2)(v)

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

            	
              X

            	 	
              X*

            
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized access.
                

            	
              If
                applicable

            	 	
              If
                applicable

            
	
              1122(d)(2)(vii)
                

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

            	
              X

            	 	
              X

            
	
               Investor
                Remittances and Reporting

            
	
              1122(d)(3)(i)

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

            	
              X*

            	 	
              X

            
	
              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

            	 	
              X

            
	
              1122(d)(3)(iv)

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

            	
              X

            	 	
              X

            
	
               Pool
                Asset Administration

            
	
              1122(d)(4)(i)
                

            	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related pool asset documents. 

            	 	
              X

            	 
	
              1122(d)(4)(ii)

            	
              Pool
                assets and related documents are safeguarded as required by the
                transaction agreements 

            	 	
              X

            	 
	
              1122(d)(4)(iii)

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

            	
              X

            	
               X

            	
              X

            
	
              1122(d)(4)(iv)

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

            	
              X

            	 	 
	
              1122(d)(4)(v)

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

            	
              X

            	 	 
	
              1122(d)(4)(vi)

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

            	
              X

            	 	 
	
              1122(d)(4)(vii)

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

            	
              X

            	 	 
	
              1122(d)(4)(viii)

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

            	
              X

            	 	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for pool assets with variable
                rates
                are computed based on the related pool asset documents. 

            	
              X

            	 	 
	
              1122(d)(4)(x)

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

            	
              X

            	 	 
	
              1122(d)(4)(xi)

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

            	
              X

            	 	 
	
              1122(d)(4)(xii)

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

            	
              X

            	 	 
	
              1122(d)(4)(xiii)

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

            	
              X

            	 	 
	
              1122(d)(4)(xiv)
                

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

            	
              X

            	 	 
	
              1122(d)(4)(xv)

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

            	 	 	
              X

            

    

     

     

    *For
      (d)(2)(iv) Servicer needs to provide only if it is deemed that the collection
      account is subject to this criteria

    *For
      (d)(2)(i), (iv) and (v) Trustee needs to provide only if it is deemed that
      any
      account maintained by the Trustee is a custodial account for purposes of the
      these servicing criteria. Subject to further clarification from the
      SEC.

    *For
      (d)(3)(i)(C) Waterfall calculations are a Trustee responsibility under the
      Pooling Agreement.

    

     

    EXHIBIT
      R-2

     

    FORM
      OF ITEM 1123 CERTIFICATION OF SERVICER

     

    [DATE]

     

    Citigroup
      Mortgage Loan Trust Inc.

    390
      Greenwich Street

    New
      York,
      New York 10013

    

    U.S.
      Bank
      National Association

    60
      Livingston Avenue

    Mailcode
      EP-MN-WS3D

    St.
      Paul,
      MN 55107 

    Attention:
      Structured Finance—C-BASS 2007-CB3

    

    
      	Re:	
              Pooling
                and Servicing Agreement (the “Agreement”) dated as of March 1, 2007, among
                Citigroup Mortgage Loan Trust Inc., as depositor, Litton Loan Servicing
                LP, as servicer, Credit-Based Asset Servicing and Securitization
                LLC, as
                Sponsor, and U.S. Bank National Association, as trustee, relating
                to
                C-BASS Mortgage Loan Asset-Backed Certificates, Series
                2007-CB3

            

    

     

    I,
      [identify name of certifying individual], [title of certifying individual]
      of
      Litton Loan Servicing LP (the “Servicer”), hereby certify that:

     

    (1) A
      review
      of the activities of the
      Servicer during the preceding calendar
      year
      and
      of
      the
      performance of
      the
      Servicer under
      the
      Agreement has been made under my
      supervision;
      and

     

    (2) To
      the
      best of my
      knowledge, based on such review, the
      Servicer has fulfilled all
      its
      obligations under the Agreement
      in all
      material respects
      throughout such year or a portion thereof[, or, if there has been a failure
      to
      fulfill any such obligation
      in any
      material respect,
      I have
      specified below each such failure
      known to
me
      and
      the nature and status thereof].

     

    Date:

    
      	 	 	 
	 	
              LITTON
                LOAN SERVICING LP,

              as
                Servicer

            
	 
 	 
 	 
 
	 	 	By:  
	 	
              
                

              

            
	 	
              Name:
                

              Title:
                

            

    

    
      
 

    

    EXHIBIT
      S

    

    Form
      8-K Disclosure

    

    

    
      	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            
	
              Item
                1.01- Entry into a Material Definitive Agreement

            	
              Depositor

            
	
              Item
                1.02- Termination of a Material Definitive Agreement

            	
              Depositor

            
	
              Item
                1.03- Bankruptcy or Receivership

            	
              Depositor

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

            	
              Depositor

            
	
              Item
                3.03- Material Modification to Rights of Security Holders

            	
              Depositor

            
	
              Item
                5.03- Amendments of Articles of Incorporation or Bylaws; Change of
                Fiscal
                Year

            	
              Depositor

            
	
              Item
                6.01- ABS Informational and Computational Material

            	
              Depositor

            
	
              Item
                6.02- Change of Servicer or Trustee

            	
              Servicer,
                Depositor

            
	
              Item
                6.03- Change in Credit Enhancement or External Support

            	
              Depositor

            
	
              Item
                6.04- Failure to Make a Required Distribution

            	
              Depositor

            
	
              Item
                6.05- Securities Act Updating Disclosure

            	
              Depositor

            
	
              Item
                7.01- Reg FD Disclosure

            	
              Depositor

            
	
              Item
                8.01

            	
              Depositor

            
	
              Item
                9.01

            	
              Depositor

            

    

    

    To
      the
      extent no written notice is provided by the designated responsible party or
      otherwise to the Trustee by the time specified in Section 3.22(a) of the events
      or information as described above in this Exhibit S, the Trustee shall without
      further notice conclude that there is no event or information to be
      reported.

    

    EXHIBIT
      T

    

    Form
      10-D Disclosure

    

    
      	
              Item

            	
              Description

            	
              Responsible
                Party

            
	
              1

            	
              Distribution
                and Pool Performance Information

            	 
	 	
              Item
                1121(a) - Distribution and Pool Performance
                Information

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

            	
              4.06
                statement*

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

            	
              4.06
                statement

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

            	
              4.06
                statement

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

            	
              4.06
                statement

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

            	
              4.06
                statement

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

            	
              4.06
                statement

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

            	
              4.06
                statement

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

            	
              4.06
                statement

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

            	
              4.06
                statement

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

            	
              4.06
                statement

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

            	
              4.06
                statement

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

            	
              4.06
                statement

               

              Pool
                composition information fields may be updated as specified by the
                Depositor from time to time.

            
	 	
              (9)
                Delinquency and loss information for the period.

               

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

            	
              4.06
                statement

               

              Form
                10-D report: Servicer

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

            	
              4.06
                statement

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

            	
              
                Form
                  10-D report: Servicer

              

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

            	
              Form
                10-D report: Servicer

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

            	
              4.06
                statement

            
	 	
              (14)
                Information regarding any new issuance of asset-backed securities
                backed
                by the same asset pool, information regarding any pool asset changes
                (other than in connection with a pool asset converting into cash
                in
                accordance with its terms), such as additions or removals in connection
                with a prefunding or revolving period and pool asset substitutions
                and
                repurchases (and purchase rates, if applicable), and cash flows available
                for future purchases, such as the balances of any prefunding or revolving
                accounts, if applicable.

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

            	
              Form
                10-D report: Depositor

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

               

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

            	
               

               

              N/A

            
	
              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

              Depositor

              Trustee

              Issuing
                Entity

              Originator

              Custodian

            	
               

               

               

              Sponsor

              Depositor

              Trustee

              All
                Parties

              Originator

              Custodian

            
	
              3

            	
              Sales
                of Securities and Use of Proceeds

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

               

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

            	
               

               

              Depositor

            
	
              4

            	
              Default
                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).

            	
               

               

              Trustee

            
	
              5

            	
              Submission
                of Matters to a Vote of Security Holders 

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

            	
              Trustee

            
	
              6

            	
              Significant
                Obligors of Pool Assets

            	 
	 	
              Item
                1112(b) - Significant Obligor Financial Information*

            	
              N/A

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

            	 
	
              7

            	
              Significant
                Enhancement Provider Information

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

              Determining
                applicable disclosure threshold.

              Obtaining
                required financial information or effecting incorporation by
                reference.

            	
               

              N/A

              N/A

            
	 	
              Item
                1115(b) - Derivative Counterparty Financial Information*

              Determining
                current maximum probable exposure.

              Determining
                current significance percentage.

              Obtaining
                required financial information or effecting incorporation by
                reference.

            	
               

              Depositor

              Depositor

              Depositor

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

            	 
	
              8

            	
              Other
                Information

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

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

            
	
              9

            	
              Exhibits

            	 
	 	
              Distribution
                Report

            	
              Trustee

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

            	
              Depositor

            

    

    

    *
“4.06
      statement” refers to the Statements to be prepared by the Trustee as described
      in Section 4.06 of the Pooling Agreement.

    

    To
      the
      extent no written notice is provided by the designated responsible party or
      otherwise to the Trustee by the time specified in Section 3.22(a) of the events
      or information as described above in this Exhibit T, the Trustee shall without
      further notice conclude that there is no event or information to be
      reported.

    

    

    EXHIBIT
      U

    

    Form
      10-K Disclosure

    

    

    
      	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            
	
              Item
                1B: Unresolved Staff Comments

               

            	
              Depositor

            
	
              Item
                9B: Other Information

            	
              Any
                party responsible for disclosure items on Form 8-K

            
	
              Item
                15: Exhibits, Financial Statement Schedules

            	
              Depositor

            
	
              Additional
                Item:

               

              Disclosure
                per Item 1117 of Reg AB

            	
              All
                parties to the Pooling and Servicing Agreement (as to themselves),
                any
                party with notice thereof with respect to the issuing entity, the
                Depositor as to any other 1100(d)(1) party

            
	
              Additional
                Item:

              Disclosure
                per Item 1119 of Reg AB

            	
              All
                parties to the Pooling and Servicing Agreement (as to
                themselves)

            
	
              Additional
                Item:

              Disclosure
                per Item 1112(b) of Reg AB

            	
              N/A

            
	
              Additional
                Item:

              Disclosure
                per Items 1114(b) and 1115(b) of Reg AB

            	
              Depositor

            
	
              Additional
                Item:

              Disclosure
                per Item 1122 of Reg AB

            	
              Trustee,
                Servicer and Custodian

            
	
              Additional
                Item:

              Disclosure
                per Item 1123 of Reg AB

            	
              Servicer

            

    

    

    To
      the
      extent no written notice is provided by the designated responsible party or
      otherwise to the Trustee by the time specified in Section 3.22(a) of the events
      or information as described above in this Exhibit U, the Trustee shall without
      further notice conclude that there is no event or information to be
      reported.EXHIBIT 4(A)

                         INVESTMENT MANAGEMENT AGREEMENT

      AGREEMENT, dated September 29, 2006, between Quantitative Master Series
Trust (the "Trust"), a Delaware statutory trust, on behalf of Master Aggregate
Bond Index Series, Master Enhanced S&P 500 Series, Master Enhanced International
Series, Master Extended Market Index Series, Master Enhanced Small Cap Series,
Master International Index Series, Master S&P 500 Index Series, Master Small Cap
Index Series and Master MidCap Index Series (each a "Fund" and together the
"Funds"), and BlackRock Advisors, LLC, a Delaware limited liability company (the
"Advisor").

      WHEREAS, the Advisor has agreed to furnish investment advisory services to
each Fund, series of the Trust, an open-end management investment company
registered under the Investment Company Act of 1940, as amended (the "1940
Act");

      WHEREAS, the Board of Trustees of the Trust has established and designated
the Fund as a series of the Trust; and

      WHEREAS, this Agreement has been approved in accordance with the
provisions of the 1940 Act, and the Advisor is willing to furnish such services
upon the terms and conditions herein set forth.

      NOW, THEREFORE, in consideration of the mutual premises and covenants
herein contained and other good and valuable consideration, the receipt of which
is hereby acknowledged, it is agreed by and between the parties hereto as
follows:

      1. In General. The Advisor agrees, all as more fully set forth herein, to
act as investment advisor to the Funds with respect to the investment of the
Funds' assets and to supervise and arrange for the day to day operations of the
Funds and the purchase of securities for and the sale of securities held in the
investment portfolios of the Funds.

      2. Duties and Obligations of the Advisor with Respect to Investment of
Assets of the Funds. Subject to the succeeding provisions of this section and
subject to the direction and control of the Trust's Board of Trustees, the
Advisor shall (i) act as investment advisor for and supervise and manage the
investment and reinvestment of the Funds' assets and in connection therewith
have complete discretion in purchasing and selling securities and other assets
for the Funds and in voting, exercising consents and exercising all other rights
appertaining to such securities and other assets on behalf of the Funds; (ii)
supervise continuously the investment program of each Fund and the composition
of its investment portfolio; (iii) arrange, subject to the provisions of
paragraph 4 hereof, for the purchase and sale of securities and other assets
held in the investment portfolios of the Funds; and (iv) provide investment
research to the Funds.

      3. Duties and Obligations of Advisor with Respect to the Administration of
the Funds. The Advisor also agrees to furnish office facilities and equipment
and clerical, bookkeeping and administrative services (other than such services,
if any, provided by the Funds' Custodian, Transfer Agent and Dividend Disbursing
Agent and other service providers)

<PAGE>

for the Fund. To the extent requested by the Fund, the Advisor agrees to provide
the following administrative services:

            (a) Oversee the determination and publication of each Fund's net
      asset value in accordance with the Fund's policy as adopted from time to
      time by the Board of Trustees;

            (b) Oversee the maintenance by the Funds' Custodian and Transfer
      Agent and Dividend Disbursing Agent of certain books and records of the
      Funds as required under Rule 31a1(b)(4) of the 1940 Act and maintain (or
      oversee maintenance by such other persons as approved by the Board of
      Trustees) such other books and records required by law or for the proper
      operation of the Funds;

            (c) Oversee the preparation and filing of each Fund's federal, state
      and local income tax returns and any other required tax returns;

            (d) Review the appropriateness of and arrange for payment of each
      Fund's expenses;

            (e) Prepare for review and approval by officers of the Trust's
      financial information for the Funds' semiannual and annual reports, proxy
      statements and other communications with shareholders required or
      otherwise to be sent to Fund shareholders, and arrange for the printing
      and dissemination of such reports and communications to shareholders;

            (f) Prepare for review by an officer of the Trust the Funds'
      periodic financial reports required to be filed with the Securities and
      Exchange Commission ("SEC") on Form N-SAR, Form N-CSR, Form N-PX, Form
      N-Q, and such other reports, forms and filings, as may be mutually agreed
      upon;

            (g) Prepare such reports relating to the business and affairs of the
      Funds as may be mutually agreed upon and not otherwise appropriately
      prepared by the Funds' custodian, counsel or auditors;

            (h) Make such reports and recommendations to the Board of Trustees
      concerning the performance of the independent accountants as the Board of
      Trustees may reasonably request or deems appropriate;

            (i) Make such reports and recommendations to the Board of Trustees
      concerning the performance and fees of the Funds' Custodian and Transfer
      Agent and Dividend Disbursing Agent as the Board of Trustees may
      reasonably request or deems appropriate;

            (j) Oversee and review calculations of fees paid to the Funds'
      service providers;

            (k) Oversee each Fund's portfolio and perform necessary calculations
      as required under Section 18 of the 1940 Act;

                                        2
<PAGE>

            (l) Consult with the Trust's officers, independent accountants,
      legal counsel, custodian, accounting agent and transfer and dividend
      disbursing agent in establishing the accounting policies of the Funds and
      monitor financial and shareholder accounting services;

            (m) Determine the amounts available for distribution as dividends
      and distributions to be paid by each Fund to its shareholders; prepare and
      arrange for the printing of dividend notices to shareholders; and provide
      the Funds' dividend disbursing agent and custodian with such information
      as is required for such parties to effect the payment of dividends and
      distributions and to implement the Funds' dividend reinvestment plan;

            (n) Prepare such information and reports as may be required by any
      banks from which a Fund borrows funds;

            (o) Provide such assistance to the Custodian and the Trust's counsel
      and auditors as generally may be required to properly carry on the
      business and operations of the Fund;

            (p) Respond to or refer to the Trust's officers or transfer agent,
      shareholder (including any potential shareholder) inquiries relating to
      the Funds; and

            (q) Supervise any other aspects of the Funds' administration as may
      be agreed to by the Trust and the Advisor.

      All services are to be furnished through the medium of any directors,
officers or employees of the Advisor or its affiliates as the Advisor deems
appropriate in order to fulfill its obligations hereunder.

      The Funds will reimburse the Advisor or its affiliates for all out of
pocket expenses incurred by them in connection with the performance of the
administrative services described in this paragraph 3. The Funds will reimburse
the Advisor and its affiliates for their costs in providing accounting services
to the Funds.

      4. Covenants. (a) In the performance of its duties under this Agreement,
the Advisor shall at all times conform to, and act in accordance with, any
requirements imposed by: (i) the provisions of the 1940 Act and the Investment
Advisers Act of 1940, as amended, and all applicable Rules and Regulations of
the Securities and Exchange Commission; (ii) any other applicable provision of
law; (iii) the provisions of the Declaration of Trust and By Laws of the Trust,
as such documents are amended from time to time; (iv) the investment objectives
and policies of the Funds as set forth in its Registration Statement on Form
N-1A and/or the resolutions of the Board of Trustees; and (v) any policies and
determinations of the Board of Trustees of the Trust; and

            (b) In addition, the Advisor will:

            (i) place orders either directly with the issuer or with any broker
      or dealer. Subject to the other provisions of this paragraph, in placing
      orders with brokers and dealers, the Advisor will attempt to obtain the
      best price and the most favorable execution of its orders. In placing
      orders, the Advisor will consider the experience and skill of the

                                       3
<PAGE>

      firm's securities traders as well as the firm's financial responsibility
      and administrative efficiency. Consistent with this obligation, the
      Advisor may select brokers on the basis of the research, statistical and
      pricing services they provide to the Funds and other clients of the
      Advisor. Information and research received from such brokers will be in
      addition to, and not in lieu of, the services required to be performed by
      the Advisor hereunder. A commission paid to such brokers may be higher
      than that which another qualified broker would have charged for effecting
      the same transaction, provided that the Advisor determines in good faith
      that such commission is reasonable in terms either of the transaction or
      the overall responsibility of the Advisor to the Funds and its other
      clients and that the total commissions paid by each Fund will be
      reasonable in relation to the benefits to the Fund over the long term.
      Subject to the foregoing and the provisions of the 1940 Act, the
      Securities Exchange Act of 1934, as amended, and other applicable
      provisions of law, the Advisor may select brokers and dealers with which
      it or the Trust is affiliated;

            (ii) maintain a policy and practice of conducting its investment
      advisory services hereunder independently of the commercial banking
      operations of its affiliates. When the Advisor makes investment
      recommendations for the Funds, its investment advisory personnel will not
      inquire or take into consideration whether the issuer of securities
      proposed for purchase or sale for each Fund's account are customers of the
      commercial department of its affiliates; and

            (iii) treat confidentially and as proprietary information of the
      Funds all records and other information relative to the Funds, and the
      Funds' prior, current or potential shareholders, and will not use such
      records and information for any purpose other than performance of its
      responsibilities and duties hereunder, except after prior notification to
      and approval in writing by each Fund, which approval shall not be
      unreasonably withheld and may not be withheld where the Advisor may be
      exposed to civil or criminal contempt proceedings for failure to comply,
      when requested to divulge such information by duly constituted
      authorities, or when so requested by the Funds.

      5. Services Not Exclusive. Nothing in this Agreement shall prevent the
Advisor or any officer, employee or other affiliate thereof from acting as
investment advisor for any other person, firm or corporation, or from engaging
in any other lawful activity, and shall not in any way limit or restrict the
Advisor or any of its officers, employees or agents from buying, selling or
trading any securities for its or their own accounts or for the accounts of
others for whom it or they may be acting; provided, however, that the Advisor
will undertake no activities which, in its judgment, will adversely affect the
performance of its obligations under this Agreement.

      6. Sub-Advisors. The Advisor may from time to time, in its sole discretion
to the extent permitted by applicable law, appoint one or more sub-advisors,
including, without limitation, affiliates of the Advisor, to perform investment
advisory services with respect to the Funds. The Advisor may terminate any or
all sub-advisors in its sole discretion at any time to the extent permitted by
applicable law.

      7. Books and Records. In compliance with the requirements of Rule 31a-3
under the 1940 Act, the Advisor hereby agrees that all records which it
maintains for the Trust are the

                                       4
<PAGE>

property of the Trust and further agrees to surrender promptly to the Trust any
such records upon the Trust's request. The Advisor further agrees to preserve
for the periods prescribed by Rule 31a-2 under the 1940 Act the records required
to be maintained by Rule 31a-1 under the 1940 Act.

      8. Expenses. During the term of this Agreement, the Advisor will bear all
costs and expenses of its employees and any overhead incurred in connection with
its duties hereunder and shall bear the costs of any salaries or trustees' fees
of any officers or trustees of the Trust who are affiliated persons (as defined
in the 1940 Act) of the Advisor; provided that the Board of Trustees of the
Trust may approve reimbursement to the Advisor of the pro rata portion of the
salaries, bonuses, health insurance, retirement benefits and all similar
employment costs for the time spent on Fund operations, (including, without
limitation, compliance matters) (other than the provision of investment advice
and administrative services required to be provided hereunder) of all personnel
employed by the Advisor who devote substantial time to Fund operations or the
operations of other investment companies advised by the Advisor.

      9. Compensation of the Advisor. (a) The Trust, on behalf of each Fund,
agrees to pay to the Advisor and the Advisor agrees to accept as full
compensation for all services rendered by the Advisor as such, a monthly fee
(the "Investment Advisory Fee") in arrears at an annual rate equal to the amount
set forth in Schedule A hereto of the average daily value of each Fund's Net
Assets. "Net Assets" means the total assets of a Fund minus the sum of the
accrued liabilities. For any period less than a month during which this
Agreement is in effect, the fee shall be prorated according to the proportion
which such period bears to a full month of 28, 29, 30 or 31 days, as the case
may be.

            (b) For purposes of this Agreement, the net assets of each Fund
      shall be calculated pursuant to the procedures adopted by resolutions of
      the Trustees of the Trust for calculating the value of each Fund's assets
      or delegating such calculations to third parties.

      10. Indemnity. (a) A Fund may, in the discretion of the Board of Trustees
of the Trust, indemnify the Advisor, and each of the Advisor's directors,
officers, employees, agents, associates and controlling persons and the
directors, partners, members, officers, employees and agents thereof (including
any individual who serves at the Advisor's request as director, officer,
partner, member, trustee or the like of another entity) (each such person being
an "Indemnitee") against any liabilities and expenses, including amounts paid in
satisfaction of judgments, in compromise or as fines and penalties, and counsel
fees (all as provided in accordance with applicable state law) reasonably
incurred by such Indemnitee in connection with the defense or disposition of any
action, suit or other proceeding, whether civil or criminal, before any court or
administrative or investigative body in which such Indemnitee may be or may have
been involved as a party or otherwise or with which such Indemnitee may be or
may have been threatened, while acting in any capacity set forth herein or
thereafter by reason of such Indemnitee having acted in any such capacity,
except with respect to any matter as to which such Indemnitee shall have been
adjudicated not to have acted in good faith in the reasonable belief that such
Indemnitee's action was in the best interest of the Trust and furthermore, in
the case of any criminal proceeding, so long as such Indemnitee had no
reasonable cause to believe that the conduct was unlawful; provided, however,
that (1) no Indemnitee shall be indemnified hereunder against any liability to
the Trust or a Fund or its shareholders or any expense of such Indemnitee

                                       5
<PAGE>

arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross
negligence or (iv) reckless disregard of the duties involved in the conduct of
such Indemnitee's position (the conduct referred to in such clauses (i) through
(iv) being sometimes referred to herein as "disabling conduct"), (2) as to any
matter disposed of by settlement or a compromise payment by such Indemnitee,
pursuant to a consent decree or otherwise, no indemnification either for said
payment or for any other expenses shall be provided unless there has been a
determination that such settlement or compromise is in the best interests of a
Fund and that such Indemnitee appears to have acted in good faith in the
reasonable belief that such Indemnitee's action was in the best interest of a
Fund and did not involve disabling conduct by such Indemnitee and (3) with
respect to any action, suit or other proceeding voluntarily prosecuted by any
Indemnitee as plaintiff, indemnification shall be mandatory only if the
prosecution of such action, suit or other proceeding by such Indemnitee was
authorized by a majority of the full Board of Trustees of the Trust.

            (b) A Fund may make advance payments in connection with the expenses
      of defending any action with respect to which indemnification might be
      sought hereunder if the Trust receives a written affirmation of the
      Indemnitee's good faith belief that the standard of conduct necessary for
      indemnification has been met and a written undertaking to reimburse a Fund
      unless it is subsequently determined that such Indemnitee is entitled to
      such indemnification and if the Trustees of the Trust determine that the
      facts then known to them would not preclude indemnification. In addition,
      at least one of the following conditions must be met: (A) the Indemnitee
      shall provide security for such Indemnitee undertaking, (B) the Trust
      shall be insured against losses arising by reason of any unlawful advance,
      or (C) a majority of a quorum consisting of Trustees of the Trust who are
      neither "interested persons" of the Trust (as defined in Section 2(a)(19)
      of the 1940 Act) nor parties to the proceeding ("Disinterested Non Party
      Trustees") or an independent legal counsel in a written opinion, shall
      determine, based on a review of readily available facts (as opposed to a
      full trial type inquiry), that there is reason to believe that the
      Indemnitee ultimately will be found entitled to indemnification.

            (c) All determinations with respect to the standards for
      indemnification hereunder shall be made (1) by a final decision on the
      merits by a court or other body before whom the proceeding was brought
      that such Indemnitee is not liable or is not liable by reason of disabling
      conduct, or (2) in the absence of such a decision, by (i) a majority vote
      of a quorum of the Disinterested Non Party Trustees of the Trust, or (ii)
      if such a quorum is not obtainable or, even if obtainable, if a majority
      vote of such quorum so directs, independent legal counsel in a written
      opinion. All determinations that advance payments in connection with the
      expense of defending any proceeding shall be authorized and shall be made
      in accordance with the immediately preceding clause (2) above.

      The rights accruing to any Indemnitee under these provisions shall not
exclude any other right to which such Indemnitee may be lawfully entitled.

      11. Limitation on Liability. The Advisor will not be liable for any error
of judgment or mistake of law or for any loss suffered by the Advisor or by the
Funds in connection with the performance of this Agreement, except a loss
resulting from a breach of fiduciary duty with respect to the receipt of
compensation for services or a loss resulting from willful misfeasance, bad
faith or gross negligence on its part in the performance of its duties or from
reckless

                                       6
<PAGE>

disregard by it of its duties under this Agreement. As used in this Section 11,
the term "Advisor" shall include any affiliates of the Advisor performing
services for the Trust contemplated hereby and partners, directors, officers and
employees of the Advisor and of such affiliates.

      12. Duration and Termination. This Agreement shall become effective as of
the date hereof and, unless sooner terminated with respect to the Funds as
provided herein, shall continue in effect for a period of two years. Thereafter,
if not terminated, this Agreement shall continue in effect with respect to the
Funds for successive periods of 12 months, provided such continuance is
specifically approved at least annually by both (a) the vote of a majority of
the Trust's Board of Trustees or the vote of a majority of the outstanding
voting securities of each Fund at the time outstanding and entitled to vote, and
(b) by the vote of a majority of the Trustees who are not parties to this
Agreement or interested persons of any party to this Agreement, cast in person
at a meeting called for the purpose of voting on such approval. Notwithstanding
the foregoing, this Agreement may be terminated by the Trust, on behalf of a
Fund, at any time, without the payment of any penalty, upon giving the Advisor
60 days' notice (which notice may be waived by the Advisor), provided that such
termination by the Trust, on behalf of a Fund, shall be directed or approved by
the vote of a majority of the Trustees of the Trust in office at the time or by
the vote of the holders of a majority of the voting securities of each Fund at
the time outstanding and entitled to vote, or by the Advisor on 60 days' written
notice (which notice may be waived by the Trust, on behalf of a Fund). This
Agreement will also immediately terminate in the event of its assignment. (As
used in this Agreement, the terms "majority of the outstanding voting
securities," "interested person" and "assignment" shall have the same meanings
of such terms in the 1940 Act.)

      13. Notices. Any notice under this Agreement shall be in writing to the
other party at such address as the other party may designate from time to time
for the receipt of such notice and shall be deemed to be received on the earlier
of the date actually received or on the fourth day after the postmark if such
notice is mailed first class postage prepaid.

      14. Amendment of this Agreement. This Agreement may be amended by the
parties only if such amendment is specifically approved by the vote of the Board
of Trustees of the Trust, including a majority of those Trustees who are not
parties to this Agreement or interested persons of any such party cast in person
at a meeting called for the purpose of voting on such approval and, where
required by the 1940 Act, by a vote of a majority of the outstanding voting
securities of each Fund.

      15. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York for contracts to be performed
entirely therein without reference to choice of law principles thereof and in
accordance with the applicable provisions of the 1940 Act. To the extent that
the applicable laws of the State of New York, or any of the provisions, conflict
with the applicable provisions of the 1940 Act, the latter shall control.

      16. Use of the Name BlackRock. The Advisor has consented to the use by the
Trust of the name or identifying word "BlackRock" in the name of the Trust and
the Funds. Such consent is conditioned upon the employment of the Advisor as the
investment advisor to the Funds. The name or identifying word "BlackRock" may be
used from time to time in other

                                       7
<PAGE>

connections and for other purposes by the Advisor and any of its affiliates. The
Advisor may require a Fund to cease using "BlackRock" in the name of the Trust
and the Funds if the Funds ceases to employ, for any reason, the Advisor, any
successor thereto or any affiliate thereof as investment advisor of the Funds.

      17. Miscellaneous. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. If any
provision of this Agreement shall be held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Agreement shall not be
affected thereby. This Agreement shall be binding on, and shall inure to the
benefit of the parties hereto and their respective successors.

      18. Counterparts. This Agreement may be executed in counterparts by the
parties hereto, each of which shall constitute an original counterpart, and all
of which, together, shall constitute one Agreement.

                                       8
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused the foregoing
instrument to be executed by their duly authorized officers, all as of the day
and the year first above written.

                                        QUANTITATIVE MASTER SERIES TRUST

                                        By:
                                           ------------------------------
                                        Name:  Donald C. Burke
                                        Title: Vice President & Treasurer

                             BLACKROCK ADVISORS, LLC

                                        By:
                                           ------------------------------
                                        Name:  Donald C. Burke
                                        Title: Managing Director

                                       9
<PAGE>

                                   Schedule A

                             Investment Advisory Fee

Name of Series                                           Investment Advisory Fee
--------------                                           -----------------------

Master Aggregate Bond Index Series.............................. 0.01%

Master Enhanced S&P 500 Series.................................. 0.01%

Master Enhanced International Series............................ 0.01%

Master Extended Market Index Series............................. 0.01%

Master Enhanced Small Cap Series................................ 0.01%

Master International Index Series............................... 0.01%

Master S&P 500 Index Series..................................... 0.01%

Master Small Cap Index Series................................... 0.01%

Master MidCap Index Series...................................... 0.01%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]