Document:

Unassociated Document

    ARGENT
      SECURITIES INC.

     

    $2,938,500,000
      (Approximate)

    Asset-Backed
      Pass-Through Certificates

    Argent
      Securities Inc.

    Series
      2006-M1

     

    June
      9,
      2006

     

     

    UNDERWRITING
      AGREEMENT

     

    

    
      	
              Merrill
                Lynch, Pierce, Fenner & Smith

              Incorporated
                as
                Representative of the several Underwriters

              4
                World Financial Center

              New
                York, New York 10080

            	
              Greenwich
                Capital Markets, Inc.

              600
                Steamboat Road

              Greenwich
                CT 06830

            

    

    

    Ladies
      and Gentlemen:

     

    Argent
      Securities Inc. (the “Depositor”), a Delaware corporation, has authorized the
      issuance and sale of Argent Securities Inc., Asset-Backed Pass-Through
      Certificates, Series 2006-M1 (the “Certificates”). The Certificates are
      designated as (i) the Class A-1 Certificates, the Class A-2A Certificates,
      the
      Class A-2B Certificates, the Class A-2C Certificates and the Class A-2D
      Certificates (collectively, the “Class A Certificates”) and (ii) the Class M-1
      Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class
      M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the
      Class M-7 Certificates, the Class M-8 Certificates, the Class M-9 Certificates
      and the Class M-10 Certificates (collectively, the “Offered Mezzanine
      Certificates”; together with the Class A Certificates, the “Underwritten
      Certificates”). Also to be issued are the Class CE Certificates, the Class P
      Certificates, the Class R Certificates and the Class R-X Certificates
      (collectively, the “Non-Offered Certificates”). The Underwritten Certificates
      and the Non-Offered Certificates are referred to together as the
“Certificates.”

     

    Only
      the
      Underwritten Certificates are being purchased by the underwriters named in
      Schedule A hereto (the “Underwriters”), and the Underwriters severally are
      purchasing only the Underwritten Certificates set forth opposite their names
      in
      Schedule A, except that the amounts purchased by the Underwriters may change
      in
      accordance with Section 10 of this Agreement. Merrill Lynch, Pierce, Fenner
      & Smith Incorporated is acting as representative of the several Underwriters
      (not including Greenwich Capital Markets, Inc.) and, in such capacity, is
      hereinafter referred to as the “Representative” If only one underwriter is named
      in Schedule A, the terms “Underwriter,” “Underwriters” and “Representative”
shall refer to that named underwriter.

     

    The
      Certificates will be issued under a Pooling and Servicing Agreement, dated
      as of
      June 1, 2006 (the “Pooling and Servicing Agreement”), among the Depositor as
      depositor, Ameriquest Mortgage Company as master servicer (in such capacity,
      the
“Master Servicer”) and Deutsche Bank National Trust Company as trustee (in such
      capacity, the “Trustee”). Capitalized but undefined terms shall have the
      meanings set forth in the Pooling and Servicing Agreement.

     

    The
      Certificates will evidence fractional undivided interests in the Trust (the
      “Trust”) formed pursuant to the Pooling and Servicing Agreement. The assets of
      the Trust will initially include, among other things, a segregated pool (the
      “Mortgage Pool”) of certain adjustable-rate and fixed-rate, conventional, one-
      to four-family residential mortgage loans (collectively, the “Initial Mortgage
      Loans”), the Pre-funding Accounts used to purchase additional mortgage loans
      after the Closing Date (the “Subsequent Mortgage Loans”, together with the
      Initial Mortgage Loans, the “Mortgage Loans”), the Interest Coverage Accounts,
      the Master Servicer Prepayment Charge Payment Amounts, the Net WAC Rate
      Carryover Reserve Account and the Swap Account (including any payments made
      under the Swap Administration Agreement deposited in the Trust) and such amounts
      as may be held by the Trustee in any other accounts held by the Trustee for
      the
      Trust. A form of the Pooling and Servicing Agreement has been filed as an
      exhibit to the Registration Statement.

     

    The
      Underwritten Certificates are more fully described in a Registration Statement
      which the Depositor has furnished to the Underwriters.

     

    Pursuant
      to the Mortgage Loan Purchase Agreement, dated the date of this Agreement (the
      “Mortgage Loan Purchase Agreement”), between Ameriquest Mortgage Company (in
      such capacity, the “Seller”) and the Depositor, the Seller will sell to the
      Depositor all of its right, title and interest in and to the Mortgage Loans,
      including the scheduled principal balances of the Mortgage Loans as of the
      Cut-off Date and interest due after the Cut-off Date. Pursuant to the Pooling
      and Servicing Agreement, the Depositor will sell to the Trust all of its right,
      title and interest in and to the Mortgage Loans, including the scheduled
      principal balances of the Mortgage Loans as of the Cut-off Date and interest
      due
      after the Cut-off Date.

     

    On
      or
      before July 21, 2006, the Trust will acquire the Subsequent Mortgage Loans
      to be
      included in the Mortgage Pool, subject to the conditions set forth in the
      Pooling and Servicing Agreement.

     

     

    SECTION
      1.  Representations
      and Warranties of the Depositor.
      The
      Depositor represents and warrants to, and agrees with the Underwriters that
      as
      of the date of the Preliminary Prospectus, as of the date of the Prospectus,
      and
      as of the Closing Date:

     

    (a)  A
      Registration Statement on Form S-3 (No. 333-131895) relating to the Underwritten
      Certificates has (i) been prepared by the Depositor in conformity with the
      requirements of the Securities Act of 1933, as amended (the “Securities Act”),
      and the rules and regulations (the “Rules and Regulations”) of the United States
      Securities and Exchange Commission (the “Commission”) thereunder, (ii) been
      filed with the Commission under the Securities Act and (iii) become effective
      and is still effective as of the date hereof under the Securities Act. Copies
      of
      such Registration Statement have been delivered by the Depositor to the
      Underwriters. As used in this Agreement, “Effective Time” means the date and the
      time as of which such Registration Statement, or the most recent post-effective
      amendment thereto, if any, was declared effective by the Commission; “Effective
      Date” means the date of the Effective Time; “Registration Statement” means such
      registration statement, at the Effective Time, including any documents
      incorporated by reference therein at such time; “Base Prospectus” means such
      final prospectus dated March 31, 2006 and “Prospectus Supplement” means the
      final prospectus supplement relating to the Underwritten Certificates, to be
      filed with the Commission pursuant to paragraph (2), (3) or (5) of Rule 424(b)
      of the Rules and Regulations. “Prospectus” means the Base Prospectus together
      with the Prospectus Supplement. The Depositor has prepared a Free Writing
      Prospectus, dated June 8, 2006, that contains substantially all information
      that
      will appear in the Prospectus Supplement and including the Static Pool
      Information referred to in the Free Writing Prospectus, to the extent that
      such
      information is known at that time (such Free Writing Prospectus together with
      the Base Prospectus, the “Preliminary Prospectus”). Reference made herein to the
      Preliminary Prospectus or the Prospectus shall be deemed to refer to and include
      any documents incorporated by reference therein pursuant to Item 12 of Form
      S-3
      under the Securities Act, as of the date of the Prospectus and any reference
      to
      any amendment or supplement to the Preliminary Prospectus or the Prospectus
      shall be deemed to refer to and include any document filed under the Securities
      Exchange Act of 1934, as amended (the “Exchange Act”), after the date of the
      Preliminary Prospectus or the Prospectus, as applicable, and incorporated by
      reference in the Preliminary Prospectus or the Prospectus, as applicable, and
      any reference to any amendment to the Registration Statement shall be deemed
      to
      include any report of the Depositor filed with the Commission pursuant to
      Section 13(a) or 15(d) of the Exchange Act after the Effective Time that is
      incorporated by reference in the Registration Statement. The Commission has
      not
      issued any order preventing or suspending the use of the Prospectus or the
      Preliminary Prospectus or the effectiveness of the Registration Statement and
      no
      proceedings for such purpose are pending or, to the Depositor’s knowledge,
      threatened by the Commission. There are no contracts or documents of the
      Depositor which are required to be filed as exhibits to the Registration
      Statement pursuant to the Securities Act or the Rules and Regulations which
      have
      not been so filed or incorporated by reference therein on or prior to the
      Effective Date of the Registration Statement other than such documents or
      materials, if any, as any Underwriter delivers to the Depositor pursuant to
      Section 5 hereof for filing on Form 8-K. The conditions for use of Form S-3,
      as
      set forth in the General Instructions thereto, have been satisfied.

     

    (b)  The
      Registration Statement, the Preliminary Prospectus, the Prospectus and the
      Static Pool Information conform, and any further amendments or supplements
      to
      the Registration Statement, the Preliminary Prospectus and the Prospectus will
      conform, when they become effective, are filed with the Commission or as of
      the
      date of the Contract of Sale, as the case may be, in all respects to the
      requirements of the Securities Act and the Rules and Regulations. The
      Registration Statement, as of the Effective Date thereof, and any amendment
      thereto, did not contain an untrue statement of a material fact or omit to
      state
      a material fact required to be stated therein or necessary to make the
      statements therein not misleading. The Preliminary Prospectus, as amended or
      supplemented, as of its date and as of the date of the Contract of Sale, and
      the
      Prospectus, as amended or supplemented, as of its date and as of the Closing
      Date, and the Static Pool Information, as of the date of the Contract of Sale
      and as of the Closing Date, do not and will not contain any untrue statement
      of
      a material fact or omit to state a material fact necessary in order to make
      the
      statements therein, in light of the circumstances under which they were made,
      not misleading; provided that no representation or warranty is made as to (i)
      information contained in or omitted from the Registration Statement, the
      Preliminary Prospectus or the Prospectus in reliance upon and in conformity
      with
      written information furnished to the Depositor in writing by any Underwriter
      through the Representative expressly for use therein as set forth in Exhibit
      A
      hereto (the “Underwriters’ Information”), and (ii) any Excluded Information (as
      defined in Section 8(a)(i) below).

     

    (c)  The
      documents incorporated by reference in the Preliminary Prospectus or the
      Prospectus, as applicable, when they became effective, were filed with the
      Commission or as of the date of the Contract of Sale, as the case may be,
      conformed in all material respects to the requirements of the Securities Act
      or
      the Exchange Act, as applicable, and the rules and regulations of the Commission
      thereunder; and any further documents so filed and incorporated by reference
      in
      the Prospectus, when such documents become effective, are filed with the
      Commission or as of the date of the Contract of Sale, as the case may be, will
      conform in all material respects to the requirements of the Securities Act
      or
      the Exchange Act, as applicable, and the rules and regulations of the Commission
      thereunder.

     

    (d)  The
      Depositor has been duly incorporated and is validly existing as a corporation
      in
      good standing under the laws of its jurisdiction of incorporation and is in
      good
      standing as a foreign corporation in each jurisdiction in which its ownership
      or
      lease of property or the conduct of its business so requires such standing.
      The
      Depositor has all power and authority necessary to own or hold its properties,
      to conduct the business in which it is engaged and to enter into and perform
      its
      obligations under this Agreement, the Mortgage Loan Purchase Agreement, each
      Subsequent Mortgage Loan Purchase Agreement and the Pooling and Servicing
      Agreement (collectively, the “Agreements”) and to cause the Certificates to be
      issued.

     

    (e)  Except
      as
      disclosed in the Preliminary Prospectus and the Prospectus, there are no
      actions, proceedings or investigations pending with respect to which the
      Depositor has received service of process before, or, to the best of 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 or financial condition of the Depositor,
      (b) asserting the invalidity of any of the Agreements 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 any of the Agreements
      or
      (d) which might materially and adversely affect the performance by the Depositor
      of its obligations under, or the validity or enforceability of any of the
      Agreements or the Certificates.

     

    (f)  This
      Agreement has been, and the other Agreements when executed and delivered as
      contemplated hereby and thereby will have been, duly authorized, executed and
      delivered by the Depositor, and this Agreement constitutes, and the other
      Agreements when executed and delivered as contemplated herein will constitute,
      legal, valid and binding instruments enforceable against the Depositor in
      accordance with their respective terms, subject as to enforceability to (x)
      applicable bankruptcy, reorganization, insolvency, moratorium or other similar
      laws affecting creditors’ rights generally, (y) general principles of equity
      (regardless of whether enforcement is sought in a proceeding in equity or at
      law), and (z) with respect to rights of indemnity under any of the Agreements,
      limitations of public policy under applicable securities laws.

     

    (g)  The
      execution, delivery and performance of the Agreements by the Depositor and
      the
      consummation of the transactions contemplated hereby and thereby, and the
      issuance and delivery of the Certificates do not and will not conflict with
      or
      result in a breach or violation of any of the terms or provisions of, or
      constitute a default under, any indenture, mortgage, deed of trust, loan
      agreement or other agreement or instrument to which the Depositor is a party,
      by
      which the Depositor is bound or to which any of the properties or assets of
      the
      Depositor or any of its subsidiaries is subject, which breach or violation
      would
      have a material adverse effect on the business, operations or financial
      condition of the Depositor or its ability to perform its obligations under
      any
      of the Agreements, nor will such actions result in any violation of the
      provisions of the articles of incorporation or by-laws of the Depositor or
      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,
      which breach or violation would have a material adverse effect on the business,
      operations or financial condition of the Depositor or its ability to perform
      its
      obligations under any of the Agreements.

     

    (h)  The
      direction by the Depositor to the Trustee to execute, authenticate, issue and
      deliver the Certificates has been duly authorized by the Depositor, and,
      assuming the Trustee has been duly authorized to undertake such actions, when
      executed, authenticated, issued and delivered by the Trustee, in accordance
      with
      the Pooling and Servicing Agreement, the Certificates will be validly issued
      and
      outstanding and the holders of the Certificates will be entitled to the rights
      and benefits of the Certificates as provided by the Pooling and Servicing
      Agreement.

     

    (i)  No
      consent, approval, authorization, order, registration or qualification of or
      with any court or governmental agency or body of the United States is required
      for the issuance of the Certificates and the sale of the Underwritten
      Certificates to the Underwriters, or the consummation by the Depositor of the
      other transactions contemplated by the Agreements except such consents,
      approvals, authorizations, registrations or qualifications as may be required
      under state securities or Blue Sky laws in connection with the purchase and
      distribution of the Underwritten Certificates by the Underwriters or as have
      been obtained.

     

    (j)  At
      the
      time of the execution and delivery of the Pooling and Servicing Agreement,
      the
      Depositor will: (i) have equitable title to the Initial Mortgage Loans conveyed
      by the Seller, free and clear of any lien, mortgage, pledge, charge,
      encumbrance, adverse claim or other security interest (collectively, “Liens”);
      (ii) not have assigned to any person (other than the Trustee) any of its right,
      title or interest in the Initial Mortgage Loans and (iii) have the power and
      authority to sell the Mortgage Loans to the Trustee and to sell the Underwritten
      Certificates to the Underwriters. At each Subsequent Transfer Date, the
      Depositor will: (i) have equitable title to the interest in the Subsequent
      Mortgage Loans conveyed by the Seller on the Subsequent Transfer Date, free
      and
      clear of any Liens; (ii) not have assigned to any person (other than the
      Trustee) any of its right, title or interest in such Subsequent Mortgage Loans
      and (iii) have the power and authority to sell its interest in such Subsequent
      Mortgage Loans to the Trustee. Upon execution and delivery of the Pooling and
      Servicing Agreement by the Trustee, the Trustee will have acquired beneficial
      ownership of all of the Depositor’s right, title and interest in and to the
      Initial Mortgage Loans. On each Subsequent Transfer Date, the Trustee will
      have
      acquired beneficial ownership of all of the Depositor’s right, title and
      interest in and to the Subsequent Mortgage Loans conveyed by the Seller on
      such
      Subsequent Transfer Date. Upon delivery to the Underwriters of the Underwritten
      Certificates, the Underwriters will have good title to the Underwritten
      Certificates free of any Liens.

     

    (k)  As
      of the
      Cut-off Date or the related Subsequent Transfer Date, as applicable, each of
      the
      Mortgage Loans will meet the eligibility criteria described in the Preliminary
      Prospectus and the Prospectus and will conform to the descriptions thereof
      contained in the Preliminary Prospectus and the Prospectus.

     

    (l)  Neither
      the Depositor nor the Trust is an “investment company” within the meaning of
      such term under the Investment Company Act of 1940, as amended (the “1940 Act”)
      and the rules and regulations of the Commission thereunder.

     

    (m)  At
      the
      Closing Date, the Underwritten Certificates and the Pooling and Servicing
      Agreement will conform in all material respects to the descriptions thereof
      contained in the Preliminary Prospectus and the Prospectus.

     

    (n)  Any
      taxes, fees and other governmental charges in connection with the execution,
      delivery and issuance of the Agreements and the Certificates have been paid
      or
      will be paid at or prior to the Closing Date.

     

    (o)  Since
      the
      respective dates as of which information is given in the Preliminary Prospectus
      and the Prospectus, there has not been any material adverse change in the
      general affairs, management, financial condition, or results of operations
      of
      the Depositor or Seller, otherwise than as set forth or contemplated in the
      Prospectus as supplemented or amended as of the Closing Date.

     

    (p)  As
      of the
      Effective Date and as of the date of the Contract of Sale, the Depositor is
      not
      and will not be as of the Closing Date an “ineligible issuer” as defined in Rule
      405 under the Securities Act.

     

    (q)  Any
      certificate signed by an officer of the Depositor and delivered to the
      Underwriters or counsel for the Underwriters in connection with an offering
      of
      the Underwritten Certificates shall be deemed, and shall state that it is,
      a
      representation and warranty as to the matters covered thereby to each person
      to
      whom the representations and warranties in this Section 1 are made.

     

    (r)  As
      of the
      date of the Contract of Sale, each Issuer Free Writing Prospectus and the
      Preliminary Prospectus, considered together, did not include any untrue
      statement of a material fact or omission of any material fact necessary in
      order
      to make the statements therein, in the light of the circumstances under which
      they were made, not misleading.

     

    SECTION
      2.  Purchase
      and Sale.
      The
      several commitments of the Underwriters to purchase the Underwritten
      Certificates pursuant to this Agreement shall be deemed to have been made on
      the
      basis of the representations and warranties herein contained and shall be
      subject to the terms and conditions herein set forth. The Depositor agrees
      to
      instruct the Trustee to issue the Certificates and agrees to sell to each
      Underwriter, and each Underwriter agrees (except as provided in Section 10
      hereof) severally and not jointly to purchase from the Depositor, the aggregate
      principal amounts or percentage interests of the Underwritten Certificates
      of
      each Class, as set forth opposite such Underwriter’s name on Schedule A, at the
      purchase price or prices set forth on Schedule A.

     

    SECTION
      3.  Delivery
      and Payment.
      Delivery of and payment for the Underwritten Certificates shall be made at
      the
      offices of Thacher Proffitt & Wood LLP, Two World Financial Center, New
      York, New York 10281, or at such other place as shall be agreed upon by the
      Underwriters and the Depositor at 10:00 A.M. New York City time on June 28,
      2006, or at such other time or date as shall be agreed upon in writing by the
      Underwriters and the Depositor (such date being referred to as the “Closing
      Date”). Payment shall be made to the Depositor by wire transfer of same day
      funds payable to the account of the Depositor. Delivery of the Underwritten
      Certificates shall be made to the Representative for the accounts of the several
      Underwriters against payment of the purchase price thereof. The Underwritten
      Certificates so delivered will be initially represented by one or more
      certificates registered in the name of Cede & Co., the nominee of The
      Depository Trust Company (“DTC”). The interests of the beneficial owners of the
      Underwritten Certificates will be represented by book entries on the records
      of
      DTC and participating members thereof. Definitive Underwritten Certificates
      will
      be available only under the limited circumstances specified in the Pooling
      and
      Servicing Agreement.

     

    SECTION
      4.  Offering
      by the Underwriters.
      It is
      understood that, subject to the terms and conditions hereof, the several
      Underwriters propose to offer the Underwritten Certificates for sale to the
      public as set forth in the Prospectus.

     

    SECTION
      5.  Agreements.

     

    (a)  The
      Depositor agrees as follows:

     

    	(i)  	
            To
              prepare the Preliminary Prospectus and the Prospectus in a form approved
              by the Underwriters; to file such Preliminary Prospectus pursuant to
              Rule
              433(d) under the Securities Act not later than the same day on which
              the
              Preliminary Prospectus was made available to the Underwriters; to file
              such Prospectus pursuant to Rule 424(b) under the Securities Act not
              later
              than the second Business Day following the day on which the Prospectus
              was
              made available to the Underwriters; to make no further amendment or
              supplement to the Registration Statement or to the Prospectus prior
              to the
              Closing Date except as permitted herein; to advise the Underwriters,
              promptly after it receives notice thereof, of the time when any amendment
              to the Registration Statement has been filed or becomes effective prior
              to
              the termination of the offering of the Underwritten Certificates or
              any
              supplement to the Prospectus or any amended Prospectus has been filed
              and
              to furnish the Underwriters or their counsel with copies thereof without
              charge; to file promptly all reports and any definitive proxy or
              information statements required to be filed by the Depositor with the
              Commission pursuant to Section 13(a), 13(c), 14 or l5(d) of the Exchange
              Act subsequent to the date of the Prospectus and, for so long as the
              delivery of a prospectus is required in connection with the offering
              or
              sale of the Underwritten Certificates; to promptly advise the Underwriters
              of its receipt of notice of the issuance by the Commission of any stop
              order or the institution of or, to the knowledge of the Depositor,
              the
              threatening of any proceeding for such purpose, or of: (i) any order
              preventing or suspending the use of the Preliminary Prospectus or the
              Prospectus; (ii) the suspension of the qualification of the Underwritten
              Certificates for offering or sale in any jurisdiction; (iii) the
              initiation of or threat of any proceeding for any such purpose or (iv)
              any
              request by the Commission for the amending or supplementing of the
              Registration Statement, the Preliminary Prospectus or the Prospectus
              or
              for additional information. In the event of the issuance of any stop
              order
              or of any order preventing or suspending the use of the Preliminary
              Prospectus or the Prospectus or suspending any such qualification,
              the
              Depositor promptly shall use its best efforts to obtain the withdrawal
              of
              such order by the Commission.

          

     

    	(ii)  	
            To
              furnish promptly to the Underwriters and to counsel for the Underwriters
              a
              signed copy of the Registration Statement as originally filed with
              the
              Commission, and of each amendment thereto filed with the Commission,
              including all consents and exhibits filed
              therewith.

          

     

    	(iii)  	
            To
              deliver promptly to the Underwriters without charge such number of
              the
              following documents as the Underwriters shall reasonably request: (i)
              conformed copies of the Registration Statement as originally filed
              with
              the Commission and each amendment thereto (in each case including
              exhibits); (ii) the Preliminary Prospectus, the Prospectus and any
              amended
              or supplemented Preliminary Prospectus or Prospectus and (iii) any
              document incorporated by reference in the Preliminary Prospectus or
              the
              Prospectus (including exhibits thereto). If the delivery of a prospectus
              is required at any time prior to the expiration of nine months after
              the
              Closing Date in connection with the offering or sale of the Underwritten
              Certificates, and if at such time any events shall have occurred as
              a
              result of which the Prospectus as then amended or supplemented would
              include any untrue statement of a material fact or omit to state any
              material fact necessary in order to make the statements therein, in
              light
              of the circumstances under which they were made when such Prospectus
              is
              delivered, not misleading, or, if for any other reason it shall be
              necessary during such same period to amend or supplement the Prospectus
              or
              to file under the Exchange Act any document incorporated by reference
              in
              the Prospectus in order to comply with the Securities Act or the Exchange
              Act, the Depositor shall notify the Underwriters and, upon any
              Underwriter’s request, shall file such document and prepare and furnish
              without charge to the Underwriters and to any dealer in securities
              as many
              copies as the Underwriters may from time to time reasonably request
              of an
              amended Prospectus or a supplement to the Prospectus which corrects
              such
              statement or omission or effects such compliance, and in case the
              Underwriters are required to deliver a Prospectus in connection with
              sales
              of any of the Underwritten Certificates at any time nine months or
              more
              after the Effective Time, upon the request of the Underwriters but
              at
              their expense, the Depositor shall prepare and deliver to the Underwriters
              as many copies as the Underwriters may reasonably request of an amended
              or
              supplemented Prospectus complying with Section 10(a)(3) of the Securities
              Act.

          

     

    	(iv)  	
            To
              file promptly with the Commission any amendment to the Registration
              Statement, the Preliminary Prospectus or the Prospectus or any supplement
              to the Prospectus that may, in the judgment of the Depositor or the
              Underwriters, be required by the Securities Act or requested by the
              Commission. Neither the Underwriters’ consent to nor their distribution of
              any amendment or supplement shall constitute a waiver of any of the
              conditions set forth in Section 6.

          

     

    	(v)  	
            To
              furnish the Underwriters and counsel for the Underwriters, prior to
              filing
              with the Commission, and to obtain the consent of the Underwriters
              for the
              filing of the following documents relating to the Underwritten
              Certificates: (i) any Post-Effective Amendment to the Registration
              Statement or supplement to the Prospectus, or document incorporated
              by
              reference in the Prospectus or (ii) the Preliminary Prospectus and
              the
              Prospectus pursuant to the Rules and
              Regulations.

          

     

    	(vi)  	
            To
              use commercially reasonable efforts, in cooperation with the Underwriters,
              to qualify the Underwritten Certificates for offering and sale under
              the
              applicable securities laws of such states and other jurisdictions of
              the
              United States or elsewhere as the Underwriters may reasonably designate,
              and maintain or cause to be maintained such qualifications in effect
              for
              as long as may be required for the distribution of the Underwritten
              Certificates. The Depositor will file or cause the filing of such
              statements and reports as may be required by the laws of each jurisdiction
              in which the Underwritten Certificates have been so qualified; provided,
              however, that the Depositor shall not be required to qualify to do
              business in any jurisdiction where it is not now so qualified or to
              take
              any action which would subject it to general or unlimited service of
              process in any jurisdiction where it is now so
              subject.

          

     

    	(vii)  	
            So
              long as the Underwritten Certificates shall be outstanding, the Depositor
              shall cause the Trustee, pursuant to the Pooling and Servicing Agreement,
              to deliver to the Underwriters as soon as such statements are furnished
              to
              the Trustee: (i) the annual assessment of compliance delivered to the
              Trustee pursuant to Section 3.20 of the Pooling and Servicing Agreement;
              (ii) the annual attestation of a firm of registered public accountants
              furnished to the Trustee pursuant to Section 3.20 of the Pooling and
              Servicing Agreement; (iii) the monthly servicing report furnished to
              the
              Trustee and (iv) the monthly reports furnished to the Certificateholders
              pursuant to Section 4.02 of the Pooling and Servicing
              Agreement.

          

     

    	(viii)  	
            Unless
              the Underwriters shall otherwise have given their written consent,
              no
              collateralized mortgage obligations or other similar securities
              representing interests in or secured by other mortgage-related assets
              originated or owned by the Seller shall be publicly offered or sold,
              nor
              shall the Seller enter into any contractual arrangements that contemplate
              the public offering or sale of such securities, until the earlier to
              occur
              of the termination of the syndicate or the Closing
              Date.

          

     

    	(ix)  	
            In
              connection with any transaction contemplated by this Agreement, the
              Depositor and each of its affiliates maintain customary, arm’s-length
              business relationships with each Underwriter and each of its affiliates,
              and no fiduciary duty on the part of any Underwriter or any of its
              affiliates is thereby or hereby intended or created, and the express
              disclaimer of any such fiduciary relationship on the part of each
              Underwriter and each of its affiliates is hereby acknowledged and accepted
              by the Depositor and each of its
              affiliates.

          

     

    	(x)  	
            The
              Depositor will file or cause to be filed with the Commission such Free
              Writing Prospectus that is either an Issuer Free Writing Prospectus
              (as
              defined in Section 5(c) hereof) or contains Issuer Information as soon
              as
              reasonably practicable after the date of this Agreement, but in any
              event,
              not later than required pursuant to Rules 426 or 433, respectively,
              of the
              Securities Act.

          

     

    	(xi)  	
            The
              Depositor shall not be required to file (A) any Free Writing Prospectus,
              if the information included therein is included or incorporated by
              reference in a prospectus or Free Writing Prospectus previously filed
              with
              the Commission that relates to the offering of the Certificates, or
              (B)
              any Free Writing Prospectus or portion thereof that contains a description
              of the Certificates or the offering of the Certificates which does
              not
              reflect the final terms thereof (so long as such information does not
              contain any Issuer Information).

          

     

    	(xii)  	
            The
              Depositor will (i) prepare and file the report required by Item 6.05
              of
              Form 8-K within four business days after the Closing Date if any material
              pool characteristic in the final pool at the Closing Date varies by
              5% or
              more from the description in the Prospectus Supplement, (ii) comply
              with
              required Form 8-K reporting requirements with respect to any prefunding
              account and (iii) if static pool information required with respect
              to the
              Underwritten Certificates is delivered via website, comply with the
              Rules
              and Regulations. The Depositor will be responsible for calculating
              the
              significance percentage of any derivative contract with respect to
              the
              Underwritten Certificates.

          

     

     

    (b)  Each
      Underwriter severally represents, warrants, covenants and agrees with the
      Depositor as to itself that:

     

    	(i)  	
            The
              Underwriters hereby authorize the Representative to execute on behalf
              of
              all the Underwriters, each of (a) a letter to the Depositor concerning
              registration and denomination instructions for the Underwritten
              Certificates purchased by the Underwriters, (b) the Cross Receipt relating
              to the Depositor’s receipt of the proceeds from the sale of the
              Underwritten Certificates and (c) the original issue discount pricing
              letter. 

          

     

    	(ii)  	
            Prior
              to entering into any Contract of Sale, the Underwriter shall convey
              the
              Preliminary Prospectus to each prospective investor. The Underwriter
              shall
              keep sufficient records to document its conveyance of the Preliminary
              Prospectus to each potential investor prior to the related Contract
              of
              Sale.

          

     

    	(iii)  	
            Unless
              preceded or accompanied by a prospectus satisfying the requirements
              of
              Section 10(a) of the Securities Act, the Underwriter shall not convey
              or
              deliver any written communication to any person in connection with
              the
              initial offering
              of the Certificates,
              unless such written communication (1) is made in reliance on Rule 134
              under the Securities Act, (2) constitutes a prospectus satisfying the
              requirements of Rule 430B under the Securities Act or (3) is a Free
              Writing Prospectus.

          

     

    	(iv)  	
            An
              Underwriter may convey a Preliminary Term Sheet to a potential investor
              prior to entering into a Contract of Sale with such investor; provided,
              however, that (x) such Underwriter shall not enter into a Contract
              of Sale
              with such investor unless the Underwriter has complied with paragraph
              (i)
              above prior to such Contract of Sale, (y) such Underwriter shall deliver
              a
              copy of the proposed Preliminary Term Sheet to the Depositor and its
              counsel prior to the anticipated first use and shall not convey any
              such
              Preliminary Term Sheet to which the Depositor or its counsel reasonably
              objects.

          

     

    	(v)  	
            An
              Underwriter may convey Computational Materials (x) to a potential investor
              prior to entering into a Contract of Sale with such investor; provided,
              however, that (A) such Underwriter shall not enter into a Contract
              of Sale
              with such investor unless the Underwriter has complied with paragraph
              (i)
              above prior to such Contract of Sale and (B) such Computational Materials
              shall not be disseminated in a manner reasonably designed to lead to
              their
              broad unrestricted dissemination; provided, however, that if such
              Computational Materials are disseminated in a manner reasonably designed
              to lead to its broad unrestricted dissemination, such Underwriter shall
              file with the Commission such Computational Materials, and (y) to an
              investor after a Contract of Sale, provided that the Underwriter has
              complied with paragraph (i) above in connection with such Contract
              of
              Sale. The Underwriter shall keep sufficient records of any conveyance
              of
              Computational Materials to potential or actual investors and shall
              maintain such records as required by the Rules and
              Regulations.

          

     

    	(vi)  	
            If
              an Underwriter does not furnish a Free Writing Prospectus that is required
              to be filed under the Securities Act to the Depositor’s counsel prior to
              the scheduled print date of the Prospectus Supplement, such Underwriter
              will be deemed to have represented that it did not convey any such
              Free
              Writing Prospectus to any potential
              investor.

          

     

    	(vii)  	
            Each
              Free Writing Prospectus shall contain legends substantially similar
              to the
              following:

          

     

    The
      depositor has filed a registration statement (including a prospectus) with
      the
      SEC for the offering to which this free writing prospectus relates. Before
      you
      invest, you should read the prospectus in that registration statement and other
      documents the depositor has filed with the SEC for more complete information
      about the depositor and this offering. You may get these documents for free
      by
      visiting EDGAR on the SEC Web site at www.sec.gov.
      Alternatively, the depositor, any underwriter or any dealer participating in
      the
      offering will arrange to send you the prospectus if you request it by calling
      toll-free 1-8[zz-zzz-zzzz].

     

    This
      free
      writing prospectus does not contain all information that is required to be
      included in the base prospectus and the prospectus supplement.

     

    The
      information in this free writing prospectus supersedes information contained
      in
      any prior similar free writing prospectus relating to these securities prior
      to
      the time of your commitment to purchase.

     

    The
      asset-backed securities referred to in this free writing prospectus are being
      offered when, as and if issued. In particular, you are advised that asset-backed
      securities, and the asset pools backing them, are subject to modification or
      revision (including, among other things, the possibility that one or more
      classes of securities may be split, combined or eliminated), at any time prior
      to issuance or availability of a final prospectus. As a result, you may commit
      to purchase securities that have characteristics that may change, and you are
      advised that all or a portion of the securities may not be issued that have
      the
      characteristics described in this free writing prospectus. Our obligation to
      sell securities to you is conditioned on the securities having the
      characteristics described in this free writing prospectus. If that condition
      is
      not satisfied, we will notify you, and neither the issuer nor [the] [any]
      underwriter will have any obligation to you to deliver all or any portion of
      the
      securities which you have committed to purchase, and there will be no liability
      between us as a consequence of the non-delivery.

     

    This
      free
      writing prospectus is being delivered to you solely to provide you with
      information about the offering of the asset-backed securities referred to in
      this free writing prospectus and to solicit an indication of your interest
      in
      purchasing such securities, when, as and if issued. Any such indication of
      interest will not constitute a contractual commitment by you to purchase any
      of
      the securities.

     

    	(viii)  	
            Any
              Computational Materials shall include legends, in addition to those
              specified in paragraph (vi) above, substantially similar to the
              following:

          

     

    The
      information in this free writing prospectus may be based on preliminary
      assumptions about the pool assets and the structure. Any such assumptions are
      subject to change.

     

    The
      information in this free writing prospectus may reflect parameters, metrics
      or
      scenarios specifically requested by you. If so, prior to the time of your
      commitment to purchase, you should request updated information based on any
      parameters, metrics or scenarios specifically required by you.

     

    Neither
      the depositor nor any of its affiliates prepared, provided, approved or verified
      any statistical or numerical information presented in this free writing
      prospectus, although that information may be based in part on loan level data
      provided by the depositor or its affiliates.

     

    	(ix)  	
            On
              or before the Closing Date, the Representative shall execute and deliver
              to Thacher Proffitt & Wood LLP a copy of an original issue discount
              pricing letter, provided to the Representative by Thacher Proffitt
&
              Wood LLP.

          

     

    	(x)  	
            Each
              Underwriter severally agrees to retain all Free Writing Prospectuses
              that
              it has used and that are not required to be filed pursuant to this
              Section
              5 for a period of three years following the initial bona fide offering
              of
              the Offered Certificates.

          

     

     

    (c)  The
      following terms shall have the meanings set forth below, unless the context
      clearly indicates otherwise:

     

    Computational
      Materials:
      Any
      Free Writing Prospectus prepared by the Underwriter that contains only (i)
      information specified in paragraph (5) of the definition of ABS Informational
      and Computational Materials in Item 1101(a) of Regulation AB or (ii) information
      that is not Issuer Information.

     

    Contract
      of Sale:
      The
      meaning set forth in Rule 159 under the Securities Act.

     

    Derived
      Information:
      Such
      information, if any, in any Free Writing Prospectus prepared by any Underwriter
      that is not contained in either (i) the Registration Statement, the Base
      Prospectus, the Preliminary Prospectus or the Prospectus or amendments or
      supplements thereto, taking into account information incorporated therein by
      reference or (ii) any Pool Information.

     

    Free
      Writing Prospectus:
      A
“written communication” within the meaning of Rule 405 under the Securities Act
      that describes the Certificates and/or the Mortgage Loans.

     

    Issuer
      Information:
      Such
      information as defined in Rule 433(h) under the Securities Act and
      which
      shall not include (i) information that is merely based on or derived from such
      information or (ii) any Excluded Information.

     

    Issuer
      Free Writing Prospectus:
      The
      meaning set forth in Rule 405 of the Securities Act except that (i)
      Computational Materials shall not be an Issuer Free Writing Prospectus; (ii)
      any
      Free Writing Prospectus or portion thereof prepared by or on behalf of an
      Underwriter that includes any Issuer Information that is not approved by the
      Depositor for use therein shall not be an Issuer Free Writing Prospectus and
      (iii) no Free Writing Prospectus shall be deemed to be prepared by an
      Underwriter on behalf of the Depositor if such Free Writing Prospectus is not
      delivered to the Depositor prior to first use in accordance with Section
      5(b)(vi) hereof.

     

    Preliminary
      Term Sheet:
      A Free
      Writing Prospectus that contains information described in paragraphs (1) -
      (3)
      of the definition of ABS Informational and Computational Materials in Item
      1101(a) of Regulation AB but which does not include Derived
      Information.

     

    Static
      Pool Information:
      Such
      information as described in Item 1105 of Regulation AB, whether or not such
      information is incorporated into the Registration Statement or the
      Prospectus.

     

     

    (d)  (i)
      In
      the event that any Underwriter or the Depositor becomes aware that, as of the
      time of the Contract of Sale, any Free Writing Prospectus prepared by or on
      behalf of the Underwriter and delivered to a purchaser of an Offered Certificate
      contained any untrue statement of a material fact or omitted 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 (such Free Writing
      Prospectus, a “Defective
      Free Writing Prospectus”),
      the
      Underwriter or the Depositor shall notify the other parties to this Agreement
      thereof within one business day after discovery.

     

    (ii)
      The
      party responsible for the information to be corrected, if requested by the
      Depositor or an Underwriter, as appropriate, shall prepare a Free Writing
      Prospectus with Corrective Information that corrects the material misstatement
      in or omission from the Defective Free Writing Prospectus (such corrected Free
      Writing Prospectus, a “Corrected
      Free Writing Prospectus”).

     

    (iii)
      The
      Underwriters shall deliver the Corrected Free Writing Prospectus to each
      purchaser of an Offered Certificate which received the Defective Free Writing
      Prospectus prior to entering into an agreement to purchase any Offered
      Certificates.

     

    (iv)
      The
      Underwriters shall notify such purchaser in a prominent fashion that the prior
      agreement to purchase Offered Certificates has been terminated, and of such
      purchaser’s rights as a result of termination of such agreement.

     

    (v)
      The
      Underwriters shall provide such purchaser with an opportunity to affirmatively
      agree to purchase such Offered Certificates on the terms described in the
      Corrected Free Writing Prospectus.

     

     

    (e)  Each
      Underwriter covenants with the Depositor that after the final Prospectus is
      available the Underwriter shall not distribute any written information
      concerning the Offered Certificates to a prospective purchaser of Offered
      Certificates unless such information is preceded or accompanied by the final
      Prospectus.

     

    SECTION
      6.  Conditions
      to the Underwriters’ Obligation.
      The
      several obligations of the Underwriters hereunder to purchase the Underwritten
      Certificates pursuant to this Agreement are subject to the following conditions
      as of the Closing Date:

     

    (a)  Each
      of
      the obligations of the Depositor required to be performed by it on or prior
      to
      the Closing Date pursuant to the terms of the Agreements shall have been duly
      performed and complied with and all of the representations and warranties of
      the
      Depositor under any of the Agreements shall be true and correct as of the
      Closing Date and no event shall have occurred which, with notice or the passage
      of time, would constitute a default under any of the Agreements, and the
      Underwriters shall have received certificates to the effect of the foregoing,
      each signed by an authorized officer of the Depositor.

     

    (b)  Prior
      to
      the Closing Date, (i) the Depositor shall have received confirmation of the
      effectiveness of the Registration Statement and (ii) no stop order suspending
      the effectiveness of the Registration Statement shall have been issued and
      no
      proceedings for that purpose shall have been instituted or, to the knowledge
      of
      the Depositor, shall be contemplated by the Commission. Any request of the
      Commission for inclusion of additional information in the Registration Statement
      or the Prospectus shall have been complied with.

     

    (c)  The
      Mortgage Loans will be acceptable to the following rating agencies (each, a
      “Rating Agency”): Fitch Ratings (“Fitch”), Standard & Poor’s Ratings
      Services, a division of The McGraw-Hill Companies Inc. (“S&P”) and Moody’s
      Investor Service, Inc. (“Moody’s”).

     

    (d)  The
      Underwriters shall have received the following additional closing documents,
      in
      form and substance satisfactory to the Underwriters and their
      counsel:

     

    	(i)  	
            the
              Agreements (other than the Subsequent Mortgage Loan Purchase Agreements)
              and all documents required thereunder, duly executed and delivered
              by each
              of the parties thereto other than the Underwriters and their
              affiliates;

          

     

    	(ii)  	
            an
              officer’s certificate of an officer of the Seller and an officer’s
              certificate of an officer of the Depositor, in each case dated as of
              the
              Closing Date and reasonably satisfactory in form and substance to the
              Underwriters and counsel for the Underwriters with resolutions of the
              applicable board of directors and a copy of the formation documents
              of the
              Seller or the Depositor, as applicable;

          

     

    	(iii)  	
            an
              opinion of in-house counsel to the Seller, reasonably satisfactory
              in form
              and substance to the Underwriters and counsel for the Underwriters,
              dated
              the Closing Date, as to various matters;

          

     

    	(iv)  	
            an
              opinion of Thacher Proffitt & Wood LLP, counsel to the Depositor,
              dated the Closing Date, reasonably satisfactory in form and substance
              to
              the Underwriters and counsel for the Underwriters, as to various
              matters;

          

     

    	(v)  	
            an
              opinion of McKee Nelson LLP, counsel to the Underwriters, dated the
              Closing Date, reasonably satisfactory in form and substance to the
              Underwriters, as to various matters;

          

     

    	(vi)  	
            such
              opinions of Thacher Proffitt & Wood LLP, counsel to the Depositor, in
              forms reasonably satisfactory to the Underwriters, their counsel and
              each
              Rating Agency, as to such additional matters not opined to in the opinion
              delivered pursuant to clause (iv) above as shall be required for the
              assignment of a rating to each Class of Underwritten Certificates by
              each
              Rating Agency (as to each, the “Required Ratings”) as set forth in the
              Prospectus Supplement;

          

     

    	(vii)  	
            a
              letter from each Rating Agency that it has assigned the applicable
              Required Ratings;

          

     

    	(viii)  	
            a
              letter, dated the Closing Date, from each of Thacher Proffitt & Wood
              LLP, counsel to the Depositor, and McKee Nelson LLP, counsel to the
              Underwriters, providing negative assurance with respect to the Preliminary
              Prospectus as of its date and as of the date hereof and with respect
              to
              the Prospectus, as of its date and as of the Closing
              Date;

          

     

    	(ix)  	
            letters
              dated on or before the date on which the Preliminary Prospectus is
              dated
              and conveyed, in form and substance acceptable to the Underwriters
              and
              their counsel and addressed to the Underwriters, prepared by Deloitte
              & Touche LLP (a) regarding certain numerical information contained or
              incorporated by reference in the Preliminary Prospectus and (b) relating
              to certain agreed upon procedures as requested by the Underwriters
              relating to the Mortgage Loans;

          

     

    	(x)  	
            letters
              dated on or before the date on which the Prospectus is dated and printed,
              in form and substance acceptable to the Underwriters and their counsel
              and
              addressed to the Underwriters, prepared by Deloitte & Touche LLP (a)
              regarding certain numerical information contained or incorporated by
              reference in the Prospectus and (b) relating to certain agreed upon
              procedures as requested by the Underwriters relating to the Mortgage
              Loans;

          

     

    	(xi)  	
            an
              opinion of counsel to the Trustee, dated the Closing Date, in form
              and
              substance reasonably satisfactory to the Underwriters, their counsel
              and
              each Rating Agency; and

          

     

    	(xii)  	
            an
              officer’s certificate of an officer of the Trustee, dated as of the
              Closing Date, reasonably satisfactory in form and substance to the
              Underwriters and their counsel.

          

     

    (e)  All
      proceedings in connection with the transactions contemplated by this Agreement
      and all documents incident hereto shall be reasonably satisfactory in form
      and
      substance to the Underwriters and their counsel.

     

    (f)  The
      Seller and the Depositor shall have furnished the Underwriters with such other
      certificates of its officers or others and such other documents or opinions
      as
      the Underwriters or their counsel may reasonably request.

     

    (g)  Subsequent
      to the execution and delivery of this Agreement none of the following shall
      have
      occurred: (i) trading in securities generally on the New York Stock Exchange,
      the American Stock Exchange or the over-the-counter market shall have been
      suspended or minimum prices shall have been established on either of such
      exchanges or such market by the Commission, by such exchange or by any other
      regulatory body or governmental authority having jurisdiction; (ii) a banking
      moratorium shall have been declared by Federal or New York State authorities;
      (iii) the United States shall have become engaged in material hostilities,
      there
      shall have been an escalation of such hostilities involving the United States
      or
      there shall have been a declaration of war by the United States; (iv) a material
      disruption in settlement or clearing operations shall occur; or (v) there shall
      have occurred such a material adverse change in general economic, political
      or
      financial conditions (or the effect of international conditions on the financial
      markets of the United States shall be such) which is material and adverse,
      and
      in the case of any of the events specified in clauses (i) through (v), either
      individually or together with any other such event specified in clauses (i)
      through (v) makes it in the judgment of the Underwriters, impractical to market
      the Underwritten Certificates.

     

    (h)  There
      shall not have occurred any development that has caused a material adverse
      change in the financial condition or business operations of the Seller or the
      Depositor which adverse change makes it impractical to market the Underwritten
      Certificates.

     

    (i)  The
      Interest Rate Swap Agreement and the Swap Administration Agreement shall have
      been executed and delivered.

     

    (j)  The
      Depositor will comply with Regulation AB in all respects as it relates to the
      Depositor.

     

    (k)  The
      Depositor shall have delivered to the Underwriters (i) a letter from the
      Depositor’s registered accountants dated as of a date not more than 135 days
      prior to the date of first use of the Prospectus Supplement, relating to certain
      agreed upon procedures as requested by the Depositor with respect to the Static
      Pool Information included in or incorporated by reference into the Prospectus
      Supplement for securitized assets issued on or after January 1, 2006 and (ii)
      a
      letter from the Depositor’s registered accountants dated as of the date of the
      Prospectus Supplement, addressed to the Underwriters and providing for reliance
      on the letter described in (i) of this clause (k).

     

    (l)  If
      any
      condition specified in this Section 6 shall have not been fulfilled when and
      as
      required to be fulfilled, this Agreement may be terminated by the Underwriters
      by notice to the Depositor at any time at or prior to the Closing Date, and
      such
      termination shall be without liability of any party to any other party except
      as
      provided in Sections 7, 8 and 19.

     

    SECTION
      7.  Payment
      of Expenses.
      The
      Depositor agrees to pay:

     

    	(i)  	
            the
              costs incident to the authorization, issuance, sale and delivery of
              the
              Certificates and any taxes payable in connection therewith; (ii) the
              costs
              incident to the preparation, printing and filing under the Securities
              Act
              of the Registration Statement and any amendments and exhibits thereto
              and
              any Issuer Free Writing Prospectus; (iii) the costs of distributing
              the
              Registration Statement as originally filed and each amendment thereto
              and
              any post-effective amendments thereof (including, in each case, exhibits),
              the Preliminary Prospectus, the Prospectus and any amendment or supplement
              to the Prospectus or any document incorporated by reference therein
              and
              any Issuer Free Writing Prospectus, all as provided in this Agreement;
              (iv) the costs of reproducing and distributing this Agreement; (v)
              any
              fees charged by securities rating services for rating the Underwritten
              Certificates; (vi) the cost of accountants’ comfort letters relating to
              the Preliminary Prospectus and the Prospectus (except as otherwise
              agreed
              in a separate letter agreement between the Seller and the Underwriters);
              (vii) all other costs and expenses incidental to the performance of
              the
              obligations of the Depositor and the Seller (including costs and expenses
              of counsel to the Depositor and the Seller) and (viii) to the extent
              set
              forth in the second succeeding paragraph, the costs and expenses of
              the
              Underwriters.

          

     

    The
      Underwriters shall be solely responsible for any due diligence expenses incurred
      by them, any transfer taxes on the Underwritten Certificates which they may
      sell, the expenses of advertising any offering of the Underwritten Certificates
      made by the Underwriters, the cost of any accountants’ comfort letters relating
      to any Computational Materials and the costs and expenses of counsel to the
      Underwriters.

     

    If
      this
      Agreement is terminated because of a breach of the Depositor of any covenant
      or
      agreement hereunder (other than the failure of the closing condition set forth
      in Section 6(h) to be met), the Depositor shall cause the Underwriters to be
      reimbursed for all reasonable out-of-pocket expenses, including fees and
      disbursements of McKee Nelson LLP, counsel for the Underwriters.

     

    SECTION
      8.  Indemnification
      and Contribution.

     

    (a)  The
      Depositor indemnifies and holds harmless each Underwriter, each Underwriter’s
      respective officers and directors and each person, if any, who controls any
      Underwriter within the meaning of Section 15 of the Securities Act or Section
      20
      of the Exchange Act, as follows:

     

    	(i)  	
            against
              any and all losses, claims, expenses, damages or liabilities, joint
              or
              several, to which such Underwriter, its officers, directors or such
              controlling person may become subject under the Securities Act or
              otherwise, insofar as such losses, claims, damages or liabilities (or
              actions in respect thereof including, but not limited to, any loss,
              claim,
              expense, damage or liability related to purchases and sales of the
              Underwritten Certificates) arise out of or are based upon any untrue
              statement or alleged untrue statement of any material fact contained
              in
              the Registration Statement, the Preliminary Prospectus, the Prospectus,
              any Issuer Free Writing Prospectus, any amendment or supplement to
              any of
              the foregoing or the Static Pool Information, or arise out of, or are
              based upon, the omission or alleged omission to state therein a material
              fact required to be stated therein or necessary to make the statements
              made therein not misleading; and will reimburse each Underwriter and
              each
              such controlling person for any legal or other expenses reasonably
              incurred by such Underwriter or such controlling person in connection
              with
              investigating or defending any such loss, claim, damage, liability
              or
              action as such expenses are incurred; provided, however, that the
              Depositor will not be liable in any such case to the extent that any
              such
              loss, claim, damage or liability arises out of or is based upon an
              untrue
              statement or omission, or alleged untrue statement or omission, made
              in
              any of such documents: (x) under the defined term “Modeling Assumptions”
              under the caption “Yield on the Certificates—Weighted Average Lives,” the
              table entitled “—Assumed Mortgage Loan Characteristics” and the tables
              entitled “—Percent of Original Certificate Principal Balance Outstanding”
              (collectively, the “Excluded Information”); (y) in reliance upon and in
              conformity with any Underwriters’ Information; or (z) in any Derived
              Information, except in the case of clause (x) or (z) to the extent
              that
              any untrue statement or alleged untrue statement or omission therein
              results (or is alleged to have resulted) from an error or material
              omission in the information either in the Preliminary Prospectus or
              the
              Prospectus for which the Depositor is responsible or concerning the
              characteristics of the Mortgage Loans furnished by the Seller to the
              Underwriters for use in the preparation of any Excluded Information
              or any
              Free Writing Prospectus; provided, however, that no indemnity shall
              be
              provided by either the Depositor or the Seller for any error that was
              superseded or corrected by delivery to the Underwriters of corrected
              written or electronic information prior to the first Contract of Sale
              or
              for which the Seller or the Depositor provided written notice of such
              error to the Underwriters prior to the first Contract of Sale and the
              Underwriters failed to correct such
              error;

          

     

    	(ii)  	
            against
              any and all loss, liability, claim, damage and expense whatsoever,
              to the
              extent of the aggregate amount paid in settlement of any litigation,
              or
              investigation or proceeding by any governmental agency or body, commenced
              or threatened, or of any claim whatsoever based upon any such untrue
              statement or omission, or any such alleged untrue statement or omission,
              if such settlement is effected with the written consent of the Depositor;
              and

          

     

    	(iii)  	
            against
              any and all expense whatsoever (including the fees and disbursements
              of
              counsel chosen by any such Underwriter), reasonably incurred in
              investigating, preparing or defending against any litigation, or
              investigation or proceeding by any governmental agency or body, commenced
              or threatened, or any claim whatsoever based upon any such untrue
              statement or omission, or any such alleged untrue statement or omission,
              to the extent that any such expense is not paid under clause (i) or
              clause
              (ii) above.

          

     

    This
      indemnity agreement will be in addition to any liability which the Depositor
      may
      otherwise have.

     

    (b)  Each
      Underwriter, severally and not jointly, agrees to indemnify and hold harmless
      each of the Depositor, each of its directors, each of its officers and each
      person, if any, who controls the Depositor within the meaning of Section 15
      of
      the Securities Act or Section 20 of the Exchange Act, against any and all
      losses, claims, expenses, damages or liabilities to which the Depositor or
      any
      such director, officer or controlling person may become subject, under the
      Securities Act or otherwise, insofar as such losses, claims, damages or
      liabilities (or actions in respect thereof) arise out of or are based upon
      any
      untrue statement or alleged untrue statement of any material fact contained
      in
      (i) Derived Information and (ii) the Registration Statement, the Preliminary
      Prospectus, the Prospectus, or any amendment or supplement thereto, or arise
      out
      of, or are based upon, the omission or the alleged omission to state therein
      a
      material fact required to be stated therein or necessary to make the statements
      made therein not misleading, but with respect to clause (b)(ii) above, only
      to
      the extent that such untrue statement or alleged untrue statement or omission
      or
      alleged omission was made in reliance upon and in conformity with the
      Underwriters’ Information of such Underwriter; and will reimburse any legal or
      other expenses reasonably incurred by the Depositor or any such director,
      officer or controlling person in connection with investigating or defending
      any
      such loss, claim, damage, liability or action. This indemnity agreement will
      be
      in addition to any liability which such Underwriter may otherwise
      have.

     

    (c)  Promptly
      after receipt by an indemnified party under this Section 8 of notice of the
      commencement of any action described therein, such indemnified party will,
      if a
      claim in respect thereof is to be made against the indemnifying party under
      this
      Section 8, notify the indemnifying party of the commencement thereof; but the
      omission to so notify the indemnifying party will not relieve the indemnifying
      party from any liability that it may have to any indemnified party otherwise
      than under this Section 8; provided, however, that the failure to notify the
      indemnifying party under this Section 8(c) shall not eliminate the contribution
      requirement of the indemnifying party under Section 8(d) unless the failure
      to
      notify under this Section 8(c) is materially adverse to the indemnifying party.
      In case any such action is brought against any indemnified party, and it
      notifies the indemnifying party of the commencement thereof, the indemnifying
      party will be entitled to participate therein, and, to the extent that it may
      wish to do so, jointly with any other indemnifying party similarly notified, to
      assume the defense thereof, with counsel satisfactory to such indemnified party
      (who shall not, except with the consent of the indemnified party, be counsel
      to
      the indemnifying party), and, after notice from the indemnifying party to such
      indemnified party under this Section 8, such indemnifying party shall not be
      liable for any legal or other expenses subsequently incurred by such indemnified
      party in connection with the defense thereof other than reasonable costs of
      investigation.

     

    Any
      indemnified party shall have the right to employ separate counsel in any such
      action and to participate in the defense thereof, but the fees and expenses
      of
      such counsel shall be at the expense of such indemnified party unless: (i)
      the
      employment thereof has been specifically authorized by the indemnifying party
      in
      writing; (ii) such indemnified party shall have been advised by such counsel
      that there may be one or more legal defenses available to it which are different
      from or additional to those available to the indemnifying party and in the
      reasonable judgment of such counsel it is advisable for such indemnified party
      to employ separate counsel; (iii) a conflict or potential conflict exists (based
      on advice of counsel to the indemnified party) between the indemnified party
      and
      the indemnifying party (in which case the indemnifying party will not have
      the
      right to direct the defense of such action on behalf of the indemnified party);
      or (iv) the indemnifying party has failed to assume the defense of such action
      and employ counsel reasonably satisfactory to the indemnified party, in which
      case, if such indemnified party notifies the indemnifying party in writing
      that
      it elects to employ separate counsel at the expense of the indemnifying party,
      the indemnifying party shall not have the right to assume the defense of such
      action on behalf of such indemnified party, it being understood, however, the
      indemnifying party shall not, in connection with any one such action or separate
      but substantially similar or related actions in the same jurisdiction arising
      out of the same general allegations or circumstances, be liable for the
      reasonable fees and expenses of more than one separate firm of attorneys (in
      addition to local counsel) at any time for all such indemnified parties, which
      firm shall be designated in writing by the related Underwriter, if the
      indemnified parties under this Section 8 consist of one Underwriter or any
      of
      its controlling persons, by the Representative, if the indemnified parties
      under
      this Section 8 consist of more than one Underwriter or their controlling
      persons, or by the Depositor, if the indemnified parties under this Section
      8
      consist of the Depositor or any of the Depositor’s directors, officers or
      controlling persons.

     

    Each
      indemnified party, as a condition of the indemnity agreements contained in
      Section 8(a) and Section 8(b), shall use its good faith efforts to cooperate
      with the indemnifying party in the defense of any such action or claim. No
      indemnifying party shall be liable for any settlement of any such action
      effected without its written consent (which consent shall not be unreasonably
      withheld), but if settled with its written consent or if there be a final
      judgment for the plaintiff in any such action, the indemnifying party agrees
      to
      indemnify and hold harmless any indemnified party from and against any loss
      or
      liability (to the extent set forth in Section 8(a) or Section 8(b) as
      applicable) by reason of such settlement or judgment.

     

    Notwithstanding
      the foregoing paragraph, if at any time an indemnified party shall have
      requested an indemnifying party to reimburse the indemnified party for fees
      and
      expenses of counsel, the indemnifying party agrees that it shall be liable
      for
      any settlement of any proceeding effected without its written consent if (i)
      such settlement is entered into more than 30 days after receipt by such
      indemnifying party of the aforesaid request and (ii) such indemnifying party
      shall not have reimbursed the indemnified party in accordance with such request
      prior to the date of such settlement.

     

     

    (d)  If
      the
      indemnification provided for in Section 8(a) or 8(b) is unavailable or
      insufficient to hold harmless an indemnified party under subsection (a) or
      (b)
      above, then each indemnifying party shall contribute to the amount paid or
      payable by such indemnified party as a result of the losses, claims, damages
      or
      liabilities referred to in subsection (a) or (b) above (i) in such proportion
      as
      is appropriate to reflect the relative benefits received by the Depositor on
      the
      one hand and the Underwriters on the other from the offering of the Underwritten
      Certificates or (ii) if the allocation provided by clause (i) above is not
      permitted by applicable law, in such proportion as is appropriate to reflect
      not
      only the relative benefits referred to in clause (i) above but also the relative
      fault of the Depositor on the one hand and the Underwriters on the other in
      connection with the statements or omissions which resulted in such losses,
      claims, damages or liabilities as well as any other relevant equitable
      considerations. The relative benefits received by the Depositor on the one
      hand
      and the Underwriters on the other shall be deemed to be in the same proportion
      as the total net proceeds from the offering (before deducting expenses) received
      by the Depositor bear to the total underwriting discounts and commissions
      received by the Underwriters. The relative fault shall be determined by
      reference to, among other things, whether the untrue or alleged untrue statement
      of a material fact or the omission or alleged omission to state a material
      fact
      relates to information supplied by the Depositor or by the Underwriters and
      the
      parties’ relative intent, knowledge, access to information and opportunity to
      correct or prevent such untrue statement or omission. The amount paid by an
      indemnified party as a result of the losses, claims, damages or liabilities
      referred to above in the first sentence of this subsection (d) shall be deemed
      to include any legal or other expenses reasonably incurred by such indemnified
      party in connection with investigating or defending any action or claim which
      is
      the subject of this subsection (d). Notwithstanding the provisions of this
      subsection (d), no Underwriter shall be required to contribute any amount in
      excess of underwriting discounts and commissions received by such Underwriter.
      No person guilty of fraudulent misrepresentation (within the meaning of Section
      11(f) of the Securities Act) shall be entitled to contribution from any person
      who was not guilty of such fraudulent misrepresentation. The Underwriters’
obligations in this subsection (d) to contribute are several in proportion
      to
      their respective underwriting obligations and not joint.

     

    SECTION
      9.  Representations,
      Warranties and Agreements to Survive Delivery.
      All
      representations, warranties and agreements contained in this Agreement or
      contained in certificates of officers of the Depositor or the Seller submitted
      pursuant hereto shall remain operative and in full force and effect, regardless
      of any investigation made by or on behalf of the Underwriters or controlling
      persons thereof, or by or on behalf of the Depositor or the Seller, and shall
      survive delivery of any Underwritten Certificates to the
      Underwriters.

     

    SECTION
      10.  Default
      by One or More of the Underwriters.
      If one
      or more of the Underwriters participating in the public offering of the
      Underwritten Certificates shall fail at the Closing Date to purchase the
      Underwritten Certificates which it is (or they are) obligated to purchase
      hereunder (the “Defaulted Certificates”), then the non-defaulting Underwriters
      shall have the right, within 24 hours thereafter, to make arrangements for
      one
      or more of the non-defaulting Underwriters, or any other underwriters, to
      purchase all, but not less than all, of the Defaulted Certificates in such
      amounts as may be agreed upon and upon the terms herein set forth. If, however,
      the Underwriters have not completed such arrangements within such 24-hour
      period, then

     

    (a)  if
      the
      aggregate principal amount of Defaulted Certificates does not exceed 10% of
      the
      aggregate principal amount of the Underwritten Certificates to be purchased
      pursuant to this Agreement, the non-defaulting Underwriters named in this
      Agreement shall be obligated to purchase the full amount thereof in the
      proportions that their respective underwriting obligations hereunder bear to
      the
      underwriting obligations of all such non-defaulting Underwriters,
      or

     

    (b)  if
      the
      aggregate principal amount of Defaulted Certificates exceeds 10% of the
      aggregate principal amount of the Underwritten Certificates to be purchased
      pursuant to this Agreement, this Agreement shall terminate, without any
      liability on the part of any non-defaulting Underwriter.

     

    No
      action
      taken pursuant to this Section 10 shall relieve any defaulting Underwriter
      from
      the liability with respect to any default of such Underwriter under this
      Agreement.

     

    In
      the
      event of a default by any Underwriter as set forth in this Section 10, each
      of
      the Underwriters and the Depositor shall have the right to postpone the Closing
      Date for a period not exceeding five Business Days in order that any required
      changes in the Registration Statement or Prospectus or in any other documents
      or
      arrangements may be effected.

     

    SECTION
      11.  Termination
      of Agreement.
      The
      Underwriters may terminate this Agreement immediately upon notice to the
      Depositor, at any time at or prior to the Closing Date if the events set forth
      in Section 6(h) of this Agreement shall occur and be continuing, or if any
      other
      closing condition set forth in Section 6 shall not have been fulfilled when
      required to be fulfilled. In the event of any such termination, the provisions
      of Section 7, Section 8, Section 9, Section 14, Section 16 and Section 19 shall
      remain in effect.

     

    SECTION
      12.  Notices.
      All
      statements, requests, notices and agreements hereunder shall be in writing,
      and:

     

    (a)  
      if to
      the Underwriters, shall be delivered or sent to the Representative at Merrill
      Lynch, Pierce, Fenner & Smith Incorporated, 4 World Financial Center, New
      York NY 10080, Attention: Legal; if to Greenwich
      Capital Markets, Inc.,
      Greenwich Capital Markets, Inc., 600 Steamboat Road, Greenwich, Connecticut
      06830, Attention: Legal;

     

    (b)  if
      to the
      Depositor, shall be delivered or sent by mail, telex or facsimile transmission
      to care of Argent Securities Inc., 1100 Town & Country Road, Suite 1100,
      Orange, California 92868, Facsimile (714) 564-9639, Attention: General Counsel;
      and

     

    (c)  if
      to the
      Seller, shall be delivered or sent by mail, telex or facsimile transmission
      to
      care of Ameriquest Mortgage Company, 1100 Town & Country Road, Suite 1100,
      Orange, California 92868, Facsimile (714) 564-9639, Attention: General
      Counsel.

     

    SECTION
      13.  Persons
      Entitled to the Benefit of this Agreement.
      This
      Agreement shall inure to the benefit of and be binding upon the Underwriters,
      the Seller and the Depositor, and their respective successors. This Agreement
      and the terms and provisions hereof are for the sole benefit of only those
      persons, except that the representations, warranties, indemnities and agreements
      contained in this Agreement shall also be deemed to be for the benefit of the
      person or persons, if any, who control any of the Underwriters within the
      meaning of Section 15 of the Securities Act, and for the benefit of each
      Underwriter’s respective officers and directors and for the benefit of directors
      of the Depositor, officers of the Depositor who have signed the Registration
      Statement and any person controlling the Depositor within the meaning of Section
      15 of the Securities Act. Nothing in this Agreement is intended or shall be
      construed to give any person, other than the persons referred to in this Section
      13, any legal or equitable right, remedy or claim under or in respect of this
      Agreement or any provision contained herein.

     

    SECTION
      14.  Survival.
      The
      respective indemnities, representations, warranties and agreements of the
      Depositor, the Seller and the Underwriters contained in this Agreement, or
      made
      by or on behalf of them, respectively, pursuant to this Agreement, shall survive
      the delivery of and payment for the Underwritten Certificates and shall remain
      in full force and effect, regardless of any investigation made by or on behalf
      of any of them or any person controlling any of them.

     

    SECTION
      15.  Definition
      of the Term “Business Day”.
      For
      purposes of this Agreement, “Business Day” means any day on which the New York
      Stock Exchange is open for trading.

     

    SECTION
      16.  Governing
      Law; Submission to Jurisdiction.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York, without regard to principles of conflicts of law other than
      Section 5-1401 of the New York General Obligations Law which shall
      govern.

     

    The
      parties hereto hereby submit to the non-exclusive jurisdiction of the United
      States District Court for the Southern District of New York and any court in
      the
      State of New York located in the City and County of New York, and appellate
      court from any thereof, in any action, suit or proceeding brought against it
      or
      in connection with this Agreement or any of the related documents or the
      transactions contemplated hereunder or for recognition or enforcement of any
      judgment, and the parties hereto hereby agree that all claims in respect of
      any
      such action or proceeding may be heard or determined in New York State court
      or,
      to the extent permitted by law, in such federal court. The parties hereto hereby
      irrevocably waive, to the fullest extent permitted by law, any and all rights
      to
      trial by jury in any legal proceeding arising out of or relating to this
      Agreement or the transactions contemplated hereby.

     

    SECTION
      17.  Counterparts.
      This
      Agreement may be executed in counterparts and, if executed in more than one
      counterpart, the executed counterparts shall each be deemed to be an original
      but all such counterparts shall together constitute one and the same
      instrument.

     

    SECTION
      18.  Headings.
      The
      headings herein are inserted for convenience of reference only and are not
      intended to be part of, or to affect the meaning or interpretation of, this
      Agreement.

     

    SECTION
      19.  Obligations
      of the Seller.
      The
      Seller agrees with the Underwriters, for the sole and exclusive benefit of
      each
      such Underwriter, each such Underwriter’s officers and directors and each person
      controlling such Underwriter within the meaning of the Securities Act, and
      not
      for the benefit of any assignee thereof or any other person or persons dealing
      with such Underwriter as follows: in consideration of and as an inducement
      to
      their agreement to purchase the Underwritten Certificates from the Depositor,
      to
      indemnify and hold harmless each Underwriter against any failure by the
      Depositor to perform its obligations to the Underwriters hereunder, including,
      without limitation, any failure by the Depositor to honor any obligation to
      any
      Underwriter pursuant to Sections 8 and 14 (with respect to the survival of
      indemnities) hereof. In the case of any claim against the Seller by any
      Underwriter, any officer or director of any Underwriter or any person
      controlling any Underwriter, it shall not be necessary for such claimant to
      first pursue any remedy from or exhaust any proceedings against the
      Depositor.

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    If
      the
      foregoing correctly sets forth the agreement among the Depositor, the Seller
      and
      the Underwriters, please indicate your acceptance in the space provided for
      the
      purpose below.

     

    Very
      truly yours,

     

    ARGENT
      SECURITIES INC.

     

    By: /s/
      John P. Grazer   

    Name: 
      John P.
      Grazer

    Title: 
      CFO

     

    AMERIQUEST
      MORTGAGE COMPANY

     

    By: /s/
      John P. Grazer   

    Name: 
      John P.
      Grazer

    Title: 
      EVP

     

    CONFIRMED
      AND ACCEPTED, as of the date first above written:

     

    MERRILL
      LYNCH, PIERCE, FENNER & SMITH INCORPORATED,
      as
      Representative of
      the
      several Underwriters 

    

    By: /s/
      Alan Chan    

    Name: 
      Alan
      Chan

    Title: 
      Authorized Signatory

     

    GREENWICH
      CAPITAL MARKETS, INC.,
      as an
      Underwriter 

     

    By: /s/
      Adam Smith   

    Name: 
      Adam
      Smith

    Title: 
      SVP

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
      A

     

    
      	
              Underwriters

            	
              Principal
                Amount 

            	
              Proceeds
                to the Depositor

            
	
              Merrill
                Lynch, Pierce, Fenner & Smith Incorporated

            	 	 
	
              Class
                A-1

            	
              $420,571,500.00

            	
              99.8800%

            
	
              Class
                A-2A

            	
              $130,732,200.00

            	
              99.8500%

            
	
              Class
                A-2B

            	
              $
                62,704,200.00

            	
              99.8500%

            
	
              Class
                A-2C

            	
              $
                80,720,100.00

            	
              99.8500%

            
	
              Class
                A-2D

            	
              $
                29,772,000.00

            	
              99.8500%

            
	
              Class
                M-1

            	
              $
                31,500,000.00

            	
              99.8500%

            
	
              Class
                M-2

            	
              $
                27,900,000.00

            	
              99.8500%

            
	
              Class
                M-3

            	
              $
                16,650,000.00

            	
              99.8500%

            
	
              Class
                M-4

            	
              $
                15,300,000.00

            	
              99.8500%

            
	
              Class
                M-5

            	
              $
                14,400,000.00

            	
              99.8500%

            
	
              Class
                M-6

            	
              $
                13,500,000.00

            	
              99.8500%

            
	
              Class
                M-7

            	
              $
                12,150,000.00

            	
              99.8500%

            
	
              Class
                M-8

            	
              $ 
                 9,900,000.00

            	
              99.8500%

            
	
              Class
                M-9

            	
              $  
                6,750,000.00

            	
              99.8500%

            
	
              Class
                M-10

            	
              $  
                9,000,000.00

            	
              84.2439%

            
	
              Credit
                Suisse Securities (USA) LLC

            	 	 
	
              Class
                A-1

            	
              $420,571,500.00

            	
              99.8800%

            
	
              Class
                A-2A

            	
              $130,732,200.00

            	
              99.8500%

            
	
              Class
                A-2B

            	
              $
                62,704,200.00

            	
              99.8500%

            
	
              Class
                A-2C

            	
              $
                80,720,100.00

            	
              99.8500%

            
	
              Class
                A-2D

            	
              $
                29,772,000.00

            	
              99.8500%

            
	
              Class
                M-1

            	
              $
                31,500,000.00

            	
              99.8500%

            
	
              Class
                M-2

            	
              $
                27,900,000.00

            	
              99.8500%

            
	
              Class
                M-3

            	
              $
                16,650,000.00

            	
              99.8500%

            
	
              Class
                M-4

            	
              $
                15,300,000.00

            	
              99.8500%

            
	
              Class
                M-5

            	
              $
                14,400,000.00

            	
              99.8500%

            
	
              Class
                M-6

            	
              $
                13,500,000.00

            	
              99.8500%

            
	
              Class
                M-7

            	
              $
                12,150,000.00

            	
              99.8500%

            
	
              Class
                M-8

            	
              $ 
                 9,900,000.00

            	
              99.8500%

            
	
              Class
                M-9

            	
              $ 
                 6,750,000.00

            	
              99.8500%

            
	
              Class
                M-10

            	
              $ 
                 9,000,000.00

            	 
	
              Deutsche
                Bank Securities Inc.

            	 	 
	
              Class
                A-1

            	
              $420,571,500.00

            	
              99.8800%

            
	
              Class
                A-2A

            	
              $130,732,200.00

            	
              99.8500%

            
	
              Class
                A-2B

            	
              $
                 62,704,200.00

            	
              99.8500%

            
	
              Class
                A-2C

            	
              $  80,720,100.00

            	
              99.8500%

            
	
              Class
                A-2D

            	
              $ 
                29,772,000.00

            	
              99.8500%

            
	
              Class
                M-1

            	
              $ 
                31,500,000.00

            	
              99.8500%

            
	
              Class
                M-2

            	
              $
                 27,900,000.00

            	
              99.8500%

            
	
              Class
                M-3

            	
              $
                 16,650,000.00

            	
              99.8500%

            
	
              Class
                M-4

            	
              $
                 15,300,000.00

            	
              99.8500%

            
	
              Class
                M-5

            	
              $
                 14,400,000.00

            	
              99.8500%

            
	
              Class
                M-6

            	
              $ 
                13,500,000.00

            	
              99.8500%

            
	
              Class
                M-7

            	
              $
                 12,150,000.00

            	
              99.8500%

            
	
              Class
                M-8

            	
              $   
                9,900,000.00

            	
              99.8500%

            
	
              Class
                M-9

            	
              $  
                 6,750,000.00

            	
              99.8500%

            
	
              Class
                M-10

            	
              $  
                 9,000,000.00

            	 
	
              Lehman
                Brothers Inc.

            	 	 
	
              Class
                A-1

            	
              $
                 70,095,250.00

            	
              99.8800%

            
	
              Class
                A-2A

            	
              $ 
                21,788,700.00

            	
              99.8500%

            
	
              Class
                A-2B

            	
              $
                 10,450,700.00

            	
              99.8500%

            
	
              Class
                A-2C

            	
              $ 
                13,453,350.00

            	
              99.8500%

            
	
              Class
                A-2D

            	
              $   
                4,962,000.00

            	
              99.8500%

            
	
              Class
                M-1

            	
              $  
                 5,250,000.00

            	
              99.8500%

            
	
              Class
                M-2

            	
              $  
                 4,650,000.00

            	
              99.8500%

            
	
              Class
                M-3

            	
              $   
                2,775,000.00

            	
              99.8500%

            
	
              Class
                M-4

            	
              $  
                 2,550,000.00

            	
              99.8500%

            
	
              Class
                M-5

            	
              $  
                 2,400,000.00

            	
              99.8500%

            
	
              Class
                M-6

            	
              $   
                2,250,000.00

            	
              99.8500%

            
	
              Class
                M-7

            	
              $  
                 2,025,000.00

            	
              99.8500%

            
	
              Class
                M-8

            	
              $  
                 1,650,000.00

            	
              99.8500%

            
	
              Class
                M-9

            	
              $  
                 1,125,000.00

            	
              99.8500%

            
	
              Class
                M-10

            	
              $   
                1,500,000.00

            	 
	
              Greenwich
                Capital Markets, Inc.

            	 	 
	
              Class
                A-1

            	
              $
                70,095,250.00

            	
              99.8800%

            
	
              Class
                A-2A

            	
              $
                21,788,700.00

            	
              99.8500%

            
	
              Class
                A-2B

            	
              $
                10,450,700.00

            	
              99.8500%

            
	
              Class
                A-2C

            	
              $
                13,453,350.00

            	
              99.8500%

            
	
              Class
                A-2D

            	
              $  
                4,962,000.00

            	
              99.8500%

            
	
              Class
                M-1

            	
              $  
                5,250,000.00

            	
              99.8500%

            
	
              Class
                M-2

            	
              $ 
                 4,650,000.00

            	
              99.8500%

            
	
              Class
                M-3

            	
              $ 
                 2,775,000.00

            	
              99.8500%

            
	
              Class
                M-4

            	
              $ 
                 2,550,000.00

            	
              99.8500%

            
	
              Class
                M-5

            	
              $  
                2,400,000.00

            	
              99.8500%

            
	
              Class
                M-6

            	
              $ 
                 2,250,000.00

            	
              99.8500%

            
	
              Class
                M-7

            	
              $  
                2,025,000.00

            	
              99.8500%

            
	
              Class
                M-8

            	
              $  
                1,650,000.00

            	
              99.8500%

            
	
              Class
                M-9

            	
              $ 
                 1,125,000.00

            	
              99.8500%

            
	
              Class
                M-10

            	
              $ 
                 1,500,000.00

            	 

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      A

     

    Underwriters’
      Information

     

    
      	
              Underwriters

            	
              Original

              Certificate

              Principal

              Balance
                of

              the
                Class A-1

              Certificates
                ($)

            	
              Original

              Certificate

              Principal

              Balance
                of

              the
                Class A-2A

              Certificates
                ($)

            	
              Original

              Certificate

              Principal

              Balance
                of

              the
                Class A-2B

              Certificates
                ($)

            	
              Original

              Certificate

              Principal

              Balance
                of

              the
                Class A-2C

              Certificates
                ($)

            	
              Original

              Certificate

              Principal

              Balance
                of

              the
                Class A-2D

              Certificates
                ($)

            	
              Original

              Certificate

              Principal

              Balance
                of

              the
                Class M-1

              Certificates
                ($)

            	
              Original

              Certificate

              Principal

              Balance
                of

              the
                Class M-2

              Certificates
                ($)

            
	
              Merrill
                Lynch, Pierce, Fenner & Smith Incorporated

            	
              $
                420,571,500

            	
              $
                130,732,200

            	
              $
                62,704,200

            	
              $
                80,720,100

            	
              $
                29,772,000

            	
              $
                31,500,000

            	
              $
                27,900,000

            
	
              Credit
                Suisse Securities (USA) LLC

            	
              $
                420,571,500

            	
              $
                130,732,200

            	
              $
                62,704,200

            	
              $
                80,720,100

            	
              $
                29,772,000

            	
              $
                31,500,000

            	
              $
                27,900,000

            
	
              Deutsche
                Bank Securities Inc.

            	
              $
                420,571,500

            	
              $
                130,732,200

            	
              $
                62,704,200

            	
              $
                80,720,100

            	
              $
                29,772,000

            	
              $
                31,500,000

            	
              $
                27,900,000

            
	
              Lehman
                Brothers Inc.

            	
              $ 
                 70,095,250

            	
              $ 
                 21,788,700

            	
              $
                10,450,700

            	
              $
                13,453,350

            	
              $ 
                 4,962,000

            	
              $ 
                 5,250,000

            	
              $  
                4,650,000

            
	
              Greenwich
                Capital Markets, Inc.

            	
              $ 
                 70,095,250

            	
              $  
                21,788,700

            	
              $
                10,450,700

            	
              $
                13,453,350

            	
              $ 
                 4,962,000

            	
              $ 
                 5,250,000

            	
              $  
                4,650,000

            

    

    

    

    
      	
              Underwriters

            	
              Original

              Certificate

              Principal

              Balance
                of

              the
                Class M-3

              Certificates
                ($)

            	
              Original

              Certificate

              Principal

              Balance
                of

              the
                Class M-4

              Certificates
                ($)

            	
              Original

              Certificate

              Principal

              Balance
                of

              the
                Class M-5

              Certificates
                ($)

            	
              Original

              Certificate

              Principal

              Balance
                of

              the
                Class M-6

              Certificates
                ($)

            	
              Original

              Certificate

              Principal

              Balance
                of

              the
                Class M-7

              Certificates
                ($)

            	
              Original

              Certificate

              Principal

              Balance
                of

              the
                Class M-8

              Certificates
                ($)

            	
              Original

              Certificate

              Principal

              Balance
                of

              the
                Class M-9

              Certificates
                ($)

            	
              Original

              Certificate

              Principal

              Balance
                of

              the
                Class M-10

              Certificates
                ($)

            
	
              Merrill
                Lynch, Pierce, Fenner & Smith Incorporated

            	
              $
                16,650,000

            	
              $
                15,300,000

            	
              $
                14,400,000

            	
              $
                13,500,000

            	
              $
                12,150,000

            	
              $
                9,900,000

            	
              $
                6,750,000

            	
              $
                9,000,000

            
	
              Credit
                Suisse Securities (USA) LLC

            	
              $
                16,650,000

            	
              $
                15,300,000

            	
              $
                14,400,000

            	
              $
                13,500,000

            	
              $
                12,150,000

            	
              $
                9,900,000

            	
              $
                6,750,000

            	
              $
                9,000,000

            
	
              Deutsche
                Bank Securities Inc.

            	
              $
                16,650,000

            	
              $
                15,300,000

            	
              $
                14,400,000

            	
              $
                13,500,000

            	
              $
                12,150,000

            	
              $
                9,900,000

            	
              $
                6,750,000

            	
              $
                9,000,000

            
	
              Lehman
                Brothers Inc.

            	
              $ 
                 2,775,000

            	
              $ 
                 2,550,000

            	
              $ 
                 2,400,000

            	
              $ 
                 2,250,000

            	
              $ 
                 2,025,000

            	
              $
                1,650,000

            	
              $
                1,125,000

            	
              $
                1,500,000

            
	
              Greenwich
                Capital Markets, Inc.

            	
              $ 
                 2,775,000

            	
              $ 
                 2,550,000

            	
              $ 
                 2,400,000

            	
              $ 
                 2,250,000

            	
              $  
                2,025,000

            	
              $
                1,650,000

            	
              $
                1,125,000

            	
              $
                1,500,000

            

    

     

    The
      Depositor has been advised by the Underwriters that they propose initially
      to
      offer the Offered Certificates of each class to the public at the offering
      price
      set forth on the cover page and to certain dealers at such price less a selling
      concession, not in excess of the percentage set forth in the table below of
      the
      Certificate Principal Balance of the related class of Offered Certificates.
      The
      Underwriters may allow and such dealers may reallow a reallowance discount,
      not
      in excess of the percentage set forth in the table below of the Certificate
      Principal Balance of the related class of Offered Certificates, to certain
      other
      dealers. After the initial public offering, the public offering prices, such
      concessions and such discounts may be changed.

     

    
      	
              Class
                of Certificates

            	
              Selling
                Concession

            	
              Reallowance
                Discount

            
	
              Class
                A-1

            	
              0.0720%

            	
              0.0360%

            
	
              Class
                A-2A

            	
              0.0900%

            	
              0.0450%

            
	
              Class
                A-2B

            	
              0.0900%

            	
              0.0450%

            
	
              Class
                A-2C

            	
              0.0900%

            	
              0.0450%

            
	
              Class
                A-2D

            	
              0.0900%

            	
              0.0450%

            
	
              Class
                M-1

            	
              0.0900%

            	
              0.0450%

            
	
              Class
                M-2

            	
              0.0900%

            	
              0.0450%

            
	
              Class
                M-3

            	
              0.0900%

            	
              0.0450%

            
	
              Class
                M-4

            	
              0.0900%

            	
              0.0450%

            
	
              Class
                M-5

            	
              0.0900%

            	
              0.0450%

            
	
              Class
                M-6

            	
              0.0900%

            	
              0.0450%

            
	
              Class
                M-7

            	
              0.0900%

            	
              0.0450%

            
	
              Class
                M-8

            	
              0.0900%

            	
              0.0450%

            
	
              Class
                M-9

            	
              0.0900%

            	
              0.0450%

            
	
              Class
                M-10

            	
              0.0900%

            	
              0.0450%

            

    

    

    Until
      the
      distribution of the Offered Certificates is completed, rules of the Securities
      and Exchange Commission may limit the ability of the Underwriters and certain
      selling group members to bid for and purchase the Offered Certificates. As
      an
      exception to these rules, the Underwriters are permitted to engage in certain
      transactions that stabilize the price of the Offered Certificates. Such
      transactions consist of bids or purchases for the purpose of pegging, fixing
      or
      maintaining the price of the Offered Certificates.

     

    In
      general, purchases of a security for the purpose of stabilization or to reduce
      a
      short position could cause the price of the security to be higher than it might
      be in the absence of such purchases.

     

    Neither
      the Depositor nor any of the Underwriters makes any representation or prediction
      as to the direction or magnitude of any effect that the transactions described
      above may have on the prices of the Offered Certificates. In addition, neither
      the Depositor nor any of the Underwriters makes any representation that the
      Underwriters will engage in such transactions or that such transactions, once
      commenced, will not be discontinued without notice.

     

    The
      Offered Certificates are offered subject to receipt and acceptance by the
      Underwriters, to prior sale and to each Underwriter’s right to reject any order
      in whole or in part and to withdraw, cancel or modify the offer without notice.
      It is expected that delivery of the Offered Certificates will be made through
      the facilities of DTC, Clearstream and the Euroclear System on or about the
      Closing Date. The Offered Certificates will be offered in Europe and the United
      States of America.

     

    The
      Underwriting Agreement provides that the Depositor and the Seller will indemnify
      each Underwriter against certain civil liabilities, including liabilities under
      the Securities Act of 1933, as amended, or will contribute to payments an
      Underwriter may be required to make in respect thereof.

     

    SECONDARY
      MARKET

     

    There
      is
      currently no secondary market for the Class A and Mezzanine Certificates and
      there can be no assurance that a secondary market for the Class A and Mezzanine
      Certificates will develop or, if it does develop, that it will continue. Each
      Underwriter intends to establish a market in the classes of Offered Certificates
      purchased by it, but no Underwriter has any obligation to do so. The primary
      source of information available to investors concerning the Class A and
      Mezzanine Certificates will be the monthly reports made available via the
      Trustee’s internet website, which will include information as to the outstanding
      Certificate Principal Balance of the Class A and Mezzanine Certificates. There
      can be no assurance that any additional information regarding the Class A and
      Mezzanine Certificates will be available through any other source. In addition,
      the Depositor is not aware of any source through which price information about
      the Class A and Mezzanine Certificates will be generally available on an ongoing
      basis. The limited nature of such information regarding the Class A and
      Mezzanine Certificates may adversely affect the liquidity of the Class A and
      Mezzanine Certificates, even if a secondary market for the Offered Certificates
      becomes available.

     

    LEGAL
      OPINIONS

     

    Certain
      legal matters relating to the Class A and Mezzanine Certificates will be passed
      upon for the Depositor by Thacher Proffitt & Wood llp,
      New
      York, New York and for the Underwriters by McKee Nelson LLP.Unassociated Document

    

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    Depositor

     

    CITIMORTGAGE,
      INC.

    Master
      Servicer and Trust Administrator

     

    CITIBANK,
      N.A.

    Paying
      Agent, Certificate Registrar and Authenticating Agent

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION

    Trustee

     

    _________________________________________

    

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of May 1, 2006

    _________________________________________

     

    Mortgage
      Pass-Through Certificates

     

    Series
      2006-AR3

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    TABLE
      OF CONTENTS

     

    
      	
              ARTICLE
                I 

            	
              DEFINITIONS

            
	
              SECTION
                1.01

            	
              Defined
                Terms.

            
	
              SECTION
                1.02

            	
              Allocation
                of Certain Interest Shortfalls.

            
	 	 
	
              ARTICLE
                II 

            	
              CONVEYANCE
                OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

            
	
              SECTION
                2.01

            	
              Conveyance
                of Mortgage Loans.

            
	
              SECTION
                2.02

            	
              Acceptance
                of the Trust Fund by the Trustee.

            
	
              SECTION
                2.03

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

            
	
              SECTION
                2.04

            	
              Reserved.

            
	
              SECTION
                2.05

            	
              Representations,
                Warranties and Covenants of the Master Servicer.

            
	
              SECTION
                2.06

            	
              Issuance
                of the Certificates.

            
	
              SECTION
                2.07

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

            
	 	 
	
              ARTICLE
                III 

            	
              ADMINISTRATION
                AND SERVICING OF THE MORTGAGE LOANS

            
	
              SECTION
                3.01

            	
              Master
                Servicer to Act as Master Servicer.

            
	
              SECTION
                3.02

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

            
	
              SECTION
                3.03

            	
              Successor
                Sub-Servicers.

            
	
              SECTION
                3.04

            	
              Liability
                of the Master Servicer.

            
	
              SECTION
                3.05

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

            
	
              SECTION
                3.06

            	
              Assumption
                or Termination of Sub-Servicing Agreements by Trustee.

            
	
              SECTION
                3.07

            	
              Collection
                of Certain Mortgage Loan Payments.

            
	
              SECTION
                3.08

            	
              Sub-Servicing
                Accounts.

            
	
              SECTION
                3.09

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

            
	
              SECTION
                3.10

            	
              Collection
                Account and Distribution Account.

            
	
              SECTION
                3.11

            	
              Withdrawals
                from the Collection Account and Distribution Account.

            
	
              SECTION
                3.12

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

            
	
              SECTION
                3.13

            	
              Maintenance
                of the Primary Mortgage Insurance Policies; Collections
                Thereunder.

            
	
              SECTION
                3.14

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

            
	
              SECTION
                3.15

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

            
	
              SECTION
                3.16

            	
              Realization
                Upon Defaulted Mortgage Loans.

            
	
              SECTION
                3.17

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            
	
              SECTION
                3.18

            	
              Servicing
                Compensation.

            
	
              SECTION
                3.19

            	
              Reports
                to the Trust Administrator; Collection Account
                Statements.

            
	
              SECTION
                3.20

            	
              Statement
                as to Compliance.

            
	
              SECTION
                3.21

            	
              Assessments
                of Compliance and Attestation Reports.

            
	
              SECTION
                3.22

            	
              Access
                to Certain Documentation.

            
	
              SECTION
                3.23

            	
              Title,
                Management and Disposition of REO Property.

            
	
              SECTION
                3.24

            	
              Obligations
                of the Master Servicer in Respect of Prepayment Interest
                Shortfalls.

            
	
              SECTION
                3.25

            	
              Obligations
                of the Master Servicer in Respect of Monthly Payments.

            
	
              SECTION
                3.26

            	
              Administration
                of Buydown Funds.

            
	 	 
	
              ARTICLE
                IV

            	
              PAYMENTS
                TO CERTIFICATEHOLDERS

            
	
              SECTION
                4.01

            	
              Distributions.

            
	
              SECTION
                4.02

            	
              Statements
                to Certificateholders.

            
	
              SECTION
                4.03

            	
              Remittance
                Reports; P&I Advances.

            
	
              SECTION
                4.04

            	
              Allocation
                of Extraordinary Trust Fund Expenses and Realized
                Losses.

            
	
              SECTION
                4.05

            	
              Compliance
                with Withholding Requirements.

            
	
              SECTION
                4.06

            	
              Commission
                Reporting.

            
	
              SECTION
                4.07

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

            
	 	 
	
              ARTICLE
                V 

            	
              THE
                CERTIFICATES

            
	
              SECTION
                5.01

            	
              The
                Certificates.

            
	
              SECTION
                5.02

            	
              Registration
                of Transfer and Exchange of Certificates.

            
	
              SECTION
                5.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            
	
              SECTION
                5.04

            	
              Persons
                Deemed Owners.

            
	
              SECTION
                5.05

            	
              Certain
                Available Information.

            
	 	 
	
              ARTICLE
                VI 

            	
              THE
                DEPOSITOR AND THE MASTER SERVICER

            
	
              SECTION
                6.01

            	
              Liability
                of the Depositor and the Master Servicer.

            
	
              SECTION
                6.02

            	
              Merger
                or Consolidation of the Depositor or the Master
                Servicer.

            
	
              SECTION
                6.03

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

            
	
              SECTION
                6.04

            	
              Limitation
                on Resignation of the Master Servicer.

            
	
              SECTION
                6.05

            	
              Rights
                of the Depositor in Respect of the Master Servicer.

            
	 	 
	
              ARTICLE
                VII

            	
              DEFAULT

            
	
              SECTION
                7.01

            	
              Master
                Servicer Events of Default.

            
	
              SECTION
                7.02

            	
              Trustee
                to Act; Appointment of Successor.

            
	
              SECTION
                7.03

            	
              Notification
                to Certificateholders.

            
	
              SECTION
                7.04

            	
              Waiver
                of Master Servicer Events of Default.

            
	 	 
	
              ARTICLE
                VIII 

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

            
	
              SECTION
                8.01

            	
              Duties
                of Trustee, Trust Administrator and Others.

            
	
              SECTION
                8.02

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

            
	
              SECTION
                8.03

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

            
	
              SECTION
                8.04

            	
              Trustee,
                Trust Administrator and Others May Own Certificates.

            
	
              SECTION
                8.05

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

            
	
              SECTION
                8.06

            	
              Eligibility
                Requirements for Trustee and Trust Administrator.

            
	
              SECTION
                8.07

            	
              Resignation
                and Removal of the Trustee and the Trust Administrator.

            
	
              SECTION
                8.08

            	
              Successor
                Trustee or Trust Administrator.

            
	
              SECTION
                8.09

            	
              Merger
                or Consolidation of Trustee or Trust Administrator.

            
	
              SECTION
                8.10

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            
	
              SECTION
                8.11

            	
              [intentionally
                omitted]

            
	
              SECTION
                8.12

            	
              Appointment
                of Office or Agency.

            
	
              SECTION
                8.13

            	
              Representations
                and Warranties.

            
	
              SECTION
                8.14

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

            
	
              SECTION
                8.15

            	
              No
                Trustee Liability for Actions or Inactions of
                Custodians.

            
	 	 
	
              ARTICLE
                IX 

            	
              TERMINATION

            
	
              SECTION
                9.01

            	
              Termination
                Upon Repurchase or Liquidation of the Mortgage Loans.

            
	
              SECTION
                9.02

            	
              Additional
                Termination Requirements.

            
	 	 
	
              ARTICLE
                X 

            	
              REMIC
                PROVISIONS

            
	
              SECTION
                10.01

            	
              REMIC
                Administration.

            
	
              SECTION
                10.02

            	
              Prohibited
                Transactions and Activities.

            
	
              SECTION
                10.03

            	
              Master
                Servicer and Trust Administrator Indemnification.

            
	 	 
	
              ARTICLE
                XI 

            	
              MISCELLANEOUS
                PROVISIONS

            
	
              SECTION
                11.01

            	
              Amendment.

            
	
              SECTION
                11.02

            	
              Recordation
                of Agreement; Counterparts.

            
	
              SECTION
                11.03

            	
              Limitation
                on Rights of Certificateholders.

            
	
              SECTION
                11.04

            	
              Governing
                Law.

            
	
              SECTION
                11.05

            	
              Notices.

            
	
              SECTION
                11.06

            	
              Severability
                of Provisions.

            
	
              SECTION
                11.07

            	
              Notice
                to Rating Agencies.

            
	
              SECTION
                11.08

            	
              Article
                and Section References.

            
	
              SECTION
                11.09

            	
              Grant
                of Security Interest.

            
	
              SECTION
                11.10

            	
              Intention
                of the Parties and Interpretation.

            

    

    

    EXHIBITS

     

    
      	
              Exhibit
                A-1

            	
              Form
                of Class 1-A1A Certificate

            
	
              Exhibit
                A-2

            	
              Form
                of Class 1-A1B Certificate

            
	
              Exhibit
                A-3

            	
              Form
                of Class 1-A2A Certificate

            
	
              Exhibit
                A-4

            	
              Form
                of Class 1-A2B Certificate

            
	
              Exhibit
                A-5

            	
              Form
                of Class 1-B1 Certificate 

            
	
              Exhibit
                A-6

            	
              Form
                of Class 1-B2 Certificate 

            
	
              Exhibit
                A-7

            	
              Form
                of Class 1-B3 Certificate 

            
	
              Exhibit
                A-8

            	
              Form
                of Class 1-B4 Certificate

            
	
              Exhibit
                A-9

            	
              Form
                of Class 1-B5 Certificate

            
	
              Exhibit
                A-10

            	
              Form
                of Class 1-B6 Certificate 

            
	
              Exhibit
                A-11

            	
              Form
                of Class 1-R Certificate

            
	
              Exhibit
                A-12

            	
              Form
                of Class 2-A1A Certificate

            
	
              Exhibit
                A-13

            	
              Form
                of Class 2-A2A Certificate

            
	
              Exhibit
                A-14

            	
              Form
                of Class 2-A12B Certificate

            
	
              Exhibit
                A-15

            	
              Form
                of Class 2-A3A Certificate

            
	
              Exhibit
                A-16

            	
              Form
                of Class 2-A4A Certificate

            
	
              Exhibit
                A-17

            	
              Form
                of Class 2-A34B Certificate

            
	
              Exhibit
                A-18

            	
              Form
                of Class 2-1AX Certificate

            
	
              Exhibit
                A-19

            	
              Form
                of Class 2-2AX Certificate

            
	
              Exhibit
                A-20

            	
              Form
                of Class 2-B1 Certificate

            
	
              Exhibit
                A-21

            	
              Form
                of Class 2-B2 Certificate

            
	
              Exhibit
                A-22

            	
              Form
                of Class 2-B3 Certificate

            
	
              Exhibit
                A-23

            	
              Form
                of Class 2-B4 Certificate

            
	
              Exhibit
                A-24

            	
              Form
                of Class 2-B5 Certificate

            
	
              Exhibit
                A-25

            	
              Form
                of Class 2-B6 Certificate

            
	
              Exhibit
                A-26

            	
              Form
                of Class 2-P Certificate

            
	
              Exhibit
                A-27

            	
              Form
                of Class 2-R Certificate

            
	
              Exhibit
                B

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

            
	
              Exhibit
                C

            	
              Servicing
                Criteria to be Addressed in Assessment of Compliance

            
	
              Exhibit
                D

            	
              Form
                of Mortgage Loan Purchase Agreement

            
	
              Exhibit
                E

            	
              Request
                for Release

            
	
              Exhibit
                F-1

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

            
	
              Exhibit
                F-2

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

            
	
              Exhibit
                G

            	
              Form
                of Certification with respect to ERISA and the Code

            
	
              Exhibit
                H

            	
              Form
                of Master Servicer Certification 

            
	
              Exhibit
                I

            	
              Form
                of Back-up Certification

            
	 	 
	
              Schedule
                1

            	
              Mortgage
                Loan Schedule

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    This
      Pooling and Servicing Agreement, is dated and effective as of May 1, 2006,
      among
      CITIGROUP MORTGAGE LOAN TRUST INC., as Depositor, CITIMORTGAGE, INC., as Master
      Servicer and Trust Administrator, CITIBANK, N.A. as Paying Agent, Certificate
      Registrar and Authenticating Agent and U.S. BANK NATIONAL ASSOCIATION, as
      Trustee.

     

    PRELIMINARY
      STATEMENT:

     

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

     

    REMIC
      I-A

     

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

     

    
      	
              Designation

            	 	
              REMIC
                I-A Remittance Rate

            	 	
              Initial
                Uncertificated Balance

            	 	
              Latest
                Possible Maturity Date(1)

            
	
              LT-1A

            	 	
              (2)

            	 	
              $

            	
              2,819,359.33

            	 	
              April
                25, 2036

            
	
              LT-1B

            	 	
              (2)

            	 	
              $

            	
              29,065,879.33

            	 	
              April
                25, 2036

            
	
              LT-2A

            	 	
              (2)

            	 	
              $

            	
              8,919,790.79

            	 	
              April
                25, 2036

            
	
              LT-2B

            	 	
              (2)

            	 	
              $

            	
              91,955,990.79

            	 	
              April
                25, 2036

            
	
              LT-ZZZ

            	 	
              (2)

            	 	
              $

            	
              1,077,457,580.77

            	 	
              April
                25, 2036

            
	
              LT-R

            	 	
              (2)

            	 	
              $

            	
              100.16

            	 	
              April
                25, 2036

            

    

    

    
      	
              (1)

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

            

    

     

    
      	
              (2)

            	
              Calculated
                in accordance with the definition of “REMIC I-A Remittance Rate”
                herein.

            

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    REMIC
      I-B

     

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

     

    
      	
              Designation

            	 	
              Pass-Through
                Rate(2)

            	
              Initial
                Aggregate

              Certificate
                Principal Balance

            	 	
              Latest
                Possible Maturity Date(1)

            
	
              Class
                1-A1A

            	 	
              Variable

            	
              $

            	
              262,465,000.00

            	 	 	
              April
                25, 2036

            
	
              Class
                1-A1B

            	 	
              Variable

            	
              $

            	
              14,097,000.00

            	 	 	
              April
                25, 2036

            
	
              Class
                1-A2A

            	 	
              Variable

            	
              $

            	
              830,362,000.00

            	 	 	
              April
                25, 2036

            
	
              Class
                1-A2B

            	 	
              Variable

            	
              $

            	
              44,599,000.00

            	 	 	
              April
                25, 2036

            
	
              Class
                1-B1

            	 	
              Variable

            	
              $

            	
              35,096,000.00

            	 	 	
              April
                25, 2036

            
	
              Class
                1-B2

            	 	
              Variable

            	
              $

            	
              7,866,000.00

            	 	 	
              April
                25, 2036

            
	
              Class
                1-B3

            	 	
              Variable

            	
              $

            	
              6,051,000.00

            	 	 	
              April
                25, 2036

            
	
              Class
                1-B4

            	 	
              Variable

            	
              $

            	
              3,631,000.00

            	 	 	
              April
                25, 2036

            
	
              Class
                1-B5

            	 	
              Variable

            	
              $

            	
              3,026,000.00

            	 	 	
              April
                25, 2036

            
	
              Class
                1-B6

            	 	
              Variable

            	
              $

            	
              3,025,601.00

            	 	 	
              April
                25, 2036

            
	
              Class
                1-R

            	 	
              Variable

            	
              $

            	
              100.16

            	 	 	
              April
                25, 2036

            

    

    
    

     

    
      	
              (1)

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

            

    

     

    
      	
              (2)

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

            

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    REMIC
      II-A

     

    As
      provided herein, the Trust Administrator will elect to treat the segregated
      pool
      of assets consisting of the Group 2 Mortgage Loans and certain other related
      assets (other
      than the Buydown Account) subject
      to this Agreement as a REMIC (as defined herein) for federal income tax
      purposes, and such segregated pool of assets will be designated as “REMIC II-A”.
      The Class R-IIA Residual Interest will be the sole class of “residual interests”
in REMIC II-A for purposes of the REMIC Provisions (as defined herein). The
      following table irrevocably sets forth the designation, the REMIC II-A
      Remittance Rate, the initial Uncertificated Balance and, for purposes of
      satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible
      maturity date” for each of the REMIC II-A Regular Interests (as defined herein).
      None of the REMIC II-A Regular Interests will be certificated. 

     

    
      	
              Designation

            	 	
              REMIC
                II-A Remittance Rate

            	 	
              Initial
                Uncertificated Balance

            	 	
              Latest
                Possible Maturity Date(1)

            
	
              LT-1A

            	 	
              (2)

            	 	
              $

            	
              1,393,785.20

            	 	
              May
                25, 2036

            
	
              LT-1B

            	 	
              (2)

            	 	
              $

            	
              9,612,505.20

            	 	
              May
                25, 2036

            
	
              LT-2A

            	 	
              (2)

            	 	
              $

            	
              791,788.01

            	 	
              May
                25, 2036

            
	
              LT-2B

            	 	
              (2)

            	 	
              $

            	
              5,460,188.01

            	 	
              May
                25, 2036

            
	
              LT-3A

            	 	
              (2)

            	 	
              $

            	
              4,162,217.33

            	 	
              May
                25, 2036

            
	
              LT-3B

            	 	
              (2)

            	 	
              $

            	
              28,705,117.33

            	 	
              May
                25, 2036

            
	
              LT-4A

            	 	
              (2)

            	 	
              $

            	
              2,760,215.73

            	 	
              May
                25, 2036

            
	
              LT-4B

            	 	
              (2)

            	 	
              $

            	
              19,036,315.73

            	 	
              May
                25, 2036

            
	
              LT-ZZZ

            	 	
              (2)

            	 	
              $

            	
              556,218,929.45

            	 	
              May
                25, 2036

            
	
              LT-P

            	 	
              (2)

            	 	
              $

            	
              100.00

            	 	
              May
                25, 2036

            
	
              LT-R

            	 	
              (2)

            	 	
              $

            	
              100.76

            	 	
              May
                25, 2036

            

    

    

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date immediately following the maturity date for the
                Group 2
                Mortgage Loan with the latest maturity date has been designated as
                the
                “latest possible maturity date” for each REMIC II-A Regular
                Interest.

            

    

     

    
      	
              (2)

            	
              Calculated
                in accordance with the definition of “REMIC II-A Remittance Rate”
                herein.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      II-B

     

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

     

    

    
      	
              Designation

            	
               

            	
              REMIC
                II-B Remittance Rate

            	
               

            	
              Initial
                Aggregate

              Certificate
                Balance

            	
               

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              LT2-A1A

            	 	
              (2)

            	 	
              $

            	
              82,187,000.00

            	 	
              May
                25, 2036

            
	
              LT2-A2A

            	 	
              (2)

            	 	
              $

            	
              46,684,000.00

            	 	
              May
                25, 2036

            
	
              LT2-A12B1
                

            	 	
              (2)

            	 	
              $

            	
              6,969,000.00

            	 	
              May
                25, 2036

            
	
              LT2-A12B2

            	 	
              (2)

            	 	
              $

            	
              3,959,000.00

            	 	
              May
                25, 2036

            
	
              LT2-A3A

            	 	
              (2)

            	 	
              $

            	
              245,429,000.00

            	 	
              May
                25, 2036

            
	
              LT2-A4A

            	 	
              (2)

            	 	
              $

            	
              162,761,000.00

            	 	
              May
                25, 2036

            
	
              LT2-A34B1

            	 	
              (2)

            	 	
              $

            	
              20,811,000.00

            	 	
              May
                25, 2036

            
	
              LT2-A34B2

            	 	
              (2)

            	 	
              $

            	
              13,801,000.00

            	 	
              May
                25, 2036

            
	
              LT2-B1

            	 	
              (2)

            	 	
              $

            	
              15,389,000.00

            	 	
              May
                25, 2036

            
	
              LT2-B2

            	 	
              (2)

            	 	
              $

            	
              10,050,000.00

            	 	
              May
                25, 2036

            
	
              LT2-B3

            	 	
              (2)

            	 	
              $

            	
              6,281,000.00

            	 	
              May
                25, 2036

            
	
              LT2-B4

            	 	
              (2)

            	 	
              $

            	
              7,538,000.00

            	 	
              May
                25, 2036

            
	
              LT2-B5

            	 	
              (2)

            	 	
              $

            	
              3,455,000.00

            	 	
              May
                25, 2036

            
	
              LT2-B6

            	 	
              (2)

            	 	
              $

            	
              2,827,062.00

            	 	
              May
                25, 2036

            
	
              LT2-P

            	 	
              (3)

            	 	
              $

            	
              100.00

            	 	
              May
                25, 2036

            
	
              LT2-R

            	 	
              (2)

            	 	
              $

            	
              100.76

            	 	
              May
                25, 2036

            

    

    

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date immediately following the maturity date for the
                Group 2
                Mortgage Loan with the latest maturity date has been designated as
                the
                “latest possible maturity date” for each REMIC II-B Regular
                Interest.

            

    

    
      	
              (2)

            	
              Calculated
                in accordance with the definition of “REMIC II-B Remittance Rate”
                herein.

            

    

    
      	
              (3)

            	
              The
                REMIC II-B Regular Interest LT2-P is a principal only regular interest
                and
                will not have a pass-through rate or accrue
                interest.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    REMIC
      II-C

     

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

     

    

    
      	
              Designation

            	 	
              Pass-Through

              Rate(2)

            	 	
              Initial
                Aggregate

              Certificate
                Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                2-A1A

            	 	
              Variable

            	 	
              $

            	
              82,187,000.00

            	 	
              May
                25, 2036

            
	
              Class
                2-A2A

            	 	
              Variable

            	 	
              $

            	
              46,684,000.00

            	 	
              May
                25, 2036

            
	
              Class
                2-A12B1 Interest(3)

            	 	
              Variable

            	 	
              $

            	
              6,969,000.00

            	 	
              May
                25, 2036

            
	
              Class
                2-A12B2 Interest(3)

            	 	
              Variable

            	 	
              $

            	
              3,959,000.00

            	 	
              May
                25, 2036

            
	
              Class
                2-A3A

            	 	
              Variable

            	 	
              $

            	
              245,429,000.00

            	 	
              May
                25, 2036

            
	
              Class
                2-A4A

            	 	
              Variable

            	 	
              $

            	
              162,761,000.00

            	 	
              May
                25, 2036

            
	
              Class
                2-A34B1 Interest(3)

            	 	
              Variable

            	 	
              $

            	
              20,811,000.00

            	 	
              May
                25, 2036

            
	
              Class
                2-A34B2 Interest(3)

            	 	
              Variable

            	 	
              $

            	
              13,801,000.00

            	 	
              May
                25, 2036

            
	
              Class
                2-1AX

            	 	
              Variable

            	 	
              $

            	
              (4)

            	 	
              May
                25, 2036

            
	
              Class
                2-2AX

            	 	
              Variable

            	 	
              $

            	
              (4)

            	 	
              May
                25, 2036

            
	
              Class
                2-B1

            	 	
              Variable

            	 	
              $

            	
              15,389,000.00

            	 	
              May
                25, 2036

            
	
              Class
                2-B2

            	 	
              Variable

            	 	
              $

            	
              10,050,000.00

            	 	
              May
                25, 2036

            
	
              Class
                2-B3

            	 	
              Variable

            	 	
              $

            	
              6,281,000.00

            	 	
              May
                25, 2036

            
	
              Class
                2-B4

            	 	
              Variable

            	 	
              $

            	
              7,538,000.00

            	 	
              May
                25, 2036

            
	
              Class
                2-B5

            	 	
              Variable

            	 	
              $

            	
              3,455,000.00

            	 	
              May
                25, 2036

            
	
              Class
                2-B6

            	 	
              Variable

            	 	
              $

            	
              2,827,062.00

            	 	
              May
                25, 2036

            
	
              Class
                2-P

            	 	
              (5)

            	 	
              $

            	
              100.00

            	 	
              May
                25, 2036

            
	
              Class
                2-R

            	 	
              Variable

            	 	
              $

            	
              100.76

            	 	
              May
                25, 2036

            

    

    

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date immediately following the maturity date for the
                Group 2
                Mortgage Loan with the latest maturity date has been designated as
                the
                “latest possible maturity date” for each Class of
                Certificates.

            

    

    
      	
              (2)

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

            

    

    
      	
              (3)

            	
              The
                Class 2-A12B1 Interest and the Class 2-A12B2 Interest shall be
                uncertificated. The Class 2-A12B Certificate shall represent ownership
                of
                the Class 2-A12B1 Interest and the Class 2-A12B2 Interest, and the
                Initial
                Certificate Principal Balance of the Class 2-A12B Certificate shall
                equal
                $10,928,000.00, which is the sum of the initial uncertificated balances
                of
                the Class 2-A12B1 Interest and the Class 2-A12B2 Interest. The Class
                2-A34B1 Interest and the Class 2-A34B2 Interest shall be uncertificated.
                The Class 2-A34B Certificate shall represent ownership of the Class
                2-A34B1 Interest and the Class 2-A34B2 Interest, and the Initial
                Certificate Principal Balance of the Class 2-A34B Certificate shall
                equal
                $34,612,000.00, which is the sum of the initial uncertificated balances
                of
                the Class 2-A34B1 Interest and the Class 2-A34B2
                Interest.

            

    

    
      	
              (4)

            	
              The
                Class 2-1AX Certificates and the Class 2-2AX Certificates will not
                have
                Certificate Principal Balances, but will accrue interest at their
                respective pass-through rates on their respective notional amounts
                as
                defined herein.

            

    

    (5)         
       The
      Class 2-P Certificates are principal only certificates and will not have a
      pass-through rate or accrue  interest.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    As
      of the
      Cut-off Date, the Group 1 Mortgage Loans had an aggregate Scheduled Principal
      Balance equal to $1,210,218,701.16.
      As of the Cut-off Date, the Group 1-1 Mortgage Loans had an aggregate Scheduled
      Principal Balance equal to $290,658,793.30. As of the Cut-off Date, the Group
      1-2 Mortgage Loans had an aggregate Scheduled Principal Balance equal to
      $919,559,907.86. As of the Cut-off Date, the Group 2 Mortgage Loans had an
      aggregate Scheduled Principal Balance equal to $628,141,262.76. As of the
      Cut-off Date, the Group 2-1 Mortgage Loans had an aggregate Scheduled Principal
      Balance equal to $96,125,052.03.
      As
      of the
      Cut-off Date, the Group 2-2 Mortgage Loans had an aggregate Scheduled Principal
      Balance equal to $54,601,880.06. As of the Cut-off Date, the Group 2-3 Mortgage
      Loans had an aggregate Scheduled Principal Balance equal to $287,051,173.34.
      As
      of the Cut-off Date, the Group 2-4 Mortgage Loans had an aggregate Scheduled
      Principal Balance equal to $190,363,157.33. 

     

    In
      consideration of the mutual agreements herein contained, the Depositor, the
      Master Servicer, the Trust Administrator, the Paying Agent, the Authenticating
      Agent, the Certificate Registrar and the Trustee agree as follows:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    

     

    ARTICLE
      I

    DEFINITIONS

     

    
      	SECTION
              1.01  	
              Defined
                Terms.

            

    

     

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

     

    “Adjustable-Rate
      Mortgage Loan”: Each Group 1 Mortgage Loan and Group 2 Mortgage
      Loan.

     

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

     

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

     

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

     

    “Aggregate
      Senior Percentage”: With respect to any Distribution Date and the Group 1 Senior
      Certificates, the lesser of (a) 100% and (b) a fraction, expressed as a
      percentage, the numerator of which is the aggregate Certificate Principal
      Balance of the Group 1 Senior Certificates for such Distribution Date and the
      denominator of which is the sum of (i) the aggregate Scheduled Principal Balance
      of the Group 1 Mortgage Loans, plus (ii) the aggregate Scheduled Principal
      Balance of the REO Properties in Collateral Pool 1, in each case before
      reduction for any Realized Losses on such Distribution Date. 

     

    With
      respect to any Distribution Date and the Group 2 Senior Certificates, the lesser
      of (a) 100% and (b) a fraction, expressed as a percentage, the numerator of
      which is the aggregate Certificate Principal Balance of the Group 2 Senior
      Certificates for such Distribution Date and the denominator of which is the
      sum
      of (i) the aggregate Scheduled Principal Balance of the Group 2 Mortgage Loans,
      plus (ii) the aggregate Scheduled Principal Balance of the REO Properties in
      Collateral Pool 2, in each case before reduction for any Realized Losses on
      such
      Distribution Date. 

     

    “Aggregate
      Subordinate Percentage”: With respect to any Distribution Date and the Group 1
      Subordinate Certificates, 100% minus the related Aggregate Senior Percentage
      for
      such Distribution Date. With respect to any Distribution Date and the Group
      2
      Subordinate Certificates, 100% minus the related Aggregate Senior Percentage
      for
      such Distribution Date. 

     

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

     

    “American
      Home”: American Home Mortgage Corp., or its successor in interest.

     

    “American
      Home Mortgage Loans”: The Mortgage Loans originated by American Home.

     

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

     

    “Available
      Distribution Amount”: With respect to any Loan Group within Collateral Pool 1,
      the related Group 1 Available Distribution Amount. With respect to any
      Loan
      Group within Collateral
      Pool 2, the related Group 2 Available Distribution Amount. 

     

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

     

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

     

    “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
      Amount”: As of any date of determination, with respect to Collateral Pool 1, an
      amount equal to the excess, if any, of (A) $150,000 over (B) the aggregate
      amount of Bankruptcy Losses allocated solely to the related Subordinate
      Certificates in accordance with Section 4.04. As of any date of determination,
      with respect to Collateral Pool 2, an amount equal to the excess, if any, of
      (A)
      $150,000 over (B) the aggregate amount of Bankruptcy Losses allocated solely
      to
      the related Subordinate Certificates in accordance with Section 4.04.

     

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

     

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

     

    “Book-Entry
      Certificate”: Any Certificate registered in the name of the Depository or its
      nominee. Initially, the Book-Entry Certificates will be all Classes of the
      Certificates other than the Residual Certificates and
      the Class 2-P Certificates.

     

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

     

    “Business
      Day”: Any day other than a Saturday, a Sunday or a day on which banking or
      savings and loan institutions in the State of New York, each state in which
      any
      Initial Sub-Servicer conducts its business, the State of Missouri, the State
      of
      Texas, the city in which the Corporate Trust Office of the Trustee or the
      Corporate Trust Office of the Paying Agent is located are authorized or
      obligated by law or executive order to be closed.

     

    “Buydown
      Account”: The custodial account or accounts created and maintained pursuant to
      Section 3.26.

     

    “Buydown
      Agreement”: An agreement between the applicable originator and a Mortgagor, or
      an agreement among such originator, a Mortgagor and an employer of a relocated
      Mortgagor which, in each case, provides for the application of Buydown
      Funds.

     

    “Buydown
      Funds”: In respect of any Buydown Mortgage Loan, any amount contributed by the
      related originator or the employer of a relocated borrower in order to enable
      the Mortgagor to reduce the payments required to be made from the Mortgagor’s
      funds during the Buydown Period. The Buydown Funds are not part of the Trust
      Fund prior to deposit into the Collection Account or the Distribution
      Account.

     

    “Buydown
      Mortgage Loan”: Any Mortgage Loan in respect of which, pursuant to a Buydown
      Agreement, (i) the Mortgagor pays less than the full monthly payment specified
      in the Mortgage Note during the Buydown Period and (ii) the difference between
      the payments required under such Buydown Agreement and the Mortgage Note is
      paid
      from the related Buydown Funds.

     

    “Buydown
      Period”: The period during which Buydown Funds are required to be applied to the
      related Buydown Mortgage Loans as provided in Section 3.26. 

     

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

     

    “Certificate”:
      Any one of the Citigroup Mortgage Loan Trust Inc., Mortgage Pass-Through
      Certificates, Series 2006-AR3, issued under this Agreement.

     

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

     

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

     

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

     

    “Certificate
      Principal Balance”: With respect to any Certificate (other than any Interest
      Only Certificate) as of any date of determination, the Certificate Principal
      Balance of such Certificate on the Distribution Date immediately prior to such
      date of determination plus any Subsequent Recoveries added to the Certificate
      Principal Balance of such Certificate pursuant to Section 4.01, reduced by
      the
      aggregate of (a) all distributions of principal made thereon on such immediately
      prior Distribution Date and (b) without duplication of amounts described in
      clause (a) above, reductions in the Certificate Principal Balance thereof in
      connection with allocations thereto of Realized Losses on the Mortgage Loans
      and
      Extraordinary Trust Fund Expenses on such immediately prior Distribution Date
      (or, in the case of any date of determination up to and including the initial
      Distribution Date, the initial Certificate Principal Balance of such
      Certificate, as stated on the face thereof). The Certificate Principal Balance
      of any Class of Certificates (other than any Interest Only Certificate) as
      of
      any date of determination is equal to the aggregate of the Certificate Principal
      Balances of the Certificates of such Class. Notwithstanding any of the
      foregoing, the Certificate Principal Balance of a Subordinate Certificate of
      the
      Class of Subordinate Certificates relating to a Collateral Pool outstanding
      with
      the highest numerical designation at any given time shall not be greater than
      the Percentage Interest evidenced by such Certificate multiplied by the excess,
      if any, of (A) the then aggregate Stated Principal Balance of the Mortgage
      Loans
      in such related Collateral Pool over (B) the then aggregate Certificate
      Principal Balances of all other Classes of Certificates (other than any Class
      of
      Interest Only Certificates) relating to that Collateral Pool then
      outstanding.

     

    References
      herein to the “Certificate Principal Balance of the related Senior Support
      Certificates or Component Principal Balance of the related Senior Support
      Component, as applicable” shall mean, with respect to the Group 1-1 Mortgage
      Loans, the Certificate Principal Balance of the Class 1-A1B Certificate; with
      respect to the Group 1-2 Mortgage Loans, the Certificate Principal Balance
      of
      the Class 1-A2B Certificate; with respect to the Group 2-1 Mortgage Loans,
      the
      Component Principal Balance of the 2-A1B Component; with respect to the Group
      2-2 Mortgage Loans, the Component Principal Balance of the 2-A2B Component;
      with
      respect to the Group 2-3 Mortgage Loans, the Component Principal Balance of
      the
      2-A3B Component; and with respect to the Group 2-4 Mortgage Loans, the Component
      Principal Balance of the 2-A4B Component.

     

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

     

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

     

    “CitiMortgage”:
      CitiMortgage, Inc., or its successor in interest.

     

    “CitiMortgage
      Mortgage Loans”: The
      Mortgage Loans originated by American Home Mortgage Corp. and serviced by
CitiMortgage.

     

    “Citibank”:
      Citibank, N.A.

     

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

     

    “Class
      A
      Certificates”: The Group 1 Class A Certificates and the Group 2 Class A
      Certificates. 

     

    
      “Class
        A
        Principal Adjustment Amount”: With respect to Collateral Pool 2, as to any
        Distribution Date and any related Loan Group, if the Certificate Principal
        Balance of the related Super Senior Certificates and the Certificate Principal
        Balance of the related Senior Support Certificates or Component Principal
        Balance of the related Senior Support Component, as applicable, related to
        a
        Loan Group included in such Collateral Pool have been reduced to zero, any
        remaining Principal Payments, Liquidation Proceeds or other unscheduled payments
        of principal collected in respect of the related Mortgage Loans in such Loan
        Group (and, with respect to any Distribution Date on which the aggregate
        Certificate Principal Balance of the related Subordinate Certificates has
        been
        reduced to zero, any remaining scheduled payments of principal in respect
        of the
        Mortgage Loans in the related Loan Group).

       

    

    “Class
      1-A1A Certificate”: Any one of the Class 1-A1A Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      substantially in the form annexed hereto as Exhibit A-1 and evidencing a Regular
      Interest in REMIC I-B for purposes of the REMIC Provisions.

     

    “Class
      1-A1B Certificate”: Any one of the Class 1-A1B Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC I-B for purposes of the REMIC Provisions.

     

    “Class
      1-A2A Certificate”: Any one of the Class 1-A2A Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      substantially in the form annexed hereto as Exhibit A-3 and evidencing a Regular
      Interest in REMIC I-B for purposes of the REMIC Provisions.

     

    “Class
      1-A2B Certificate”: Any one of the Class 1-A2B Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      substantially in the form annexed hereto as Exhibit A-4 and evidencing a Regular
      Interest in REMIC I-B for purposes of the REMIC Provisions.

     

    “Class
      1-B1 Certificate”: Any one of the Class 1-B1 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-5 and evidencing a Regular Interest
      in
      REMIC I-B for purposes of the REMIC Provisions.

     

    “Class
      1-B1 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class 1-B1 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class 1-B1 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group 1 Subordinate Certificates immediately prior to such date.

     

    “Class
      1-B2 Certificate”: Any one of the Class 1-B2 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-6 and
      evidencing a Regular Interest in REMIC I-B for purposes of the REMIC
      Provisions.

     

    “Class
      1-B2 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class 1-B2 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class 1-B2 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group 1 Subordinate Certificates immediately prior to such date.

     

    “Class
      1-B3 Certificate”: Any one of the Class 1-B3 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-7 and evidencing a Regular Interest
      in
      REMIC I-B for purposes of the REMIC Provisions.

     

    “Class
      1-B3 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class 1-B3 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class 1-B3 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group 1 Subordinate Certificates immediately prior to such date.

     

    “Class
      1-B4 Certificate”: Any one of the Class 1-B4 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-8 and evidencing a Regular Interest
      in
      REMIC I-B for purposes of the REMIC Provisions.

     

    “Class
      1-B4 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class 1-B4 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class 1-B4 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group 1 Subordinate Certificates immediately prior to such date.

     

    “Class
      1-B5 Certificate”: Any one of the Class 1-B5 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-9 and evidencing a Regular Interest
      in
      REMIC I-B for purposes of the REMIC Provisions.

     

    “Class
      1-B5 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class 1-B5 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class 1-B5 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group 1 Subordinate Certificates immediately prior to such date.

     

    “Class
      1-B6 Certificate”: Any one of the Class 1-B6 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-10 and evidencing a Regular Interest
      in
      REMIC I-B for purposes of the REMIC Provisions.

     

    “Class
      1-B6 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class 1-B6 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class 1-B6 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group 1 Subordinate Certificates immediately prior to such date.

     

    “Class
      1-R Certificate”: Any one of the Class 1-R Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-11 and evidencing the ownership of
      the
      Class R-IA Residual Interest and the Class R-IB Residual Interest for purposes
      of the REMIC Provisions.

     

    “Class
      2-A1A Certificate”: Any one of the Class 2-A1A Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      substantially in the form annexed hereto as Exhibit A-12 and evidencing a
      Regular Interest in REMIC II-C for purposes of the REMIC
      Provisions.

     

    “Class
      2-A2A Certificate”: Any one of the Class 2-A2A Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      substantially in the form annexed hereto as Exhibit A-13 and evidencing a
      Regular Interest in REMIC II-C for purposes of the REMIC
      Provisions.

     

    “Class
      2-A12B Certificate”: Any one of the Class 2-A12B Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      substantially in the form annexed hereto as Exhibit A-14 and evidencing a
      Regular Interest in REMIC II-C for purposes of the REMIC
      Provisions.

     

    “Class
      2-A3A Certificate”: Any one of the Class 2-A3A Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      substantially in the form annexed hereto as Exhibit A-15 and evidencing a
      Regular Interest in REMIC II-C for purposes of the REMIC
      Provisions.

     

    “Class
      2-A4A Certificate”: Any one of the Class 2-A4A Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      substantially in the form annexed hereto as Exhibit A-16 and evidencing a
      Regular Interest in REMIC II-C for purposes of the REMIC
      Provisions.

     

    “Class
      2-A34B Certificate”: Any one of the Class 2-A34B Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      substantially in the form annexed hereto as Exhibit A-17 and evidencing a
      Regular Interest in REMIC II-C for purposes of the REMIC
      Provisions.

     

    "Class
      2-1AX Certificate”: Any one of the Class 2-1AX Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      substantially in the form annexed hereto as Exhibit A-18 and evidencing a
      Regular Interest in REMIC II-C for purposes of the REMIC
      Provisions.

     

    “Class
      2-2AX Certificate”: Any one of the Class 2-2AX Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      substantially in the form annexed hereto as Exhibit A-19 and evidencing a
      Regular Interest in REMIC II-C for purposes of the REMIC
      Provisions.

     

    “Class
      2-1AX Components”: The Class 2-1 IO Component and the Class 2-2 IO
      Component.

     

    “Class
      2-2AX Components”: The Class 2-3 IO Component and the Class 2-4 IO
      Component.

     

    “Class
      2-B1 Certificate”: Any one of the Class 2-B1 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-20 and evidencing a Regular Interest
      in
      REMIC II-C for purposes of the REMIC Provisions.

     

    “Class
      2-B1 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class 2-B1 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class 2-B1 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group 2 Subordinate Certificates immediately prior to such date.

     

    “Class
      2-B2 Certificate”: Any one of the Class 2-B2 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-21 and evidencing a Regular Interest
      in
      REMIC II-C for purposes of the REMIC Provisions.

     

    “Class
      2-B2 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class 2-B2 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class 2-B2 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group 2 Subordinate Certificates immediately prior to such date.

     

    “Class
      2-B3 Certificate”: Any one of the Class 2-B3 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-22 and evidencing a Regular Interest
      in
      REMIC II-C for purposes of the REMIC Provisions.

     

    “Class
      2-B3 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class 2-B3 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class 2-B3 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group 2 Subordinate Certificates immediately prior to such date.

     

    “Class
      2-B4 Certificate”: Any one of the Class 2-B4 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-23 and evidencing a Regular Interest
      in
      REMIC II-C for purposes of the REMIC Provisions.

     

    “Class
      2-B4 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class 2-B4 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class 2-B4 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group 2 Subordinate Certificates immediately prior to such date.

     

    “Class
      2-B5 Certificate”: Any one of the Class 2-B5 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-24 and evidencing a Regular Interest
      in
      REMIC II-C for purposes of the REMIC Provisions.

     

    “Class
      2-B5 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class 2-B5 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class 2-B5 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group 2 Subordinate Certificates immediately prior to such date.

     

    “Class
      2-B6 Certificate”: Any one of the Class 2-B6 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-25 and evidencing a Regular Interest
      in
      REMIC II-C for purposes of the REMIC Provisions.

     

    “Class
      2-B6 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class 2-B6 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class 2-B6 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group 2 Subordinate Certificates immediately prior to such date.

     

    “Class
      2-P Certificate”: Any one of the Class 2-P Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-26 and evidencing a Regular Interest
      in
      REMIC II-C for purposes of the REMIC Provisions.

     

    “Class
      2-R Certificate”: Any one of the Class 2-R Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-27 and evidencing ownership of the
      Class
      R-IIA Residual Interest and the Class R-IIB Residual Interest and the Class
      R-IIC Residual Interest.

     

    “Class
      B
      Percentage”: Any one of the Class 1-B1 Percentage, the Class 1-B2 Percentage,
      the Class 1-B3 Percentage, the Class 1-B4 Percentage, the Class 1-B5 Percentage,
      the Class 1-B6 Percentage, the Class 2-B1 Percentage, the Class 2-B2 Percentage,
      the Class 2-B3 Percentage, the Class 2-B4 Percentage, the Class 2-B5 Percentage
      or the Class 2-B6 Percentage.

     

    “Class
      P Certificates”: The Class 2-P Certificates. 

     

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

     

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

     

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

     

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

     

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

     

    “Closing
      Date”: May 31, 2006.

     

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

     

    “Collateral
      Pool”: Collateral Pool 1 and Collateral Pool 2.

     

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

     

    “Collateral
      Pool 2”: The Mortgage Loans in Loan Group 2-1, Loan Group 2-2, Loan Group 2-3
      and Loan Group 2-4.

     

    “Collection
      Account”: The account or accounts created and maintained by the Master Servicer
      pursuant to Section 3.10(a), which shall be entitled, “CitiMortgage, Inc., as
      Master Servicer for U.S. Bank National Association, as Trustee, in trust for
      the
      registered holders of Citigroup Mortgage Loan Trust Inc., Mortgage Pass-Through
      Certificates, Series 2006-AR3.” The Collection Account must be an Eligible
      Account.

     

    “Commission”:
      The Securities and Exchange Commission. 

     

    “Compensating
      Interest Payment”: With respect to Collateral Pool 1 and the National City
      Mortgage Loans in such Collateral Pool and any prepayment in full or in part,
      an
      amount equal to the amount of interest (net of the related servicing fee rate
      as
      set
      forth in the applicable Initial Sub-Servicing Agreement)
      that
      would have accrued on the amount of the principal prepayment during the period
      commencing on the date as of which such principal prepayment was applied to
      the
      related Mortgage Loans and ending on the day immediately preceding the
      applicable due date for the next scheduled monthly payment. 

     

    With
      respect to Collateral Pool 1 and the Wells Fargo Mortgage Loans in such
      Collateral Pool and any prepayments in full or in part, an aggregate amount
      for
      each month up to the lesser of (i) an amount which, when added to all amounts
      allocable to interest received in connection with such prepayment equals one
      month’s interest on the amount of principal so prepaid at the related mortgage
      rate net of the related servicing fee rate (as set forth in the applicable
      Initial Sub-Servicing Agreement) and (ii) the aggregate amount of servicing
      compensation received by such servicer in respect of such Mortgage Loans for
      the
      applicable calendar month. 

     

    With
      respect to Collateral Pool 2 and the Countrywide Mortgage Loans in such
      Collateral Pool and any prepayments in full or in part, an aggregate amount
      each
      month for such Collateral Pool up to the lesser of one half of (a) one-twelfth
      of the product of (i) the weighted average servicing fee rate (as set forth
      in
      the applicable Initial Sub-Servicing Agreement) percentage for such Mortgage
      Loans in such Collateral Pool and (ii) the stated principal balance of such
      Mortgage Loans in such Collateral Pool and (b) the aggregate servicing fee
      actually received for the applicable month for such mortgage loans.

     

    With
      respect to Collateral Pool 2 and the GreenPoint Mortgage Loans in such
      Collateral Pool and any prepayments in full or in part, an aggregate amount
      for
      each month for such Collateral Pool up to the lesser of (i) an amount which,
      when added to all amounts allocable to interest received in connection with
      such
      prepayment equals one month’s interest on the amount of principal so prepaid at
      the related mortgage rate net of the related servicing fee rate (as set forth
      in
      the applicable Initial Sub-Servicing Agreement) and (ii) the aggregate amount
      of
      servicing compensation received by such servicer in respect of such Mortgage
      Loans in such Collateral Pool for the applicable calendar month. 

     

    With
      respect to Collateral Pool 2 and the GMAC Mortgage Loans in such Collateral
      Pool
      and any prepayments in full or in part, an aggregate amount for each month
      for
      any collateral pool up to the lesser of (i) an amount which, when added to
      all
      amounts allocable to interest received in connection with such prepayment equals
      one month’s interest on the amount of principal so prepaid at the related
      mortgage rate net of the related servicing fee rate (as set forth in the
      applicable Initial Sub-Servicing Agreement) and (ii) the aggregate amount of
      servicing compensation received by such servicer in respect of such Mortgage
      Loans in such Collateral Pool for the applicable calendar month. 

     

    With
      respect to Collateral Pool 2 and the PHH Mortgage Loans in such Collateral
      Pool
      and any prepayments in full or in part, an aggregate amount for each month
      for
      such Collateral Pool up to the lesser of (i) the aggregate amount of shortfall
      in interest collections that are attributable to principal prepayments during
      the related prepayment period and (ii) the total amount of servicing
      compensation that would be payable to such servicer in respect of such Mortgage
      Loans if no principal prepayments were made during the prepayment period for
      the
      applicable distribution date.

     

    With
      respect to Collateral Pool 2 and the CitiMortgage Mortgage Loans in such
      Collateral Pool and any prepayments in full or in part, an aggregate amount
      for
      each month for such Collateral Pool up to the lesser of (i) an amount which,
      when added to all amounts allocable to interest received in connection with
      such
      prepayment equals one month’s interest on the amount of principal so prepaid at
      the related mortgage rate net of the related servicing fee rate (as set forth
      in
      the applicable Initial Sub-Servicing Agreement) and (ii) the aggregate amount
      of
      servicing compensation received by such servicer in respect of such Mortgage
      Loans in such Collateral Pool for the applicable calendar month.

     

    “Component”:
      The 2-A1B Component, the 2-A2B Component, the 2-A3B Component, the 2-A4B
      Component, the Class 2-AX Components and the Class 2-2AX
      Components.

     

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

     

    The
      initial Component Principal Balances of the Senior Support Components are as
      follows:

     

    
      	
              Component

            	
              Initial

              Component
                Principal Balance(1)

            
	
              2-A1B
                

            	
              $

            	
              6,969,291.00

            
	
              2-A2B
                

            	
              $

            	
              3,958,709.00

            
	
              2-A3B

            	
              $

            	
              20,810,869.00

            
	
              2-A4B

            	
              $

            	
              13,801,131.00

            

    

    

    References
      herein to the Component Principal Balance of the related Senior Support
      Component shall mean, with respect to the Group 2-1 Mortgage Loans, the
      Component Principal Balance of the 2-A1B Component, with respect to the Group
      2-2 Mortgage Loans, the Component Principal Balance of the 2-A2B Component,
      with
      respect to the Group 2-3 Mortgage Loans, the Component Principal Balance of
      the
      2-A3B Component and with respect to the Group 2-4 Mortgage Loans, the Component
      Principal Balance of the 2-A4B Component.

     

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

     

    “Corresponding
      Certificate”: With
      respect to REMIC II-B Regular Interest LT2-A12B1, the portion of the Class
      2-A12B Certificate represented by the Class 2-A12B1 Interest. With respect
      to
      REMIC II-B Regular Interest LT2-A12B2, the portion of the Class 2-A12B
      Certificate represented by the Class 2-A12B2 Interest.
      With
      respect to REMIC II-B Regular Interest LT2-A34B1, the portion of the Class
      2-A34B Certificate represented by the Class 2-A34B1 Interest. With respect
      to
      REMIC II-B Regular Interest LT2-A34B2, the portion of the Class 2-A34B
      Certificate represented by the Class 2-A34B2 Interest. With respect to each
      remaining REMIC II-B Regular Interest, as follows:

     

    
      	
              REMIC
                II-B Regular Interest

            	
              Class

            
	
              REMIC
                II-B Regular Interest LT2-A1A

            	
              2-A1A

            
	
              REMIC
                II-B Regular Interest LT2-A2A

            	
              2-A2A

            
	
              REMIC
                II-B Regular Interest LT2-A3A

            	
              2-A3A

            
	
              REMIC
                II-B Regular Interest LT2-A4A

            	
              2-A4A

            
	
              REMIC
                II-B Regular Interest LT2-B1

            	
              2-B1

            
	
              REMIC
                II-B Regular Interest LT2-B2

            	
              2-B2

            
	
              REMIC
                II-B Regular Interest LT2-B3

            	
              2-B3

            
	
              REMIC
                II-B Regular Interest LT2-B4

            	
              2-B4

            
	
              REMIC
                II-B Regular Interest LT2-B5

            	
              2-B5

            
	
              REMIC
                II-B Regular Interest LT2-B6

            	
              2-B6

            
	
              REMIC
                II-B Regular Interest LT2-R

            	
              2-R

            
	
              REMIC
                II-B Regular Interest LT2-P

            	
              2-P

            

    

    

    “Countrywide”:
      Countrywide
      Home Loans, Inc.,
      or its
      successor in interest.

     

    “Countrywide
      Mortgage Loans”: The Mortgage Loans originated by Countrywide.

     

    “Cross-Collateralization
      Date”: With respect to either Collateral Pool, any Distribution Date on which
      there are one or more Undercollateralized Loan Groups and one or more
      Overcollateralized Loan Groups relating to such Collateral Pool.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Determination
      Date”: With respect to each Distribution Date, the 18th day of the calendar
      month in which such Distribution Date occurs or, if such 18th day is not a
      Business Day, the Business Day immediately following such 18th
      day;
      provided, however, that with respect to each Distribution Date and any Mortgage
      Loans subject to an Initial Sub-Servicing Agreement, the Determination Date
      shall be the date, relating to such Distribution Date, after which any Monthly
      Payments received are not reported by the related Sub-Servicer as having been
      received for inclusion in the amounts remitted by such Sub-Servicer on the
      related remittance date under the applicable Sub-Servicing Agreement in respect
      of Monthly Payments on the related Mortgage Loans.

     

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

     

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

     

    “Distribution
      Account”: The trust account or accounts created and maintained by the Paying
      Agent pursuant to Section 3.10(b) which shall be entitled “Citibank, N.A., as
      Paying Agent, in trust for the registered holders of Citigroup Mortgage Loan
      Trust Inc., Mortgage Pass- Through Certificates, Series 2006-AR3.” The
      Distribution Account must be an Eligible Account.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Eligible
      Account”: Any of (i) an account or accounts maintained with a Depository
      Institution, (ii) an account or accounts the deposits in which are fully insured
      by the FDIC or (iii) a trust account or accounts maintained with the corporate
      trust department of a federal or state chartered depository institution or
      trust
      company acting in its fiduciary capacity. Eligible Accounts may bear
      interest.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Expense
      Adjusted Mortgage Rate”: With respect to any Mortgage Loan (or the related REO
      Property) as of any date of determination, a per annum rate of interest equal
      to
      the then applicable Mortgage Rate for such Mortgage Loan minus the sum of (i)
      the applicable Servicing Fee Rate and (ii) the rate at which any lender-paid
      primary mortgage insurance premiums accrue.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Final
      Recovery Determination”: With respect to any defaulted Mortgage Loan or any REO
      Property (other than a Mortgage Loan or REO Property purchased by the Seller,
      the Depositor or the Master Servicer pursuant to or as contemplated by Section
      2.03, Section 3.16(c) or Section 9.01), a determination made by the Master
      Servicer that all Liquidation Proceeds have been recovered. The Master Servicer
      shall maintain records of each Final Recovery Determination made
      thereby.

     

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

     

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

     

    “Fraud
      Loss Amount”: With respect to Collateral Pool 1, as
      of any date of determination after the Cut-off Date, an amount equal to: (X)
      prior to the first anniversary of the Cut-off Date, 3.00% of the aggregate
      outstanding principal balance of the Group 1 Mortgage Loans as of the Cut-off
      Date minus the aggregate amount of Fraud Losses on the Group 1 Mortgage Loans
      allocated solely to the related Subordinate Certificates in accordance with
      Section 4.04 since the Cut-off Date up to such date of determination; (Y) from
      the first anniversary of the Cut-off Date and prior to the second anniversary
      of
      the Cut-off Date, (1) the lesser of (a) the related Fraud Loss Amount as of
      the
      most recent anniversary of the Cut-off Date and (b) 2.00% of the aggregate
      outstanding principal balance of the Group 1 Mortgage Loans as of the most
      recent anniversary of the Cut-off Date minus (2) the Fraud Losses on the Group
      1
      Mortgage Loans allocated solely to the related Subordinate Certificates in
      accordance with Section 4.04 since the most recent anniversary of the Cut-off
      Date up to such date of determination and (Z) from the second anniversary of
      the
      Cut-off Date and prior to the fifth anniversary of the Cut-off Date, (1) the
      lesser of (a) the related Fraud Loss Amount as of the most recent anniversary
      of
      the Cut-off Date and (b) 1.00% of the aggregate outstanding principal balance
      of
      the Group 1 Mortgage Loans as of the most recent anniversary of the Cut-off
      Date
      minus (2) the Fraud Losses on the Group 1 Mortgage Loans allocated solely to
      the
      related Subordinate Certificates in accordance with Section 4.04 since the
      most
      recent anniversary of the Cut-off Date up to such date of determination. On
      and
      after the fifth anniversary of the Cut-off Date, the Fraud Loss Amount with
      respect to Collateral Pool 1 shall be zero. In addition, after the Certificate
      Principal Balances of the related Subordinate Certificates are reduced to zero,
      the Fraud Loss Amount with respect to Collateral Pool 1 shall be
      zero.

     

    With
      respect to Collateral Pool 2, as
      of any date of determination after the Cut-off Date, an amount equal to: (X)
      prior to the first anniversary of the Cut-off Date, 3.00% of the aggregate
      outstanding principal balance of the Group 2 Mortgage Loans as of the Cut-off
      Date minus the aggregate amount of Fraud Losses on the Group 2 Mortgage Loans
      allocated solely to the related Subordinate Certificates in accordance with
      Section 4.04 since the Cut-off Date up to such date of determination; (Y) from
      the first anniversary of the Cut-off Date and prior to the second anniversary
      of
      the Cut-off Date, (1) the lesser of (a) the related Fraud Loss Amount as of
      the
      most recent anniversary of the Cut-off Date and (b) 2.00% of the aggregate
      outstanding principal balance of the Group 2 Mortgage Loans as of the most
      recent anniversary of the Cut-off Date minus (2) the Fraud Losses on the Group
      2
      Mortgage Loans allocated solely to the related Subordinate Certificates in
      accordance with Section 4.04 since the most recent anniversary of the Cut-off
      Date up to such date of determination and (Z) from the second anniversary of
      the
      Cut-off Date and prior to the fifth anniversary of the Cut-off Date, (1) the
      lesser of (a) the related Fraud Loss Amount as of the most recent anniversary
      of
      the Cut-off Date and (b) 1.00% of the aggregate outstanding principal balance
      of
      the Group 2 Mortgage Loans as of the most recent anniversary of the Cut-off
      Date
      minus (2) the Fraud Losses on the Group 2 Mortgage Loans allocated solely to
      the
      related Subordinate Certificates in accordance with Section 4.04 since the
      most
      recent anniversary of the Cut-off Date up to such date of determination. On
      and
      after the fifth anniversary of the Cut-off Date, the Fraud Loss Amount with
      respect to Collateral Pool 2 shall be zero. In addition, after the Certificate
      Principal Balances of the related Subordinate Certificates are reduced to zero,
      the Fraud Loss Amount with respect to Collateral Pool 2 shall be
      zero.

     

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

     

    “GMAC”:
      GMAC
      Mortgage Corporation,
      or its
      successor in interest.

     

    “GMAC
      Mortgage Loans”: The
      Mortgage Loans originated by MortgageIT, Inc. and Ameriquest Mortgage Company
      and serviced by GMAC.

     

    “GreenPoint”:
      Greenpoint
      Mortgage Funding, Inc.,
      or its
      successor in interest.

     

    “GreenPoint
      Mortgage Loans”: The Mortgage Loans originated by GreenPoint.

     

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

     

    “Group
      1
      Available Distribution Amount”: With respect to any Distribution Date and any
      Loan Group within Collateral Pool 1, an amount equal to the excess of (i) the
      sum attributable to the related Group 1 Mortgage Loans of (a) the aggregate
      of
      the Monthly Payments due on or before the Due Date relating to such Distribution
      Date and received by the Master Servicer (or a Sub-Servicer on its behalf)
      on or
      prior to the related Determination Date, after deduction of the applicable
      Servicing Fee (b) Liquidation Proceeds, Insurance Proceeds, Principal
      Prepayments, proceeds from repurchases of and substitutions for the related
      Group 1 Mortgage Loans, Subsequent Recoveries and other unscheduled collections
      of principal and interest in respect of the related Group 1 Mortgage Loans
      or
      REO Properties received by the Master Servicer (or a Sub-Servicer on its behalf)
      during the related Prepayment Period (exclusive of any prepayment charges,
      penalties or premiums), (c) the aggregate of any amounts on deposit in the
      Distribution Account representing Compensating Interest Payment paid by the
      Master Servicer in respect of related Prepayment Interest Shortfalls relating
      to
      Principal Prepayments that occurred during the related Prepayment Period and
      (d)
      the aggregate of any P&I Advances made by the Master Servicer for such
      Distribution Date over (ii) the sum attributable to or allocable to the related
      Group 1 Mortgage Loans of (a) amounts reimbursable to the Depositor, the Master
      Servicer, the Trustee, the Trust Administrator, Citibank or a Custodian pursuant
      to Section 6.03 or Section 8.05 or otherwise payable in respect of Extraordinary
      Trust Fund Expenses, (b) amounts in respect of the items set forth in clauses
      (i)(a) through (i)(d) above deposited in the Collection Account or the
      Distribution Account in respect of the items set forth in clauses (i)(a) through
      (i)(d) above in error, (c) without duplication, any amounts in respect of the
      items set forth in clauses (i)(a) and (i)(b) permitted hereunder to be retained
      by the Master Servicer or to be withdrawn by the Master Servicer from the
      Collection Account pursuant to Section 3.18. 

     

    Notwithstanding
      the foregoing, the Group 1 Available Distribution Amount for any Distribution
      Date shall be increased (in the case of an Undercollateralized Loan Group)
      or
      decreased (in the case of an Overcollateralized Loan Group) by any applicable
      Diverted Interest Amount for such Distribution Date.

     

    Provided,
      that, on any Distribution Date on which there are Group 1 Class A Certificates
      relating to only one Loan Group remaining outstanding, the Group 1 Available
      Distribution Amount for that Distribution Date will be calculated on an
      aggregate Collateral Pool 1 basis, without regard to the related Loan Group.
      

     

    “Group
      1
      Certificates”: The Group 1 Senior Certificates and the Group 1 Subordinate
      Certificates.

     

    “Group
      1
      Class A Certificates”: The Class 1-A1A Certificates, Class 1-A1B Certificates,
      Class 1-A2A Certificates and the Class 1-A2B Certificates.

     

    “Group
      1
      Mortgage Loans”: The Mortgage Loans identified as such on the attached Mortgage
      Loan Schedule.

     

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

     

    “Group
      1-2 Mortgage Loans”: Each Loan identified as such on the Mortgage Loan
      Schedule.

     

    “Group
      1
      Senior Certificates”: The Group 1 Class A Certificates and the Class 1-R
      Certificates.

     

    “Group
      1
      Senior Percentage”: With respect to any Distribution Date and any Loan Group
      included in Collateral Pool 1, the lesser of (a) 100% and (b) a fraction,
      expressed as a percentage, the numerator of which is the excess, if any, of
      the
      aggregate Certificate Principal Balance of the related Group 1 Senior
      Certificates for such Distribution Date over the aggregate amount, if any,
      payable to the Holders of the related Group 1 Senior Certificates on such date
      pursuant to clause (d) of the definition of “Senior Principal Distribution
      Amount,” and the denominator of which is the sum of (i) the aggregate Scheduled
      Principal Balance of the related Group 1 Mortgage Loans, plus (ii) the aggregate
      Scheduled Principal Balance of the REO Properties in the related Loan Group,
      in
      each case before reduction for any Realized Losses on such Distribution Date.
      

     

    Notwithstanding
      the foregoing, on any Cross-Collateralization Date on which (x) the sum of
      (i)
      the aggregate Scheduled Principal Balance of the related Group 1 Mortgage Loans,
      plus (ii) the aggregate Scheduled Principal Balance of the REO Properties in
      the
      related Loan Group, in each case before reduction for any Realized Losses on
      such Distribution Date exceeds (y) the excess, if any, of the Certificate
      Principal Balance of the related Group 1 Class A Certificates for such
      Distribution Date over the aggregate amount, if any, payable to the Holders
      of
      the related Group 1 Class A Certificates on such date pursuant to clause (d)
      of
      the definition of “Senior Principal Distribution Amount,” the Group 1 Senior
      Percentage will equal the lesser of (a) 100% and (b) fraction, expressed as
      a
      percentage, the numerator of which is the sum of (i) the excess, if any, of
      the
      Certificate Principal Balance of the related Group 1 Class A Certificates for
      such Distribution Date over the aggregate amount, if any, payable to the Holders
      of the related Group 1 Class A Certificates on such date pursuant to clause
      (d)
      of the definition of “Senior Principal Distribution Amount,” plus (ii) that
      portion of the Overcollateralized Amount with respect to Collateral Pool 1
      that
      is subtracted from the related Group 1 Available Distribution Amount on such
      Distribution Date, and the denominator of which is the sum of (i) the aggregate
      Scheduled Principal Balance of the related Group 1 Mortgage Loans, plus (ii)
      the
      aggregate Scheduled Principal Balance of the REO Properties in related Loan
      Group, in each case before reduction for any Realized Losses on such
      Distribution Date. On any Distribution Date after the reduction of the
      Certificate Principal Balances of the Group 1 Class A Certificates relating
      to
      all but one Loan Group to zero, the Group 1 Senior Percentage for that remaining
      Loan Group will be the lesser of (a) 100% and (b) a fraction, expressed as
      a
      percentage, the numerator of which is the excess, if any, of the Certificate
      Principal Balance of the related Group 1 Class A Certificates for such
      Distribution Date over the aggregate amount, if any, payable to the Holders
      of
      the related Group 1 Class A Certificates on such date pursuant to clause (d)
      of
      the definition of “Senior Principal Distribution Amount,” and the denominator of
      which is the sum of (i) the aggregate Scheduled Principal Balance of the Group
      1
      Mortgage Loans, plus (ii) the aggregate Scheduled Principal Balance of the
      REO
      Properties in Collateral Pool 1, in each case before reduction for any Realized
      Losses on such Distribution Date.

     

    “Group
      1
      Senior Prepayment Percentage”: With respect to any Distribution Date and any
      Loan Group included in Collateral Pool 1 within the range indicated below,
      the
      percentage as indicated below:

     

    
      	
              Distribution
                Date

            	
              Group
                1 Senior Prepayment Percentage

            
	
              June
                2006 through May 2013

            	
              100%

            
	
              June
                2013 through May 2014

            	
              Related
                Group 1 Senior Percentage, plus 70% of the related Group 1 Subordinate
                Percentage

            
	
              June
                2014 through May 2015

            	
              Related
                Group 1 Senior Percentage, plus 60% of the related Group 1 Subordinate
                Percentage

            
	
              June
                2015 through May 2016

            	
              Related
                Group 1 Senior Percentage, plus 40% of the related Group 1 Subordinate
                Percentage

            
	
              June
                2016 through May 2017

            	
              Related
                Group 1 Senior Percentage, plus 20% of the related Group 1 Subordinate
                Percentage

            
	
              June
                2017 and thereafter

            	
              Related
                Group 1 Senior Percentage

            

    

    

    provided,
      however,
      no
      reduction to a Group 1 Senior Prepayment Percentage described above shall be
      made as of any Distribution Date unless (i) the outstanding principal balance
      of
      the Group 1 Mortgage Loans delinquent 60 days or more (including REO Properties
      and Mortgage Loans in foreclosure) averaged over the last six months (or such
      fewer number of months as have elapsed from the Cut-Off Date through the end
      of
      the related Prepayment Period) does not exceed 50% of the sum of the then
      current Certificate Principal Balances of the Group 1 Subordinate Certificates
      and (ii) Realized Losses on the Group 1 Mortgage Loans to date are less than
      the
      then applicable Trigger Amount.

     

    On
      any
      Distribution Date on which Realized Losses on the Group 1 Mortgage Loans to
      date
      are greater than the then applicable Trigger Amount, the Group 1 Senior
      Prepayment Percentage for each Loan Group within Collateral Pool 1 will be
      the
      greater of (x) the related Group 1 Senior Prepayment Percentage for such
      Distribution Date or (y) the related Group 1 Senior Prepayment Percentage for
      the immediately preceding Distribution Date.

     

    Notwithstanding
      the above, if on any Distribution Date (a) the Aggregate Subordinate Percentage
      for Collateral Pool 1, prior to giving effect to any distributions on such
      Distribution Date, equals or exceeds two times the initial Aggregate Subordinate
      Percentage for Collateral Pool 1 as of the Cut-Off Date, (b) the provisions
      of
      clause (i) of the second preceding paragraph are met and (c) (i) on or prior
      to
      the Distribution Date occurring in May 2009, cumulative Realized Losses on
      the
      Group 1 Mortgage Loans as of the end of the related Prepayment Period do not
      exceed 20% of the initial aggregate Certificate Principal Balance of the Group
      1
      Subordinate Certificates and (ii) after the Distribution Date occurring in
      May
      2009, cumulative Realized Losses on the Group 1 Mortgage Loans as of the end
      of
      the Prepayment Period do not exceed 30% of the initial aggregate Certificate
      Principal Balance of the Group 1 Subordinate Certificates, then the Group 1
      Senior Prepayment Percentage for such Distribution Date and each Loan Group
      within Collateral Pool 1 will equal the related Group 1 Senior Percentage plus
      50% of the related Group 1 Subordinate Percentage for such Distribution Date,
      if
      such Distribution Date is prior to June 2009, and will equal the related Group
      1
      Senior Percentage for such Distribution Date, if such Distribution Date occurs
      on or after June 2009.

     

    On
      any
      Distribution Date on which the Aggregate Senior Percentage for Collateral Pool
      1
      exceeds the initial Aggregate Senior Percentage for Collateral Pool 1, the
      Group
      1 Senior Prepayment Percentage for each Loan Group within Collateral Pool 1
      shall be 100%.

     

    Upon
      reduction of the Certificate Principal Balances of the related Group 1 Class
      A
      Certificates to zero, the Group 1 Senior Prepayment Percentage for the related
      Loan Group shall be 0%.

     

    “Group
      1
      Subordinate Certificates”: The Class 1-B1 Certificates, the Class 1-B2
      Certificates, the Class 1-B3 Certificates, the Class 1-B4 Certificates, the
      Class 1-B5 Certificates and the Class 1-B6 Certificates.

     

    “Group
      1
      Subordinate Percentage”:  With respect to any Loan Group within Collateral
      Pool 1 and any Distribution Date, 100% minus the Group 1 Senior Percentage
      for
      that Loan Group and Distribution Date. 

     

    “Group
      1
      Subordinate Prepayment Percentage”:  With respect to any Loan Group within
      Collateral Pool 1 and a Distribution Date, 100% minus the related Group 1 Senior
      Prepayment Percentage for that Loan Group and Distribution Date. 

     

    “Group
      2
      Available Distribution Amount”: With respect to any Distribution Date and any
      Loan Group within Collateral Pool 2, an amount equal to the excess of (i) the
      sum attributable to the related Group 2 Mortgage Loans of (a) the aggregate
      of
      the Monthly Payments due on or before the Due Date relating to such Distribution
      Date and received by the Master Servicer (or a Sub-Servicer on its behalf)
      on or
      prior to the related Determination Date, after deduction of the applicable
      Servicing Fee (b) Liquidation Proceeds, Insurance Proceeds, Principal
      Prepayments, proceeds from repurchases of and substitutions for the related
      Group 2 Mortgage Loans, Subsequent Recoveries and other unscheduled collections
      of principal and interest in respect of the related Group 2 Mortgage Loans
      or
      REO Properties received by the Master Servicer (or a Sub-Servicer on its behalf)
      during the related Prepayment Period (exclusive of any prepayment charges,
      penalties or premiums), (c) the aggregate of any amounts on deposit in the
      Distribution Account representing Compensating Interest Payment paid by the
      Master Servicer in respect of related Prepayment Interest Shortfalls relating
      to
      Principal Prepayments that occurred during the related Prepayment Period and
      (d)
      the aggregate of any P&I Advances made by the Master Servicer for such
      Distribution Date over (ii) the sum attributable to or allocable to the related
      Group 2 Mortgage Loans of (a) amounts reimbursable to the Depositor, the Master
      Servicer, the Trustee, the Trust Administrator, Citibank or a Custodian pursuant
      to Section 6.03 or Section 8.05 or otherwise payable in respect of Extraordinary
      Trust Fund Expenses, (b) amounts in respect of the items set forth in clauses
      (i)(a) through (i)(d) above deposited in the Collection Account or the
      Distribution Account in respect of the items set forth in clauses (i)(a) through
      (i)(d) above in error, (c) without duplication, any amounts in respect of the
      items set forth in clauses (i)(a) and (i)(b) permitted hereunder to be retained
      by the Master Servicer or to be withdrawn by the Master Servicer from the
      Collection Account pursuant to Section 3.18. 

     

    Notwithstanding
      the foregoing, the Group 2 Available Distribution Amount for any Distribution
      Date shall be increased (in the case of an Undercollateralized Loan Group)
      or
      decreased (in the case of an Overcollateralized Loan Group) by any applicable
      Diverted Interest Amount for such Distribution Date.

     

    Provided,
      that, on any Distribution Date on which there are Group 2 Class A Certificates
      relating to only one Loan Group remaining outstanding, the Group 2 Available
      Distribution Amount for that Distribution Date will be calculated on an
      aggregate Collateral Pool 2 basis, without regard to the related Loan Group.
      

     

    “Group
      2
      Certificates”: The Group 2 Senior Certificates and the Group 2 Subordinate
      Certificates.

     

    “Group
      2
      Class A Certificates”: The Class
      2-A1A Certificates, Class 2-A2A Certificates, Class 2-A12B Certificates, Class
      2-A3A Certificates, Class 2-A4A Certificates and Class 2-A34B
      Certificates.
      

     

    “Group
      2
      Mortgage Loans”: The Mortgage Loans identified as such on the attached Mortgage
      Loan Schedule.

     

    “Group
      2-1 Mortgage Loans”: Each Loan identified as such on the Mortgage Loan
      Schedule.

     

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

     

    “Group
      2-3 Mortgage Loans”: Each Loan identified as such on the Mortgage Loan
      Schedule.

     

    “Group
      2-4 Mortgage Loans”: Each Loan identified as such on the Mortgage Loan
      Schedule.

     

    “Group
      2
      Senior Certificates”: The Group 2 Class A Certificates, the Interest Only
      Certificates and the Class 2-R Certificates. 

     

    
      “Group
        2
        Senior Percentage”: With respect to any Distribution Date and a Loan Group
        included in Collateral Pool 2, the lesser of (a) 100% and (b) a fraction,
        expressed as a percentage, the numerator of which is the excess, if any,
        of the
        aggregate Certificate Principal Balance of the related Super Senior Certificates
        and the Certificate Principal Balance or Component Principal Balance of the
        related Senior Support Certificates or Senior Support Component, as applicable,
        for such Distribution Date and on the first Distribution Date, the related
        Residual Certificates, if applicable, over the aggregate amount, if any,
        payable
        to the Holders of the related Group 2 Senior Certificates and Components
        on such
        date pursuant to clause (d) of the definition of “Senior Principal Distribution
        Amount,” and
        the
        denominator of which is
        the
        sum of (i) the aggregate Scheduled Principal Balance of the related Group
        2
        Mortgage Loans, plus (ii) the aggregate Scheduled Principal Balance of the
        REO
        Properties in the related Loan Group, in each case before reduction for any
        Realized Losses on such Distribution Date.
        

    

     

    Notwithstanding
      the foregoing, on any Cross-Collateralization Date on which (x) the sum of
      (i)
      the aggregate Scheduled Principal Balance of the related Group 2 Mortgage Loans,
      plus (ii) the aggregate Scheduled Principal Balance of the REO Properties in
      the
      related Loan Group, in each case before reduction for any Realized Losses on
      such Distribution Date exceeds (y) the excess, if any, of the Certificate
      Principal Balance of the related Group 2 Class A Certificates and Components
      for
      such Distribution Date over the aggregate amount, if any, payable to the Holders
      of the related Group 2 Class A Certificates on such date pursuant to clause
      (d)
      of the definition of “Senior Principal Distribution Amount,” the Group 2 Senior
      Percentage will equal the lesser of (a) 100% and (b) fraction, expressed as
      a
      percentage, the numerator of which is the sum of (i) the excess, if any, of
      the
      Certificate Principal Balance of the related Group 2 Class A Certificates and
      Components for such Distribution Date over the aggregate amount, if any, payable
      to the Holders of the related Group 2 Class A Certificates and Components on
      such date pursuant to clause (d) of the definition of “Senior Principal
      Distribution Amount,” plus (ii) the Overcollateralized Amount with respect to
      Collateral Pool 2 that is subtracted from the related Group 2 Available
      Distribution Amount on such Distribution Date, and the denominator of which
      is
      the sum of (i) the aggregate Scheduled Principal Balance of the related Group
      2
      Mortgage Loans, plus (ii) that portion of the aggregate Scheduled Principal
      Balance of the REO Properties in related Loan Group, in each case before
      reduction for any Realized Losses on such Distribution Date. On any Distribution
      Date after the reduction of the Certificate Principal Balances of the related
      Group 2 Class A Certificates and Components relating to all but one Loan Group
      to zero, the Group 2 Senior Percentage for that remaining Loan Group will be
      the
      lesser of (a) 100% and (b) a fraction, expressed as a percentage, the numerator
      of which is the excess, if any, of the Certificate Principal Balance of the
      related Group 2 Class A Certificates for such Distribution Date over the
      aggregate amount, if any, payable to the Holders of the related Group 2 Class
      A
      Certificates on such date pursuant to clause (d) of the definition of “Senior
      Principal Distribution Amount,” and the denominator of which is the sum of (i)
      the aggregate Scheduled Principal Balance of the Group 2 Mortgage Loans, plus
      (ii) the aggregate Scheduled Principal Balance of the REO Properties in
      Collateral Pool 2, in each case before reduction for any Realized Losses on
      such
      Distribution Date.

     

    “Group
      2
      Senior Prepayment Percentage”: With respect to any Distribution Date and any
      Loan Group included in Collateral Pool 2 within the range indicated below,
      the
      percentage as indicated below:

     

    
      	
              Distribution
                Date

            	
              Group
                2 Senior Prepayment Percentage

            
	
              June
                2006 through May 2013

            	
              100%

            
	
              June
                2013 through May 2014

            	
              Related
                Group 2 Senior Percentage, plus 70% of the related Group 2 Subordinate
                Percentage

            
	
              June
                2014 through May 2015

            	
              Related
                Group 2 Senior Percentage, plus 60% of the related Group 2 Subordinate
                Percentage

            
	
              June
                2015 through May 2016

            	
              Related
                Group 2 Senior Percentage, plus 40% of the related Group 2 Subordinate
                Percentage

            
	
              June
                2016 through May 2017

            	
              Related
                Group 2 Senior Percentage, plus 20% of the related Group 2 Subordinate
                Percentage

            
	
              June
                2017 and thereafter

            	
              Related
                Group 2 Senior Percentage

            

    

    

    provided,
      however,
      no
      reduction to a Group 2 Senior Prepayment Percentage described above shall be
      made as of any Distribution Date unless (i) the outstanding principal balance
      of
      the Group 2 Mortgage Loans delinquent 60 days or more (including REO Properties
      and Mortgage Loans in foreclosure) averaged over the last six months (or such
      fewer number of months as have elapsed from the Cut-Off Date through the end
      of
      the related Prepayment Period) does not exceed 50% of the sum of the then
      current Certificate Principal Balances of the Group 2 Subordinate Certificates
      and (ii) Realized Losses on the Group 2 Mortgage Loans to date are less than
      the
      then applicable Trigger Amount.

     

    On
      any
      Distribution Date on which Realized Losses on the Group 2 Mortgage Loans to
      date
      are greater than the then applicable Trigger Amount, the Group 2 Senior
      Prepayment Percentage for each Loan Group within Collateral Pool 2 will be
      the
      greater of (x) the related Group 2 Senior Prepayment Percentage for such
      Distribution Date or (y) the related Group 2 Senior Prepayment Percentage for
      the immediately preceding Distribution Date.

     

    Notwithstanding
      the above, if on any Distribution Date (a) the Aggregate Subordinate Percentage
      for Collateral Pool 2, prior to giving effect to any distributions on such
      Distribution Date, equals or exceeds two times the initial Aggregate Subordinate
      Percentage for Collateral Pool 2 as of the Cut-Off Date, (b) the provisions
      of
      clause (i) of the second preceding paragraph are met and (c) (i) on or prior
      to
      the Distribution Date occurring in May 2009, cumulative Realized Losses on
      the
      Group 2 Mortgage Loans as of the end of the related Prepayment Period do not
      exceed 20% of the initial aggregate Certificate Principal Balance of the Group
      2
      Subordinate Certificates and (ii) after the Distribution Date occurring in
      May
      2009, cumulative Realized Losses on the Group 2 Mortgage Loans as of the end
      of
      the Prepayment Period do not exceed 30% of the initial aggregate Certificate
      Principal Balance of the Group 2 Subordinate Certificates, then the Group 2
      Senior Prepayment Percentage for such Distribution Date and each Loan Group
      within Collateral Pool 2 will equal the related Group 2 Senior Percentage plus
      50% of the related Group 2 Subordinate Percentage for such Distribution Date,
      if
      such Distribution Date is prior to June 2009, and will equal the related Group
      2
      Senior Percentage for such Distribution Date, if such Distribution Date occurs
      on or after June 2009.

     

    On
      any
      Distribution Date on which the Aggregate Senior Percentage for Collateral Pool
      2
      exceeds the initial Aggregate Senior Percentage for Collateral Pool 2, the
      Group
      2 Senior Prepayment Percentage for each Loan Group within Collateral Pool 2
      shall be 100%.

     

    Upon
      reduction of the Certificate Principal Balances of the related Group 2 Class
      A
      Certificates to zero, the Group 2 Senior Prepayment Percentage for the related
      Loan Group shall be 0%.

     

    “Group
      2
      Subordinate Certificates”: The Class 2-B1 Certificates, the Class 2-B2
      Certificates, the Class 2-B3 Certificates, the Class 2-B4 Certificates, the
      Class 2-B5 Certificates and the Class 2-B6 Certificates.

     

    “Group
      2
      Subordinate Percentage”: With respect to any Loan Group within Collateral Pool 2
      and any Distribution Date, 100% minus the Group 2 Senior
      Percentage.

     

    “Group
      2
      Subordinate Prepayment Percentage”: With respect to any Loan Group within
      Collateral Pool 2 and any Distribution Date, 100% minus the Group 2 Senior
      Prepayment Percentage.

     

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

     

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

     

    “Index”:
      With respect to any Adjustable-Rate Mortgage Loan, the index for the adjustment
      of the Mortgage Rate set forth as such on the related Mortgage
      Note.

     

    
      “Initial
        Sub-Servicing Agreement”: With respect to the Group 1 Mortgage Loans, (i)
the
        Amended and Restated Flow Servicing Agreement, dated as of March 1, 2006
        between
        Wells Fargo and the Seller and
        (ii)
the
        Amended and Restated Master Seller’s Warranties and Servicing Agreement, dated
        as of September 1, 2003, as amended and restated to and including May 1,
        2005,
        and as amended on April 5, 2006, between National City Mortgage Co. and the
        Seller, each
        as
        modified as of the date hereof with respect to the Group 1 Mortgage Loans
        in the
        Trust Fund. 

       

      With
        respect to the Group 2 Mortgage Loans, (i) the
        Mortgage Loan Flow Purchase, Sale & Servicing Agreement, dated as of
        February 24, 2005, and as amended on February 15, 2006, among PHH Mortgage
        Corporation, Bishop’s Gate Residential Trust (formerly known as Cendant
        Residential Mortgage Trust) and the Seller, (ii) the Master Mortgage Loan
        Purchase and Servicing Agreement, dated as of April 1, 2005, and as amended
        on
        May 1, 2006, between GreenPoint Mortgage Funding, Inc. and the Seller, (iii)
        the
        Amended and Restated Master Mortgage Loan Purchase and Servicing Agreement,
        dated as of December 15, 2003, and as amended on February 28, 2006, between
        Countrywide Home Loans, Inc. and the Seller, (iv) the Amended and Restated
        Flow
        Servicing Agreement, dated as of March 1, 2006 between Wells Fargo and the
        Seller, (v) the Master Mortgage Loan Purchase and Servicing Agreement, dated
        as
        of February 1, 2005, as amended on December 28, 2005, between CitiMortgage,
        Inc.
        and the Seller and (vi) the Acknowledgement Agreement, dated March 31, 2005,
        between the Seller and GMAC Mortgage Corporation, each
        as
        modified as of the date hereof with respect to the Group 2 Mortgage Loans
        in the
        Trust Fund.

       

    

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

     

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

     

    “Interest
      Distribution Amount”: With respect to any Group 1 Certificates, for any
      Distribution Date, an amount equal to one month’s interest accrued during the
      most recently ended Interest Accrual Period at the applicable Pass-Through
      Rate
      on the Certificate Principal Balance of such Class of Certificates immediately
      prior to such Distribution Date. With respect to any Class of Group 2
      Certificates or in the case of the Senior Support Certificates, the related
      Senior Support Component, for any Distribution Date, an amount equal to one
      month’s interest accrued during the most recently ended Interest Accrual Period
      at the applicable Pass-Through Rate on the Certificate Principal Balance or
      Component Principal Balance or Notional Amount of on such Class of Certificates
      or Component, as the case may be, immediately prior to such Distribution Date.
      The Interest Distribution Amount for any such Class of Certificates or
      Component, as the case may be, (a) will also include, in the case of any
      Distribution Date subsequent to the initial Distribution Date, the excess,
      if
      any, of the Interest Distribution Amount in respect of such Class or Component,
      as the case may be, for the immediately preceding Distribution Date, over the
      aggregate distributions of interest made in respect of such Class or Component,
      as the case may be, pursuant to Section 4.01(a)(1) on such immediately preceding
      Distribution Date and (b) will be reduced, in the case of any Distribution
      Date,
      by the amount of any Prepayment Interest Shortfalls (to the extent not covered
      by Compensating Interest Payments paid by related Initial Sub-Servicer or by
      the
      Master Servicer) and Relief Act Interest Shortfalls that were allocated to
      such
      Class on such Distribution Date pursuant to Section 1.02. The Interest
      Distribution Amount for any Class of Certificates or Component, as the case
      may
      be, will be based on a 360 day year consisting of twelve 30-day Interest Accrual
      Periods.

     

    “Interest
      Only Certificates”: The Class 2-1AX Certificates and the Class 2-2AX
      Certificates.

     

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

     

    “Liquidation
      Event”: With respect to any Mortgage Loan, any of the following events: (i) such
      Mortgage Loan is paid in full; (ii) a Final Recovery Determination is made
      as to
      such Mortgage Loan; or (iii) such Mortgage Loan is removed from the applicable
      Trust REMIC by reason of its being purchased, sold or replaced pursuant to
      or as
      contemplated by Section 2.03, Section 3.16(c) or Section 9.01. With respect
      to
      any REO Property, either of the following events: (i) a Final Recovery
      Determination is made as to such REO Property; or (ii) such REO Property is
      removed from the applicable Trust REMIC by reason of its being purchased
      pursuant to Section 9.01.

     

    “Liquidation
      Proceeds”: The amount (including any Insurance Proceeds or amounts received in
      respect of the rental of any REO Property prior to REO Disposition) received
      by
      the Master Servicer in connection with (i) the taking of all or a part of a
      Mortgaged Property by exercise of the power of eminent domain or condemnation,
      (ii) the liquidation of a defaulted Mortgage Loan through a trustee’s sale,
      foreclosure sale or otherwise, or (iii) the repurchase, substitution or sale
      of
      a Mortgage Loan or an REO Property pursuant to or as contemplated by Section
      2.03, Section 3.16(c), Section 3.23 or Section 9.01.

     

    “Loan
      Group”: Any of Loan Group 1-1, Loan Group 1-2, Loan Group 2-1, Loan Group 2-2,
      Loan Group 2-3 or Loan Group 2-4. 

     

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

     

    “Loan
      Group 1-2”: The Loan Group consisting of the Group 1-2 Mortgage
      Loans.

     

    “Loan
      Group 2-1”: The Loan Group consisting of the Group 2-1 Mortgage
      Loans.

     

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

     

    “Loan
      Group 2-3”: The Loan Group consisting of the Group 2-3 Mortgage
      Loans.

     

    “Loan
      Group 2-4”: The Loan Group consisting of the Group 2-4 Mortgage
      Loans.

     

    “Loan-to-Value
      Ratio”: As of any date of determination, the fraction, expressed as a
      percentage, the numerator of which is the principal balance of the related
      Mortgage Loan at such date and the denominator of which is the Value of the
      related Mortgaged Property.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (i) the
      Master Servicer’s Mortgage Loan identifying number;

     

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

     

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

     

    (iv) the
      original months to maturity;

     

    (v) the
      original date of the mortgage;

     

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

     

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

     

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

     

    (ix) the
      stated maturity date;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (xvii) a
      code
      indicating if the Mortgage Loan is subject to a Primary Mortgage Insurance
      Policy;

     

    (xviii) the
      Value
      of the Mortgaged Property;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (xxvi) whether
      the Mortgage Loan is a Buydown Mortgage Loan; and

     

    (xxvii) [reserved].
      

     

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

     

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

     

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

     

    “Mortgage
      Rate”: With respect to each Mortgage Loan, the annual rate at which interest
      accrues on such Mortgage Loan from time to time in accordance with the
      provisions of the related Mortgage Note, without regard to any reduction thereof
      as a result of a Debt Service Reduction or operation of the Relief Act. With
      respect to each Mortgage Loan that becomes an REO Property, as of any date
      of
      determination, the annual rate determined in accordance with the immediately
      preceding sentence as of the date such Mortgage Loan became an REO
      Property.

     

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

     

    “Mortgagor”:
      The obligor on a Mortgage Note.

     

    “National
      City”: National
      City Mortgage Co.,
      or its
      successor in interest.

     

    “National
      City Mortgage Loans”: The Mortgage Loans originated and serviced by National
      City.

     

    “Net
      WAC
      Rate”: The
      Net
      WAC Rate for any Distribution Date and the Group 1-1 Mortgage Loans is a rate
      per annum equal to the weighted average of the Expense Adjusted Mortgage Rates
      of the Group 1-1 Mortgage Loans, weighted based on their principal balances
      as
      of the first day of the related Due Period. The Net WAC Rate for any
      Distribution Date and the Group 1-2 Mortgage Loans is a rate per annum equal
      to
      the weighted average of the Expense Adjusted Mortgage Rates of the Group 1-2
      Mortgage Loans, weighted based on their principal balances as of the first
      day
      of the related Due Period. The Net WAC Rate for any Distribution Date and the
      Group 2-1 Mortgage Loans is a rate per annum equal to the weighted average
      of
      the Expense Adjusted Mortgage Rates of the Group 2-1 Mortgage Loans, weighted
      based on their principal balances as of the first day of the related Due Period.
      The Net WAC Rate for any Distribution Date and the Group 2-2 Mortgage Loans
      is a
      rate per annum equal to the weighted average of the Expense Adjusted Mortgage
      Rates of the Group 2-2 Mortgage Loans, weighted based on their principal
      balances as of the first day of the related Due Period. The Net WAC Rate for
      any
      Distribution Date and the Group 2-3 Mortgage Loans is a rate per annum equal
      to
      the weighted average of the Expense Adjusted Mortgage Rates of the Group 2-3
      Mortgage Loans, weighted based on their principal balances as of the first
      day
      of the related Due Period. The Net WAC Rate for any Distribution Date and the
      Group 2-4 Mortgage Loans is a rate per annum equal to the weighted average
      of
      the Expense Adjusted Mortgage Rates of the Group 2-4 Mortgage Loans, weighted
      based on their principal balances as of the first day of the related Due Period.
      

     

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

     

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

     

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

     

    
      “Notional
        Amount”: For any Distribution Date and the Class 2-1AX Certificates, the sum of
        the Notional Amount of the Class 2-1 IO Component and the Class 2-2 IO
        Component. For any Distribution Date and the Class 2-1 IO Component, the
        sum of
        the Certificate Principal Balance of the Class 2-A1A Certificates and the
        Component Principal Balance of the 2-A1B Component. For any Distribution
        Date
        and the Class 2-2 IO component, the sum of the Certificate Principal Balance
        of
        the Class 2-A2A Certificates and the Component Principal Balance of the 2-A2B
        Component. For any Distribution Date and the Class 2-2AX Certificates, the
        sum
        of the Notional Amount of the Class 2-3 IO Component and the Class 2-4 IO
        Component. For any Distribution Date and the Class 2-3 IO component, the
        sum of
        the Certificate Principal Balance of the Class 2-A3A Certificates and the
        Component Principal Balance of the 2-A3B Component. For any Distribution
        Date
        and the Class 2-4 IO component, the sum of the Certificate Principal Balance
        of
        the Class 2-A4A Certificates and the Component Principal Balance of the 2-A4B
        Component. For federal income tax purposes, the Class 2-1AX Certificates
        will
        have a Notional Amount equal to the sum of (i) the Uncertificated Balance
        of
        REMIC II-B Regular Interest LT2-A12B1, (ii) the Uncertificated Balance of
        REMIC
        II-B Regular Interest LT2-A12B2, (iii) the Uncertificated Balance of REMIC
        II-B
        Regular Interest LT2-A1A and (iv) the Uncertificated Balance of REMIC II-B
        Regular Interest LT2-A2A Certificates. For federal income tax purposes, the
        Class 2-2AX Certificates will have a Notional Amount equal to the sum of
        (i) the
        Uncertificated Balance of REMIC II-B Regular Interest LT2-A34B1, (ii) the
        Uncertificated Balance of the REMIC II-B Regular Interest LT2-A34B2, (iii)
        the
        Uncertificated Balance of REMIC II-B Regular Interest LT2-A3A and (iv) the
        Uncertificated Balance of REMIC II-B Regular Interest LT2-A4A.

       

    

    “Officers’
      Certificate”: A certificate signed by the Chairman of the Board, the Vice
      Chairman of the Board, the President or a vice president (however denominated),
      and by the Treasurer, the Secretary, or one of the assistant treasurers or
      assistant secretaries of the Seller or the Depositor, as applicable; with
      respect to the Master Servicer, any officer who is authorized to act for the
      Master Servicer in matters relating to this Agreement, and whose action is
      binding upon the Master Servicer, initially including those individuals whose
      names appear on the list of authorized officers delivered at the
      closing.

     

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

     

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

     

    “Originator”:
      Wells
      Fargo Bank, N.A., National City Mortgage Co., American Home Mortgage Corp.,
      PHH
      Mortgage Corporation, GreenPoint Mortgage Funding, Inc., Taylor, Bean &
Whitaker Mortgage Corporation, Countrywide Home Loans, Inc., Weichert Financial
      Services, MortgageIT, Inc. and Ameriquest Mortgage Company,
      as
      applicable. 

     

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

     

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

     

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

     

    “Pass-Through
      Rate”: With respect to each Class of Group 1 Class A Certificates and any
      Distribution Date, the Net WAC Rate for the related Group 1 Mortgage Loans
      for
      such Distribution Date. For federal income tax purposes, the Pass-Through Rate
      on the Class 1-A1A Certificates and the Class 1-A1B Certificates shall be the
      REMIC I-A Remittance Rate on REMIC I-A Regular Interest LT-1B, and the
      Pass-Through Rate on the Class 1-A2A Certificates and the Class 1-A2B
      Certificates shall be the REMIC I-A Remittance Rate on REMIC I-A Regular
      Interest LT-2B.

     

    With
      respect to the Class 1-R Certificates and the first Distribution Date, the
      Net
      WAC Rate for the Group 1-2 Mortgage Loans for such Distribution Date. For
      federal income tax purposes, the foregoing will be expressed as a per annum
      rate
      equal to the REMIC I-A Remittance Rate on REMIC I-A Regular Interest
      LT-1B.

     

    With
      respect to each class of Group 1 Subordinate Certificates and any Distribution
      Date, the related Subordinate Net WAC Rate for such Distribution Date.

     

    With
      respect to the Class 2-A1A Certificates and the first 33 Interest Accrual
      Periods, a per annum rate equal to the lesser of (i) 5.700% per annum and (ii)
      the Net WAC Rate of the Group 2-1 Mortgage Loans. For any Interest Accrual
      Period thereafter, a per annum rate equal to the Net WAC Rate of the Group
      2-1
      Mortgage Loans.

     

    With
      respect to the Class 2-A2A Certificates and the first 33 Interest Accrual
      Periods, a per annum rate equal to the lesser of (i) 5.700% per annum and (ii)
      the Net WAC Rate of the Group 2-2 Mortgage Loans. For any Interest Accrual
      Period thereafter, a per annum rate equal to the Net WAC Rate of the Group
      2-2
      Mortgage Loans.

     

    With
      respect to the Class 2-A12B Certificates and any Interest Accrual Period, a
      per
      annum rate equal to the weighted average of the pass-through rates for the
      Class
      2-A1A Certificates and the 2-A2A Certificates, weighted on the basis of the
      Component Principal Balance of the 2-A1B Component and the Component Principal
      Balance of the 2-A2B Component, respectively.

     

    With
      respect to the Class 2-1AX Certificates and the first 33 Interest Accrual
      Periods, a per annum rate equal to the weighted average of the pass-through
      rates for the Class 2-1 IO Component and the Class 2-2 IO Component, weighted
      on
      the basis of the Notional Amount of the Class 2-1 IO Component and the Notional
      Amount of the Class 2-2 IO Component, respectively. For any Interest Accrual
      Period thereafter, 0.00% per annum.

     

    With
      respect to the Class 2-1 IO component and the first 33 Interest Accrual Periods,
      a per annum rate equal to the excess, if any, of (i) the Net WAC Rate of the
      Group 2-1 Mortgage Loans over (ii) 5.700% per annum. For any Interest Accrual
      Period thereafter, 0.00% per annum.

     

    With
      respect to the Class 2-2 IO component and the first 33 Interest Accrual Periods,
      a per annum rate equal to the excess, if any, of (i) the Net WAC Rate of the
      Group 2-2 Mortgage Loans over (ii) 5.700% per annum. For any Interest Accrual
      Period thereafter, 0.00% per annum.

     

    With
      respect to the Class 2-A3A Certificates and the first 57 Interest Accrual
      Periods, a per annum rate equal to the lesser of (i) 5.900% per annum and (ii)
      the Net WAC Rate of the Group 2-3 Mortgage Loans. For any Interest Accrual
      Period thereafter, a per annum rate equal to the Net WAC Rate of the Group
      2-3
      Mortgage Loans.

     

    With
      respect to the Class 2-A4A Certificates and the first 56 Interest Accrual
      Periods, a per annum rate equal to the lesser of (i) 5.900% per annum and (ii)
      the Net WAC Rate of the Group 2-4 Mortgage Loans. For any Interest Accrual
      Period thereafter, a per annum rate equal to the Net WAC Rate of the Group
      2-4
      Mortgage Loans.

     

    With
      respect to the Class 2-A34B Certificates and any Interest Accrual Period, a
      per
      annum rate equal to the weighted average of the pass-through rates for the
      Class
      2-A3A Certificates and the Class 2-A4A Certificates, weighted on the basis
      of
      the Component Principal Balance of the 2-A3B Component and the Component
      Principal Balance of the 2-A4B Component, respectively.

     

    With
      respect to the Class 2-2AX Certificates and the first 57 Interest Accrual
      Periods, a per annum rate equal to the weighted average of the pass-through
      rates for the Class 2-3 IO Component and the Class 2-4 IO Component, weighted
      on
      the basis of the Notional Amount of the Class 2-3 IO Component and the Notional
      Amount of the Class 2-4 IO Component, respectively. For any Interest Accrual
      Period thereafter, 0.00% per annum.

     

    With
      respect to the Class 2-3 IO Component and the first 57 Interest Accrual Periods,
      a per annum rate equal to the excess, if any, of (i) the Net WAC Rate of the
      Group 2-3 Mortgage Loans over (ii) 5.900% per annum. For any Interest Accrual
      Period thereafter, 0.00% per annum.

     

    With
      respect to the Class 2-4 IO Component and the first 56 Interest Accrual Periods,
      a per annum rate equal to the excess, if any, of (i) the Net WAC Rate of the
      Group 2-4 Mortgage Loans over (ii) 5.900% per annum. For any Interest Accrual
      Period thereafter, 0.00% per annum.

     

    With
      respect to the Class 2-R Certificates and the first Interest Accrual Period,
      the
      Net WAC Rate for the Group 2-1 Mortgage Loans for such Distribution Date. For
      federal income tax purposes, the foregoing will be expressed as a per annum
      rate
      equal to the REMIC II-B Remittance Rate on REMIC II-B Regular Interest LT2-R.
      

     

    The
      Class 2-P Certificates shall have a Pass-Through Rate of 0.00% per annum and
      shall not be entitled to any distributions of interest. 

     

       For
      federal income tax purposes, the Pass-Through Rate on the Class 2-A1A
      Certificates and the Class 2-A2A Certificates shall be the REMIC II-B Remittance
      Rate on REMIC II-B Regular Interest LT2-A1A and REMIC II-B Regular Interest
      LT2-A2A respectively. For federal income tax purposes, the Pass-Through Rate
      on
      the Class 2-A3A Certificates and the Class 2-A4A Certificates shall be the
      REMIC
      II-B Remittance Rate on REMIC II-B Regular Interest LT2-A3A and REMIC II-B
      Regular Interest LT2-A4A respectively.

    

    For
      federal income tax purposes, the Class 2-A12B Certificates shall be deemed
      to
      own the Class 2-A12B1 Interest and the Class 2-A12B2 Interest. For federal
      income tax purposes, the Pass-Through Rate shall be (x) with respect to the
      Class 1-A12B1 Interest, the REMIC II-B Remittance Rate on REMIC II-B Regular
      Interest LT2-A12B1 and (y) with respect to the Class 1-A12B2 Interest, the
      REMIC
      II-B Remittance Rate on REMIC II-B Regular Interest LT2-A12B2.

     

    For
      federal income tax purposes, the Class 2-A34B Certificates shall be deemed
      to
      own the Class 2-A34B1 Interest and the Class 2-A34B2 Interest. For federal
      income tax purposes, the Pass-Through Rate shall be (x) with respect to the
      Class 1-A34B1 Interest, the REMIC II-B Remittance Rate on REMIC II-B Regular
      Interest LT2-A34B1 and (y) with respect to the Class 1-A34B2 Interest, the
      REMIC
      II-B Remittance Rate on REMIC II-B Regular Interest LT2-A34B2.

     

    With
      respect to each class of Group 2 Subordinate Certificates and any Distribution
      Date, the related Subordinate Net WAC Rate for such Distribution Date.

     

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

     

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

     

    “Percentage
      Interest”: With respect to any Class of Certificates, the portion of the
      respective Class evidenced by such Certificate, expressed as a percentage,
      the
      numerator of which is the initial Certificate Principal Balance or Notional
      Amount represented by such Certificate, and the denominator of which is the
      initial aggregate Certificate Principal Balance or Notional Amount of all of
      the
      Certificates of such Class. The Book-Entry Certificates are issuable only in
      Percentage Interests corresponding to initial Certificate Principal Balances
      or
      Notional Amounts of $100,000 and integral multiples of $1.00 in excess thereof.
      The Class P Certificates and the Residual Certificates are issuable only in
      Percentage Interests of 20% and multiples thereof.

     

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

     

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

     

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

     

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

     

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

     

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

     

    (vi) units
      of
      money market funds, including money market funds advised by the Trustee, the
      Trust Administrator or an Affiliate of either of them, that have been rated
      “Aaa” by Moody’s and in the highest rating category by Fitch if rated by Fitch;
      and

     

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

     

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

     

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

     

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

     

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

     

    “PHH”:
      PHH
      Mortgage Corporation, Bishop’s Gate Residential Trust (formerly known as Cendant
      Residential Mortgage Trust),
      or its
      successor in interest.

     

    “PHH
      Mortgage Loans”: The Mortgage Loans originated by PHH.

     

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

     

    “Prepayment
      Assumption”: A prepayment rate for the mortgage loans in Collateral Pool 1 of
      18% CPR and a prepayment rate for the mortgage loans in Collateral Pool 2 of
      25%
      of CPR. The
      Prepayment Assumption is used solely for determining the accrual of original
      issue discount on the Certificates for federal income tax purposes. A CPR (or
      Constant Prepayment Rate) represents an annualized constant assumed rate of
      prepayment each month of a pool of mortgage loans relative to its outstanding
      principal balance for the life of such pool. 

     

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

     

    “Prepayment
      Period”: With respect to the Countrywide Mortgage Loans and any Distribution
      Date, the period that commences on the second day of the month immediately
      preceding the month in which the distribution date occurs and ends on the first
      day of the month in which the distribution date occurs. With respect to the
      GreenPoint Mortgage Loans and any Distribution Date, the calendar month
      immediately preceding the month in which the distribution date occurs. With
      respect to the PHH Mortgage Loans and any Distribution Date, the period
      commencing on the second day of the month immediately preceding the month of
      such remittance date and ending on the first day of the month of such remittance
      date. With respect to the CitiMortgage Mortgage Loans and any Distribution
      Date,
      the calendar month immediately preceding the month in which the distribution
      date occurs. With respect to the GMAC Mortgage Loans and any Distribution Date,
      the calendar month immediately preceding the month in which the distribution
      date occurs. With respect to the National City Mortgage Loans and any
      Distribution Date, the calendar month immediately preceding the month in which
      the distribution date occurs. With respect to the Wells Fargo Mortgage Loans
      originated by an Originator other than Wells Fargo and any Distribution Date,
      the period commencing on the 14th day of the calendar month preceding the
      calendar month in which such distribution date occurs (or, in the case of the
      first distribution date, commencing on May 1, 2006) and ending on the 13th
      day
      of the calendar month in which such distribution date occurs. With respect
      to
      the Wells Fargo Mortgage Loans originated by Wells Fargo and any Distribution
      Date, the calendar month immediately preceding the month in which such
      distribution date occurs. 

     

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

     

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

     

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

     

    “Private
      Certificates”: The Class 1-B4 Certificates, Class 1-B5 Certificates, Class 1- B6
      Certificates, Class 2-B4 Certificates, Class 2-B5 Certificates, Class 2- B6
      Certificates and Class 2-P Certificates. 

     

    “Purchase
      Price”: With respect to any Mortgage Loan or REO Property to be purchased
      pursuant to or as contemplated by Section 2.03, Section 3.16(c) or Section
      9.01,
      and as confirmed by an Officers’ Certificate from the Master Servicer to the
      Trustee and the Trust Administrator, an amount equal to the sum (without
      duplication) of: (i) 100% of the Stated Principal Balance thereof as of the
      date
      of purchase (or such other price as provided in Section 9.01), (ii) in the
      case
      of (x) a Mortgage Loan, accrued interest on such Stated Principal Balance at
      the
      applicable Mortgage Loan Remittance Rate in effect from time to time from the
      Due Date as to which interest was last covered by a payment by the Mortgagor
      or
      an advance by the Master Servicer, which payment or advance had as of the date
      of purchase been distributed pursuant to Section 4.01, through the end of the
      calendar month in which the purchase is to be effected, and (y) an REO Property,
      the sum of (1) accrued interest on such Stated Principal Balance at the
      applicable Mortgage Loan Remittance Rate in effect from time to time from the
      Due Date as to which interest was last covered by a payment by the Mortgagor
      or
      an advance by the Master Servicer through the end of the calendar month
      immediately preceding the calendar month in which such REO Property was
      acquired, plus (2) REO Imputed Interest for such REO Property for each calendar
      month commencing with the calendar month in which such REO Property was acquired
      and ending with the calendar month in which such purchase is to be effected,
      minus the total of all net rental income, Insurance Proceeds, Liquidation
      Proceeds and P&I Advances that as of the date of purchase had been
      distributed as or to cover REO Imputed Interest pursuant to Section 4.01, (iii)
      any unreimbursed Servicing Advances and P&I Advances and any unpaid
      Servicing Fees allocable to such Mortgage Loan or REO Property; (iv) any amounts
      previously withdrawn from the Collection Account in respect of such Mortgage
      Loan or REO Property pursuant to Sections 3.11(a)(ix) and Section 3.16(b),
      and
      (v) in the case of a Mortgage Loan required to be purchased pursuant to Section
      2.03, expenses incurred or to be incurred by the Trust Fund in respect of the
      breach or defect giving rise to the purchase obligation including any costs
      and
      damages incurred by the Trust Fund in connection with any violation of any
      predatory or abusive lending law with respect to the related Mortgage
      Loan.

     

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

     

    “Qualified
      Substitute Mortgage Loan”: A mortgage loan substituted for a Deleted Mortgage
      Loan pursuant to the terms of this Agreement which must, on the date of such
      substitution, (i) have an outstanding principal balance, after application
      of
      all scheduled payments of principal and interest due during or prior to the
      month of substitution, not in excess of the Scheduled Principal Balance of
      the
      Deleted Mortgage Loan as of the Due Date in the calendar month during which
      the
      substitution occurs, (ii) have a Mortgage Rate not less than (and not more
      than
      one percentage point in excess of) the Mortgage Rate of the Deleted Mortgage
      Loan, (iii) have a Maximum Mortgage Rate not less than the Maximum Mortgage
      Rate
      on the Deleted Mortgage Loan, (iv) have a Minimum Mortgage Rate not less than
      the Minimum Mortgage Rate of the Deleted Mortgage Loan, (v) have a Gross Margin
      equal to the Gross Margin of the Deleted Mortgage Loan, (vi) have a next
      Adjustment Date not more than two months later than the next Adjustment Date
      on
      the Deleted Mortgage Loan, (vii) be covered under a Primary Mortgage Insurance
      Policy if such Qualified Substitute Mortgage Loan has a Loan-to-Value Ratio
      in
      excess of 80% and the Deleted Mortgage Loan was covered by a Primary Mortgage
      Insurance Policy, (viii) have a remaining term to maturity not greater than
      (and
      not more than one year less than) that of the Deleted Mortgage Loan, (ix) have
      the same Due Date as the Due Date on the Deleted Mortgage Loan, (x) have a
      Loan-to-Value Ratio as of the date of substitution equal to or lower than the
      Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi)
      [intentionally omitted]; and (xii) conform to each representation and warranty
      set forth in Section 6 of the Mortgage Loan Purchase Agreement applicable to
      the
      Deleted Mortgage Loan. In the event that one or more mortgage loans are
      substituted for one or more Deleted Mortgage Loans, the amounts described in
      clause (i) hereof shall be determined on the basis of aggregate principal
      balances, the Mortgage Rates described in clause (ii) hereof shall be determined
      on the basis of weighted average Mortgage Rates, the terms described in clause
      (viii) shall be determined on the basis of weighted average remaining terms
      to
      maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be
      satisfied as to each such mortgage loan and, except to the extent otherwise
      provided in this sentence, the representations and warranties described in
      clause (xii) hereof must be satisfied as to each Qualified Substitute Mortgage
      Loan or in the aggregate, as the case may be.

     

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

     

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

     

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

     

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

     

    With
      respect to each Mortgage Loan which has become the subject of a Deficient
      Valuation, the difference between the principal balance of the Mortgage Loan
      outstanding immediately prior to such Deficient Valuation and the principal
      balance of the Mortgage Loan as reduced by the Deficient Valuation.

     

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

     

    “Record
      Date”: With respect to each Distribution Date and any Certificate, the last
      Business Day of the month immediately preceding the month in which such
      Distribution Date occurs. 

     

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

     

    “Regular
      Certificate”: Any Senior Certificate or Subordinate Certificate.

     

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

     

    “Relief
      Act”: The Servicemembers Civil Relief Act, as amended.

     

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

     

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

     

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

     

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

     

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

     

    “REMIC
      I-A Subordinated Balance Ratio”: The ratio among the Uncertificated Balances of
      each REMIC I-A Regular Interest ending with the designation “A”, equal to the
      ratio between, with respect to each such REMIC I-A Regular Interest, the excess
      of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the
      related Loan Group over (y) the sum of (i) the current Certificate Principal
      Balance of the Super Senior Certificates relating to such Loan Group and (ii)
      the current Certificate Principal Balance of Senior Support Certificates
      relating to such Loan Group (and if applicable, the aggregate Stated Principal
      Balance of the Mortgage Loans in Loan Group 1-1, the Uncertificated Balance
      of
      REMIC I-A Regular Interest LT-R).

     

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

     

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

     

    “REMIC
      II-A Remittance Rate”: With respect to REMIC II-A Regular Interest LT-1A, REMIC
      II-A Regular Interest LT-2A, REMIC II-A Regular Interest LT-3A, REMIC II-A
      Regular Interest LT-4A, REMIC II-A Regular Interest LT-ZZZ, REMIC
      II-A Regular Interest LT-P
      and
      REMIC II-A Regular Interest LT-R, the weighted average of the Expense Adjusted
      Mortgage Rates of the Group 2 Mortgage Loans, weighted based on their principal
      balances as of the first day of the related Due Period. With respect to REMIC
      II-A Regular Interest LT-1B, REMIC II-A Regular Interest LT-2B, REMIC II-A
      Regular Interest LT-3B and REMIC II-A Regular Interest LT-4B the weighted
      average of the Expense Adjusted Mortgage Rates of the Mortgage Loans related
      Loan Group, weighted based on their principal balances as of the first day
      of
      the related Due Period.

     

    “REMIC
      II-A Subordinated Balance Ratio”: The ratio among the Uncertificated Balances of
      each REMIC II-A Regular Interest ending with the designation “A”, equal to the
      ratio between, with respect to each such REMIC II-A Regular Interest, the excess
      of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the
      related Loan Group over (y) the sum of (i) the current Certificate Principal
      Balance of the Super Senior Certificates relating to such Loan Group and (ii)
      the current Certificate Principal Balance of Senior Support Certificates
      relating to such Loan Group (and if applicable, the aggregate Stated Principal
      Balance of the Mortgage Loans in Loan Group 2-1, the Uncertificated Balance
      of
      REMIC II-A Regular Interest LT-R).

     

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

     

    “REMIC
      II-B Remittance Rate”: With respect to the REMIC II-B Regular Interest LT2-R and
      the first Interest Accrual Period, the REMIC II-A Remittance Rate on REMIC
      II-A
      Regular Interest LT-1B. 

     

    With
      respect to the REMIC II-B Regular Interest LT2-A1A and any Interest Accrual
      Period, a per annum rate equal to the REMIC II-A Remittance Rate on REMIC II-A
      Regular Interest LT-1B.

     

    With
      respect to the REMIC II-B Regular Interest LT2-A2A and any Interest Accrual
      Period thereafter, a per annum rate equal to the REMIC II-A Remittance Rate
      on
      REMIC II-A Regular Interest LT-2B.

     

    With
      respect to the REMIC II-B Regular Interest LT2-A12B1 Interest, the REMIC II-A
      Remittance Rate on REMIC II-A Regular Interest LT-1B, and (y) with respect
      to
      the REMIC II-B Regular Interest LT2-A12B2 Interest, the REMIC II-A Remittance
      Rate on REMIC II-A Regular Interest LT-2B.

     

    With
      respect to REMIC II-B Regular Interest LT2-A3A and any Interest Accrual Period,
      a per annum rate equal to the REMIC II-A Remittance Rate on REMIC II-A Regular
      Interest LT-3B.

     

    With
      respect to REMIC II-B Regular Interest LT2-A4A and any Interest Accrual Period,
      a per annum rate equal to the REMIC II-A Remittance Rate on REMIC II-A Regular
      Interest LT-4B.

     

    With
      respect to REMIC II-B Regular Interest LT2-A34B1, the REMIC II-A Remittance
      Rate
      on REMIC II-A Regular Interest LT-3B and (y) with respect to REMIC II-B Regular
      Interest LT2-A34B2, the REMIC II-A Remittance Rate on REMIC II-A Regular
      Interest LT-4B.

     

    
      With
        respect to REMIC II-B Regular Interest LT2-B1, REMIC II-B Regular Interest
        LT2-B2, REMIC II-B Regular Interest LT2-B3, REMIC II-B Regular Interest LT2-B4,
        REMIC II-B Regular Interest LT2-B5 and REMIC II-B Regular Interest LT2-B6,
        the
        weighted average of the REMIC II-A Remittance Rates on each of REMIC II-A
        Regular Interest LT-1A, REMIC II-A Regular Interest LT-2A, REMIC II-A Regular
        Interest LT-3A and REMIC II-A Regular Interest LT-4A, weighted in proportion
        to
        the Uncertificated Balance of each such REMIC II-A Regular
        Interest.

       

    

    With
      respect to REMIC II-B Regular Interest LT2-R and the first Distribution Date,
      the REMIC II-A Remittance Rate on REMIC II-A Regular Interest LT-1B for such
      Distribution Date. 

     

    The
      REMIC
      II-B Regular Interest LT2-P shall have a Pass-Through Rate of 0.00% per annum
      and shall not be entitled to any distributions of interest.

    

    “Remittance
      Report”: A report in form and substance acceptable to the Trust Administrator
      and the Trustee prepared by the Master Servicer pursuant to Section 4.03 with
      such additions, deletions and modifications as agreed to by the Trustee, the
      Trust Administrator and the Master Servicer.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Residual
      Certificate”: Any one of the Class 1-R Certificates or Class 2-R
      Certificates.

     

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

     

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

     

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

     

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

     

    “Senior
      Certificate”: Any Group 1 Senior Certificate or Group 2 Senior
      Certificate.

     

    
      “Senior
        Interest Distribution Amount”: With respect to any Distribution Date and any
        Loan Group, an amount equal to the aggregate of the Interest Distribution
        Amounts for that Distribution Date for the related Super Senior Certificates,
        the related Senior Support Component or the related Senior Support Certificates,
        as applicable, and related Interest Only Certificates and, in the case of
        the
        first Distribution Date, for the related Residual Certificates, if
        applicable.

       

    

    “Senior
      Percentage”: A Group 1 Senior Percentage or Group 2 Senior Percentage, as
      applicable. 

     

    “Senior
      Prepayment Percentage”: A Group 1 Senior Prepayment
      Percentage
      or Group 2 Senior Prepayment Percentage, as applicable.

     

    “Senior
      Principal Distribution Amount”: For any Distribution Date and the Super Senior
      Certificates and Senior Support Certificates or Senior Support Component, as
      applicable, and the Class 1-R Certificates relating to any Loan Group within
      Collateral Pool 1, an amount equal to the lesser of (i) the applicable Group
      1
      Available Distribution Amount, remaining after distribution of the related
      Senior Interest Distribution Amount and (ii) the sum of:

     

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

     

    
      	 	
              (i)

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

            

    

     

    
      	 	
              (ii)

            	
              the
                principal portion of all Insurance Proceeds, Subsequent Recoveries
                and
                Liquidation Proceeds (other than amounts described in clause (c)
                below)
                received in respect of the related Mortgage Loans during the related
                Prepayment Period (other than any related Mortgage Loan that was
                purchased, sold or replaced pursuant to or as contemplated by Section
                2.03, Section 3.16(c) or Section 9.01 during the related Prepayment
                Period), net of any portion thereof that represents a recovery of
                principal for which an advance was made by the Master Servicer pursuant
                to
                Section 4.03 in respect of a preceding Distribution Date;
                

            

    

     

    
      	 	
              (iii)

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

            

    

     

    
      	 	
              (iv)

            	
              [reserved];

            

    

     

    
      	 	
              (v)

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

            

    

     

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

     

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

     

    (d) in
      the
      case of any Distribution Date subsequent to the initial Distribution Date,
      an
      amount equal to the excess, if any, of the amounts calculated pursuant to
      clauses (a), (b) and (c) above for the immediately preceding Distribution Date,
      over the aggregate distributions of principal made in respect of the related
      Class or Classes of Group 1 Senior Certificates on such immediately preceding
      Distribution Date pursuant to Section 4.01 to the extent that any such amounts
      are not attributable to Realized Losses which were allocated to the related
      Subordinate Certificates pursuant to Section 4.04. 

     

    For
      any
      Distribution Date and the Super Senior Certificates and Senior Support
      Certificates or Senior Support Components, as applicable, and the Class 2-R
      Certificates relating to any Loan Group within Collateral Pool 2, an amount
      equal to the lesser of (i) the applicable Group 2 Available Distribution Amount
      remaining after distribution of the related Senior Interest Distribution Amount
      and (ii) the sum of:

     

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

     

    
      	 	
              (i)

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

            

    

     

    
      	 	
              (ii)

            	
              the
                principal portion of all Insurance Proceeds, Subsequent Recoveries
                and
                Liquidation Proceeds (other than amounts described in clause (c)
                below)
                received in respect of the related Mortgage Loans during the related
                Prepayment Period (other than any related Mortgage Loan that was
                purchased, sold or replaced pursuant to or as contemplated by Section
                2.03, Section 3.16(c) or Section 9.01 during the related Prepayment
                Period), net of any portion thereof that represents a recovery of
                principal for which an advance was made by the Master Servicer pursuant
                to
                Section 4.03 in respect of a preceding Distribution Date;
                

            

    

     

    
      	 	
              (iii)

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

            

    

     

    
      	 	
              (iv)

            	
              [reserved];

            

    

     

    
      	 	
              (v)

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

            

    

     

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

     

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

     

    (d) in
      the
      case of any Distribution Date subsequent to the initial Distribution Date,
      an
      amount equal to the excess, if any, of the amounts calculated pursuant to
      clauses (a), (b) and (c) above for the immediately preceding Distribution Date,
      over the aggregate distributions of principal made in respect of the related
      Class or Classes of Group 2 Senior Certificates on such immediately preceding
      Distribution Date pursuant to Section 4.01 to the extent that any such amounts
      are not attributable to Realized Losses which were allocated to the related
      Subordinate Certificates pursuant to Section 4.04; and

     

    (e) any
      Class
      A Principal Adjustment Amount (allocated among the Super Senior Certificates
      and
      Senior Support Certificates or Senior Support Component, as applicable, relating
      to such Collateral Pool on a pro
      rata
      basis
      based on their respective Certificate Principal Balances or Component Principal
      Balances, as the case may be), if (i) the Subordination Test with respect to
      the
      related Subordinate Certificates has not been met with respect to such
      Distribution Date and (ii) there are Super Senior Certificates and Senior
      Support Certificates or Senior Support Component, as applicable, remaining
      outstanding relating to more than one Loan Group in such Collateral Pool.

     

    “Senior
      Support Certificates”: The
      Class 1-A1B Certificates, Class 1-A2B Certificates, Class 2-A12B Certificates
      and Class 2-A34B Certificates. The Class 2-A12B Certificates are comprised
      of
      the 2-A1B Component and the 2-A2B Component. The Class 2-A34B Certificates
      are
      comprised of the 2-A3B Component and the 2-A4B Component.
      

     

    “Senior
      Support Components”: The 2-A1B Component, 2-A2B Component, 2-A3B Component and
      2-A4B Component. References herein to the “Senior Support Certificates or Senior
      Support Component, as applicable” shall mean, with respect to the Group 2-1
      Mortgage Loans, the 2-A1B Component; with respect to the Group 2-2 Mortgage
      Loans, the 2-A2B Component; with respect to the Group 2-3 Mortgage Loans, the
      2-A3B Component; and with respect to the Group 2-4 Mortgage Loans, the 2-A4B
      Component.

     

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

     

    “Servicing
      Advances”: The reasonable “out-of-pocket” costs and expenses incurred by the
      Master Servicer in connection with a default, delinquency or other unanticipated
      event by the Master Servicer in the performance of its servicing obligations,
      including, but not limited to, the cost of (i) the preservation, restoration
      and
      protection of a Mortgaged Property, (ii) any enforcement or judicial
      proceedings, including foreclosures, in respect of a particular Mortgage Loan,
      including any expenses incurred in relation to any such proceedings that result
      from the Mortgage Loan being registered on the MERS System, (iii) the management
      (including reasonable fees in connection therewith) and liquidation of any
      REO
      Property, and (iv) the performance of its obligations under Section 3.01,
      Section 3.09, Section 3.13, Section 3.14, Section 3.16 and Section 3.23. The
      Master Servicer shall not be required to make any Servicing Advance in respect
      of a Mortgage Loan or REO Property that, in the good faith business judgment
      of
      the Master Servicer, would not be ultimately recoverable from related Insurance
      Proceeds or Liquidation Proceeds on such Mortgage Loan or REO Property as
      provided herein.

     

    “Servicing
      Fee”: With respect to each Mortgage Loan and for any calendar month, an amount
      equal to one month’s interest (or in the event of any payment of interest which
      accompanies a Principal Prepayment in full made by the Mortgagor during such
      calendar month, interest for the number of days covered by such payment of
      interest) at the applicable Servicing Fee Rate on the same principal amount
      on
      which interest on such Mortgage Loan accrues for such calendar month. A portion
      of such Servicing Fee may be retained by any Sub-Servicer as its servicing
      compensation.

     

    “Servicing
      Fee Rate”: The
      Servicing Fee Rate on the Group 1 Mortgage Loans and the Group 2 Mortgage Loans
      will range
      from
      0.250% per annum to 0.375% per annum and the Servicing Fee Rate for each
      Mortgage Loan shall be as indicated in the Mortgage Loan Schedule. 

     

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

     

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

     

    “Special
      Hazard Amount”:
      For
      Collateral Pool 1, initially an amount equal to $12,102,187. For Collateral
      Pool
      2, initially an amount equal to $6,281,413. As of each anniversary of the
      Cut-off Date, for any Collateral Pool the Special Hazard Amount shall equal
      the
      lesser of (i) the Special Hazard Amount on the immediately preceding anniversary
      of the Cut-off Date less the sum of all amounts allocated to the related
      Subordinate Certificates in respect of Special Hazard Losses on the related
      Mortgage Loans during such year and (ii) the related Adjustment Amount for
      such
      anniversary. After the Certificate Principal Balances of the related Subordinate
      Certificates are reduced to zero, the Special Hazard Amount for a Collateral
      Pool will be zero.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Subordinate
      Certificates”: The Group 1 Subordinate Certificates and the Group 2 Subordinate
      Certificates. 

     

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

    

    For
      any
      Distribution Date and the Group 2 Subordinate Certificates, a per annum rate
      equal to the weighted average (weighted in proportion to the results of
      subtracting, from the aggregate principal balance of the Mortgage Loans in
      each
      of Loan Group 2-1, Loan Group 2-2, Loan Group 2-3 and Loan Group 2-4, the
      Certificate Balance of the related Super Senior Certificates and the Component
      Principal Balance of the related Senior Support Component, and from the
      aggregate principal balance of the Mortgage Loans in Loan Group 2-1, the
      Certificate Balance of the Class 2-R Certificates) of the weighted average
      Expense Adjusted Mortgage Rates of the Group 2-1 Mortgage Loans, Group 2-2
      Mortgage Loans, Group 2-3 Mortgage Loans and Group 2-4 Mortgage Loans. For
      federal income tax purposes, the equivalent of the foregoing, with respect
      to
      the related Corresponding Certificate, shall be the REMIC II-B Remittance Rate
      on REMIC II-B Regular Interest LT2-B1, REMIC II-B Regular Interest LT2-B2,
      REMIC
      II-B Regular Interest LT2-B3, REMIC II-B Regular Interest LT2-B4, REMIC II-B
      Regular Interest LT2-B5 and REMIC II-B Regular Interest LT2-B6,
      respectively.

    

    “Subordinate
      Percentage”: A Group 1 Subordinate Percentage or the Group 2 Subordinate
      Percentage, as applicable.

     

    “Subordinate
      Prepayment Percentage”: A Group 1 Subordinate Prepayment Percentage or Group 2
      Subordinate Prepayment Percentage, as applicable. 

     

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

       

    

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

     

    
      	 	
              (i)

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

            

    

     

    
      	 	
              (ii)

            	
              the
                principal portion of all Insurance Proceeds, Subsequent Recoveries
                and
                Liquidation Proceeds (other than amounts described in clause (c)
                below)
                received in respect of the related Mortgage Loans during the related
                Prepayment Period (other than any related Mortgage Loan that was
                purchased, sold or replaced pursuant to or as contemplated by Section
                2.03, Section 3.16(c) or Section 9.01 during the related Prepayment
                Period), net of any portion thereof that represents a recovery of
                principal for which an advance was made by the Master Servicer pursuant
                to
                Section 4.03 in respect of a preceding Distribution Date;
                

            

    

     

    
      	 	
              (iii)

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

            

    

     

    
      	 	
              (iv)

            	
              [reserved];

            

    

     

    
      	 	
              (v)

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

            

    

     

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

     

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

     

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

     

    (e) with
      respect to Subordinate Certificates relating to Collateral Pool 2, any Class
      A
      Principal Adjustment Amount, if (i) the Subordination Test with respect to
      the
      related Subordinate Certificates has been met with respect to such Distribution
      Date and (ii) there are Class A Certificates remaining outstanding relating
      to
      more than one Loan Group in such Collateral Pool. 

     

    “Subordination
      Test”: With respect to Collateral Pool 2, the Subordination Test will be met if
      the Group 2 Subordinate Percentage is equal to or greater than two times the
      initial Group 2 Subordinate Percentage. 

     

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

     

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

     

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

     

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

     

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

     

    “Super
      Senior Certificates”: Class
      1-A1A Certificates, Class 1-A2A Certificates, Class 2-A1A Certificates, Class
      2-A2A Certificates, Class 2-A3A Certificates and Class 2-A4A
      Certificates.
      

     

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

     

    “Termination
      Price”: As defined in Section 9.01.

     

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

     

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

     

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

     

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

     

    “Trigger
      Amount”: The Trigger Amount for Collateral Pool 1 and Collateral Pool 2 and for
      any Distribution Date occurring after the first seven years from the Closing
      Date will be as follows: for any Distribution Date on or after the seventh
      and
      prior to the eighth anniversary of the first Distribution Date, 30% of the
      initial sum of the Certificate Principal Balances of the related Subordinate
      Certificates; for any Distribution Date on or after the eighth and prior to
      the
      ninth anniversary of the first Distribution Date, 35% of the initial sum of
      the
      Certificate Principal Balances of the related Subordinate Certificates; for
      any
      Distribution Date on or after the ninth and prior to the tenth anniversary
      of
      the first Distribution Date, 40% of the initial sum of the Certificate Principal
      Balances of the related Subordinate Certificates; for any Distribution Date
      on
      or after the tenth and prior to the eleventh anniversary of the first
      Distribution Date, 45% of the initial sum of the Certificate Principal Balances
      of the related Subordinate Certificates; and for any Distribution Date on or
      after the eleventh anniversary of the first Distribution Date, 50% of the
      initial sum of the Certificate Principal Balances of the related Subordinate
      Certificates.

     

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

     

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

     

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

     

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

     

    “Uncertificated
      Balance”: The amount of any REMIC Regular Interest outstanding as of any date of
      determination. As of the Closing Date, the Uncertificated Balance of each such
      REMIC Regular Interest shall equal the amount set forth in the Preliminary
      Statement hereto as its initial Uncertificated Balance. On each Distribution
      Date, the Uncertificated Balance of each such REMIC Regular Interest shall
      be
      reduced by all distributions of principal made on such REMIC Regular Interest
      on
      such Distribution Date pursuant to Section 4.08 and, if and to the extent
      necessary and appropriate, shall be further reduced on such Distribution Date
      by
      Realized Losses as provided in Section 4.04.

     

    
      “Undercollateralized
        Amount”: As to any Distribution Date and any Loan Group, the excess, if any, of
        the Certificate Principal Balance of the Super Senior Certificates and the
        related Senior Support Certificates or the Component Principal Balance of
        the
        related Senior Support Component, as applicable, immediately prior to such
        Distribution Date over the sum of (i) the aggregate Scheduled Principal Balance
        of the related Mortgage Loans plus (ii) the aggregate Scheduled Principal
        Balance of the REO Properties in the related Loan Group, in each case before
        reduction for any Realized Losses on such Distribution Date. 

       

    

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

     

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

     

    “United
      States Person”: A citizen or resident of the United States, a corporation,
      partnership or other entity created or organized in, or under the laws of,
      the
      United States, any State thereof or the District of Columbia (except, in the
      case of a partnership, to the extent provided in regulations); provided that,
      for purposes solely of the restrictions on the transfer of the Residual
      Certificates, no partnership or other entity treated as a partnership for United
      States federal income tax purposes shall be treated as a United States Person
      unless all persons that own an interest in such partnership either directly
      or
      through any entity that is not a corporation for United States federal income
      tax purposes are required by the applicable operative agreement to be United
      States Persons, or an estate whose income is subject to United States federal
      income tax regardless of its source, or a trust if a court within the United
      States is able to exercise primary supervision over the administration of the
      trust and one or more United States Persons have the authority to control all
      substantial decisions of the trust. To the extent prescribed in regulations
      by
      the Secretary of the Treasury, a trust which was in existence on August 20,
      1996
      (other than a trust treated as owned by the grantor under subpart E of part
      I of
      subchapter J of chapter 1 of the Code), and which was treated as a United States
      person on August 20, 1996 may elect to continue to be treated as a United States
      person notwithstanding the previous sentence. The term “United States” shall
      have the meaning set forth in Section 7701 of the Code.

     

    “Value”:
      With respect to any Mortgaged Property, the value thereof as determined by
      an
      appraisal made for the originator of the Mortgage Loan at the time of
      origination of the Mortgage Loan or such other value assigned to such Mortgaged
      Property by the originator at the time of origination of the Mortgage
      Loan.

     

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

     

    The
      portion of the voting rights of all of the Certificates which is allocated
      to
      any Certificate. At all times during the term of this Agreement, (i) 98% of
      all
      of the Voting Rights relating to Collateral Pool 2 shall be allocated to the
      Holders of the related Classes of Regular Certificates (other than the related
      Residual Certificates and the related Interest Only Certificates) in proportion
      to their then outstanding Certificate Principal Balances, (ii) 1% of all Voting
      Rights relating to such Collateral Pool will be allocated among the Holders
      of
      the Interest Only Certificates and (iii) 1% of all Voting Rights relating to
      such Collateral Pool will be allocated among the Holders of the related Residual
      Certificates. All Voting Rights allocated to any Holders of any Class of
      Certificates shall be allocated among the Holders of the Certificates of such
      Class pro
      rata
      in
      accordance with the respective Percentage Interests evidenced thereby.

     

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

     

    “Wells
      Fargo Mortgage Loans”: The
      Mortgage Loans originated by Wells Fargo, Taylor, Bean & Whitaker Mortgage
      Corporation, Weichert Financial Services or American Home Mortgage Corp. and
      serviced by Wells Fargo.

     

    
      	SECTION
              1.02  	
              Allocation
                of Certain Interest Shortfalls.

            

    

     

    The
      aggregate amount of any Prepayment Interest Shortfalls (to the extent not
      covered by payments by the Master Servicer pursuant to Section 3.24) and any
      Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans in
      a
      Collateral Pool for any Distribution Date shall be allocated among the related
      Certificates (other
      than the Class 2-P Certificates) pro
      rata
      in
      accordance with, and to the extent of one month’s interest at the Pass Through
      Rate on the respective Certificate Principal Balance or Notional Amount of
      such
      Certificate immediately prior to such Distribution Date.

     

    
      The
        aggregate amount of any Prepayment Interest Shortfalls (to the extent not
        covered by payments by the Master Servicer pursuant to Section 3.24) and
        any
        Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans
        in a
        Collateral Pool for any Distribution Date shall be allocated, with respect
        to
        the Group 1 Loans, among the REMIC I-A Regular Interests pro
        rata
        in
        accordance with and to the extent of one month’s interest at the REMIC I-A
        Remittance Rate on the respective Uncertificated Balances of such regular
        interests. With respect to the Group 2 Loans, such Prepayment Interest
        Shortfalls and Relief Act Interest Shortfalls shall be allocated among the
        REMIC
        II-A Regular Interests (other than REMIC II-A Regular Interest LT-P)
pro
        rata
        in
        accordance with, and to the extent of, one month’s interest at the REMIC II-A
        Remittance Rate on the respective Uncertificated Balances of such regular
        interests, and then to the REMIC II-B Regular Interests (other than REMIC
        II-B
        Regular Interest LT2-P) in the same manner and with same priorities as such
        Prepayment Interest Shortfalls and Relief Act Interest Shortfalls are allocated
        to the Corresponding Certificates.

       

       

    

     

    ARTICLE
      II

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    
      	SECTION
              2.01  	
              Conveyance
                of Mortgage Loans.

            

    

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee without recourse
      for the benefit of the Certificateholders all the right, title and interest
      of
      the Depositor, including any security interest therein for the benefit of the
      Depositor, in and to the Mortgage Loans identified on the Mortgage Loan
      Schedule, the rights of the Depositor under the Mortgage Loan Purchase Agreement
      (except Section 18 thereof), and all other assets included or to be included
      in
      REMIC I-A and REMIC II-A. Such assignment includes all interest and principal
      received by the Depositor or the Master Servicer on or with respect to the
      Mortgage Loans (other than payments of principal and interest due on such
      Mortgage Loans on or before the Cut-off Date). The Depositor herewith delivers
      to the Trustee an executed copy of the Mortgage Loan Purchase Agreement, and
      the
      Trustee, on behalf of the Certificateholders, acknowledges receipt of the same.
      

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	SECTION
              2.02  	
              Acceptance
                of the Trust Fund by the Trustee.

            

    

     

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

     

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

     

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

     

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

     

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

            

    

     

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

     

    (b)  Reserved.

     

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

     

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

     

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

     

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

     

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

     

    (e)  Upon
      discovery by the Depositor, the Master Servicer, the Trust Administrator or
      the
      Trustee that any Mortgage Loan does not constitute a “qualified mortgage” within
      the meaning of Section 860G(a)(3) of the Code, the party discovering such fact
      shall within two Business Days give written notice thereof to the other parties
      to this Agreement, and the Trustee shall give written notice thereof to the
      Seller. In connection therewith, the Seller pursuant to the Mortgage Loan
      Purchase Agreement or the Depositor pursuant to this Agreement shall repurchase
      or, subject to the limitations set forth in Section 2.03(d), substitute one
      or
      more Qualified Substitute Mortgage Loans for the affected Mortgage Loan within
      90 days of the earlier of discovery or receipt of such notice with respect
      to
      such affected Mortgage Loan. Such repurchase or substitution shall be made
      by
      (i) the Seller if the affected Mortgage Loan’s status as a non-qualified
      mortgage is or results from a breach of any representation, warranty or covenant
      made by the Seller under the Mortgage Loan Purchase Agreement or (ii) the
      Depositor, if the affected Mortgage Loan’s status as a non-qualified mortgage is
      a breach of no representation or warranty. Any such repurchase or substitution
      shall be made in the same manner as set forth in Sections 2.03(a) and 2.03(d).
      The Trustee shall reconvey to the Depositor or the Seller, as the case may
      be,
      the Mortgage Loan to be released pursuant hereto in the same manner, and on
      the
      same terms and conditions, as it would a Mortgage Loan repurchased by the Seller
      for breach of a representation or warranty.

     

    
      	SECTION
              2.04  	
              Reserved.

            

    

     

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

            

    

     

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

     

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

     

    (ii)  The
      Master Servicer has the full corporate power and authority to service each
      Mortgage Loan, and to execute, deliver and perform, and to enter into and
      consummate the transactions contemplated by this Agreement and has duly
      authorized by all necessary corporate action on the part of the Master Servicer
      the execution, delivery and performance of this Agreement; and this Agreement,
      assuming the due authorization, execution and delivery thereof by the other
      parties hereto, constitutes a legal, valid and binding obligation of the Master
      Servicer, enforceable against the Master Servicer in accordance with its terms,
      except to the extent that (a) the enforceability thereof may be limited by
      bankruptcy, insolvency, moratorium, receivership and other similar laws relating
      to creditors’ rights generally and (b) the remedy of specific performance and
      injunctive and other forms of equitable relief may be subject to the equitable
      defenses and to the discretion of the court before which any proceeding therefor
      may be brought;

     

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

     

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

     

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

     

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

     

    (vii)  The
      Master Servicer covenants that its computer and other systems used in servicing
      the Mortgage Loans operate in a manner such that the Master Servicer can service
      the Mortgage Loans in accordance with the terms of this Agreement;
      and

     

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

     

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

     

    
      	SECTION
              2.06  	
              Issuance
                of the Certificates.

            

    

     

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

     

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

            

    

     

    The
      rights of the Class 1-R Certificateholders and of the Class 2-R
      Certificateholders, and of the holder of each REMIC Regular Interest created
      hereunder and the Holder of each Regular Certificate to receive distributions,
      and all ownership interests evidenced or constituted by the Class 1-R
      Certificates, the Class 2-R Certificates and the Regular Certificates, shall
      be
      as set forth in this Agreement.

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without recourse
      all the right, title and interest of the Depositor in and to the REMIC I-A
      Regular Interests for the benefit of the Class 1-R Certificateholders (as holder
      of the Class R-IA Residual Interest) and REMIC I-B (as holder of the REMIC
      I-A
      Regular Interests). The Trustee acknowledges receipt of the REMIC I-A Regular
      Interests and declares that it holds and will hold the same in trust for the
      exclusive use and benefit of all present and future Class 1-R Certificateholders
      (as holder of the Class R-IA Residual Interest) and REMIC I-B (as holder of
      the
      REMIC I-A Regular Interests). The rights of the Class 1-R Certificateholders
      (as
      holder of the Class R-IA Interest) and of REMIC I-B (as holder of the REMIC
      I-A
      Regular Interests) to receive distributions from the proceeds of REMIC I-A,
      and
      all ownership interests evidenced or constituted by the Class 1-R Certificates
      and the Group 1 Certificates evidencing interests in REMIC I-B, shall be as
      set
      forth in this Agreement. 

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without recourse
      all the right, title and interest of the Depositor in and to the REMIC II-A
      Regular Interests for the benefit of the Class 2-R Certificateholders (as holder
      of the Class R-IIA Residual Interest) and REMIC II-B (as holder of the REMIC
      II-A Regular Interests). The Trustee acknowledges receipt of the REMIC II-A
      Regular Interests and declares that it holds and will hold the same in trust
      for
      the exclusive use and benefit of all present and future Class 2-R
      Certificateholders (as holder of the Class R-IIA Residual Interest) and REMIC
      II-B (as holder of the REMIC II-A Regular Interests). The rights of the Class
      2-R Certificateholders (as holder of the Class R-IIA Interest) and of REMIC
      II-B
      (as holder of the REMIC II-A Regular Interests) to receive distributions from
      the proceeds of REMIC II-A, and all ownership interests evidenced or constituted
      by the Class 2-R Certificates (as holder of the Class R-IIA Interest) and the
      REMIC II-B Regular Interests evidencing interests in REMIC II-B, shall be as
      set
      forth in this Agreement. 

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without recourse
      all the right, title and interest of the Depositor in and to the REMIC II-B
      Regular Interests for the benefit of the Class 2-R Certificateholders (as holder
      of the Class R-IIB Residual Interest) and REMIC II-C (as holder of the REMIC
      II-B Regular Interests). The Trustee acknowledges receipt of the REMIC II-B
      Regular Interests and declares that it holds and will hold the same in trust
      for
      the exclusive use and benefit of all present and future Class 2-R
      Certificateholders (as holder of the Class R-IIB Residual Interest) and REMIC
      II-C (as holder of the REMIC II-B Regular Interests). The rights of the Class
      2-R Certificateholders (as holder of the Class R-IIB Interest) and of REMIC
      II-C
      (as holder of the REMIC II-B Regular Interests) to receive distributions from
      the proceeds of REMIC II-B, and all ownership interests evidenced or constituted
      by the Class 2-R Certificates (as holder of the Class R-IIB Interest) and the
      Group 2 Certificates evidencing interests in REMIC II-C, shall be as set forth
      in this Agreement.

     

    

    

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    
      	SECTION
              3.01  	
              Master
                Servicer to Act as Master Servicer.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    The
      Master Servicer further is authorized and empowered by the Trustee, on behalf
      of
      the Certificateholders and the Trustee, in its own name or in the name of the
      Sub-Servicer, when the Master Servicer or the Sub-Servicer, as the case may
      be,
      believes it is appropriate in its best judgment to register any Mortgage Loan
      on
      the MERS System, or cause the removal from the registration of any Mortgage
      Loan
      on the MERS System, to execute and deliver, on behalf of the Trustee and the
      Certificateholders or any of them, any and all instruments of assignment and
      other comparable instruments with respect to such assignment or re-recording
      of
      a Mortgage in the name of MERS, solely as nominee for the Trustee and its
      successors and assigns. Any reasonable expenses (i) incurred as a result of
      MERS
      discontinuing or becoming unable to continue operations in connection with
      the
      MERS System or (ii) if the affected Mortgage Loan is in default or, in the
      judgment of the Master Servicer, such default is reasonably foreseeable,
      incurred in connection with the actions described in the preceding sentence,
      shall be subject to withdrawal by the Master Servicer from the Collection
      Account.

     

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

     

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

     

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

     

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

            

    

     

    (a)  The
      Master Servicer may enter into Sub-Servicing
      Agreements
      (provided that such agreements would not result in a withdrawal or a downgrading
      by the Rating Agencies of the rating on any Class of Certificates) with
      Sub-Servicers, for the servicing and administration of the Mortgage Loans.
      As of
      the Cut-Off Date, Countrywide Home Loans Servicing LP is the Sub-Servicer with
      respect to the Countrywide Mortgage Loans and in such capacity Countrywide
      Home
      Loans Servicing LP will be primarily responsible for the servicing of such
      Mortgage Loans. As of the Cut-Off date, GreenPoint is the Sub-Servicer with
      respect to the GreenPoint Mortgage Loans and in such capacity GreenPoint will
      be
      primarily responsible for the servicing of such Mortgage Loans. As of the
      Cut-Off date, National City is the Sub-Servicer with respect to the National
      City Mortgage Loans and in such capacity National City will be primarily
      responsible for the servicing of such Mortgage Loans. As of the Cut-Off Date,
      PHH is the Sub-Servicer with respect to the PHH Mortgage Loans and in such
      capacity PHH will be primarily responsible for the servicing of such Mortgage
      Loans. As of the Cut-Off Date, Wells Fargo is the Sub-Servicer with respect
      to
      the Mortgage Loans originated by Taylor,
      Bean & Whitaker Mortgage Corporation, Weichert Financial Services or
      American Home Mortgage Corp. and
      in
      such capacity Wells Fargo will be primarily responsible for the servicing of
      such Mortgage Loans. As of the Cut-Off Date, CitiMortgage is the Sub-Servicer
      with respect to the Mortgage Loans originated by American Home Mortgage Corp.
      and in such capacity CitiMortgage will be primarily responsible for the
      servicing of such Mortgage Loans. As of the Cut-Off Date, GMAC is the
      Sub-Servicer with respect to the Mortgage Loans originated by MortgageIT,
      Inc. and Ameriquest Mortgage Company
      and in
      such capacity GMAC will be primarily responsible for the servicing of such
      Mortgage Loans.

     

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

     

    (c)  As
      part
      of its servicing activities hereunder, the Master Servicer (except as otherwise
      provided in the last sentence of this paragraph), for the benefit of the Trustee
      and the Certificateholders, shall enforce the obligations of each Sub-Servicer
      under the related Sub-Servicing Agreement and of the Seller under the Mortgage
      Loan Purchase Agreement, including, without limitation, any obligation to make
      advances in respect of delinquent payments as required by a Sub- Servicing
      Agreement, or to purchase a Mortgage Loan on account of missing or defective
      documentation or on account of a breach of a representation, warranty or
      covenant, as described in Section 2.03(a). Such enforcement, including, without
      limitation, the legal prosecution of claims, termination of Sub-Servicing
      Agreements, and the pursuit of other appropriate remedies, shall be in such
      form
      and carried out to such an extent and at such time as the Master Servicer,
      in
      its good faith business judgment, would require were it the owner of the related
      Mortgage Loans. The Master Servicer shall pay the costs of such enforcement
      at
      its own expense, and shall be reimbursed therefor only (i) from a general
      recovery resulting from such enforcement, to the extent, if any, that such
      recovery exceeds all amounts due in respect of the related Mortgage Loans,
      or
      (ii) from a specific recovery of costs, expenses or attorneys’ fees against the
      party against whom such enforcement is directed.

     

    
      	SECTION
              3.03  	
              Successor
                Sub-Servicers.

            

    

     

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

     

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

     

    
      	SECTION
              3.04  	
              Liability
                of the Master Servicer.

            

    

     

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

     

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

            

    

     

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

     

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

            

    

     

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

     

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

     

    
      	SECTION
              3.07  	
              Collection
                of Certain Mortgage Loan Payments.

            

    

     

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

     

    
      	SECTION
              3.08  	
              Sub-Servicing
                Accounts.

            

    

     

    In
      those
      cases where a Sub-Servicer is servicing a Mortgage Loan pursuant to a
      Sub-Servicing Agreement, the Sub-Servicer will be required to establish and
      maintain one or more accounts (collectively, the “Sub-Servicing Account”). The
      Sub-Servicing Account shall be an Eligible Account and shall comply with all
      requirements of this Agreement relating to the Collection Account (provided,
      however, that in the case of each Initial Sub-Servicing Agreement, the
      applicable Sub-Servicing Account shall comply with all requirements of the
      Initial Sub-Servicing Agreement relating to the custodial account provided
      for
      therein). The Sub-Servicer shall deposit in the clearing account (which account
      must be an Eligible Account) in which it customarily deposits payments and
      collections on mortgage loans in connection with its mortgage loan servicing
      activities on a daily basis, and in no event more than two Business Days after
      the Sub-Servicer’s receipt thereof, all proceeds of Mortgage Loans received by
      the Sub-Servicer less its servicing compensation to the extent permitted by
      the
      Sub-Servicing Agreement, and shall thereafter deposit such amounts in the
      Sub-Servicing Account, in no event more than one Business Day after the deposit
      of such funds into the clearing account. The Sub-Servicer shall thereafter
      remit
      such proceeds to the Master Servicer for deposit in the Collection Account
      not
      later than two Business Days after the deposit of such amounts in the
      Sub-Servicing Account (or, in the case of the Initial Sub-Servicing Agreement,
      at such time as is required pursuant to the terms of the Initial Sub-Servicing
      Agreement). For purposes of this Agreement, the Master Servicer shall be deemed
      to have received payments on the Mortgage Loans when the Sub-Servicer receives
      such payments.

     

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

            

    

     

    The
      Master Servicer shall establish and maintain (or cause a Sub-Servicer to
      establish and maintain) one or more accounts (the “Servicing Accounts”), into
      which all collections from the Mortgagors (or related advances from
      Sub-Servicers) for the payment of ground rents, taxes, assessments, fire and
      hazard insurance premiums, Primary Mortgage Insurance Premiums, water charges,
      sewer rents and comparable items for the account of the Mortgagors (“Escrow
      Payments”) shall be deposited and retained. Servicing Accounts shall be Eligible
      Accounts. The Master Servicer (or the applicable Sub-Servicer) shall deposit
      in
      the clearing account (which account must be an Eligible Account) in which it
      customarily deposits payments and collections on mortgage loans in connection
      with its mortgage loan servicing activities on a daily basis, and in no event
      more than two Business Days after the Master Servicer’s (or the applicable
      Sub-Servicer’s) receipt thereof, all Escrow Payments collected on account of the
      Mortgage Loans and shall thereafter deposit such Escrow Payments in the
      Servicing Accounts, in no event more than one Business Day after the deposit
      of
      such funds in the clearing account, for the purpose of effecting the payment
      of
      any such items as required under the terms of this Agreement. Withdrawals of
      amounts from a Servicing Account may be made only to (i) effect payment of
      Escrow Payments; (ii) reimburse the Master Servicer (or a Sub-Servicer to the
      extent provided in the related Sub-Servicing Agreement) out of related
      collections for any advances made pursuant to Section 3.01 (with respect to
      taxes and assessments) and Section 3.14 (with respect to hazard insurance);
      (iii) refund to Mortgagors any sums as may be determined to be overages; (iv)
      pay interest, if required and as described below, to Mortgagors on balances
      in
      the Servicing Account; (v) clear and terminate the Servicing Account at the
      termination of the Master Servicer’s obligations and responsibilities in respect
      of the Mortgage Loans under this Agreement in accordance with Article IX; or
      (vi) recover amounts deposited in error. As part of its servicing duties, the
      Master Servicer or Sub-Servicers shall pay to the Mortgagors interest on funds
      in Servicing Accounts, to the extent required by law and, to the extent that
      interest earned on funds in the Servicing Accounts is insufficient, to pay
      such
      interest from its or their own funds, without any reimbursement therefor. To
      the
      extent that a Mortgage does not provide for Escrow Payments, the Master Servicer
      shall determine whether any such payments are made by the Mortgagor in a manner
      and at a time that avoids the loss of the Mortgaged Property due to a tax sale
      or the foreclosure of a tax lien. The Master Servicer assumes full
      responsibility for the payment of all such bills and shall effect payments
      of
      all such bills irrespective of the Mortgagor’s faithful performance in the
      payment of same or the making of the Escrow Payments and shall make advances
      from its own funds to effect such payments.

     

    
      	SECTION
              3.10  	
              Collection
                Account and Distribution Account.

            

    

     

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

     

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

     

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

     

    (iii)  all
      Insurance Proceeds, Subsequent Recoveries and Liquidation Proceeds (other than
      proceeds collected in respect of any particular REO Property and amounts paid
      by
      the Master Servicer in connection with a purchase of Mortgage Loans and REO
      Properties pursuant to Section 9.01);

     

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

     

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

     

    (vi)  all
      proceeds of any Mortgage Loan repurchased or purchased in accordance with
      Section 2.03, Section 3.16(c) or Section 9.01; 

     

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

     

    (viii)  [reserved];
      and

     

    (ix)  any
      amounts required to be transferred from any Buydown Account pursuant to Section
      3.26.

     

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

     

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

     

    (b)  On
      behalf
      of the Trust Fund, the Paying Agent on behalf of the Trust Administrator shall
      establish and maintain one or more separate, segregated trust accounts (such
      account or accounts, the “Distribution Account”), held in trust for the benefit
      of the Certificateholders. On behalf of the Trust Fund, the Master Servicer
      shall deliver to the Paying Agent in immediately available funds for deposit
      in
      the Distribution Account on or before 12:00 p.m. New York time (i) on the Master
      Servicer Remittance Date, that portion of the Available Distribution Amount
      (calculated without regard to the subtraction therefrom of any amounts described
      in clause (ii)(a) of the definition thereof) for the related Distribution Date
      then on deposit in the Collection Account and (ii) on each Business Day as
      of
      the commencement of which the balance on deposit in the Collection Account
      exceeds $75,000 following any withdrawals pursuant to the next succeeding
      sentence, the amount of such excess, but only if the Collection Account
      constitutes an Eligible Account solely pursuant to clause (ii) of the definition
      of “Eligible Account.” If the balance on deposit in the Collection Account
      exceeds $75,000 as of the commencement of business on any Business Day and
      the
      Collection Account constitutes an Eligible Account solely pursuant to clause
      (ii) of the definition of “Eligible Account,” the Master Servicer shall, on or
      before 12:00 p.m. New York time on such Business Day, withdraw from the
      Collection Account any and all amounts payable or reimbursable to the Depositor,
      the Master Servicer, the Trustee, the Trust Administrator, the Seller or any
      Sub-Servicer pursuant to Section 3.11 and shall pay such amounts to the Persons
      entitled thereto.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	SECTION
              3.11  	
              Withdrawals
                from the Collection Account and Distribution
                Account.

            

    

     

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

     

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

     

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

     

    (iii)  subject
      to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (A) any
      unpaid Servicing Fees, (B) any unreimbursed Servicing Advances with respect
      to
      each Mortgage Loan, but only to the extent of any Liquidation Proceeds,
      Insurance Proceeds or other amounts as may be collected by the Master Servicer
      from a Mortgagor, or otherwise received with respect to such Mortgage Loan
      and
      (C) any nonrecoverable Servicing Advances following the final liquidation of
      a
      Mortgage Loan, but only to the extent that Late Collections, Liquidation
      Proceeds and Insurance Proceeds received with respect to such Mortgage Loan
      are
      insufficient to reimburse the Master Servicer or any Sub-Servicer for such
      Servicing Advances;

     

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

     

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

     

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

     

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

     

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

     

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

     

    (x)  [reserved];
      and

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (v)  to
      pay
      any Extraordinary Trust Fund Expenses;

     

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

     

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

     

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

            

    

     

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

     

    
      	 	
              (x)

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

            

    

     

    
      	 	
              (y)

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

            

    

     

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

     

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

     

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

     

    
      	SECTION
              3.13  	
              Maintenance
                of the Primary Mortgage Insurance Policies; Collections
                Thereunder.

            

    

     

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

     

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

     

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

     

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

            

    

     

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

     

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

     

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

     

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

            

    

     

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

     

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

     

    
      	SECTION
              3.16  	
              Realization
                Upon Defaulted Mortgage Loans.

            

    

     

    (a)  The
      Master Servicer shall, consistent with the servicing standard set forth in
      Section 3.01, foreclose upon or otherwise comparably convert the ownership
      of
      properties securing such of the Mortgage Loans as come into and continue in
      default and as to which no satisfactory arrangements can be made for collection
      of delinquent payments pursuant to Section 3.07. The Master Servicer shall
      be
      responsible for all costs and expenses incurred by it in any such proceedings;
      provided, however, that such costs and expenses will be recoverable as Servicing
      Advances by the Master Servicer as contemplated in Section 3.11 and Section
      3.23. The foregoing is subject to the provision that, in any case in which
      Mortgaged Property shall have suffered damage from an Uninsured Cause, the
      Master Servicer shall not be required to expend its own funds toward the
      restoration of such property unless it shall determine in its discretion that
      such restoration will increase the proceeds of liquidation of the related
      Mortgage Loan after reimbursement to itself for such expenses.

     

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

     

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

     

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

     

    The
      cost
      of the environmental audit report contemplated by this Section 3.23 shall be
      advanced by the Master Servicer, subject to the Master Servicer’s right to be
      reimbursed therefor from the Collection Account as provided in Section
      3.11(a)(ix), such right of reimbursement being prior to the rights of
      Certificateholders to receive any amount in the Collection Account received
      in
      respect of the affected Mortgage Loan or other Mortgage Loans.

     

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

     

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

     

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

     

    
      	SECTION
              3.17  	
              Trustee
                to Cooperate; Release of Mortgage
                Files.

            

    

     

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

     

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

     

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

     

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

     

    
      	SECTION
              3.18  	
              Servicing
                Compensation.

            

    

     

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

     

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

     

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

            

    

     

    Not
      later
      than fifteen days after each Distribution Date, the Master Servicer shall
      forward to the Trust Administrator and the Trustee, upon the request of the
      Trust Administrator or the Trustee, a statement prepared by the Master Servicer
      setting forth the status of the Collection Account as of the close of business
      on the last day of the calendar month relating to such Distribution Date and
      showing, for the period covered by such statement, the aggregate amount of
      deposits into and withdrawals from the Collection Account of each category
      of
      deposit specified in Section 3.10(a) and each category of withdrawal specified
      in Section 3.11. Such statement may be in the form of the then current Fannie
      Mae Monthly Accounting Report for its Guaranteed Mortgage Pass-Through Program
      with appropriate additions and changes, and shall also include information
      as to
      the aggregate of the outstanding principal balances of all of the Mortgage
      Loans
      as of the last day of the calendar month immediately preceding such Distribution
      Date. Copies of such statement shall be provided by the Trust Administrator
      to
      the Certificates Registrar, and the Certificate Registrar shall provide the
      same
      to any Certificateholder and to any Person identified to the Certificate
      Registrar as a prospective transferee of a Certificate, upon the request and
      at
      the expense of the requesting party, provided such statement is delivered by
      the
      Master Servicer to the Trust Administrator and by the Trust Administrator to
      the
      Certificate Registrar.

     

    
      	SECTION
              3.20  	
              Statement
                as to Compliance.

            

    

     

    The
      Master Servicer shall deliver to the Depositor and the Trust Administrator,
      on
      or before March 15th
      of each
      calendar year beginning in 2007, an Officers’ Certificate (an “Annual Statement
      of Compliance”) stating, as to each signatory thereof, that (i) a review of the
      activities of the Master Servicer during the preceding calendar year and of
      performance under this Agreement has been made under such officers’ supervision
      and (ii) to the best of such officers’ knowledge, based on such review, the
      Master Servicer has fulfilled all of its obligations under this Agreement in
      all
      material respects throughout such year, or, if there has been a failure to
      fulfill any such obligation in any material respect, specifying each such
      failure known to such officer and the nature and status of cure provisions
      thereof. The Master Servicer shall deliver, or cause any Sub-Servicer to
      deliver, a similar Annual Statement of Compliance by any Sub-Servicer to which
      any servicing responsibilities have been delegated with respect to the Mortgage
      Loans, to the Depositor and the Trust Administrator as described above as and
      when required with respect to the Master Servicer. 

     

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

     

    Failure
      of the Master Servicer to comply with this Section 3.20 shall be deemed a Master
      Servicer Event of Default and the Trustee at the direction of the Depositor
      shall, in addition to whatever rights the Trustee may have under this Agreement
      and at law or equity or to damages, including injunctive relief and specific
      performance, upon notice immediately terminate all of the rights and obligations
      of the Master Servicer under this Agreement and in and to the Mortgage Loans
      and
      the proceeds thereof without compensating the Master Servicer for the same.
      This
      paragraph shall supersede any other provision in this Agreement or any other
      agreement to the contrary. 

     

    The
      Master Servicer shall indemnify and hold harmless the Depositor and its
      officers, directors and Affiliates from and against any actual losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses that such Person may sustain
      based
      upon a breach of the Master Servicer’s obligations under this Section
      3.20.

     

    
      	SECTION
              3.21  	
              Assessments
                of Compliance and Attestation
                Reports.

            

    

     

    (a)  The
      Master Servicer shall service and administer the Mortgage Loans in accordance
      with all applicable requirements of the Servicing Criteria (as set forth in
      Exhibit C hereto). The Master Servicer shall deliver to the Depositor and the
      Trust Administrator or cause to be delivered to the Depositor and the Trust
      Administrator, on or before March 1st
      of each
      calendar year beginning in 2007, the following: 

     

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

     

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

     

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

     

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

     

    (b)  As
      provided in 3.21(a)(iii) above, the Master Servicer shall, or shall cause any
      Sub-Servicer and each subcontractor determined by the Master Servicer to be
      “participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB to, deliver to the Trust Administrator and the Depositor an
      Assessment of Compliance and Attestation Report as and when provided
      above.

     

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

     

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

     

    Failure
      of the Master Servicer to timely comply with this Section 3.21 shall be deemed
      a
      Master Servicer Event of Default, and upon the receipt of written notice from
      the Trustee of such Event of Default, the Trustee at the direction of the
      Depositor may, in addition to whatever rights the Trustee may have under this
      Agreement and at law or equity or to damages, including injunctive relief and
      specific performance, upon notice immediately terminate all the rights and
      obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same. This paragraph shall supercede any other provision in this
      Agreement or any other agreement to the contrary.

     

    The
      Trust
      Administrator shall also provide an Assessment of Compliance and Attestation
      Report, as and when provided above, which shall at a minimum address each of
      the
      Servicing Criteria specified on Exhibit C hereto which are indicated as
      applicable to the Trust Administrator. The Paying Agent, Certificate Registrar
      and Authenticating Agent shall also provide an Assessment of Compliance and
      Attestation Report, as and when provided above, which shall at a minimum address
      each of the Servicing Criteria specified on Exhibit C hereto which are indicated
      as applicable to the Paying Agent, Certificate Registrar and Authenticating
      Agent. The Master Servicer shall on behalf of the Trustee enforce the
      obligations of the Custodian under the Custodial Agreement to provide an
      Assessment of Compliance and Attestation Report, as, when and to the extent
      set
      forth in the Custodial Agreement.

     

    The
      Master Servicer shall indemnify and hold harmless the Depositor and its
      officers, directors and Affiliates from and against any actual losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses that such Person may sustain
      based
      upon a breach of the Master Servicer’s obligations, as applicable, under this
      Section 3.21. The Trust Administrator shall indemnify and hold harmless the
      Depositor and its officers, directors and Affiliates from and against any actual
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses that such Person
      may sustain based upon any failure of the Trust Administrator to deliver when
      required its Assessment of Compliance and Attestation Report. The Paying Agent,
      Certificate Registrar and Authenticating Agent shall indemnify and hold harmless
      the Depositor and its officers, directors and Affiliates from and against any
      actual losses, damages, penalties, fines, forfeitures, reasonable and necessary
      legal fees and related costs, judgments and other costs and expenses that such
      Person may sustain based upon any failure of the Paying Agent, Certificate
      Registrar and Authenticating Agent to deliver when required its Assessment
      of
      Compliance.

     

    
      	SECTION
              3.22  	
              Access
                to Certain Documentation.

            

    

     

    The
      Master Servicer shall provide to the Office of the Controller of the Currency,
      the Office of Thrift Supervision, the FDIC, and any other federal or state
      banking or insurance regulatory authority that may exercise authority over
      any
      Certificateholder, access to the documentation regarding the Mortgage Loans
      required by applicable laws and regulations. Such access shall be afforded
      without charge, but only upon reasonable request and during normal business
      hours at the offices of the Master Servicer designated by it. In addition,
      access to the documentation regarding the Mortgage Loans required by applicable
      laws and regulations will be provided to such Certificateholder, the Trustee,
      the Trust Administrator and to any Person identified to the Master Servicer
      as a
      prospective transferee of a Certificate, upon reasonable request during normal
      business hours at the offices of the Master Servicer designated by it at the
      expense of the Person requesting such access.

     

    
      	SECTION
              3.23  	
              Title,
                Management and Disposition of REO
                Property.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

            

    

     

    With
      respect to each Collateral Pool, the Master Servicer shall deliver to the Paying
      Agent for deposit into the Distribution Account on or before 12:00 p.m. New
      York
      time on the Master Servicer Remittance Date from its own funds (or from a
      Sub-Servicer’s own funds received by the Master Servicer in respect of
      Compensating Interest) an amount equal to the lesser of (i) the aggregate of
      the
      Prepayment Interest Shortfalls for the related Distribution Date resulting
      from
      full or partial Principal Prepayments during the related Prepayment Period
      and
      (ii) the applicable Compensating Interest Payment for that Collateral
      Pool.

     

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

            

    

     

    In
      the
      event that a shortfall in any collection on or liability with respect to any
      Mortgage Loan results from or is attributable to adjustments to Stated Principal
      Balances that were made by the Master Servicer in a manner not consistent with
      the terms of the related Mortgage Note and this Agreement, the Master Servicer,
      upon discovery or receipt of notice thereof, immediately shall deliver to the
      Paying Agent for deposit in the Distribution Account from its own funds the
      amount of any such shortfall and shall indemnify and hold harmless the Trust
      Fund, the Trustee, the Trust Administrator, the Depositor and any successor
      master servicer in respect of any such liability. Such indemnities shall survive
      the termination or discharge of this Agreement. If amounts paid by the Master
      Servicer with respect to any Mortgage Loan pursuant to this Section 3.25 are
      subsequently recovered from the related Mortgagor, the Master Servicer shall
      be
      permitted to reimburse itself for such amounts paid by it pursuant to this
      Section 3.25 from such recoveries.

     

    
      	SECTION
              3.26  	
              Administration
                of Buydown Funds.

            

    

     

    The
      Buydown Account established and maintained by the Master Servicer with respect
      to each Buydown Mortgage Loan shall be an Eligible Account. Upon receipt from
      the Mortgagor of the amount due on a Due Date for each Buydown Mortgage Loan,
      the Master Servicer will withdraw from the related Buydown Account the
      predetermined amount that, when added to the amount due on such date from the
      Mortgagor, equals the Monthly Payment and will deposit that amount together
      with
      the related payment made by the Mortgagor in the Collection Account.
The
      Buydown Account shall not be an asset of any REMIC and for federal income tax
      purposes shall be owned by the Master Servicer or the applicable
      Sub-Servicer.

     

    If
      any Mortgagor on a Buydown Mortgage Loan prepays such Mortgage Loan in its
      entirety during the Buydown Period, when Buydown Funds are required to be
      applied to such Buydown Mortgage Loan, the Master Servicer will withdraw from
      the related Buydown Account and remit to such Mortgagor or any other Person
      in
      accordance with the related Buydown Agreement any Buydown Funds remaining in
      the
      Buydown Account. If a Principal Prepayment by a Mortgagor during the Buydown
      Period, together with any Buydown Funds in the related Buydown Account, will
      result in a Principal Prepayment in full, the Master Servicer will withdraw
      from
      the related Buydown Account for deposit in the Collection Account the Buydown
      Funds, which together with such Principal Prepayment, will result in a Principal
      Prepayment in Full. If a Mortgagor defaults during the Buydown Period with
      respect to a Buydown Mortgage Loan and the Mortgaged Property is sold at
      foreclosure or title thereto is acquired on behalf of the Certificateholders,
      the Master Servicer will withdraw from the Buydown Account the Buydown Funds
      (which shall thereupon constitute “Liquidation Proceeds” for purposes of this
      Agreement) for deposit in the Collection Account.

     

    

     

    ARTICLE
      IV

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    
      	SECTION
              4.01  	
              Distributions.

            

    

     

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

     

    
      	 	
              I.
                

            	
              From
                the Group
                1 Available Distribution Amount related to the Group 1-1 Mortgage
                Loans:

            

    

     

    
      	 	
              (i)

            	
              concurrently,
                to the Holders of the Class 1-A1A Certificates and the Class 1-A1B
                Certificates,
                the Interest Distribution Amount for each such Class and such Distribution
                Date, on a pro
                rata basis
                based on their respective entitlements to interest pursuant to this
                clause;

            

    

     

    
      	 	
              (ii)

            	
              concurrently,
                to the Class 1-A1A Certificates and the Class 1-A1B Certificates,
                the
                Senior Principal Distribution Amount for Loan Group 1-1 and such
                Distribution Date, on a pro
                rata
                basis based on the Certificate Principal Balance of each such Class,
                in
                each case until the Certificate Principal Balance thereof has been
                reduced
                to zero;

            

    

     

    
      	 	
              II.
                

            	
              From
                the Group 1 Available Distribution Amount related to the Group 1-2
                Mortgage Loans:

            

    

     

    
      	 	
              (i)

            	
              concurrently,
                to the Holders of the Class 1-A2A Certificates, the Class 1-A2B
                Certificates, and on the first distribution date, the Class 1-R
                Certificates, the Interest Distribution Amount for each such Class
                and
                such Distribution Date, on a pro
                rata basis
                based on their respective entitlements to interest pursuant to this
                clause;

            

    

     

    
      	 	
              (ii)

            	
              the
                Senior Principal Distribution Amount for Loan Group 1-2 and such
                Distribution Date, first to the Holders of the Class 1-R Certificates
                and
                then, concurrently, to the Holders of the Class 1-A2A Certificates
                and the
                Class 1-A2B Certificates, on a pro
                rata
                basis based on the Certificate Principal Balance of each such Class,
                in
                each case until the Certificate Principal Balance thereof has been
                reduced
                to zero;

            

    

     

    
      	 	
              III.

            	
              From
                the sum of the Group 1 Available Distribution Amounts remaining after
                the
                above distributions have been made:

            

    

     

    
      	 	
              (i)

            	
              to
                the Holders of the Group 1 Subordinate Certificates, the Interest
                Distribution Amount for each such Class and such Distribution Date
                in the
                following order of priority: first, to the Holders of the Class 1-B1
                Certificates; second, to the Holders of the Class 1-B2 Certificates;
                third, to the Holders of the Class 1-B3 Certificates; fourth, to
                the
                Holders of the Class 1-B4 Certificates; fifth, to the Holders of
                the Class
                1-B5 Certificates; and sixth, to the Holders of the Class 1-B6
                Certificates, in each case to the extent of the remaining Group 1
                Available Distribution Amounts and in each case to the extent of
                the
                Interest Distribution Amount for such Class for such Distribution
                Date;

            

    

     

    
      	 	
              (ii)

            	
              to
                the Holders of the Group 1 Subordinate Certificates, an aggregate
                amount
                equal to the Group 1 Subordinate Principal Distribution Amount for
                such
                Distribution Date, allocable among the Group 1 Subordinate Certificates
                in
                reduction of the Certificate Principal Balances thereof pro
                rata
                in
                accordance with the respective amounts payable as to each such Class
                pursuant to the priorities and amounts set forth in Section 4.01(b)(i);
                and

            

    

     

    
      	 	
              (iii)

            	
              to
                the Holders of the Class 1-R Certificates, any remaining
                amounts.

            

    

     

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

     

    I.
       From
      the Group 2 Available Distribution Amount related to the Group 2-1 Mortgage
      Loans:

     

    
      	 	
              (i)

            	
              concurrently,
                to the Holders of the Class 2-A1A Certificates, the 2-A1B Component
                and
                the related Class 2-1AX Component, and on the first Distribution
                Date, the
                Class 2-R Certificates, the Interest Distribution Amount for each
                such
                Class or Component, as the case may be, and such Distribution Date,
                on a
                pro
                rata basis
                based on their respective entitlements to interest pursuant to this
                clause;

            

    

     

    
      	 	
              (ii)

            	
              the
                Senior Principal Distribution Amount for Loan Group 2-1 and such
                Distribution Date, first to the Holders of the Class 2-R Certificates
                and
                then, concurrently, to the Holders of the Class 2-A1A Certificates
                and the
                2-A1B Component, on a pro
                rata
                basis based on the Certificate Principal Balance or Component Principal
                Balance of each such Class or Component, as the case may be, in each
                case
                until the Certificate Principal Balance or Component Principal Balance
                thereof has been reduced to zero;

            

    

     

    
      	 	
              II.

            	
              From
                the Group 2 Available Distribution Amount related to the Group 2-2
                Mortgage Loans:

            

    

     

    
      	 	
              (i)

            	
              concurrently,
                to the Holders of the Class 2-A2A Certificates, the 2-A2B Component
                and
                the related Class 2-1AX Component, the Interest Distribution Amount
                for
                each such Class or Component, as the case may be, and such Distribution
                Date, on a pro
                rata basis
                based on their respective entitlements to interest pursuant to this
                clause;

            

    

     

    
      	 	
              (ii)

            	
              concurrently,
                to the Holders of the Class 2-A2A Certificates and the 2-A2B Component,
                the Senior Principal Distribution Amount for Loan Group 2-2 and such
                Distribution Date, on a pro
                rata basis
                based on the Certificate Principal Balance or Component Principal
                Balance
                of each such Class or Component, as the case may be, in each case
                until
                the Certificate Principal Balance or Component Principal Balance
                thereof
                has been reduced to zero;

            

    

     

    III. From
      the
      Group 2 Available Distribution Amount related to the Group 2-3 Mortgage
      Loans:

     

    
      	 	
              (i)

            	
              concurrently,
                to the Holders of the Class 2-A3A Certificates, the 2-A3B Component
                and
                the related Class 2-2AX Component, the Interest Distribution Amount
                for
                each such Class or Component, as the case may be, and such Distribution
                Date, on a pro
                rata
                basis based on their respective entitlements to interest pursuant
                to this
                clause;

            

    

     

    
      	 	
              (ii)

            	
              concurrently,
                to the Holders of the Class 2-A3A Certificates and the 2-A3B Component,
                the Senior Principal Distribution Amount for Loan Group 2-3 and such
                Distribution Date, on a pro
                rata
                basis based on the Certificate Principal Balance or Component Principal
                Balance of each such Class or Component, as the case may be, in each
                case
                until the Certificate Principal Balance or Component Principal Balance
                thereof has been reduced to zero;

            

    

     

    
      	 	
              IV.

            	
              From
                the Group 2 Available Distribution Amount related to the Group 2-4
                Mortgage Loans:

            

    

     

    
      	 	
              (i)

            	
              concurrently,
                to the Holders of the Class 2-A4A Certificates, the 2-A4B Component
                and
                the related Class 2-2AX Component, the Interest Distribution Amount
                for
                each such Class or Component, as the case may be, and such Distribution
                Date, on a pro
                rata basis
                based on their respective entitlements to interest pursuant to this
                clause;

            

    

     

    
      	 	
              (ii)

            	
              concurrently,
                to the Holders of the Class 2-A4A Certificates and the 2-A4B Component,
                the Senior Principal Distribution Amount for Loan Group 2-4 and such
                Distribution Date, on a pro
                rata basis
                based on the Certificate Principal Balance or Component Principal
                Balance
                of each such Class or Component, as the case may be, in each case
                until
                the Certificate Principal Balance or Component Principal Balance
                thereof
                has been reduced to zero;

            

    

     

    
      	 	
              V.

            	
              From
                the sum of the Group 2 Available Distribution Amounts remaining after
                the
                above distributions have been made:

            

    

     

    (i)          
       to
      the
      Holders of the Group 2 Subordinate Certificates, the Interest Distribution
      Amount for each such Class and such Distribution Date in the following order
      of
      priority: first, to the Holders of the Class 2-B1 Certificates; second, to
      the
      Holders of the Class 2-B2 Certificates; third, to the Holders of the Class
      2-B3
      Certificates; fourth, to the Holders of the Class 2-B4 Certificates; fifth,
      to
      the Holders of the Class 2-B5 Certificates; and sixth, to the Holders of the
      Class 2-B6 Certificates, in each case to the extent of the remaining Group
      2
      Available Distribution Amounts and in each case to the extent of the Interest
      Distribution Amount for such Class for such Distribution Date

     

    (ii)         
       to
      the
      Holders of the Group 2 Subordinate Certificates, an aggregate amount equal
      to
      the Group 2 Subordinate Principal Distribution Amount for such Distribution
      Date, allocable among the Group 2 Subordinate Certificates in reduction of
      the
      Certificate Principal Balances thereof pro
      rata
      in
      accordance with the respective amounts payable as to each such Class pursuant
      to
      the priorities and amounts set forth in Section 4.01(b)(i); 

     

    (iii)        
       if
      such
      Distribution Date follows the expiration of the latest expiring prepayment
      charge, penalty or premium on any Mortgage Loan remaining such Collateral Pool,
      to the Holders of the Class 2-P Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero; and

     

    (iv)        
       to
      the
      Holders of the Class 2-R Certificates, any remaining amounts.

     

    (3) [reserved].

     

    (4) On
      each Distribution Date, all amounts representing prepayment charges, penalties
      or premiums in respect of the Group 2 Mortgage Loans received during the related
      Prepayment Period will be withdrawn from the Distribution Account and
      distributed by the Paying Agent to the Holders of the Class 2-P Certificates
      and
      shall not be available for distribution to the Holders of any other Class of
      Certificates. The payment of the foregoing amounts to the Holders of the Class
      2-P Certificates shall not reduce the Certificate Principal Balance
      thereof.

     

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

     

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

     

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

     

    (ii) On
      any
      Distribution Date, the portion of (a) all net Liquidation Proceeds and Insurance
      Proceeds with respect to any Group 1 Mortgage Loans that were the subject of
      a
      Final Recovery Determination in the related Prepayment Period and (b) all
      Principal Prepayments received in respect of the Group 1 Mortgage Loans in
      the
      related Prepayment Period, allocable to principal and not included in the
      related Senior Principal Distribution Amount, will be allocated on a
pro
      rata
      basis
      among the following Classes of Group 1 Subordinate Certificates (each, an
“Eligible Class”) in proportion to the respective outstanding Certificate
      Principal Balances thereof: (i) the Class 1-B1 Certificates, (ii) the Class
      1-B2
      Certificates, if on such Distribution Date the aggregate percentage interest
      in
      Collateral Pool 1 evidenced by the Class 1-B2 Certificates, the Class 1-B3
      Certificates, the Class 1-B4 Certificates, the Class 1-B5 Certificates and
      the
      Class 1-B6 Certificates equals or exceeds 1.95% before giving effect to
      distributions on such Distribution Date, (iii) the Class 1-B3 Certificates,
      if
      on such Distribution Date the aggregate percentage interest in Collateral Pool
      1
      evidenced by the Class 1-B3 Certificates, the Class 1-B4 Certificates, the
      Class
      1-B5 Certificates and the Class 1-B6 Certificates equals or exceeds 1.30% before
      giving effect to distributions on such Distribution Date, (iv) the Class 1-B4
      Certificates, if on such Distribution Date the aggregate percentage interest
      in
      Collateral Pool 1 evidenced by the Class 1-B4 Certificates, the Class 1-B5
      Certificates and the Class 1-B6 Certificates equals or exceeds 0.80% before
      giving effect to distributions on such Distribution Date, (v) the Class 1-B5
      Certificates, if on such Distribution Date the aggregate percentage interest
      in
      Collateral Pool 1 evidenced by the Class 1-B5 Certificates and the Class 1-B6
      Certificates equals or exceeds 0.50% before giving effect to distributions
      on
      such Distribution Date and (vi) the Class 1-B6 Certificates, if on such
      Distribution Date the percentage interest in Collateral Pool 1 evidenced by
      the
      Class 1-B6 Certificates equals or exceeds 0.25% before giving effect to
      distributions on such Distribution Date. If any of the foregoing Certificates
      is
      not an Eligible Class, any amounts allocable to principal and distributable
      pursuant to this Section 4.01(b)(ii) will be distributed among the Certificates
      that are Eligible Classes in the manner set forth above.

     

    On
      any
      Distribution Date, the portion of (a) all net Liquidation Proceeds and Insurance
      Proceeds with respect to any Group 2 Mortgage Loans that were the subject of
      a
      Final Recovery Determination in the related Prepayment Period and (b) all
      Principal Prepayments received in respect of the Group 2 Mortgage Loans in
      the
      related Prepayment Period, allocable to principal and not included in the
      related Senior Principal Distribution Amounts, will be allocated on a
pro
      rata
      basis
      among the following Classes of Group 2 Subordinate Certificates (each, an
“Eligible Class”) in proportion to the respective outstanding Certificate
      Principal Balances thereof: (i) the Class 2-B1 Certificates, (ii) the Class
      2-B2
      Certificates, if on such Distribution Date the aggregate percentage interest
      in
      Collateral Pool 2 evidenced by the Class 2-B2 Certificates, the Class 2-B3
      Certificates, the Class 2-B4 Certificates, the Class 2-B5 Certificates and
      the
      Class 2-B6 Certificates equals or exceeds 4.80% before giving effect to
      distributions on such Distribution Date, (iii) the Class 2-B3 Certificates,
      if
      on such Distribution Date the aggregate percentage interest in Collateral Pool
      2
      evidenced by the Class 2-B3 Certificates, the Class 2-B4 Certificates, the
      Class
      2-B5 Certificates and the Class 2-B6 Certificates equals or exceeds 3.20% before
      giving effect to distributions on such Distribution Date, (iv) the Class 2-B4
      Certificates, if on such Distribution Date the aggregate percentage interest
      in
      Collateral Pool 2 evidenced by the Class 2-B4 Certificates, the Class 2-B5
      Certificates and the Class 2-B6 Certificates equals or exceeds 2.20% before
      giving effect to distributions on such Distribution Date, (v) the Class 2-B5
      Certificates, if on such Distribution Date the aggregate percentage interest
      in
      Collateral Pool 2 evidenced by the Class 2-B5 Certificates and the Class 2-B6
      Certificates equals or exceeds 1.00% before giving effect to distributions
      on
      such Distribution Date and (vi) the Class 2-B6 Certificates, if on such
      Distribution Date the percentage interest in Collateral Pool 2 evidenced by
      the
      Class 2-B6 Certificates equals or exceeds 0.45% before giving effect to
      distributions on such Distribution Date. If any of the foregoing Certificates
      is
      not an Eligible Class, any amounts allocable to principal and distributable
      pursuant to this Section 4.01(b)(ii) will be distributed among the Certificates
      that are Eligible Classes in the manner set forth above.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	SECTION
              4.02  	
              Statements
                to Certificateholders.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (xiv)  with
      respect to each Collateral Pool, the aggregate Servicing Fees accrued with
      respect to the servicing of the Mortgage Loans in such Collateral Pool during
      such calendar month;

     

    (xv)  the
      Pass-Through Rate Amount in respect of each such Class of Certificates for
      such
      Distribution Date and the Interest Distribution Amount in respect of each such
      Class of Certificates (other
      than the Class 2-P Certificates) for
      such
      Distribution Date and the respective portions thereof, if any, remaining unpaid
      following the distributions made in respect of such Certificates on such
      Distribution Date;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (xxiii)  with
      respect to the Interest Only Certificates, the related Notional Amount for
      such
      Distribution Date; 

     

    (xxiv)  the
      applicable Record Dates and Interest Accrual Periods for calculating
      distributions for each Class for such Distribution Date;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	SECTION
              4.03  	
              Remittance
                Reports; P&I Advances.

            

    

     

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

     

    (b)  The
      amount of P&I Advances to be made by the Master Servicer for any
      Distribution Date shall equal, subject to Section 4.03(d), the sum of (i) the
      aggregate amount of Monthly Payments (with each interest portion thereof net
      of
      the related Servicing Fee), due on the related Due Date in respect of the
      Mortgage Loans, which Monthly Payments were delinquent as of the close of
      business on the related Determination Date and (ii) with respect to each REO
      Property, which REO Property was acquired during or prior to the related
      Prepayment Period and as to which such REO Property an REO Disposition did
      not
      occur during the related Prepayment Period, an amount equal to the Monthly
      Payments (with each interest portion thereof net of the related Servicing Fee)
      that would have been due on the related Due Date in respect of the related
      Mortgage Loans. 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 12:00 p.m. New York time on the Master Servicer Remittance Date, the
      Master Servicer shall remit in immediately available funds to the Paying Agent
      for deposit in the Distribution Account an amount equal to the aggregate amount
      of P&I Advances, if any, to be made in respect of the Mortgage Loans and REO
      Properties for the related Distribution Date either (i) from its own funds
      or,
      if received from a Sub-Servicer, from funds remitted by a Sub-Servicer in
      payment of required P&I Advances or (ii) from the Collection Account, to the
      extent of funds held therein for future distribution (in which case, it will
      cause to be made an appropriate entry in the records of Collection Account
      that
      amounts held for future distribution have been, as permitted by this Section
      4.03, used by the Master Servicer in discharge of any such P&I Advance) or
      (iii) in the form of any combination of (i) and (ii) aggregating the total
      amount of P&I Advances to be made by the Master Servicer with respect to the
      Mortgage Loans and REO Properties. Any amounts held for future distribution
      and
      so used shall be appropriately reflected in the Master Servicer’s records and
      replaced by the Master Servicer by deposit in the Collection Account on or
      before any future Master Servicer Remittance Date to the extent that the
      Available Distribution Amount for the related Distribution Date (determined
      without regard to P&I Advances to be made on the Master Servicer Remittance
      Date) shall be less than the total amount that would be distributed to the
      Classes of Certificateholders pursuant to Section 4.01 on such Distribution
      Date
      if such amounts held for future distributions had not been so used to make
      P&I Advances. The Trust Administrator will provide notice to the Master
      Servicer by telecopy by the close of business on the Master Servicer Remittance
      Date in the event that the amount remitted by the Master Servicer to the Trust
      Administrator on such Master Servicer Remittance Date is less than the P&I
      Advances required to be made by the Master Servicer for the related Distribution
      Date.

     

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

     

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

     

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

     

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

            

    

     

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

     

    (b)  All
      Realized Losses on the Mortgage Loans related to each Collateral Pool (other
      than Excess Losses) shall be allocated by the Paying Agent on each Distribution
      Date in reverse sequential order to the related Subordinate Certificates, in
      each case until the Certificate Principal Balance thereof has been reduced
      to
      zero. 

     

    Thereafter,
      (i) with respect to Collateral Pool 1, upon the reduction of the Certificate
      Principal Balances of the related Subordinate Certificates to zero, all Realized
      Losses on the Mortgage Loans related to such Collateral Pool (other than Excess
      Losses) shall be allocated to the Class 1-A1A Certificates and the Class 1-A1B
      Certificates as described below (if such Realized Loss is on a Group 1-1
      Mortgage Loan) or to the Class 1-A2A Certificates and the Class 1-A2B
      Certificates as described below (if such Realized Loss is on a Group 1-2
      Mortgage Loan) and (ii) with respect to Collateral Pool 2, upon the reduction
      of
      the Certificate Principal Balances of the related Subordinate Certificates
      to
      zero, all Realized Losses on the Mortgage Loans related to such Collateral
      Pool
      (other than Excess Losses) shall be allocated to the Class 2-A1A Certificates
      and the Class 2-A12B Certificates as described below (if such Realized Loss
      is
      on a Group 2-1 Mortgage Loan), to the Class 2-A2A Certificates and the Class
      2-A12B Certificates as described below (if such Realized Loss is on a Group
      2-2
      Mortgage Loan), to the Class 2-A3A Certificates and the Class 2-A34B
      Certificates as described below (if such Realized Loss is on a Group 2-3
      Mortgage Loan) or to the Class 2-A4A Certificates and the Class 2-A34B
      Certificates as described below (if such Realized Loss is on a Group 2-4
      Mortgage Loan). 

     

    Excess
      Losses on the Mortgage Loans in Collateral Pool 1 will be allocated on any
      Distribution Date by allocating (i) the related Group 1Senior Percentage of
      the
      Excess Loss to the Class 1-A1A Certificates and the Class 1-A1B Certificates
      as
      described below (if such Excess Loss is on a Group 1-1 Mortgage Loan), to the
      Class 1-A2A Certificates and the Class 1-A2B Certificates as described below
      (if
      such Excess Loss is on a Group 1-2 Mortgage Loan) and (ii) the related Group
      1
      Subordinate Percentage of the Excess Loss to the Group 1 Subordinate
      Certificates on a pro
      rata
      basis.

     

    Excess
      Losses on the Group 2 Mortgage Loans will be allocated on any Distribution
      Date
      by allocating (i) the related Group 2 Senior Percentage of the Excess Loss
      to
      the Class 2-A1A Certificates and the Class 2-A12B Certificates as described
      below (if such Excess Loss is on a Group 2-1 Mortgage Loan), to the Class 2-A2A
      Certificates and the Class 2-A12B Certificates as described below (if such
      Excess Loss is on a Group 2-2 Mortgage Loan), to the Class 2-A3A Certificates
      and the Class 2-A34B Certificates as described below (if such Excess Loss is
      on
      a Group 2-3 Mortgage Loan) or to the Class 2-A4A Certificates and the Class
      2-A34B Certificates as described below (if such Excess Loss is on a Group 2-4
      Mortgage Loan) and (ii) the related Group 2 Subordinate Percentage of the Excess
      Loss to the Group 2 Subordinate Certificates on a pro
      rata
      basis.

     

    Any
      Extraordinary Trust Fund Expenses relating to Collateral Pool 1 will be
      allocated on any Distribution Date as follows: first, to the Class 1-B6
      Certificates; second, to the Class 1-B5 Certificates; third, to the Class 1-B4
      Certificates; fourth, to the Class 1-B3 Certificates; fifth, to the Class 1-B2
      Certificates; and sixth, to the Class 1-B1 Certificates, in each case until
      the
      Certificate Principal Balance of such Class has been reduced to zero.
      Thereafter, any Extraordinary Trust Fund Expenses relating to Collateral Pool
      1
      will be allocated on any Distribution Date among the Group 1 Class A
      Certificates on a pro
      rata
      basis.
      Any Extraordinary Trust Fund Expenses relating to Collateral Pool 2 will be
      allocated on any Distribution Date as follows: first, to the Class 2-B6
      Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4
      Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2
      Certificates; and sixth, to the Class 2-B1 Certificates, in each case until
      the
      Certificate Principal Balance of such Class has been reduced to zero.
      Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool
      2
      will be allocated on any Distribution Date among the Group 2 Class A
      Certificates on a pro
      rata
      basis.

     

    Notwithstanding
      the foregoing, with respect to Collateral Pool 1, (i) any Realized Loss
      (including any Excess Loss) that is allocated to the Class 1-A1A Certificates
      and Class 1-A1B Certificates will be allocated between such classes on a
pro
      rata
      basis
      (based on the Certificate Principal Balance of the Class 1-A1A Certificates
      and
      the Class 1-A1B Certificates); provided that any Realized Losses (other than
      any
      Excess Losses) so allocated to the Class 1-A1A Certificates and Class 1-A1B
      Certificates will be allocated first to the Class 1-A1B Certificates until
      the
      Certificate Principal Balance of the Class 1-A1B Certificates has been reduced
      to zero and then to the Class 1-A1A Certificates and (ii) any Realized Loss
      (including any Excess Loss) that is allocated to the Class 1-A2A Certificates
      and Class 1-A2B Certificates will be allocated between such classes on a
pro
      rata
      basis
      (based on the Certificate Principal Balance of the Class 1-A2A Certificates
      and
      the Class 1-A2B Certificates); provided that any Realized Losses (other than
      any
      Excess Losses) so allocated to the Class 1-A2A Certificates and Class 1-A2B
      Certificates will be allocated first to the Class 1-A2B Certificates until
      the
      Certificate Principal Balance of the Class 1-A2B Certificates has been reduced
      to zero and then to the Class 1-A2A Certificates.

     

    Notwithstanding
      the foregoing, with respect to Collateral Pool 2, (i) any
      Realized Loss (including any Excess Loss) that is allocated to the Class 2-A1A
      Certificates and Class 2-A12B Certificates will be allocated between such
      classes on a pro
      rata
      basis
      (based on the Certificate Principal Balance of the Class 2-A1A Certificates
      and
      the Component Principal Balance of the 2-A1B Component); provided that any
      Realized Losses (other
      than any Excess Losses) so
      allocated to the Class 2-A1A Certificates and Class 2-A12B Certificates will
      be
      allocated first to the Class 2-A12B Certificates to the extent of the Component
      Principal Balance of the 2-A1B Component until the Component Principal Balance
      of the 2-A1B Component has been reduced to zero and then to the Class 2-A1A
      Certificates, (ii)
      any
      Realized Loss (including any Excess Loss) that is allocated to the Class 2-A2A
      Certificates and Class 2-A12B Certificates will be allocated between such
      classes on a pro
      rata
      basis
      (based on the Certificate Principal Balance of the Class 2-A2A Certificates
      and
      the Component Principal Balance of the 2-A2B Component); provided that any
      Realized Losses (other than any Excess Losses) so allocated to the Class 2-A2A
      Certificates and Class 2-A12B Certificates will be allocated first to the Class
      2-A12B Certificates to the extent of the Component Principal Balance of the
      2-A2B Component until the Component Principal Balance of the 2-A2B Component
      has
      been reduced to zero and then to the Class 2-A2A Certificates, (iii) any
      Realized Loss (including any Excess Loss) that is allocated to the Class 2-A3A
      Certificates and Class 2-A34B Certificates will be allocated between such
      classes on a pro
      rata
      basis
      (based on the Certificate Principal Balance of the Class 2-A3A Certificates
      and
      the Component Principal Balance of the 2-A3B Component); provided that any
      Realized Losses (other than any Excess Losses) so allocated to the Class 2-A3A
      Certificates and Class 2-A34B Certificates will be allocated first to the Class
      2-A34B Certificates to the extent of the Component Principal Balance of the
      2-A3B Component until the Component Principal Balance of the 2-A3B Component
      has
      been reduced to zero and then to the Class 2-A3A Certificates and (iv) any
      Realized Loss (including any Excess Loss) that is allocated to the Class 2-A4A
      Certificates and Class 2-A34B Certificates will be allocated between such
      classes on a pro
      rata
      basis
      (based on the Certificate Principal Balance of the Class 2-A4A Certificates
      and
      the Component Principal Balance of the 2-A4B Component); provided that any
      Realized Losses (other than any Excess Losses) so allocated to the Class 2-A4A
      Certificates and Class 2-A34B Certificates will be allocated first to the Class
      2-A34B Certificates to the extent of the Component Principal Balance of the
      2-A4B Component until the Component Principal Balance of the 2-A4B Component
      has
      been reduced to zero and then to the Class 2-A4A Certificates..

     

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

     

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

     

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

     

    
      	SECTION
              4.05  	
              Compliance
                with Withholding Requirements.

            

    

     

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

     

    
      	SECTION
              4.06  	
              Commission
                Reporting.

            

    

     

    (a)  (i)
      Within 15 calendar days after each Distribution Date, the Trust Administrator
      shall, in accordance with industry standards, file with the Commission via
      the
      Electronic Data Gathering and Retrieval System (“EDGAR”), a distribution report
      on Form 10-D, signed by the Master Servicer, with a copy of the monthly
      statement to be furnished by the Trust Administrator to the Certificateholders
      for such Distribution Date. Any disclosure in addition to the monthly statement
      required to be included on the Form 10-D (“Additional Form 10-D Disclosure”)
      shall be determined and prepared by the entity that is indicated in Exhibit
      B as
      the responsible party for providing that information, and shall be reported
      by
      such entity to the Depositor and the Trust Administrator and approved by the
      Depositor. The
      Trust
      Administrator shall have no duty or liability for any failure hereunder to
      determine or prepare any Additional Form 10-D Disclosure absent such reporting
      (other than in the case where the Trust Administrator is the reporting party
      as
      set forth in Exhibit B) and approval,
      and the
      Trust Administrator will have no duty or liability to verify the accuracy or
      sufficiency of any such Additional Form 10-D Disclosure (except in any case
      where the Trust Administrator is the responsible party for providing that
      information pursuant to Exhibit B).

     

    Within
      5
      calendar days after the related Distribution Date (or if not a Business Day,
      the
      immediately preceding Business Day), each entity that is indicated in Exhibit
      B
      as the responsible party for providing Additional Form 10-D Disclosure shall
      be
      required to provide to the Trust Administrator and the Depositor, to the extent
      known, in EDGAR-compatible format, or in such other form as otherwise agreed
      upon by the Trust Administrator and the Depositor and such party, and clearly
      identifying which item of Form 10-D the information relates to, any Additional
      Form 10-D Disclosure, if applicable. The Trust Administrator shall compile
      the
      information provided to it, prepare the Form 10-D and forward the Form 10-D
      to
      the Depositor. The Depositor will approve, as to form and substance, or
      disapprove, as the case may be, the Additional Form 10-D Disclosure.

     

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

     

    (ii)  Within
      4
      Business Days after the occurrence of an event requiring disclosure on Form
      8-K
      (each such event, a “Reportable Event”), the Trust Administrator shall prepare
      and file, at the direction of the Depositor, on behalf of the Trust, any Form
      8-K, as required by the Exchange Act; provided that, the Depositor shall file
      the initial Form 8-K in connection with the issuance of the Certificates. Any
      disclosure or information related to a Reportable Event or that is otherwise
      required to be included on Form 8-K (“Form 8-K Disclosure Information”) shall
      be, pursuant to the paragraph immediately below, reported by the responsible
      parties set forth on Exhibit B to the Trust Administrator and the Depositor
      and
      approved by the Depositor, and the Trust Administrator will have no duty or
      liability for any failure hereunder to determine or prepare any Form 8-K absent
      such reporting (other than in the case where the Trust Administrator is the
      reporting party as set forth in Exhibit B) and approval.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    In
      addition, without limiting any other indemnification provided pursuant to any
      other Section of this Agreement, the Paying Agent shall indemnify and hold
      harmless the Depositor and its officers, directors and Affiliates from and
      against any actual losses, damages, penalties, fines, forfeitures, reasonable
      and necessary legal fees and related costs, judgments and other costs and
      expenses arising out of third party claims based upon a breach of the Paying
      Agent’s obligations under Section 4.06. If the indemnification provided for
      under this paragraph is unavailable or insufficient to hold harmless the
      Depositor, then the Paying Agent agrees that it shall contribute to the amount
      paid or payable by the Depositor as a result of the losses, claims, damages
      or
      liabilities of the Depositor in such proportion as is appropriate to reflect
      the
      relative fault of the Depositor on the one hand and the Paying Agent on the
      other. Notwithstanding the foregoing, in no event shall the Paying Agent be
      liable under this paragraph for any consequential, indirect or punitive
      damages.

     

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

            

    

     

    With
      respect to the Group 1 Mortgage Loans

    

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

     

    (b) Distributions
      of principal shall be deemed to be made from amounts received on the Group
      1
      Mortgage Loans to the REMIC I-A Regular Interests, first, so as to keep the
      Uncertificated Balance of each REMIC I-A Regular Interest ending with the
      designation “B” equal to 1.0% of the aggregate Scheduled Principal Balance of
      the Mortgage Loans in the related Loan Group; second, to each REMIC I-A Regular
      Interest ending with the designation “A,” so that the Uncertificated Balance of
      each such REMIC I-A Regular Interest is equal to 1.0% of the excess of (x)
      the
      aggregate Scheduled Principal Balance of the Mortgage Loans in the related
      Loan
      Group over (y) the sum of (i) the Certificate Principal Balance of the related
      Senior Certificates plus (ii) the Certificate Principal Balance of the related
      Senior Support Certificates (except that if any such excess is a larger number
      than in the preceding distribution period, the least amount of principal shall
      be distributed to such REMIC I-A Regular Interests such that the REMIC I-A
      Subordinated Balance Ratio is maintained); and third, any remaining principal
      to
      REMIC I-A Regular Interest LT-ZZZ.

     

    (d) Realized
      Losses on the Group 1 Mortgage Loans shall be applied after all distributions
      have been made on each Distribution Date first, so as to keep the Uncertificated
      Balance of each REMIC I-A Regular Interest ending with the designation “B” equal
      to 1.0% of the aggregate Scheduled Principal Balance of the Mortgage Loans
      in
      the related Loan Group; second, to each REMIC I-A Regular Interest ending with
      the designation “A,” so that the Uncertificated Balance of each such REMIC I-A
      Regular Interest is equal to 1.0% of the excess of (x) the aggregate Scheduled
      Principal Balance of the Mortgage Loans in the related Loan Group over (y)
      the
      sum of (i) the Certificate Principal Balance of the related Senior Certificates
      plus (ii) the Certificate Principal Balance of the related Senior Support
      Certificates (except that if any such excess is a larger number than in the
      preceding distribution period, the least amount of Realized Losses shall be
      applied to such REMIC I-A Regular Interests such that the REMIC I-A Subordinated
      Balance Ratio is maintained); and third, any remaining Realized Losses on the
      Mortgage Loans shall be allocated to REMIC I-A Regular Interest LT-ZZZ. Interest
      shall be payable to the REMIC I-A Regular Interests at the REMIC I-A Remittance
      Rate for each such REMIC I-A Regular Interest on the related Uncertificated
      Balance.

     

    With
      respect to the Group 2 Mortgage Loans

    

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

     

    (b) Distributions
      of principal shall be deemed to be made from amounts received on the Group
      2
      Mortgage Loans to the REMIC II-A Regular Interests, first, so as to keep the
      Uncertificated Balance of each REMIC II-A Regular Interest ending with the
      designation “B” equal to 1.0% of the aggregate Scheduled Principal Balance of
      the Mortgage Loans in the related Loan Group; second, to each REMIC II-A Regular
      Interest ending with the designation “A,” so that the Uncertificated Balance of
      each such REMIC II-A Regular Interest is equal to 1.0% of the excess of (x)
      the
      aggregate Scheduled Principal Balance of the Mortgage Loans in the related
      Loan
      Group over (y) the sum of (i) the Certificate Principal Balance of the related
      Senior Certificates plus (ii) the Certificate Principal Balance of the related
      Senior Support Certificates (except that if any such excess is a larger number
      than in the preceding distribution period, the least amount of principal shall
      be distributed to such REMIC I-A Regular Interests such that the REMIC II-A
      Subordinated Balance Ratio is maintained); and third, any remaining principal
      to
      REMIC II-A Regular Interest LT-ZZZ.

     

    (c) On
      each
      Distribution Date, 100% of the amount paid in respect of Prepayment Charges
      on
      the Group 2 Mortgage Loans shall be paid to REMIC II-A Regular Interest LT-P
      and
      on the Distribution Date immediately following the expiration of the latest
      Prepayment Charge on a Group 2 Mortgage Loan, as identified on the Prepayment
      Charge Schedule or any Distribution Date thereafter, $100 shall be distributed
      to REMIC II-A Regular Interest LT-P pursuant to this clause. 

     

    (d) Realized
      Losses on the Group 2 Mortgage Loans shall be applied after all distributions
      have been made on each Distribution Date first, so as to keep the Uncertificated
      Balance of each REMIC II-A Regular Interest ending with the designation “B”
equal to 1.0% of the aggregate Scheduled Principal Balance of the Mortgage
      Loans
      in the related Loan Group; second, to each REMIC II-A Regular Interest ending
      with the designation “A,” so that the Uncertificated Balance of each such REMIC
      II-A Regular Interest is equal to 1.0% of the excess of (x) the aggregate
      Scheduled Principal Balance of the Mortgage Loans in the related Loan Group
      over
      (y) the sum of (i) the Certificate Principal Balance of the related Senior
      Certificates plus (ii) the Certificate Principal Balance of the related Senior
      Support Certificates (except that if any such excess is a larger number than
      in
      the preceding distribution period, the least amount of Realized Losses shall
      be
      applied to such REMIC II-A Regular Interests such that the REMIC II-A
      Subordinated Balance Ratio is maintained); and third, any remaining Realized
      Losses on the Mortgage Loans shall be allocated to REMIC I-A Regular Interest
      LT-ZZZ. Interest shall be payable to the REMIC I-A Regular Interests at the
      REMIC I-A Remittance Rate for each such REMIC I-A Regular Interest on the
      related Uncertificated Balance.

     

    (e) Interest
      shall be payable to the REMIC II-B Regular Interests at the REMIC II-B
      Remittance Rate for each such REMIC II-B Regular Interest on the related
      Uncertificated Balance.

     

    (f)
       Distributions
      of principal shall be deemed to be made from amounts received on the Group
      2
      Mortgage Loans to the REMIC II-B Regular Interests in the same manner as such
      amounts are distributed to the Corresponding Certificate to each REMIC II-B
      Regular Interest as set forth in Section 4.01 hereof.

     

    
      (g) On
        each
        Distribution Date, 100% of the amount paid in respect of Prepayment Charges
        on
        the Group 2 Mortgage Loans shall be paid to REMIC II-B Regular Interest LT2-P
        and on the Distribution Date immediately following the expiration of the
        latest
        Prepayment Charge on a Group 2 Mortgage Loan, as identified on the Prepayment
        Charge Schedule or any Distribution Date thereafter, $100 shall be distributed
        to REMIC II-B Regular Interest LT2-P pursuant to this clause.

       

      (h) Realized
        Losses on the Group 2 Mortgage Loans shall be allocated to the REMIC II-B
        Regular Interests in the same manner as such Realized Losses are allocated
        to
        the Corresponding Certificate to each REMIC II-B Regular Interest as set
        forth
        in Section 4.04 hereof.

    

    

    

     

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    
      	SECTION
              5.01  	
              The
                Certificates.

            

    

     

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

     

    The
      Certificates will be substantially in the forms annexed hereto as Exhibits
      A-1
      through A-27. The Certificates of each Class will be issuable in registered
      form
      only, in denominations of authorized Percentage Interests as described in the
      definition thereof. Each Certificate will share ratably in all rights of the
      related Class.

     

    Upon
      original issue, the Certificates shall be executed by the Paying Agent and
      delivered by the Authenticating Agent to or upon the order of the Depositor.
      The
      Certificates shall be executed and attested by manual or facsimile signature
      on
      behalf of the Paying Agent by an authorized signatory. Certificates bearing
      the
      manual or facsimile signatures of individuals who were at any time the proper
      officers of the Paying Agent shall bind the Paying Agent, notwithstanding that
      such individuals or any of them have ceased to hold such offices prior to the
      execution, authentication and delivery of such Certificates or did not hold
      such
      offices at the date of such Certificates. No Certificate shall be entitled
      to
      any benefit under this Agreement or be valid for any purpose, unless there
      appears on such Certificate a certificate of authentication substantially in
      the
      form provided herein executed by the Authenticating Agent by manual signature,
      and such certificate of authentication shall be conclusive evidence, and the
      only evidence, that such Certificate has been duly authenticated and delivered
      hereunder. All Certificates shall be dated the date of their
      authentication.

     

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

     

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

     

    If
      (i)(A)
      the Depositor advises the Trust Administrator, the Paying Agent and the
      Certificate Registrar in writing that the Depository is no longer willing or
      able to properly discharge its responsibilities as Depository, and (B) the
      Depositor is unable to locate a qualified successor or (ii) after the occurrence
      of a Master Servicer Event of Default, Certificate Owners representing in the
      aggregate not less than 51% of the Ownership Interests of the Book-Entry
      Certificates advise the Trust Administrator, the Paying Agent and the
      Certificate Registrar through the Depository, in writing, that the continuation
      of a book-entry system through the Depository is no longer in the best interests
      of the Certificate Owners, the Certificate Registrar shall notify all
      Certificate Owners, through the Depository, of the occurrence of any such event
      and of the availability of Definitive Certificates to Certificate Owners
      requesting the same. Upon surrender to the Certificate Registrar of the Book-
      Entry Certificates by the Book-Entry Custodian or the Depository, as applicable,
      accompanied by registration instructions from the Depository for registration
      of
      transfer, the Paying Agent shall issue the Definitive Certificates. Such
      Definitive Certificates will be issued in minimum denominations of $100,000,
      except that any beneficial ownership that was represented by a Book-Entry
      Certificate in an amount less than $100,000 immediately prior to the issuance
      of
      a Definitive Certificate shall be issued in a minimum denomination equal to
      the
      amount represented by such Book-Entry Certificate. None of the Depositor, the
      Master Servicer, the Trust Administrator, the Authenticating Agent, the Paying
      Agent, the Certificate Registrar nor the Trustee shall be liable for any delay
      in the delivery of such instructions and may conclusively rely on, and shall
      be
      protected in relying on, such instructions. Upon the issuance of Definitive
      Certificates all references herein to obligations imposed upon or to be
      performed by the Depository shall be deemed to be imposed upon and performed
      by
      the Certificate Registrar and the Paying Agent, to the extent applicable with
      respect to such Definitive Certificates, and the Certificate Registrar and
      the
      Paying Agent shall recognize the Holders of the Definitive Certificates as
      Certificateholders hereunder. 

     

    
      	SECTION
              5.02  	
              Registration
                of Transfer and Exchange of
                Certificates.

            

    

     

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

     

    (b)  No
      transfer of any Private Certificate or Ownership Interest therein shall be
      made
      unless that transfer is made pursuant to an effective registration statement
      under the Securities Act of 1933, as amended (the “1933 Act”), and an effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      In
      the event that such a transfer of a Private Certificate is to be made without
      registration or qualification (other than in connection with the initial
      transfer of any such Certificate by the Depositor to an affiliate of the
      Depositor), the Certificate Registrar shall require, receipt of written
      certifications from the Certificateholder desiring to effect the transfer and
      from such Certificateholder’s prospective transferee, substantially in the forms
      attached hereto as Exhibit F-1, or in the case of any Definitive Certificate,
      an
      opinion of Counsel satisfactory to it that such transfer may be made without
      such registration (which Opinion of Counsel shall not be an expense of the
      Trust
      Fund or of the Depositor, the Trustee, the Trust Administrator, the Certificate
      Registrar, the Authenticating Agent , the Paying Agent, the Master Servicer
      in
      its capacity as such or any Sub-Servicer), together with copies of the written
      certification(s) of the Certificateholder desiring to effect the transfer and/or
      such Certificateholder’s prospective transferee upon which such Opinion of
      Counsel is based, if any. In the event of any such transfer of any Ownership
      Interest in any Private Certificate that is a Book-Entry Certificate, except
      with respect to the initial transfer of any such Certificate by the Depositor,
      such transfer shall be required to be made in reliance upon Rule 144A under
      the
      1933 Act, and the transferor will be deemed to have made each of the
      representations and warranties set forth on Exhibit F-1 hereto in respect of
      such interest as if it was evidenced by a Definitive Certificate and the
      transferee will be deemed to have made each of the representations and
      warranties set forth on Exhibit F-1 hereto in respect of such interest as if
      it
      was evidenced by a Definitive Certificate. None of the Depositor or the Trustee
      is obligated to register or qualify any such Certificates under the 1933 Act
      or
      any other securities laws or to take any action not otherwise required under
      this Agreement to permit the transfer of such Certificates without registration
      or qualification. Any Certificateholder desiring to effect the transfer of
      any
      such Certificate or Ownership Interest therein shall, and does hereby agree
      to,
      indemnify the Trustee, the Trust Administrator, the Certificate Registrar,
      the
      Paying Agent, the Authenticating Agent, the Master Servicer and the Depositor
      against any liability that may result if the transfer is not so exempt or is
      not
      made in accordance with such federal and state laws. 

     

    (c)  (i)
      No
      transfer of a Residual Certificate or any interest therein shall be made to
      any
      Plan subject to ERISA or Section 4975 of the Code, any Person acting, directly
      or indirectly, on behalf of any such Plan or any Person acquiring such
      Certificates with “Plan Assets” of a Plan within the meaning of the DOL
      Regulations (“Plan Assets”) as certified by such transferee in the form of
      Exhibit G, unless the Certificate Registrar is provided with an Opinion of
      Counsel on which the Certificate Registrar, the Depositor, the Trustee, the
      Trust Administrator, the Paying Agent, the Authenticating Agent and the Master
      Servicer may rely, to the effect that the purchase and holding of such
      Certificates will be permissible under applicable law, ERISA and the Code,
      will
      not constitute or result in any non-exempt prohibited transaction under ERISA
      or
      Section 4975 of the Code and will not subject the Depositor, the Master
      Servicer, the Trustee, the Trust Administrator, the Paying Agent, the
      Authenticating Agent, the Certificate Registrar or the Trust Fund to any
      obligation or liability (including obligations or liabilities under ERISA or
      Section 4975 of the Code) in addition to those undertaken in this Agreement,
      which Opinion of Counsel shall not be an expense of the Depositor, the Master
      Servicer, the Trustee, the Trust Administrator, the Paying Agent, the
      Authenticating Agent, the Certificate Registrar or the Trust Fund. In lieu
      of
      such Opinion of Counsel, any prospective Transferee of such Certificates may
      provide a certification in the form of Exhibit G to this Agreement (or other
      form acceptable to the Depositor, the Trustee, the Trust Administrator, the
      Certificate Registrar, the Paying Agent, the Authenticating Agent and the Master
      Servicer), which the Certificate Registrar may rely upon without further inquiry
      or investigation. Neither a certification nor an Opinion of Counsel will be
      required in connection with the initial transfer of any such Certificate by
      the
      Depositor to an Affiliate of the Depositor (in which case, the Depositor or
      any
      Affiliate thereof shall have deemed to have represented that such Affiliate
      is
      not a Plan or a Person investing Plan Assets) and the Certificate Registrar
      shall be entitled to conclusively rely upon a representation (which, upon the
      request of the Certificate Registrar, shall be a written representation) from
      the Depositor of the status of such transferee as an affiliate of the Depositor.
      

     

    (ii)  Each
      beneficial owner of a Subordinate Certificate or Class P Certificate or any
      interest therein shall be deemed to have represented, by virtue of its
      acquisition and holding of such Certificate or interest therein, that either
      (A)
      it is not a Plan or investing with Plan Assets, (B) other than with respect
      to a
      Class 1-B4 Certificate, Class 1-B5 Certificate, Class 1-B6 Certificate, Class
      2-B4 Certificate, Class 2-B5 Certificate or Class 2-B6 Certificate, it has
      acquired and is holding such Certificate in reliance on the Underwriter’s
      Exemption granted by the Department of Labor on April 18, 1991 as Prohibited
      Transaction Exemption (“PTE”) 91-23 at 56 F.R. 15936 and amended on July 21,
      1997 as PTE 97-34 at 62 F.R. 39021 and further amended on November 13, 2000
      by
      PTE 2000-58 at 65 F.R. 67765 and on August 22, 2002 by PTE 2001-41 at 67 F.R.
      54487 (“Underwriter’s Exemption”), and that it understands that there are
      certain conditions to the availability of the Underwriter’s Exemption, including
      that the certificate must be rated, at the time of purchase, not lower than
      “BBB-” (or its equivalent) by Fitch, Moody’s or S&P and it will represent
      that it is an “accredited investor” as defined in Rule 501(a)(1) of Regulation D
      under the Securities Act and will obtain a representation from any transferee
      that such transferee is an accredited investor so long as it is required to
      obtain a representation regarding compliance with the Securities Act, or (C)
      (i)
      it is an insurance company, (ii) the source of funds used to acquire or hold
      the
      Certificate or interest therein is an “insurance company general account,” as
      defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60, and (iii) the
      conditions in Sections I and III of PTCE 95-60 have been satisfied.

     

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

     

    (d)  (i)Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      authorized the Paying Agent or its designee under clause (iii)(A) below to
      deliver payments to a Person other than such Person and to negotiate the terms
      of any mandatory sale under clause (iii)(B) below and to execute all instruments
      of Transfer and to do all other things necessary in connection with any such
      sale. The rights of each Person acquiring any Ownership Interest in a Residual
      Certificate are expressly subject to the following provisions:

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (f)  At
      the
      option of the Holder thereof, any Certificate may be exchanged for other
      Certificates of the same Class with authorized denominations and a like
      aggregate Percentage Interest, upon surrender of such Certificate to be
      exchanged at any office or agency of the Certificate Registrar maintained for
      such purpose pursuant to Section 8.12. Whenever any Certificates are so
      surrendered for exchange, upon notice from the Certificate Registrar, the Paying
      Agent shall execute, and the Authenticating Agent shall authenticate and
      deliver, the Certificates which the Certificateholder making the exchange is
      entitled to receive. Every Certificate presented or surrendered for transfer
      or
      exchange shall (if so required by the Certificate Registrar) be duly endorsed
      by, or be accompanied by a written instrument of transfer in the form
      satisfactory to the Certificate Registrar duly executed by, the Holder thereof
      or his attorney duly authorized in writing.

     

    (g)  No
      service charge to the Certificateholders shall be made for any transfer or
      exchange of Certificates, but the Certificate Registrar may require payment
      of a
      sum sufficient to cover any tax or governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

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

     

    
      	SECTION
              5.03  	
              Mutilated,
                Destroyed, Lost or Stolen
                Certificates.

            

    

     

    If
      (i)
      any mutilated Certificate is surrendered to the Certificate Registrar, or the
      Certificate Registrar receive evidence to its satisfaction of the destruction,
      loss or theft of any Certificate, and (ii) there is delivered to the Certificate
      Registrar, the Trustee and the Trust Administrator such security or indemnity
      as
      may be required by them to save each of them harmless, then, in the absence
      of
      actual knowledge by the Certificate Registrar that such Certificate has been
      acquired by a bona fide purchaser, the Paying Agent shall execute, and the
      Authenticating Agent shall authenticate and deliver, in exchange for or in
      lieu
      of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate
      of the same Class and of like denomination and Percentage Interest. Upon the
      issuance of any new Certificate under this Section, the Certificate Registrar
      may require the payment of a sum sufficient to cover any tax or other
      governmental charge that may be imposed in relation thereto and any other
      expenses (including the fees and expenses of the Certificate Registrar)
      connected therewith. Any replacement Certificate issued pursuant to this Section
      shall constitute complete and indefeasible evidence of ownership in the
      applicable REMIC created hereunder, as if originally issued, whether or not
      the
      lost, stolen or destroyed Certificate shall be found at any time.

     

    
      	SECTION
              5.04  	
              Persons
                Deemed Owners.

            

    

     

    The
      Depositor, the Master Servicer, the Trustee, the Trust Administrator, the
      Certificate Registrar, the Authenticating Agent, the Paying Agent and any agent
      of any of them may treat the Person in whose name any Certificate is registered
      as the owner of such Certificate for the purpose of receiving distributions
      pursuant to Section 4.01 and for all other purposes whatsoever, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Trust Administrator, the
      Certificate Registrar, the Authenticating Agent, the Paying Agent or any agent
      of any of them shall be affected by notice to the contrary.

     

    
      	SECTION
              5.05  	
              Certain
                Available Information.

            

    

     

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

     

    ARTICLE
      VI

    THE
      DEPOSITOR AND THE MASTER SERVICER

     

    
      	SECTION
              6.01  	
              Liability
                of the Depositor and the Master
                Servicer.

            

    

     

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

     

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

            

    

     

    Subject
      to the following paragraph, the Depositor will keep in full effect its
      existence, rights and franchises as a corporation under the laws of the
      jurisdiction of its incorporation. Subject to the following paragraph, the
      Master Servicer will keep in full effect its existence, rights and franchises
      as
      a corporation under the laws of the jurisdiction of its incorporation and its
      qualification as an approved conventional seller/servicer for Fannie Mae or
      Freddie Mac in good standing. The Depositor and the Master Servicer each will
      obtain and preserve its qualification to do business as a foreign corporation
      in
      each jurisdiction in which such qualification is or shall be necessary to
      protect the validity and enforceability of this Agreement, the Certificates
      or
      any of the Mortgage Loans and to perform its respective duties under this
      Agreement.

     

    The
      Depositor or the Master Servicer may be merged or consolidated with or into
      any
      Person, or transfer all or substantially all of its assets to any Person, in
      which case any Person resulting from any merger or consolidation to which the
      Depositor or the Master Servicer shall be a party, or any Person succeeding
      to
      the business of the Depositor or the Master Servicer, shall be the successor
      of
      the Depositor or the Master Servicer, as the case may be, hereunder, without
      the
      execution or filing of any paper or any further act on the part of any of the
      parties hereto, anything herein to the contrary notwithstanding; provided,
      however, that the successor or surviving Person to the Master Servicer shall
      be
      qualified to service mortgage loans on behalf of Fannie Mae or Freddie Mac;
      and
      provided further that the Rating Agencies’ ratings of the Certificates rated
      thereby and in effect immediately prior to such merger or consolidation will
      not
      be qualified, reduced or withdrawn as a result thereof (as evidenced by a letter
      to such effect from the Rating Agencies).

     

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

            

    

     

    None
      of
      the Depositor, the Master Servicer or any of the directors, officers, employees
      or agents of the Depositor or the Master Servicer shall be under any liability
      to the Trust Fund or the Certificateholders for any action taken or for
      refraining from the taking of any action in good faith pursuant to this
      Agreement, or for errors in judgment; provided, however, that this provision
      shall not protect the Depositor, the Master Servicer or any such person against
      any breach of warranties, representations or covenants made herein, or against
      any specific liability imposed on the Master Servicer pursuant hereto, or
      against any liability which would otherwise be imposed by reason of willful
      misfeasance, bad faith or negligence in the performance of duties or by reason
      of reckless disregard of obligations and duties hereunder. The Depositor, the
      Master Servicer and any director, officer, employee or agent of the Depositor
      or
      the Master Servicer may rely in good faith on any document of any kind which,
      PRIMA FACIE, is properly executed and submitted by any Person respecting any
      matters arising hereunder. The Depositor, the Master Servicer and any director,
      officer, employee or agent of the Depositor or the Master Servicer shall be
      indemnified and held harmless by the Trust Fund against any loss, liability
      or
      expense incurred in connection with any legal action relating to this Agreement
      or the Certificates, other than any loss, liability or expense to any specific
      Mortgage Loan or Mortgage Loans (except as any such loss, liability or expense
      shall be otherwise reimbursable pursuant to this Agreement) or any loss,
      liability or expense incurred by reason of willful misfeasance, bad faith or
      negligence in the performance of duties hereunder or by reason of reckless
      disregard of obligations and duties hereunder. Neither the Depositor nor the
      Master Servicer shall be under any obligation to appear in, prosecute or defend
      any legal action unless such action is related to its respective duties under
      this Agreement and, in its opinion, does not involve it in any expense or
      liability; provided, however, that each of the Depositor and the Master Servicer
      may in its discretion undertake any such action which it may deem necessary
      or
      desirable with respect to this Agreement and the rights and duties of the
      parties hereto and the interests of the Certificateholders hereunder. In such
      event, unless the Depositor or the Master Servicer acts without the consent
      of
      Holders of Certificates entitled to at least 51% of the Voting Rights (which
      consent shall not be necessary in the case of litigation or other legal action
      by either to enforce their respective rights or defend themselves hereunder),
      the legal expenses and costs of such action and any liability resulting
      therefrom (except any loss, liability or expense incurred by reason of willful
      misfeasance, bad faith or negligence in the performance of duties hereunder
      or
      by reason of reckless disregard of obligations and duties hereunder) shall
      be
      expenses, costs and liabilities of the Trust Fund, and the Depositor (subject
      to
      the limitations set forth above) and the Master Servicer shall be entitled
      to be
      reimbursed therefor from the Collection Account as and to the extent provided
      in
      Section 3.11, any such right of reimbursement being prior to the rights of
      the
      Certificateholders to receive any amount in the Collection Account.

     

    
      	SECTION
              6.04  	
              Limitation
                on Resignation of the Master
                Servicer.

            

    

     

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

     

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

     

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

            

    

     

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

     

    ARTICLE
      VII

     

    DEFAULT

     

    
      	SECTION
              7.01  	
              Master
                Servicer Events of Default.

            

    

     

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

     

    (i)  (A)
      any
      failure by the Master Servicer to remit to the Paying Agent for distribution
      to
      the Certificateholders any payment (other than a P&I Advance required to be
      made from its own funds on any Master Servicer Remittance Date pursuant to
      Section 4.03) required to be made under the terms of the Certificates and this
      Agreement which continues unremedied for a period of one Business Day after
      the
      date upon which written notice of such failure, requiring the same to be
      remedied, shall have been given to the Master Servicer (with a copy to the
      Paying Agent ) by the Depositor, the Trust Administrator or the Trustee (in
      which case notice shall be provided by telecopy), or to the Master Servicer,
      the
      Depositor, the Trust Administrator, the Paying Agent and the Trustee by the
      Holders of Certificates entitled to at least 25% of the Voting Rights; or (B)
      any deemed Master Servicer Event of Default caused by a failure by the Master
      Servicer to timely comply with its obligations under Section 3.19 or Section
      3.20 or Section 4.06, taking into account any cure period allowed by the Trustee
      at the direction of the Depositor that may be provided under such sections;
      or

     

    (ii)  any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any of the covenants or agreements on the part of the Master
      Servicer contained in the Certificates or in this Agreement which continues
      unremedied for a period of 30 days after the earlier of (i) the date on which
      written notice of such failure, requiring the same to be remedied, shall have
      been given to the Master Servicer by the Depositor, the Trust Administrator
      or
      the Trustee, or to the Master Servicer, the Depositor, the Trust Administrator
      and the Trustee by the Holders of Certificates entitled to at least 25% of
      the
      Voting Rights and (ii) actual knowledge of such failure by a Servicing Officer
      of the Master Servicer; or

     

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

     

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

     

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

     

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

     

    If
      a
      Master Servicer Event of Default described in clauses (i) through (v) of this
      Section shall occur, then, and in each and every such case, so long as such
      Master Servicer Event of Default shall not have been remedied, the Depositor
      or
      the Trustee may, and at the written direction of the Holders of Certificates
      entitled to at least 51% of Voting Rights, the Trustee shall, by notice in
      writing to the Master Servicer (and to the Depositor if given by the Trustee
      or
      to the Trustee if given by the Depositor), terminate all of the rights and
      obligations of the Master Servicer in its capacity as a Master Servicer under
      this Agreement, to the extent permitted by law, and in and to the Mortgage
      Loans
      and the proceeds thereof. If a Master Servicer Event of Default described in
      clause (vi) hereof shall occur and shall not have been remedied by 1:00 p.m.
      on
      the related Distribution Date, the Paying Agent shall notify the Trustee of
      the
      same, and the Trustee shall be obligated to make such P&I Advance and, then
      so long as such Master Servicer Event of Default shall not have been remedied
      during the applicable time period set forth in clause (vi) above (including
      the
      reimbursement to the Trustee by the Master Servicer, with interest thereon
      at
      the Prime Rate, for any P&I Advance made), the Trustee shall, by notice in
      writing to the Master Servicer and the Depositor, terminate all of the rights
      and obligations of the Master Servicer in its capacity as a Master Servicer
      under this Agreement and in and to the Mortgage Loans and the proceeds thereof.
      On or after the receipt by the Master Servicer of such written notice, all
      authority and power of the Master Servicer under this Agreement, whether with
      respect to the Certificates (other than as a Holder of any Certificate) or
      the
      Mortgage Loans or otherwise, shall pass to and be vested in the Trustee pursuant
      to and under this Section and, without limitation, the Trustee is hereby
      authorized and empowered, as attorney-in-fact or otherwise, to execute and
      deliver on behalf of and at the expense of the Master Servicer, any and all
      documents and other instruments and to do or accomplish all other acts or things
      necessary or appropriate to effect the purposes of such notice of termination,
      whether to complete the transfer and endorsement or assignment of the Mortgage
      Loans and related documents, or otherwise. The Master Servicer agrees, at its
      sole cost and expense, promptly (and in any event no later than ten Business
      Days subsequent to such notice) to provide the Trustee with all documents and
      records requested by it to enable it to assume the Master Servicer’s functions
      under this Agreement, and to cooperate with the Trustee in effecting the
      termination of the Master Servicer’s responsibilities and rights under this
      Agreement, including, without limitation, the transfer within one Business
      Day
      to the Trustee for administration by it of all cash amounts which at the time
      shall be or should have been credited by the Master Servicer to the Collection
      Account held by or on behalf of the Master Servicer, the Distribution Account
      or
      any REO Account or Servicing Account held by or on behalf of the Master Servicer
      or thereafter be received with respect to the Mortgage Loans or any REO Property
      serviced by the Master Servicer (provided, however, that the Master Servicer
      shall continue to be entitled to receive all amounts accrued or owing to it
      under this Agreement on or prior to the date of such termination, whether in
      respect of P&I Advances or otherwise, and shall continue to be entitled to
      the benefits of Section 6.03, notwithstanding any such termination, with respect
      to events occurring prior to such termination). For purposes of this Section
      7.01, the Trustee shall not be deemed to have knowledge of a Master Servicer
      Event of Default unless a Responsible Officer of the Trustee assigned to and
      working in the Trustee’s Corporate Trust Office has actual knowledge thereof or
      unless written notice of any event which is in fact such a Master Servicer
      Event
      of Default is received by the Trustee and such notice references the
      Certificates, the Trust Fund or this Agreement.

     

    
      	SECTION
              7.02  	
              Trustee
                to Act; Appointment of Successor.

            

    

     

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

     

    (b)  In
      connection with the termination or resignation of the Master Servicer hereunder,
      either (i) the successor servicer, including the Trustee, if the Trustee is
      acting as successor Master Servicer, shall represent and warrant that it is
      a
      member of MERS in good standing and shall agree to comply in all material
      respects with the rules and procedures of MERS in connection with the servicing
      of the Mortgage Loans that are registered with MERS, in which case the
      predecessor Master Servicer shall cooperate with the successor Master Servicer
      in causing MERS to revise its records to reflect the transfer of servicing
      to
      the successor Master Servicer as necessary under MERS’ rules and regulations, or
      (ii) the predecessor Master Servicer shall cooperate with the successor Master
      Servicer in causing MERS to execute and deliver an assignment of Mortgage in
      recordable form to transfer the Mortgage from MERS to the Trustee and to execute
      and deliver such other notices, documents and other instruments as may be
      necessary or desirable to effect a transfer of such Mortgage Loan or servicing
      of such Mortgage Loan on the MERS® System to the successor Master Servicer. The
      predecessor Master Servicer shall file or cause to be filed any such assignment
      in the appropriate recording office. The predecessor Master Servicer shall
      bear
      any and all fees of MERS, costs of preparing any assignments of Mortgage, and
      fees and costs of filing any assignments of Mortgage that may be required under
      this Section 7.02(b).

     

    
      	SECTION
              7.03  	
              Notification
                to Certificateholders.

            

    

     

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

     

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

     

    
      	SECTION
              7.04  	
              Waiver
                of Master Servicer Events of
                Default.

            

    

     

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

     

    ARTICLE
      VIII

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

     

    
      	SECTION
              8.01  	
              Duties
                of Trustee, Trust Administrator and
                Others.

            

    

     

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

     

    Each
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar and the Authenticating Agent, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to it, which are specifically required to be furnished
      pursuant to any provision of this Agreement, shall examine them to determine
      whether they conform to the requirements of this Agreement; provided, however,
      that none of the Trustee, the Trust Administrator, the Paying Agent, the
      Certificate Registrar or the Authenticating Agent will be responsible for the
      accuracy or content of any such resolutions, certificates, statements, opinions,
      reports, documents or other instruments. If any such instrument is found not
      to
      conform to the requirements of this Agreement in a material manner, it shall
      take such action as it deems appropriate to have the instrument corrected,
      and
      if the instrument is not corrected to its satisfaction, it will provide notice
      thereof to the Certificateholders.

     

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

     

    (i)  With
      respect to the Trustee, prior to the occurrence of a Master Servicer Event
      of
      Default, and after the curing of all such Master Servicer Events of Default
      which may have occurred, and with respect to the Trust Administrator, the Paying
      Agent, the Certificate Registrar and the Authenticating Agent, at all times,
      the
      duties and obligations of each of the Trustee, the Trust Administrator, the
      Paying Agent, the Certificate Registrar and the Authenticating Agent, shall
      be
      determined solely by the express provisions of this Agreement, none of the
      Trustee, the Trust Administrator, the Paying Agent, the Certificate Registrar
      or
      the Authenticating Agent shall be liable except for the performance of such
      duties and obligations as are specifically set forth in this Agreement, no
      implied covenants or obligations shall be read into this Agreement against
      the
      Trustee, the Trust Administrator, the Paying Agent, the Certificate Registrar
      or
      the Authenticating Agent and, in the absence of bad faith on the part of the
      Trustee, the Trust Administrator, the Paying Agent, the Certificate Registrar
      or
      the Authenticating Agent, as applicable, the Trustee, the Trust Administrator,
      the Paying Agent, the Certificate Registrar or the Authenticating Agent, as
      the
      case may be, may conclusively rely, as to the truth of the statements and the
      correctness of the opinions expressed therein, upon any certificates or opinions
      furnished to the Trustee, the Trust Administrator, the Paying Agent, the
      Certificate Registrar or the Authenticating Agent, as the case may be, that
      conform to the requirements of this Agreement;

     

    (ii)  None
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent shall be personally liable for any error
      of judgment made in good faith by a Responsible Officer or Responsible Officers
      of it unless it shall be proved that it was negligent in ascertaining the
      pertinent facts; 

     

    (iii)  None
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent shall be personally liable with respect
      to
      any action taken, suffered or omitted to be taken by it in good faith in
      accordance with the direction of the Holders of Certificates entitled to at
      least 25% of the Voting Rights relating to the time, method and place of
      conducting any proceeding for any remedy available to the it or exercising
      any
      trust or power conferred upon it, under this Agreement; and

     

    (iv)  The
      Trustee shall not be required to take notice or be deemed to have notice or
      knowledge of any default unless a Responsible Officer of the Trustee shall
      have
      received written notice thereof or a Responsible Officer shall have actual
      knowledge thereof. In the absence of receipt of such notice or actual knowledge,
      the Trustee may conclusively assume there is no default.

     

    None
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent shall be required to expend or risk its
      own funds or otherwise incur financial liability in the performance of any
      of
      its duties hereunder, or in the exercise of any of its rights or powers, in
      each
      case not including expenses, disbursements and advances incurred or made by
      the
      Trustee, the Trust Administrator, the Paying Agent, the Certificate Registrar
      or
      the Authenticating Agent, as applicable, including the compensation and the
      expenses and disbursements of its agents and counsel, in the ordinary course
      of
      the Trustee’s, the Trust Administrator’s the Paying Agent’s, the Certificate
      Registrar’s or the Authenticating Agent’s, as the case may be, performance in
      accordance with the provisions of this Agreement, if there is reasonable ground
      for believing that the repayment of such funds or adequate indemnity against
      such risk or liability is not reasonably assured to it. With respect to the
      Trustee, none of the provisions contained in this Agreement shall in any event
      require the Trustee to perform, or be responsible for the manner of performance
      of, any of the obligations of the Master Servicer under this Agreement, except
      during such time, if any, as the Trustee shall be the successor to, and be
      vested with the rights, duties, powers and privileges of, the Master Servicer
      in
      accordance with the terms of this Agreement.

     

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

            

    

     

    (a)  Except
      as
      otherwise provided in Section 8.01:

     

    (i)  Each
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar and the Authenticating Agent and any director, officer, employee
      or
      agent of the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent, as the case may be, may request and
      conclusively rely upon and shall be fully protected in acting or refraining
      from
      acting upon any resolution, Officers’ Certificate, certificate of auditors or
      any other certificate, statement, instrument, opinion, report, notice, request,
      consent, order, appraisal, bond or other paper or document reasonably believed
      by it to be genuine and to have been signed or presented by the proper party
      or
      parties;

     

    (ii)  Each
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar and the Authenticating Agent may consult with counsel of its selection
      and any Opinion of Counsel shall be full and complete authorization and
      protection in respect of any action taken or suffered or omitted by it hereunder
      in good faith and in accordance with such Opinion of Counsel;

     

    (iii)  None
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent shall be under any obligation to exercise
      any of the trusts or powers vested in it by this Agreement or to institute,
      conduct or defend any litigation hereunder or in relation hereto at the request,
      order or direction of any of the Certificateholders, pursuant to the provisions
      of this Agreement, unless such Certificateholders shall have offered to the
      Trustee, the Trust Administrator, the Paying Agent, the Certificate Registrar
      or
      the Authenticating Agent, as applicable, security or indemnity satisfactory
      to
      it against the costs, expenses and liabilities which may be incurred therein
      or
      thereby; the right of the Trustee, the Trust Administrator, the Paying Agent,
      the Certificate Registrar or the Authenticating Agent to perform any
      discretionary act enumerated in this Agreement shall not be construed as a
      duty,
      and none of the Trustee, the Trust Administrator, the Paying Agent, the
      Certificate Registrar or the Authenticating Agent shall be answerable for other
      than its negligence or willful misconduct in the performance of any such act;
      nothing contained herein shall, however, relieve the Trustee of the obligation,
      upon the occurrence of a Master Servicer Event of Default (which has not been
      cured or waived), to exercise such of the rights and powers vested in it by
      this
      Agreement, and to use the same degree of care and skill in their exercise as
      a
      prudent person would exercise or use under the circumstances in the conduct
      of
      such person’s own affairs;

     

    (iv)  None
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent shall be personally liable for any action
      taken, suffered or omitted by it in good faith and believed by it to be
      authorized or within the discretion or rights or powers conferred upon it by
      this Agreement;

     

    (v)  With
      respect to the Trustee, prior to the occurrence of a Master Servicer Event
      of
      Default hereunder, and after the curing of all Master Servicer Events of Default
      which may have occurred, and with respect to the Trust Administrator, the Paying
      Agent, the Certificate Registrar or the Authenticating Agent, at all times,
      none
      of the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent shall be bound to make any investigation
      into the facts or matters stated in any resolution, certificate, statement,
      instrument, opinion, report, notice, request, consent, order, approval, bond
      or
      other paper or document, unless requested in writing to do so by the Holders
      of
      Certificates entitled to at least 25% of the Voting Rights; provided, however,
      that if the payment within a reasonable time to the Trustee, the Trust
      Administrator, the Paying Agent, the Certificate Registrar or the Authenticating
      Agent, as applicable, of the costs, expenses or liabilities likely to be
      incurred by it in the making of such investigation is, in the opinion of the
      Trustee, the Trust Administrator, the Paying Agent, the Certificate Registrar
      or
      the Authenticating Agent, as applicable, not reasonably assured to the Trustee,
      the Trust Administrator, the Paying Agent, the Certificate Registrar or the
      Authenticating Agent, as applicable, by such Certificateholders, the Trustee,
      the Trust Administrator, the Paying Agent, the Certificate Registrar or the
      Authenticating Agent, as applicable, may require indemnity satisfactory to
      it
      against such cost, expense, or liability from such Certificateholders as a
      condition to taking any such action;

     

    (vi)  Each
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar and the Authenticating Agent may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or by or through
      agents or attorneys and none of the Trustee, the Trust Administrator, the Paying
      Agent, the Certificate Registrar or the Authenticating Agent shall be
      responsible for any misconduct or negligence on the part of any agent or
      attorney appointed with due care;

     

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

     

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

     

    (b)  All
      rights of action under this Agreement or under any of the Certificates,
      enforceable by the Trustee, the Trust Administrator, the Paying Agent, the
      Certificate Registrar or the Authenticating Agent, may be enforced by it without
      the possession of any of the Certificates, or the production thereof at the
      trial or other proceeding relating thereto, and any such suit, action or
      proceeding instituted by the Trustee, the Trust Administrator, the Paying Agent,
      the Certificate Registrar or the Authenticating Agent shall be brought in its
      name for the benefit of all the Holders of such Certificates, subject to the
      provisions of this Agreement.

     

    
      	SECTION
              8.03  	
              Trustee,
                Trust Administrator and Others not Liable for Certificates or Mortgage
                Loans.

            

    

     

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

     

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

            

    

     

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

     

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

            

    

     

    (a)  The
      compensation to be paid to the Trustee, the Trust Administrator, the Paying
      Agent, the Authenticating Agent and the Certificate Registrar in respect of
      each
      of its obligations under this Agreement or of a Custodian’s obligations under
      the applicable Custodial Agreement will be the amounts paid by the Master
      Servicer from its own funds or from a portion of the compensation paid to the
      Master Servicer hereunder pursuant to letter agreements between the Master
      Servicer and the Trustee, the Trust Administrator, the Paying Agent, the
      Authenticating Agent, the Certificate Registrar and such Custodian (which
      compensation shall not be limited by any provision of law in regard to the
      compensation of a trustee of an express trust) and no such compensation shall
      be
      paid from the assets of the Trust. Each of the Trustee, the Trust Administrator,
      the Paying Agent, the Certificate Registrar, the Authenticating Agent, a
      Custodian and any director, officer, employee or agent of any of them, as
      applicable, shall be indemnified by the Trust Fund and held harmless against
      any
      loss, liability or expense (not including expenses, disbursements and advances
      incurred or made by the Trustee, the Trust Administrator, the Paying Agent,
      the
      Certificate Registrar, the Authenticating Agent or a Custodian, as applicable,
      including the compensation and the expenses and disbursements of its agents
      and
      counsel, in the ordinary course of the Trustee’s, the Trust Administrator’s the
      Paying Agent’s, the Certificate Registrar’s, the Authenticating Agent’s or a
      Custodian’s, as the case may be, performance in accordance with the provisions
      of this Agreement) incurred by the Trustee, the Trust Administrator, the Paying
      Agent, the Certificate Registrar, the Authenticating Agent or a Custodian,
      as
      applicable, in connection with any claim or legal action or any pending or
      threatened claim or legal action arising out of or in connection with the
      acceptance or administration of its obligations and duties under this Agreement
      (or, in the case of a Custodian, under the applicable Custodial Agreement),
      other than any loss, liability or expense (i) resulting from any breach of
      the
      Master Servicer’s (and in the case of the Trustee, the Trust Administrator’s or
      the Paying Agent’s; in the case of the Trust Administrator, the Trustee’s or the
      Paying Agent’s; or in the case of the Paying Agent, the Trustee’s or the Trust
      Administrator’s) obligations in connection with this Agreement and the Mortgage
      Loans, (ii) that constitutes a specific liability of the Trustee, the Trust
      Administrator or the Paying Agent, as applicable, pursuant to Section 10.01(g)
      or (iii) any loss, liability or expense incurred by reason of willful
      misfeasance, bad faith or negligence in the performance of duties hereunder
      or
      by reason of reckless disregard of obligations and duties hereunder (or, in
      the
      case of a Custodian, under the applicable Custodial Agreement) or as a result
      of
      a breach of the Trustee’s, the Trust Administrator’s or the Paying Agent’s
      obligations under Article X hereof (or, in the case of a Custodian, as a result
      of a breach of such Custodian’s obligations under the related Custodial
      Agreement). Any amounts payable to the Trustee, the Trust Administrator, the
      Paying Agent, the Certificate Registrar or the Authenticating Agent, a
      Custodian, or any director, officer, employee or agent of any of them in respect
      of the indemnification provided by this paragraph (a), or pursuant to any other
      right of reimbursement from the Trust Fund that the Trustee, the Trust
      Administrator, the Paying Agent, the Certificate Registrar, the Authenticating
      Agent, a Custodian or any director, officer, employee or agent of any of them
      may have hereunder in its capacity as such, may be withdrawn by the Paying
      Agent
      for payment to the applicable indemnified Person from the Distribution Account
      at any time.

     

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

     

    
      	SECTION
              8.06  	
              Eligibility
                Requirements for Trustee and Trust
                Administrator.

            

    

     

    Each
      of
      the Trustee and the Trust Administrator hereunder shall at all times be a
      corporation or an association organized and doing business under the laws of
      any
      state or the United States of America, authorized under such laws to exercise
      corporate trust powers, having a combined capital and surplus of at least
      $50,000,000 and subject to supervision or examination by federal or state
      authority. In case at any time the Trustee or the Trust Administrator shall
      cease to be eligible in accordance with the provisions of this Section, the
      Trustee or the Trust Administrator, as the case may be, shall resign immediately
      in the manner and with the effect specified in Section 8.07.

     

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

            

    

     

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

     

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

     

    The
      Holders of Certificates entitled to at least 51% of the Voting Rights may at
      any
      time remove the Trustee or the Trust Administrator and appoint a successor
      trustee or trust administrator by written instrument or instruments, in
      triplicate, signed by such Holders or their attorneys-in-fact duly authorized,
      one complete set of which instruments shall be delivered to the Depositor,
      one
      complete set to the Trustee or the Trust Administrator, as the case may be,
      so
      removed and one complete set to the successor so appointed. A copy of such
      instrument shall be delivered to the Certificateholders and the Master Servicer
      by the Depositor. 

     

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

     

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

     

    
      	SECTION
              8.08  	
              Successor
                Trustee or Trust Administrator.

            

    

     

    Any
      successor trustee or trust administrator appointed as provided in Section 8.07
      shall execute, acknowledge and deliver to the Depositor, the Trustee or the
      Trust Administrator, as applicable, and to its predecessor trustee or trust
      administrator an instrument accepting such appointment hereunder, and thereupon
      the resignation or removal of the predecessor trustee or trust administrator
      shall become effective and such successor trustee or trust administrator,
      without any further act, deed or conveyance, shall become fully vested with
      all
      the rights, powers, duties and obligations of its predecessor hereunder, with
      the like effect as if originally named as trustee or trust administrator herein.
      The predecessor trustee or trust administrator shall deliver to the successor
      trustee or trust administrator all Mortgage Files and related documents and
      statements, as well as all moneys, held by it hereunder and the Depositor and
      the predecessor trustee or trust administrator shall execute and deliver such
      instruments and do such other things as may reasonably be required for more
      fully and certainly vesting and confirming in the successor trustee or trust
      administrator all such rights, powers, duties and obligations.

     

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

     

    Upon
      acceptance of appointment by a successor trustee or trust administrator as
      provided in this Section, the Depositor shall mail notice of the succession
      of
      such trustee or trust administrator hereunder to all Holders of Certificates
      at
      their addresses as shown in the Certificate Register. If the Depositor fails
      to
      mail such notice within 10 days after acceptance of appointment by the successor
      trustee or trust administrator, the successor trustee or trust administrator
      shall cause such notice to be mailed at the expense of the
      Depositor.

     

    
      	SECTION
              8.09  	
              Merger
                or Consolidation of Trustee or Trust
                Administrator.

            

    

     

    Any
      corporation or association into which either the Trustee or the Trust
      Administrator may be merged or converted or with which it may be consolidated
      or
      any corporation or association resulting from any merger, conversion or
      consolidation to which the Trustee or the Trust Administrator, as the case
      may
      be, shall be a party, or any corporation or association succeeding to the
      business of the Trustee or the Trust Administrator, as applicable, shall be
      the
      successor of the Trustee or the Trust Administrator, as the case may be,
      hereunder, provided such corporation or association shall be eligible under
      the
      provisions of Section 8.06, without the execution or filing of any paper or
      any
      further act on the part of any of the parties hereto, anything herein to the
      contrary notwithstanding.

     

    
      	SECTION
              8.10  	
              Appointment
                of Co-Trustee or Separate Trustee.

            

    

     

    Notwithstanding
      any other provisions hereof, at any time, for the purpose of meeting any legal
      requirements of any jurisdiction in which any part of REMIC I-A or REMIC II-A
      or
      property securing the same may at the time be located, the Master Servicer
      and
      the Trustee acting jointly shall have the power and shall execute and deliver
      all instruments to appoint one or more Persons approved by the Trustee to act
      as
      co-trustee or co-trustees, jointly with the Trustee, or separate trustee or
      separate trustees, of all or any part of REMIC I-A or REMIC II-A, and to vest
      in
      such Person or Persons, in such capacity, such title to REMIC I-A or REMIC
      II-A,
      or any part thereof, and, subject to the other provisions of this Section 8.10,
      such powers, duties, obligations, rights and trusts as the Master Servicer
      and
      the Trustee may consider necessary or desirable. If the Master Servicer shall
      not have joined in such appointment within 15 days after the receipt by it
      of a
      request to do so, or in case a Master Servicer Event of Default shall have
      occurred and be continuing, the Trustee alone shall have the power to make
      such
      appointment. No co-trustee or separate trustee hereunder shall be required
      to
      meet the terms of eligibility as a successor trustee under Section 8.06
      hereunder and no notice to Holders of Certificates of the appointment of
      co-trustee(s) or separate trustee(s) shall be required under Section 8.08
      hereof.

     

    In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section 8.10 all rights, powers, duties and obligations conferred or imposed
      upon the Trustee shall be conferred or imposed upon and exercised or performed
      by the Trustee and such separate trustee or co-trustee jointly, except to the
      extent that under any law of any jurisdiction in which any particular act or
      acts are to be performed by the Trustee (whether as Trustee hereunder or as
      successor to the Master Servicer hereunder), the Trustee shall be incompetent
      or
      unqualified to perform such act or acts, in which event such rights, powers,
      duties and obligations (including the holding of title to REMIC I-A or REMIC
      II-A or any portion thereof in any such jurisdiction) shall be exercised and
      performed by such separate trustee or co-trustee at the direction of the
      Trustee.

     

    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      VIII. Each separate trustee and co-trustee, upon its acceptance of the trust
      conferred, shall be vested with the estates or property specified in its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee.

     

    Any
      separate trustee or co-trustee may, at any time, constitute the Trustee, its
      agent or attorney-in-fact, with full power and authority, to the extent not
      prohibited by law, to do any lawful act under or in respect of this Agreement
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Trustee, to the extent permitted by law, without the appointment of a new or
      successor trustee.

     

    
      	SECTION
              8.11  	
               [intentionally
                omitted]

            

    

     

    
      	SECTION
              8.12  	
              Appointment
                of Office or Agency.

            

    

     

    The
      Trust
      Administrator or the Paying Agent on its behalf will appoint an office or agency
      in the City of New York where the Certificates may be surrendered for
      registration of transfer or exchange, and presented for final distribution,
      and
      where notices and demands to or upon the Certificate Registrar, the Paying
      Agent
      or the Trust Administrator in respect of the Certificates and this Agreement
      may
      be served.

     

    
      	SECTION
              8.13  	
              Representations
                and Warranties.

            

    

     

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

     

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

     

    (ii)  The
      execution and delivery of this Agreement by it, and the performance and
      compliance with the terms of this Agreement by it, will not violate its articles
      of association or bylaws or constitute a default (or an event which, with notice
      or lapse of time, or both, would constitute a default) under, or result in
      the
      breach of, any material agreement or other instrument to which it is a party
      or
      which is applicable to it or any of its assets.

     

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

     

    (iv)  This
      Agreement, assuming due authorization, execution and delivery by the other
      parties hereto, constitutes a valid, legal and binding obligation of it,
      enforceable against it in accordance with the terms hereof, subject to (A)
      applicable bankruptcy, insolvency, receivership, reorganization, moratorium
      and
      other laws affecting the enforcement of creditors’ rights generally, and (B)
      general principles of equity, regardless of whether such enforcement is
      considered in a proceeding in equity or at law.

     

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

     

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

     

    
      	SECTION
              8.14  	
              Appointment
                and Removal of Paying Agent, Authenticating Agent and Certificate
                Registrar.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (d)  Notwithstanding
      anything to the contrary herein, in no event shall the Trustee be liable to
      any
      party hereto or to any third party for the performance of any custody-related
      functions with respect to which the applicable Custodian shall fail to take
      action on behalf of the Trustee or, with respect to which the performance of
      custody-related functions pursuant to the terms of the custodial agreement
      with
      the applicable Custodian shall fail to satisfy all the related requirements
      under this Agreement.

     

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

            

    

     

    Notwithstanding
      anything to the contrary herein, in no event shall the Trustee be liable to
      any
      party hereto or to any third party for the performance of any custody-related
      functions with respect to which the applicable Custodian shall fail to take
      action on behalf of the Trustee or, with respect to which the performance of
      custody-related functions pursuant to the terms of the custodial agreement
      with
      the applicable Custodian shall fail to satisfy all the related requirements
      under this Agreement.

     

    ARTICLE
      IX

    TERMINATION

     

    
      	SECTION
              9.01  	
              Termination
                Upon Repurchase or Liquidation of the Mortgage
                Loans.

            

    

     

    (a)  Subject
      to Section 9.02, the respective obligations and responsibilities under this
      Agreement of the Depositor, the Master Servicer, the Trustee, the Paying Agent,
      the Certificate Registrar, the Authenticating Agent and the Trust Administrator
      with respect to the Group 1 Mortgage Loans (other than the obligations of the
      Master Servicer to the Trustee and the Trust Administrator pursuant to Section
      8.05 and of the Master Servicer and the Trust Administrator to provide for
      and
      the Paying Agent to make payments to the Holders of the Group 1 Certificates
      as
      hereinafter set forth) shall terminate upon payment to the Holders of the Group
      1 Certificates and the deposit of all amounts held by or on behalf of the
      Trustee or the Trust Administrator and required hereunder to be so paid or
      deposited on the Distribution Date coinciding with or following the earlier
      to
      occur of (i) the purchase by the applicable Terminator of all Group 1 Mortgage
      Loans and each related REO Property remaining in REMIC I-A and (ii) the final
      payment or other liquidation (or any advance with respect thereto) of the last
      Group 1 Mortgage Loan or related REO Property remaining in REMIC I-A. The
      purchase by the applicable Terminator of all Group 1 Mortgage Loans and each
      related REO Property remaining in REMIC I-A shall be at a price (the “Group 1
      Termination Price”) equal to the Purchase Price of the Group 1 Mortgage Loans
      included in REMIC I-A, plus the appraised value of each related REO Property,
      if
      any, included in REMIC I-A, such appraisal to be conducted by an appraiser
      mutually agreed upon by the Master Servicer and the Trustee in their reasonable
      discretion (as determined by the Master Servicer, with the consent of the
      Trustee, as of the close of business on the third Business Day next preceding
      the date upon which notice of any such termination is furnished to Holders
      of
      the Group 1 Certificates pursuant to Section 9.01(e)).

     

    (b)  Subject
      to Section 9.02, the respective obligations and responsibilities under this
      Agreement of the Depositor, the Master Servicer, the Trustee, the Paying Agent,
      the Certificate Registrar, the Authenticating Agent and the Trust Administrator
      with respect to the Group 2 Mortgage Loans (other than the obligations of the
      Master Servicer to the Trustee and the Trust Administrator pursuant to Section
      8.05 and of the Master Servicer and the Trust Administrator to provide for
      and
      the Paying Agent to make payments to the Holders of the Group 2 Certificates
      as
      hereinafter set forth) shall terminate upon payment to the Holders of the Group
      2 Certificates and the deposit of all amounts held by or on behalf of the
      Trustee or the Trust Administrator and required hereunder to be so paid or
      deposited on the Distribution Date coinciding with or following the earlier
      to
      occur of (i) the purchase by the applicable Terminator of all Group 2 Mortgage
      Loans and each related REO Property remaining in REMIC II-A and (ii) the final
      payment or other liquidation (or any advance with respect thereto) of the last
      Group 2 Mortgage Loan or related REO Property remaining in REMIC II-A. The
      purchase by the applicable Terminator of all Group 2 Mortgage Loans and each
      related REO Property remaining in REMIC II-A shall be at a price (the “Group 2
      Termination Price”) equal to the Purchase Price of the Group 2 Mortgage Loans
      included in REMIC II-A, plus the appraised value of each related REO Property,
      if any, included in REMIC II-A, such appraisal to be conducted by an appraiser
      mutually agreed upon by the Master Servicer and the Trustee in their reasonable
      discretion (as determined by the Master Servicer, with the consent of the
      Trustee, as of the close of business on the third Business Day next preceding
      the date upon which notice of any such termination is furnished to Holders
      of
      the Group 2 Certificates pursuant to Section 9.01(e)).

     

    (c)  [Reserved].

     

    (d)  The
      related Terminator shall have the right to purchase all of the Group 1 Mortgage
      Loans and each REO Property remaining in REMIC I-A and/or all of the Group
      2
      Mortgage Loans and each REO Property remaining in REMIC II-A pursuant to Section
      9.01(a)(i) or Section 9.01(b)(i), as applicable, no later than the Determination
      Date in the month immediately preceding the Distribution Date on which the
      Group
      1 Certificates or the Group 2 Certificates, as applicable, will be retired;
      provided, however, that the related Terminator, as provided above, may elect
      to
      purchase (i) all of the Group 1 Mortgage Loans and each REO Property remaining
      in REMIC I-A pursuant to Section 9.01(a)(i) only if the aggregate Stated
      Principal Balance of the Group 1 Mortgage Loans and each REO Property remaining
      in REMIC I-A at the time of such election is reduced to less than 10% of the
      aggregate Stated Principal Balance of the Group 1 Mortgage Loans at the Cut-off
      Date and/or (ii) all of the Group 2 Mortgage Loans and each REO Property
      remaining in REMIC II-A pursuant to Section 9.01(b)(i) only if the aggregate
      Stated Principal Balance of the Group 2 Mortgage Loans and each REO Property
      remaining in REMIC II-A at the time of such election is reduced to less than
      10%
      of the aggregate Stated Principal Balance of the Group 2 Mortgage Loans at
      the
      Cut-off Date. For federal income tax purposes, the purchase by the related
      Terminator of the Mortgage Loans and the REO Properties underlying the
      Certificates is intended to facilitate a redemption of such Certificates
      pursuant to a “cleanup call” within the meaning of Treasury regulation section
      1.860G-2(j). Notwithstanding the foregoing, the applicable Terminator shall
      have
      the right to transfer, sell or assign its rights to purchase the Mortgage Loans
      and each REO Property remaining in REMIC I-A or REMIC II-A.

     

    (e)  Notice
      of
      the liquidation of any Certificates shall be given promptly by the Paying Agent
      by letter to the related Certificateholders (with a copy to the Trustee and
      the
      Trust Administrator mailed (a) in the event such notice is given in connection
      with the purchase of either the Group 1 Mortgage Loans or the Group 2 Mortgage
      Loans and each related REO Property remaining in REMIC I-A or REMIC II-A, as
      applicable, by the related Terminator, not earlier than the 15th day and not
      later than the 25th day of the month next preceding the month of the final
      distribution on the related Certificates or (b) otherwise during the month
      of
      such final distribution on or before the Determination Date in such month,
      in
      each case specifying (i) the Distribution Date upon which REMIC I-A or REMIC
      II-A, as applicable, will terminate and final payment of the Group 1
      Certificates or the Group 2 Certificates, as applicable, will be made upon
      presentation and surrender of the Certificates at the office of the Certificate
      Registrar therein designated, (ii) the amount of any such final payment, (iii)
      that no interest shall accrue in respect of the Certificates from and after
      the
      Interest Accrual Period relating to the final Distribution Date therefor and
      (iv) that the Record Date otherwise applicable to such Distribution Date is
      not
      applicable, payments being made only upon presentation and surrender of the
      Certificates at the office of the Certificate Registrar. In the event such
      notice is given in connection with the purchase of all of the Group 1 Mortgage
      Loans or the Group 2 Mortgage Loans and each related REO Property remaining
      in
      REMIC I-A or REMIC II-A, as applicable, by the related Terminator, the related
      Terminator shall deliver to the Paying Agent for deposit in the Distribution
      Account (with notice to the Trustee and the Trust Administrator) not later
      than
      the last Business Day of the month next preceding the month in which such
      distribution will be made an amount in immediately available funds equal to
      the
      Group 1 Termination Price or the Group 2 Termination Price, as applicable.
      Upon
      certification to the Trustee by a Servicing Officer of the making of such final
      deposit, the Trustee shall promptly release or cause to be released to the
      related Terminator the Mortgage Files for the remaining Group 1 Mortgage Loans
      or Group 2 Mortgage Loans, as applicable, and the Trustee shall execute all
      assignments, endorsements and other instruments delivered to it which are
      necessary to effectuate such transfer.

     

    (f)  Upon
      receipt of notice by the Paying Agent of the presentation of the Certificates
      by
      the Certificateholders on the related final Distribution Date to the Certificate
      Registrar, the Paying Agent shall distribute to each Certificateholder so
      presenting and surrendering its Certificates the amount otherwise distributable
      on such Distribution Date in accordance with Section 4.01 in respect of the
      Certificates so presented and surrendered. Any funds not distributed to any
      Holder or Holders of Certificates being retired on such Distribution Date
      because of the failure of such Holder or Holders to tender their Certificates
      shall, on such date, be set aside and held in trust by the Paying Agent and
      credited to the account of the appropriate non-tendering Holder or Holders.
      If
      any Certificates as to which notice has been given pursuant to this Section
      9.01
      shall not have been surrendered for cancellation within six months after the
      time specified in such notice, the Paying Agent shall mail a second notice
      to
      the remaining non-tendering Certificateholders to surrender their Certificates
      for cancellation in order to receive the final distribution with respect
      thereto. If within one year after the second notice all such Certificates shall
      not have been surrendered for cancellation, the Paying Agent shall, directly
      or
      through an agent, mail a final notice to remaining related non-tendering
      Certificateholders concerning surrender of their Certificates. The costs and
      expenses of maintaining the funds in trust and of contacting such
      Certificateholders shall be paid out of the assets remaining in the trust funds.
      If within one year after the final notice any such Certificates shall not have
      been surrendered for cancellation, the Paying Agent shall pay to Citigroup
      Global Markets Inc. all such amounts, and all rights of non-tendering
      Certificateholders in or to such amounts shall thereupon cease. No interest
      shall accrue or be payable to any Certificateholder on any amount held in trust
      by the Paying Agent as a result of such Certificateholder’s failure to surrender
      its Certificate(s) for final payment thereof in accordance with this Section
      9.01.

     

    Immediately
      following the deposit of funds in trust hereunder in respect of each of the
      Group 1 Certificates and the Group 2 Certificates, the Trust Fund shall
      terminate. In no event shall the trust created hereby continue beyond the
      earlier of (a) the Latest Possible Maturity Date and (b) expiration of 21 years
      from the death of the last survivor of the descendants of Joseph P. Kennedy,
      the
      late ambassador of the United States to the Court of St. James, living on the
      date hereof.

     

    
      	SECTION
              9.02  	
              Additional
                Termination Requirements.

            

    

     

    (a)  In
      the
      event that the related Terminator purchases all the Group 1 Mortgage Loans
      and
      each related REO Property or all the Group 2 Mortgage Loans and each related
      REO
      Property, REMIC I-A (in the case of a purchase of all the Group 1 Mortgage
      Loans
      and each related REO Property) or REMIC II-A (in the case of a purchase of
      all
      the Group 2 Mortgage Loans and each related REO Property) shall be terminated,
      in each case in accordance with the following additional requirements (or in
      connection with the final payment on or other liquidation of the last Group
      1
      Mortgage Loan or related REO Property remaining in REMIC I-A or the last Group
      2
      Mortgage Loan or related REO Property remaining in REMIC II-A, the additional
      requirement specified in clause (i) below):

     

    (i)  The
      Trust
      Administrator shall specify the first day in the 90-day liquidation period
      in a
      statement attached to REMIC I-A’s or REMIC II-A’s, as applicable, final Tax
      Return pursuant to Treasury regulation Section 1.860F-1, and such termination
      shall satisfy all requirements of a qualified liquidation under Section 860F
      of
      the Code and any regulations thereunder, as evidenced by an Opinion of Counsel
      obtained at the expense of the Master Servicer;

     

    (ii)  During
      such 90-day liquidation period, and at or prior to the time of making of the
      final payment on the Certificates, the Trust Administrator on behalf of the
      Trustee shall sell all of the assets of REMIC I-A or REMIC II-A, as applicable,
      to the related Terminator for cash; and

     

    (iii)  At
      the
      time of the making of the final payment on the related Certificates, the Paying
      Agent shall distribute or credit, or cause to be distributed or credited, to
      the
      Holders of the Class 1-R Certificates all cash on hand in REMIC I-A and to
      the
      Holders of the Class 2-R Certificates all cash on hand in REMIC II-A (in each
      case other than cash retained to meet claims), and either REMIC I-A or REMIC
      II-A, as applicable, shall terminate at that time.

     

    (b)  At
      the
      expense of the related Terminator (or in the event of termination under Section
      9.01(a)(ii) or Section 9.01(b)(ii), at the expense of the Trust Administrator),
      the Trust Administrator shall prepare or cause to be prepared the documentation
      required in connection with the adoption of a plan of liquidation of each REMIC,
      as applicable, pursuant to this Section 9.02.

     

    (c)  By
      their
      acceptance of Certificates, the Holders thereof hereby agree to authorize the
      Trust Administrator to specify the 90-day liquidation period for each REMIC,
      as
      applicable, which authorization shall be binding upon all successor
      Certificateholders.

     

    ARTICLE
      X

     

    REMIC
      PROVISIONS

     

    
      	SECTION
              10.01  	
              REMIC
                Administration.

            

    

     

    
      (a)  The
        Trustee shall elect to treat each REMIC created hereunder as a REMIC under
        the
        Code and, if necessary, under applicable state law. Such election will be
        made
        by the Trust Administrator on behalf of the Trustee on Form 1066 or other
        appropriate federal tax or information return or any appropriate state return
        for the taxable year ending on the last day of the calendar year in which
        the
        Certificates are issued. For the purposes of the REMIC election in respect
        of
        REMIC I-A, the REMIC I-A Regular Interests shall be designated as the Regular
        Interests in REMIC I-A and the Class R-IA Residual Interest shall be designated
        as the Residual Interests in REMIC I-A. For the purposes of the REMIC election
        in respect of REMIC I-B, the Group 1 Certificates (other than the Class 1-R
        Certificates) shall be designated as the Regular Interests in REMIC I-B and
        the
        Class R-IB Residual Interest shall be designated as the Residual Interest
        in
        REMIC I-B. Neither the Trustee nor the Trust Administrator shall permit the
        creation of any “interests” in REMIC I-A or REMIC I-B (within the meaning of
        Section 860G of the Code) other than the REMIC I-A Regular Interests and
        the
        Group 1 Certificates. For the purposes of the REMIC election in respect of
        REMIC
        II-A, the REMIC II-A Regular Interests shall be designated as the Regular
        Interests in REMIC II-A and the Class R-IIA Residual Interest shall be
        designated as the Residual Interests in REMIC II-A. For the purposes of the
        REMIC election in respect of REMIC II-B, the Group 2 Certificates (other
        than
        the Class 2-R Certificates) shall be designated as the Regular Interests
        in
        REMIC II-B and the Class R-IIB Residual Interest shall be designated as the
        Residual Interest in REMIC II-B. Neither the Trustee nor the Trust Administrator
        shall permit the creation of any “interests” in REMIC II-A or REMIC II-B (within
        the meaning of Section 860G of the Code) other than the REMIC II-A Regular
        Interests and the Group 2 Certificates. For the purposes of the REMIC election
        in respect of REMIC II-C, the Group 2 Certificates (other than the Class
        2-R
        Certificates) shall be designated as the Regular Interests in REMIC II-C
        and the
        Class R-IIC Residual Interest shall be designated as the Residual Interest
        in
        REMIC II-C. The Trustee shall elect to treat each REMIC created hereunder
        as a
        REMIC under the Code and, if necessary, under applicable state law. Such
        election will be made by the Trust Administrator on behalf of the Trustee
        on
        Form 1066 or other appropriate federal tax or information return or any
        appropriate state return for the taxable year ending on the last day of the
        calendar year in which the Certificates are issued. 

       

    

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

     

    (c)  The
      Trust
      Administrator shall pay any and all expenses relating to any tax audit of the
      Trust Fund (including, but not limited to, any professional fees or any
      administrative or judicial proceedings with respect to any Trust REMIC that
      involve the Internal Revenue Service or state tax authorities), and shall be
      entitled to reimbursement from the Trust therefor to the extent permitted under
      Section 8.05. The Trust Administrator, as agent for any Trust REMIC’s tax
      matters person, shall (i) act on behalf of the Trust Fund in relation to any
      tax
      matter or controversy involving any Trust REMIC and (ii) represent the Trust
      Fund in any administrative or judicial proceeding relating to an examination
      or
      audit by any governmental taxing authority with respect thereto. The Holder
      of
      the largest Percentage Interest of the Residual Certificates shall be
      designated, in the manner provided under Treasury regulations section
      1.860F-4(d) and Treasury regulations section 301.6231(a)(7)-1, as the tax
      matters person of the REMIC created hereunder. By its acceptance thereof, the
      Holder of the largest Percentage Interest of the Residual Certificates hereby
      agrees to irrevocably appoint the Trust Administrator or an Affiliate as its
      agent to perform all of the duties of the tax matters person for the Trust
      Fund.

     

    (d)  The
      Trust
      Administrator shall prepare and the Trustee at the direction of the Trust
      Administrator shall sign and the Trust Administrator shall file all of the
      Tax
      Returns in respect of the REMIC created hereunder. The expenses of preparing
      and
      filing such returns shall be borne by the Trust Administrator without any right
      of reimbursement therefor. The Master Servicer shall provide on a timely basis
      to the Trust Administrator or its designee such information with respect to
      the
      assets of the Trust Fund as is in its possession and reasonably required by
      the
      Trust Administrator to enable it to perform its obligations under this
      Article.

     

    (e)  The
      Trust
      Administrator shall perform on behalf of any Trust REMIC all reporting and
      other
      tax compliance duties that are the responsibility of the REMIC under the Code,
      the REMIC Provisions or other compliance guidance issued by the Internal Revenue
      Service or any state or local taxing authority including the filing of Form
      8811
      with the Internal Revenue Service within 30 days following the Closing Date.
      Among its other duties, as required by the Code, the REMIC Provisions or other
      such compliance guidance, the Trust Administrator shall provide (i) to any
      Transferor of a Residual Certificate such information as is necessary for the
      application of any tax relating to the transfer of a Residual Certificate to
      any
      Person who is not a Permitted Transferee, (ii) to the Certificateholders such
      information or reports as are required by the Code or the REMIC Provisions
      including reports relating to interest, original issue discount and market
      discount or premium (using the Prepayment Assumption as required) and (iii)
      to
      the Internal Revenue Service the name, title, address and telephone number
      of
      the person who will serve as the representative of any Trust REMIC. The Master
      Servicer shall provide on a timely basis to the Trust Administrator such
      information with respect to the assets of the Trust Fund, including, without
      limitation, the Mortgage Loans, as is in its possession and reasonably required
      by the Trust Administrator to enable it to perform its obligations under this
      subsection. In addition, the Depositor shall provide or cause to be provided
      to
      the Trust Administrator, within ten (10) days after the Closing Date, all
      information or data that the Trust Administrator reasonably determines to be
      relevant for tax purposes as to the valuations and issue prices of the
      Certificates, including, without limitation, the price, yield, Prepayment
      Assumption and projected cash flow of the Certificates.

     

    (f)  The
      Master Servicer, the Trustee and the Trust Administrator shall take such action
      and shall cause any Trust REMIC to take such action as shall be necessary to
      create or maintain the status thereof as a REMIC under the REMIC Provisions.
      The
      Master Servicer, the Trustee and the Trust Administrator shall not take any
      action, cause the Trust Fund to take any action or fail to take (or fail to
      cause to be taken) any action that, under the REMIC Provisions, if taken or
      not
      taken, as the case may be, could (i) endanger the status of any Trust REMIC
      as a
      REMIC or (ii) result in the imposition of a tax upon the Trust Fund (including
      but not limited to the tax on prohibited transactions as defined in Section
      860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in
      Section 860G(d) of the Code) (either such event, an “Adverse REMIC Event”)
      unless the Trustee and the Trust Administrator have received an Opinion of
      Counsel, addressed to the Trustee and the Trust Administrator (at the expense
      of
      the party seeking to take such action but in no event at the expense of the
      Trust Administrator or the Trustee) to the effect that the contemplated action
      will not, with respect to any Trust REMIC, endanger such status or result in
      the
      imposition of such a tax, nor shall the Master Servicer take or fail to take
      any
      action (whether or not authorized hereunder) as to which the Trustee or the
      Trust Administrator has advised it in writing that it has received an Opinion
      of
      Counsel to the effect that an Adverse REMIC Event could occur with respect
      to
      such action. In addition, prior to taking any action with respect to any Trust
      REMIC or its assets, or causing any Trust REMIC to take any action, which is
      not
      contemplated under the terms of this Agreement, the Master Servicer will consult
      with the Trustee and the Trust Administrator or their designee, in writing,
      with
      respect to whether such action could cause an Adverse REMIC Event to occur
      with
      respect to any Trust REMIC, and the Master Servicer shall not take any such
      action or cause any Trust REMIC to take any such action as to which the Trustee
      or the Trust Administrator has advised it in writing that an Adverse REMIC
      Event
      could occur. The Trust Administrator and the Trustee may consult with counsel
      to
      make such written advice, and the cost of same shall be borne by the party
      seeking to take the action not permitted by this Agreement, but in no event
      shall such cost be an expense of the Trustee or the Trust Administrator. At
      all
      times as may be required by the Code, the Trust Administrator, the Trustee
      or
      the Master Servicer will ensure that substantially all of the assets of any
      Trust REMIC will consist of “qualified mortgages” as defined in Section
      860G(a)(3) of the Code and “permitted investments” as defined in Section
      860G(a)(5) of the Code.

     

    (g)  In
      the
      event that any tax is imposed on “prohibited transactions” of the REMIC created
      hereunder as defined in Section 860F(a)(2) of the Code, on the “net income from
      foreclosure property” of the REMIC as defined in Section 860G(c) of the Code, on
      any contributions to the REMIC after the Startup Day therefor pursuant to
      Section 860G(d) of the Code, or any other tax is imposed by the Code or any
      applicable provisions of state or local tax laws, such tax shall be charged
      (i)
      to the Trust Administrator pursuant to Section 10.03 hereof, if such tax arises
      out of or results from a breach by the Trust Administrator of any of its
      obligations under this Article X, (ii) to the Trustee pursuant to Section 10.03
      hereof, if such tax arises out of or results from a breach by the Trustee of
      any
      of its obligations under this Article X, (iii) to the Master Servicer pursuant
      to Section 10.03 hereof, if such tax arises out of or results from a breach
      by
      the Master Servicer of any of its obligations under Article III or this Article
      X, (iv) to the Paying Agent pursuant to Section 10.03 hereof, if such tax arises
      out of or results from a breach by the Paying Agent of any of its obligations
      under this Article X, or otherwise (v) against amounts on deposit in the
      Distribution Account and shall be paid by withdrawal therefrom.

     

    (h)  [Reserved].

     

    (i)  The
      Trust
      Administrator shall, for federal income tax purposes, maintain books and records
      with respect to any Trust REMIC on a calendar year and on an accrual
      basis.

     

    (j)  Following
      the Startup Day, the Master Servicer, the Trustee and the Trust Administrator
      shall not accept any contributions of assets to any Trust REMIC other than
      in
      connection with any Qualified Substitute Mortgage Loan delivered in accordance
      with Section 2.03 unless it shall have received an Opinion of Counsel to the
      effect that the inclusion of such assets in the Trust Fund will not cause the
      REMIC to fail to qualify as a REMIC at any time that any Certificates are
      outstanding or subject the REMIC to any tax under the REMIC Provisions or other
      applicable provisions of federal, state and local law or
      ordinances.

     

    (k)  None
      of
      the Trustee, the Trust Administrator or the Master Servicer shall enter into
      any
      arrangement by which any Trust REMIC will receive a fee or other compensation
      for services nor permit either such REMIC to receive any income from assets
      other than “qualified mortgages” as defined in Section 860G(a)(3) of the Code or
“permitted investments” as defined in Section 860G(a)(5) of the
      Code.

     

    
      	SECTION
              10.02  	
              Prohibited
                Transactions and Activities.

            

    

     

    None
      of
      the Depositor, the Master Servicer, the Trust Administrator, the Paying Agent
      or
      the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans
      (except in connection with (i) the foreclosure of a Mortgage Loan, including
      but
      not limited to, the acquisition or sale of a Mortgaged Property acquired by
      deed
      in lieu of foreclosure, (ii) the bankruptcy of any Trust REMIC, (iii) the
      termination of any Trust REMIC pursuant to Article IX of this Agreement, (iv)
      a
      substitution pursuant to Article II of this Agreement or (v) a purchase of
      Mortgage Loans pursuant to Article II or III of this Agreement), nor acquire
      any
      assets for any Trust REMIC (other than REO Property acquired in respect of
      a
      defaulted Mortgage Loan), nor sell or dispose of any investments in the
      Collection Account or the Distribution Account for gain, nor accept any
      contributions to any Trust REMIC after the Closing Date (other than a Qualified
      Substitute Mortgage Loan delivered in accordance with Section 2.03), unless
      it
      has received an Opinion of Counsel, addressed to the Trustee and the Trust
      Administrator (at the expense of the party seeking to cause such sale,
      disposition, substitution, acquisition or contribution but in no event at the
      expense of the Trustee or the Trust Administrator) that such sale, disposition,
      substitution, acquisition or contribution will not (a) affect adversely the
      status of any Trust REMIC as a REMIC or (b) cause any Trust REMIC to be subject
      to a tax on “prohibited transactions” or “contributions” pursuant to the REMIC
      Provisions.

     

    
      	SECTION
              10.03  	
              Master
                Servicer and Trust Administrator
                Indemnification.

            

    

     

    (a)  The
      Trust
      Administrator agrees to indemnify the Trust Fund, the Depositor, the Master
      Servicer and the Trustee for any taxes and costs including, without limitation,
      any reasonable attorneys fees imposed on or incurred by the Trust Fund, the
      Depositor, the Master Servicer or the Trustee as a result of a breach of the
      Trust Administrator’s covenants set forth in this Article X.

     

    (b)  The
      Master Servicer agrees to indemnify the Trust Fund, the Depositor, the Trust
      Administrator and the Trustee for any taxes and costs including, without
      limitation, any reasonable attorneys’ fees imposed on or incurred by the Trust
      Fund, the Depositor, the Trust Administrator or the Trustee, as a result of
      a
      breach of the Master Servicer’s covenants set forth in Article III or this
      Article X.

     

    ARTICLE
      XI

    MISCELLANEOUS
      PROVISIONS

     

    
      	SECTION
              11.01  	
              Amendment.

            

    

     

    This
      Agreement may be amended from time to time by the Depositor, the Master
      Servicer, the Trustee, the Paying Agent, the Certificate Registrar, the
      Authenticating Agent and the Trust Administrator without the consent of any
      of
      the Certificateholders, (i) to cure any ambiguity or defect, (ii) to correct,
      modify or supplement any provisions herein (including to give effect to the
      expectations of Certificateholders) or (iii) to make any other provisions with
      respect to matters or questions arising under this Agreement which shall not
      be
      inconsistent with the provisions of this Agreement, provided that such action
      shall not, as evidenced by an Opinion of Counsel delivered to the Trustee and
      the Trust Administrator, adversely affect in any material respect the interests
      of any Certificateholder. No amendment shall be deemed to adversely affect
      in
      any material respect the interests of any Certificateholder who shall have
      consented thereto, and no Opinion of Counsel shall be required to address the
      effect of any such amendment on any such consenting
      Certificateholder.

     

    This
      Agreement may also be amended from time to time by the Depositor, the Master
      Servicer, the Trustee, the Paying Agent, the Certificate Registrar, the
      Authenticating Agent and the Trust Administrator with the consent of the Holders
      of Certificates entitled to at least 66% of the Voting Rights for the purpose
      of
      adding any provisions to or changing in any manner or eliminating any of the
      provisions of this Agreement or of modifying in any manner the rights of the
      Holders of Certificates; provided, however, that no such amendment shall (i)
      reduce in any manner the amount of, or delay the timing of, payments received
      on
      Mortgage Loans which are required to be distributed on any Certificate without
      the consent of the Holder of such Certificate, (ii) adversely affect in any
      material respect the interests of the Holders of any Class of Certificates
      in a
      manner, other than as described in (i), without the consent of the Holders
      of
      Certificates of such Class evidencing at least 66% of the Voting Rights
      allocated to such Class, or (iii) modify the consents required by the
      immediately preceding clauses (i) and (ii) without the consent of the Holders
      of
      all Certificates then outstanding. Notwithstanding any other provision of this
      Agreement, for purposes of the giving or withholding of consents pursuant to
      this Section 11.01, Certificates registered in the name of the Depositor or
      the
      Master Servicer or any Affiliate thereof shall be entitled to Voting Rights
      with
      respect to matters affecting such Certificates.

     

    Notwithstanding
      any contrary provision of this Agreement, the Trust Administrator shall not
      consent to any amendment to this Agreement unless it shall have first received
      an Opinion of Counsel to the effect that such amendment will not result in
      the
      imposition of any tax on any Trust REMIC pursuant to the REMIC Provisions or
      cause any Trust REMIC to fail to qualify as a REMIC at any time that any
      Certificates are outstanding.

     

    Prior
      to
      executing any amendment pursuant to this Section, the Trust Administrator shall
      be entitled to receive an Opinion of Counsel (provided by the Person requesting
      such amendment) to the effect that such amendment is authorized or permitted
      by
      this Agreement.

     

    Promptly
      after the execution of any such amendment the Trust Administrator shall furnish
      a copy of such amendment to each Certificateholder.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 11.01
      to approve the particular form of any proposed amendment, but it shall be
      sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents and of evidencing the authorization of the execution
      thereof by Certificateholders shall be subject to such reasonable regulations
      as
      the Trust Administrator may prescribe.

     

    The
      cost
      of any Opinion of Counsel to be delivered pursuant to this Section 11.01 shall
      be borne by the Person seeking the related amendment, but in no event shall
      such
      Opinion of Counsel be an expense of the Trustee or the Trust
      Administrator.

     

    Notwithstanding
      the foregoing, each of the Trustee, the Paying Agent, the Certificate Registrar,
      the Authenticating Agent and Trust Administrator may, but shall not be obligated
      to enter into any amendment pursuant to this Section that affects its rights,
      duties and immunities under this Agreement or otherwise.

     

    
      	SECTION
              11.02  	
              Recordation
                of Agreement; Counterparts.

            

    

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the properties subject
      to
      the Mortgages are situated, and in any other appropriate public recording office
      or elsewhere, such recordation to be effected by the Master Servicer at the
      expense of the Certificateholders, but only upon direction of Certificateholders
      accompanied by an Opinion of Counsel to the effect that such recordation
      materially and beneficially affects the interests of the
      Certificateholders.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall constitute but one and the same
      instrument.

     

    
      	SECTION
              11.03  	
              Limitation
                on Rights of Certificateholders.

            

    

     

    The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or the Trust Fund, nor entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust Fund, nor
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    No
      Certificateholder shall have any right to vote (except as expressly provided
      for
      herein) or in any manner otherwise control the operation and management of
      the
      Trust Fund, or the obligations of the parties hereto, nor shall anything herein
      set forth, or contained in the terms of any of the Certificates, be construed
      so
      as to constitute the Certificateholders from time to time as partners or members
      of an association; nor shall any Certificateholder be under any liability to
      any
      third person by reason of any action taken by the parties to this Agreement
      pursuant to any provision hereof.

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless (i) such Holder previously
      shall have given to the Trustee a written notice of default and of the
      continuance thereof, as hereinbefore provided, and (ii) the Holders of
      Certificates entitled to at least 25% of the Voting Rights shall have made
      written request upon the Trustee to institute such action, suit or proceeding
      in
      its own name as Trustee hereunder and shall have offered to the Trustee such
      indemnity satisfactory to it against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee, for 15 days after its receipt
      of
      such notice, request and offer of indemnity, shall have neglected or refused
      to
      institute any such action, suit or proceeding. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatsoever by virtue of any provision of
      this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, or to enforce any right under this Agreement, except
      in the manner herein provided and for the equal, ratable and common benefit
      of
      all Certificateholders. For the protection and enforcement of the provisions
      of
      this Section, each and every Certificateholder and the Trustee shall be entitled
      to such relief as can be given either at law or in equity.

     

    
      	SECTION
              11.04  	
              Governing
                Law.

            

    

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws.

     

    
      	SECTION
              11.05  	
              Notices.

            

    

     

    All
      directions, demands and notices hereunder shall be sent (i) via facsimile (with
      confirmation of receipt) or (ii) in writing and shall be deemed to have been
      duly given when received if personally delivered at or mailed by first class
      mail, postage prepaid, or by express delivery service or delivered in any other
      manner specified herein, to (a) in the case of the Depositor, 390 Greenwich
      Street, New York, New York 10013, Attention: Mortgage Finance Group (telecopy
      number (212) 723-8604), or such other address or telecopy number as may
      hereafter be furnished to the Master Servicer, the Trust Administrator, the
      Paying Agent, the Certificate Registrar, the Authenticating Agent and the
      Trustee in writing by the Depositor, (b) in the case of the Master Servicer,
      Master Servicing Division - MC: N3B-355M, 4000 Regent Blvd., Irvine, TX 75063
      (Attention: Compliance Manager), facsimile no.: (469) 220-1573 (with a copy
      to,
      1000 Technology Drive, O’Fallon, MO 63368, Attention: Chief Legal Counsel
      (facsimile no.: (636) 261-6518)), or such other address or facsimile number
      as
      may hereafter be furnished to the Trustee, the Trust Administrator, the Paying
      Agent, the Certificate Registrar, the Authenticating Agent and the Depositor
      in
      writing by the Master Servicer, (c) in the case of the Trust Administrator,
      1000
      Technology Drive, M.S. 337, O’Fallon, Missouri 63368, Attention: Mortgage
      Finance (telecopy number (636) 261-1394), or such other address or telecopy
      number as may hereafter be furnished to the Trustee, the Trust Administrator,
      the Paying Agent, the Certificate Registrar, the Authenticating Agent and the
      Depositor in writing by the Master Servicer (d) in the case of the Paying Agent,
      the Authenticating Agent and the Certificate Registrar, 388 Greenwich Street,
      14th
      Floor,
      New York, New York 10013, Attention: Citibank Agency & Trust, CMLTI
      2006-AR3, (telephone number (212) 816-5680), or such other address or telecopy
      number as may hereafter be furnished to the Master Servicer, the Depositor,
      the
      Trust Administrator and the Trustee in writing by the Paying Agent, the
      Certificate Registrar or the Authenticating Agent and (e) in the case of the
      Trustee, U.S. Bank National Association, One Federal Street, 3rd
      Floor,
      Boston, Massachusetts 02110, Attention: Corporate Trust Services (telecopy
      number (617) 603-6638), or such other address or telecopy number as may
      hereafter be furnished to the Master Servicer, the Trust Administrator, the
      Paying Agent, the Certificate Registrar, the Authenticating Agent and the
      Depositor in writing by the Trustee. Any notice required or permitted to be
      given to a Certificateholder shall be given by first class mail, postage
      prepaid, at the address of such Holder as shown in the Certificate Register.
      Any
      notice so mailed within the time prescribed in this Agreement shall be
      conclusively presumed to have been duly given when mailed, whether or not the
      Certificateholder receives such notice. A copy of any notice required to be
      telecopied hereunder also shall be mailed to the appropriate party in the manner
      set forth above.

     

    
      	SECTION
              11.06  	
              Severability
                of Provisions.

            

    

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    
      	SECTION
              11.07  	
              Notice
                to Rating Agencies.

            

    

     

    The
      Trust
      Administrator shall use its best efforts promptly to provide notice to the
      Rating Agencies, and each of the Master Servicer and the Paying Agent shall
      use
      its best efforts promptly to provide notice to the Trust Administrator, with
      respect to each of the following of which the Trust Administrator, the Master
      Servicer or the Paying Agent, as applicable, has actual knowledge:

     

    1. Any
      material change or amendment to this Agreement;

     

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

     

    3. The
      resignation or termination of the Master Servicer, the Trust Administrator,
      the
      Paying Agent, the Certificate Registrar, the Authenticating Agent or the
      Trustee;

     

    4. The
      repurchase or substitution of Mortgage Loans pursuant to or as contemplated
      by
      Section 2.03;

     

    5. The
      final
      payment to the Holders of any Class of Certificates;

     

    6. Any
      change in the location of the Collection Account or the Distribution
      Account;

     

    7. Any
      event
      that would result in the inability of the Trustee, were it to succeed as Master
      Servicer, to make advances regarding delinquent Mortgage Loans; and

     

    8. The
      filing of any claim under the Master Servicer’s blanket bond and errors and
      omissions insurance policy required by Section 3.14 or the cancellation or
      material modification of coverage under any such instrument.

     

    In
      addition, the Trust Administrator shall make available to the Rating Agencies
      copies of each report to Certificateholders described in Section 4.02 and the
      Master Servicer shall promptly furnish to the Rating Agencies copies of the
      following:

     

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

     

    2. Each
      Compliance Assessment and Attestation Report described in Section
      3.21.

     

    Any
      such
      notice pursuant to this Section 11.07 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered at or mailed by first class mail,
      postage prepaid, or by express delivery service to Moody’s Investors Services,
      99 Church Street, New York, New York 10007; and to Fitch Ratings, One State
      Street Plaza, New York, New York 10007, or such other addresses as the Rating
      Agencies may designate in writing to the parties hereto.

     

    
      	SECTION
              11.08  	
              Article
                and Section References.

            

    

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    
      	SECTION
              11.09  	
              Grant
                of Security Interest.

            

    

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Loans
      by the Depositor to the Trustee be, and be construed as, a sale of the Mortgage
      Loans by the Depositor and not a pledge of the Mortgage Loans by the Depositor
      to secure a debt or other obligation of the Depositor. However, in the event
      that, notwithstanding the aforementioned intent of the parties, the Mortgage
      Loans are held to be property of the Depositor, then, (a) it is the express
      intent of the parties that such conveyance be deemed a pledge of the Mortgage
      Loans by the Depositor to the Trustee to secure a debt or other obligation
      of
      the Depositor and (b)(1) this Agreement shall also be deemed to be a security
      agreement within the meaning of Articles 8 and 9 of the Uniform Commercial
      Code
      as in effect from time to time in the State of New York; (2) the conveyance
      provided for in Section 2.01 hereof shall be deemed to be a grant by the
      Depositor to the Trustee of a security interest in all of the Depositor’s right,
      title and interest in and to the Mortgage Loans and all amounts payable to
      the
      holders of the Mortgage Loans in accordance with the terms thereof and all
      proceeds of the conversion, voluntary or involuntary, of the foregoing into
      cash, instruments, securities or other property, including without limitation
      all amounts, other than investment earnings, from time to time held or invested
      in the Collection Account and the Distribution Account, whether in the form
      of
      cash, instruments, securities or other property; (3) the obligations secured
      by
      such security agreement shall be deemed to be all of the Depositor’s obligations
      under this Agreement, including the obligation to provide to the
      Certificateholders the benefits of this Agreement relating to the Mortgage
      Loans
      and the Trust Fund; and (4) notifications to persons holding such property,
      and
      acknowledgments, receipts or confirmations from persons holding such property,
      shall be deemed notifications to, or acknowledgments, receipts or confirmations
      from, financial intermediaries, bailees or agents (as applicable) of the Trustee
      for the purpose of perfecting such security interest under applicable law.
      Accordingly, the Depositor hereby grants to the Trustee a security interest
      in
      the Mortgage Loans and all other property described in clause (2) of the
      preceding sentence, for the purpose of securing to the Trustee the performance
      by the Depositor of the obligations described in clause (3) of the preceding
      sentence. Notwithstanding the foregoing, the parties hereto intend the
      conveyance pursuant to Section 2.01 to be a true, absolute and unconditional
      sale of the Mortgage Loans and assets constituting the Trust Fund by the
      Depositor to the Trustee.

     

    
      	SECTION
              11.10  	
              Intention
                of the Parties and Interpretation.

            

    

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.20, 3.21
      and
      4.06 of this Agreement is to facilitate compliance by the Depositor with the
      provisions of Regulation AB promulgated by the Commission under the 1934 Act
      (17
      C.F.R. §§ 229.1100 - 229.1123), as such may be amended from time to time and
      subject to clarification and interpretive advice as may be issued by the staff
      of the Commission from time to time. Therefore, each of the parties agrees
      that
      (a) the obligations of the parties hereunder shall be interpreted in such a
      manner as to accomplish that purpose, (b) the parties’ obligations hereunder
      will be supplemented and modified as necessary to be consistent with any such
      amendments, interpretive advice or guidance, convention or consensus among
      active participants in the asset-backed securities markets, opinion of counsel,
      or otherwise in respect of the requirements of Regulation AB, (c) the parties
      shall comply with requests made by the Depositor for delivery of additional
      or
      different information, to the extent that such information is available or
      reasonably attainable, as the Depositor may determine in good faith is necessary
      to comply with the provisions of Regulation AB, and (d) no amendment of this
      Agreement shall be required to effect any such changes in the parties’
obligations as are necessary to accommodate evolving interpretations of the
      provisions of Regulation AB; provided, however, that any such changes shall
      require the consent of each of the parties hereto.

     

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

     

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Master Servicer, the Trust Administrator,
      the Paying Agent, the Authenticating Agent, the Certificate Registrar and the
      Trustee have caused their names to be signed hereto by their respective officers
      thereunto duly authorized, in each case as of the day and year first above
      written.

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC.,

              as
                Depositor

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	
              /s/
                Peter D. Steinmetz 

            
	 	 	 	 	 	 	 	
              Name:

            	
              Peter
                D. Steinmetz

            
	 	 	 	 	 	 	 	
              Title:

            	
              Vice
                President

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              CITIMORTGAGE,
                INC.,

              as
                Master Servicer and Trust Administrator

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	
              /s/
                Tommy R. Harris

            
	 	 	 	 	 	 	 	
              Name:

            	
              Tommy
                R. Harris

            
	 	 	 	 	 	 	 	
              Title:

            	
              Senior
                Vice President

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              CITIBANK,
                N.A.,

              as
                Paying Agent, Certificate Registrar and Authenticating
                Agent

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	
              /s/
                Jennifer McCourt

            
	 	 	 	 	 	 	 	
              Name:

            	
              Jennifer
                McCourt

            
	 	 	 	 	 	 	 	
              Title:

            	
              Vice
                President

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              U.S.
                BANK NATIONAL ASSOCIATION, not in its individual capacity but solely
                as
                Trustee

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	
              /s/
                Clare M. O’Brien

            
	 	 	 	 	 	 	 	
              Name:

            	
              Clare
                M. O’Brien

            
	 	 	 	 	 	 	 	
              Title:

            	
              Vice
                President

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

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

     

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

     

    

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

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

     

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

     

    

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

     

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

     

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

     

    

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      the
      ____ day of May 2006, before me, a notary public in and for said State,
      personally appeared _____________________, known to me to be a
      _____________________ of U.S. Bank National Association, one of the entities
      that executed the within instrument, and also known to me to be the person
      who
      executed it on behalf of said corporation, and acknowledged to me that such
      entity executed the within instrument.

     

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

     

    

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A-1

     

    FORM
      OF
      CLASS 1-A1A CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class 1-A1A Certificates as
                of the
                Issue Date: $262,465,000.00

              Denomination:
                $262,465,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AA 1

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 1-A1A Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      1-A1A Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 1-A1A
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual

              capacity,
                but solely as Paying Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST

              INC.,
                MORTGAGE PASS THROUGH

              CERTIFICATES,
                SERIES 2006-AR3

               

              CITIBANK,
                N.A., not in its individual

              capacity,
                but solely as Authenticating Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-2

     

    FORM
      OF
      CLASS 1-A1B CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class 1-A1B Certificates as
                of the
                Issue Date: $14,097,000.00

              Denomination:
                $14,097,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AB 9

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 1-A1B Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      1-A1B Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 1-A1B
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual

              capacity,
                but solely as Paying Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST

              INC.,
                MORTGAGE PASS THROUGH

              CERTIFICATES,
                SERIES 2006-AR3

               

              CITIBANK,
                N.A., not in its individual

              capacity,
                but solely as Authenticating Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-3

     

    FORM
      OF
      CLASS 1-A2A CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class 1-A2A Certificates as
                of the
                Issue Date: $830,362,000.00

              Denomination:
                $830,362,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AC 7

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 1-A2A Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      1-A2A Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 1-A2A
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual

              capacity,
                but solely as Paying Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST

              INC.,
                MORTGAGE PASS THROUGH

              CERTIFICATES,
                SERIES 2006-AR3

               

              CITIBANK,
                N.A., not in its individual

              capacity,
                but solely as Authenticating Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-4

     

    FORM
      OF
      CLASS 1-A2B CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class 1-A2B Certificates as
                of the
                Issue Date: $44,599,000.00

              Denomination:
                $44,599,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AD 5

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 1-A2B Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      1-A2B Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 1-A2B
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual

              capacity,
                but solely as Paying Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST

              INC.,
                MORTGAGE PASS THROUGH

              CERTIFICATES,
                SERIES 2006-AR3

               

              CITIBANK,
                N.A., not in its individual

              capacity,
                but solely as Authenticating Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-5

     

    FORM
      OF
      CLASS 1-B1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL MAKE OR SHALL BE DEEMED TO MAKE THE
      REPRESENTATIONS IN SECTION 5.02(C) OF THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE GROUP I SENIOR CERTIFICATES TO THE EXTENT
      DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.1
                

            	
              Aggregate
                Certificate Principal Balance of the Class 1-B1 Certificates as of
                the
                Issue Date: $35,096,000.00

              Denomination:
                $35,096,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AE 3

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 1-B1 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      1-B1 Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 1-B1
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    Any
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made in
      accordance with Section 5.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual capacity, but solely as Paying
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC., MORTGAGE PASS THROUGH CERTIFICATES, SERIES
                2006-AR3

               

              CITIBANK,
                N.A., not in its individual capacity, but solely as Authenticating
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              _________________

              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-6

     

    FORM
      OF
      CLASS 1-B2 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL MAKE OR SHALL BE DEEMED TO MAKE THE
      REPRESENTATIONS IN SECTION 5.02(C) OF THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE GROUP 1 SENIOR CERTIFICATES AND THE CLASS
      1-B2
      CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.1
                

            	
              Aggregate
                Certificate Principal Balance of the Class 1-B2 Certificates as of
                the
                Issue Date: $7,866,000.00

              Denomination:
                $7,866,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AF 0

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 1-B2 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      1-B2 Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, Trust Administrator,
      Citibank, N.A. and the Trustee, a summary of certain of the pertinent provisions
      of which is set forth hereafter. To the extent not defined herein, the
      capitalized terms used herein have the meanings assigned in the Agreement.
      This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 1-B2
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    Any
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made in
      accordance with Section 5.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual capacity, but solely as Paying
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC., MORTGAGE PASS THROUGH CERTIFICATES, SERIES
                2006-AR3

               

              CITIBANK,
                N.A., not in its individual capacity, but solely as Authenticating
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              _________________

              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-7

     

    FORM
      OF
      CLASS 1-B3 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL MAKE OR SHALL BE DEEMED TO MAKE THE
      REPRESENTATIONS IN SECTION 5.02(C) OF THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE GROUP I SENIOR CERTIFICATES, THE CLASS 1-B1
      CERTIFICATES AND THE CLASS 1-B2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.1
                

            	
              Aggregate
                Certificate Principal Balance of the Class 1-B3 Certificates as of
                the
                Issue Date: $6,051,000.00

              Denomination:
                $6,051,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306SBB8

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 1-B3 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      1-B3 Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 1-B3
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    Any
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made in
      accordance with Section 5.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual capacity, but solely as Paying
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC., MORTGAGE PASS THROUGH CERTIFICATES, SERIES
                2006-AR3

               

              CITIBANK,
                N.A., not in its individual capacity, but solely as Authenticating
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              _________________

              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-8

     

    FORM
      OF
      CLASS 1-B4 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PLAN OR PERSON USING PLAN
      ASSETS EXCEPT IN ACCORDANCE WITH SECTION 5.02(C) OF THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE GROUP I SENIOR CERTIFICATES, THE CLASS 1-B1
      CERTIFICATES, THE CLASS 1-B2 CERTIFICATES AND THE CLASS 1-B3 CERTIFICATES TO
      THE
      EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class 1-B4 Certificates as of
                the
                Issue Date: $3,631,000.00

              Denomination:
                $3,631,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AV 5

            
	 	 

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 1-B4 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      1-B4 Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 1-B4
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and
      the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee, nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    No
      transfer of this Certificate shall be made unless the transfer is made to a
      “qualified institutional buyer” as defined under Rule 144A under the Securities
      Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from
      the registration requirements of the 1933 Act and that does not require
      registration or qualification under applicable state securities laws. In the
      event that a transfer of this Certificate is to be made, the Certificate
      Registrar shall require receipt of written certifications from the Holder of
      the
      Certificate desiring to effect the transfer, and from such Holder's prospective
      transferee, substantially in the forms attached to the Agreement as Exhibit
      F-1.
      None of the Depositor or the Trustee is obligated to register or qualify the
      Class of Certificates specified on the face hereof under the 1933 Act or any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Trust
      Administrator, the Certificate Registrar, the Paying Agent, the Authenticating
      Agent and the Master Servicer against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 5.02(c) of the Agreement.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual capacity, but solely as Paying
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC., MORTGAGE PASS THROUGH CERTIFICATES, SERIES
                2006-AR3

               

              CITIBANK,
                N.A., not in its individual capacity, but solely as Authenticating
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              _________________

              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-9

     

    FORM
      OF
      CLASS 1-B5 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PLAN OR PERSON USING PLAN
      ASSETS EXCEPT IN ACCORDANCE WITH SECTION 5.02(C) OF THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE GROUP I SENIOR CERTIFICATES, THE CLASS 1-B1
      CERTIFICATES, THE CLASS 1-B2 CERTIFICATES, THE CLASS 1-B3 CERTIFICATES AND
      THE
      CLASS 1-B4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

     

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class 1-B5 Certificates as of
                the
                Issue Date: $3,026,000.00

              Denomination:
                $3,026,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AW 3

            

    

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co.. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 1-B5 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      1-B5 Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 1-B5
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and
      the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A., or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    No
      transfer of this Certificate shall be made unless the transfer is made to a
      “qualified institutional buyer” as defined under Rule 144A under the Securities
      Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from
      the registration requirements of the 1933 Act and that does not require
      registration or qualification under applicable state securities laws. In the
      event that a transfer of this Certificate is to be made, the Certificate
      Registrar shall require receipt of written certifications from the Holder of
      the
      Certificate desiring to effect the transfer, and from such Holder's prospective
      transferee, substantially in the forms attached to the Agreement as Exhibit
      F-1.
      None of the Depositor or the Trustee is obligated to register or qualify the
      Class of Certificates specified on the face hereof under the 1933 Act or any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Trust
      Administrator, the Certificate Registrar, the Paying Agent, the Authenticating
      Agent and the Master Servicer against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(c) of the Agreement.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual capacity, but solely as Paying
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC., MORTGAGE PASS THROUGH CERTIFICATES, SERIES
                2006-AR3

               

              CITIBANK,
                N.A., not in its individual capacity, but solely as Authenticating
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              _________________

              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-10

     

    FORM
      OF
      CLASS 1-B6 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PLAN OR PERSON USING PLAN
      ASSETS EXCEPT IN ACCORDANCE WITH SECTION 5.02(C) OF THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE GROUP I SENIOR CERTIFICATES, THE CLASS 1-B1
      CERTIFICATES, THE CLASS 1-B2 CERTIFICATES, THE CLASS 1-B3 CERTIFICATES, THE
      CLASS 1-B4 CERTIFICATES AND THE CLASS 1-B5 CERTIFICATES TO THE EXTENT DESCRIBED
      IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class 1-B6 Certificates as of
                the
                Issue Date: $3,025,601.00

              Denomination:
                $3,025,601.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AX 1

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A. THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 1-B6 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      1-B6 Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 1-B6
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and
      the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A., or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    No
      transfer of this Certificate shall be made unless the transfer is made to a
      “qualified institutional buyer” as defined under Rule 144A under the Securities
      Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from
      the registration requirements of the 1933 Act and that does not require
      registration or qualification under applicable state securities laws. In the
      event that a transfer of this Certificate is to be made, the Certificate
      Registrar shall require receipt of written certifications from the Holder of
      the
      Certificate desiring to effect the transfer, and from such Holder's prospective
      transferee, substantially in the forms attached to the Agreement as Exhibit
      F-1.
      None of the Depositor or the Trustee is obligated to register or qualify the
      Class of Certificates specified on the face hereof under the 1933 Act or any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Trust
      Administrator, the Certificate Registrar, the Paying Agent, the Authenticating
      Agent and the Master Servicer against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(c) of the Agreement.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual capacity, but solely as Paying
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC., MORTGAGE PASS THROUGH CERTIFICATES, SERIES
                2006-AR3

               

              CITIBANK,
                N.A., not in its individual capacity, but solely as Authenticating
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              _________________

              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-11

     

    FORM
      OF
      CLASS 1-R CERTIFICATE

     

    THIS
      CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”), AS THOSE TERMS ARE
      DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE
      OF
      1986 (THE “CODE”).

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IN
      ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), OR THE CODE WILL BE REGISTERED EXCEPT IN
      COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUSTEE THAT (A) SUCH
      TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF, ANY STATE
      OR
      POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
      ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (2)
      ANY
      ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE)
      THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
      ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (3)
      ANY
      ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE (ANY SUCH PERSON
      DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER BE REFERRED
      TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A DISQUALIFIED
      ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT
      OR
      COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL
      CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.
      NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER,
      SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION
      OR
      AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED
      TO BE
      OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED
      TO BE
      A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO,
      THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS
      CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO THE
      PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02(C) OF THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A
      DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP
      OF
      THIS CERTIFICATE.

     

    

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.1
                

            	
              Aggregate
                Certificate Principal Balance of the Class 1-R Certificates as of
                the
                Issue Date: $100.16

              Denomination:
                $100.16

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AG 8

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUSTEE, THE TRUST
      ADMINSITRATOR, CITIBANK, N.A. OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Citigroup Global Markets, Inc. is the registered owner of the
      Percentage Interest evidenced by this Certificate specified above in that
      certain beneficial ownership interest evidenced by all the Class 1-R
      Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 1-R
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee and
      the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 5.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

    

    Prior
      to
      registration of any transfer, sale or other disposition of this Certificate,
      the
      proposed transferee shall provide to the Certificate Registrar (i) an affidavit
      to the effect that such transferee is any Person other than a Disqualified
      Organization or the agent (including a broker, nominee or middleman) of a
      Disqualified Organization, and (ii) a certificate that acknowledges that (A)
      the
      Class R Certificates have been designated as a residual interest in a REMIC,
      (B)
      it will include in its income a pro
      rata share
      of
      the net income of the Trust Fund and that such income may be an “excess
      inclusion,” as defined in the Code, that, with certain exceptions, cannot be
      offset by other losses or benefits from any tax exemption, and (C) it expects
      to
      have the financial means to satisfy all of its tax obligations including those
      relating to holding the Class R Certificates. Notwithstanding the registration
      in the Certificate Register of any transfer, sale or other disposition of this
      Certificate to a Disqualified Organization or an agent (including a broker,
      nominee or middleman) of a Disqualified Organization, such registration shall
      be
      deemed to be of no legal force or effect whatsoever and such Person shall not
      be
      deemed to be a Certificateholder for any purpose, including, but not limited
      to,
      the receipt of distributions in respect of this Certificate.

     

    The
      Holder of this Certificate, by its acceptance hereof, shall be deemed to have
      consented to the provisions of Section 5.02 of the Agreement and to any
      amendment of the Agreement deemed necessary by counsel of the Depositor to
      ensure that the transfer of this Certificate to any Person other than a
      Permitted Transferee or any other Person will not cause any Trust Fund to cease
      to qualify as a REMIC or cause the imposition of a tax upon the
      REMIC.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee, nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual capacity, but solely as Paying
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC., MORTGAGE PASS THROUGH CERTIFICATES, SERIES
                2006-AR3

               

              CITIBANK,
                N.A., not in its individual capacity, but solely as Authenticating
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              _________________

              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

     

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-12

     

    FORM
      OF
      CLASS 2-A1A CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    

     

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class 2-A1A Certificates as
                of the
                Issue Date: $82,187,000.00

              Denomination:
                $82,187,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AH 6

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE. 

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 2-A1A Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      2-A1A Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 2-A1A
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual capacity,
                but solely as Paying Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC.,
                MORTGAGE PASS THROUGH CERTIFICATES,
                SERIES 2006-AR3

               

              CITIBANK,
                N.A., not in its individual capacity,
                but solely as Authenticating Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-13

    

    FORM
      OF
      CLASS 2-A2A CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    

     

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class 2-A2A Certificates as
                of the
                Issue Date: $46,684,000.00

              Denomination:
                $46,684,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AJ 2

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE. 

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 2-A2A Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      2-A2A Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 2-A2A
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual

              capacity,
                but solely as Paying Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST

              INC.,
                MORTGAGE PASS THROUGH

              CERTIFICATES,
                SERIES 2006-AR3

               

              CITIBANK,
                N.A., not in its individual

              capacity,
                but solely as Authenticating Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-14

     

    FORM
      OF
      CLASS 2-A12B CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class 2-A12B Certificates as
                of the
                Issue Date: $10,928,000.00

              Denomination:
                $10,928,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AK 9

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE. 

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 2-A12B Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      2-A12B Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Master Servicer, the
      Trust Administrator, Citibank, N.A. and the Trustee, a summary of certain of
      the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 2-A12B
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual

              capacity,
                but solely as Paying Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST

              INC.,
                MORTGAGE PASS THROUGH

              CERTIFICATES,
                SERIES 2006-AR3

               

              CITIBANK,
                N.A., not in its individual

              capacity,
                but solely as Authenticating Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-15

     

    FORM
      OF
      CLASS 2-A3A CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class 2-A3A Certificates as
                of the
                Issue Date: $245,429,000.00

              Denomination:
                $245,429,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AL 7

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE. 

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 2-A3A Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      2-A3A Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 2-A3A
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual

              capacity,
                but solely as Paying Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST

              INC.,
                MORTGAGE PASS THROUGH

              CERTIFICATES,
                SERIES 2006-AR3

               

              CITIBANK,
                N.A., not in its individual

              capacity,
                but solely as Authenticating Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-16

     

    FORM
      OF
      CLASS 2-A4A CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class 2-A4A Certificates as
                of the
                Issue Date: $162,761,000.00

              Denomination:
                $162,761,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AM 5

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE. 

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 2-A4A Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      2-A4A Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 2-A4A
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual capacity,
                but solely as Paying Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC.,
                MORTGAGE PASS THROUGH CERTIFICATES,
                SERIES 2006-AR3

               

              CITIBANK,
                N.A., not in its individual capacity,
                but solely as Authenticating Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-17

     

    FORM
      OF
      CLASS 2-A34B CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    

     

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class 2-A34B Certificates as
                of the
                Issue Date: $34,612,000.00

              Denomination:
                $34,612,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AN 3

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE. 

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 2-A34B Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      2-A34B Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Master Servicer, the
      Trust Administrator, Citibank, N.A. and the Trustee, a summary of certain of
      the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 2-A34B
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual

              capacity,
                but solely as Paying Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST

              INC.,
                MORTGAGE PASS THROUGH

              CERTIFICATES,
                SERIES 2006-AR3

               

              CITIBANK,
                N.A., not in its individual

              capacity,
                but solely as Authenticating Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-18

     

    FORM
      OF
      CLASS 2-1AX CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Notional Amount of the Class 2-1AX
                Certificates
                as of the Issue Date: $139,799,000.00

              Denomination:
                $139,799,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AP 8

            

    

    

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

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Notional Amount of the Class 2-1AX Certificates as of the Issue Date) in that
      certain beneficial ownership interest evidenced by all the Class 2-1AX
      Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 2-1AX
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May __, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual capacity, but solely as Paying
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC., MORTGAGE PASS THROUGH CERTIFICATES, SERIES
                2006-AR3

               

              CITIBANK,
                N.A., not in its individual capacity, but solely as Authenticating
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              _________________

              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 
	 

    

    

     

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-19

     

    FORM
      OF
      CLASS 2-2AX CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Notional Amount of the Class 2-2AX
                Certificates
                as of the Issue Date: $442,802,000.00

              Denomination:
                $442,802,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AQ 6

            

    

    

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Notional Amount of the Class 2-2AX Certificates as of the Issue Date) in that
      certain beneficial ownership interest evidenced by all the Class 2-2AX
      Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 2-2AX
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May __, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual capacity, but solely as Paying
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC., MORTGAGE PASS THROUGH CERTIFICATES, SERIES
                2006-AR3

               

              CITIBANK,
                N.A., not in its individual capacity, but solely as Authenticating
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              _________________

              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 
	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 
	 
	 

    

    

    

     

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                funds

            
	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      A-20

     

    FORM
      OF
      CLASS 2-B1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL MAKE OR SHALL BE DEEMED TO MAKE THE
      REPRESENTATIONS IN SECTION 5.02(C) OF THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE GROUP I SENIOR CERTIFICATES TO THE EXTENT
      DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.1
                

            	
              Aggregate
                Certificate Principal Balance of the Class 2-B1 Certificates as of
                the
                Issue Date: $15,389,000.00

              Denomination:
                $15,389,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AR 4

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 2-B1 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      2-B1 Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 2-B1
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    Any
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made in
      accordance with Section 5.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual capacity, but solely as Paying
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC., MORTGAGE PASS THROUGH CERTIFICATES, SERIES
                2006-AR3

               

              CITIBANK,
                N.A., not in its individual capacity, but solely as Authenticating
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              _________________

              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-21

     

    FORM
      OF
      CLASS 2-B2 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL MAKE OR SHALL BE DEEMED TO MAKE THE
      REPRESENTATIONS IN SECTION 5.02(C) OF THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE GROUP II SENIOR CERTIFICATES AND THE CLASS
      2-B1 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.1
                

            	
              Aggregate
                Certificate Principal Balance of the Class 2-B2 Certificates as of
                the
                Issue Date: $10,050,000.00

              Denomination:
                $10,050,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AS 2

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 2-B2 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      2-B2 Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, Trust Administrator,
      Citibank, N.A. and the Trustee, a summary of certain of the pertinent provisions
      of which is set forth hereafter. To the extent not defined herein, the
      capitalized terms used herein have the meanings assigned in the Agreement.
      This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 2-B2
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    Any
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made in
      accordance with Section 5.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual capacity, but solely as Paying
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC., MORTGAGE PASS THROUGH CERTIFICATES, SERIES
                2006-AR3

               

              CITIBANK,
                N.A., not in its individual capacity, but solely as Authenticating
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              _________________

              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-22

     

    FORM
      OF
      CLASS 2-B3 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL MAKE OR SHALL BE DEEMED TO MAKE THE
      REPRESENTATIONS IN SECTION 5.02(C) OF THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE GROUP II SENIOR CERTIFICATES, THE CLASS 2-B1
      CERTIFICATES AND THE CLASS 2-B2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.1
                

            	
              Aggregate
                Certificate Principal Balance of the Class 2-B3 Certificates as of
                the
                Issue Date: $6,281,000.00

              Denomination:
                $6,281,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AT 0

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 2-B3 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      2-B3 Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 2-B3
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    Any
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made in
      accordance with Section 5.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual capacity, but solely as Paying
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC., MORTGAGE PASS THROUGH CERTIFICATES, SERIES
                2006-AR3

               

              CITIBANK,
                N.A., not in its individual capacity, but solely as Authenticating
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              _________________

              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-23

     

    FORM
      OF
      CLASS 2-B4 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PLAN OR PERSON USING PLAN
      ASSETS EXCEPT IN ACCORDANCE WITH SECTION 5.02(C) OF THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE GROUP II SENIOR CERTIFICATES, THE GROUP 2-B1
      CERTIFICATES, THE GROUP 2-B3 CERTIFICATES AND THE GROUP 2-B3 CERTIFICATES TO
      THE
      EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class 2-B4 Certificates as of
                the
                Issue Date: $7,538,000.00

              Denomination:
                $7,538,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AY 9

            
	 	 

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 2-B4 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      2-B4 Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 2-B4
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and
      the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee, nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    No
      transfer of this Certificate shall be made unless the transfer is made to a
      “qualified institutional buyer” as defined under Rule 144A under the Securities
      Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from
      the registration requirements of the 1933 Act and that does not require
      registration or qualification under applicable state securities laws. In the
      event that a transfer of this Certificate is to be made, the Certificate
      Registrar shall require receipt of written certifications from the Holder of
      the
      Certificate desiring to effect the transfer, and from such Holder's prospective
      transferee, substantially in the forms attached to the Agreement as Exhibit
      F-1.
      None of the Depositor or the Trustee is obligated to register or qualify the
      Class of Certificates specified on the face hereof under the 1933 Act or any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Trust
      Administrator, the Certificate Registrar, the Paying Agent, the Authenticating
      Agent and the Master Servicer against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(c) of the Agreement.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual capacity, but solely as Paying
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC., MORTGAGE PASS THROUGH CERTIFICATES, SERIES
                2006-AR3

               

              CITIBANK,
                N.A., not in its individual capacity, but solely as Authenticating
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              _________________

              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-24

     

    FORM
      OF
      CLASS 2-B5 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PLAN OR PERSON USING PLAN
      ASSETS EXCEPT IN ACCORDANCE WITH SECTION 5.02(C) OF THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE GROUP II SENIOR CERTIFICATES, THE GROUP 2-B1
      CERTIFICATES, THE GROUP 2-B2 CERTIFICATES, THE GROUP 2-B3 CERTIFICATES AND
      THE
      GROUP 2-B4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class 2-B5 Certificates as of
                the
                Issue Date: $3,455,000.00

              Denomination:
                $3,455,000.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AZ 6

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 2-B5 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      2-B5 Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 2-B5
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and
      the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A., or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    No
      transfer of this Certificate shall be made unless the transfer is made to a
      “qualified institutional buyer” as defined under Rule 144A under the Securities
      Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from
      the registration requirements of the 1933 Act and that does not require
      registration or qualification under applicable state securities laws. In the
      event that a transfer of this Certificate is to be made, the Certificate
      Registrar shall require receipt of written certifications from the Holder of
      the
      Certificate desiring to effect the transfer, and from such Holder's prospective
      transferee, substantially in the forms attached to the Agreement as Exhibit
      F-1.
      None of the Depositor or the Trustee is obligated to register or qualify the
      Class of Certificates specified on the face hereof under the 1933 Act or any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Trust
      Administrator, the Certificate Registrar, the Paying Agent, the Authenticating
      Agent and the Master Servicer against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(c) of the Agreement.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual capacity, but solely as Paying
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC., MORTGAGE PASS THROUGH CERTIFICATES, SERIES
                2006-AR3

               

              CITIBANK,
                N.A., not in its individual capacity, but solely as Authenticating
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              _________________

              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-25

     

    FORM
      OF
      CLASS 2-B6 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PLAN OR PERSON USING PLAN
      ASSETS EXCEPT IN ACCORDANCE WITH SECTION 5.02(C) OF THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE GROUP II SENIOR CERTIFICATES, THE GROUP 2-B1
      CERTIFICATES, THE GROUP 2-B2 CERTIFICATES, THE GROUP 2-B3 CERTIFICATES, THE
      GROUP 2-B4 CERTIFICATES AND THE GROUP 2-B5 CERTIFICATES TO THE EXTENT DESCRIBED
      IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class 2-B6 Certificates as of
                the
                Issue Date: $2,827,062.00

              Denomination:
                $2,827,062.00

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

               

              CUSIP:
                17306S BA 0

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      CITIBANK, N.A. THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class 2-B6 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      2-B6 Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 2-B6
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and
      the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A., or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    No
      transfer of this Certificate shall be made unless the transfer is made to a
      “qualified institutional buyer” as defined under Rule 144A under the Securities
      Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from
      the registration requirements of the 1933 Act and that does not require
      registration or qualification under applicable state securities laws. In the
      event that a transfer of this Certificate is to be made, the Certificate
      Registrar shall require receipt of written certifications from the Holder of
      the
      Certificate desiring to effect the transfer, and from such Holder's prospective
      transferee, substantially in the forms attached to the Agreement as Exhibit
      F-1.
      None of the Depositor or the Trustee is obligated to register or qualify the
      Class of Certificates specified on the face hereof under the 1933 Act or any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Trust
      Administrator, the Certificate Registrar, the Paying Agent, the Authenticating
      Agent and the Master Servicer against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(c) of the Agreement.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual capacity, but solely as Paying
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC., MORTGAGE PASS THROUGH CERTIFICATES, SERIES
                2006-AR3

               

              CITIBANK,
                N.A., not in its individual capacity, but solely as Authenticating
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	 	
              _________________

              State

            

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-26

     

    FORM
      OF
      CLASS 2-P CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND
      UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED HEREIN.

     

    
      	
              Series:
                2006-AR3

            	
              Aggregate
                Certificate Principal Balance of the Class 2-P Certificates as of
                the
                Issue Date: $100.00

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

            	
              Denomination:
                $100.00

            
	
              First
                Distribution Date: June 26, 2006

            	
              Master
                Servicer: CitiMortgage, Inc.

            
	
              No.
                1

            	
              Trust
                Administrator: CitiMortgage, Inc.

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

            
	 	
              Trustee:
                U.S. Bank National Association

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed-rate, first
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
      OR
      ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
      MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
      STATES.

     

    This
      certifies that Citigroup Global Markets Inc. is the registered owner of a
      Percentage Interest (obtained by dividing the denomination of this Certificate
      by the aggregate Certificate Principal Balance of the Class 2-P Certificates
      as
      of the Issue Date) in that certain beneficial ownership interest evidenced
      by
      all the Class 2-P Certificates in REMIC II created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
      Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 2-P
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Trust Administrator of the pendency of
      such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Trust Administrator for that purpose as
      provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing the Percentage
      Interest specified above in the Class of Certificates to which the Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trust Administrator and the Trustee and the rights of the
      Certificateholders under the Agreement at any time by the Depositor, the
      Servicer, the Trust Administrator and the Trustee with the consent of the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange herefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the Trust
      Administrator shall require receipt of (i) if such transfer is purportedly
      being
      made in reliance upon Rule 144A under the 1933 Act, written certifications
      from
      the Holder of the Certificate desiring to effect the transfer, and from such
      Holder’s prospective transferee, substantially in the forms attached to the
      Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
      satisfactory to it that such transfer may be made without such registration
      or
      qualification (which Opinion of Counsel shall not be an expense of the Trust
      Fund or of the Depositor, the Trustee, the Trust Administrator or the Servicer
      in their respective capacities as such), together with copies of the written
      certification(s) of the Holder of the Certificate desiring to effect the
      transfer and/or such Holder’s prospective transferee upon which such Opinion of
      Counsel is based. None of the Depositor or the Trust Administrator is obligated
      to register or qualify the Class of Certificates specified on the face hereof
      under the 1933 Act or any other securities law or to take any action not
      otherwise required under the Agreement to permit the transfer of such
      Certificates without registration or qualification. Any Holder desiring to
      effect a transfer of this Certificate shall be required to indemnify the
      Trustee, the Trust Administrator, the Depositor, the Servicer and any
      Sub-Servicer against any liability that may result if the transfer is not so
      exempt or is not made in accordance with such federal and state
      laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 5.02(b) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
      of
      the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
      the Person in whose name this Certificate is registered as the owner hereof
      for
      all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
      the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans at the time of purchase being less
      than
      10% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
      Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual capacity, but solely as Paying
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC., MORTGAGE PASS THROUGH CERTIFICATES, SERIES
                2006-AR3

               

              CITIBANK,
                N.A., not in its individual capacity, but solely as Authenticating
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

     

       

      
        	
                TEN
                  COM -

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	 	 	 	 
	
                TEN
                  ENT -

              	
                as
                  tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	 	 	 	 
	
                JT
                  TEN -

              	
                as
                  joint tenants with right of survivorship and not as tenants in
                  common

              	 	
                _________________

                State

              

      

       

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      	 
	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Asset Backed Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address:

     

    
      	 
	 	
              .

            

    

    

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                funds

            
	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            
	 	 
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-27

     

    FORM
      OF
      CLASS 2-R CERTIFICATE

     

    THIS
      CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”), AS THOSE TERMS ARE
      DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE
      OF
      1986 (THE “CODE”).

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IN
      ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), OR THE CODE WILL BE REGISTERED EXCEPT IN
      COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUSTEE THAT (A) SUCH
      TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF, ANY STATE
      OR
      POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
      ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (2)
      ANY
      ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE)
      THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
      ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (3)
      ANY
      ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE (ANY SUCH PERSON
      DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER BE REFERRED
      TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A DISQUALIFIED
      ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT
      OR
      COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL
      CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.
      NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER,
      SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION
      OR
      AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED
      TO BE
      OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED
      TO BE
      A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO,
      THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS
      CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO THE
      PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02(C) OF THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A
      DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP
      OF
      THIS CERTIFICATE.

     

    

    
      	
              Series
                2006-AR3

              Pass-Through
                Rate: Variable

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

              First
                Distribution Date: June 26, 2006

              No.1
                

            	
              Aggregate
                Certificate Principal Balance of the Class 2-R Certificates as of
                the
                Issue Date: $100.76

              Denomination:
                $100.76

              Master
                Servicer: CitiMortgage, Inc.

              Trust
                Administrator: CitiMortgage, Inc.

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

              Trustee:
                U.S. Bank National Association

              Issue
                Date: May 31, 2006

              CUSIP:
                17306S AU 7

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, adjustable-rate and
      fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
      MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUSTEE, THE TRUST
      ADMINSITRATOR, CITIBANK, N.A. OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
      THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Citigroup Global Markets, Inc. is the registered owner of the
      Percentage Interest evidenced by this Certificate specified above in that
      certain beneficial ownership interest evidenced by all the Class 2-R
      Certificates in the Trust Fund created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
      Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), the Master Servicer, the Trust
      Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
      pertinent provisions of which is set forth hereafter. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class 2-R
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Paying Agent by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Paying Agent in writing at least five Business Days
      prior to the Record Date immediately prior to such Distribution Date or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Paying Agent of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Paying Agent for that purpose as provided
      in
      the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest
      specified above in the Class of Certificates to which this Certificate
      belongs.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee and
      the
      rights of the Certificateholders, under the Agreement at any time by the
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
      the
      Trustee with the consent of the Holders of Certificates entitled to at least
      66%
      of the Voting Rights. Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Certificate Registrar as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Certificate Registrar
      duly executed by, the Holder hereof or such Holder's attorney duly authorized
      in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 5.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

    

    Prior
      to
      registration of any transfer, sale or other disposition of this Certificate,
      the
      proposed transferee shall provide to the Certificate Registrar (i) an affidavit
      to the effect that such transferee is any Person other than a Disqualified
      Organization or the agent (including a broker, nominee or middleman) of a
      Disqualified Organization, and (ii) a certificate that acknowledges that (A)
      the
      Class R Certificates have been designated as a residual interest in a REMIC,
      (B)
      it will include in its income a pro
      rata share
      of
      the net income of the Trust Fund and that such income may be an “excess
      inclusion,” as defined in the Code, that, with certain exceptions, cannot be
      offset by other losses or benefits from any tax exemption, and (C) it expects
      to
      have the financial means to satisfy all of its tax obligations including those
      relating to holding the Class R Certificates. Notwithstanding the registration
      in the Certificate Register of any transfer, sale or other disposition of this
      Certificate to a Disqualified Organization or an agent (including a broker,
      nominee or middleman) of a Disqualified Organization, such registration shall
      be
      deemed to be of no legal force or effect whatsoever and such Person shall not
      be
      deemed to be a Certificateholder for any purpose, including, but not limited
      to,
      the receipt of distributions in respect of this Certificate.

     

    The
      Holder of this Certificate, by its acceptance hereof, shall be deemed to have
      consented to the provisions of Section 5.02 of the Agreement and to any
      amendment of the Agreement deemed necessary by counsel of the Depositor to
      ensure that the transfer of this Certificate to any Person other than a
      Permitted Transferee or any other Person will not cause any Trust Fund to cease
      to qualify as a REMIC or cause the imposition of a tax upon the
      REMIC.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the
      Trustee and any agent of the Depositor, the Master Servicer, the Trust
      Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
      name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
      the
      Trustee, nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in the
      Trust Fund and (ii) the purchase by the party designated in the Agreement at
      a
      price determined as provided in the Agreement from the Trust Fund of all the
      Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The
      Agreement permits, but does not require, the party designated in the Agreement
      to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool
      relating to this Certificate and all property acquired in respect of any
      Mortgage Loan in such Collateral Pool at a price determined as provided in
      the
      Agreement. The exercise of such right will effect early retirement of the
      Certificates relating to such Collateral Pool; however, such right to purchase
      is subject to the aggregate Stated Principal Balance of the Mortgage Loans
      in
      such Collateral Pool at the time of purchase being less than 10% of the
      aggregate principal balance of the Mortgage Loans in such Collateral Pool as
      of
      the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor, and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Authenticating
      Agent, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
      executed.

     

    Dated:
      May___, 2006

     

    
      	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., not in its individual capacity, but solely as Paying
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    
      	 	 	 	 	 	 	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC., MORTGAGE PASS THROUGH CERTIFICATES, SERIES
                2006-AR3

               

              CITIBANK,
                N.A., not in its individual capacity, but solely as Authenticating
                Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
       

      
        	
                TEN
                  COM -

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	 	 	 	 
	
                TEN
                  ENT -

              	
                as
                  tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	 	 	 	 
	
                JT
                  TEN -

              	
                as
                  joint tenants with right of survivorship and not as tenants in
                  common

              	 	
                _________________

                State

              

      

    

    

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

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      	 	 	 
	 	 	
              .

            

    

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      B

     

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

     

    REPORTING
      RESPONSIBILITY

     

    As
      to
      each item described below, the entity indicated as the Responsible Party shall
      be primarily responsible for reporting the information to the party identified
      as responsible for preparing the Securities Exchange Act Reports pursuant to
      Section 3.19. 

    

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

    

    
      	
              Form

            	
              Item

            	
              Description

            	
              Servicer(s)

            	
              Master
                Servicer

            	
              Trust
                Administrator

            	
              Custodian

            	
              Trustee

            	
              Depositor

            	
              Sponsor

            
	
              10-D

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

            	 	
              (nominal)

            	 	 
	
              1

            	
              Distribution
                and Pool Performance Information

            	 	 	 	 	 	 	 
	
              Item
                1121(a) - Distribution and Pool Performance
                Information

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

            	 	 	
              X

               

              (6.07
                Statement)

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

            	 	 	
              X

               

              (6.07
                Statement)

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

            	 	 	
              X

               

              (6.07
                Statement)

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

            	 	 	
              X

               

              (6.07
                Statement)

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

            	 	 	
              X

               

              (6.07
                Statement)

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

            	 	 	
              X

               

              (6.07
                Statement)

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

            	 	 	
              X

               

              (6.07
                Statement)

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

            	 	 	
              X

               

              (6.07
                Statement)

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

            	 	 	
              X

               

              (6.07
                Statement)

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

            	 	 	
              X

               

              (6.07
                Statement)

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

            	 	 	
              X

               

              (6.07
                Statement)

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

            	 	 	
              X

               

              (6.07
                Statement)

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

            	 
	
              (9)
                Delinquency and loss information for the period.

            	
              X

            	
              X

            	
              X

               

              (6.07
                Statement)

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

            	
              X

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

            	
              X

            	
              X

            	
              X

               

              (6.07
                Statement)

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

            	
              X

            	
              X

            	
              X

               

              (6.07
                Statement)

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

            	
              X

            	
              X

            	
              X

               

              (if
                agreed upon by the parties)

            	 	 	
              X

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

            	 	 	
              X

               

              (6.07
                Statement)

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

            	 	 	 	 	 	
              X

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

            	
              X

            	
              X

            	
              X

            	 	 	
              X

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

            	 	 	 	 	 	
              X

            	
              X

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

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

            	 	 	 	 	 	
              X

            	 
	
              2

            	
              Legal
                Proceedings

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

            	 	 	 	 	 	 	 
	
              Sponsor
                (Seller)

            	 	 	 	 	 	 	
              X

            
	
              Depositor

            	 	 	 	 	 	
              X

            	 
	
              Trustee

            	 	 	 	 	
              X

            	 	 
	
              Issuing
                entity

            	 	 	 	 	 	
              X

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

            	
              X

            	
              X

            	 	 	 	 	 
	
              Trust
                Administrator

            	 	 	
              X

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

            	 	 	 	 	 	
              X

            	 
	
              Custodian

            	 	 	 	
              X

            	 	 	 
	
              3

            	
              Sales
                of Securities and Use of Proceeds

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

               

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

            	 	 	 	 	 	
              X

            	 
	
              4

            	
              Defaults
                Upon Senior Securities

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

               

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

            	 	 	
              X

            	 	 	 	 
	
              5

            	
              Submission
                of Matters to a Vote of Security Holders

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

            	 	 	
              X

            	 	 	 	 
	
              6

            	
              Significant
                Obligors of Pool Assets

            	 	 	 	 	 	 	 
	
              Item
                1112(b) - Significant
                Obligor Financial Information*

            	 	 	 	 	 	
              X

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

            	 	 	 	 	 	 	 
	
              7

            	
              Significant
                Enhancement Provider Information

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

            	 	 	 	 	 	 	 
	
              Determining
                applicable disclosure threshold

            	 	 	
              X

            	 	 	 	 
	
              Requesting
                required financial information or effecting incorporation by
                reference

            	 	 	
              X

            	 	 	 	 
	
              Item
                1115(b) - Derivative Counterparty Financial
                Information*

            	 	 	 	 	 	 	 
	
              Determining
                current maximum probable exposure

            	 	 	 	 	 	
              X

            	 
	
              Determining
                current significance percentage

            	 	 	
              X

            	 	 	 	 
	
              Requesting
                required financial information or effecting incorporation by
                reference

            	 	 	
              X

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

            	 	 	 	 	 	 	 
	
              8

            	
              Other
                Information

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

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

            
	
              9

            	
              Exhibits

            	 	 	 	 	 	 	 
	
              Distribution
                report

            	 	 	
              X

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

            	 	 	 	 	 	
              X

            	 
	
              8-K

            	
              Must
                be filed within four business days of an event reportable on Form
                8-K.

            	 	 	 	 
	
              1.01

            	
              Entry
                into a Material Definitive Agreement

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

              Examples:
                servicing agreement, custodial agreement.

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

            	
              X

            	
              X

            	
              X 

            	 	 	
              X 

            	
              X

            
	
              1.02

            	
              Termination
                of a Material Definitive Agreement

            	
              X

            	
              X

            	
              X 

            	 	 	
              X

            	
              X 

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

              Examples:
                servicing agreement, custodial agreement.

            	 	 	 	 	 	 	 
	
              1.03

            	
              Bankruptcy
                or Receivership

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

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

            	
              X

            	
              X

            	
              X 

            	
              X

            	 	
              X 

            	
              X

            
	
              2.04

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

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

              Disclosure
                will be made of events other than waterfall triggers which are disclosed
                in the 6.07 statement

            	 	
              X

            	
              X

            	 	 	 	 
	
              3.03

            	
              Material
                Modification to Rights of Security Holders

            	 	 	 	 	 	 	 
	
              Disclosure
                is required of any material modification to documents defining the
                rights
                of Certificateholders, including the Pooling and Servicing
                Agreement

            	 	 	
              X

            	 	 	
              X

            	 
	
              5.03

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

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

            	 	 	 	 	 	
              X

            	 
	
              5.06

            	
              Change
                in Shell Company Status

            	 	 	 	 	 	 	 
	
              [Not
                applicable to ABS issuers]

            	 	 	 	 	 	
              X

            	 
	
              6.01

            	
              ·  ABS
                Informational and Computational Material

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

            	 	 	 	 	 	
              X

            	 
	
              6.02

            	
              Change
                of Servicer or Trustee

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

            	
              X

            	
              X

            	
              X

            	 	 	
              X

            	 
	 	
              Reg
                AB disclosure about any new servicer is also required.

            	
              X

            	 	 	 	 	 	 
	
              Reg
                AB disclosure about any new trustee is also required.

            	 	 	 	 	
              X
                (to the extent required by successor trustee

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

            	 	 	
              X

            	 	 	 	 
	
              6.03

            	
              Change
                in Credit Enhancement or Other External Support

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

            	 	 	
              X

            	 	 	
              X

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

            	 	 	
              X

            	 	 	
              X

            	 
	
              6.04

            	
              Failure
                to Make a Required Distribution

            	 	 	
              X

            	 	 	 	 
	
              6.05

            	
              Securities
                Act Updating Disclosure

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

            	 	 	 	 	 	
              X

            	
               

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

            	 	 	 	 	 	
              X

            	 
	
              7.01

            	
              Regulation
                FD Disclosure

            	
              X

            	
              X

            	
              X

            	
              X

            	 	
              X

            	 
	
              8.01

            	
              Other
                Events

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

            	 	 	 	 	 	
              X

            	 
	
              9.01

            	
              Financial
                Statements and Exhibits

            	
              The
                Responsible Party applicable to reportable event.

            
	
              10-K

            	
              Must
                be filed within 90 days of the fiscal year end for the
                registrant.

            	 	 	 	 
	
              9B

            	
              Other
                Information

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

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

            
	 	
              15

            	
              Exhibits
                and Financial Statement Schedules

            	 	 	 	 	 	 	 
	
              Item
                1112(b) - Significant
                Obligor Financial Information

            	 	 	 	 	 	
              X

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

            	 	 	 	 	 	 	 
	
              Determining
                applicable disclosure threshold

            	 	 	
              X

            	 	 	 	 
	
              Requesting
                required financial information or effecting incorporation by
                reference

            	 	 	
              X

            	 	 	 	 
	
              Item
                1115(b) - Derivative Counterparty Financial
                Information

            	 	 	 	 	 	 	 
	
              Determining
                current maximum probable exposure

            	 	 	 	 	 	
              X

            	 
	 	 	
              Determining
                current significance percentage

            	 	 	
              X

            	 	 	 	 
	
              Requesting
                required financial information or effecting incorporation by
                reference

            	 	 	
              X

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

            	 	 	 	 	 	 	 
	
              Sponsor
                (Seller)

            	 	 	 	 	 	 	
              X

            
	
              Depositor

            	 	 	 	 	 	
              X

            	 
	
              Trustee

            	 	 	 	 	 	 	 
	
              Issuing
                entity

            	 	 	 	 	 	
              X

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

            	
              X

            	
              X

            	 	 	 	 	 
	
              Trust
                Administrator

            	 	 	
              X

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

            	 	 	 	 	 	
              X

            	 
	
              Custodian

            	 	 	 	
              X

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

            	 	 	 	 	 	 	 
	
              Sponsor
                (Seller)

            	 	 	 	 	 	 	
              X

            
	
              Depositor

            	 	 	 	 	 	
              X

            	 
	
              Trustee

            	 	 	 	 	
              X

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

            	
              X

            	
              X

            	 	 	 	 	 
	
              Trust
                Administrator

            	 	 	
              X

            	 	 	 	 
	
              Originator

            	 	 	 	 	 	
              X

            	 
	
              Custodian

            	 	 	 	
              X

            	 	 	 
	
              Credit
                Enhancer/Support Provider

            	 	 	 	 	 	
              X

            	 
	
              Significant
                Obligor

            	 	 	 	 	 	
              X

            	 
	
              Item
                1122 - Assessment of Compliance with Servicing
                Criteria

            	
              X

            	
              X

            	
              X

            	
              X

            	 	 	 
	
              Item
                1123 - Servicer Compliance Statement

            	
              X

            	
              X

            	 	 	 	 	 

    

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      C

     

    SERVICING
      CRITERIA TO BE ADDRESSED IN

    ASSESSMENT
      OF COMPLIANCE

     

    

     

    Definitions

    Primary
      Servicer - transaction party having borrower contact

    Master
      Servicer - aggregator of pool assets

    Trust
      Administrator - waterfall calculator (may be the Trustee, or may be the Master
      Servicer)

    Back-up
      Servicer - named in the transaction (in the event a Back up Servicer becomes
      the
      Primary Servicer, follow Primary Servicer obligations)

    Custodian
      - safe keeper of pool assets

    Paying
      Agent - distributor of funds to ultimate investor 

    Trustee
      -
      fiduciary of the transaction

    

    Note:
      The
      definitions above describe the essential function that the party performs,
      rather than the party’s title. So, for example, in a particular transaction, the
      trustee may perform the “paying agent” and “trust administrator” functions,
      while in another transaction, the trust administrator may perform these
      functions.

    

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements.

    

    Key:

    X
      -
      obligation

    

    

    
      	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Primary
                Servicer

            	
              Master
                Servicer

            	
              Trust
                Administrator

            	
              Paying
                Agent

            
	 	
              General
                Servicing Considerations

            	 	 	 	 
	
              1122(d)(1)(i)

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

            	
              X

            	
              X

            	 	 
	
              1122(d)(1)(ii)

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

            	
              X

            	
              X

            	 	 
	
              1122(d)(1)(iii)

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

            	 	 	 	 
	
              1122(d)(1)(iv)

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

            	
              X

            	
              X

            	 	 
	 	
              Cash
                Collection and Administration

            	 	 	 	 
	
              1122(d)(2)(i)

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

            	
              X

            	
              X

            	 	 
	
              1122(d)(2)(ii)

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

            	
              X

            	
              X

            	 	
              X

            
	
              1122(d)(2)(iii)

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

            	
              X

            	
              X

            	 	 
	
              1122(d)(2)(iv)

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

            	 	 	
              X

            	
              X

            
	
              1122(d)(2)(v)

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

            	
              X

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized access.
                

            	
              X

            	 	 	 
	
              1122(d)(2)(vii)
                

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

            	
              X

            	
              X

            	 	
              X

            
	 	
              Investor
                Remittances and Reporting

            	 	 	 	 
	
              1122(d)(3)(i)

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

            	
              X

            	
              X

            	
              X

            	 
	
              1122(d)(3)(ii)

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

            	
              X

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(3)(iii)

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

            	
              X

            	
              X

            	 	
              X

            
	
              1122(d)(3)(iv)

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

            	
              X

            	
              X

            	 	
              X

            
	 	
              Pool
                Asset Administration

            	 	 	 	 
	
              1122(d)(4)(i)
                

            	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related pool asset documents. 

            	
              X

            	
              X

            	 	 
	
              1122(d)(4)(ii)

            	
              Pool
                assets and related documents are safeguarded as required by the
                transaction agreements 

            	
              X

            	
              X

            	 	 
	
              1122(d)(4)(iii)

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

            	
              X

            	
              X

            	 	 
	
              1122(d)(4)(iv)

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

            	
              X

            	 	 	 
	
              1122(d)(4)(v)

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

            	
              X

            	 	 	 
	
              1122(d)(4)(vi)

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

            	
              X

            	
              X

            	 	 
	
              1122(d)(4)(vii)

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

            	
              X

            	
              X

            	 	 
	
              1122(d)(4)(viii)

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

            	
              X

            	 	 	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for pool assets with variable
                rates
                are computed based on the related pool asset documents. 

            	
              X

            	
              X

            	 	 
	
              1122(d)(4)(x)

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

            	
              X

            	 	 	 
	
              1122(d)(4)(xi)

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

            	
              X

            	 	 	 
	
              1122(d)(4)(xii)

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

            	
              X

            	 	 	 
	
              1122(d)(4)(xiii)

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

            	
              X

            	 	 	 
	
              1122(d)(4)(xiv)
                

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

            	 	
              X

            	 	 
	
              1122(d)(4)(xv)

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

            	 	 	
              X

            	 

    

    

    

    

      

      
        * Subject
          to clarification from the SEC.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

    EXHIBIT
      D

     

     

    
      MORTGAGE
        LOAN PURCHASE AGREEMENT

       

      This
        is a
        Mortgage Loan Purchase Agreement (the “Agreement”), dated May 31, 2006 between
        Citigroup Mortgage Loan Trust Inc., a Delaware corporation (the “Purchaser”) and
        Citigroup Global Markets Realty Corp., a New York corporation (the
“Seller”).

       

      Preliminary
        Statement

       

      The
        Seller intends to sell the Mortgage Loans (as hereinafter defined) to the
        Purchaser on the terms and subject to the conditions set forth in this
        Agreement. The Purchaser intends to deposit the Mortgage Loans into a mortgage
        pool comprising the trust fund. The trust fund will be evidenced by a single
        series of mortgage pass-through certificates designated as Series 2006-AR3
        (the
“Certificates”). The Certificates will consist of twenty classes of
        certificates. The Certificates will be issued pursuant to a Pooling and
        Servicing Agreement, dated as of May 1, 2006 (the “Pooling and Servicing
        Agreement”), among the Purchaser as depositor, CitiMortgage, Inc. as master
        servicer (in such capacity, the “Master Servicer”) and as trust administrator
        (in such capacity, the “Trust Administrator”) Citibank, N.A. as paying agent,
        certificate registrar and authenticating agent and U.S. Bank Trust National
        Association as trustee (the “Trustee”). Capitalized terms used but not defined
        herein shall have the meanings set forth in the Pooling and Servicing
        Agreement.

       

      The
        parties hereto agree as follows:

       

      Section
        1.  Agreement
        to Purchase.
        The
        Seller agrees to sell, and the Purchaser agrees to purchase, on or before
        May
        31, 2006 (the “Closing Date”), certain fixed-rate and adjustable-rate,
        conventional residential mortgage loans (the “Mortgage Loans”) originated by
        Wells Fargo Bank, N.A. (“Wells Fargo”), American Home Mortgage Corp. (“American
        Home”), PHH Mortgage Corporation (“PHH”), GreenPoint Mortgage Funding, Inc.
        (“GreenPoint”), Taylor, Bean & Whitaker Mortgage Corp. (“Taylor Bean”),
        Countrywide Home Loans, Inc. (“Countrywide”), National City Mortgage Co.
        (“National City”), Mortgage Access Corp. D/B/A Weichert Financial Services
        (“Weichert”), MortgageIT, Inc. (“MortgageIT”) and Ameriquest Mortgage Company
        (“Ameriquest”, each an “Originator”, and together, the “Originators”), having an
        aggregate principal balance as of the close of business on May 1, 2006 (the
        “Cut-off Date”) of $1,838,359,964 (the “Closing Balance”), after giving effect
        to all payments due on the Mortgage Loans on or before the Cut-off Date,
        whether
        or not received.

       

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

       

      Section
        3.  Consideration.

       

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

       

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

       

      (c)  Pursuant
        to the Pooling and Servicing Agreement, the Purchaser will assign all of
        its
        right, title and interest in and to the Mortgage Loans, together with its
        rights
        under this Agreement, to the Trustee for the benefit of the related
        Certificateholders.

       

      Section
        4.  Transfer
        of the Mortgage Loans.

       

      (a)  Possession
        of Mortgage Files.
        The
        Seller does hereby sell, transfer, assign, set over and convey to the Purchaser,
        without recourse but subject to the terms of this Agreement, all of its right,
        title and interest in, to and under the Mortgage Loans. The contents of each
        Mortgage File not delivered to the Purchaser or to any assignee, transferee
        or
        designee of the Purchaser on or prior to the Closing Date are and shall be
        held
        in trust by the Seller for the benefit of the Purchaser or any assignee,
        transferee or designee of the Purchaser. Upon the sale of the Mortgage Loans,
        the ownership of each Mortgage Note, the related Mortgage and the other contents
        of the related Mortgage File is vested in the Purchaser and the ownership
        of all
        records and documents with respect to each related Mortgage Loan prepared
        by or
        that come into the possession of the Seller on or after the Closing Date
        shall
        immediately vest in the Purchaser and shall be delivered immediately to the
        Purchaser or as otherwise directed by the Purchaser.

       

      (b)  Delivery
        of Mortgage Loan Documents.
        The
        Seller will, on or prior to the Closing Date, deliver or cause to be delivered
        to the Purchaser or any assignee, transferee or designee of the Purchaser
        each
        of the following documents for each Mortgage Loan:

       

      (i)  the
        original Mortgage Note, endorsed in one of the following forms: (i) in the
        name
        of the Trustee or (ii) in blank, in each case, with all prior and intervening
        endorsements showing a complete chain of endorsement from the originator
        to the
        Person so endorsing to the Trustee; 

       

      (ii)  the
        original Mortgage with evidence of recording thereon; 

       

      (iii)  an
        original Assignment of the Mortgage in recordable form in blank or to the
        Trustee; 

       

      (iv)  the
        original recorded Assignment or Assignments of the Mortgage showing a complete
        chain of assignment from the originator to the Person assigning the Mortgage
        in
        blank or to the Trustee as contemplated by the immediately preceding clause
        (iii); 

       

      (v)  the
        original of or a copy of each related assumption, modification, consolidation
        or
        extension agreement, with evidence of recording thereon, if any; 

       

      (vi)  with
        respect to any Mortgage Loan listed on the Mortgage Loan Schedule as subject
        to
        a Primary Mortgage Insurance Policy, the original Primary Mortgage Insurance
        Policy or certificate; 

       

      (vii)  the
        original mortgagee title insurance policy or an attorney’s opinion of title
        where customary; and

       

      (viii)  any
        of
        the following that are in the possession of the Seller or a document custodian
        on its behalf: (A) the original of or a copy of any security agreement, chattel
        mortgage or equivalent document executed in connection with the Mortgage
        or (B)
        the original of or a copy of any power of attorney, if applicable. 

       

      With
        respect to a maximum of approximately 5.00% of the original Mortgage Loans,
        by
        outstanding principal balance of the original Mortgage Loans as of the Cut-off
        Date, if any original Mortgage Note referred to in Section 4(b)(i) above
        cannot
        be located, the obligations of the Seller to deliver such documents shall
        be
        deemed to be satisfied upon delivery to the Trust Administrator (as designee
        of
        the Purchaser) of a photocopy of such Mortgage Note, if available, with a
        lost
        note affidavit. If any of the original Mortgage Notes for which a lost note
        affidavit was delivered to the Trust Administrator is subsequently located,
        such
        original Mortgage Note shall be delivered to the Trust Administrator within
        three Business Days.

       

      If
        any of
        the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has as
        of
        the Closing Date been submitted for recording but either (x) has not been
        returned from the applicable public recording office or (y) has been lost
        or
        such public recording office has retained the original of such document,
        the
        obligations of the Seller to deliver such documents shall be deemed to be
        satisfied upon (1) delivery to the Trust Administrator of a copy of each
        such
        document certified by the Originator in the case of (x) above or the applicable
        public recording office in the case of (y) above to be a true and complete
        copy
        of the original that was submitted for recording and (2) if such copy is
        certified by the Originator, delivery to the Trust Administrator promptly
        upon
        receipt thereof of either the original or a copy of such document certified
        by
        the applicable public recording office to be a true and complete copy of
        the
        original. 

       

      To
        the
        extent not already recorded, the Trust Administrator, at the expense of the
        Seller shall pursuant to the Pooling and Servicing Agreement promptly (and
        in no
        event later than three months following the later of the Closing Date and
        the
        date of receipt by the Trust Administrator of the recording information for
        a
        Mortgage) submit or cause to be submitted for recording, at no expense to
        the
        Trust Estate or the Trust Administrator, in the appropriate public office
        for
        real property records, each Assignment delivered to it pursuant to Sections
        4(b)(iii) and (iv) above. In the event that any such Assignment is lost or
        returned unrecorded because of a defect therein, the Trust Administrator,
        at the
        expense of the Seller, shall promptly prepare or cause to be prepared a
        substitute Assignment or cure or cause to be cured such defect, as the case
        may
        be, and thereafter cause each such Assignment to be duly recorded.
        Notwithstanding the foregoing, but without limiting the requirement that
        such
        Assignments be in recordable form, neither the Trust Administrator nor the
        Trustee shall be required to submit or cause to be submitted for recording
        each
        Assignment delivered to it pursuant to Sections 4(b)(iii) and (iv) if such
        recordation shall not, as of the Closing Date, be required by the Rating
        Agencies, as a condition to their assignment on the Closing Date of their
        initial ratings to the Certificates, as evidenced by the delivery by the
        Rating
        Agencies of their ratings letters on the Closing Date.

       

      The
        Seller shall deliver or cause to be delivered to the Trust Administrator
        promptly upon receipt thereof any other original documents constituting a
        part
        of a Mortgage File received with respect to any Mortgage Loan, including,
        but
        not limited to, any original documents evidencing an assumption, modification,
        consolidation or extension of any Mortgage Loan. 

       

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

       

      (c)  Acceptance
        of Mortgage Loans.
        The
        documents delivered pursuant to Section 4(b) hereof shall be reviewed by
        the
        Purchaser or any assignee, transferee or designee of the Purchaser at any
        time
        before or after the Closing Date (and with respect to each document permitted
        to
        be delivered after the Closing Date within seven days of its delivery) to
        ascertain that all required documents have been executed and received and
        that
        such documents relate to the Mortgage Loans identified on the Mortgage Loan
        Schedule.

       

      (d)  Transfer
        of Interest in Agreements.
        The
        Purchaser has the right to assign its interest under this Agreement, in whole
        or
        in part, to the Trustee, as may be required to effect the purposes of the
        Pooling and Servicing Agreement, without the consent of the Seller, and the
        assignee shall succeed to the rights and obligations hereunder of the Purchaser.
        Any expense reasonably incurred by or on behalf of the Purchaser or the Trustee
        in connection with enforcing any obligations of the Seller under this Agreement
        will be promptly reimbursed by the Seller.

       

      (e)  Examination
        of Mortgage Files.
        Prior
        to the Closing Date, the Seller shall either (i) deliver in escrow to the
        Purchaser or to any assignee, transferee or designee of the Purchaser, for
        examination, the Mortgage File pertaining to each Mortgage Loan, or (ii)
        make
        such Mortgage Files available to the Purchaser or to any assignee, transferee
        or
        designee of the Purchaser for examination. Such examination may be made by
        the
        Purchaser or the Trustee, and their respective designees, upon reasonable
        notice
        to the Seller during normal business hours before the Closing Date and within
        60
        days after the Closing Date. If any such person makes such examination prior
        to
        the Closing Date and identifies any Mortgage Loans that do not conform to
        the
        requirements of the Purchaser as described in this Agreement, such Mortgage
        Loans shall be deleted from the Closing Schedule. The Purchaser may, at its
        option and without notice to the Seller, purchase all or part of the Mortgage
        Loans without conducting any partial or complete examination. The fact that
        the
        Purchaser or any person has conducted or has failed to conduct any partial
        or
        complete examination of the Mortgage Files shall not affect the rights of
        the
        Purchaser or any assignee, transferee or designee of the Purchaser to demand
        repurchase or other relief as provided herein or under the Pooling and Servicing
        Agreement.

       

      Section
        5.  Representations,
        Warranties and Covenants of the Seller.

       

      The
        Seller and the Purchaser understand, acknowledge and agree that, the
        representations and warranties set forth in this Section 5 are made as of
        the
        Closing Date or as of the date specifically provided herein. 

       

      As
        permitted under (a) the Master Mortgage Loan Purchase Agreement, dated as
        of
        November 1, 2005, between the Seller and Wells Fargo (the “Wells Fargo Master
        Agreement”), (b) the Master Mortgage Loan Purchase and Servicing Agreement,
        dated as of September 1, 2005, and as amended on March 30, 2006, among American
        Home Mortgage Corp., American Home Mortgage Servicing, Inc. and the Seller
        (the
“American Home Servicing Agreement”), (c) the Mortgage Loan Flow Purchase, Sale
& Servicing Agreement, dated as of February 24, 2005, and as amended on
        February 15, 2006, among PHH Mortgage Corporation, Bishop’s Gate Residential
        Trust (formerly known as Cendant Residential Mortgage Trust) and the Seller
        (the
“PHH Servicing Agreement”), (d) the Master Mortgage Loan Purchase and Servicing
        Agreement, dated as of April 1, 2005, and as amended on May 1, 2006, between
        GreenPoint Mortgage Funding, Inc. and the Seller (the “GreenPoint Servicing
        Agreement”), (e) the Master Mortgage Loan Purchase and Interim Servicing
        Agreement, dated as of April 1, 2006, between Taylor, Bean & Whitaker
        Mortgage Corp. and the Seller (the “Taylor Bean Servicing Agreement”), (f) the
        Amended and Restated Master Mortgage Loan Purchase and Servicing Agreement,
        dated as of December 15, 2003, and as amended on February 28, 2006, between
        Countrywide Home Loans, Inc. and the Seller (the “Countrywide Servicing
        Agreement”), (g) the Amended and Restated Master Seller’s Warranties and
        Servicing Agreement, dated as of September 1, 2003, as amended and restated
        to
        and including May 1, 2005, and as amended on April 5, 2006, between National
        City Mortgage Co. and the Seller (the “National City Servicing Agreement”), (h)
        the Amended and Restated Master Mortgage Loan Purchase and Servicing Agreement,
        dated as of August 1, 2005 as amended and restated to and including March
        1,
        2006, between Mortgage Access Corp. D/B/A Weichert Financial Services and
        the
        Seller (the “Weichert Servicing Agreement”), (i) the Master Mortgage Loan
        Purchase and Interim Servicing Agreement, dated as of November 1, 2004, and
        as
        amended on March 1, 2006, between MortgageIT, Inc. and GMAC Mortgage Corporation
        (the “MortgageIT Servicing Agreement”), and (j) the Mortgage Loan Purchase and
        Interim Servicing Agreement, dated as of July 27, 2005, between Ameriquest
        Mortgage Company and GMAC Mortgage Corporation (the “Ameriquest Servicing
        Agreement”; and together with the Wells Fargo Servicing Agreement, the American
        Home Servicing Agreement, the PHH Servicing Agreement, the GreenPoint Servicing
        Agreement, the Taylor Bean Servicing Agreement, the Countrywide Servicing
        Agreement, the National City Servicing Agreement, the Weichert Servicing
        Agreement, the MortgageIT Servicing Agreement and the Ameriquest Servicing
        Agreement, the “Servicing Agreements”), the Seller hereby assigns to the
        Purchaser all of its right, title and interest under the Servicing Agreements
        to
        the extent of the Mortgage Loans set forth on the Mortgage Loan Schedule,
        including, but not limited to, any representations and warranties of the
        Originators concerning the Mortgage Loans.

      

      (a)  The
        Seller hereby represents and warrants, as to each Mortgage Loan, to the
        Purchaser, as of the date hereof and as of the Closing Date, and covenants,
        that:

       

      (i)  To
        the
        best of the Seller’s knowledge, nothing has occurred in the period of time from
        the date each representation and warranty was made by each Originator pursuant
        to the respective Servicing Agreement to the Closing Date which would cause
        such
        representation and warranty to be untrue in any material respect on the Closing
        Date.

       

      (ii)  Each
        Mortgage Loan at the time it was made complied in all material respects with
        applicable local, state and federal laws, including, but not limited to,
        all
        applicable predatory and abusive lending laws.

       

      (iii)  None
        of
        the mortgage loans are (i) “High Cost” as such term is defined in the Home
        Ownership Protection Act of 1994 (“HOEPA”) or (ii) a reasonably equivalent
        provision as defined by the applicable predatory and abusive lending
        laws.

       

      (iv)  An
        appraisal form 1004 or Form 2055 with an interior inspection for first lien
        mortgage loans has been obtained.

       

      (v)  No
        Mortgage Loan is a high cost loan or a covered loan, as applicable (as such
        terms are defined in the current version of Standard & Poor's LEVELS®
Glossary Revised, Appendix E).

       

      (vi)  (vi)There
        is
        no mortgage loan in the trust that was originated on or after October 1,
        2002
        and before March 7, 2003 which is secured by property located in the State
        of
        Georgia.

       

      (b)  With
        respect to the Group 1-1, 2-1 and 2-3 Mortgage Loans, the Seller hereby
        represents and warrants to the Purchaser, as of the date hereof and as of
        the
        Closing Date, and covenants, that if any breach of any if the representations
        set forth in this Section 5 (other than Section 5(c)) results in a breach
        of a
        representation set forth in the following Freddie Mac Required Representations
        and Covenants, such breach shall be deemed to materially and adversely affect
        the value of the related Mortgage Loans or the interest therein of the related
        Certificateholders and shall trigger the remedy obligations set forth in
        Section
        6 below.

       

      (i)  No
        mortgage loan underlying the security is covered by the Home Ownership and
        Equity Protection Act of 1994 (“HOEPA”).

       

      (ii)  With
        respect to mortgage premises located in the State of Georgia:

       

      (1)  There
        is
        no mortgage loan in the trust that was originated on or after October 1,
        2002
        and before March 7, 2003, which is secured by property located in the State
        of
        Georgia.

       

      (2)  There
        is
        no mortgage loan in the trust that was originated on or after March 7, 2003,
        which is a “high cost home loan” as defined under the Georgia Fair Lending
        Act.

       

      (iii)  No
        mortgage loan in the trust is a “high cost home,” “covered” (excluding home
        loans defined as "covered home loans" in the New Jersey Home Ownership Security
        Act of 2002 that were originated between November 26, 2003 and July 7, 2004),
        “high risk home” or “predatory” loan under any applicable state, federal or
        local law (or a similarly classified loan using different terminology under
        a
        law imposing heightened regulatory scrutiny or additional legal liability
        for
        residential mortgage loans having high interest rates, points and/or
        fees).

       

      (iv)  With
        respect to each mortgage loan underlying the Security, no borrower obtained
        a
        prepaid single-premium credit-life, credit disability, credit unemployment
        or
        credit property insurance policy In connection with the origination of the
        mortgage loan. 

       

      (v)  No
        subprime mortgage loan originated on or after October 1, 2002 underlying
        the
        Security will impose a prepayment premium for a term in excess of three years.
        Any loans originated prior to such date, and any non-subprime loans, will
        not
        impose prepayment penalties in excess of five years. 

       

      (vi)  The
        servicer for each mortgage loan underlying the Security has fully furnished,
        in
        accordance with the Fair Credit Reporting Act and its implementing regulations,
        accurate and complete information (i.e., favorable and unfavorable) on its
        borrower credit files to Equifax, Experian, and Trans Union Credit Information
        Company (three of the credit repositories), on a monthly basis.

       

      (vii)  The
        servicer for each mortgage loan underlying the Security will fully furnish,
        in
        accordance with the Fair Credit Reporting Act and its implementing regulations,
        accurate and complete information (i.e., favorable and unfavorable) on its
        borrower credit files to Equifax, Experian, and Trans Union Credit Information
        Company (three of the credit repositories), on a monthly basis. 

       

      (viii)  Each
        Mortgage Loan is a “qualified mortgage” under Section 860G(a)(3) of the
        Code.

       

      (ix)  With
        respect to any mortgage loan originated on or after August 1, 2004 and
        underlying the Security, neither the related mortgage nor the related mortgage
        note requires the borrower to submit to arbitration to resolve any dispute
        arising out of or relating in any way to the mortgage loan transaction.

       

      (x)  The
        original principal balance of each mortgage loan underlying the Security
        is
        within Freddie Mac’s dollar amount limits for conforming one- to four-family
        mortgage loans. 

       

      Without
        limiting the foregoing, the Seller hereby acknowledges and agrees that if
        any
        breach of any of the representations set forth in this Section 5 (other than
        Section 5(c)) attributable to the existence with respect to the Group
        1-1, 2-1 and 2-3 Mortgage
        Loans of any prepayment charge provisions or arbitration provisions that
        fall
        outside the related Originator’s applicable underwriting guidelines results in a
        breach of the preceding representations (v) or (ix), then such breach shall
        be
        deemed to materially and adversely affect the value of the related Mortgage
        Loans or the interest therein of the related Certificateholders and shall
        trigger the remedy obligations set forth in Section 6 below.

      

      (c)  The
        Seller hereby represents and warrants to the Purchaser, as of the date hereof
        and as of the Closing Date, and covenants, that:

       

      (i)  The
        Seller is duly organized, validly existing and in good standing as a corporation
        under the laws of the State of New York with full corporate power and authority
        to conduct its business as presently conducted by it to the extent material
        to
        the consummation of the transactions contemplated herein. The Seller has
        the
        full corporate power and authority to own the Mortgage Loans and to transfer
        and
        convey the Mortgage Loans to the Purchaser and has the full corporate power
        and
        authority to execute and deliver, engage in the transactions contemplated
        by,
        and perform and observe the terms and conditions of this Agreement.

       

      (ii)  The
        Seller has duly authorized the execution, delivery and performance of this
        Agreement, has duly executed and delivered this Agreement, and this Agreement,
        assuming due authorization, execution and delivery hereof by the Purchaser,
        constitutes a legal, valid and binding obligation of the Seller, enforceable
        against it in accordance with its terms except as the enforceability thereof
        may
        be limited by bankruptcy, insolvency or reorganization or by general principles
        of equity.

       

      (iii)  The
        execution, delivery and performance of this Agreement by the Seller (x) does
        not
        conflict and will not conflict with, does not breach and will not result
        in a
        breach of and does not constitute and will not constitute a default (or an
        event, which with notice or lapse of time or both, would constitute a default)
        under (A) any terms or provisions of the articles of incorporation or by-laws
        of
        the Seller, (B) any term or provision of any material agreement, contract,
        instrument or indenture, to which the Seller is a party or by which the Seller
        or any of its property is bound or (C) any law, rule, regulation, order,
        judgment, writ, injunction or decree of any court or governmental authority
        having jurisdiction over the Seller or any of its property and (y) does not
        create or impose and will not result in the creation or imposition of any
        lien,
        charge or encumbrance which would have a material adverse effect upon the
        Mortgage Loans or any documents or instruments evidencing or securing the
        Mortgage Loans.

       

      (iv)  No
        consent, approval, authorization or order of, registration or filing with,
        or
        notice on behalf of the Seller to any governmental authority or court is
        required, under federal laws or the laws of the State of New York, for the
        execution, delivery and performance by the Seller of, or compliance by the
        Seller with, this Agreement or the consummation by the Seller of any other
        transaction contemplated hereby and by the Pooling and Servicing Agreement;
        provided, however, that the Seller makes no representation or warranty regarding
        federal or state securities laws in connection with the sale or distribution
        of
        the Certificates.

       

      (v)  This
        Agreement does not contain any untrue statement of material fact or omit
        to
        state a material fact necessary to make the statements contained herein not
        misleading. The written statements, reports and other documents prepared
        and
        furnished or to be prepared and furnished by the Seller pursuant to this
        Agreement or in connection with the transactions contemplated hereby taken
        in
        the aggregate do not contain any untrue statement of material fact or omit
        to
        state a material fact necessary to make the statements contained therein
        not
        misleading.

       

      (vi)  The
        Seller is not in violation of, and the execution and delivery of this Agreement
        by the Seller and its performance and compliance with the terms of this
        Agreement will not constitute a violation with respect to, any order or decree
        of any court or any order or regulation of any federal, state, municipal
        or
        governmental agency having jurisdiction over the Seller or its assets, which
        violation might have consequences that would materially and adversely affect
        the
        condition (financial or otherwise) or the operation of the Seller or its
        assets
        or might have consequences that would materially and adversely affect the
        performance of its obligations and duties hereunder.

       

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

       

      (viii)  Immediately
        prior to the sale of the Mortgage Loans to the Purchaser as herein contemplated,
        the Seller will be the owner of the related Mortgage and the indebtedness
        evidenced by the related Mortgage Note, and, upon the payment to the Seller
        of
        the Purchase Price, in the event that the Seller retains or has retained
        record
        title, the Seller shall retain such record title to each Mortgage, each related
        Mortgage Note and the related Mortgage Files with respect thereto in trust
        for
        the Purchaser as the owner thereof from and after the date hereof.

       

      (ix)  There
        are
        no actions or proceedings against, or investigations known to it of, the
        Seller
        before any court, administrative or other tribunal (A) that might prohibit
        its
        entering into this Agreement, (B) seeking to prevent the sale of the Mortgage
        Loans by the Seller or the consummation of the transactions contemplated
        by this
        Agreement or (C) that might prohibit or materially and adversely affect the
        performance by the Seller of its obligations under, or validity or
        enforceability of, this Agreement.

       

      (x)  The
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Seller, and the transfer, assignment and
        conveyance of the Mortgage Notes and the Mortgages by the Seller are not
        subject
        to the bulk transfer or any similar statutory provisions.

       

      (xi)  The
        Seller has not dealt with any broker, investment banker, agent or other person,
        except for the Purchaser or any of its affiliates, that may be entitled to
        any
        commission or compensation in connection with the sale of the Mortgage
        Loans.

       

      (xii)  There
        is
        no litigation currently pending or, to the best of the Seller’s knowledge
        without independent investigation, threatened against the Seller that would
        reasonably be expected to adversely affect the transfer of the Mortgage Loans,
        the issuance of the Certificates or the execution, delivery, performance
        or
        enforceability of this Agreement, or that would result in a material adverse
        change in the financial condition of the Seller.

       

      (xiii)  The
        Seller is solvent and will not be rendered insolvent by the consummation
        of the
        transactions contemplated hereby. The Seller is not transferring any Mortgage
        loan with any intent to hinder, delay or defraud any of its
        creditors.

       

      (d)  With
        respect to the Wells Fargo Mortgage Loans, the Seller hereby represents and
        warrants, for the benefit of the Purchaser, that the representations and
        warranties set forth on Exhibit A hereto are true and correct as of the date
        hereof and as of the Closing Date.

       

      (e)  With
        respect to the American Home Mortgage Loans, the Seller hereby represents
        and
        warrants, for the benefit of the Purchaser, that the representations and
        warranties set forth on Exhibit B hereto are true and correct as of the date
        hereof and as of the Closing Date.

       

      (f)  With
        respect to the PHH Mortgage Loans, the Seller hereby represents and warrants,
        for the benefit of the Purchaser, that the representations and warranties
        set
        forth on Exhibit C hereto are true and correct as of the date hereof and
        as of
        the Closing Date.

       

      (g)  With
        respect to the GreenPoint Mortgage Loans, the Seller hereby represents and
        warrants, for the benefit of the Purchaser, that the representations and
        warranties set forth on Exhibit D hereto are true and correct as of the date
        hereof and as of the Closing Date.

       

      (h)  With
        respect to the Taylor Bean Mortgage Loans, the Seller hereby represents and
        warrants, for the benefit of the Purchaser, that the representations and
        warranties set forth on Exhibit E hereto are true and correct as of the date
        hereof and as of the Closing Date.

       

      (i)  With
        respect to the Countrywide Mortgage Loans, the Seller hereby represents and
        warrants, for the benefit of the Purchaser, that the representations and
        warranties set forth on Exhibit F hereto are true and correct as of the date
        hereof and as of the Closing Date.

       

      (j)  With
        respect to the National City Mortgage Loans, the Seller hereby represents
        and
        warrants, for the benefit of the Purchaser, that the representations and
        warranties set forth on Exhibit G hereto are true and correct as of the date
        hereof and as of the Closing Date.

       

      (k)  With
        respect to the Weichert Mortgage Loans, the Seller hereby represents and
        warrants, for the benefit of the Purchaser, that the representations and
        warranties set forth on Exhibit H hereto are true and correct as of the date
        hereof and as of the Closing Date.

       

      (l)  With
        respect to the MortgageIT Mortgage Loans, the Seller hereby represents and
        warrants, for the benefit of the Purchaser, that the representations and
        warranties set forth on Exhibit I hereto are true and correct as of the date
        hereof and as of the Closing Date.

       

      (m)  With
        respect to the Ameriquest Mortgage Loans, the Seller hereby represents and
        warrants, for the benefit of the Purchaser, that the representations and
        warranties set forth on Exhibit J hereto are true and correct as of the date
        hereof and as of the Closing Date.

       

      
        	Section
                6.  	
                Repurchase
                  Obligation for Defective Documentation and for Breach of Representation
                  and Warranty.

              

      

       

      It
        is
        understood and agreed that the representations and warranties set forth in
        Section 5 shall survive the sale of the Mortgage Loans to the Purchaser and
        shall inure to the benefit of the Purchaser and any assignee, transferee
        or
        designee of the Purchaser, including the Trustee for the benefit of holders
        of
        the Mortgage Pass-Through Certificates evidencing an interest in all or a
        portion of the Mortgage Loans, notwithstanding any restrictive or qualified
        endorsement on any Mortgage Note or Assignment or the examination or lack
        of
        examination of any Mortgage File. With respect to the representations and
        warranties contained herein that are made to the knowledge or the best knowledge
        of the Seller, or as to which the Seller has no knowledge, if it is discovered
        that the substance of any such representation and warranty is inaccurate
        and the
        inaccuracy materially and adversely affects the value of the related Mortgage
        Loan, or the interest therein of the Purchaser or the Purchaser’s assignee,
        designee or transferee, then notwithstanding the Seller’s lack of knowledge with
        respect to the substance of such representation and warranty being inaccurate
        at
        the time the representation and warranty was made, such inaccuracy shall
        be
        deemed a breach of the applicable representation and warranty and the Seller
        shall take such action described in the following paragraphs of this Section
        6
        in respect of such Mortgage Loan. Upon discovery by either the Seller or
        the
        Purchaser of a breach of any of the foregoing representations and warranties
        made by the Seller that materially and adversely affects the value of the
        Mortgage Loans or the interest of the Purchaser (or which materially and
        adversely affects the interests of the Purchaser in the related Mortgage
        Loan in
        the case of a representation and warranty relating to a particular Mortgage
        Loan), the party discovering such breach shall give prompt written notice
        to the
        other.

       

      Within
        90
        days of the earlier of either discovery by or notice to the Seller of any
        breach
        of a representation or warranty made by the Seller that materially and adversely
        affects the value of a Mortgage Loan or the Mortgage Loans or the interest
        therein of the Purchaser, the Seller shall use its best efforts promptly
        to cure
        such breach in all material respects and, if such breach cannot be cured,
        the
        Seller shall, at the Purchaser’s option, repurchase such Mortgage Loan at the
        Purchase Price. The Seller may, at the request of the Purchaser and assuming
        the
        Seller has a Qualified Substitute Mortgage Loan, rather than repurchase a
        deficient Mortgage Loan as provided above, remove such Mortgage Loan and
        substitute in its place a Qualified Substitute Mortgage Loan or Loans. If
        the
        Seller does not provide a Qualified Substitute Mortgage Loan or Loans, it
        shall
        repurchase the deficient Mortgage Loan. Any repurchase of a Mortgage Loan(s)
        pursuant to the foregoing provisions of this Section 6 shall occur on a date
        designated by the Purchaser and shall be accomplished by deposit in accordance
        with Section 2.03 of the Pooling and Servicing Agreement. Any repurchase
        or
        substitution required by this Section shall be made in a manner consistent
        with
        Section 2.03 of the Pooling and Servicing Agreement.

       

      At
        the
        time of substitution or repurchase by the Seller of any deficient Mortgage Loan,
        the Purchaser and the Seller shall arrange for the reassignment of the
        repurchased or substituted Mortgage Loan to the Seller and the delivery to
        the
        Seller of any documents held by the Trustee relating to the deficient or
        repurchased Mortgage Loan. In the event the Purchase Price is deposited in
        the
        Collection Account. The Seller shall, simultaneously with such deposit, give
        written notice to the Purchaser that such deposit has taken place. Upon such
        repurchase, the Mortgage Loan Schedule shall be amended to reflect the
        withdrawal of the repurchased Mortgage Loan from this Agreement.

       

      As
        to any
        Deleted Mortgage Loan for which the Seller substitutes a Qualified Substitute
        Mortgage Loan or Loans, the Seller shall effect such substitution by delivering
        to the Purchaser or its designee for such Qualified Substitute Mortgage Loan
        or
        Loans the Mortgage Note, the Mortgage, the Assignment and such other documents
        and agreements as are required by the Pooling and Servicing Agreement, with
        the
        Mortgage Note endorsed as required therein. The Seller shall remit for deposit
        in the Collection Account the Monthly Payment due on such Qualified Substitute
        Mortgage Loan or Loans in the month following the date of such substitution.
        Monthly payments due with respect to Qualified Substitute Mortgage Loans
        in the
        month of substitution will be retained by the Seller. For the month of
        substitution, distributions to the Purchaser will include the Monthly Payment
        due on such Deleted Mortgage Loan in the month of substitution, and the Seller
        shall thereafter be entitled to retain all amounts subsequently received
        by the
        Seller in respect of such Deleted Mortgage Loan. Upon such substitution,
        the
        Qualified Substitute Mortgage Loans shall be subject to the terms of this
        Agreement in all respects, and the Seller shall be deemed to have made with
        respect to such Qualified Substitute Mortgage Loan or Loans as of the date
        of
        substitution, the covenants, representations and warranties set forth in
        Section
        5.

       

      It
        is
        understood and agreed that the representations and warranties set forth in
        Section 5 shall survive delivery of the respective Mortgage Files to the
        Trustee
        on behalf of the Purchaser.

       

      It
        is
        understood and agreed that (i) the obligations of the Seller set forth in
        this
        Section 6 to cure, repurchase and substitute for a defective Mortgage Loan
        and
        (ii) the obligations of the Seller as provided in the next sentence constitute
        the sole remedies of the Purchaser respecting a missing or defective document
        or
        a breach of the representations and warranties contained in Section 5. The
        Seller shall indemnify the Purchaser and hold it harmless against any losses,
        damages, penalties, fines, forfeitures, reasonable and necessary legal fees
        and
        related costs, judgments, and other costs and expenses resulting from any
        claim,
        demand, defense or assertion based on or grounded upon, or resulting from,
        a
        breach of the representations and warranties contained in Sections 5(a),
        (c),
        (d) and (e) this Agreement. 

       

      Section
        7.  Closing;
        Payment for the Mortgage Loans.
        The
        closing of the purchase and sale of the Mortgage Loans shall be held at the
        New
        York City office of Thacher Proffitt & Wood llp
        at 10:00
        AM New York City time on the Closing Date.

       

      The
        closing shall be subject to each of the following conditions:

       

      (a)  All
        of
        the representations and warranties of the Seller under this Agreement shall
        be
        true and correct in all material respects as of the date as of which they
        are
        made and no event shall have occurred which, with notice or the passage of
        time,
        would constitute a default under this Agreement;

       

      (b)  The
        Purchaser shall have received, or the attorneys of the Purchaser shall have
        received in escrow (to be released from escrow at the time of closing), all
        Closing Documents as specified in Section 8 of this Agreement, in such forms
        as
        are agreed upon and acceptable to the Purchaser, duly executed by all
        signatories other than the Purchaser as required pursuant to the respective
        terms thereof;

       

      (c)  The
        Seller shall have delivered or caused to be delivered and released to the
        Purchaser or to its designee, all documents (including without limitation,
        the
        Mortgage Loans) required to be so delivered by the Purchaser; and

       

      (d)  All
        other
        terms and conditions of this Agreement shall have been complied
        with.

       

      Subject
        to the foregoing conditions, the Purchaser shall deliver or cause to be
        delivered to the Seller on the Closing Date, against delivery and release
        by the
        Seller to the Trustee of all documents required pursuant to the Pooling and
        Servicing Agreement, the consideration for the Mortgage Loans as specified
        in
        Section 3 of this Agreement, by delivery to the Seller of the Mortgage Loan
        Purchase Price.

       

      Section
        8.  Closing
        Documents.
        Without
        limiting the generality of Section 7 hereof, the closing shall be subject
        to
        delivery of each of the following documents:

       

      (a)  An
        Officers’ Certificate of the Seller, dated the Closing Date, upon which the
        Purchaser and Citigroup Global Markets Inc. (the “Underwriter”) may rely, in a
        form acceptable to the Purchaser;

       

      (b)  A
        Secretary’s Certificate of the Seller, dated the Closing Date, upon which the
        Purchaser and the Underwriter may rely, in a form acceptable to the Purchaser,
        and attached thereto copies of the certificate of incorporation, by-laws
        and
        certificate of good standing of the Seller;

       

      (c)  An
        Opinion of Counsel of the Seller, dated the Closing Date and addressed to
        the
        Purchaser and the Underwriter, in a form acceptable to the
        Purchaser;

       

      (d)  An
        Officers’ Certificate of each Originator, dated the Closing Date, upon which the
        Purchaser and the Underwriter may rely, in a form acceptable to the
        Purchaser;

       

      (e)  A
        Secretary’s Certificate of each Originator, dated the Closing Date, upon which
        the Purchaser and the Underwriter may rely, in a form acceptable to the
        Purchaser, and attached thereto copies of the certificate of incorporation,
        by-laws and certificate of good standing of the Originator;

       

      (f)  Such
        opinions of counsel as the Rating Agencies or the Trustee may request in
        connection with the sale of the Mortgage Loans by the Seller to the Purchaser
        or
        the Seller’s execution and delivery of, or performance under, this
        Agreement;

       

      (g)  A
        letter
        from Deloitte & Touche L.L.P., certified public accountants, dated the date
        hereof and to the effect that they have performed certain specified procedures
        as a result of which they determined that certain information of an accounting,
        financial or statistical nature set forth in the Purchaser’s Prospectus
        Supplement, dated May 31, 2006 and the Purchaser’s Private Placement Memorandum,
        dated May 31, 2006, agrees with the records of the Seller;

       

      (h)  Letters
        from certified public accountants for each Originator, dated the date hereof
        and
        to the effect that they have performed certain specified procedures as a
        result
        of which they determined that certain information of an accounting, financial
        or
        statistical nature set forth in the Purchaser’s Prospectus Supplement, dated May
        31, 2006 under the subheading “The Servicer” and the Purchaser’s Private
        Placement Memorandum, dated May 31, 2006, under the subheading “The Servicer”
agrees with the records of the Servicer; and

       

      (i)  Such
        further information, certificates, opinions and documents as the Purchaser
        or
        the Underwriter may reasonably request.

       

      Section
        9.  Costs.
        The
        Seller shall pay (or shall reimburse the Purchaser or any other Person to
        the
        extent that the Purchaser or such other Person shall pay) all necessary and
        reasonable costs and expenses incurred directly in delivering this Agreement,
        the Pooling and Servicing Agreement, the Certificates, the prospectus,
        prospectus supplement and private placement memorandum relating to the
        Certificates and other related documents, the initial fees, costs and expenses
        of the Trust Administrator and the Trustee set forth in an engagement letter
        delivered to the Seller by the Trust Administrator, the fees and expenses
        of the
        Purchaser’s counsel in connection with the preparation of all documents relating
        to the securitization of the Mortgage Loans, the filing fee charged by the
        Securities and Exchange Commission for registration of the Certificates,
        the
        fees charged by any rating agency to rate the Certificates and the ongoing
        expenses of the Rating Agencies. All other costs and expenses in connection
        with
        the transactions contemplated hereunder shall be borne by the party incurring
        such expense.

       

      Section
        10.  [Reserved].

       

      Section
        11.  Mandatory
        Delivery; Grant of Security Interest.
        The
        sale and delivery on the Closing Date of the Mortgage Loans described on
        the
        Mortgage Loan Schedule in accordance with the terms and conditions of this
        Agreement is mandatory. It is specifically understood and agreed that each
        Mortgage Loan is unique and identifiable on the date hereof and that an award
        of
        money damages would be insufficient to compensate the Purchaser for the losses
        and damages incurred by the Purchaser in the event of the Seller’s failure to
        deliver the Mortgage Loans on or before the Closing Date. The Seller hereby
        grants to the Purchaser a lien on and a continuing security interest in the
        Seller’s interest in each Mortgage Loan and each document and instrument
        evidencing each such Mortgage Loan to secure the performance by the Seller
        of
        its obligation hereunder, and the Seller agrees that it holds such Mortgage
        Loans in custody for the Purchaser, subject to the Purchaser’s (i) right, prior
        to the Closing Date, to reject any Mortgage Loan to the extent permitted
        by this
        Agreement and (ii) obligation to deliver or cause to be delivered the
        consideration for the Mortgage Loans pursuant to Section 7 hereof. Any Mortgage
        Loans rejected by the Purchaser shall concurrently therewith be released
        from
        the security interest created hereby. The Seller agrees that, upon acceptance
        of
        the Mortgage Loans by the Purchaser or its designee and delivery of payment
        to
        the Seller, that its security interest in the Mortgage Loans shall be released.
        All rights and remedies of the Purchaser under this Agreement are distinct
        from,
        and cumulative with, any other rights or remedies under this Agreement or
        afforded by law or equity and all such rights and remedies may be exercised
        concurrently, independently or successively.

       

      Notwithstanding
        the foregoing, if on the Closing Date, each of the conditions set forth in
        Section 7 hereof shall have been satisfied and the Purchaser shall not have
        paid
        or caused to be paid the Mortgage Loan Purchase Price, or any such condition
        shall not have been waived or satisfied and the Purchaser determines not
        to pay
        or cause to be paid the Mortgage Loan Purchase Price, the Purchaser shall
        immediately effect the redelivery of the Mortgage Loans, if delivery to the
        Purchaser has occurred and the security interest created by this Section
        11
        shall be deemed to have been released.

       

      Section
        12.  Notices.
        All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given if personally delivered to or mailed by
        registered mail, postage prepaid, or transmitted by telex or telegraph and
        confirmed by a similar mailed writing, if to the Purchaser, addressed to
        the
        Purchaser at 390 Greenwich Street, 4th Floor, New York, New York 10013,
        Attention: Mortgage Finance Group, or such other address as may hereafter
        be
        furnished to the Seller in writing by the Purchaser, and if to the Seller,
        addressed to the Seller at 390 Greenwich Street, 4th Floor, New York, New
        York
        10013, Attention: Mortgage Finance Group, or such other address as may hereafter
        be furnished to the Purchaser in writing by the Seller.

       

      Section
        13.  Severability
        of Provisions.
        Any
        part, provision, representation or warranty of this Agreement which is
        prohibited or which is held to be void or unenforceable shall be ineffective
        to
        the extent of such prohibition or unenforceability without invalidating the
        remaining provisions hereof. Any part, provision, representation or warranty
        of
        this Agreement which is prohibited or unenforceable or is held to be void
        or
        unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
        to the extent of such prohibition or unenforceability without invalidating
        the
        remaining provisions hereof, and any such prohibition or unenforceability
        in any
        jurisdiction as to any Mortgage Loan shall not invalidate or render
        unenforceable such provision in any other jurisdiction. To the extent permitted
        by applicable law, the parties hereto waive any provision of law which prohibits
        or renders void or unenforceable any provision hereof.

       

      Section
        14.  Agreement
        of Parties.
        The
        Seller and the Purchaser each agree to execute and deliver such instruments
        and
        take such actions as either of the others may, from time to time, reasonably
        request in order to effectuate the purpose and to carry out the terms of
        this
        Agreement and the Pooling and Servicing Agreement.

       

      Section
        15.  Survival.
        The
        Seller agrees that the representations, warranties and agreements made by
        it
        herein and in any certificate or other instrument delivered pursuant hereto
        shall be deemed to be relied upon by the Purchaser, notwithstanding any
        investigation heretofore or hereafter made by the Purchaser or on its behalf,
        and that the representations, warranties and agreements made by the Seller
        herein or in any such certificate or other instrument shall survive the delivery
        of and payment for the Mortgage Loans and shall continue in full force and
        effect, notwithstanding any restrictive or qualified endorsement on the Mortgage
        Notes and notwithstanding subsequent termination of this Agreement, the Pooling
        and Servicing Agreement or the Trust Fund.

       

      Section
        16.  GOVERNING
        LAW.
        THIS
        AGREEMENT AND THE RIGHTS, DUTIES, OBLIGATIONS AND RESPONSIBILITIES OF THE
        PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
        LAWS
        (INCLUDING THE CHOICE OF LAW PROVISIONS) AND DECISIONS OF THE STATE OF NEW
        YORK.
        THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW
        YORK
        GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

       

      Section
        17.  Miscellaneous.
        This
        Agreement may be executed in two or more counterparts, each of which when
        so
        executed and delivered shall be an original, but all of which together shall
        constitute one and the same instrument. This Agreement shall inure to the
        benefit of and be binding upon the parties hereto and their respective
        successors and assigns. This Agreement supersedes all prior agreements and
        understandings relating to the subject matter hereof. Neither this Agreement
        nor
        any term hereof may be changed, waived, discharged or terminated orally,
        but
        only by an instrument in writing signed by the party against whom enforcement
        of
        the change, waiver, discharge or termination is sought. The headings in this
        Agreement are for purposes of reference only and shall not limit or otherwise
        affect the meaning hereof.

       

      It
        is the
        express intent of the parties hereto that the conveyance of the Mortgage
        Loans
        by the Seller to the Purchaser as provided in Section 4 hereof be, and be
        construed as, a sale of the Mortgage Loans by the Seller to the Purchaser
        and
        not as a pledge of the Mortgage Loans by the Seller to the Purchaser to secure
        a
        debt or other obligation of the Seller. However, in the event that,
        notwithstanding the aforementioned intent of the parties, the Mortgage Loans
        are
        held to be property of the Seller, then, (a) it is the express intent of
        the
        parties that such conveyance be deemed a pledge of the Mortgage Loans by
        the
        Seller to the Purchaser to secure a debt or other obligation of the Seller
        and
        (b) (1) this Agreement shall also be deemed to be a security agreement within
        the meaning of Articles 8 and 9 of the New York Uniform Commercial Code;
        (2) the
        conveyance provided for in Section 4 hereof shall be deemed to be a grant
        by the
        Seller to the Purchaser of a security interest in all of the Seller’s right,
        title and interest in and to the Mortgage Loans and all amounts payable to
        the
        holders of the Mortgage Loans in accordance with the terms thereof and all
        proceeds of the conversion, voluntary or involuntary, of the foregoing into
        cash, instruments, securities or other property, including without limitation
        all amounts, other than investment earnings, from time to time held or invested
        in the Collection Account whether in the form of cash, instruments, securities
        or other property; (3) the possession by the Purchaser or its agent of Mortgage
        Notes, the related Mortgages and such other items of property that constitute
        instruments, money, negotiable documents or chattel paper shall be deemed
        to be
“possession by the secured party” for purposes of perfecting the security
        interest pursuant to Section 9-305 of the New York Uniform Commercial Code;
        and
        (4) notifications to persons holding such property, and acknowledgments,
        receipts or confirmations from persons holding such property, shall be deemed
        notifications to, or acknowledgments, receipts or confirmations from, financial
        intermediaries, bailees or agents (as applicable) of the Purchaser for the
        purpose of perfecting such security interest under applicable law. Any
        assignment of the interest of the Purchaser pursuant to Section 4(d) hereof
        shall also be deemed to be an assignment of any security interest created
        hereby. The Seller and the Purchaser shall, to the extent consistent with
        this
        Agreement, take such actions as may be necessary to ensure that, if this
        Agreement were deemed to create a security interest in the Mortgage Loans, such
        security interest would be deemed to be a perfected security interest of
        first
        priority under applicable law and will be maintained as such throughout the
        term
        of this Agreement and the Pooling and Servicing Agreement.

       

      Section
        18.  Indemnification.
        The
        Seller shall indemnify and hold harmless each of (i) the Purchaser, (ii)
        Citigroup Global Markets Inc. and (iii) each person, if any, who controls
        the
        Purchaser within the meaning of Section 15 of the Securities Act of 1933,
        as
        amended (the “1933 Act”) ((i) through (iii) collectively, the “Indemnified
        Party”) against any and all losses, claims, expenses, damages or liabilities to
        which the Indemnified Party may become subject, under the 1933 Act or otherwise,
        insofar as such losses, claims, expenses, damages or liabilities (or actions
        in
        respect thereof) arise out of, are based upon, or result from, a breach by
        the
        Seller of any of the representations and warranties made by the Seller herein,
        it being understood that the Purchaser has relied upon such representations
        and
        warranties.

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      IN
        WITNESS WHEREOF, the Purchaser and the Seller have caused their names to
        be
        signed by their respective officers thereunto duly authorized as of the date
        first above written.

       

      
        	 	 	 	 	 	 	 	
                CITIGROUP
                  MORTGAGE LOAN

                TRUST
                  INC.

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                CITIGROUP
                  GLOBAL MARKETS REALTY

                CORP.

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

      

      Representation
        and Warranties with Respect to the Wells Fargo Loans 

      

      Except
        for “Mortgage Loans”, which shall mean the Wells Fargo Loans sold by the Seller
        to the Purchaser, all capitalized terms in this Exhibit A shall have the
        meanings ascribed to them in the Wells Fargo Servicing Agreement.

      

      

      As
        to
        each Mortgage Loan, the Seller hereby represents and warrants to the Purchaser
        that as of the Closing Date:

       

      (i)  Mortgage
        Loans as Described.

      

      The
        information set forth in the respective Mortgage Loan Schedule and the
        information contained on the Data File, delivered to the Purchaser is true
        and
        correct;

      

      (ii) Payments
        Current.

      

      All
        payments required to be made up to the related Cut-off Date for the Mortgage
        Loan under the terms of the Mortgage Note have been made and credited. No
        payment under any Mortgage Loan has been 30 days delinquent more than one
        time
        within twelve (12) months prior to the related Closing Date;

      

      (iii) No
        Outstanding Charges.

      

      There
        are
        no defaults in complying with the terms of the Mortgages, and all taxes,
        governmental assessments, insurance premiums, leasehold payments, water,
        sewer
        and municipal charges, which previously became due and owing have been paid,
        or
        an escrow of funds has been established in an amount sufficient to pay for
        every
        such item which remains unpaid and which has been assessed but is not yet
        due
        and payable. The Seller has not advanced funds, or induced, or solicited
        directly or indirectly, the payment of any amount required under the Mortgage
        Loan, except for interest accruing from the date of the Mortgage Note or
        date of
        disbursement of the Mortgage Loan proceeds, whichever is later, to the day
        which
        precedes by one month the Due Date of the first installment of principal
        and
        interest;

      

      (iv) Original
        Terms Unmodified.

      

      The
        terms
        of the Mortgage Note and Mortgage have not been impaired, waived, altered
        or
        modified in any respect, except by a written instrument which has been recorded
        or registered with the MERS System, if necessary, to protect the interests
        of
        the Purchaser and which has been delivered to the Custodian. The substance
        of
        any such waiver, alteration or modification has been approved by the issuer
        of
        any related PMI Policy and the title insurer, to the extent required by the
        policy, and its terms are reflected on the related Mortgage Loan Schedule.
        No
        Mortgagor has been released, in whole or in part, except in connection with
        an
        assumption agreement approved by the issuer of any related PMI Policy and
        the
        title insurer, to the extent required by the policy, and which assumption
        agreement is part of the Mortgage File delivered to the Custodian and the
        terms
        of which are reflected in the related Mortgage Loan Schedule;

      

      (v) No
        Defenses.

      

      The
        Mortgage Loan is not subject to any right of rescission, set-off, counterclaim
        or defense, including without limitation the defense of usury, nor will the
        operation of any of the terms of the Mortgage Note or the Mortgage, or the
        exercise of any right thereunder, render either the Mortgage Note or the
        Mortgage unenforceable, in whole or in part, or subject to any right of
        rescission, set-off, counterclaim or defense, including without limitation
        the
        defense of usury, and no such right of rescission, set-off, counterclaim
        or
        defense has been asserted with respect thereto;

      

      (vi) No
        Satisfaction of Mortgage.

      

      The
        Mortgage has not been satisfied, canceled, subordinated or rescinded, in
        whole
        or in part, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part, nor has any instrument been executed that
        would effect any such satisfaction, release, cancellation, subordination
        or
        rescission;

      

      (vii) Validity
        of Mortgage Documents.

      

      The
        Mortgage Note and the Mortgage and related documents are genuine, and each
        is
        the legal, valid and binding obligation of the maker thereof enforceable
        in
        accordance with its terms. All parties to the Mortgage Note and the Mortgage
        had
        legal capacity to enter into the Mortgage Loan and to execute and deliver
        the
        Mortgage Note and the Mortgage, and the Mortgage Note and the Mortgage have
        been
        duly and properly executed by such parties.

      

      With
        respect to each Cooperative Loan, the Mortgage Note, the Mortgage, the Pledge
        Agreement, and related documents are genuine, and each is the legal, valid
        and
        binding obligation of the maker thereof enforceable in accordance with its
        terms. All parties to the Mortgage Note, the Mortgage, the Pledge Agreement,
        the
        Proprietary Lease, the Stock Power, Recognition Agreement and the Assignment
        of
        Proprietary Lease had legal capacity to enter into the Mortgage Loan and
        to
        execute and deliver such documents, and such documents have been duly and
        properly executed by such parties;

      

      (viii) No
        Fraud.

      

      No
        error,
        omission, misrepresentation, negligence, fraud or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of the Seller, or
        the
        Mortgagor, or to the best of the Seller’s knowledge, any appraiser, any builder,
        or any developer, or any other party involved in the origination of the Mortgage
        Loan or in the application of any insurance in relation to such Mortgage
        Loan;

      

      (ix) Compliance
        with Applicable Laws.

      

      Any
        and
        all requirements of any federal, state or local law including, without
        limitation, usury, truth-in-lending, real estate settlement procedures, consumer
        credit protection, equal credit opportunity, disclosure or predatory and
        abusive
        lending laws applicable to the Mortgage Loan have been complied with. All
        inspections, licenses and certificates required to be made or issued with
        respect to all occupied portions of the Mortgaged Property and, with respect
        to
        the use and occupancy of the same, including, but not limited to, certificates
        of occupancy and fire underwriting certificates, have been made or obtained
        from
        the appropriate authorities;

      

      (x) Location
        and Type of Mortgaged Property.

      

      The
        Mortgaged Property is located in the state identified in the related Mortgage
        Loan Schedule and consists of a contiguous parcel of real property with a
        detached single family residence erected thereon, or a two- to four-family
        dwelling, or an individual condominium unit in a condominium project, or
        an
        individual unit in a planned unit development, or a townhouse, or a cooperative,
        provided, however, that any condominium project or planned unit development
        shall conform with the applicable Fannie Mae or Freddie Mac requirements,
        or the
        Underwriting Guidelines, regarding such dwellings, and no residence or dwelling
        is a mobile home. As of the respective appraisal date for each Mortgaged
        Property, any Mortgaged Property being used for commercial purposes conforms
        to
        the Underwriting Guidelines and, to the best of the Seller’s knowledge, since
        the date of such appraisal, no portion of the Mortgaged Property has been
        used
        for commercial purposes outside of the Underwriting Guidelines;

      

      (xi) Valid
        First Lien.

      

      The
        Mortgage is a valid, subsisting and enforceable first lien on the Mortgaged
        Property, including all buildings on the Mortgaged Property and all
        installations and mechanical, electrical, plumbing, heating and air conditioning
        systems located in or annexed to such buildings, and all additions, alterations
        and replacements made at any time with respect to the foregoing. The lien
        of the
        Mortgage is subject only to:

      

      (1) the
        lien
        of current real property taxes and assessments not yet due and
        payable;

      

      (2) covenants,
        conditions and restrictions, rights of way, easements and other matters of
        the
        public record as of the date of recording acceptable to mortgage lending
        institutions generally and specifically referred to in the lender's title
        insurance policy delivered to the originator of the Mortgage Loan and (i)
        referred to or otherwise considered in the appraisal made for the originator
        of
        the Mortgage Loan and (ii) which do not adversely affect the Appraised Value
        of
        the Mortgaged Property set forth in such appraisal; and

      

      (3) other
        matters to which like properties are commonly subject which do not materially
        interfere with the benefits of the security intended to be provided by the
        mortgage or the use, enjoyment, value or marketability of the related Mortgaged
        Property.

      

      Any
        security agreement, chattel mortgage or equivalent document related to and
        delivered in connection with the Mortgage Loan establishes and creates a
        valid,
        subsisting and enforceable first lien and first priority security interest
        on
        the property described therein and the Seller has full right to sell and
        assign
        the same to the Purchaser.

      

      With
        respect to each Cooperative Loan, each Pledge Agreement creates a valid,
        enforceable and subsisting first security interest in the Cooperative Shares
        and
        Proprietary Lease, subject only to (i) the lien of the related Cooperative
        for
        unpaid assessments representing the Mortgagor’s pro rata share of the
        Cooperative’s payments for its blanket mortgage, current and future real
        property taxes, insurance premiums, maintenance fees and other assessments
        to
        which like collateral is commonly subject and (ii) other matters to which
        like
        collateral is commonly subject which do not materially interfere with the
        benefits of the security intended to be provided by the Pledge Agreement;
        provided, however, that the appurtenant Proprietary Lease may be subordinated
        or
        otherwise subject to the lien of any mortgage on the Project; 

      

      (xii) Full
        Disbursement of Proceeds.

      

      The
        proceeds of the Mortgage Loan have been fully disbursed, except for escrows
        established or created due to seasonal weather conditions, and there is no
        requirement for future advances thereunder. All costs, fees and expenses
        incurred in making or closing the Mortgage Loan and the recording of the
        Mortgage were paid, and the Mortgagor is not entitled to any refund of any
        amounts paid or due under the Mortgage Note or Mortgage;

      

      (xiii) Consolidation
        of Future Advances.

      

      Any
        future advances made prior to the related Cut-off Date, have been consolidated
        with the outstanding principal amount secured by the Mortgage, and the secured
        principal amount, as consolidated, bears a single interest rate and single
        repayment term reflected on the related Mortgage Loan Schedule. The lien
        of the
        Mortgage securing the consolidated principal amount is expressly insured
        as
        having first lien priority by a title insurance policy, an endorsement to
        the
        policy insuring the mortgagee’s consolidated interest or by other title evidence
        acceptable to Fannie Mae or Freddie Mac; the consolidated principal amount
        does
        not exceed the original principal amount of the Mortgage Loan; the Seller
        shall
        not make future advances after the related Cut-off Date;

      

      (xiv) Ownership.

      

      The
        Seller is the sole owner of record and holder of the Mortgage Loans and the
        related Mortgage Note and the Mortgage are not assigned or pledged, and the
        Seller has good and marketable title thereto and has full right and authority
        to
        transfer and sell the Mortgage Loan to the Purchaser. The Seller is transferring
        the Mortgage Loan free and clear of any and all encumbrances, liens, pledges,
        equities, participation interests, claims, charges or security interests
        of any
        nature encumbering such Mortgage Loan;

      

      (xv) Origination/Doing
        Business.

      

      The
        Mortgage Loan was originated by a savings and loan association, a savings
        bank,
        a commercial bank, a credit union, an insurance company, or similar institution
        that is supervised and examined by a federal or state authority or by a
        mortgagee approved by the Secretary of Housing and Urban Development pursuant
        to
        Sections 203 and 211 of the National Housing Act. All parties which have
        had any
        interest in the Mortgage Loan, whether as mortgagee, assignee, pledgee or
        otherwise, are (or, during the period in which they held and disposed of
        such
        interest, were) (1) in compliance with any and all applicable licensing
        requirements of the laws of the state wherein the Mortgaged Property is located,
        and (2) organized under the laws of such state, or (3) qualified to do business
        in such state, or (4) federal savings and loan associations or national banks
        having principal offices in such state, or (5) not doing business in such
        state;

      

      (xvi) LTV,
        PMI Policy.

      

      Each
        Mortgage Loan has an LTV as specified on the related Mortgage Loan Schedule.
        Except for Pledged Asset Mortgage Loans, if the LTV of the Mortgage Loan
        was
        greater than 80% at the time of origination, a portion of the unpaid principal
        balance of the Mortgage Loan is and will be insured as to payment defaults
        by a
        PMI Policy. If the Mortgage Loan is insured by a PMI Policy for which the
        Mortgagor pays all premiums, the coverage will remain in place until (i)
        the LTV
        decreases to 78% or (ii) the PMI Policy is otherwise terminated pursuant
        to the
        Homeowners Protection Act of 1998, 12 USC §4901, et seq. All provisions of such
        PMI Policy or LPMI Policy have been and are being complied with, such policy
        is
        in full force and effect, and all premiums due thereunder have been paid.
        The
        Qualified Insurer has a claims paying ability acceptable to Fannie Mae or
        Freddie Mac. Any Mortgage Loan subject to a PMI Policy or LPMI Policy obligates
        the Mortgagor or the Seller to maintain the PMI Policy or LPMI Policy and
        to pay
        all premiums and charges in connection therewith. The Mortgage Interest Rate
        for
        the Mortgage Loan as set forth on the related Mortgage Loan Schedule is net
        of
        any such insurance premium; 

       

      (xvii) Title
        Insurance.

       

      The
        Mortgage Loan is covered by an ALTA lender's title insurance policy (or in
        the
        case of any Mortgage Loan secured by a Mortgaged Property located in a
        jurisdiction where such policies are generally not available, an opinion
        of
        counsel of the type customarily rendered in such jurisdiction in lieu of
        title
        insurance) or other generally acceptable form of policy of insurance acceptable
        to Fannie Mae or Freddie Mac, issued by a title insurer acceptable to Fannie
        Mae
        or Freddie Mac and qualified to do business in the jurisdiction where the
        Mortgaged Property is located, insuring the Seller, its successors and assigns,
        as to the first priority lien of the Mortgage in the original principal amount
        of the Mortgage Loan, subject only to the exceptions contained in clauses
        (1),
        (2) and (3) of subsection (xi) of this Section 6(b), and against any loss
        by
        reason of the invalidity or unenforceability of the lien resulting from the
        provisions of the Mortgage providing for adjustment to the Mortgage Interest
        Rate and Monthly Payment. Additionally, such lender’s title insurance policy
        includes no exceptions regarding ingress, egress or encroachments that impact
        the value or the marketability of the Mortgaged Property. The Seller is the
        sole
        insured of such lender's title insurance policy, and such lender's title
        insurance policy is in full force and effect and will be in force and effect
        upon the consummation of the transactions contemplated by this Agreement.
        No
        claims have been made under such lender's title insurance policy, and no
        prior
        holder of the Mortgage, including the Seller, has done, by act or omission,
        anything which would impair the coverage of such lender's title insurance
        policy;

      

      (xviii) No
        Defaults.

      

      There
        is
        no default, breach, violation or event of acceleration existing under the
        Mortgage or the Mortgage Note and no event which, with the passage of time
        or
        with notice and the expiration of any grace or cure period, would constitute
        a
        default, breach, violation or event of acceleration, and neither the Seller
        nor
        its predecessors have waived any default, breach, violation or event of
        acceleration; 

      

      (xix) No
        Mechanics' Liens.

      

      There
        are
        no mechanics' or similar liens or claims which have been filed for work,
        labor
        or material (and no rights are outstanding that under the law could give
        rise to
        such liens) affecting the related Mortgaged Property which are or may be
        liens
        prior to, or equal or coordinate with, the lien of the related Mortgage which
        are not insured against by the title insurance policy referenced in Paragraph
        (q) above;

      

      (xx) Location
        of Improvements; No Encroachments.

      

      Except
        as
        insured against by the title insurance policy referenced in subsection (xvii)
        above, all improvements which were considered in determining the Appraised
        Value
        of the Mortgaged Property lay wholly within the boundaries and building
        restriction lines of the Mortgaged Property and no improvements on adjoining
        properties encroach upon the Mortgaged Property. No improvement located on
        or
        being part of the Mortgaged Property is in violation of any applicable zoning
        law or regulation;

      

      (xxi) Payment
        Terms.

      

      Except
        with respect to the Interest Only Mortgage Loans, principal payments commenced
        no more than 60 days after the funds were disbursed to the Mortgagor in
        connection with the Mortgage Loan. The Mortgage Loans have an original term
        to
        maturity of not more than 30 years, with interest payable in arrears on the
        first day of each month. As to each adjustable rate Mortgage Loan on each
        applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to
        equal
        the sum of the Index plus the applicable Gross Margin, rounded up or down
        to the
        nearest multiple of 0.125% indicated by the Mortgage Note; provided that
        the
        Mortgage Interest Rate will not increase or decrease by more than the Periodic
        Interest Rate Cap on any Adjustment Date, and will in no event exceed the
        maximum Mortgage Interest Rate or be lower than the minimum Mortgage Interest
        Rate listed on the related Mortgage Loan Schedule for such Mortgage Loan.
        As to
        each adjustable rate Mortgage Loan that is not an Interest Only Mortgage
        Loan,
        each Mortgage Note requires a monthly payment which is sufficient, during
        the
        period prior to the first adjustment to the Mortgage Interest Rate, to fully
        amortize the outstanding principal balance as of the first day of such period
        over the then remaining term of such Mortgage Note and to pay interest at
        the
        related Mortgage Interest Rate. As to each adjustable rate Mortgage Loan, if the
        related Mortgage Interest Rate changes on an Adjustment Date or, with respect
        to
        an Interest Only Mortgage Loan, on an Adjustment Date following the related
        interest only period, the then outstanding principal balance will be reamortized
        over the remaining life of such Mortgage Loan. No Mortgage Loan contains
        terms
        or provisions which would result in negative amortization; 

      

      (xxii) Customary
        Provisions.

      

      The
        Mortgage and related Mortgage Note contain customary and enforceable provisions
        such as to render the rights and remedies of the holder thereof adequate
        for the
        realization against the Mortgaged Property of the benefits of the security
        provided thereby, including, (1) in the case of a Mortgage designated as
        a deed
        of trust, by trustee's sale, and (2) otherwise by judicial foreclosure. There
        is
        no homestead or other exemption available to a Mortgagor which would interfere
        with the right to sell the Mortgaged Property at a trustee's sale or the
        right
        to foreclose the Mortgage;

      

      (xxiii) Occupancy
        of the Mortgaged Property.

      

      As
        of the
        date of origination, the Mortgaged Property was in good repair and was lawfully
        occupied under applicable law;

      

      (xxiv) No
        Additional Collateral.

      

      Except
        in
        the case of a Pledged Asset Mortgage Loan and as indicated on the related
        Data
        File, the Mortgage Note is not and has not been secured by any collateral,
        pledged account or other security except the lien of the corresponding Mortgage
        and the security interest of any applicable security agreement or chattel
        mortgage referred to in subsection (xi) above;

      

      (xxv) Deeds
        of Trust.

      

      In
        the
        event the Mortgage constitutes a deed of trust, a trustee, duly qualified
        under
        applicable law to serve as such, has been properly designated and currently
        so
        serves and is named in the Mortgage, and no fees or expenses are or will
        become
        payable by the Mortgagee to the trustee under the deed of trust, except in
        connection with a trustee's sale after default by the Mortgagor;

      

      (xxvi) Acceptable
        Investment.

      

      The
        Seller has no knowledge of any circumstances or conditions with respect to
        the
        Mortgage Loan, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
        standing that can reasonably be expected to cause private institutional
        investors to regard the Mortgage Loan as an unacceptable investment, cause
        the
        Mortgage Loan to become delinquent, or adversely affect the value or
        marketability of the Mortgage Loan;

      

      (xxvii) Transfer
        of Mortgage Loans.

      

      If
        the
        Mortgage Loan is not a MERS Mortgage Loan, the Assignment of Mortgage, upon
        the
        insertion of the name of the assignee and recording information, is in
        recordable form and is acceptable for recording under the laws of the
        jurisdiction in which the Mortgaged Property is located;

      

      (xxviii) Mortgaged
        Property Undamaged.

      

      The
        Mortgaged Property is undamaged by waste, fire, earthquake or earth movement,
        windstorm, flood, tornado or other casualty so as to affect adversely the
        value
        of the Mortgaged Property as security for the Mortgage Loan or the use for
        which
        the premises were intended;

      

      (xxix) Collection
        Practices; Escrow Deposits.

      

      The
        origination, servicing and collection practices used with respect to the
        Mortgage Loan have been in accordance with Accepted Servicing Practices,
        and
        have been in all material respects legal and proper. With respect to escrow
        deposits and Escrow Payments, all such payments are in the possession of
        the
        Seller and there exist no deficiencies in connection therewith for which
        customary arrangements for repayment thereof have not been made. All Escrow
        Payments have been collected in full compliance with state and federal law.
        No
        escrow deposits or Escrow Payments or other charges or payments due the Seller
        have been capitalized under the Mortgage Note;

      

      (xxx) No
        Condemnation.

      

      There
        is
        no proceeding pending or to the best of the Seller’s knowledge threatened for
        the total or partial condemnation of the related Mortgaged
        Property;

      

      (xxxi) The
        Appraisal.

      

      The
        Servicing File include an appraisal, with the exception of any Time$aver®
Mortgage Loan (which at the original origination were on form 1004 or form
        2055
        with interior inspections), of the related Mortgaged Property. The appraisal
        was
        conducted by an appraiser who had no interest, direct or indirect, in the
        Mortgaged Property or in any loan made on the security thereof; and whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan, and the appraisal and the appraiser both satisfy the applicable
        requirements of Title XI of the Financial Institution Reform, Recovery, and
        Enforcement Act of 1989 and the regulations promulgated thereunder, all as
        in
        effect on the date the Mortgage Loan was originated;

      

      (xxxii) Insurance.

      

      The
        Mortgaged Property securing each Mortgage Loan is insured by an insurer
        acceptable to Fannie Mae or Freddie Mac against loss by fire and such hazards
        as
        are covered under a standard extended coverage endorsement and such other
        hazards as are customary in the area where the Mortgaged Property is located
        pursuant to insurance policies conforming to the requirements of Section
        4.10 of
        the Servicing Agreement, in an amount which is at least equal to the lesser
        of
        (1) 100% of the insurable value, on a replacement cost basis, of the
        improvements on the related Mortgaged Property, or (2) the
        greater of (x) the outstanding principal balance of the Mortgage Loan or
        (y) an
        amount such that the proceeds of such insurance shall be sufficient to avoid
        the
        application to the Mortgagor or loss payee of any coinsurance clause under
        the
        policy.
        If the
        Mortgaged Property is a condominium unit, it is included under the coverage
        afforded by a blanket policy for the project. If the improvements on the
        Mortgaged Property are in an area identified in the Federal Register by the
        Federal Emergency Management Agency as having special flood hazards, a flood
        insurance policy meeting the requirements of the current guidelines of the
        Federal Insurance Administration is in effect with a generally acceptable
        insurance carrier, in an amount representing coverage not less than the least
        of
        (a) the outstanding principal balance of the Mortgage Loan, (b) the
        full insurable value and (c) the maximum amount of insurance which was
        available under the Flood Disaster Protection Act of 1973, as amended. All
        individual insurance policies contain a standard mortgagee clause naming
        the
        Seller and its successors and assigns as mortgagee, and all premiums thereon
        have been paid. The Mortgage obligates the Mortgagor thereunder to maintain
        a
        hazard insurance policy at the Mortgagor's cost and expense, and on the
        Mortgagor's failure to do so, authorizes the holder of the Mortgage to obtain
        and maintain such insurance at such Mortgagor's cost and expense, and to
        seek
        reimbursement therefor from the Mortgagor. The hazard insurance policy is
        the
        valid and binding obligation of the insurer, is in full force and effect,
        and
        will be in full force and effect and inure to the benefit of the Purchaser
        upon
        the consummation of the transactions contemplated by this Agreement. The
        Seller
        has not acted or failed to act so as to impair the coverage of any such
        insurance policy or the validity, binding effect and enforceability
        thereof;

      

      
        
          (xxxiii)
            Servicemembers
            Civil Relief Act.

        

      

      

      The
        Mortgagor has not notified the Seller, and the Seller has no knowledge of
        any
        relief requested or allowed to the Mortgagor under the Servicemembers Civil
        Relief Act, as amended;

      

      
        
          (xxxiv)
            No
            Balloon Payments, Graduated Payments or Contingent Interests.

        

      

      

      The
        Mortgage Loan is not a graduated payment mortgage loan and the Mortgage Loan
        does not have a shared appreciation or other contingent interest feature.
        No
        Mortgage Loan has a balloon payment feature;

      

      (xxxv) No
        Construction Loans.

      

      No
        Mortgage Loan was made in connection with (1) the construction or rehabilitation
        of a Mortgage Property or (2) facilitating the trade-in or exchange of a
        Mortgaged Property other than a construction-to-permanent loan which has
        converted to a permanent Mortgage Loan;

      

      
        
          (xxxvi)
            Underwriting.

        

      

      

      Each
        Mortgage Loan was underwritten in accordance with the Underwriting Guidelines
        of
        the Seller; and the Mortgage Note and Mortgage are on forms acceptable to
        Freddie Mac or Fannie Mae;

      

      
        
          (xxxvii)
            Buydown
            Mortgage Loans.

        

      

      

      With
        respect to each Mortgage Loan that is a Buydown Mortgage Loan:

      

      
        	 	
                (1)

              	
                On
                  or before the date of origination of such Mortgage Loan, the Seller
                  and
                  the Mortgagor, or the Seller, the Mortgagor and the seller of the
                  Mortgaged Property or a third party entered into a Buydown Agreement.
                  The
                  Buydown Agreement provides that the seller of the Mortgaged Property
                  (or
                  third party) shall deliver to the Seller temporary Buydown Funds
                  in an
                  amount equal to the aggregate undiscounted amount of payments that,
                  when
                  added to the amount the Mortgagor on such Mortgage Loan is obligated
                  to
                  pay on each Due Date in accordance with the terms of the Buydown
                  Agreement, is equal to the full scheduled Monthly Payment due on
                  such
                  Mortgage Loan. The temporary Buydown Funds enable the Mortgagor
                  to qualify
                  for the Buydown Mortgage Loan. The effective interest rate of a
                  Buydown
                  Mortgage Loan if less than the interest rate set forth in the related
                  Mortgage Note will increase within the Buydown Period as provided
                  in the
                  related Buydown Agreement so that the effective interest rate will
                  be
                  equal to the interest rate as set forth in the related Mortgage
                  Note. The
                  Buydown Mortgage Loan satisfies the requirements of the Underwriting
                  Guidelines;

              

      

      

      
        	 	
                (2)

              	
                The
                  Mortgage and Mortgage Note reflect the permanent payment terms
                  rather than
                  the payment terms of the Buydown Agreement. The Buydown Agreement
                  provides
                  for the payment by the Mortgagor of the full amount of the Monthly
                  Payment
                  on any Due Date that the Buydown Funds are available. The Buydown
                  Funds
                  were not used to reduce the original principal balance of the Mortgage
                  Loan or to increase the Appraised Value of the Mortgage Property
                  when
                  calculating the Loan-to-Value Ratios for purposes of the Agreement
                  and, if
                  the Buydown Funds were provided by the Seller and if required under
                  Underwriting Guidelines, the terms of the Buydown Agreement were
                  disclosed
                  to the appraiser of the Mortgaged
                  Property;

              

      

      

      
        	 	
                (3)

              	
                The
                  Buydown Funds may not be refunded to the Mortgagor unless the Mortgagor
                  makes a principal payment for the outstanding balance of the Mortgage
                  Loan; and

              

      

      

      
        	(4) 
                  	
                As
                  of the date of origination of the Mortgage Loan, the provisions
                  of the
                  related Buydown Agreement complied with the requirements of Fannie
                  Mae or
                  Freddie Mac regarding buydown
                  agreements;

              

      

      

      
        
          (xxxviii)
            Cooperative
            Loans.

        

      

      

      With
        respect to each Cooperative Loan:

      

      
        	 	
                (1)

              	
                The
                  Cooperative Shares are held by a person as a tenant-stockholder
                  in a
                  Cooperative. Each original UCC financing statement, continuation
                  statement
                  or other governmental filing or recordation necessary to create
                  or
                  preserve the perfection and priority of the first lien and security
                  interest in the Cooperative Loan and Proprietary Lease has been
                  timely and
                  properly made. Any security agreement, chattel mortgage or equivalent
                  document related to the Cooperative Loan and delivered to Purchaser
                  or its
                  designee establishes in Purchaser a valid and subsisting perfected
                  first
                  lien on and security interest in the Mortgaged Property described
                  therein,
                  and Purchaser has full right to sell and assign the
                  same;

              

      

      

      
        	 	
                (2)

              	
                A
                  Cooperative Lien Search has been made by a company competent to
                  make the
                  same which company is acceptable to Fannie Mae or Freddie Mac and
                  qualified to do business in the jurisdiction where the Cooperative
                  is
                  located;

              

      

      

      
        	 	
                (3)

              	
                (i)
                  The term of the related Proprietary Lease is not less than the
                  terms of
                  the Cooperative Loan; (ii) there is no provision in any Proprietary
                  Lease
                  which requires the Mortgagor to offer for sale the Cooperative
                  Shares
                  owned by such Mortgagor first to the Cooperative; (iii) there is
                  no
                  prohibition in any Proprietary Lease against pledging the Cooperative
                  Shares or assigning the Proprietary Lease; (iv) the Cooperative
                  has been
                  created and exists in full compliance with the requirements for
                  residential cooperatives in the jurisdiction in which the Project
                  is
                  located and qualifies as a cooperative housing corporation under
                  Section
                  210 of the Code; (v) the Recognition Agreement is on a form published
                  by
                  Aztech Document Services, Inc. or includes similar provisions;
                  and (vi)
                  the Cooperative has good and marketable title to the Project, and
                  owns the
                  Project either in fee simple; such title is free and clear of any
                  adverse
                  liens or encumbrances, except the lien of any blanket
                  mortgage;

              

      

      

      
        	(4)
                  	
                The
                  Seller has the right under the terms of the Mortgage Note, Pledge
                  Agreement and Recognition Agreement to pay any maintenance charges
                  or
                  assessments owed by the Mortgagor;
                  and

              

      

      

      
        	(5)
                  	
                Each
                  Stock Power (i) has all signatures guaranteed or (ii) if all signatures
                  are not guaranteed, then such Cooperative Shares will be transferred
                  by
                  the stock transfer agent of the Cooperative if the Seller undertakes
                  to
                  convert the ownership of the collateral securing the related Cooperative
                  Loan.;

              

      

      

      (xxxix) HOEPA.

      

      No
        Mortgage Loan is a Covered Loan or a High Cost Loan (in the case of state
        or
        local law, as determined without giving effect to any available federal
        preemption, other than any exemptions specifically provided for in the relevant
        state or local law);

      

      (xl) Anti-Money
        Laundering Laws.

      

      The
        Seller has complied with all applicable anti-money laundering laws and
        regulations, (the "Anti-Money Laundering Laws"), and has established an
        anti-money laundering compliance program as required by the Anti-Money
        Laundering Laws;

      

      (xli) Bankruptcy.

      

      
        	 	 	
                No
                  Mortgagor was a debtor in any state or federal bankruptcy or insolvency
                  proceeding as of the date the Mortgage Loan was closed and the
                  proceeds of
                  the Mortgage Loan were distributed;

              

      

      

      (xlii) Due
        on
        Sale.

      

      The
        Mortgage or Mortgage Note contains an enforceable provision, to the extent
        not
        prohibited by federal law, for the acceleration of the payment of the unpaid
        principal balance of the Mortgage Loan in the event that the Mortgaged Property
        is sold or transferred without the prior written consent of the Mortgagee
        thereunder, provided that, with respect to Mortgage Notes which bear an
        adjustable rate of interest, such provision shall not be enforceable if the
        Mortgagor causes to be submitted to the Seller to evaluate the intended
        transferee as if a new Mortgage Loan were being made to such transferee,
        and the
        Seller reasonably determines that the security will not be impaired by such
        Mortgage Loan assumption and that the risk of breach of any covenant or
        agreement in such Mortgage is acceptable to the Purchaser;

      

      (xliii) Credit
        Reporting.

      

      With
        respect to each Mortgage Loan, the Seller has furnished complete information
        on
        the related borrower credit files to Equifax, Experian and Trans Union Credit
        Information Seller, in accordance with the Fair Credit Reporting Act and
        its
        implementing regulations; 

      

      (xliv) Delivery
        of Mortgage Files.

      

      The
        Mortgage Loan Documents required to be delivered by the Seller have been
        delivered to the Custodian. The Seller is in possession of a complete, true
        and
        accurate Mortgage File, except for such documents the originals of which
        have
        been delivered to the Custodian or for such documents where the originals
        of
        which have been sent for recordation;

      

      (xlv) Single
        Premium Credit Life Insurance.

      

      No
        Mortgagor has been offered or required to purchase single premium credit
        insurance in connection with the origination of the Mortgage Loan;

      

      (xlvi) Payment
        in Full.

      

      The
        Seller had no knowledge, at the time of origination of the Mortgage Loan,
        of any
        fact that should have led it to expect that such Mortgage Loan would not
        be paid
        in full when due; 

      

      (xlvii) MERS
        Mortgage Loans.

      

      With
        respect to each MERS Mortgage Loan, a MIN has been assigned to the Mortgage
        Loan, the MIN appears on the Mortgage or related Assignment of Mortgage to
        MERS,
        the Mortgage or the related Assignment of Mortgage to MERS has been duly
        and
        properly recorded on MERS, and the transfer to the Purchaser has been properly
        reflected in the MERS System pursuant to the Purchaser’s registration
        instructions; 

      

      (xlviii) Leasehold
        Estates.

       

      No
        Mortgage Loan is leasehold Mortgage Loan;
        and

       

      

      (xlix) Mixed-Use
        Property.

      

      No
        Mortgaged Property shall be used solely for commercial purposes. With respect
        to
        any Mortgaged Property that is a mixed-use property (i) the Mortgaged Property
        is a single family dwelling, (ii) any commercial use of the Mortgaged Property
        represents a legal, permissible use of the Mortgaged Property under federal,
        state and local laws and ordinances; (iii) the Mortgagor is both the owner
        and
        the operator of the business conducted on the Mortgaged Property; and (iv)
        income from the business use of the Mortgaged Property was not taken into
        account in determining the Appraised Value of the Mortgaged Property. The
        Mortgaged Property with respect to each mixed-use property is in material
        compliance with all applicable environmental laws pertaining to environmental
        hazards and neither the Company nor, to the Company’s knowledge, the related
        Mortgagor, has received any notice of any violation or potential violation
        of
        such law.

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      Representation
        and Warranties with Respect to the American Home Mortgage Loans

      

      Except
        for “Mortgage Loans”, which shall mean the American Home Mortgage Loans sold by
        the Seller to the Purchaser, all capitalized terms in this Exhibit B shall
        have
        the meanings ascribed to them in the American Home Servicing
        Agreement.

      

      (1)  The
        information set forth in the related Mortgage Loan Schedule and the Mortgage
        Loan data delivered to the Purchaser in the Data File is complete, true and
        correct;

       

      (2)  All
        payments required to be made up to the close of business on the Closing Date
        for
        such Mortgage Loan under the terms of the Mortgage Note have been made; neither
        the Seller nor the Servicer has advanced funds, or induced, solicited or
        knowingly received any advance of funds from a party other than the owner
        of the
        related Mortgaged Property, directly or indirectly, for the payment of any
        amount required by the Mortgage Note or Mortgage. There has been no delinquency,
        exclusive of any period of grace, in any payment by the Mortgagor thereunder
        since the origination of the Mortgage Loan;

       

      (3)  There
        are
        no delinquent taxes, ground rents, water charges, sewer rents, assessments,
        insurance premiums, leasehold payments, including assessments payable in
        future
        installments or other outstanding charges affecting the related Mortgaged
        Property;

       

      (4)  The
        Mortgaged Property is located in the state identified in the related Mortgage
        Loan Schedule and is improved by a Residential Dwelling;

       

      (5)  The
        terms
        of the Mortgage Note and the Mortgage have not been impaired, waived, altered
        or
        modified in any respect, except by written instruments, recorded in the
        applicable public recording office or registered with the MERS System if
        necessary to maintain the lien priority of the Mortgage, and which have been
        delivered to the Purchaser; the substance of any such waiver, alteration
        or
        modification has been approved by the insurer under the Primary Insurance
        Policy
        or LPMI Policy, if any, and the title insurer, to the extent required by
        the
        related policy, and is reflected on the related Mortgage Loan Schedule. No
        instrument of waiver, alteration or modification has been executed, and no
        Mortgagor has been released, in whole or in part, except in connection with
        an
        assumption agreement approved by the insurer under the Primary Insurance
        Policy
        or LPMI Policy, if any, the title insurer, to the extent required by the
        policy,
        and which assumption agreement has been delivered to the Purchaser and the
        terms
        of which are reflected in the related Mortgage Loan Schedule;

       

      (6)  The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set
        off, counterclaim or defense, including the defense of usury, nor will the
        operation of any of the terms of the Mortgage Note and/or the Mortgage, or
        the
        exercise of any right thereunder, render the Mortgage unenforceable, in whole
        or
        in part, or subject to any right of rescission, set off, counterclaim or
        defense, including the defense of usury and no such right of rescission,
        set
        off, counterclaim or defense has been asserted with respect
        thereto;

       

      (7)  The
        Mortgage Loan was underwritten in accordance with the Underwriting Guidelines
        of
        the Seller in effect at the time the Mortgage Loan was originated; and the
        Mortgage Note and Mortgage are on forms acceptable to FNMA and
        FHLMC;

       

      (8)  All
        buildings upon the Mortgaged Property are insured by an insurer acceptable
        to
        FNMA and FHLMC against loss by fire, hazards of extended coverage and such
        other
        hazards as are customary in the area where the Mortgaged Property is located,
        in
        an amount not less than the least of (i) 100% of the replacement cost of
        all
        improvements to the Mortgaged Property, (ii) either (A) the outstanding
        principal balance of the Mortgage Loan with respect to each first lien Mortgage
        Loan or (B) with respect to each second lien Mortgage Loan, the sum of the
        outstanding principal balance of the related first lien mortgage loan and
        the
        outstanding principal balance of the second lien Mortgage Loan or (iii) the
        amount necessary to fully compensate for any damage or loss to the improvements
        that are a part of such property on a replacement cost basis; provided, however,
        in no event shall the amount of insurance be less than the amount necessary
        to
        avoid the operation of any co-insurance provisions with respect to the Mortgaged
        Property. All such insurance policies contain a standard mortgagee clause
        naming
        the Seller, its successors and assigns as mortgagee and all premiums thereon
        have been paid. If the Mortgaged Property is in an area identified on a Flood
        Hazard Map or Flood Insurance Rate Map issued by the Federal Emergency
        Management Agency as having special flood hazards (and such flood insurance
        has
        been made available) a flood insurance policy meeting the requirements of
        the
        current guidelines of the Federal Insurance Administration is in effect which
        policy conforms to the requirements of FNMA and FHLMC. The Mortgage obligates
        the Mortgagor thereunder to maintain all such insurance at the Mortgagor’s cost
        and expense, and on the Mortgagor’s failure to do so, authorizes the holder of
        the Mortgage to maintain such insurance at the Mortgagor’s cost and expense and
        to seek reimbursement therefor from the Mortgagor;

       

      (9)  Any
        and
        all requirements of any federal, state or local law including, without
        limitation, usury, truth in lending, real estate settlement procedures, consumer
        credit protection, equal credit opportunity, fair housing, disclosure laws
        or
        all predatory and abusive lending laws applicable to the origination and
        servicing of the Mortgage Loans have been complied with and the consummation
        of
        the transactions contemplated hereby will not involve the violation of any
        such
        laws;

       

      (10)  The
        Mortgage has not been satisfied, cancelled, subordinated or rescinded, in
        whole
        or in part, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part, nor has any instrument been executed that
        would effect any such satisfaction, cancellation, subordination, rescission
        or
        release;

       

      (11)  The
        related Mortgage is properly recorded in the appropriate jurisdiction(s)
        wherein
        such recordation is necessary to perfect the lien thereof, and is a valid,
        existing and enforceable (A) first lien and first priority security interest
        with respect to each Mortgage Loan which is indicated by the Seller to be
        a
        First Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien
        and
        second priority security interest with respect to each Mortgage Loan which
        is
        indicated by the Seller to be a Second Lien (as reflected on the Mortgage
        Loan
        Schedule), in either case, on the Mortgaged Property, including all improvements
        on the Mortgaged Property subject only to (a) the lien of current real property
        taxes and assessments not yet due and payable, (b) covenants, conditions
        and
        restrictions, rights of way, easements and other matters of the public record
        as
        of the date of recording being acceptable to mortgage lending institutions
        generally and specifically referred to in the lender’s title insurance policy
        delivered to the originator of the Mortgage Loan and which do not adversely
        affect the Appraised Value of the Mortgaged Property, (c) other matters to
        which
        like properties are commonly subject which do not materially interfere with
        the
        benefits of the security intended to be provided by the Mortgage or the use,
        enjoyment, value or marketability of the related Mortgaged Property and (d)
        with
        respect to each Mortgage Loan which is indicated by the Seller to be a Second
        Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien
        on
        the Mortgaged Property. Any security agreement, chattel mortgage or equivalent
        document related to and delivered in connection with the Mortgage Loan
        establishes and creates a valid, existing and enforceable (A) first lien
        and
        first priority security interest with respect to each Mortgage Loan which
        is
        indicated by the Seller to be a First Lien (as reflected on the Mortgage
        Loan
        Schedule) or (B) second lien and second priority security interest with respect
        to each Mortgage Loan which is indicated by the Seller to be a Second Lien
        Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case,
        on
        the property described therein and the Seller has full right to sell and
        assign
        the same to the Purchaser. The Mortgaged Property was not, as of the date
        of
        origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed
        to
        secure debt or other security instrument creating a lien subordinate to the
        lien
        of the Mortgage;

       

      (12)  The
        Mortgage Note and the related Mortgage are genuine and each is the legal,
        valid
        and binding obligation of the maker thereof, enforceable in accordance with
        its
        terms;

       

      (13)  All
        parties to the Mortgage Note and the Mortgage had legal capacity to enter
        into
        the Mortgage Loan and to execute and deliver the Mortgage Note and the Mortgage,
        and the Mortgage Note and the Mortgage have been duly and properly executed
        by
        such parties. The Mortgagor is a natural person;

       

      (14)  The
        proceeds of the Mortgage Loan have been fully disbursed to or for the account
        of
        the Mortgagor and there is no obligation for the Mortgagee to advance additional
        funds thereunder and any and all requirements as to completion of any on-site
        or
        off-site improvement and as to disbursements of any escrow funds therefor
        have
        been complied with. All costs, fees and expenses incurred in making or closing
        the Mortgage Loan and the recording of the Mortgage have been paid, and the
        Mortgagor is not entitled to any refund of any amounts paid or due to the
        Mortgagee pursuant to the Mortgage Note or Mortgage;

       

      (15)  The
        Seller is the sole legal, beneficial and equitable owner of the Mortgage
        Note
        and the Mortgage. The Seller has full right and authority under all governmental
        and regulatory bodies having jurisdiction over such Seller, subject to no
        interest or participation of, or agreement with, any party, to transfer and
        sell
        the Mortgage Loan to the Purchaser pursuant to this Agreement free and clear
        of
        any encumbrance or right of others, equity, lien, pledge, charge, mortgage,
        claim, participation interest or security interest of any nature (collectively,
        a “Lien”); and immediately upon the transfers and assignments herein
        contemplated, the Seller shall have transferred and sold all of its right,
        title
        and interest in and to each Mortgage Loan and the Purchaser will hold good,
        marketable and indefeasible title to, and be the owner of, each Mortgage
        Loan
        subject to no Lien;

       

      (16)  All
        parties which have had any legal or contractual interest in the Mortgage
        Loan,
        whether as originator, mortgagee, assignee, pledgee or otherwise, are (or,
        during the period in which they held and disposed of such interest, were):
        (A)
        organized under the laws of such state, or (B) qualified to do business in
        such
        state, or (C) federal savings and loan associations or national banks having
        principal offices in such state, or (D) not doing business in such state
        so as
        to require qualification or licensing, or (E) not otherwise required to be
        licensed in such state. All parties which have had any legal or contractual
        interest in the Mortgage Loan were in compliance with any and all applicable
        “doing business” and licensing requirements of the laws of the state wherein the
        Mortgaged Property is located or were not required to be licensed in such
        state;

       

      (17)  The
        Mortgage Loan is covered by an American Land Title Association (“ALTA”) ALTA
        lender’s title insurance policy acceptable to FNMA and FHLMC (which, in the case
        of an Adjustable Rate Mortgage Loan has an adjustable rate mortgage endorsement
        in the form of ALTA 6.0 or 6.1), issued by a title insurer acceptable to
        FNMA
        and FHLMC and qualified to do business in the jurisdiction where the Mortgaged
        Property is located, insuring (subject to the exceptions contained above
        in
        (xi)(a) and (b) and, with respect to each Mortgage Loan which is indicated
        by
        the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage
        Loan
        Schedule) clause (d)) the Seller, its successors and assigns as to the first
        priority lien of the Mortgage in the original principal amount of the Mortgage
        Loan and, with respect to any Adjustable Rate Mortgage Loan, against any
        loss by
        reason of the invalidity or unenforceability of the lien resulting from the
        provisions of the Mortgage providing for adjustment in the Mortgage Interest
        Rate and Monthly Payment. Additionally, such lender’s title insurance policy
        affirmatively insures ingress and egress to and from the Mortgaged Property,
        and
        against encroachments by or upon the Mortgaged Property or any interest therein.
        The Seller is the sole insured of such lender’s title insurance policy, and such
        lender’s title insurance policy is in full force and effect and will be in full
        force and effect upon the consummation of the transactions contemplated by
        this
        Agreement. No claims have been made under such lender’s title insurance policy,
        and no prior holder of the related Mortgage, including the Seller, has done,
        by
        act or omission, anything which would impair the coverage of such lender’s title
        insurance policy;

       

      (18)  Other
        than payments due but not yet 30 days or more 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. With respect to each Mortgage
        Loan
        which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected
        on the Mortgage Loan Schedule) (i) the First Lien is in full force and effect,
        (ii) there is no default, breach, violation or event of acceleration existing
        under such First Lien mortgage or the related mortgage note, (iii) no event
        which, with the passage of time or with notice and the expiration of any
        grace
        or cure period, would constitute a default, breach, violation or event of
        acceleration thereunder, and either (A) the First Lien mortgage contains
        a
        provision which allows or (B) applicable law requires, the mortgagee under
        the
        Second Lien Mortgage Loan to receive notice of, and affords such mortgagee
        an
        opportunity to cure any default by payment in full or otherwise under the
        First
        Lien mortgage;

       

      (19)  There
        are
        no mechanics’ or similar liens or claims which have been filed for work, labor
        or material (and no rights are outstanding that under law could give rise
        to
        such lien) affecting the related Mortgaged Property which are or may be liens
        prior to, or equal or coordinate with, the lien of the related
        Mortgage;

       

      (20)  The
        Mortgage Loan was originated by the Seller or by a savings and loan association,
        a savings bank, a commercial bank or similar banking institution which is
        supervised and examined by a federal or state authority, or by a mortgagee
        approved as such by the Secretary of HUD;

       

      (21)  Payments
        on the Mortgage Loan shall commence (with respect to any newly originated
        Mortgage Loans) or commenced no more than sixty days after the proceeds of
        the
        Mortgage Loan were disbursed. The Mortgage Loan bears interest at the Mortgage
        Interest Rate. With respect to each Mortgage Loan, the Mortgage Note is payable
        on the first day of each month in Monthly Payments, which, (A) in the case
        of a
        Fixed Rate Mortgage Loan, are sufficient to fully amortize the original
        principal balance over the original term thereof (other than with respect
        to a
        Mortgage Loan identified on the related Mortgage Loan Schedule as an
        interest-only Mortgage Loan during the interest-only period) and to pay interest
        at the related Mortgage Interest Rate, and (B) in the case of an Adjustable
        Rate
        Mortgage Loan, are changed on each Adjustment Date, and in any case, are
        sufficient to fully amortize the original principal balance over the original
        term thereof and to pay interest at the related Mortgage Interest Rate. The
        Index for each Adjustable Rate Mortgage Loan is as defined in the related
        Mortgage Loan Schedule. With respect to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule as an interest-only Mortgage Loan, the interest-only
        period shall not exceed the period specified on the Mortgage Loan Schedule
        and
        following the expiration of such interest-only period, the remaining Monthly
        Payments shall be sufficient to fully amortize the original principal balance
        over the remaining term of the Mortgage Loan. The Mortgage Note does not
        permit
        negative amortization. No Mortgage Loan is a Convertible Mortgage
        Loan;

       

      (22)  The
        origination practices used by the Seller and the servicing and collection
        practices used by the Servicer with respect to each Mortgage Note and Mortgage,
        including without limitation the establishment, maintenance and servicing
        of the
        Escrow Accounts and Escrow Payments, if any, since origination have been
        in all
        respects legal, proper, prudent and customary in the mortgage origination
        and
        servicing industry. The Mortgage Loan has been serviced by the Servicer and
        any
        predecessor servicer in accordance with all applicable laws, rules and
        regulations, the terms of the Mortgage Note and Mortgage, and the FNMA and
        FHLMC
        servicing guides. With respect to escrow deposits and Escrow Payments (other
        than with respect to each Mortgage Loan which is indicated by the Seller
        to be a
        Second Lien Mortgage Loan and for which the mortgagee under the First Lien
        is
        collecting Escrow Payments (as reflected on the Mortgage Loan Schedule)),
        if
        any, all such payments are in the possession of, or under the control of,
        the
        Servicer and there exist no deficiencies in connection therewith for which
        customary arrangements for repayment thereof have not been made. No escrow
        deposits or Escrow Payments or other charges or payments due the Seller have
        been capitalized under any Mortgage or the related Mortgage Note and no such
        escrow deposits or Escrow Payments are being held by the Seller or the Servicer
        for any work on a Mortgaged Property which has not been completed;

       

      (23)  The
        Mortgaged Property is free of damage and waste and is in good repair, and
        there
        is no proceeding pending or, to the best of the Seller’s knowledge, threatened
        for the total or partial condemnation thereof nor is such a proceeding currently
        occurring;

       

      (24)  The
        Mortgage and related Mortgage Note contain customary and enforceable provisions
        such as to render the rights and remedies of the holder thereof adequate
        for the
        realization against the Mortgaged Property of the benefits of the security
        provided thereby, including, (a) in the case of a Mortgage designated as
        a deed
        of trust, by trustee’s sale, and (b) otherwise by judicial foreclosure. The
        Mortgaged Property has not been subject to any bankruptcy proceeding or
        foreclosure proceeding and the Mortgagor has not filed for protection under
        applicable bankruptcy laws. There is no homestead or other exemption available
        to the Mortgagor which would interfere with the right to sell the Mortgaged
        Property at a trustee’s sale or the right to foreclose the Mortgage; The
        Mortgagor has not notified the Seller or the Servicer and neither the Seller
        nor
        the Servicer has knowledge of any relief requested or allowed to the Mortgagor
        under the Servicemembers Civil Relief Act;

       

      (25)  Unless
        otherwise indicated on the Mortgage Loan Schedule, the Mortgage File contains
        an
        appraisal of the related Mortgaged Property which, (a) with respect to First
        Lien Mortgage Loans, was on appraisal form 1004 or form 2055 with an interior
        inspection, or (b) with respect to Second Lien Mortgage Loans, was on appraisal
        form 704, 2065 or 2055 with an exterior only inspection, and (c) with respect
        to
        (a) or (b) above, was made and signed, prior to the approval of the Mortgage
        Loan application, by a qualified appraiser, duly appointed by the Seller,
        who
        had no interest, direct or indirect in the Mortgaged Property or in any loan
        made on the security thereof, whose compensation is not affected by the approval
        or disapproval of the Mortgage Loan and who met the minimum qualifications
        of
        FNMA and FHLMC. Each appraisal of the Mortgage Loan was made in accordance
        with
        the relevant provisions of the Financial Institutions Reform, Recovery, and
        Enforcement Act of 1989 as in effect on the date the Mortgage Loan was
        originated;

       

      (26)  In
        the
        event the Mortgage constitutes a deed of trust, a trustee, duly qualified
        under
        applicable law to serve as such, has been properly designated and currently
        so
        serves and is named in the Mortgage, and no fees or expenses are or will
        become
        payable by the Purchaser to the trustee under the deed of trust, except in
        connection with a trustee’s sale after default by the Mortgagor;

       

      (27)  No
        Mortgage Loan was made in connection with (a) the construction or rehabilitation
        of a Mortgaged Property or (b) facilitating the trade-in or exchange of a
        Mortgaged Property;

       

      (28)  
        The
        Loan-to-Value Ratio of any Mortgage Loan at origination was not more than
        95%
        and the CLTV of any Mortgage Loan at origination was not more than 100%;
        Each
        Mortgage Loan with an original Loan-to-Value Ratio at origination greater
        than
        80% is and will be subject to a Primary Insurance Policy, issued by a Qualified
        Insurer, which insures that portion of the Mortgage Loan in excess of the
        portion of the Appraised Value of the Mortgaged Property as required by FNMA.
        All provisions of such Primary Insurance Policy have been and are being complied
        with, such policy is in full force and effect, and all premiums due thereunder
        have been paid. Any Mortgage subject to any such Primary Insurance Policy
        obligates the Mortgagor thereunder to maintain such insurance and to pay
        all
        premiums and charges in connection therewith. The Mortgage Interest Rate
        for the
        Mortgage Loan does not include any such insurance premium. If a Mortgage
        Loan is
        identified on the Mortgage Loan Schedule as subject to a Lender Paid Mortgage
        Insurance Policy, such policy insures that portion of the Mortgage Loan set
        forth in the LPMI Policy. All provisions of any such LPMI Policy have been
        and
        are being complied with, such policy is in full force and effect, and all
        premiums due thereunder have been paid. The Mortgage Interest Rate for the
        Mortgage Loan does not include the insurance premium for any LPMI
        Policy;

       

      (29)  
        The
        Mortgaged Property is lawfully occupied under applicable law; all inspections,
        licenses and certificates required to be made or issued with respect to all
        occupied portions of the Mortgaged Property and, with respect to the use
        and
        occupancy of the same, including but not limited to certificates of occupancy
        and fire underwriting certificates, have been made or obtained from the
        appropriate authorities. No improvement located on or being part of any
        Mortgaged Property is in violation of any applicable zoning and subdivision
        law,
        ordinance or regulation;

       

      (30)  No
        error,
        omission, misrepresentation, negligence, fraud or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of any person, including
        without limitation the Mortgagor, any appraiser, any builder or developer,
        or
        any other party involved in the origination of the Mortgage Loan or in the
        application of any insurance in relation to such Mortgage Loan;

       

      (31)  Any
        principal advances made to the Mortgagor prior to the Cut-off Date have been
        consolidated with the outstanding principal amount secured by the Mortgage,
        and
        the secured principal amount, as consolidated, bears a single interest rate
        and
        single repayment term reflected on the Mortgage Loan Schedule. The lien of
        the
        Mortgage securing the consolidated principal amount is expressly insured
        as
        having (A) first lien priority with respect to each Mortgage Loan which is
        indicated by the Seller to be a First Lien (as reflected on the Mortgage
        Loan
        Schedule), or (B) second lien priority with respect to each Mortgage Loan
        which
        is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected
        on
        the Mortgage Loan Schedule), in either case, by a title insurance policy,
        an
        endorsement to the policy insuring the mortgagee’s consolidated interest or by
        other title evidence acceptable to FNMA and FHLMC. The consolidated principal
        amount does not exceed the original principal amount of the Mortgage
        Loan;

       

      (32)  Interest
        on each Mortgage Loan is calculated on the basis of a 360-day year consisting of
        twelve 30-day months;

       

      (33)  
        The
        Mortgaged Property is in material compliance with all applicable environmental
        laws pertaining to environmental hazards including, without limitation,
        asbestos, and neither the Seller nor, to the Seller’s knowledge, the related
        Mortgagor, has received any notice of any violation or potential violation
        of
        such law;

       

      (34)  No
        Mortgage Loan is (a) subject to the provisions of the Homeownership and Equity
        Protection Act of 1994, as amended (“HOEPA”), (b) a “high cost”, “covered”,
“abusive”, “predatory”, “home loan”, “Section 10” or “high risk” mortgage loan
        (or a similarly designated loan using different terminology) under any federal,
        state or local law, or any other statute or regulation providing assignee
        liability to holders of such mortgage loans, or (c) subject to or in violation
        of any such or comparable federal, state or local statutes or regulations.
        No
        Mortgage Loan is a high cost loan or a covered loan, as applicable (as such
        terms are defined in the Standard & Poor’s LEVELS Version 5.6 Glossary
        Revised, Appendix E as of the related Closing Date);

       

      (35)  
        No
        Mortgage Loan had an original term to maturity of more than thirty (30)
        years;

       

      (36)  Each
        Mortgage contains an enforceable provision for the acceleration of the payment
        of the unpaid principal balance of the related Mortgage Loan in the event
        the
        related Mortgaged Property is sold or transferred without the prior consent
        of
        the mortgagee thereunder;

       

      (37)  With
        respect to each Mortgage Loan which is a Second Lien, (i) the related First
        Lien
        does not provide for negative amortization, and (ii) either no consent for
        the
        Mortgage Loan is required by the holder of the First Lien or such consent
        has
        been obtained and is contained in the Mortgage File;

       

      (38)  The
        Mortgage Loan Documents with respect to each Mortgage Loan subject to Prepayment
        Charges specifically authorizes such Prepayment Charges to be collected,
        such
        Prepayment Charges are permissible and enforceable in accordance with the
        terms
        of the related Mortgage Loan Documents and all applicable federal, state
        and
        local laws (except to the extent that the enforceability thereof may be limited
        by bankruptcy, insolvency, moratorium, receivership and other similar laws
        relating to creditors’ rights generally or the collectability thereof may be
        limited due to acceleration in connection with a foreclosure) and each
        Prepayment Charge was originated in compliance with all applicable federal,
        state and local laws;

       

      (39)  The
        Seller has complied with all applicable anti-money laundering laws and
        regulations, including without limitation the USA Patriot Act of 2001
        (collectively, the “Anti-Money Laundering Laws”). The Seller has established an
        anti-money laundering compliance program as required by the Anti-Money
        Laundering Laws, has conducted the requisite due diligence in connection
        with
        the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
        Laws, including with respect to the legitimacy of the applicable Mortgagor
        and
        the origin of the assets used by the said Mortgagor to purchase the property
        in
        question, and maintains, and will maintain, sufficient information to identify
        the applicable Mortgagor for purposes of the Anti-Money Laundering Laws;
        no
        Mortgage Loan is subject to nullification pursuant to Executive Order 13224
        (the
“Executive Order”) or the regulations promulgated by the Office of Foreign
        Assets Control of the United States Department of the Treasury (the “OFAC
        Regulations”) or in violation of the Executive Order or the OFAC Regulations,
        and no Mortgagor is subject to the provisions of such Executive Order or
        the
        OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
        Regulations; 

       

      (40)  With
        respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and such
        MIN
        is accurately provided on the related Mortgage Loan Schedule. The related
        Assignment of Mortgage to MERS has been duly and properly recorded or has
        been
        delivered for recording to the applicable recording office; 

       

      (41)  With
        respect to each MERS Mortgage Loan, neither the Seller nor the Servicer has
        received any notice of liens or legal actions with respect to such Mortgage
        Loan
        and no such notices have been electronically posted by MERS;

       

      (42)  The
        sale
        or transfer of the Mortgage Loan by the Seller complies with all applicable
        federal, state, and local laws, rules, and regulations governing such sale
        or
        transfer, including, without limitation, the Fair and Accurate Credit
        Transactions Act (“FACT Act”) and the Fair Credit Reporting Act, each as may be
        amended from time to time, and the Seller has not received any actual or
        constructive notice of any identity theft, fraud, or other misrepresentation
        in
        connection with such Mortgage Loan or any party thereto.

       

      (43)  The
        Mortgage Loan is in compliance with all requirements set forth in the related
        Confirmation, and the characteristics of the related Mortgage Loan Package
        as
        set forth in the related Confirmation are true and correct in all material
        respects;

       

      (44)  Each
        Mortgage Loan constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of
        the Code and Treasury Regulation Section 1.860G-2(a)(1); 

       

      (45)  If
        the
        Residential Dwelling on the Mortgaged Property is a condominium unit or a
        unit
        in a planned unit development (other than a de minimis planned unit development)
        such condominium or planned unit development project meets the eligibility
        requirements of FNMA and FHLMC;

       

      (46)  All
        improvements which were considered in determining the Appraised Value of
        the
        related Mortgaged Property lay wholly within the boundaries and building
        restriction lines of the Mortgaged Property, and no improvements on adjoining
        properties encroach upon the Mortgaged Property;

       

      (47)  The
        Mortgage Note is not and has not been secured by any collateral except the
        lien
        of the corresponding Mortgage on the Mortgaged Property and the security
        interest of any applicable security agreement or chattel mortgage referred
        to in
        (xi) above;

       

      (48)  No
        Mortgage Loan contains provisions pursuant to which Monthly Payments are
        (a)
        paid or partially paid with funds deposited in any separate account established
        by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (b) paid
        by
        any source other than the Mortgagor or (c) contains any other similar provisions
        which may constitute a “buydown” provision;

       

      (49)  The
        Mortgage Loan is not a graduated payment mortgage loan or a balloon Mortgage
        Loan, and the Mortgage Loan does not have a shared appreciation or other
        contingent interest feature;

       

      (50)  The
        Mortgagor has executed a statement to the effect that the Mortgagor has received
        all disclosure materials required by applicable law with respect to the making
        of fixed rate mortgage loans in the case of Fixed Rate Mortgage Loans, and
        adjustable rate mortgage loans in the case of Adjustable Rate Mortgage Loans
        and
        rescission materials with respect to Refinanced Mortgage Loans, and such
        statement is and will remain in the Mortgage File;

       

      (51)  Each
        original Mortgage was recorded and all subsequent assignments of the original
        Mortgage (other than the assignment to the Purchaser) have been recorded,
        or are
        in the process of being recorded, in the appropriate jurisdictions wherein
        such
        recordation is necessary to perfect the lien thereof as against creditors
        of the
        Seller. As to any Mortgage Loan which is not a MERS Mortgage Loan, the
        Assignment of Mortgage is in recordable form (except for the name of the
        assignee which is blank) and is acceptable for recording under the laws of
        the
        jurisdiction in which the Mortgaged Property is located;

       

      (52)  Each
        Mortgage Loan originated in the state of Texas pursuant to Article XVI, Section
        50(a)(6) of the Texas Constitution (a “Texas Refinance Loan”) has been
        originated in compliance with the provisions of Article XVI, Section 50(a)(6)
        of
        the Texas Constitution, Texas Civil Statutes and the Texas Finance Code.
        With
        respect to each Texas Refinance Loan that is a Cash Out Refinancing, the
        related
        Mortgage Loan Documents state that the Mortgagor may prepay such Texas Refinance
        Loan in whole or in part without incurring a Prepayment Charge. The Seller
        does
        not collect any such Prepayment Charges in connection with any such Texas
        Refinance Loan;

       

      (53)  Unless
        set forth on the Mortgage Loan Schedule, the source of the down payment with
        respect to each Mortgage Loan has been fully verified by the
        Seller;

       

      (54)  The
        Seller shall, at its own expense, cause each Mortgage Loan to be covered
        by a
“life of loan” Tax Service Contract which is assignable to the Purchaser or its
        designee at no cost to the Purchaser or its designee or will reimburse the
        Purchaser for all costs and expenses incurred by the Purchaser in connection
        with the purchase of any such Tax Service Contract;

       

      (55)  Each
        Mortgage Loan is covered by a “life of loan” Flood Zone Service Contract which
        is assignable to the Purchaser or its designee at no cost to the Purchaser
        or
        its designee or, for each Mortgage Loan not covered by such Flood Zone Service
        Contract, the Seller agrees to purchase such Flood Zone Service
        Contract;

       

      (56)  No
        Mortgage Loan is secured by cooperative housing, commercial property or mixed
        use property;

       

      (57)  No
        selection procedures were used by the Seller that identified the Mortgage
        Loans
        as being less desirable or valuable than other comparable mortgage loans
        in the
        Seller’s portfolio;

       

      (58)  Each
        Mortgage Loan has a valid and original Credit Score, with a minimum Credit
        Score
        as set forth in the related Confirmation;

       

      (59)  No
        Mortgage Loan originated or modified on or after October 1, 2002 and prior
        to
        March 7, 2003 is secured by a Mortgaged Property located in the State of
        Georgia;

       

      (60)  No
        Mortgage Loan is a “manufactured housing loan” pursuant to the NJ Act, and one
        hundred percent of the amount financed of any purchase money Second Lien
        Mortgage Loan subject to the NJ Act was used for the purchase of the related
        Mortgaged Property;

       

      (61)  With
        respect to any Mortgage Loan for which a mortgage loan application was submitted
        by the Mortgagor after April 1, 2004, no such Mortgage Loan secured by a
        Mortgage Property located in the State of Illinois is in violation of the
        provisions of the Illinois Interest Act, including Section 4.1a which provides
        that no such Mortgage Loan with a Mortgage Interest Rate in excess of 8.0%
        per
        annum has lender-imposed fees (or other charges) in excess of 3.0% of the
        original principal balance of the Mortgage Loan;

       

      (62)  No
        Mortgage Loan is secured in whole or in part by the interest of the Mortgagor
        as
        a lessee under a ground lease of the related Mortgaged Property;

       

      (63)  No
        Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
        of
        Massachusetts was made to pay off or refinance an existing loan or other
        debt of
        the related borrower (as the term “borrower” is defined in the regulations
        promulgated by the Massachusetts Secretary of State in connection with
        Massachusetts House Bill 4880 (2004)) unless either (1) (a) the related Mortgage
        Interest Rate (that would be effective once the introductory rate expires,
        with
        respect to Adjustable Rate Mortgage Loans) did or would not exceed by more
        than
        2.25% the yield on United States Treasury securities having comparable periods
        of maturity to the maturity of the related Mortgage Loan as of the fifteenth
        day
        of the month immediately preceding the month in which the application for
        the
        extension of credit was received by the related lender or (b) the Mortgage
        Loan
        is an “open-end home loan” (as such term is used in the Massachusetts House Bill
        4880 (2004)) and the related Mortgage Note provides that the related Mortgage
        Interest Rate may not exceed at any time the Prime rate index as published
        in
        The Wall Street Journal plus a margin of one percent, or (2) such Mortgage
        Loan
        is in the "borrower's interest," as documented by a "borrower's interest
        worksheet" for the particular Mortgage Loan, which worksheet incorporates
        the
        factors set forth in Massachusetts House Bill 4880 (2004) and the regulations
        promulgated thereunder for determining "borrower's interest," and otherwise
        complies in all material respects with the laws of the Commonwealth of
        Massachusetts;

       

      (64)  The
        Seller has no knowledge of any circumstances or condition with respect to
        the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
        standing that can reasonably be expected to cause the Mortgage Loan to be
        an
        unacceptable investment, cause the Mortgage Loan to become delinquent, cause
        the
        Mortgage Loan to not be paid in full when due, or adversely affect the value
        of
        the Mortgage Loan;

       

      (65)  The
        Mortgage Loan was not prepaid in full prior to the Closing Date and the Seller
        has not received notification from a Mortgagor that a prepayment in full
        shall
        be made after the Closing Date;

       

      (66)  No
        Mortgagor is the obligor on more than two Mortgage Notes;

       

      (67)  With
        respect to any Mortgage Loan that contains a provision permitting imposition
        of
        a Prepayment Charge upon a Principal Prepayment prior to maturity: (i) prior
        to
        the Mortgage Loan’s origination, the Mortgagor agreed to such Prepayment Charge
        in exchange for a monetary benefit, including but not limited to a Mortgage
        Interest Rate or fee reduction, (ii) prior to the Mortgage Loan’s origination,
        the Mortgagor was offered the option of obtaining a Mortgage Loan that did
        not
        require payment of a Prepayment Charge, (iii) the Prepayment Charge is disclosed
        to the Mortgagor in the Mortgage Loan Documents pursuant to applicable state
        and
        federal law, (iv) for Mortgage Loans originated on or after September 1,
        2004,
        the duration of the prepayment period shall not exceed three (3) years from
        the
        date of the Mortgage Note, unless the Mortgage Loan was modified to reduce
        the
        prepayment period to no more than three years from the date of the Mortgage
        Note
        and the Mortgagor was notified in writing of such reduction in the prepayment
        period, (v) no Mortgage Loan originated prior to October 1, 2002 has a
        Prepayment Charge longer than five years (vi) notwithstanding any state or
        federal law to the contrary, the Seller shall not impose such Prepayment
        Charge
        in any instance when the Mortgage debt is accelerated as the result of the
        Mortgagor’s default in making the Monthly Payments; 

       

      (68)  No
        predatory, abusive or deceptive lending practices, including but not limited
        to,
        the extension of credit to a Mortgagor without regard for the Mortgagor’s
        ability to repay the Mortgage Loan and the extension of credit to a Mortgagor
        which has no tangible net benefit to the Mortgagor, were employed in connection
        with the origination of the Mortgage Loan. Each Mortgage Loan is in compliance
        with the anti-predatory lending eligibility for purchase requirements of
        FNMA’s
        Selling Guide. No Mortgagor was encouraged or required to select a Mortgage
        Loan
        product offered by the Mortgage Loan’s originator which is a higher cost product
        designed for less creditworthy borrowers, unless at the time of the Mortgage
        Loan’s origination, such Mortgagor did not qualify taking into account credit
        history and debt to income ratios for a lower cost credit product then offered
        by the Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s
        originator. If, at the time of the related loan application, the Mortgagor
        may
        have qualified for a lower cost credit product then offered by any mortgage
        lending affiliate of the Mortgage Loan’s originator, the Mortgage Loan’s
        originator referred the Mortgagor’s application to such affiliate for
        underwriting consideration; 

       

      (69)  The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        employs objective mathematical principles which relate the Mortgagor’s income,
        assets and liabilities to the proposed payment and such underwriting methodology
        does not rely on the extent of the Mortgagor’s equity in the collateral as the
        principal determining factor in approving such credit extension. Such
        underwriting methodology confirmed that at the time of origination
        (application/approval) the Mortgagor had a reasonable ability to make timely
        payments on the Mortgage Loan;

       

      (70)  All
        points, fees and charges, including finance charges (whether or not financed,
        assessed, collected or to be collected), in connection with the origination
        and
        servicing of each Mortgage Loan were disclosed in writing to the related
        Mortgagor in accordance with applicable state and federal law and regulation.
        Except in the case of a Mortgage Loan in an original principal amount of
        less
        than $60,000 which would have resulted in an unprofitable origination, no
        related Mortgagor was charged “points and fees” (whether or not financed) in an
        amount greater than 5% of the principal amount of such loan, such 5% limitation
        is calculated in accordance with FNMA’s anti-predatory lending requirements as
        set forth in the FNMA Selling Guide; 

       

      (71)  No
        Mortgagor was required to purchase any credit life, disability, accident
        or
        health insurance product or debt cancellation agreement as a condition of
        obtaining the extension of credit. No Mortgagor obtained a prepaid single
        premium credit life, disability, accident or health insurance policy in
        connection with the origination of the Mortgage Loan, and no proceeds from
        any
        Mortgage Loan were used to finance single-premium credit insurance policies
        or
        debt cancellation agreements as part of the origination of, or as a condition
        to
        closing, such Mortgage Loan; 

       

      (72)  The
        Servicer and any predecessor servicer has fully furnished, in accordance
        with
        the Fair Credit Reporting Act and its implementing regulations, accurate
        and
        complete information (e.g., favorable and unfavorable) on its borrower credit
        files to Equifax, Experian and Trans Union Credit Information Company (three
        of
        the credit repositories) on a monthly basis; and the Servicer will fully
        furnish, in accordance with the Fair Credit Reporting Act and its implementing
        regulations, accurate and complete information (e.g., favorable and unfavorable)
        on its borrower credit files to Equifax, Experian and Trans Credit Information
        Company (three of the credit repositories), on a monthly basis; and

       

      With
        respect to each Mortgage Loan, neither the related Mortgage nor the related
        Mortgage Note requires the Mortgagor to submit to arbitration to resolve
        any
        dispute arising out of or relating in any way to the Mortgage Loan transaction;
        No Mortgagor agreed to submit to arbitration to resolve any dispute arising
        out
        of or relating in any way to the Mortgage Loan transaction.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      

      Representation
        and Warranties with Respect to the PHH Mortgage Loans 

      

      Except
        for “Mortgage Loans”, which shall mean the PHH Mortgage Loans sold by the Seller
        to the Purchaser, all capitalized terms in this Exhibit C shall have the
        meanings ascribed to them in the PHH Servicing Agreement.

      

      (1)  Mortgage
        Loan as Described.
        Such
        Mortgage Loan complies with the terms and conditions set forth herein, and
        all
        of the information set forth with respect thereto on the Mortgage Loan Schedule
        is true and correct in all material respects;

       

      (2)  Complete
        Mortgage Files.
        The
        instruments and documents specified in Section
        2.02 with
        respect to such Mortgage Loan have been delivered to the Purchaser in compliance
        with the requirements of Article
        II. The
        Seller is in possession of a Mortgage File respecting such Mort gage Loan,
        except for such documents as have been previously delivered to the
        Purchaser;

       

      (3)  Owner
        of Record.
        The
        Mortgage relating to such Mortgage Loan has been duly recorded in (or sent
        for
        recording to) the appropriate recording office, and the applicable Seller
        or
        Servicer is the owner of record of such Mortgage Loan and the indebtedness
        evidenced by the related Mortgage Note;

       

      (4)  Payments
        Current.
        All
        payments required to be made up to and including the Funding Date for such
        Mortgage Loan under the terms of the Mortgage Note have been made, such that
        such Mortgage Loan is not delinquent 30 days or more on the Funding Date;
        and, if the Mortgage Loan is a Pledged Asset Mortgage Loan, neither the Mortgage
        Loan nor the related Pledged Assets has been dishonored. Unless otherwise
        disclosed in the Offering Materials or the Mortgage Loan Schedule, there
        has
        been no delinquency, exclusive of any period of grace, in any payment by
        the
        Mortgagor thereunder during the twelve months preceding the Funding Date;
        and,
        if the Mortgage Loan is a Cooperative Loan, no foreclosure action or private
        or
        public sale under the Uniform Commercial Code has ever been threatened or
        commenced with respect to the Cooperative Loan;

       

      (5)  No
        Outstanding Charges.
        There
        are no delinquent taxes, insurance premiums, assessments, including assessments
        payable in future installments, or other outstanding charges affecting the
        Mortgaged Property related to such Mortgage Loan;

       

      (6)  Original
        Terms Unmodified.
        The
        terms of the Mortgage Note and the Mortgage related to such Mortgage Loan
        (and
        the Proprietary Lease and the Pledge Instruments with respect to each
        Cooperative Loan, and the Pledged Assets with respect to each Pledged Asset
        Mortgage Loan) have not been impaired, waived, altered or modified in any
        material respect, except as specifically set forth in the related Mortgage
        Loan
        Schedule;

       

      (7)  No
        Defenses.
        The
        Mortgage Note and the Mortgage related to such Mortgage Loan (and the
        Cooperative Pledge Agreement related to each Cooperative Loan, and the related
        Pledge Agreement with respect to each Pledged Asset Mortgage Loan) are not
        subject to any right of rescission, set-off or defense, including the defense
        of
        usury, nor will the operation of any of the terms of such Mortgage Note and
        such
        Mortgage (or the related Pledge Agreement with respect to each Pledged Asset
        Mortgage Loan), or the exercise of any right thereunder, render such Mortgage
        (or the related Pledge Agreement with respect to each Pledged Asset Mortgage
        Loan) unenforceable, in whole or in part, or subject to any right of rescission,
        set-off or defense, including the defense of usury and no such right of
        rescission, set-off or defense has been asserted with respect thereto;

       

      (8)  Hazard
        Insurance.
        (a) All
        buildings upon the Mortgaged Property related to such Mortgage Loan are insured
        by an insurer acceptable to Fannie Mae or Freddie Mac against loss by fire,
        hazards of extended coverage and such other hazards as are customary in the
        area
        where such Mortgaged Property is located, pursuant to insurance policies
        conforming to the requirements of Section
        5.10.
        All such insurance policies (collectively, the “hazard insurance policy”)
        contain a standard mortgagee clause naming the originator of such Mortgage
        Loan,
        its successors and assigns, as mortgagee. Such policies are the valid and
        binding obligations of the insurer, and all premiums thereon due to date
        have
        been paid. The related Mortgage obligates the Mortgagor thereunder to maintain
        all such insurance at such Mortgagor’s cost and expense, and on such Mortgagor’s
        failure to do so, authorizes the holder of such Mortgage to maintain such
        insurance at such Mortgagor’s cost and expense and to seek reimbursement
        therefor from such Mortgagor; or (b) in the case of a condominium or unit
        in a
        planned unit development (“PUD”) project that is not covered by an individual
        policy, the condominium or PUD project is covered by a “master” or “blanket”
policy and there exists and is in the Mortgage File a certificate of insurance
        showing that the individual unit that secures the first mortgage is covered
        under such policy. The insurance policy contains a standard mortgagee clause
        naming the originator of such Mortgage Loan (and its successors and assigns),
        as
        insured mortgagee. Such policies are the valid and binding obligations of
        the
        insurer, and all premiums thereon have been paid. The insurance policy provides
        for advance notice to the Seller or Servicer if the policy is canceled or
        not
        renewed, or if any other change that adversely affects the Seller’s interests is
        made; the certificate includes the types and amounts of coverage provided,
        describes any endorsements that are part of the “master” policy and would be
        acceptable pursuant to the Fannie Mae Guide or Freddie Mac Servicing
        Guide;

       

      (9)  Compliance
        With Applicable Laws.
        All
        requirements of any federal, state or local law (including usury, truth in
        lending, real estate settlement procedures, consumer credit protection,
        predatory and abusive lending, equal credit opportunity or disclosure laws)
        applicable to the origination and servicing of such Mortgage Loan have been
        complied with in all material respects;

       

      (10)  No
        Fraud.
        No
        error or omission, misrepresentation, negligence or fraud in respect of such
        Mortgage Loan has taken place on the part of any Person in connection with
        the
        origination and servicing of such Mortgage Loan.

       

      (11)  No
        Satisfaction of Mortgage.
        The
        Mortgage related to such Mortgage Loan has not been satisfied, canceled or
        subordinated, in whole or in part, or rescinded, and the related Mortgaged
        Property has not been released from the lien of such Mortgage, in whole or
        in
        part, nor has any instrument been executed that would effect any such release,
        cancellation, subordination or rescission;

       

      (12)  Valid
        First Lien.
        The
        Mortgage including any Negative Amortization, related to such Mortgage Loan
        is a
        valid, subsisting and enforceable perfected first lien on the related Mortgaged
        Property, including all improvements on the related Mortgaged Property, which
        Mortgaged Property is free and clear of any encumbrances and liens having
        priority over the first lien of the Mortgage subject only to (a) the lien
        of
        current real estate taxes and special assessments not yet due and payable,
        (b)
        covenants, conditions and restrictions, rights of way, easements and other
        matters of the public record as of the date of recording of such Mortgage
        which
        are acceptable to mortgage lending institutions generally, are referred to
        in
        the lender’s title insurance policy and do not adversely affect the market value
        or intended use of the related Mortgaged Property, and (c) other matters
        to
        which like properties are commonly subject which do not individually or in
        the
        aggregate materially interfere with the benefits of the security intended
        to be
        provided by such Mortgage or the use, enjoyment, or market value of the related
        Mortgaged Property; with respect to each Cooperative Loan, each Cooperative
        Pledge Agreement creates a valid, enforceable and subsisting first security
        interest in the collateral securing the related Mortgage Note subject only
        to
        (a) the lien of the related Cooperative Corporation for unpaid assessments
        representing the obligor's pro rata share of the Cooperative Corporation’s
        payments for its blanket mortgage, current and future real property taxes,
        insurance premiums, maintenance fees and other assessments to which like
        collateral is commonly subject and (b) other matters to which like collateral
        is
        commonly subject which do not materially interfere with the benefits of the
        security intended to be provided by the Cooperative Pledge Agreement; provided,
        however, that the appurtenant Proprietary Lease may be subordinated or otherwise
        subject to the lien of any mortgage on the Cooperative Project;

       

      (13)  Validity
        of Documents.
        The
        Mortgage Note and the Mortgage related to such Mortgage Loan (and the
        Cooperative Pledge Agreement with respect to each Cooperative Loan) are genuine
        and each is the legal, valid and binding obligation of the maker thereof,
        enforceable in accordance with its terms, except as such enforcement may
        be
        limited by bankruptcy, insolvency, reorganization or other similar laws
        affecting the enforcement of creditors’ rights generally and general equitable
        principles (regardless whether such enforcement is considered in a proceeding
        in
        equity or at law);

       

      (14)  Valid
        Execution of Documents.
        All
        parties to the Mortgage Note and the Mortgage related to such Mortgage Loan
        had
        legal capacity to enter into such Mortgage Loan and to execute and deliver
        the
        related Mortgage Note and the related Mortgage and the related Mortgage Note
        and
        the related Mortgage have been duly and properly executed by such parties;
        with
        respect to each Cooperative Loan, all parties to the Mortgage Note and the
        Mortgage Loan had legal capacity to execute and deliver the Mortgage Note,
        the
        Cooperative Pledge Agreement, the Proprietary Lease, the Stock Power, the
        Recognition Agreement, the Financing Statement and the Assignment of Proprietary
        Lease and such documents have been duly and properly executed by such parties;
        each Stock Power (i) has all signatures guaranteed or (ii) if all signatures
        are
        not guaranteed, then such Cooperative Shares will be transferred by the stock
        transfer agent of the Cooperative Corporation if the Seller undertakes to
        convert the ownership of the collateral securing the related Cooperative
        Loan;

       

      (15)  Full
        Disbursement of Proceeds.
        Such
        Mortgage Loan has closed and the proceeds of such Mortgage Loan have been
        fully
        disbursed prior to the Funding Date; provided
        that,
        with respect to any Mortgage Loan originated within the previous 120 days,
        alterations and repairs with respect to the related Mortgaged Property or
        any
        part thereof may have required an escrow of funds in an amount sufficient
        to pay
        for all outstanding work within 120 days of the origination of such Mortgage
        Loan, and, if so, such funds are held in escrow by the Seller, a title company
        or other escrow agent;

       

      (16)  Ownership.
        The
        Mortgage Note and the Mortgage related to such Mortgage Loan have not been
        assigned, pledged or otherwise transferred by the applicable Seller, in whole
        or
        in part, and the Seller has good and marketable title thereto, and the Seller
        is
        the sole owner thereof (and with respect to any Cooperative Loan, the sole
        owner
        of the related Cooperative Pledge Agreement)and has full right and authority
        to
        transfer and sell such Mortgage Loan, and is transferring such Mortgage Loan
        to
        the Purchaser free and clear of any encumbrance, equity, lien, pledge, charge,
        claim or security interest;

       

      (17)  Doing
        Business.
        All
        parties that have had any interest in such Mortgage Loan, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) in compliance with any and all applicable
        licensing requirements of the laws of the state wherein the related Mortgaged
        Property is located;

       

      (18)  Title
        Insurance.
        (a)
        Such Mortgage Loan is covered by an ALTA lender’s title insurance policy or
        short form title policy acceptable to Fannie Mae and Freddie Mac (or, in
        jurisdictions where ALTA policies are not generally approved for use, a lender’s
        title insurance policy acceptable to Fannie Mae and Freddie Mac), issued
        by a
        title insurer acceptable to Fannie Mae and Freddie Mac and qualified to do
        business in the jurisdiction where the related Mortgaged Property is located,
        insuring (subject to the exceptions contained in clauses (12)(a) and (b)
        above)
        the Seller or Servicer, its successors and assigns as to the first priority
        lien
        of the related Mortgage in the original principal amount of such Mortgage
        Loan
        including any Negative Amortization and in the case of ARM Loans, against
        any
        loss by reason of the invalidity or unenforceability of the lien resulting
        from
        the provisions of such Mortgage providing for adjustment to the applicable
        Note
        Rate and Monthly Payment. Additionally, either such lender’s title insurance
        policy affirmatively insures that there is ingress and egress to and from
        the
        Mortgaged Property or the Seller warrants that there is ingress and egress
        to
        and from the Mortgaged Property and the lender’ s title insurance policy
        affirmatively insures against encroachments by or upon the related Mortgaged
        Property or any interest therein or any other adverse circumstance that either
        is disclosed or would have been disclosed by an accurate survey. The originator
        of the Mortgage Loan, its successor and/or assignee is the sole insured of
        such
        lender’s title insurance policy, and such lender’s title insurance policy is in
        full force and effect and will be in full force and effect upon the consummation
        of the transactions contemplated by this Agreement and will inure to the
        benefit
        of the Purchaser without any further act. No claims have been made under
        such
        lender’s title insurance policy, neither the Seller, nor to the best of Seller’s
        knowledge, any prior holder of the related Mortgage has done, by act or
        omission, anything that would impair the coverage of such lender’s insurance
        policy, and there is no act, omission, condition, or information that would
        impair the coverage of such lender’s insurance policy; (b) The mortgage title
        insurance policy covering each unit mortgage in a condominium or PUD project
        related to such Mortgage Loan meets all requirements of Fannie Mae and Freddie
        Mac;

       

      (19)  No
        Defaults.
        (a)
        There is no default, breach, violation or event of acceleration existing
        under
        the Mortgage, the Mortgage Note (or the related Pledge Agreement with respect
        to
        each Pledged Asset Mortgage Loan), or any other agreements, documents, or
        instruments related to such Mortgage Loan; (b) to the best of the Seller’s
        knowledge, there is no event that, with the lapse of time, the giving of
        notice,
        or both, would constitute such a default, breach, violation or event of
        acceleration; (c) the Mortgagor(s) with respect to such Mortgage Loan is
        not the
        subject of an Insolvency Proceeding; (d) no event of acceleration has previously
        occurred, and no notice of default has been sent, with respect to such Mortgage
        Loan; (e) in no event has the Seller waived any of its rights or remedies
        in
        respect of any default, breach, violation or event of acceleration under
        the
        Mortgage, the Mortgage Note (or the related Pledge Agreement with respect
        to
        each Pledged Asset Mortgage Loan), or any other agreements, documents, or
        instruments related to such Mortgage Loan; and (f) with respect to each
        Cooperative Loan, there is no default in complying with the terms of the
        Mortgage Note, the Cooperative Pledge Agreement and the Proprietary Lease
        and
        all maintenance charges and assessments (including assessments payable in
        the
        future installments, which previously became due and owing) have been paid,
        and
        the Seller has the right under the terms of the Mortgage Note, Cooperative
        Pledge Agreement and Recognition Agreement to pay any maintenance charges
        or
        assessments owed by the Mortgagor;

       

      (20)  No
        Mechanics’ Liens.
        No
        Mortgage Loan is subject to any mechanics’ or similar liens, except such liens
        as are expressly insured against by a title insurance policy, or claims that
        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
        that are or may be liens prior to, or equal or coordinate with, the lien
        of the
        related Mortgage;

       

      (21)  Location
        of Improvements; No Encroachments.
        As of
        the date of origination of such Mortgage Loan, to the best of the Seller’s
        knowledge, all improvements that were considered in determining the Appraised
        Value of the related Mortgaged Property lay wholly within the boundaries
        and
        building restriction lines of such Mortgaged Property, and no improvements
        on
        adjoining properties encroach upon such Mortgaged Property except as permitted
        under the terms of the Fannie Mae Guide and the Freddie Mac Servicer Guide;
        to
        the best of the Seller’s knowledge, no improvement located on or part of any
        Mortgaged Property is in violation of any applicable zoning law or regulation,
        and all inspections, licenses and certificates required to be made or issued
        with respect to all occupied portions of such Mortgaged Property, and with
        respect to the use and occupancy of the same, including certificates of
        occupancy, have been made or obtained from the appropriate
        authorities;

       

      (22)  Origination;
        Payment Terms.
        Principal payments on such Mortgage Loan commenced or will commence no more
        than
        60 days after funds were disbursed in connection with such Mortgage Loan.
        If the interest rate on the related Mortgage Note is adjustable, the adjustment
        is based on the Index set forth on the related Mortgage Loan Schedule. The
        related Mortgage Note is payable on the first day of each month in arrears,
        in
        accordance with the payment terms described on the related Mortgage Loan
        Schedule. With respect to any Mortgage Loan subject to Negative Amortization
        the
        Monthly Payments are sufficient during the period following each Payment
        Adjustment Date to fully amortize the outstanding principal balance as of
        the
        first day of such period (including any Negative Amortization) over the original
        term thereof in accordance with the terms and conditions set forth in the
        Mortgage Note ;

       

      (23)  Due
        On
        Sale.
        Except
        as noted otherwise on the Mortgage Loan Schedule, the related Mortgage contains
        the usual and customary “due-on-sale” clause or other similar provision for the
        acceleration of the payment of the Unpaid Principal Balance of such Mortgage
        Loan if the related Mortgaged Property or any interest therein is sold or
        transferred without the prior consent of the mortgagee thereunder;

       

      (24)  Prepayment
        Penalty.
        Except
        as noted otherwise on the Mortgage Loan Schedule, such Mortgage Loan is not
        subject to any Prepayment Penalty;

       

      (25)  Mortgaged
        Property Undamaged; No Condemnation.
        The
        related Mortgaged Property (and with respect to a Cooperative Loan, the related
        Cooperative Project and Cooperative Unit) is free of material damage and
        waste
        and there is no proceeding pending for the total or partial condemnation
        thereof;

       

      (26)  Customary
        Provisions.
        The
        related Mortgage contains customary and enforceable provisions that render
        the
        rights and remedies of the holder thereof adequate for the realization against
        the related Mortgaged Property of the benefits of the security provided thereby,
        including, (a) in the case of a Mortgage designated as a deed of trust, by
        trustee’s sale, and (b) in the case of a Mortgage, otherwise by judicial
        foreclosure;

       

      (27)  Conformance
        With Underwriting Standards.
        Such
        Mortgage Loan was underwritten in accordance with the PHH Guide; 

       

      (28)  Appraisal.
        The
        Mortgage File contains an appraisal of the related Mortgaged Property on
        forms
        and with riders approved by Fannie Mae and Freddie Mac, signed prior to the
        approval of such Mortgage Loan application by an appraiser, duly appointed
        by
        the originator of such Mortgage Loan, whose compensation is not affected
        by the
        approval or disapproval of such Mortgage Loan and who met the minimum
        qualifications of Fannie Mae and Freddie Mac for appraisers. Each appraisal
        of
        the Mortgage Loan was made in accordance with the relevant provisions of
        the
        Financial Institutions Reform, Recovery, and Enforcement Act of
        1989;

       

      (29)  Deeds
        of Trust.
        If the
        related Mortgage constitutes a deed of trust, then a trustee, duly qualified
        under applicable law to serve as such, has been properly designated and
        currently so serves and is named in such Mortgage, and no fees or expenses
        are
        or will become payable by the Purchaser to the trustee under such deed of
        trust,
        except in connection with a trustee’s sale after default by the related
        Mortgagor;

       

      (30)  LTV;
        Primary Mortgage Insurance Policy.
        Except
        with respect to Pledged Asset Mortgage Loans and any loan program as defined
        in
        the PHH Guide not requiring Primary Mortgage Insurance, if such Mortgage
        Loan
        had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage
        Loan is
        and will be subject to a Primary Insurance Policy issued by a Qualified Mortgage
        Insurer, which insures the Seller or Servicer, its successors and assigns
        and
        insured’s in the amount set forth on the Mortgage Loan Schedule; provided that,
        a Primary Mortgage Insurance Policy will not be required for any Cooperative
        Loan if (i) the proceeds of such Cooperative Loan were used to purchase a
        Cooperative Unit at the “insider's price” when the building was converted to a
        Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes
        of
        establishing the LTV at origination was such “insider's price”, (iii) the
        principal amount of the Cooperative Loan at origination was not more than
        100%
        of such “insider's price” and (iv) the LTV at origination, as calculated using
        the Appraised Value at origination, was less than or equal to 80%. All
        provisions of such Primary Insurance Policy have been and are being complied
        with, such policy is in full force and effect, and all premiums due thereunder
        have been paid. Any related Mortgage subject to any such Primary Insurance
        Policy (other than a “lender-paid” Primary Insurance Policy) obligates the
        Mortgagor thereunder to maintain such insurance for the time period required
        by
        law and to pay all premiums and charges in connection therewith. As of the
        date
        of origination, the Loan-to-Value Ratio of such Mortgage Loan is as specified
        in
        the applicable Mortgage Loan Schedule;

       

      (31)  Occupancy.
        To the
        best of the Seller’s knowledge, the related Mortgaged Property (or with respect
        to a Cooperative Loan, the related Cooperative Unit) is lawfully occupied
        under
        applicable law and all inspections, licenses and certificates required to
        be
        made or issued with respect to all occupied portions of the Mortgaged Property
        (or with respect to a Cooperative Loan, the related Cooperative Unit) and,
        with
        respect to the use and occupancy of the same, including but not limited to
        certificates of occupancy, have been made or obtained from the appropriate
        authorities;

       

      (32)  Supervision
        and Examination by a Federal or State Authority.
        Each
        Mortgage Loan either was (a) closed in the name of the PHH Mortgage, or (b)
        closed in the name of another entity that is either a savings and loan
        association, a savings bank, a commercial bank, credit union, insurance company
        or an institution which is supervised and examined by a federal or state
        authority, or a mortgagee approved by the Secretary of Housing and Urban
        Development pursuant to Sections 203 and 211 of the National Housing Act
        (a “HUD
        Approved Mortgagee”), and was so at the time such Mortgage Loan was originated
        (PHH Mortgage or such other entity, the “Originator”) or (c) closed in the name
        of a loan broker under the circumstances described in the following sentence.
        If
        such Mortgage Loan was originated through a loan broker, such Mortgage Loan
        met
        the Originator’s underwriting criteria at the time of origination and was
        originated in accordance with the Originator’s policies and procedures and the
        Originator acquired such Mortgage Loan from the loan broker contemporaneously
        with the origination thereof. The Mortgage Loans that the Trust is selling
        to
        Purchaser were originated by or on behalf of PHH Mortgage and subsequently
        assigned to the Trust.

       

      (33)  Adjustments.
        All of
        the terms of the related Mortgage Note pertaining to interest rate adjustments,
        payment adjustments and adjustments of the outstanding principal balance,
        if
        any, are enforceable and such adjustments will not affect the priority of
        the
        lien of the related Mortgage; all such adjustments on such Mortgage Loan
        have
        been made properly and in accordance with the provisions of such Mortgage
        Loan;

       

      (34)  Insolvency
        Proceedings; The Servicemembers Civil Relief Act.
        To the
        best of the Seller’s knowledge, the related Mortgagor (1) is not the subject of
        any Insolvency Proceeding; and (2) has not requested any relief allowed to
        such
        Mortgagor under the Servicemembers Civil Relief Act;

       

      (35)  Fannie
        Mae/Freddie Mac Documents.
        Such
        Mortgage Loan was closed on standard Fannie Mae or Freddie Mac documents
        or on
        such documents otherwise acceptable to them;

       

      (36)  Payments.
        Unless
        otherwise disclosed in the Offering Materials or the Mortgage Loan Schedule,
        no
        Mortgage Loan contains provisions pursuant to which Monthly Payments are
        (a)
        paid or partially paid with funds deposited in any separate account established
        by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (b) paid
        by
        any source other than the Mortgagor or (c) contains any other similar provisions
        which may constitute a “buydown” provision. The Mortgage Loan is not a graduated
        payment mortgage loan and the Mortgage Loan does not have a shared appreciation
        or other contingent interest feature;

       

      (37)  The
        Assignment of Mortgage.
        The
        Assignment is in recordable form and is acceptable for recording under the
        laws
        of the jurisdiction in which the Mortgaged Property is located;

       

      (38)  No
        Advances.
        Any
        principal advances made to the Mortgagor prior to the Cut-off Date have been
        consolidated with the outstanding principal amount secured by the Mortgage,
        and
        the secured principal amount, as consolidated, bears a single interest rate
        and
        single repayment term. The consolidated principal amount does not exceed
        the
        original principal amount of the Mortgage Loan plus any Negative
        Amortization;

       

      (39)  Balloon
        Loans.
        Unless
        otherwise disclosed in the Offering Materials or the Mortgage Loan Schedule,
        no
        Mortgage Loan has a balloon payment feature. With respect to any Mortgage
        Loan
        with a balloon payment feature, the Mortgage Note is payable in Monthly Payments
        based on a thirty year amortization schedule and has a final Monthly Payment
        substantially greater than the preceding Monthly Payment which is sufficient
        to
        amortize the remaining principal balance of the Mortgage Loan;

       

      (40)  Condominium
        Units/PUDs.
        If the
        residential dwelling on the Mortgaged Property is a condominium unit or a
        unit
        in a planned unit development (other than a de minimis planned unit development)
        such condominium or planned unit development project meets the eligibility
        requirements of the PHH Guide;

       

      (41)  High
        Cost Mortgage Loans.
        None of
        the Mortgage Loans are (a) subject to, covered by or in violation of the
        Home
        Ownership and Equity Protection Act of 1994 (“HOEPA”), (b) classified as a “high
        cost,” “covered,” “high risk home”, “high-rate, high-fee,” “threshold,” or
“predatory” loan under HOEPA or any other applicable state, federal or local
        law, including any predatory or abusive lending laws (or a similarly classified
        loan using different terminology under a law imposing heightened scrutiny
        or
        additional legal liability for a residential mortgage loan having high interest
        rates, points and/or fees), (c) a High Cost Loan or Covered Loan, as applicable
        (as such terms are defined in the Standard & Poor’s LEVELS® Glossary
        Revised, Appendix E) or (d) in violation of any state law or ordinance
        comparable to HOEPA;

       

      (42)  No
        Rehabilitation Loan.
        Unless
        otherwise disclosed in the Offering Materials or the Mortgage Loan Schedule,
        no
        Mortgage Loan was made in connection with (a) the construction or rehabilitation
        of a Mortgaged Property or (b) facilitating the trade-in or exchange of a
        Mortgaged Property;

       

      (43)  No
        Adverse Conditions.
        The
        Seller has no knowledge of any circumstances or condition with respect to
        the
        Mortgage, the Mortgage Property (or with respect to a Cooperative Loan, the
        Cooperative Pledge Agreement, the Cooperative Unit or the Cooperative Project),
        the Mortgagor or the Mortgagor’s credit standing that can reasonably be expected
        to cause the Mortgage Loan to be an unacceptable investment, cause the Mortgage
        Loan to become delinquent, or adversely affect the value of the Mortgage
        Loan;

       

      (44)  Scheduled
        Interest.
        Interest on each Mortgage Loan is calculated on the basis of a 360-day year
        consisting of twelve 30-day months;

       

      (45)  Environmental
        Laws.
        To the
        best of Seller’s knowledge, the Mortgaged Property is in material compliance
        with all applicable environmental laws pertaining to environmental hazards
        including, without limitation, asbestos, and neither the Seller nor, to the
        Seller’s knowledge, the related Mortgagor, has received any notice of any
        violation or potential violation of such law; 

       

      (46)  Negative
        Amortization.
        Unless
        otherwise disclosed in the Offering Materials or the Mortgage Loan Schedule,
        no
        Mortgage Loan is subject to negative amortization;

       

      (47)  Cooperative
        Lien Search.
        With
        respect to each Cooperative Loan, a Cooperative Lien Search has been made
        by a
        company competent to make the same which company is acceptable to Fannie
        Mae and
        Freddie Mac and qualified to do business in the jurisdiction where the
        Cooperative Unit is located; 

       

      (48)  Cooperative
        Loan- Proprietary Lease.
        With
        respect to each Cooperative Loan, (i) the terms of the related Proprietary
        Lease
        is longer than the terms of the Cooperative Loan, (ii) there is no provision
        in
        any Proprietary Lease which requires the Mortgagor to offer for sale the
        Cooperative Shares owned by such Mortgagor first to the Cooperative Corporation,
        (iii) there is no prohibition in any Proprietary Lease against pledging the
        Cooperative Shares or assigning the Proprietary Lease and (iv) the Recognition
        Agreement is on a form of agreement published by the Aztech Document Systems,
        Inc. or includes provisions which are no less favorable to the lender than
        those
        contained in such agreement;

       

      (49)  Cooperative
        Loan- UCC Financing Statement.
        With
        respect to each Cooperative Loan, each original UCC financing statement,
        continuation statement or other governmental filing or recordation necessary
        to
        create or preserve the perfection and priority of the first priority lien
        and
        security interest in the Cooperative Shares and Proprietary Lease has been
        timely and properly made. Any security agreement, chattel mortgage or equivalent
        document related to the Cooperative Loan and delivered to the Mortgagor or
        its
        designee establishes in the Mortgagor a valid and subsisting perfected first
        lien on and security interest in the Mortgaged Property described therein,
        and
        the Mortgagor has full right to sell and assign the same;

       

      (50)  Cooperative
        Loan- Cooperative Pledge Agreement.
        With
        respect to each Cooperative Loan, each Cooperative Pledge Agreement contains
        enforceable provisions such as to render the rights and remedies of the holder
        thereof adequate for the realization of the benefits of the security provided
        thereby. The Cooperative Pledge Agreement contains an enforceable provision
        for
        the acceleration of the payment of the Unpaid Principal Balance of the Mortgage
        Note in the event the Cooperative Unit is transferred or sold without the
        consent of the holder thereof;

       

      (51)  Imaging.
        Each
        imaged document represents a true, complete, and correct copy of the original
        document in all respects, including, but not limited to, all signatures
        conforming with signatures contained in the original document, no information
        having been added or deleted, and no imaged document having been manipulated
        or
        altered in any manner. Each imaged document is clear and legible, including,
        but
        not limited to, accurate reproductions of photographs. No original documents
        have been or will be altered in any manner;

       

      (52)  No
        predatory or deceptive lending practices, including but not limited to, the
        extension of credit to a mortgagor without regard for the mortgagor’s ability to
        repay the Mortgage Loan and the extension of credit to a mortgagor which
        has no
        apparent benefit to the mortgagor, were employed in connection with the
        origination of the Mortgage Loan. Each Mortgage Loan is in compliance with
        the
        anti-predatory lending eligibility for purchase requirements of the Fannie
        Mae
        Guides;

       

      (53)  No
        Mortgagor was required to purchase any credit life, disability, accident
        or
        health insurance product as a condition of obtaining the extension of credit.
        No
        Mortgagor obtained a prepaid single premium credit life, disability, accident
        or
        health insurance policy in connection with the origination of the Mortgage
        Loan.
        No proceeds from any Mortgage Loan were used to purchase single premium credit
        insurance policies as part of the origination of, or as a condition to closing,
        such Mortgage Loan;

       

      (54)  None
        of
        the Mortgage Loans are subject to a prepayment penalty.

       

      (55)  The
        Seller has complied with all applicable anti-money laundering laws and
        regulations, including without limitation the USA Patriot Act of 2001
        (collectively, the “Anti-Money Laundering Laws”); the Seller has established an
        anti-money laundering compliance program as required by the Anti-Money
        Laundering Laws, has conducted the requisite due diligence in connection
        with
        the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
        Laws, including with respect to the identity of the applicable Mortgagor
        and,
        other than with respect to any Mortgage Loan originated pursuant to a
“specialty/Alt-A” program, the origin of the assets used by the said Mortgagor
        to purchase the property in question, and maintains, and will maintain,
        sufficient information to identify the applicable Mortgagor for purposes
        of the
        Anti-Money Laundering Laws. No Mortgage Loan is subject to nullification
        pursuant to Executive Order 13224 (the “Executive Order”) or the regulations
        promulgated by the Office of Foreign Assets Control of the United States
        Department of the Treasury (the “OFAC Regulations”) or in violation of the
        Executive Order or the OFAC Regulations, and no Mortgagor is subject to the
        provisions of such Executive Order or the OFAC Regulations nor listed as
        a
“blocked person” for purposes of the OFAC Regulations;

       

      (56)  No
        Mortgagor was encouraged or required to select a Mortgage Loan product offered
        by the Mortgage Loan’s originator which is a higher cost product designed for
        less creditworthy borrowers, unless at the time of the Mortgage Loan’s
        origination, such Mortgagor did not qualify taking into account credit history
        and debt to income ratios for a lower cost credit product then offered by
        the
        Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s originator.
        If, at the time of loan application, the Mortgagor may have qualified for
        a for
        a lower cost credit product then offered by any mortgage lending affiliate
        of
        the Mortgage Loan’s originator, the Mortgage Loan’s originator referred the
        Mortgagor’s application to such affiliate for underwriting
        consideration;

       

      (57)  The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        employs objective mathematical principles which relate the Mortgagor’s income,
        assets and liabilities to the proposed payment and such underwriting methodology
        does not rely on the extent of the Mortgagor’s equity in the collateral as the
        principal determining factor in approving such credit extension. Such
        underwriting methodology confirmed that at the time of origination
        (application/approval) the Mortgagor had a reasonable ability to make timely
        payments on the Mortgage Loan;

       

      (58)  All
        points and fees related to each Mortgage Loan were disclosed in writing to
        the
        related Borrower in accordance with applicable state and federal law and
        regulation. Except in the case of a Mortgage Loan in an original principal
        amount of less than $60,000 which would have resulted in an unprofitable
        origination, no related Borrower was charged “points and fees” (whether or not
        financed) in an amount greater than 5% of the principal amount of such loan,
        such 5% limitation is calculated in accordance with Fannie Mae’s anti-predatory
        lending requirements as set forth in the Fannie Mae Selling Guide. All fees
        and
        charges (including finance charges) and whether or not financed, assessed,
        collected or to be collected in connection with the origination and servicing
        of
        each such Mortgage Loan were disclosed in writing to the related Mortgagor
        in
        accordance with applicable state and federal laws and regulations; 

       

      (59)  Each
        Mortgage Loan constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of
        the Code and Treasury Regulation Section 1.860G-2(a)(1); 

       

      (60)  No
        Mortgage Loan is a “High Cost Home Loan” as defined in the Georgia Fair Lending
        Act, as amended (the “Georgia Act”). Each Mortgage Loan that is a “Home Loan”
under the Georgia Act complies with all applicable provisions of the Georgia
        Act. No Mortgage Loan secured by owner occupied real property or an owner
        occupied manufactured home located in the State of Georgia was originated
        (or
        modified) on or after October 1, 2002 through and including March 6,
        2003;

       

      (61)  With
        respect to any Mortgage Loan for which a mortgage loan application was submitted
        by the Mortgagor after April 1, 2004, no such Mortgage Loan secured by Mortgaged
        Property in the State of Illinois which has a mortgage rate in excess of
        8.0%
        per annum has lender-imposed fees (or other charges) in excess of 3.0% of
        the
        original principal balance of the Mortgage Loan;

       

      (62)  With
        respect to each Mortgage Loan, the Mortgagor has not made or caused to be
        made
        any payment in the nature of an “average” or “yield spread premium” to a
        mortgage broker or a like Person which has not been fully disclosed to the
        Mortgagor;

       

      (63)  With
        respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and such
        MIN
        is accurately provided on the Mortgage Loan Schedule. The related Assignment
        of
        Mortgage to MERS has been duly and properly recorded, or has been delivered
        for
        recording to the applicable recording office; 

       

      (64)  With
        respect to each MERS Mortgage Loan, the Seller has not received any notice
        of
        liens or legal actions with respect to such Mortgage Loan and no such notices
        have been electronically posted by MERS; and

       

      With
        respect to any Mortgage Loan originated on or after August 1, 2004, no Mortgagor
        agreed to submit to arbitration to resolve any dispute arising out of or
        relating in any way to the Mortgage Loan transaction.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D

      

      Representation
        and Warranties with Respect to the GreenPoint Mortgage Loans

      

      Except
        for “Mortgage Loans”, which shall mean the GreenPoint Mortgage Loans sold by the
        Seller to the Purchaser, all capitalized terms in this Exhibit D shall have
        the
        meanings ascribed to them in the GreenPoint Servicing Agreement.

       

      (1)  The
        information set forth in the related Mortgage Loan Schedule and the Mortgage
        Loan data delivered to the Purchaser on the Data Tape is complete, true and
        correct in all material respects;

       

      (2)  The
        Mortgage Loan is in compliance with all requirements set forth in the related
        Confirmation, and the characteristics of the related Mortgage Loan Package
        as
        set forth in the related Confirmation are true and correct;

       

      (3)  All
        payments required to be made up to the close of business on the Closing Date
        for
        such Mortgage Loan under the terms of the Mortgage Note have been made; the
        Seller has not advanced funds, or induced, solicited or knowingly received
        any
        advance of funds from a party other than the owner of the related Mortgaged
        Property, directly or indirectly, for the payment of any amount required
        by the
        Mortgage Note or Mortgage. No payment under the Mortgage Loan has been
        delinquent at any time since the origination of the Mortgage Loan;

       

      (4)  There
        are
        no delinquent taxes, ground rents, water charges, sewer rents, assessments,
        insurance premiums, leasehold payments, including assessments payable in
        future
        installments or other outstanding charges affecting the related Mortgaged
        Property;

       

      (5)  The
        Mortgaged Property is located in the state identified in the related Mortgage
        Loan Schedule and is improved by a Residential Dwelling;

       

      (6)  The
        terms
        of the Mortgage Note and the Mortgage have not been impaired, waived, altered
        or
        modified in any respect, except by written instruments, recorded in the
        applicable public recording office or registered with the MERS System if
        necessary to maintain the lien priority of the Mortgage, and which have been
        delivered to the Purchaser; the substance of any such waiver, alteration
        or
        modification has been approved by the insurer under the Primary Insurance
        Policy
        or LPMI Policy, if any, and the title insurer, to the extent required by
        the
        related policy, and is reflected on the related Mortgage Loan Schedule. No
        instrument of waiver, alteration or modification has been executed, and no
        Mortgagor has been released, in whole or in part, except in connection with
        an
        assumption agreement approved by the insurer under the Primary Insurance
        Policy
        or LPMI Policy, if any, the title insurer, to the extent required by the
        policy,
        and which assumption agreement has been delivered to the Purchaser and the
        terms
        of which are reflected in the related Mortgage Loan Schedule;

       

      (7)  The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including the defense of usury, nor will
        the
        operation of any of the terms of the Mortgage Note and/or the Mortgage, or
        the
        exercise of any right thereunder, render the Mortgage unenforceable, in whole
        or
        in part, or subject to any right of rescission, set-off, counterclaim or
        defense, including the defense of usury and no such right of rescission,
        set-off, counterclaim or defense has been asserted with respect
        thereto;

       

      (8)  All
        buildings upon the Mortgaged Property are insured by an insurer acceptable
        to
        FNMA and FHLMC against loss by fire, hazards of extended coverage and such
        other
        hazards as are customary in the area where the Mortgaged Property is located,
        pursuant to insurance policies conforming to the requirements of the Servicing
        Addendum. All such insurance policies contain a standard mortgagee clause
        naming
        the Seller, its successors and assigns as mortgagee and all premiums thereon
        have been paid. If the Mortgaged Property is in an area identified on a Flood
        Hazard Map or Flood Insurance Rate Map issued by the Federal Emergency
        Management Agency as having special flood hazards (and such flood insurance
        has
        been made available) a flood insurance policy meeting the requirements of
        the
        current guidelines of the Federal Insurance Administration is in effect which
        policy conforms to the requirements of FNMA and FHLMC. The Mortgage obligates
        the Mortgagor thereunder to maintain all such insurance at the Mortgagor’s cost
        and expense, and on the Mortgagor’s failure to do so, authorizes the holder of
        the Mortgage to maintain such insurance at Mortgagor’s cost and expense and to
        seek reimbursement therefor from the Mortgagor;

       

      (9)  Any
        and
        all requirements of any federal, state or local law including, without
        limitation, usury, truth in lending, real estate settlement procedures, consumer
        credit protection, equal credit opportunity, fair housing, disclosure laws
        or
        all predatory and abusive lending laws applicable to the origination and
        servicing of mortgage loans of a type similar to the Mortgage Loans have
        been
        complied with and the consummation of the transactions contemplated hereby
        will
        not involve the violation of any such laws, and the Seller shall maintain
        in its
        possession, available for the inspection of the Purchaser or its designee,
        and
        shall upon two Business Days’ request, evidence of compliance with such
        requirements;

       

      (10)  The
        Mortgage has not been satisfied, cancelled, subordinated or rescinded, in
        whole
        or in part, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part, nor has any instrument been executed that
        would effect any such satisfaction, cancellation, subordination, rescission
        or
        release;

       

      (11)  The
        related Mortgage is properly recorded and is a valid, existing and enforceable
        (A) first lien and first priority security interest with respect to each
        Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected
        on the Mortgage Loan Schedule), or (B) second lien and second priority security
        interest with respect to each Mortgage Loan which is indicated by the Seller
        to
        be a Second Lien (as reflected on the Mortgage Loan Schedule), in either
        case,
        on the Mortgaged Property, including all improvements on the Mortgaged Property
        subject only to (a) the lien of current real property taxes and assessments
        not
        yet due and payable, (b) covenants, conditions and restrictions, rights of
        way,
        easements and other matters of the public record as of the date of recording
        being acceptable to mortgage lending institutions generally and specifically
        referred to in the lender’s title insurance policy delivered to the originator
        of the Mortgage Loan and which do not adversely affect the Appraised Value
        of
        the Mortgaged Property, (c) other matters to which like properties are commonly
        subject which do not materially interfere with the benefits of the security
        intended to be provided by the Mortgage or the use, enjoyment, value or
        marketability of the related Mortgaged Property and (d) with respect to each
        Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage
        Loan
        (as reflected on the Mortgage Loan Schedule) a First Lien on the Mortgaged
        Property. Any security agreement, chattel mortgage or equivalent document
        related to and delivered in connection with the Mortgage Loan establishes
        and
        creates a valid, existing and enforceable (A) first lien and first priority
        security interest with respect to each Mortgage Loan which is indicated by
        the
        Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) or
        (B)
        second lien and second priority security interest with respect to each Mortgage
        Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as
        reflected on the Mortgage Loan Schedule), in either case, on the property
        described therein and the Seller has full right to sell and assign the same
        to
        the Purchaser. The Mortgaged Property was not, as of the date of origination
        of
        the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt
        or
        other security instrument creating a lien subordinate to the lien of the
        Mortgage;

       

      (12)  The
        Mortgage Note and the related Mortgage are genuine and each is the legal,
        valid
        and binding obligation of the maker thereof, enforceable in accordance with
        its
        terms except as enforceability is limited by bankruptcy, insolvency or
        reorganization or other similar laws affecting the enforcement of the rights
        of
        creditors and general principals of equity, whether enforcement is sought
        in a
        proceeding in equity or at law;

       

      (13)  All
        parties to the Mortgage Note and the Mortgage had legal capacity to enter
        into
        the Mortgage Loan and to execute and deliver the Mortgage Note and the Mortgage,
        and the Mortgage Note and the Mortgage have been duly and properly executed
        by
        such parties. The Mortgagor is a natural person;

       

      (14)  The
        proceeds of the Mortgage Loan have been fully disbursed to or for the account
        of
        the Mortgagor and there is no obligation for the Mortgagee to advance additional
        funds thereunder and any and all requirements as to completion of any on-site
        or
        off-site improvement and as to disbursements of any escrow funds therefor
        have
        been complied with. All costs, fees and expenses incurred in making or closing
        the Mortgage Loan and the recording of the Mortgage have been paid, and the
        Mortgagor is not entitled to any refund of any amounts paid or due to the
        Mortgagee pursuant to the Mortgage Note or Mortgage;

       

      (15)  The
        Seller is the sole legal, beneficial and equitable owner of the Mortgage
        Note
        and the Mortgage. The Seller has full right and authority under all governmental
        and regulatory bodies having jurisdiction over such Seller, subject to no
        interest or participation of, or agreement with, any party, to transfer and
        sell
        the Mortgage Loan to the Purchaser pursuant to this Agreement free and clear
        of
        any encumbrance or right of others, equity, lien, pledge, charge, mortgage,
        claim, participation interest or security interest of any nature (collectively,
        a “Lien”); and immediately upon the transfers and assignments herein
        contemplated, the Seller shall have transferred and sold all of its right,
        title
        and interest in and to each Mortgage Loan and the Purchaser will hold good,
        marketable and indefeasible title to, and be the owner of, each Mortgage
        Loan
        subject to no Lien;

       

      (16)  All
        parties which have had any interest in the Mortgage Loan, whether as originator,
        mortgagee, assignee, pledgee or otherwise, are (or, during the period in
        which
        they held and disposed of such interest, were): (A) organized under the laws
        of
        such state, or (B) qualified to do business in such state, or (C) federal
        savings and loan associations or national banks having principal offices
        in such
        state, or (D) not doing business in such state so as to require qualification
        or
        licensing, or (E) not otherwise required to be licensed in such state. All
        parties which have had any interest in the Mortgage Loan were in compliance
        with
        any and all applicable “doing business” and licensing requirements of the laws
        of the state wherein the Mortgaged Property is located or were not required
        to
        be licensed in such state;

       

      (17)  The
        Mortgage Loan is covered by an American Land Title Association (“ALTA”) ALTA
        lender’s title insurance policy (which, in the case of an Adjustable Rate
        Mortgage Loan has an adjustable rate mortgage endorsement in the form of
        ALTA
        6.0 or 6.1), issued by a title insurer acceptable to FNMA and FHLMC and
        qualified to do business in the jurisdiction where the Mortgaged Property
        is
        located, insuring (subject to the exceptions contained above in (xi)(a) and
        (b)
        and, with respect to each Mortgage Loan which is indicated by the Seller
        to be a
        Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) clause
        (d)) the Seller, its successors and assigns as to the first priority lien
        of the
        Mortgage in the original principal amount of the Mortgage Loan and, with
        respect
        to any Adjustable Rate Mortgage Loan, against any loss by reason of the
        invalidity or unenforceability of the lien resulting from the provisions
        of the
        Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly
        Payment. Additionally, such lender’s title insurance policy affirmatively
        insures ingress and egress to and from the Mortgaged Property, and against
        encroachments by or upon the Mortgaged Property or any interest therein.
        The
        Seller is the sole insured of such lender’s title insurance policy, and such
        lender’s title insurance policy is in full force and effect and will be in full
        force and effect upon the consummation of the transactions contemplated by
        this
        Agreement. No claims have been made under such lender’s title insurance policy,
        and no prior holder of the related Mortgage, including the Seller, has done,
        by
        act or omission, anything which would impair the coverage of such lender’s title
        insurance policy;

       

      (18)  There
        is
        no default, breach, violation or event of acceleration existing under the
        Mortgage or the Mortgage Note and no event which, with the passage of time
        or
        with notice and the expiration of any grace or cure period, would constitute
        a
        default, breach, violation or event of acceleration, and the Seller has not
        waived any default, breach, violation or event of acceleration. With respect
        to
        each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage
        Loan (as reflected on the Mortgage Loan Schedule) (i) the First Lien is in
        full
        force and effect, (ii) there is no default, breach, violation or event of
        acceleration existing under such First Lien mortgage or the related mortgage
        note, (iii) no event which, with the passage of time or with notice and the
        expiration of any grace or cure period, would constitute a default, breach,
        violation or event of acceleration thereunder, and either (A) the First Lien
        mortgage contains a provision which allows or (B) applicable law requires,
        the
        mortgagee under the Second Lien Mortgage Loan to receive notice of, and affords
        such mortgagee an opportunity to cure any default by payment in full or
        otherwise under the First Lien mortgage;

       

      (19)  There
        are
        no mechanics’ or similar liens or claims which have been filed for work, labor
        or material (and no rights are outstanding that under law could give rise
        to
        such lien) affecting the related Mortgaged Property which are or may be liens
        prior to, or equal or coordinate with, the lien of the related
        Mortgage;

       

      (20)  All
        improvements which were considered in determining the Appraised Value of
        the
        related Mortgaged Property lay wholly within the boundaries and building
        restriction lines of the Mortgaged Property, and no improvements on adjoining
        properties encroach upon the Mortgaged Property;

       

      (21)  The
        Mortgage Loan was originated by the Seller or by a savings and loan association,
        a savings bank, a commercial bank or similar banking institution which is
        supervised and examined by a federal or state authority, or by a mortgagee
        approved as such by the Secretary of HUD;

       

      (22)  Payments
        on the Mortgage Loan shall commence (with respect to any newly originated
        Mortgage Loans) or commenced no more than sixty days after the proceeds of
        the
        Mortgage Loan were disbursed. The Mortgage Loan bears interest at the Mortgage
        Interest Rate. With respect to each Mortgage Loan, the Mortgage Note is payable
        on the first day of each month in Monthly Payments, which, (A) in the case
        of a
        Fixed Rate Mortgage Loan, are sufficient to fully amortize the original
        principal balance over the original term thereof and to pay interest at the
        related Mortgage Interest Rate, and (B) in the case of an Adjustable Rate
        Mortgage Loan, are changed on each Adjustment Date, and in any case, are
        sufficient to fully amortize the original principal balance over the original
        term thereof and to pay interest at the related Mortgage Interest Rate. The
        Index for each Adjustable Rate Mortgage Loan is as defined in the related
        Mortgage Loan Schedule. With respect to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule as an interest-only Mortgage Loan, the interest-only
        period shall not exceed the period specified on the Mortgage Loan Schedule
        and
        following the expiration of such interest-only period, the remaining Monthly
        Payments shall be sufficient to fully amortize the original principal balance
        over the remaining term of the Mortgage Loan. The Mortgage Note does not
        permit
        negative amortization. No Mortgage Loan is a Convertible Mortgage
        Loan;

       

      (23)  The
        origination and collection practices used by the Seller with respect to each
        Mortgage Note and Mortgage have been in all respects legal, proper, prudent
        and
        customary in the mortgage origination and servicing industry. The Mortgage
        Loan
        has been serviced by the Seller and any predecessor servicer in accordance
        with
        all applicable laws, rules and regulations, the terms of the Mortgage Note
        and
        Mortgage, and the FNMA and FHLMC servicing guides. With respect to escrow
        deposits and Escrow Payments (other than with respect to each Mortgage Loan
        which is indicated by the Seller to be a Second Lien Mortgage Loan and for
        which
        the mortgagee under the First Lien is collecting Escrow Payments (as reflected
        on the Mortgage Loan Schedule)), if any, all such payments are in the possession
        of, or under the control of, the Seller and there exist no deficiencies in
        connection therewith for which customary arrangements for repayment thereof
        have
        not been made. No escrow deposits or Escrow Payments or other charges or
        payments due the Seller have been capitalized under any Mortgage or the related
        Mortgage Note and no such escrow deposits or Escrow Payments are being held
        by
        the Seller for any work on a Mortgaged Property which has not been
        completed;

       

      (24)  The
        Mortgaged Property is free of damage and waste and is in good repair, and
        there
        is no proceeding pending or, to the best of the Seller’s knowledge, threatened
        for the total or partial condemnation thereof nor is such a proceeding currently
        occurring;

       

      (25)  The
        Mortgage and related Mortgage Note contain customary and enforceable provisions
        such as to render the rights and remedies of the holder thereof adequate
        for the
        realization against the Mortgaged Property of the benefits of the security
        provided thereby, including, (a) in the case of a Mortgage designated as
        a deed
        of trust, by trustee’s sale, and (b) otherwise by judicial foreclosure. The
        Mortgaged Property has not been subject to any bankruptcy proceeding or
        foreclosure proceeding and the Mortgagor has not filed for protection under
        applicable bankruptcy laws. There is no homestead or other exemption available
        to the Mortgagor which would interfere with the right to sell the Mortgaged
        Property at a trustee’s sale or the right to foreclose the Mortgage;

       

      (26)  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;

       

      (27)  The
        Mortgage Loan was underwritten in accordance with the Underwriting Guidelines
        of
        the Seller in effect at the time the Mortgage Loan was originated; and the
        Mortgage Note and Mortgage are on forms acceptable to FNMA and
        FHLMC;

       

      (28)  The
        Mortgage Note is not and has not been secured by any collateral except the
        lien
        of the corresponding Mortgage on the Mortgaged Property and the security
        interest of any applicable security agreement or chattel mortgage referred
        to in
        (xi) above;

       

      (29)  The
        Mortgage File contains an appraisal of the related Mortgaged Property which,
        (a)
        with respect to First Lien Mortgage Loans, was on appraisal form 1004 or
        form
        2055 with an interior inspection, or (b) with respect to Second Lien Mortgage
        Loans, was on appraisal form 704, 2065 or 2055 with an exterior only inspection,
        and (c) with respect to (a) or (b) above, was made and signed, prior to the
        approval of the Mortgage Loan application, by a qualified appraiser, duly
        appointed by the Seller, who had no interest, direct or indirect in the
        Mortgaged Property or in any loan made on the security thereof, whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan
        and who met the minimum qualifications of FNMA and FHLMC. Each appraisal
        of the
        Mortgage Loan was made in accordance with the relevant provisions of the
        Financial Institutions Reform, Recovery, and Enforcement Act of
        1989;

       

      (30)  In
        the
        event the Mortgage constitutes a deed of trust, a trustee, duly qualified
        under
        applicable law to serve as such, has been properly designated and currently
        so
        serves and is named in the Mortgage, and no fees or expenses are or will
        become
        payable by the Purchaser to the trustee under the deed of trust, except in
        connection with a trustee’s sale after default by the Mortgagor;

       

      (31)  With
        respect to each Buydown Mortgage Loan:

       

       

      (a) On
        or
        before the date of origination of such Mortgage Loan, the Seller and the
        Mortgagor, or the Seller, the Mortgagor and the seller of the Mortgaged Property
        or a third party entered into a Buydown Agreement. The Buydown Agreement
        provides that the seller of the Mortgaged Property (or third party) shall
        deliver to the Seller temporary Buydown Funds in an amount equal to the
        aggregate undiscounted amount of payments that, when added to the amount
        the
        Mortgagor on such Mortgage Loan is obligated to pay on each Due Date in
        accordance with the terms of the Buydown Agreement, is equal to the full
        scheduled Monthly Payment due on such Mortgage Loan. The temporary Buydown
        Funds
        enable the Mortgagor to qualify for the Buydown Mortgage Loan for the first
        six
        months of the term of such Mortgage Loan at an interest rate of not more
        than
        1.0% less per annum than the Mortgage Interest Rate. The effective interest
        rate
        will increase in the seventh month of the Buydown Mortgage Loan so that the
        effective interest rate will be equal to the interest rate as set forth in
        the
        related Mortgage Note.

       

       

      (b) The
        Mortgage and Mortgage Note reflect the permanent payment terms rather than
        the
        payment terms of the Buydown Agreement. The Buydown Agreement provides for
        the
        payment by the Mortgagor of the full amount of the Monthly Payment on any
        Due
        Date that the Buydown Funds are not available. The Buydown Funds were not
        used
        to reduce the original principal balance of the Mortgage Loan or to increase
        the
        Appraised Value of the Mortgaged Property when calculating the Loan-to-Value
        Ratios for purposes of this Agreement and, if the Buydown Funds were provided
        by
        the Seller and if required under Agency Guidelines, the terms of the Buydown
        Agreement were disclosed to the appraiser of the Mortgaged
        Property;

       

       

      (c) The
        Buydown Funds may not be refunded to the Mortgagor unless the Mortgagor makes
        a
        principal payment for the outstanding balance of the Mortgage Loan;

       

       

      (d) No
        more
        than ___% of the Mortgage Loans, measured by unpaid principal balance as
        of the
        Cut-off Date, are Buydown Mortgage Loans;

       

       

      (e) As
        of the
        Cut-off Date, the Buydown Funds are 5% or less of the aggregate Stated Principal
        Balance of the Mortgage Loans. Each of the Buydown Mortgage Loans provide that
        the amount of the Buydown Funds is determined through a discounting process
        using a discount rate of __% and at origination the aggregate Buydown Funds
        were
        20% or less of the aggregate original principal balances of the Mortgage
        Loans;

       

       

      (f) As
        of the
        date of origination of the Mortgage Loan, the provisions of the related Buydown
        Agreement complied with the requirements of FNMA and FHLMC regarding buydown
        agreements;] 

       

      (32)  The
        Mortgage Loan is not a graduated payment mortgage loan or a balloon Mortgage
        Loan, and the Mortgage Loan does not have a shared appreciation or other
        contingent interest feature;

       

      (33)  The
        Mortgagor has executed a statement to the effect that the Mortgagor has received
        all disclosure materials required by applicable law with respect to the making
        of fixed rate mortgage loans in the case of Fixed Rate Mortgage Loans, and
        adjustable rate mortgage loans in the case of Adjustable Rate Mortgage Loans
        and
        rescission materials with respect to Refinanced Mortgage Loans, and such
        statement is and will remain in the Mortgage File;

       

      (34)  No
        Mortgage Loan was made in connection with (a) the construction or rehabilitation
        of a Mortgaged Property or (b) facilitating the trade-in or exchange of a
        Mortgaged Property;

       

      (35)  The
        Seller has no knowledge of any circumstances or condition with respect to
        the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
        standing that can reasonably be expected to cause the Mortgage Loan to be
        an
        unacceptable investment, cause the Mortgage Loan to become delinquent, cause
        the
        Mortgage Loan to not be paid in full when due, or adversely affect the value
        of
        the Mortgage Loan;

       

      (36)  With
        respect to any Mortgage Loan with an original Loan-to-Value Ratio greater
        than
        80%, the Mortgage Loan will be insured by a Primary Insurance Policy, issued
        by
        a Qualified Insurer, which insures that portion of the Mortgage Loan in excess
        of the portion of the Appraised Value of the Mortgaged Property required
        by
        FNMA. All provisions of such Primary Insurance Policy have been and are being
        complied with, such policy is in full force and effect, and all premiums
        due
        there under have been paid. Any Mortgage subject to any such Primary Insurance
        Policy obligates the Mortgagor there under to maintain such insurance and
        to pay
        all premiums and charges in connection therewith. The Mortgage Interest Rate
        for
        the Mortgage Loan does not include any such insurance premium. If a Mortgage
        Loan is identified on the Mortgage Loan Schedule as subject to a Lender Paid
        Mortgage Insurance Policy, such policy insures that portion of the Mortgage
        Loan
        set forth in the LPMI Policy. All provisions of any such LPMI Policy have
        been
        and are being complied with, such policy is in full force and effect, and
        all
        premiums due there under have been paid. The Mortgage Interest Rate for the
        Mortgage Loan does not include the insurance premium for any LPMI
        Policy;

       

      (37)  The
        Mortgaged Property is lawfully occupied under applicable law; all inspections,
        licenses and certificates required to be made or issued with respect to all
        occupied portions of the Mortgaged Property and, with respect to the use
        and
        occupancy of the same, including but not limited to certificates of occupancy
        and fire underwriting certificates, have been made or obtained from the
        appropriate authorities. No improvement located on or being part of any
        Mortgaged Property is in violation of any applicable zoning and subdivision
        law,
        ordinance or regulation;

       

      (38)  No
        error,
        omission, misrepresentation, negligence, fraud or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of any person, including
        without limitation the Mortgagor, any appraiser, any builder or developer,
        or
        any other party involved in the origination of the Mortgage Loan or in the
        application of any insurance in relation to such Mortgage Loan;

       

      (39)  Each
        original Mortgage was recorded and all subsequent assignments of the original
        Mortgage (other than the assignment to the Purchaser) have been recorded,
        or are
        in the process of being recorded, in the appropriate jurisdictions wherein
        such
        recordation is necessary to perfect the lien thereof as against creditors
        of the
        Seller. As to any Mortgage Loan which is not a MERS Mortgage Loan, the
        Assignment of Mortgage is in recordable form and is acceptable for recording
        under the laws of the jurisdiction in which the Mortgaged Property is
        located;

       

      (40)  Any
        principal advances made to the Mortgagor prior to the Cut-off Date have been
        consolidated with the outstanding principal amount secured by the Mortgage,
        and
        the secured principal amount, as consolidated, bears a single interest rate
        and
        single repayment term reflected on the Mortgage Loan Schedule. The lien of
        the
        Mortgage securing the consolidated principal amount is expressly insured
        as
        having (A) first lien priority with respect to each Mortgage Loan which is
        indicated by the Seller to be a First Lien (as reflected on the Mortgage
        Loan
        Schedule), or (B) second lien priority with respect to each Mortgage Loan
        which
        is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected
        on
        the Mortgage Loan Schedule), in either case, by a title insurance policy,
        an
        endorsement to the policy insuring the mortgagee’s consolidated interest or by
        other title evidence acceptable to FNMA and FHLMC. The consolidated principal
        amount does not exceed the original principal amount of the Mortgage
        Loan;

       

      (41)  If
        the
        Residential Dwelling on the Mortgaged Property is a condominium unit or a
        unit
        in a planned unit development (other than a de minimis planned unit development)
        such condominium or planned unit development project meets the eligibility
        requirements of FNMA and FHLMC;

       

      (42)  Each
        Mortgage Loan originated in the state of Texas pursuant to Article XVI, Section
        50(a)(6) of the Texas Constitution (a “Texas Refinance Loan”) has been
        originated in compliance with the provisions of Article XVI, Section 50(a)(6)
        of
        the Texas Constitution, Texas Civil Statutes and the Texas Finance Code.
        With
        respect to each Texas Refinance Loan that is a Cash Out Refinancing, the
        related
        Mortgage Loan Documents state that the Mortgagor may prepay such Texas Refinance
        Loan in whole or in part without incurring a Prepayment Charge. The Seller
        does
        not collect any such Prepayment Charges in connection with any such Texas
        Refinance Loan;

       

      (43)  Interest
        on each Mortgage Loan is calculated on the basis of a 360-day year consisting
        of
        twelve 30-day months;

       

      (44)  The
        Mortgaged Property is in material compliance with all applicable environmental
        laws pertaining to environmental hazards including, without limitation,
        asbestos, and neither the Seller nor, to the Seller’s knowledge, the related
        Mortgagor, has received any notice of any violation or potential violation
        of
        such law;

       

      (45)  The
        Seller shall, at its own expense, cause each Mortgage Loan to be covered
        by a
“life of loan” Tax Service Contract which is assignable to the Purchaser or its
        designee at no cost to the Purchaser or its designee; provided however, that
        if
        the Seller fails to purchase such Tax Service Contract, the Seller shall
        be
        required to reimburse the Purchaser for all costs and expenses incurred by
        the
        Purchaser in connection with the purchase of any such Tax Service
        Contract;

       

      (46)  Each
        Mortgage Loan is covered by a “life of loan” Flood Zone Service Contract which
        is assignable to the Purchaser or its designee at no cost to the Purchaser
        or
        its designee or, for each Mortgage Loan not covered by such Flood Zone Service
        Contract, the Seller agrees to purchase such Flood Zone Service
        Contract;

       

      (47)  None
        of
        the Adjustable Rate Mortgage Loans include an option to convert to a Fixed
        Rate
        Mortgage Loan;

       

      (48)  No
        selection procedures were used by the Seller that identified the Mortgage
        Loans
        as being less desirable or valuable than other comparable mortgage loans
        in the
        Seller’s portfolio;

       

      (49)  The
        Loan-to-Value Ratio of any Mortgage Loan at origination was not more than
        95%
        and the CLTV of any Mortgage Loan at origination was not more than
        100%;

       

      (50)  Each
        Mortgage Loan constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of
        the Code and Treasury Regulation Section 1.860G-2(a)(1);

       

      (51)  No
        Mortgage Loan is (a) subject to, covered by or in violation of the provisions
        of
        the Homeownership and Equity Protection Act of 1994, as amended (“HOEPA”), (b) a
“high cost”, “covered”, “abusive”, “predatory”, “home loan”, “Section 10” or
“high risk” mortgage loan (or a similarly designated loan using different
        terminology) under any federal, state or local law, or any other statute
        or
        regulation providing assignee liability to holders of such mortgage loans,
        or
        (c) subject to or in violation of any such or comparable federal, state or
        local
        statutes or regulations, (d) no Mortgage Loan is a high cost loan or a covered
        loan, as applicable (as such terms are defined in Standard & Poor’s LEVELS
        Version 5.6 Glossary Revised, Appendix E as of the related Closing
        Date).

       

      (52)  Each
        Mortgage Loan has a valid and original Credit Score, with a minimum Credit
        Score
        as set forth in the related Commitment Letter;

       

      (53)  No
        Mortgage Loan had an original term to maturity of more than thirty (30)
        years;

       

      (54)  No
        Mortgagor is the obligor on more than two Mortgage Notes;

       

      (55)  Each
        Mortgage contains a provision for the acceleration of the payment of the
        unpaid
        principal balance of the related Mortgage Loan in the event the related
        Mortgaged Property is sold without the prior consent of the mortgagee
        thereunder;

       

      (56)  With
        respect to each Mortgage Loan which is a Second Lien, (i) the related first
        lien
        does not provide for negative amortization, and (ii) either no consent for
        the
        Mortgage Loan is required by the holder of the first lien or such consent
        has
        been obtained and is contained in the Mortgage File;

       

      (57)  No
        Mortgage Loan originated prior to October 1, 2002 has a Prepayment Charge
        longer
        than five years after its origination;

       

      (58)  The
        Mortgage Loan Documents with respect to each Mortgage Loan subject to Prepayment
        Charges specifically authorizes such Prepayment Charges to be collected,
        such
        Prepayment Charges are permissible and enforceable in accordance with the
        terms
        of the related Mortgage Loan Documents and all applicable federal, state
        and
        local laws (except to the extent that the enforceability thereof may be limited
        by bankruptcy, insolvency, moratorium, receivership and other similar laws
        relating to creditors’ rights generally or the collectability thereof may be
        limited due to acceleration in connection with a foreclosure) and each
        Prepayment Charge was originated in compliance with all applicable federal,
        state and local laws;

       

      (59)  With
        respect to any Mortgage Loan that contains a provision permitting imposition
        of
        a Prepayment Charge upon a Principal Prepayment prior to maturity: (i) prior
        to
        the Mortgage Loan’s origination, the Mortgagor agreed to such Prepayment Charge
        in exchange for a monetary benefit, including but not limited to a Mortgage
        Interest Rate or fee reduction, (ii) prior to the Mortgage Loan’s origination,
        the Mortgagor was offered the option of obtaining a Mortgage Loan that did
        not
        require payment of a Prepayment Charge, (iii) the Prepayment Charge is disclosed
        to the Mortgagor in the Mortgage Loan Documents pursuant to applicable state
        and
        federal law, (iv) for Mortgage Loans originated on or after September 1,
        2004,
        the duration of the prepayment period shall not exceed three (3) years from
        the
        date of the Mortgage Note, unless the Mortgage Loan was modified to reduce
        the
        prepayment period to no more than five years from the date of the Mortgage
        Note
        and the Mortgagor was notified in writing of such reduction in the prepayment
        period, and (v) notwithstanding any state or federal law to the contrary,
        the
        Seller shall not impose such Prepayment Charge in any instance when the Mortgage
        debt is accelerated as the result of the Mortgagor’s default in making the
        Monthly Payments;

       

      (60)  No
        Mortgagor was required to purchase any credit life, disability, accident
        or
        health insurance product or debt cancellation agreement as a condition of
        obtaining the extension of credit. No Mortgagor obtained a prepaid single
        premium credit life, disability, accident or health insurance policy in
        connection with the origination of the Mortgage Loan, and no proceeds from
        any
        Mortgage Loan were used to finance single-premium credit insurance policies
        or
        debt cancellation agreements as part of the origination of, or as a condition
        to
        closing, such Mortgage Loan; 

       

      (61)  No
        Mortgage Loan originated or modified on or after October 1, 2002 and prior
        to
        March 7, 2003 is secured by a Mortgaged Property located in the State of
        Georgia;

       

      (62)  The
        Seller and any predecessor servicer has fully furnished, in accordance with
        the
        Fair Credit Reporting Act and its implementing regulations, accurate and
        complete information (e.g., favorable and unfavorable) on its borrower credit
        files to Equifax, Experian and Trans Union Credit Information Company (three
        of
        the credit repositories) on a monthly basis; and the Seller will fully furnish,
        in accordance with the Fair Credit Reporting Act and its implementing
        regulations, accurate and complete information (e.g., favorable and unfavorable)
        on its borrower credit files to Equifax, Experian and Trans Credit Information
        Company (three of the credit repositories), on a monthly basis;

       

      (63)  No
        predatory, abusive or deceptive lending practices, including but not limited
        to,
        the extension of credit to a Mortgagor without regard for the Mortgagor’s
        ability to repay the Mortgage Loan and the extension of credit to a Mortgagor
        which has no tangible net benefit to the Mortgagor, were employed in connection
        with the origination of the Mortgage Loan. Each Mortgage Loan is in compliance
        with the anti-predatory lending eligibility for purchase requirements of FNMA’s
        Selling Guide;

       

      (64)  The
        Seller has complied with all applicable anti-money laundering laws and
        regulations, including without limitation the USA Patriot Act of 2001
        (collectively, the “Anti-Money Laundering Laws”). The Seller has established an
        anti-money laundering compliance program as required by the Anti-Money
        Laundering Laws, has conducted the requisite due diligence in connection
        with
        the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
        Laws, including with respect to the legitimacy of the applicable Mortgagor
        and
        the origin of the assets used by the said Mortgagor to purchase the property
        in
        question, and maintains, and will maintain, sufficient information to identify
        the applicable Mortgagor for purposes of the Anti-Money Laundering Laws;
        no
        Mortgage Loan is subject to nullification pursuant to Executive Order 13224
        (the
“Executive Order”) or the regulations promulgated by the Office of Foreign
        Assets Control of the United States Department of the Treasury (the “OFAC
        Regulations”) or in violation of the Executive Order or the OFAC Regulations,
        and no Mortgagor is subject to the provisions of such Executive Order or
        the
        OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
        Regulations; 

       

      (65)  No
        Mortgagor was encouraged or required to select a Mortgage Loan product offered
        by the Seller which is a higher cost product designed for less creditworthy
        borrowers, unless at the time of the related Mortgage Loan’s origination, such
        Mortgagor did not qualify taking into account credit history and debt to
        income
        ratios for a lower cost credit product then offered by the Seller or any
        affiliate of the Seller. If, at the time of the related loan application,
        the
        Mortgagor may have qualified for a lower cost credit product then offered
        by any
        mortgage lending affiliate of the Seller, the Seller referred the Mortgagor’s
        application to such affiliate for underwriting consideration; 

       

      (66)  The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        employs objective mathematical principles which relate the Mortgagor’s income,
        assets and liabilities to the proposed payment and such underwriting methodology
        does not rely on the extent of the Mortgagor’s equity in the collateral as the
        principal determining factor in approving such credit extension. Such
        underwriting methodology confirmed that at the time of origination
        (application/approval) the Mortgagor had a reasonable ability to make timely
        payments on the Mortgage Loan;

       

      (67)  All
        points, fees and charges, including finance charges (whether or not financed,
        assessed, collected or to be collected), in connection with the origination
        and
        servicing of each Mortgage Loan were disclosed in writing to the related
        Mortgagor in accordance with applicable state and federal law and regulation.
        Except in the case of a Mortgage Loan in an original principal amount of
        less
        than $60,000 which would have resulted in an unprofitable origination, no
        related Mortgagor was charged “points and fees” (whether or not financed) in an
        amount greater than 5% of the principal amount of such loan, such 5% limitation
        is calculated in accordance with FNMA’s anti-predatory lending requirements as
        set forth in the FNMA Selling Guide; 

       

      (68)  The
        Seller will transmit full-file credit reporting data for each Mortgage Loan
        pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan,
        Company agrees it shall report one of the following statuses each month as
        follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
        foreclosed, or charged-off;

       

      (69)  No
        Mortgage Loan is a “manufactured housing loan” pursuant to the NJ Act, and one
        hundred percent of the amount financed of any purchase money Second Lien
        Mortgage Loan subject to the NJ Act was used for the purchase of the related
        Mortgaged Property;

       

      (70)  With
        respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and such
        MIN
        is accurately provided on the related Mortgage Loan Schedule. The related
        assignment of Mortgage to MERS has been duly and properly recorded;

       

      (71)  With
        respect to each MERS Mortgage Loan, the Seller has not received any notice
        of
        liens or legal actions with respect to such Mortgage Loan and no such notices
        have been electronically posted by MERS;

       

      (72)  With
        respect to each Mortgage Loan, neither the related Mortgage nor the related
        Mortgage Note requires the Mortgagor to submit to arbitration to resolve
        any
        dispute arising out of or relating in any way to the Mortgage Loan
        transaction;

       

      (73)  With
        respect to any Mortgage Loan for which a mortgage loan application was submitted
        by the Mortgagor after April 1, 2004, no such Mortgage Loan secured by a
        Mortgage Property located in the State of Illinois is in violation of the
        provisions of the Illinois Interest Act, including Section 4.1a which provides
        that no such Mortgage Loan with a Mortgage Interest Rate in excess of 8.0%
        per
        annum has lender-imposed fees (or other charges) in excess of 3.0% of the
        original principal balance of the Mortgage Loan;

       

      (74)  No
        Mortgage Loan is secured in whole or in part by the interest of the Mortgagor
        as
        a lessee under a ground lease of the related Mortgaged Property; 

       

      (75)  No
        Mortgage Loan originated on or after November 7, 2004 secured by a Mortgaged
        Property located in the State of Massachusetts is a Refinanced Mortgage Loan,
        or
        such Mortgage Loan is in the "borrower's interest," as documented by a
        "borrower's interest worksheet" for the particular Mortgage Loan, which
        worksheet incorporates the factors set forth in Massachusetts House Bill
        4880
        (2004) and the regulations promulgated thereunder for determining "borrower's
        interest," and otherwise complies in all material respects with the laws
        of the
        Commonwealth of Massachusetts;

       

      (76)  The
        Mortgage Loan Documents and any other documents required to be delivered
        with
        respect to each Mortgage Loan have been delivered to the Purchaser all in
        compliance with the specific requirements of this Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

      

      Representation
        and Warranties with Respect to the Taylor Bean Mortgage Loans

      

      Except
        for “Mortgage Loans”, which shall mean the Taylor Bean Mortgage Loans sold by
        the Seller to the Purchaser, all capitalized terms in this Exhibit E shall
        have
        the meanings ascribed to them in the Taylor Bean Servicing
        Agreement.

       

      (1)  Mortgage
        Loans as Described.
        The
        information set forth in the related Mortgage Loan Schedule and the Mortgage
        Loan data delivered to the Purchaser in the Data File is complete, true and
        correct. The Mortgage Loan is in compliance with all requirements set forth
        in
        the related Confirmation, and the characteristics of the related Mortgage
        Loan
        Package as set forth in the related Confirmation are true and
        correct;

       

      (2)  Payments
        Current.
        All
        payments required to be made up to the close of business on the Closing Date
        for
        such Mortgage Loan under the terms of the Mortgage Note have been made; the
        Seller has not advanced funds, or induced, solicited or knowingly received
        any
        advance of funds from a party other than the owner of the related Mortgaged
        Property, directly or indirectly, for the payment of any amount required
        by the
        Mortgage Note or Mortgage. There has been no delinquency, exclusive of any
        period of grace, in any payment by the Mortgagor thereunder since the
        origination of the Mortgage Loan;

       

      (3)  No
        Outstanding Charges.
        There
        are no delinquent taxes, ground rents, water charges, sewer rents, assessments,
        insurance premiums, leasehold payments, including assessments payable in
        future
        installments or other outstanding charges affecting the related Mortgaged
        Property;

       

      (4)  Location
        and Type of Mortgaged Property.
        The
        Mortgaged Property is located in the state identified in the related Mortgage
        Loan Schedule and is improved by a Residential Dwelling;

       

      (5)  Original
        Terms Unmodified.
        The
        terms of the Mortgage Note and the Mortgage have not been impaired, waived,
        altered or modified in any respect, except by written instruments, recorded
        in
        the applicable public recording office or registered with the MERS System
        if
        necessary to maintain the lien priority of the Mortgage, and which have been
        delivered to the Purchaser; the substance of any such waiver, alteration
        or
        modification has been approved by the insurer under the Primary Insurance
        Policy
        or LPMI Policy, if any, and the title insurer, to the extent required by
        the
        related policy, and is reflected on the related Mortgage Loan Schedule. No
        instrument of waiver, alteration or modification has been executed, and no
        Mortgagor has been released, in whole or in part, except in connection with
        an
        assumption agreement approved by the insurer under the Primary Insurance
        Policy
        or LPMI Policy, if any, the title insurer, to the extent required by the
        policy,
        and which assumption agreement has been delivered to the Purchaser and the
        terms
        of which are reflected in the related Mortgage Loan Schedule;

       

      (6)  No
        Defenses.
        The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set
        off, counterclaim or defense, including the defense of usury, nor will the
        operation of any of the terms of the Mortgage Note and/or the Mortgage, or
        the
        exercise of any right thereunder, render the Mortgage unenforceable, in whole
        or
        in part, or subject to any right of rescission, set off, counterclaim or
        defense, including the defense of usury and no such right of rescission,
        set
        off, counterclaim or defense has been asserted with respect
        thereto;

       

      (7)  Conformance
        with Underwriting Guidelines and Agency Standards.
        The
        Mortgage Loan was underwritten in accordance with the Underwriting Guidelines
        of
        the Seller in effect at the time the Mortgage Loan was originated; and the
        Mortgage Note and Mortgage are on forms acceptable to Fannie Mae and Freddie
        Mac;

       

      (8)  Hazard
        Insurance.
        All
        buildings upon the Mortgaged Property are insured by a Qualified Insurer
        acceptable to Fannie Mae and Freddie Mac against loss by fire, hazards of
        extended coverage and such other hazards as are customary in the area where
        the
        Mortgaged Property is located, in an amount not less than the lesser of (i)
        100%
        of the replacement cost of all improvements to the Mortgaged Property and
        (ii)
        either (A) the outstanding principal balance of the Mortgage Loan with respect
        to each first lien Mortgage Loan or (B) with respect to each Second Lien
        Mortgage Loan, the sum of the outstanding principal balance of the related
        first
        lien mortgage loan and the outstanding principal balance of the Second Lien
        Mortgage Loan; provided, however, in no event shall the amount of insurance
        be
        less than the amount necessary to avoid the operation of any co-insurance
        provisions with respect to the Mortgaged Property. All
        such
        insurance policies contain a standard mortgagee clause naming the Seller,
        its
        successors and assigns as mortgagee and all premiums thereon have been paid.
        If
        the Mortgaged Property is in an area identified on a Flood Hazard Map or
        Flood
        Insurance Rate Map issued by the Federal Emergency Management Agency as having
        special flood hazards (and such flood insurance has been made available)
        a flood
        insurance policy meeting the requirements of the current guidelines of the
        Federal Insurance Administration is in effect which policy conforms to the
        requirements of Fannie Mae and Freddie Mac. The Mortgage obligates the Mortgagor
        thereunder to maintain all such insurance at the Mortgagor’s cost and expense,
        and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage
        to maintain such insurance at Mortgagor’s cost and expense and to seek
        reimbursement therefor from the Mortgagor;

       

      (9)  Compliance
        with Applicable Laws.
        Any and
        all requirements of any federal, state or local law including, without
        limitation, usury, truth in lending, real estate settlement procedures, consumer
        credit protection, equal credit opportunity, fair housing, disclosure laws
        or
        all predatory and abusive lending laws applicable to the origination and
        servicing of mortgage loans of a type similar to the Mortgage Loans have
        been
        complied with and the consummation of the transactions contemplated hereby
        will
        not involve the violation of any such laws, and the Seller shall maintain
        in its
        possession, available for the inspection of the Purchaser or its designee,
        and
        shall deliver to the Purchaser or its designee, upon two Business Days’ request,
        evidence of compliance with such requirements;

       

      (10)  No
        Satisfaction of Mortgage.
        The
        Mortgage has not been satisfied, cancelled, subordinated or rescinded, in
        whole
        or in part, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part, nor has any instrument been executed that
        would effect any such satisfaction, cancellation, subordination, rescission
        or
        release;

       

      (11)  Valid
        Lien.
        The
        related Mortgage is properly recorded and is a valid, existing and enforceable
        (A) first lien and first priority security interest with respect to each
        Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected
        on the Mortgage Loan Schedule), or (B) second lien and second priority security
        interest with respect to each Mortgage Loan which is indicated by the Seller
        to
        be a Second Lien (as reflected on the Mortgage Loan Schedule), in either
        case,
        on the Mortgaged Property, including all improvements on the Mortgaged Property
        subject only to (a) the lien of current real property taxes and assessments
        not
        yet due and payable, (b) covenants, conditions and restrictions, rights of
        way,
        easements and other matters of the public record as of the date of recording
        being acceptable to mortgage lending institutions generally and specifically
        referred to in the lender’s title insurance policy delivered to the originator
        of the Mortgage Loan and which do not adversely affect the Appraised Value
        of
        the Mortgaged Property, (c) other matters to which like properties are commonly
        subject which do not materially interfere with the benefits of the security
        intended to be provided by the Mortgage or the use, enjoyment, value or
        marketability of the related Mortgaged Property and (d) with respect to each
        Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage
        Loan
        (as reflected on the Mortgage Loan Schedule) a First Lien on the Mortgaged
        Property. Any security agreement, chattel mortgage or equivalent document
        related to and delivered in connection with the Mortgage Loan establishes
        and
        creates a valid, existing and enforceable (A) first lien and first priority
        security interest with respect to each Mortgage Loan which is indicated by
        the
        Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) or
        (B)
        second lien and second priority security interest with respect to each Mortgage
        Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as
        reflected on the Mortgage Loan Schedule), in either case, on the property
        described therein and the Seller has full right to sell and assign the same
        to
        the Purchaser. The Mortgaged Property was not, as of the date of origination
        of
        the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt
        or
        other security instrument creating a lien subordinate to the lien of the
        Mortgage;

       

      (12)  Validity
        of Mortgage Loan Documents.
        The
        Mortgage Note and the related Mortgage are genuine and each is the legal,
        valid
        and binding obligation of the maker thereof, enforceable in accordance with
        its
        terms;

       

      (13)  Legal
        Capacity.
        All
        parties to the Mortgage Note and the Mortgage had legal capacity to enter
        into
        the Mortgage Loan and to execute and deliver the Mortgage Note and the Mortgage,
        and the Mortgage Note and the Mortgage have been duly and properly executed
        by
        such parties. The Mortgagor is a natural person;

       

      (14)  Full
        Disbursement of Proceeds.
        The
        proceeds of the Mortgage Loan have been fully disbursed to or for the account
        of
        the Mortgagor and there is no obligation for the Mortgagee to advance additional
        funds thereunder and any and all requirements as to completion of any on-site
        or
        off-site improvement and as to disbursements of any escrow funds therefor
        have
        been complied with. All costs, fees and expenses incurred in making or closing
        the Mortgage Loan and the recording of the Mortgage have been paid, and the
        Mortgagor is not entitled to any refund of any amounts paid or due to the
        Mortgagee pursuant to the Mortgage Note or Mortgage;

       

      (15)  Ownership.
        The
        Seller is the sole legal, beneficial and equitable owner of the Mortgage
        Note
        and the Mortgage. The Seller has full right and authority under all governmental
        and regulatory bodies having jurisdiction over such Seller, subject to no
        interest or participation of, or agreement with, any party, to transfer and
        sell
        the Mortgage Loan to the Purchaser pursuant to this Agreement free and clear
        of
        any encumbrance or right of others, equity, lien, pledge, charge, mortgage,
        claim, participation interest or security interest of any nature (collectively,
        a “Lien”); and immediately upon the transfers and assignments herein
        contemplated, the Seller shall have transferred and sold all of its right,
        title
        and interest in and to each Mortgage Loan and the Purchaser will hold good,
        marketable and indefeasible title to, and be the owner of, each Mortgage
        Loan
        subject to no Lien;

       

      (16)  Doing
        Business.
        All
        parties which have had any interest in the Mortgage Loan, whether as originator,
        mortgagee, assignee, pledgee or otherwise, are (or, during the period in
        which
        they held and disposed of such interest, were): (A) organized under the laws
        of
        such state, or (B) qualified to do business in such state, or (C) federal
        savings and loan associations or national banks having principal offices
        in such
        state, or (D) not doing business in such state so as to require qualification
        or
        licensing, or (E) not otherwise required to be licensed in such state. All
        parties which have had any interest in the Mortgage Loan were in compliance
        with
        any and all applicable “doing business” and licensing requirements of the laws
        of the state wherein the Mortgaged Property is located or were not required
        to
        be licensed in such state;

       

      (17)  Title
        Insurance.
        The
        Mortgage Loan is covered by an American Land Title Association (“ALTA”) ALTA
        lender’s title insurance policy acceptable to Fannie Mae and Freddie Mac (which,
        in the case of an Adjustable Rate Mortgage Loan has an adjustable rate mortgage
        endorsement in the form of ALTA 6.0 or 6.1), issued by a title insurer
        acceptable to Fannie Mae and Freddie Mac and qualified to do business in
        the
        jurisdiction where the Mortgaged Property is located, insuring (subject to
        the
        exceptions contained above in (xi)(a) and (b) and, with respect to each Mortgage
        Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as
        reflected on the Mortgage Loan Schedule) clause (d)) the Seller, its successors
        and assigns as to the first priority lien of the Mortgage in the original
        principal amount of the Mortgage Loan and, with respect to any Adjustable
        Rate
        Mortgage Loan, against any loss by reason of the invalidity or unenforceability
        of the lien resulting from the provisions of the Mortgage providing for
        adjustment in the Mortgage Interest Rate and Monthly Payment. Additionally,
        such
        lender’s title insurance policy affirmatively insures ingress and egress to and
        from the Mortgaged Property, and against encroachments by or upon the Mortgaged
        Property or any interest therein. The Seller is the sole insured of such
        lender’s title insurance policy, and such lender’s title insurance policy is in
        full force and effect and will be in full force and effect upon the consummation
        of the transactions contemplated by this Agreement. No claims have been made
        under such lender’s title insurance policy, and no prior holder of the related
        Mortgage, including the Seller, has done, by act or omission, anything which
        would impair the coverage of such lender’s title insurance policy;

       

      (18)  No
        Defaults.
        There
        is no default, breach, violation or event of acceleration existing under
        the
        Mortgage or the Mortgage Note and no event which, with the passage of time
        or
        with notice and the expiration of any grace or cure period, would constitute
        a
        default, breach, violation or event of acceleration, and the Seller has not
        waived any default, breach, violation or event of acceleration. With respect
        to
        each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage
        Loan (as reflected on the Mortgage Loan Schedule) (i) the First Lien is in
        full
        force and effect, (ii) there is no default, breach, violation or event of
        acceleration existing under such First Lien mortgage or the related mortgage
        note, (iii) no event which, with the passage of time or with notice and the
        expiration of any grace or cure period, would constitute a default, breach,
        violation or event of acceleration thereunder, and either (A) the First Lien
        mortgage contains a provision which allows or (B) applicable law requires,
        the
        mortgagee under the Second Lien Mortgage Loan to receive notice of, and affords
        such mortgagee an opportunity to cure any default by payment in full or
        otherwise under the First Lien mortgage;

       

      (19)  No
        Mechanics’ Liens.
        There
        are no mechanics’ or similar liens or claims which have been filed for work,
        labor or material (and no rights are outstanding that under law could give
        rise
        to such lien) affecting the related Mortgaged Property which are or may be
        liens
        prior to, or equal or coordinate with, the lien of the related
        Mortgage;

       

      (20)  Origination.
        The
        Mortgage Loan was originated by the Seller or by a savings and loan association,
        a savings bank, a commercial bank or similar banking institution which is
        supervised and examined by a federal or state authority, or by a mortgagee
        approved as such by the Secretary of HUD;

       

      (21)  Payment
        Terms.
        Payments on the Mortgage Loan shall commence (with respect to any newly
        originated Mortgage Loans) or commenced no more than sixty days after the
        proceeds of the Mortgage Loan were disbursed. The Mortgage Loan bears interest
        at the Mortgage Interest Rate. With respect to each Mortgage Loan, the Mortgage
        Note is payable on the first day of each month in Monthly Payments, which,
        (A)
        in the case of a Fixed Rate Mortgage Loan, are sufficient to fully amortize
        the
        original principal balance over the original term thereof (other than with
        respect to a Mortgage Loan identified on the related Mortgage Loan Schedule
        as
        an interest-only Mortgage Loan during the interest-only period or a Mortgage
        Loan which is identified on the related Mortgage Loan Schedule as a Balloon
        Mortgage Loan) and to pay interest at the related Mortgage Interest Rate,
        and
        (B) in the case of an Adjustable Rate Mortgage Loan, are changed on each
        Adjustment Date, and in any case, are sufficient to fully amortize the original
        principal balance over the original term thereof (other than with respect
        to a
        Mortgage Loan identified on the related Mortgage Loan Schedule as an
        interest-only Mortgage Loan during the interest-only period or a Mortgage
        Loan
        which is identified on the related Mortgage Loan Schedule as a Balloon Mortgage
        Loan) and to pay interest at the related Mortgage Interest Rate. The Index
        for
        each Adjustable Rate Mortgage Loan is as defined in the related Mortgage
        Loan
        Schedule. With respect to each Mortgage Loan identified on the Mortgage Loan
        Schedule as an interest-only Mortgage Loan, the interest-only period shall
        not
        exceed the period specified on the Mortgage Loan Schedule and following the
        expiration of such interest-only period, the remaining Monthly Payments shall
        be
        sufficient to fully amortize the original principal balance over the remaining
        term of the Mortgage Loan. With respect to each Balloon Mortgage Loan, the
        Mortgage Note requires a monthly payment which is sufficient to fully amortize
        the original principal balance over the original term thereof and to pay
        interest at the related Mortgage Interest Rate and requires a final Monthly
        Payment substantially greater than the preceding monthly payment which is
        sufficient to repay the remaining unpaid principal balance of the Balloon
        Mortgage Loan as of the Due Date of such Monthly Payment. No Balloon Mortgage
        Loan has an original stated maturity of less than seven (7) years. The Mortgage
        Note does not permit negative amortization. No Mortgage Loan had an original
        term to maturity of more than thirty (30) years;

       

      (22)  Origination
        and Collection Practices; Escrow Deposits.
        The
        origination, servicing and collection practices used by the Seller with respect
        to each Mortgage Note and Mortgage, including without limitation the
        establishment, maintenance and servicing of the Escrow Accounts and Escrow
        Payments, if any, since origination have been in all respects legal, proper,
        prudent and customary in the mortgage origination and servicing industry.
        The
        Mortgage Loan has been serviced by the Seller and any predecessor servicer
        in
        accordance with all applicable laws, rules and regulations, the terms of
        the
        Mortgage Note and Mortgage, and the Fannie Mae and Freddie Mac servicing
        guides.
        With respect to escrow deposits and Escrow Payments (other than with respect
        to
        each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage
        Loan and for which the mortgagee under the First Lien is collecting Escrow
        Payments (as reflected on the Mortgage Loan Schedule)), if any, all such
        payments are in the possession of, or under the control of, the Seller and
        there
        exist no deficiencies in connection therewith for which customary arrangements
        for repayment thereof have not been made. No escrow deposits or Escrow Payments
        or other charges or payments due the Seller have been capitalized under any
        Mortgage or the related Mortgage Note and no such escrow deposits or Escrow
        Payments are being held by the Seller for any work on a Mortgaged Property
        which
        has not been completed;

       

      (23)  Mortgaged
        Property Undamaged.
        The
        Mortgaged Property is free of damage and waste and is in good repair, and
        there
        is no proceeding pending or threatened for the total or partial condemnation
        thereof nor is such a proceeding currently occurring;

       

      (24)  Customary
        Provisions.
        The
        Mortgage and related Mortgage Note contain customary and enforceable provisions
        such as to render the rights and remedies of the holder thereof adequate
        for the
        realization against the Mortgaged Property of the benefits of the security
        provided thereby, including, (a) in the case of a Mortgage designated as
        a deed
        of trust, by trustee’s sale, and (b) otherwise by judicial foreclosure. The
        Mortgaged Property has not been subject to any bankruptcy proceeding or
        foreclosure proceeding and the Mortgagor has not filed for protection under
        applicable bankruptcy laws. There is no homestead or other exemption available
        to the Mortgagor which would interfere with the right to sell the Mortgaged
        Property at a trustee’s sale or the right to foreclose the Mortgage; The
        Mortgagor has not notified the Seller and the Seller has no knowledge of
        any
        relief requested or allowed to the Mortgagor under the Servicemembers Civil
        Relief Act;

       

      (25)  Appraisal.
        Unless
        otherwise set forth on the Mortgage Loan Schedule, the Mortgage File contains
        an
        appraisal of the related Mortgaged Property which, (a) with respect to First
        Lien Mortgage Loans, was on appraisal form 1004 or form 2055 with an interior
        inspection, or (b) with respect to Second Lien Mortgage Loans, was on appraisal
        form 704, 2065 or 2055 with an exterior only inspection, and (c) with respect
        to
        (a) or (b) above, was made and signed, prior to the approval of the Mortgage
        Loan application, by a qualified appraiser, duly appointed by the Seller,
        who
        had no interest, direct or indirect in the Mortgaged Property or in any loan
        made on the security thereof, whose compensation is not affected by the approval
        or disapproval of the Mortgage Loan and who met the minimum qualifications
        of
        Fannie Mae and Freddie Mac. Each appraisal of the Mortgage Loan was made
        in
        accordance with the relevant provisions of the Financial Institutions Reform,
        Recovery, and Enforcement Act of 1989;

       

      (26)  Deeds
        of Trust.
        In the
        event the Mortgage constitutes a deed of trust, a trustee, duly qualified
        under
        applicable law to serve as such, has been properly designated and currently
        so
        serves and is named in the Mortgage, and no fees or expenses are or will
        become
        payable by the Purchaser to the trustee under the deed of trust, except in
        connection with a trustee’s sale after default by the Mortgagor;

       

      (27)  Construction
        or Rehabilitation of Mortgaged Property.
        No
        Mortgage Loan was made in connection with (a) the construction or rehabilitation
        of a Mortgaged Property or (b) facilitating the trade-in or exchange of a
        Mortgaged Property;

       

      (28)   LTV;
        CLTV.
        The
        Loan-to-Value Ratio of any Mortgage Loan at origination was not more than
        95%
        and the CLTV of any Mortgage Loan at origination was not more than 100%;
        Each
        Mortgage Loan (other than any Mortgage Loan underwritten pursuant to the
        Seller’s Subprime Underwriting Guidelines) with an original Loan-to-Value Ratio
        at origination greater than 80% is and will be subject to a Primary Insurance
        Policy, issued by a Qualified Insurer, which insures that portion of the
        Mortgage Loan in excess of the portion of the Appraised Value of the Mortgaged
        Property as required by Fannie Mae. All provisions of such Primary Insurance
        Policy have been and are being complied with, such policy is in full force
        and
        effect, and all premiums due thereunder have been paid. Any Mortgage subject
        to
        any such Primary Insurance Policy obligates the Mortgagor thereunder to maintain
        such insurance and to pay all premiums and charges in connection therewith.
        The
        Mortgage Interest Rate for the Mortgage Loan does not include any such insurance
        premium. If a Mortgage Loan is identified on the Mortgage Loan Schedule as
        subject to a Lender Paid Mortgage Insurance Policy, such policy insures that
        portion of the Mortgage Loan set forth in the LPMI Policy. All provisions
        of any
        such LPMI Policy have been and are being complied with, such policy is in
        full
        force and effect, and all premiums due thereunder have been paid. The Mortgage
        Interest Rate for the Mortgage Loan does not include the insurance premium
        for
        any LPMI Policy;

       

      (29)   Occupancy
        of the Mortgaged Property.
        The
        Mortgaged Property is lawfully occupied under applicable law; all inspections,
        licenses and certificates required to be made or issued with respect to all
        occupied portions of the Mortgaged Property and, with respect to the use
        and
        occupancy of the same, including but not limited to certificates of occupancy
        and fire underwriting certificates, have been made or obtained from the
        appropriate authorities. No improvement located on or being part of any
        Mortgaged Property is in violation of any applicable zoning and subdivision
        law,
        ordinance or regulation;

       

      (30)  No
        Error, Omission, Fraud etc.
        No
        error, omission, misrepresentation, negligence, fraud or similar occurrence
        with
        respect to a Mortgage Loan has taken place on the part of any person, including
        without limitation the Mortgagor, any appraiser, any builder or developer,
        or
        any other party involved in the origination of the Mortgage Loan or in the
        application of any insurance in relation to such Mortgage Loan;

       

      (31)  Consolidation
        of Advances; Lien Priority.
        Any
        principal advances made to the Mortgagor prior to the Cut-off Date have been
        consolidated with the outstanding principal amount secured by the Mortgage,
        and
        the secured principal amount, as consolidated, bears a single interest rate
        and
        single repayment term reflected on the Mortgage Loan Schedule. The lien of
        the
        Mortgage securing the consolidated principal amount is expressly insured
        as
        having (A) first lien priority with respect to each Mortgage Loan which is
        indicated by the Seller to be a First Lien (as reflected on the Mortgage
        Loan
        Schedule), or (B) second lien priority with respect to each Mortgage Loan
        which
        is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected
        on
        the Mortgage Loan Schedule), in either case, by a title insurance policy,
        an
        endorsement to the policy insuring the mortgagee’s consolidated interest or by
        other title evidence acceptable to Fannie Mae and Freddie Mac. The consolidated
        principal amount does not exceed the original principal amount of the Mortgage
        Loan;

       

      (32)   Environmental
        Matters.
        The
        Mortgaged Property is in material compliance with all applicable environmental
        laws pertaining to environmental hazards including, without limitation,
        asbestos, and neither the Seller nor, to the Seller’s knowledge, the related
        Mortgagor, has received any notice of any violation or potential violation
        of
        such law;

       

      (33)   HOEPA.
        No
        Mortgage Loan is (a) subject to the provisions of the Homeownership and Equity
        Protection Act of 1994 as amended (“HOEPA”), (b) a “high cost” mortgage loan,
“covered” mortgage loan, “high risk home” mortgage loan, or “predatory” mortgage
        loan or any other comparable term, no matter how defined under any federal,
        state or local law, (c) subject to any comparable federal, state or local
        statutes or regulations, or any other statute or regulation providing for
        heightened regulatory scrutiny or assignee liability to holders of such mortgage
        loans, or (d) a High Cost Loan or Covered Loan, as applicable (as such terms
        are
        defined in the current Standard & Poor’s LEVELS® Glossary Revised, Appendix
        E);

       

      (34)   Due-On-Sale.
        Each
        Mortgage contains an enforceable provision for the acceleration of the payment
        of the unpaid principal balance of the related Mortgage Loan in the event
        the
        related Mortgaged Property is sold or transferred without the prior consent
        of
        the mortgagee thereunder;

       

      (35)  Second
        Liens.
        With
        respect to each Mortgage Loan which is a Second Lien, (i) the related First
        Lien
        does not provide for negative amortization, (ii) either no consent for the
        Mortgage Loan is required by the holder of the First Lien or such consent
        has
        been obtained and is contained in the Mortgage File and (iii) such Second
        Lien
        is on a Residential Dwelling that is (or will be) the principal residence
        of the
        Mortgagor upon origination of the Second Lien; 

       

      (36)  Prepayment
        Charges in Mortgage Loan Documents.
        The
        Mortgage Loan Documents with respect to each Mortgage Loan subject to Prepayment
        Charges specifically authorizes such Prepayment Charges to be collected,
        such
        Prepayment Charges are permissible and enforceable in accordance with the
        terms
        of the related Mortgage Loan Documents and all applicable federal, state
        and
        local laws (except to the extent that the enforceability thereof may be limited
        by bankruptcy, insolvency, moratorium, receivership and other similar laws
        relating to creditors’ rights generally or the collectability thereof may be
        limited due to acceleration in connection with a foreclosure) and each
        Prepayment Charge was originated in compliance with all applicable federal,
        state and local laws;

       

      (37)   Compliance
        with Patriot Act.
        The
        Seller has complied with all applicable anti-money laundering laws and
        regulations, including without limitation the USA Patriot Act of 2001
        (collectively, the “Anti-Money Laundering Laws”). The Seller has established an
        anti-money laundering compliance program as required by the Anti-Money
        Laundering Laws, has conducted the requisite due diligence in connection
        with
        the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
        Laws, including with respect to the legitimacy of the applicable Mortgagor
        and
        the origin of the assets used by the said Mortgagor to purchase the property
        in
        question, and maintains, and will maintain, sufficient information to identify
        the applicable Mortgagor for purposes of the Anti-Money Laundering Laws;
        no
        Mortgage Loan is subject to nullification pursuant to Executive Order 13224
        (the
“Executive Order”) or the regulations promulgated by the Office of Foreign
        Assets Control of the United States Department of the Treasury (the “OFAC
        Regulations”) or in violation of the Executive Order or the OFAC Regulations,
        and no Mortgagor is subject to the provisions of such Executive Order or
        the
        OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
        Regulations; 

       

      (38)  MERS
        Mortgage Loans.
        With
        respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and such
        MIN
        is accurately provided on the related Mortgage Loan Schedule. The related
        Assignment of Mortgage to MERS has been duly and properly recorded or has
        been
        delivered for recording to the applicable recording office. With respect
        to each
        MERS Mortgage Loan, the Seller has not received any notice of liens or legal
        actions with respect to such Mortgage Loan and no such notices have been
        electronically posted by MERS;

       

      (39)  FACT
        Act.
        The
        sale or transfer of the Mortgage Loan by the Seller complies with all applicable
        federal, state, and local laws, rules, and regulations governing such sale
        or
        transfer, including, without limitation, the Fair and Accurate Credit
        Transactions Act (“FACT Act”) and the Fair Credit Reporting Act, each as may be
        amended from time to time, and the Seller has not received any actual or
        constructive notice of any identity theft, fraud, or other misrepresentation
        in
        connection with such Mortgage Loan or any party thereto.

       

      (40)  Qualified
        Mortgage.
        Each
        Mortgage Loan constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of
        the Code and Treasury Regulation Section 1.860G-2(a)(1); 

       

      (41)  Condos
        and PUDs.
        If the
        Residential Dwelling on the Mortgaged Property is a condominium unit or a
        unit
        in a planned unit development (other than a de minimis planned unit development)
        such condominium or planned unit development project meets the eligibility
        requirements of Fannie Mae and Freddie Mac;

       

      (42)  Appraised
        Value.
        All
        improvements which were considered in determining the Appraised Value of
        the
        related Mortgaged Property lay wholly within the boundaries and building
        restriction lines of the Mortgaged Property, and no improvements on adjoining
        properties encroach upon the Mortgaged Property;

       

      (43)  No
        Additional Collateral.
        The
        Mortgage Note is not and has not been secured by any collateral except the
        lien
        of the corresponding Mortgage on the Mortgaged Property and the security
        interest of any applicable security agreement or chattel mortgage referred
        to in
        (xi) above;

       

      (44)  Buydown
        Mortgage Loans.
        No
        Mortgage Loan contains provisions pursuant to which Monthly Payments are
        (a)
        paid or partially paid with funds deposited in any separate account established
        by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (b) paid
        by
        any source other than the Mortgagor or (c) contains any other similar provisions
        which may constitute a “buydown” provision. 

       

      (45)  No
        Convertible Mortgage Loans; No Graduated Payments or Contingent
        Interests.
        No
        Mortgage Loan is a Convertible Mortgage Loan. 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;

       

      (46)  Disclosure
        Materials.
        The
        Mortgagor has executed a statement to the effect that the Mortgagor has received
        all disclosure materials required by applicable law with respect to the making
        of fixed rate mortgage loans in the case of Fixed Rate Mortgage Loans, and
        adjustable rate mortgage loans in the case of Adjustable Rate Mortgage Loans
        and
        rescission materials with respect to Refinanced Mortgage Loans, and such
        statement is and will remain in the Mortgage File;

       

      (47)  Recordation
        of Mortgages.
        Each
        original Mortgage was recorded and all subsequent assignments of the original
        Mortgage (other than the assignment to the Purchaser) have been recorded,
        or are
        in the process of being recorded, in the appropriate jurisdictions wherein
        such
        recordation is necessary to perfect the lien thereof as against creditors
        of the
        Seller. As to any Mortgage Loan which is not a MERS Mortgage Loan, the
        Assignment of Mortgage is in recordable form (except for the name of the
        assignee which is blank) and is acceptable for recording under the laws of
        the
        jurisdiction in which the Mortgaged Property is located;

       

      (48)  Texas
        Refinance Loans.
        Each
        Mortgage Loan originated in the state of Texas pursuant to Article XVI, Section
        50(a)(6) of the Texas Constitution (a “Texas Refinance Loan”) has been
        originated in compliance with the provisions of Article XVI, Section 50(a)(6)
        of
        the Texas Constitution, Texas Civil Statutes and the Texas Finance Code.
        With
        respect to each Texas Refinance Loan that is a Cash Out Refinancing, the
        related
        Mortgage Loan Documents state that the Mortgagor may prepay such Texas Refinance
        Loan in whole or in part without incurring a Prepayment Charge. The Seller
        does
        not collect any such Prepayment Charges in connection with any such Texas
        Refinance Loan;

       

      (49)  Verification
        of Down Payment.
        Unless
        otherwise set forth on the Mortgage Loan Schedule, the source of the down
        payment with respect to each Mortgage Loan has been fully verified by the
        Seller;

       

      (50)  Tax
        Service Contracts.
        The
        Seller shall, at its own expense, cause each Mortgage Loan to be covered
        by a
“life of loan” Tax Service Contract which is assignable to the Purchaser or its
        designee at no cost to the Purchaser or its designee; provided however, that
        if
        the Seller fails to purchase such Tax Service Contract, the Seller shall
        be
        required to reimburse the Purchaser for all costs and expenses incurred by
        the
        Purchaser in connection with the purchase of any such Tax Service
        Contract;

       

      (51)  Flood
        Zone Service Contracts.
        Each
        Mortgage Loan is covered by a “life of loan” Flood Zone Service Contract which
        is assignable to the Purchaser or its designee at no cost to the Purchaser
        or
        its designee or, for each Mortgage Loan not covered by such Flood Zone Service
        Contract, the Seller agrees to purchase such Flood Zone Service
        Contract;

       

      (52)  No
        Cooperatives; No Commercial Property; No Mixed Use Property, No Manufacture
        Housing.
        No
        Mortgage Loan is secured by cooperative housing, commercial property,
        manufactured housing, a mobile home or mixed use property;

       

      (53)  Secondary
        Market Sales.
        Each
        Mortgage Loan is eligible for sale in the secondary market or for inclusion
        in a
        Securitization Transaction without unreasonable credit enhancement;

       

      (54)  No
        Adverse Selection.
        No
        selection procedures were used by the Seller that identified the Mortgage
        Loans
        as being less desirable or valuable than other comparable mortgage loans
        in the
        Seller’s portfolio;

       

      (55)  Georgia.
        No
        Mortgage Loan originated or modified on or after October 1, 2002 and prior
        to
        March 7, 2003 is secured by a Mortgaged Property located in the State of
        Georgia. No Mortgage Loan originated on or after March 7, 2003 is a “high cost
        home loan” as defined under the Georgia Fair Lending Act.

       

      (56)  New
        Jersey Manufactured Housing Loans.
        No
        Mortgage Loan is a “manufactured housing loan” pursuant to the NJ Act, and one
        hundred percent of the amount financed of any purchase money Second Lien
        Mortgage Loan subject to the NJ Act was used for the purchase of the related
        Mortgaged Property;

       

      (57)  Reserved;

       

      (58)  No
        Ground Leases.
        No
        Mortgage Loan is secured in whole or in part by the interest of the Mortgagor
        as
        a lessee under a ground lease of the related Mortgaged Property;

       

      (59)  Massachusetts
        Refinanced Mortgage Loans.
        No
        Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
        of
        Massachusetts was made to pay off or refinance an existing loan or other
        debt of
        the related borrower (as the term “borrower” is defined in the regulations
        promulgated by the Massachusetts Secretary of State in connection with
        Massachusetts House Bill 4880 (2004)) unless either (1) (a) the related Mortgage
        Interest Rate (that would be effective once the introductory rate expires,
        with
        respect to Adjustable Rate Mortgage Loans) did or would not exceed by more
        than
        2.25% the yield on United States Treasury securities having comparable periods
        of maturity to the maturity of the related Mortgage Loan as of the fifteenth
        day
        of the month immediately preceding the month in which the application for
        the
        extension of credit was received by the related lender or (b) the Mortgage
        Loan
        is an “open-end home loan” (as such term is used in the Massachusetts House Bill
        4880 (2004)) and the related Mortgage Note provides that the related Mortgage
        Interest Rate may not exceed at any time the Prime rate index as published
        in
        The Wall Street Journal plus a margin of one percent, or (2) such Mortgage
        Loan
        is in the "borrower's interest," as documented by a "borrower's interest
        worksheet" for the particular Mortgage Loan, which worksheet incorporates
        the
        factors set forth in Massachusetts House Bill 4880 (2004) and the regulations
        promulgated thereunder for determining "borrower's interest," and otherwise
        complies in all material respects with the laws of the Commonwealth of
        Massachusetts;

       

      (60)  Broker
        Fees.
        The
        Mortgagor has not made or caused to be made any payment in the nature of
        an
“average” or “yield spread premium” to a mortgage broker or a like Person which
        has not been fully disclosed to the Mortgagor;

       

      (61)  Acceptable
        Investment.
        The
        Seller has no knowledge of any circumstances or condition with respect to
        the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
        standing that can reasonably be expected to cause the Mortgage Loan to be
        an
        unacceptable investment, cause the Mortgage Loan to become delinquent, cause
        the
        Mortgage Loan to not be paid in full when due, or adversely affect the value
        of
        the Mortgage Loan;

       

      (62)  No
        Notification of Prepayments in Full.
        The
        Mortgage Loan was not prepaid in full prior to the Closing Date and the Seller
        has not received notification from a Mortgagor that a prepayment in full
        shall
        be made after the Closing Date;

       

      (63)  Limitation
        on number of Mortgage Notes per Borrower.
        No
        Mortgagor is the obligor on more than two Mortgage Notes;

       

      (64)  Prepayment
        Charges; With
        respect to any Mortgage Loan that contains a provision permitting imposition
        of
        a Prepayment Charge upon a Principal Prepayment prior to maturity: (i) prior
        to
        the Mortgage Loan’s origination, the Mortgagor agreed to such Prepayment Charge
        in exchange for a monetary benefit, including but not limited to a Mortgage
        Interest Rate or fee reduction, (ii) prior to the Mortgage Loan’s origination,
        the Mortgagor was offered the option of obtaining a Mortgage Loan that did
        not
        require payment of a Prepayment Charge, (iii) the Prepayment Charge is disclosed
        to the Mortgagor in the Mortgage Loan Documents pursuant to applicable state
        and
        federal law, (iv) for Mortgage Loans originated on or after October 1, 2002,
        the
        duration of the prepayment period shall not exceed three (3) years from the
        date
        of the Mortgage Note, unless the Mortgage Loan was modified to reduce the
        prepayment period to no more than three years from the date of the Mortgage
        Note
        and the Mortgagor was notified in writing of such reduction in the prepayment
        period, (v) no Mortgage Loan originated prior to October 1, 2002 has a
        Prepayment Charge longer than five years and (vi) notwithstanding any state
        or
        federal law to the contrary, the Seller shall not impose such Prepayment
        Charge
        in any instance when the Mortgage Loan is accelerated or paid off in connection
        with the workout of a delinquent mortgage or due to the Mortgagor’s default.
        Each Prepayment Charge is permissible, collectable and enforceable.

       

      (65)  No
        Predatory Lending.
        No
        predatory, abusive or deceptive lending practices, including but not limited
        to,
        the extension of credit to a Mortgagor without regard for the Mortgagor’s
        ability to repay the Mortgage Loan and the extension of credit to a Mortgagor
        which has no tangible net benefit to the Mortgagor, were employed in connection
        with the origination of the Mortgage Loan. Each Mortgage Loan is in compliance
        with the anti-predatory lending eligibility for purchase requirements of
        Fannie
        Mae’s Selling Guide. No Mortgagor was encouraged or required to select a
        Mortgage Loan product offered by the Mortgage Loan’s originator which is a
        higher cost product designed for less creditworthy borrowers, unless at the
        time
        of the Mortgage Loan’s origination, such Mortgagor did not qualify taking into
        account credit history and debt to income ratios for a lower cost credit
        product
        then offered by the Mortgage Loan’s originator or any affiliate of the Mortgage
        Loan’s originator. If, at the time of the related loan application, the
        Mortgagor may have qualified for a lower cost credit product then offered
        by any
        mortgage lending affiliate of the Mortgage Loan’s originator, the Mortgage
        Loan’s originator referred the Mortgagor’s application to such affiliate for
        underwriting consideration; 

       

      (66)  Underwriting
        Methodology.
        The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        employs objective mathematical principles which relate the Mortgagor’s income,
        assets and liabilities to the proposed payment and such underwriting methodology
        does not rely on the extent of the Mortgagor’s equity in the collateral as the
        principal determining factor in approving such credit extension. Such
        underwriting methodology confirmed that at the time of origination
        (application/approval) the Mortgagor had a reasonable ability to make timely
        payments on the Mortgage Loan;

       

      (67)  Points
        and Fees Disclosed.
        All
        points and fees related to each Mortgage Loan were disclosed in writing to
        the
        related Borrower in accordance with applicable state and federal laws and
        regulations. No Borrower was charged “points and fees” (whether or not financed)
        in an amount greater than (a) $1,000 or (b) 5% of the principal amount of
        such
        Mortgage Loan, whichever is greater, such 5% limitation is calculated in
        accordance with Fannie Mae’s anti-predatory lending requirements as set forth in
        the Fannie Mae Guides. For purposes of this representation, “points and fees”
(x) include origination, underwriting, broker and finder’s fees and charges that
        the lender imposed as a condition of making the Mortgage Loan, whether they
        are
        paid to the lender or a third party, and (y) exclude bona fide discount points,
        fees paid for actual services rendered in connection with the origination
        of the
        mortgage (such as attorneys’ fees, notaries fees and fees paid for property
        appraisals, credit reports, surveys, title examinations and extracts, flood
        and
        tax certifications, and home inspections); the cost of mortgage insurance
        or
        credit-risk price adjustments; the costs of title, hazard, and flood insurance
        policies; state and local transfer taxes or fees; escrow deposits for the
        future
        payment of taxes and insurance premiums; and other miscellaneous fees and
        charges that, in total, do not exceed 0.25 percent of the loan amount. All
        fees
        and charges (including finance charges), whether or not financed, assessed,
        collected or to be collected in connection with the origination and servicing
        of
        each Mortgage Loan were disclosed in writing to the related Mortgagor in
        accordance with applicable state and federal laws and regulations; 

       

      (68)  Full
        File Credit Reporting (Fannie Mae).
        The
        Seller will transmit full-file credit reporting data for each Mortgage Loan
        pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan,
        Seller agrees it shall report one of the following statuses each month as
        follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
        foreclosed, or charged-off;

       

      (69)  No
        Credit Life Policies.
        No
        Mortgagor was required to purchase any single premium credit insurance policy
        (e.g. life, mortgage, disability, accident, unemployment, or health insurance
        product) or debt cancellation agreement as a condition of obtaining the
        extension of credit. No Mortgagor obtained a prepaid single premium credit
        insurance policy (e.g. life, mortgage, disability, accident, unemployment,
        or
        health insurance product) in connection with the origination of the Mortgage
        Loan, and no proceeds from any Mortgage Loan were used to purchase
        single-premium credit insurance policies or debt cancellation agreements
        as part
        of the origination of, or as a condition to closing, such Mortgage Loan;
        

       

      (70)  Full
        File Credit Reporting (Past Practice; Future Practice).
        The
        Seller and any predecessor servicer has fully furnished, in accordance with
        the
        Fair Credit Reporting Act and its implementing regulations, accurate and
        complete information (e.g., favorable and unfavorable) on its borrower credit
        files to Equifax, Experian and Trans Union Credit Information Company (three
        of
        the credit repositories) on a monthly basis; and the Seller will fully furnish,
        in accordance with the Fair Credit Reporting Act and its implementing
        regulations, accurate and complete information (e.g., favorable and unfavorable)
        on its borrower credit files to Equifax, Experian and Trans Credit Information
        Company (three of the credit repositories), on a monthly basis; and

       

      (71)  No
        Arbitration.
        With
        respect to each Mortgage Loan, neither the related Mortgage nor the related
        Mortgage Note requires the Mortgagor to submit to arbitration to resolve
        any
        dispute arising out of or relating in any way to the Mortgage Loan; No Mortgagor
        agreed to submit to arbitration to resolve any dispute arising out of or
        relating in any way to the Mortgage Loan.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F

      

      Representation
        and Warranties with Respect to the Countrywide Mortgage Loans

      

      Except
        for “Mortgage Loans”, which shall mean the Countrywide Mortgage Loans sold by
        the Seller to the Purchaser, all capitalized terms in this Exhibit F shall
        have
        the meanings ascribed to them in the Countrywide Servicing
        Agreement.

      

      (i)  Mortgage
        Loan Schedule.
        The
        information contained in the Mortgage Loan Schedule is complete, true and
        correct in all material respects;

       

      (ii)  No
        Delinquencies or Advances.
        All
        payments required to be made prior to the related Cut-off Date for such Mortgage
        Loan under the terms of the Mortgage Note have been made; Countrywide has
        not
        advanced funds, or induced, solicited or knowingly received any advance of
        funds
        from a party other than the owner of the Mortgaged Property subject to the
        Mortgage, directly or indirectly, for the payment of any amount required
        by the
        Mortgage Loan; and there has been no delinquency of more than thirty (30)
        days
        in any payment by the Mortgagor thereunder during the last twelve (12)
        months;

       

      (iii)  Taxes,
        Assessments, Insurance Premiums and Other Charges.
        There
        are no delinquent taxes, ground rents, or insurance premiums, and Countrywide
        has no knowledge of any delinquent water charges, sewer rents, assessments,
        leasehold payments, including assessments payable in future installments
        or
        other outstanding charges affecting the related Mortgaged Property;

       

      (iv)  No
        Modifications.
        The
        terms of the Mortgage Note and the Mortgage have not been impaired, waived,
        altered or modified in any respect, except by written instruments that have
        been
        or will be recorded or registered with the MERS System, if necessary to protect
        the interests of the Purchaser, and that have been or will be delivered to
        the
        Purchaser, all in accordance with this Agreement. The substance of any such
        waiver, alteration or modification has been approved by the primary mortgage
        guaranty insurer, if any, and by the title insurer, to the extent required
        by
        the related policy and its terms are reflected on the Mortgage Loan Schedule.
        No
        Mortgagor has been released, in whole or in part, except in connection with
        an
        assumption agreement approved by the primary mortgage insurer, if any, and
        the
        title insurer, to the extent required by the policy, and which assumption
        agreement is part of the Collateral File and the terms of which are reflected
        in
        the Mortgage Loan Schedule if executed prior to the Closing Date;

       

      (v)  No
        Defenses.
        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;

       

      (vi)  Hazard
        and Flood Insurance.
        All
        buildings upon the Mortgaged Property are insured by an insurer acceptable
        to an
        Agency against loss by fire, hazards of extended coverage and such other
        hazards
        as are customary in the area where the Mortgaged Property is located, and
        such
        insurer is licensed to do business in the state where the Mortgaged Property
        is
        located. All such insurance policies contain a standard mortgagee clause
        naming
        Countrywide, its successors and assigns as mortgagee, and all premiums thereon
        have been paid. If, upon the origination of the Mortgage Loan, the Mortgaged
        Property was, or was subsequently deemed to be, in an area identified in
        the
        Federal Register by the Federal Emergency Management Agency as having special
        flood hazards (and such flood insurance has been made available), a flood
        insurance policy that meets the requirements of the current guidelines of
        the
        Federal Insurance Administration (or any successor thereto) and conforms
        to the
        requirements of an Agency is in effect. The Mortgage obligates the Mortgagor
        thereunder to maintain all such insurance at the Mortgagor’s expense and, upon
        the failure of the Mortgagor to do so, the holder of the Mortgage is authorized
        to maintain such insurance at the Mortgagor’s expense and to seek reimbursement

       

      (vii)  Compliance
        with Applicable Law.
        Each
        Mortgage Loan, including any Prepayment Charge or penalty in connection
        therewith, at the time of origination complied in all material respects with
        applicable local, state and federal laws, and any applicable ordinances,
        including truth in lending, real estate settlement procedures, consumer credit
        protection, equal credit opportunity, predatory and abusive lending and
        disclosure laws applicable to the Mortgage Loan;

       

      (viii)  No
        Release of Mortgage.
        The
        Mortgage has not been satisfied, canceled, subordinated, or rescinded, in
        whole
        or in part, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part, nor has any instrument been executed that
        would effect any such release, cancellation, subordination or
        rescission;

       

      (ix)  Enforceability
        of Mortgage Documents.
        The
        Mortgage Note and the related Mortgage are genuine and each is the legal,
        valid
        and binding obligation of the maker thereof, enforceable in accordance with
        its
        terms, except as the enforceability thereof may be limited by bankruptcy,
        insolvency, reorganization or similar laws;

       

      (x)  Valid
        First or Second Lien.
        Each
        related Mortgage is a valid, subsisting and enforceable First Lien (with
        respect
        to a First Lien Mortgage Loan) or Second Lien (with respect to a Second Lien
        Mortgage Loan) on the related Mortgaged Property, including all improvements
        on
        the Mortgaged Property. The lien of the Mortgage is subject only
        to:

       

      (i)  the
        lien
        of current real property taxes and assessments not yet due and
        payable;

       

      (ii)  covenants,
        conditions and restrictions, rights of way, easements and other matters of
        public record as of the date of recording that are acceptable to mortgage
        lending institutions generally and specifically referred to in the lender’s
        title insurance policy delivered to the originator of the Mortgage Loan and
        that
        do not adversely affect the Appraised Value (as evidenced by an appraisal
        referred to in such definition) of the Mortgaged Property set forth in such
        appraisal; 

       

      (iii)  with
        respect to a Second Lien Mortgage Loan only, the lien of the first mortgage
        on
        the Mortgaged Property; and

       

      (iv)  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;

       

      (xi)  Disbursements
        of Proceeds.
        The
        proceeds of the Mortgage Loan have been fully disbursed, and there is no
        requirement for future advances 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 therefore have been complied with. All costs, fees and expenses
        incurred in making or closing the Mortgage Loan and recording the Mortgage
        were
        paid, and the Mortgagor is not entitled to any refund of any amounts paid
        or due
        under the Mortgage Note or Mortgage;

       

      (xii)  Sole
        Owner.
        Countrywide is the sole owner and holder of the Mortgage Loan. The Mortgage
        Loan
        is not assigned or pledged, and Countrywide has good and marketable title
        thereto, and has full right to transfer and sell the Mortgage Loan to the
        Purchaser free and clear of any encumbrance, equity, lien, pledge, charge,
        claim
        or security interest and has full right and authority subject to no interest
        or
        participation of, or agreement with, any other party, to sell and assign
        each
        Mortgage Loan pursuant to the terms of this Agreement;

       

      (xiii)  Title
        Insurance.
        Each
        Mortgage Loan that is a First Lien Mortgage Loan and each Mortgage Loan that
        is
        a Second Lien Mortgage Loan with an original principal balance greater than
        $100,000, in either case, is covered by a lender’s title insurance policy
        acceptable to an Agency, issued by a title insurer acceptable to an Agency
        and
        qualified to do business in the jurisdiction where the related Mortgaged
        Property is located, insuring (subject to the exceptions contained in Section
        3.02(j)(i), (ii) and (iii) above) Countrywide, its successors and assigns
        as to
        the first or second priority lien of the Mortgage, as applicable. Additionally,
        such lender’s title insurance policy affirmatively insures ingress and egress,
        and against encroachments by or upon the Mortgaged Property or any interest
        therein. With respect to any Adjustable Rate Mortgage Loan, such title insurance
        policy insures against any loss by reason of the invalidity or unenforceability
        of the lien resulting from the provisions of the Mortgage Note providing
        for
        adjustment of the Mortgage Interest Rate and Monthly Payment. Countrywide
        is the
        sole insured of such lender’s title insurance policy, and such lender’s title
        insurance policy is in full force and effect and will be in full force and
        effect upon the consummation of the transactions contemplated by this Agreement.
        No claims have been made under such lender’s title insurance policy, and no
        prior holder of the related Mortgage, including Countrywide, has done, by
        act or
        omission, anything which would impair the coverage of such lender’s title
        insurance policy;

       

      (xiv)  No
        Default.
        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 Countrywide has
        not
        waived any default, breach, violation or event of acceleration, and with
        respect
        to any Second Lien Mortgage Loan, Countrywide has not received a written
        notice
        of default of any senior mortgage loan related to the Mortgaged Property
        which
        has not been cured;

       

      (xv)  No
        Mechanics’ Liens.
        There
        are no mechanics’ or similar liens or claims which have been filed for work,
        labor or material (and no rights are outstanding that under 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;

       

      (xvi)  Origination,
        Servicing and Collection Practices.
        The
        origination, servicing and collection practices used by Countrywide with
        respect
        to each Mortgage Note and Mortgage have been in all respects legal, proper,
        prudent and customary in the mortgage origination and servicing business.
        With
        respect to escrow deposits and Escrow Payments, if any, all such payments
        are in
        the possession of, or under the control of, Countrywide and there exist no
        deficiencies in connection therewith for which customary arrangements for
        repayment thereof have not been made. No escrow deposits or Escrow Payments
        or
        other charges or payments due Countrywide have been capitalized under any
        Mortgage or the related Mortgage Note. With respect to Adjustable Rate Mortgage
        Loans, all Mortgage Interest Rate adjustments have been made in strict
        compliance with state and federal law and the terms of the related Mortgage
        Note. Any interest required to be paid pursuant to state and local law has
        been
        properly paid and credited;

       

      (xvii)  No
        Condemnation or Damage.
        The
        Mortgaged Property is free of material damage and waste and there is no
        proceeding pending for the total or partial condemnation thereof;

       

      (xviii)  Customary
        and Enforceable Provisions.
        The
        Mortgage contains customary and enforceable provisions such as to render
        the
        rights and remedies of the holder thereof adequate for the realization against
        the Mortgaged Property of the benefits of the security provided thereby
        including (a) in the case of a Mortgage designated as a deed of trust, by
        trustee’s sale, and (b) otherwise by judicial foreclosure;

       

      (xix)  Collateral.
        The
        Mortgage Note is not and has not been secured by any collateral except the
        lien
        of the corresponding Mortgage;

       

      (xx)  Appraisal.
        Unless
        the Mortgage Loan was underwritten pursuant to one of Countrywide’s streamline
        documentation programs, the Credit File contains an appraisal of the related
        Mortgaged Property signed prior to the approval of the Mortgage Loan application
        by an appraiser who meets the minimum requisite qualifications of an Agency
        for
        appraisers, duly appointed by the originator, that had no interest, direct
        or
        indirect in the Mortgaged Property, and whose compensation is not affected
        by
        the approval or disapproval of the Mortgage Loan; the appraisal is in a form
        acceptable to an Agency, with such riders as are acceptable to such Agency.
        All
        improvements which were considered in determining the Appraised Value of
        the
        related Mortgaged Property lay wholly within the boundaries and building
        restriction lines of the Mortgaged Property, and no improvements on adjoining
        properties encroach upon the Mortgaged Property. Each
        appraisal of the Mortgage Loan was made in accordance with the relevant
        provisions of the Financial Institutions Reform, Recovery, and Enforcement
        Act
        of 1989;

       

      (xxi)  Trustee
        for Deed of Trust.
        In the
        event the Mortgage constitutes a deed of trust, a trustee, duly qualified
        under
        applicable law to serve as such, has been properly designated and currently
        so
        serves and is named in the Mortgage, and no fees or expenses are or will
        become
        payable by the Purchaser to the trustee under the deed of trust, except in
        connection with a trustee’s sale after default by the Mortgagor;

       

      (xxii)  Private
        Mortgage Insurance, FHA Insurance and VA Guarantees.
        Each
        Mortgage Loan, except a Second Lien Mortgage Loan or a Mortgage Loan
        underwritten in accordance with sub-prime credit underwriting guidelines
        (as any
        such Mortgage Loans may be identified in the Mortgage Loan Schedule), with
        an
        LTV at origination in excess of eighty percent (80%) is and will be subject
        to a
        PMI Policy, which insures that portion of the Mortgage Loan over seventy-five
        percent (75%) of the Appraised Value of the related Mortgaged Property. All
        provisions of such PMI Policy have been and are being complied with, such
        policy
        is in full force and effect, and all premiums due thereunder have been paid.
        Any
        Mortgage subject to any such PMI Policy obligates the Mortgagor thereunder
        to
        maintain such insurance and to pay all premiums and charges in connection
        therewith or, in the case of a lender paid mortgage insurance policy, the
        premiums and charges are included in the Mortgage Interest Rate for the Mortgage
        Loan. Each Government Mortgage Loan either has, or will have in due course,
        a
        valid and enforceable MIC or LGC, as applicable and, in each case, all premiums
        due thereunder have been paid;

       

      (xxiii)  Lawfully
        Occupied.
        At
        origination, to the best of Countrywide’s knowledge as of the Closing Date, the
        Mortgaged Property is lawfully occupied under applicable law. All inspections,
        licenses and certificates required to be made or issued with respect to all
        occupied portions of the Mortgaged Property and, with respect to the use
        and
        occupancy of the same including certificates of occupancy, have been made
        or
        obtained from the appropriate authorities;

       

      (xxiv)  Assignment
        of Mortgage.
        Except
        for the absence of recording information, the Assignment of Mortgage is in
        recordable form and is acceptable for recording under the laws of the
        jurisdiction in which the Mortgaged Property is located. The original Mortgage
        was or is being recorded and, unless the Mortgage Loan is subject to the
        MERS
        System, all subsequent assignments of the original Mortgage (other than the
        assignment to Purchaser) have been recorded in the appropriate jurisdiction
        wherein such recordation is necessary to perfect the lien thereof against
        creditors of Countrywide, or is in the process of being recorded;

       

      (xxv)  Consolidation
        of Future Advances.
        Any
        future advances made to the Mortgagor prior to the Cut-off Date have been
        consolidated with the outstanding principal amount secured by the Mortgage,
        and
        the secured principal amount, as consolidated, bears a single interest rate
        and
        single repayment term. The consolidated principal amount does not exceed
        the
        original principal amount of the Mortgage Loan;

       

      (xxvi)  Form
        of Mortgage Note and Mortgage.
        The
        Mortgage Note and Mortgage are on forms acceptable to an Agency; 

       

      (xxvii)  Section
        32 Loans.
        No
        Mortgage Loan is (a) subject to the provisions of the Homeownership and Equity
        Protection Act of 1994 as amended (“HOEPA”), (b) a “high cost” mortgage loan,
“high risk” mortgage loan; “covered” mortgage loan or “predatory” mortgage loan
        or a similarly classified mortgage 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,
        no
        matter how defined, under any federal, state or local law or ordinance,
        including, without limitation, Section 6-L of the New York Banking Law or
        (c)
        subject to any comparable federal, state or local statutes or regulations,
        including, without limitation, the provisions of the Georgia Fair Lending
        Act or
        any other statute or regulation providing assignee liability to holders of
        such
        mortgage loans;

       

      (xxviii)  Originator
        Supervision.
        The
        Mortgage Loan was originated by Countrywide or by a savings bank, a commercial
        bank or similar banking institution which is supervised and examined by a
        federal or state authority, or by a mortgagee approved as such by the Secretary
        of HUD;

       

      (xxix)  Foreclosure;
        Bankruptcy.
        The
        Mortgaged Property has not been subject to any bankruptcy proceeding or
        foreclosure proceeding and the Mortgagor has not filed for protection under
        applicable bankruptcy laws. There is no homestead or other exemption available
        to the Mortgagor which would interfere with the right to sell the Mortgaged
        Property at a trustee’s sale or the right to foreclose the Mortgage. Countrywide
        has no knowledge of any relief requested or allowed to the Mortgagor under
        the
        Soldiers and Sailors Civil Relief Act of 1940; 

       

      (xxx)  Payment
        Source; Buydown.
        No
        Mortgage contains provisions pursuant to which Monthly Payments are (a) paid
        or
        partially paid with funds deposited in any separate account established by
        the
        Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (b) paid by
        any
        source other than the Mortgagor or (c) contains any other similar provisions
        which may constitute a “buydown” provision. The Mortgage Loan is not a graduated
        payment mortgage loan and the Mortgage Loan does not have a shared appreciation
        or other contingent interest feature;

       

      (xxxi)  Construction;
        Exchange.
        No
        Mortgage Loan was made solely in connection with (a) the construction or
        rehabilitation of a Mortgaged Property or (b) facilitating the trade-in or
        exchange of a Mortgaged Property.

       

      (xxxii)  Investment.
        Countrywide has no knowledge of any circumstances or condition with respect
        to
        the Mortgage, the Mortgaged Property, the Mortgagor, or the Mortgagor’s credit
        standing that can reasonably be expected to cause the Mortgage Loan to be
        an
        unacceptable investment, cause the Mortgage Loan to become delinquent, or
        materially and adversely affect the value of the Mortgage Loan.

       

      (xxxiii)  Accrual
        Method.
        Interest on each Mortgage Loan is calculated on the basis of a 360-day year
        consisting of twelve 30-day months; and

       

      (xxxiv)  Lending
        Practices.
        No
        predatory, abusive or deceptive lending practices, including, but not limited
        to, the extension of credit to the Mortgagor without regard for the Mortgagor’s
        ability to repay the Mortgage Loan and the extension of credit to the Mortgagor
        which has no apparent benefit to the Mortgagor, were employed by the originator
        of the Mortgage Loan in connection with the origination of the Mortgage
        Loan;

       

      (xxxv)  Prepayment
        Charges.
        Each
        Prepayment Charge or penalty with respect to any Mortgage Loan is permissible,
        enforceable and collectible under applicable federal, state and local
        law;

       

      (xxxvi)  No
        Adverse Selection.
        The
        Mortgage Loans were not selected from the outstanding one to four-family
        mortgage loans in Countrywide’s portfolio at the related Closing Date as to
        which the representations and warranties set forth in this Agreement could
        be
        made in a manner so as to affect adversely the interests of the
        Purchaser;

       

      (xxxvii)  Due
        on
        Sale.
        The
        Mortgage contains an enforceable provision for the acceleration of the payment
        of the unpaid principal balance of the Mortgage Loan in the event that the
        Mortgaged Property is sold or transferred without the prior written consent
        of
        the Mortgagee thereunder;

       

      (xxxviii)  Legal
        Capacity.
        To
        the
        best of Countrywide’s knowledge, all parties to the Mortgage Note and the
        Mortgage had legal capacity to enter into the Mortgage Loan and to execute
        and
        deliver the Mortgage Note and the Mortgage, and the Mortgage Note and the
        Mortgage have been duly and properly executed by such parties. The Mortgagor
        is
        a natural person;

       

      (xxxix)  Doing
        Business.
        Countrywide
        is, and to the best of Countrywide’s knowledge, all parties which have had any
        interest in the Mortgage Loan, whether as mortgagee, assignee, 

       

      (xl)  Interest
        Rates; Amortization.
        Except
        for a Mortgage Loan, the Monthly Payment of which consists of interest only
        for
        a specified period of time (and which Mortgage Loan is identified on the
        Mortgage Loan Schedule), principal payments on the Mortgage Loan commenced
        no
        more than sixty days after the proceeds of the Mortgage Loan were disbursed.
        The
        Mortgage Loan bears interest at the Mortgage Interest Rate. With respect
        to each
        Mortgage Loan other than an interest-only Mortgage Loan or Balloon Mortgage
        Loan, the Mortgage Note is payable on the first day of each month in Monthly
        Payments, which, in the case of a Fixed Rate Mortgage Loan, is sufficient
        to
        fully amortize the original principal balance over the original term thereof
        and
        to pay interest at the related Mortgage Interest Rate, and, in the case of
        an
        Adjustable Rate Mortgage Loan, is changed on each Adjustment Date and is
        sufficient to fully amortize the original principal balance over the original
        term thereof and to pay interest at the related Mortgage Interest Rate. With
        respect to each Mortgage Loan identified on the Mortgage Loan Schedule as
        an
        interest-only Mortgage Loan, the interest-only period shall not exceed the
        period specified on the Mortgage Loan Schedule and, following the expiration
        of
        such interest-only period, the remaining Monthly Payments shall be sufficient
        to
        fully amortize the original principal balance over the remaining term of
        the
        Mortgage Loan. With respect to each Balloon Mortgage Loan, the Mortgage Note
        requires Monthly Payments sufficient to fully amortize the original principal
        balance over the original term thereof and to pay interest at the related
        Mortgage Interest Rate but requires a final Monthly Payment which is
        substantially greater than the penultimate Monthly Payment and sufficient
        to
        repay the remaining unpaid principal balance of the Balloon Mortgage Loan
        on the
        Due Date of such final Monthly Payment;

       

      (xli)  Underwriting
        Standards.
        The
        Mortgage Loan was underwritten in accordance with the underwriting standards
        of
        Countrywide in effect at the time the Mortgage Loan was originated;

       

      (xlii)  Disclosures.
        The
        Mortgagor has received all disclosure materials required by applicable law
        with
        respect to the making of fixed rate mortgage loans in the case of Fixed Rate
        Mortgage Loans, and adjustable rate mortgage loans in the case of Adjustable
        Rate Mortgage Loans and rescission materials with respect to Refinanced Mortgage
        Loans, and such statement is and will remain in the Mortgage File;

       

      (xliii)  No
        Fraud.
        No
        error,
        omission, misrepresentation, fraud or similar occurrence with respect to
        a
        Mortgage Loan has taken place on the part of Countrywide or, to the best
        of
        Countrywide’s knowledge, any other person, including without limitation the
        Mortgagor, any appraiser, any builder or developer, or any other party involved
        in the origination of the Mortgage Loan or in the application of any insurance
        in relation to such Mortgage Loan;

       

      (xliv)  Condominiums;
        Planned Unit Developments.
        If
        the
        Residential Dwelling on the Mortgaged Property is a condominium unit or a
        unit
        in a planned unit development (other than a de minimis planned unit development)
        such condominium or planned unit development project meets the eligibility
        requirements of FNMA and FHLMC;

       

      (xlv)  No
        Credit Life.
        No
        Mortgagor was required to purchase any credit life, disability, accident
        or
        health insurance product as a condition of obtaining the extension of credit.
        No
        proceeds from any Mortgage Loan were used to purchase single premium credit
        insurance policies as a condition to closing such Mortgage Loan;

       

      (xlvi)  Disclosure
        of Fees and Charges.
        All
        fees and charges (including finance charges), whether or not financed, assessed,
        collected or to be collected in connection with the origination and servicing
        of
        a Mortgage Loan, have been disclosed in writing to the Mortgagor in accordance
        with applicable state and federal law and regulation;

       

      (xlvii)  Compliance
        with Consumer Credit Statutes.
        The
        Mortgage Loan complies with all applicable consumer credit statutes and
        regulations, including, without limitation, the respective Uniform Consumer
        Credit Code laws in effect in Colorado, Idaho, Indiana, Iowa, Kansas, Maine,
        Oklahoma, South Carolina, Utah and Wyoming, has been originated by a properly
        licensed entity, and in all other respects, complies with all of the material
        requirements of any such applicable laws;

       

      (xlviii)  No
        Coops, Commercial Property or Mobile Homes.
        No
        Mortgage Loan is secured by cooperative housing, commercial property or mixed
        use property, and no Mortgage Loan is a manufactured or mobile
        home;

       

      (xlix)  Fair
        Credit Reporting.
        Countrywide has fully furnished and will continue to furnish, in accordance
        with
        the Fair Credit Reporting Act and its implementing regulations (the “FCRA”),
        accurate and complete information (i.e., favorable and unfavorable) on its
        Mortgagor credit files to Equifax, Experian, and Trans Union Credit Information
        Company (three of the credit repositories), on a monthly basis, and will
        fully
        furnish, in accordance with the FCRA, accurate and complete information (i.e.,
        favorable and unfavorable) on its mortgagor credit files to Equifax, Experian,
        and Trans Union Credit Information Company, on a monthly basis;

       

      (l)  Privacy.
        With
        regard to each Mortgagor, Countrywide shall at all times comply with all
        laws
        and regulations regarding use, disclosure and safeguarding of any and all
        customer information, including without limitation the Gramm Leach Bliley
        Act,
        the Fair Credit Reporting Act and Regulation P. Countrywide has implemented
        or
        will implement appropriate measures designed to meet the objectives of the
        Interagency Guidelines Establishing Standards for Safeguarding Customer
        Information, 12 CFR Part 30 Appendix B, and has been and continues to be
        engaged
        in reviewing its information security program, training of staff, and testing
        of
        controls, systems and procedures as required by those guidelines;

       

      (li)  Anti-Money
        Laundering Laws.
        Countrywide has complied with all applicable anti-money laundering laws and
        regulations, including without limitation the USA Patriot Act of 2001
        (collectively, the “Anti-Money Laundering Laws”); Countrywide has established an
        anti-money laundering compliance program as required by the Anti-Money
        Laundering Laws, has conducted the requisite due diligence in connection
        with
        the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
        Laws, including with respect to the legitimacy of the applicable Mortgagor
        and
        the origin of the assets used by the said Mortgagor to purchase the property
        in
        question, and maintains, and will maintain, sufficient information to identify
        the applicable Mortgagor for purposes of the Anti-Money Laundering
        Laws;

       

      (lii)  OFAC.
        No
        Mortgage Loan is subject to nullification pursuant to Executive Order 13224,
        an
        no Mortgagor is subject to the provisions of such Executive Order;

       

      (liii)  MOM
        Loans; Assignments.
        With
        respect to each MOM Loan, a MIN has been assigned by MERS and such MIN is
        accurately provided on the Mortgage Loan Schedule. The related Assignment
        of
        Mortgage to MERS has been duly and properly recorded, or has been delivered
        for
        recording to the applicable recording office;

       

      (liv)  MOM
        Loans; No Notices of Liens.
        With
        respect to each MOM Loan, Countrywide has not received any notice of liens
        or
        legal actions with respect to such Mortgage Loan and no such notices have
        been
        electronically posted by MERS;

       

      (lv)  The
        Mortgage Note (or lost note affidavit with market standard indemnification),
        the
        Mortgage, the assignment of Mortgage and any other documents required to
        be
        delivered with respect to each Mortgage Loan have been delivered to the
        Purchaser all in compliance with the specific requirements of this Agreement.
        With respect to each Mortgage Loan, Countrywide is in possession of a complete
        Credit File except for such documents as have been delivered to the Purchaser
        or
        as otherwise permitted under this Agreement. No more than 2% of the related
        Mortgage Loan Package may consist of lost note affidavits in lieu of Mortgage
        Notes; and

       

      (lvi)  Immediately
        prior to the payment of the Purchase Price for each Mortgage Loan, Countrywide
        was the owner of the related Mortgage and the indebtedness evidenced by the
        related Mortgage Note and upon the payment of the Purchase Price by the
        Purchaser, in the event that Countrywide or one of its affiliates retains
        record
        title, Countrywide or such affiliate shall retain such record title to each
        Mortgage, each related Mortgage Note and the related Mortgage Files with
        respect
        thereto in trust for the Purchaser as the owner thereof and only for the
        purpose
        of servicing and supervising or facilitating the servicing of each Mortgage
        Loan.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

      

      Representation
        and Warranties with Respect to the National City Mortgage Loans

      

      Except
        for “Mortgage Loans”, which shall mean the National City Mortgage Loans sold by
        the Seller to the Purchaser, all capitalized terms in this Exhibit G shall
        have
        the meanings ascribed to them in the National City Servicing
        Agreement.

       

      (lvii)  Mortgage
        Loans as Described.
        The
        information set forth in the related Mortgage Loan Schedule is complete,
        true
        and correct;

       

      (lviii)  Payments
        Current.
        All
        payments required to be made up to the related Closing Date for the Mortgage
        Loan under the terms of the Mortgage Note have been made and credited. No
        payment required under the Mortgage Loan has been 30 or more days delinquent
        at
        any time in the past 12 months preceding the related Closing Date. The first
        two
        Monthly Payments shall be made with respect to the Mortgage Loan within the
        month in which it is due, all in accordance with the terms of the related
        Mortgage Note;

       

      (lix)  No
        Outstanding Charges.
        There
        are no defaults in complying with the terms of the Mortgages, and all taxes,
        governmental assessments, insurance premiums, ground rents, leasehold payments,
        water, sewer and municipal charges, leasehold payments or ground rents which
        previously became due and owing have been paid, or an escrow of funds has
        been
        established in an amount sufficient to pay for every such item which remains
        unpaid and which has been assessed but is not yet due and payable. The Company
        has not advanced funds, or induced, solicited or knowingly received any advance
        of funds by a party other than the Mortgagor, directly or indirectly, for
        the
        payment of any amount required under the Mortgage Loan, except for interest
        accruing from the date of the Mortgage Note or date of disbursement of the
        Mortgage Loan proceeds, whichever is greater, to the day which precedes by
        one
        month the Due Date of the first installment of principal and
        interest; 

       

      (lx)  Original
        Terms Unmodified.
        The
        terms of the Mortgage Note and Mortgage have not been impaired, waived, altered
        or modified in any respect, except by a written instrument which has been
        recorded, if necessary to protect the interests of the Purchaser and which
        has
        been delivered to the Custodian. The substance of any such waiver, alteration
        or
        modification has been approved by the issuer of any related PMI Policy and
        the
        title insurer, to the extent required by the policy, and its terms are reflected
        on the related Mortgage Loan Schedule. No 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
        issuer of any related PMI Policy and the title insurer, to the extent required
        by the policy, and which assumption agreement is part of the Mortgage Loan
        File
        delivered to the Custodian and the terms of which are reflected in the related
        Mortgage Loan Schedule;

       

      (lxi)  No
        Defenses.
        The
        Mortgage Loan is not subject to any right of rescission, set-off, counterclaim
        or defense, including without limitation the defense of usury, nor will the
        operation of any of the terms of the Mortgage Note or the Mortgage, or the
        exercise of any right thereunder, render either the Mortgage Note or the
        Mortgage unenforceable, in whole or in part, or subject to any right of
        rescission, set-off, counterclaim or defense, including without limitation
        the
        defense of usury, and no such right of rescission, set-off, counterclaim
        or
        defense has been asserted with respect thereto, and no Mortgagor was a debtor
        in
        any state or federal bankruptcy or insolvency proceeding at the time the
        Mortgage Loan was originated;

       

      (lxii)  Hazard
        Insurance.
        All
        buildings or other improvements 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
        Section 4.10. If the Mortgaged Property is in an area identified in the Federal
        Register 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
        Flood
        Insurance Administration is in effect which policy conforms to the requirements
        of Section 4.10. All individual insurance policies contain a standard mortgagee
        clause naming the Company and its successors and assigns as mortgagee, and
        all
        premiums thereon have been paid. The Mortgage obligates the Mortgagor thereunder
        to maintain the hazard insurance policy at the Mortgagor’s cost and expense, and
        on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to
        obtain and maintain such insurance at such Mortgagor’s cost and expense, and to
        seek reimbursement therefor from the Mortgagor. Where required by state law
        or
        regulation, the Mortgagor has been given an opportunity to choose the carrier
        of
        the required hazard insurance, provided the policy is not a “master” or
“blanket” hazard insurance policy covering the common facilities of a planned
        unit development. The hazard insurance policy is the valid and binding
        obligation of the insurer, is in full force and effect, and will be in full
        force and effect and inure to the benefit of the Purchaser upon the consummation
        of the transactions contemplated by this Agreement. The Company has not engaged
        in, and has no knowledge of the Mortgagor, any Subservicer or any prior
        originator or subservicer having engaged in, any act or omission which would
        impair the coverage of any such policy, the benefits of the endorsement provided
        for herein, or the validity and binding effect of either, including without
        limitation, no unlawful fee, unlawful commission, unlawful kickback or other
        unlawful compensation or value of any kind has been or will be received,
        retained or realized by any attorney, firm or other person or entity, and
        no
        such unlawful items have been received, retained or realized by the
        Company;

       

      (lxiii)  Compliance
        with Applicable Laws.
        Any and
        all requirements of any federal, state or local law including, without
        limitation, usury, truth-in-lending, predatory
        and abusive lending laws, real estate settlement procedures, consumer credit
        protection, equal credit opportunity or disclosure laws applicable to the
        origination and servicing of the Mortgage Loan have been complied with, and
        the
        Company shall maintain in its possession, available for the Purchaser’s
        inspection, and shall deliver to the Purchaser upon demand, evidence of
        compliance with all such requirements;

       

      (lxiv)  No
        Satisfaction of Mortgage.
        The
        Mortgage has not been satisfied, canceled, subordinated or rescinded, in
        whole
        or in part, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part, nor has any instrument been executed that
        would effect any such release, cancellation, subordination or rescission.
        The
        Company has not waived the performance by the Mortgagor of any action, if
        the
        Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
        in default, nor has the Company waived any default resulting from any action
        or
        inaction by the Mortgagor;

       

      (lxv)  Location
        and Type of Mortgaged Property.
        The
        Mortgaged Property is a fee simple or leasehold property located in the state
        identified in the related Mortgage Loan Schedule and consists of a parcel
        of
        real property with a detached single family residence erected thereon, or
        a two-
        to four-family dwelling, or an individual condominium unit in a low-rise
        condominium project, or an individual unit in a planned unit development,
        provided, however, that any condominium project or planned unit development
        shall conform with the Company’s Underwriting Guidelines regarding such
        dwellings, and no residence or dwelling is a mobile home or a manufactured
        dwelling. No portion of the Mortgaged Property is used for commercial
        purposes; 

       

      (lxvi)  Valid
        First Lien.
        The
        Mortgage is a valid, subsisting, enforceable and perfected first lien on
        the
        Mortgaged Property, including all buildings and improvements on the Mortgaged
        Property, and all additions, alterations and replacements made at any time
        with
        respect to the foregoing. The lien of the Mortgage is subject only
        to:

       

        the
        lien
        of current real property taxes and assessments not yet due and
        payable;

       

        covenants,
        conditions and restrictions, rights of way, easements and other matters of
        the
        public record as of the date of recording acceptable to mortgage lending
        institutions generally and specifically referred to in the lender’s title
        insurance policy delivered to the originator of the Mortgage Loan and (i)
        referred to or to otherwise considered in the appraisal made for the originator
        of the Mortgage Loan or (ii) which do not adversely affect the Appraised
        Value
        of the Mortgaged Property set forth in such appraisal; and

       

        other
        matters to which like properties are commonly subject which do not materially
        interfere with the benefits of the security intended to be provided by the
        mortgage or the use, enjoyment, value or marketability of the related Mortgaged
        Property.

       

      Any
        security agreement, chattel mortgage or equivalent document related to and
        delivered in connection with the Mortgage Loan establishes and creates a
        valid,
        subsisting and enforceable first lien and first priority security interest
        on
        the property described therein and the Company has full right to sell and
        assign
        the same to the Purchaser. The Mortgaged Property was not, as of the date
        of
        origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed
        to
        secured debt or other security instrument creating a lien subordinate to
        the
        lien of the Mortgage;

       

      (lxvii)  Validity
        of Mortgage Documents.
        The
        Mortgage Note and the Mortgage are genuine, and each is the legal, valid
        and
        binding obligation of the maker thereof enforceable in accordance with its
        terms. All parties to the Mortgage Note and the Mortgage and any other related
        agreement had legal capacity to enter into the Mortgage Loan and to execute
        and
        deliver the Mortgage Note and the Mortgage and any other related agreement,
        and
        the Mortgage Note and the Mortgage have been duly and properly executed by
        such
        parties. The documents, instruments and agreements submitted for loan
        underwriting were not falsified and contain no untrue statement of material
        fact
        or omit to state a material fact required to be stated therein or necessary
        to
        make the information and statements therein not misleading. No fraud was
        committed in connection with the origination of the Mortgage Loan. The Company
        has reviewed all of the documents constituting the Servicing File and has
        made
        such inquiries as it deems necessary to make and confirm the accuracy of
        the
        representations set forth herein; 

      No
        misrepresentation, negligence, fraud or similar occurrence with respect to
        a
        Mortgage Loan has taken place on the part of any person, including without
        limitation the Mortgagor, any appraiser, any builder or developer, or any
        other
        party involved in the origination of the Mortgage Loan or in the application
        of
        any insurance in relation to such Mortgage Loan.

       

       

      (lxviii)  Full
        Disbursement of Proceeds.
        The
        Mortgage Loan has been closed and the proceeds of the Mortgage Loan have
        been
        fully disbursed to or for the account of the Mortgagor and there is no
        requirement for future advances 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 were paid, and the Mortgagor is not entitled to any refund of any
        amounts paid or due under the Mortgage Note or Mortgage;

       

      (lxix)  Ownership.
        The
        Company is the sole owner of record and holder of the Mortgage Loan. The
        Mortgage Loan is not assigned or pledged, and the Company has good and
        marketable title thereto, and has full right to transfer and sell the Mortgage
        Loan therein to the Purchaser free and clear of any encumbrance, equity,
        participation interest, lien, pledge, charge, claim or security interest,
        and
        has full right and authority subject to no interest or participation of,
        or
        agreement with, any other party, to sell and assign each Mortgage Loan pursuant
        to this Agreement;

       

      (lxx)  Doing
        Business.
        All
        parties which have had any interest in the Mortgage Loan, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) (1) in compliance with any and all
        applicable doing business’ and licensing requirements of the laws of the state
        wherein the Mortgaged Property is located, and (2) (a) organized under the
        laws
        of such state, (b) qualified to do business in such state, (c) federal savings
        and loan associations or national banks having principal offices in such
        state,
        or (d) not doing business in such state;

       

      (lxxi)  LTV,
        PMI Policy.
        No
        Mortgage Loan has a LTV equal to or greater than 95%. The original LTV of
        the
        Mortgage Loan either was not more than 80% or (i) the excess over 75% is
        and
        will be insured as to payment defaults by a PMI Policy until the LTV of such
        Mortgage Loan is reduced to 80%, or (ii) is subject to an LPMI Policy, which
        will stay in effect for the life of the Mortgage Loan. All provisions of
        such
        PMI Policy have been and are being complied with, such policy is in full
        force
        and effect, and all premiums due thereunder have been paid. No action, inaction,
        or event has occurred and no state of facts exists that has, or will result
        in
        the exclusion from, denial of, or defense to coverage. Any Mortgage Loan
        subject
        to a PMI Policy obligates the Mortgagor thereunder to maintain the PMI Policy
        and to pay all premiums and charges in connection therewith; provided, that,
        with respect to LPMI Loans, the related Servicer is obligated thereunder
        to
        maintain the LPMI Policy and to pay all premiums and charges in connection
        therewith.. The Mortgage Interest Rate for the Mortgage Loan as set forth
        on the
        related Mortgage Loan Schedule is net of any such insurance
        premium;

       

      (lxxii)  Title
        Insurance.
        The
        Mortgage Loan is covered by either (i) an attorney’s opinion of title and
        abstract of title the form and substance of which is acceptable to mortgage
        lending institutions making mortgage loans in the area where the Mortgaged
        Property is located or (ii) an ALTA lender’s title insurance policy or other
        generally acceptable form of policy of insurance acceptable to Fannie Mae
        or
        Freddie Mac, issued by a title insurer acceptable to Fannie Mae or Freddie
        Mac
        and qualified to do business in the jurisdiction where the Mortgaged Property
        is
        located, insuring the Company, its successors and assigns, as to the first
        priority lien of the Mortgage in the original principal amount of the Mortgage
        Loan (or to the extent that a Mortgage Note provides for negative amortization,
        the maximum amount of negative amortization in accordance with the Mortgage),
        subject only to the exceptions contained in clauses (1), (2) and (3) of
        paragraph (j) of this Section 3.02. Where required by state law or regulation,
        the Mortgagor has been given the opportunity to choose the carrier of the
        required mortgage title insurance. Additionally, such lender’s title insurance
        policy affirmatively insures ingress and egress, and against encroachments
        by or
        upon the Mortgaged Property or any interest therein. The Company is the sole
        insured of such lender’s title insurance policy, and such lender’s title
        insurance policy is in full force and effect and will be in force and effect
        upon the consummation of the transactions contemplated by this Agreement.
        No
        claims have been made under such lender’s title insurance policy, and no prior
        holder of the Mortgage, including the Company, has done, by act or omission,
        anything which would impair the coverage of such lender’s title insurance policy
        including without limitation, no unlawful fee, commission, kickback or other
        unlawful compensation or value of any kind has been or will be received,
        retained or realized by any attorney, firm or other person or entity, and
        no
        such unlawful items have been received, retained or realized by the
        Company;

       

      (lxxiii)  No
        Defaults.
        There
        is no default, breach, violation or event of acceleration existing under
        the
        Mortgage or the Mortgage Note and no event which, with the passage of time
        or
        with notice and the expiration of any grace or cure period, would constitute
        a
        default, breach, violation or event of acceleration, and neither the Company
        nor
        its predecessors have waived any default, breach, violation or event of
        acceleration;

       

      (lxxiv)  No
        Mechanics’ Liens.
        There
        are no mechanics’ or similar liens or claims which have been filed for work,
        labor or material (and no rights are outstanding that under the law could
        give
        rise to such liens) affecting the related Mortgaged Property which are or
        may be
        liens prior to, or equal or coordinate with, the lien of the related
        Mortgage;

       

      (lxxv)  Location
        of Improvements; No Encroachments.
        All
        improvements which were considered in determining the Appraised Value of
        the
        Mortgaged Property lay wholly within the boundaries and building restriction
        lines of the Mortgaged Property and no improvements on adjoining properties
        encroach upon the Mortgaged Property. No improvement located on or being
        part of
        the Mortgaged Property is in violation of any applicable zoning law or
        regulation;

       

      (lxxvi)  Origination:
        Payment Terms.
        Such
        Mortgage Loan was originated by a savings and loan association, savings bank,
        commercial bank, credit union, insurance company, or similar institution
        which
        is supervised and examined by a federal or state authority, or by a mortgagee
        approved by the Secretary of Housing and Urban Development pursuant to sections
        203 and 211 of the National Housing Act. The Mortgage Interest Rate is the
        interest rate set forth in the Mortgage Note. The Mortgage Note is payable
        each
        month in equal monthly installments of principal and interest, with interest
        calculated and payable in arrears, sufficient to amortize the Mortgage Loan
        fully by the stated maturity date, over an original term of not more than
        thirty
        years from commencement of amortization. There is no negative
        amortization; 

       

      (lxxvii)  Customary
        Provisions.
        The
        Mortgage and the related Mortgage Note contains customary and enforceable
        provisions such as to render the rights and remedies of the holder thereof
        adequate for the realization against the Mortgaged Property of the benefits
        of
        the security provided thereby, including, (i) in the case of a Mortgage
        designated as a deed of trust, by trustee’s sale, and (ii) otherwise by judicial
        foreclosure. Upon default by a Mortgagor on a Mortgage Loan and foreclosure
        on,
        or trustee’s sale of, the Mortgaged Property pursuant to the proper procedures,
        the holder of the Mortgage Loan will be able to deliver good and merchantable
        title to the Mortgaged Property. There is no homestead or other exemption
        available to a Mortgagor which would interfere with the right to sell the
        Mortgaged Property at a trustee’s sale or the right to foreclose the
        Mortgage;

       

      (lxxviii)  Conformance
        with Underwriting Guidelines.
        The
        Mortgage Loan was underwritten in accordance with the Company’s Underwriting
        Guidelines in effect at the time the Mortgage Loan was originated. The Mortgage
        Loan is in conformity with the standards of Freddie Mac or Fannie Mae under
        one
        of their respective home mortgage purchase programs (except that the principal
        balance of certain Mortgage Loans may have exceeded the limits of Fannie
        Mae and
        Freddie Mac) and the Mortgage Note and Mortgage are on forms acceptable to
        Freddie Mac or Fannie Mae;

       

      (lxxix)  Occupancy
        of the Mortgaged Property.
        As of
        the related Closing Date the Mortgaged Property is lawfully occupied under
        applicable law. All inspections, licenses and certificates required to be
        made
        or issued with respect to all occupied portions of the Mortgaged Property
        and,
        with respect to the use and occupancy of the same, including but not limited
        to
        certificates of occupancy and fire underwriting certificates, have been made
        or
        obtained from the appropriate authorities. Except as otherwise stated on
        the
        Mortgage Loan Schedule, the Mortgagor represented at the time of origination
        of
        the Mortgage Loan that the Mortgagor would occupy the Mortgaged Property
        as the
        Mortgagor’s primary residence;

       

      (lxxx)  No
        Additional Collateral.
        The
        Mortgage Note is not and has not been secured by any collateral except the
        lien
        of the corresponding Mortgage and the security interest of any applicable
        security agreement or chattel mortgage referred to in (j) above; 

       

      (lxxxi)  Deeds
        of Trust.
        In the
        event the Mortgage constitutes a deed of trust, a trustee, duly qualified
        under
        applicable law to serve as such, has been properly designated and currently
        so
        serves and is named in the Mortgage, and no fees or expenses are or will
        become
        payable by the Purchaser to the trustee under the deed of trust, except in
        connection with a trustee’s sale after default by the Mortgagor;

       

      (lxxxii)  Acceptable
        Investment.
        The
        Company has no knowledge of any circumstances or conditions with respect
        to the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
        standing that can reasonably be expected to cause private institutional
        investors to regard the Mortgage Loan as an unacceptable investment, cause
        the
        Mortgage Loan to become delinquent, or adversely affect the value or
        marketability of the Mortgage Loan;

       

      (lxxxiii)  Delivery
        of Mortgage Documents.
        The
        Mortgage Note, the Mortgage, the Assignment of Mortgage and any other documents
        required to be delivered for the Mortgage Loan by the Company under this
        Agreement as set forth in Exhibit
        C
        attached
        hereto have been delivered to the Custodian. The Company is in possession
        of a
        complete, true and accurate Mortgage File in compliance with Exhibit
        B,
        except
        for such documents the originals of which have been delivered to the
        Custodian;

       

      (lxxxiv)  Condominiums/Planned
        Unit Developments.
        If the
        dwelling on the Mortgaged Property is a condominium unit or a planned unit
        development (other than a de minimus planned unit development) such condominium
        or planned unit development project meets Fannie Mae and Freddie Mac eligibility
        requirements.

       

      (lxxxv)  Transfer
        of Mortgage Loans.
        The
        Assignment of Mortgage is in recordable form and is acceptable for recording
        under the laws of the jurisdiction in which the Mortgaged Property is
        located;

       

      (lxxxvi)  Due
        on
        Sale.
        The
        Mortgage contains an enforceable provision for the acceleration of the payment
        of the unpaid principal balance of the Mortgage Loan in the event that the
        Mortgaged Property is sold or transferred without the prior written consent
        of
        the Mortgagor thereunder;

       

      (lxxxvii)  Consolidation
        of Future Advances.
        Any
        future advances made prior to the related Cut-off Date have been consolidated
        with the outstanding principal amount secured by the Mortgage, and the secured
        principal amount, as consolidated, bears a single interest rate and single
        repayment term. The lien of the Mortgage securing the consolidated principal
        amount is expressly insured as having first lien priority by a title insurance
        policy, an endorsement to the policy insuring the mortgagee’s consolidated
        interest or by other title evidence acceptable to Fannie Mae and Freddie
        Mac.
        The consolidated principal amount does not exceed the original principal
        amount
        of the Mortgage Loan;

       

      (lxxxviii)  Mortgaged
        Property Undamaged.
        There
        is no proceeding pending or, to the best of the Company’s knowledge, threatened
        for the total or partial condemnation of the Mortgaged Property. The Mortgaged
        Property is undamaged by waste, fire, earthquake or earth movement, windstorm,
        flood, tornado or other casualty so as to affect adversely the value of the
        Mortgaged Property as security for the Mortgage Loan or the use for which
        the
        premises were intended; and

       

      (lxxxix)  Collection
        Practices; Escrow Deposits.
        The
        origination, servicing and collection practices used with respect to the
        Mortgage Loan have been in accordance with Accepted Servicing Practices,
        and
        have been in all respects in compliance with all applicable laws and
        regulations. The Mortgage Loan has been serviced by the Company and any
        predecessor servicer in accordance with the terms of the Mortgage Note. With
        respect to escrow deposits and Escrow Payments, all such payments are in
        the
        possession of the Company and there exist no deficiencies in connection
        therewith for which customary arrangements for repayment thereof have not
        been
        made. All Escrow Payments have been collected in full compliance with state
        and
        federal law. An escrow of funds is not prohibited by applicable law and has
        been
        established in an amount sufficient to pay for every item which remains unpaid
        and which has been assessed but is not yet due and payable. No escrow deposits
        or Escrow Payments or other charges or payments due the Company have been
        capitalized under the Mortgage or the Mortgage Note and no such escrow deposits
        or Escrow Payments are being held by the Company for any work on a Mortgaged
        Property which has not been completed; 

       

      (xc)  Appraisal.
        The
        Mortgage File contains an appraisal of the related Mortgage Property signed
        prior to the approval of the Mortgage Loan application by a qualified appraiser,
        duly appointed by the Company, who had no interest, direct or indirect in
        the
        Mortgaged Property or in any loan made on the security thereof; and whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan, and the appraisal and appraiser both satisfy the requirements of
        Title XI of the Federal Institutions Reform, Recovery, and Enforcement Act
        of 1989 and the regulations promulgated thereunder, all as in effect on the
        date
        the Mortgage Loan was originated;

       

      (xci)  Soldiers’
        and Sailors’ Relief Act.
        The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Soldiers’ and Sailors’
Civil Relief Act of 1940, as amended;

       

      (xcii)  Environmental
        Matters.
        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. To the best of the Company’s knowledge, there is no pending
        action or proceeding directly involving any Mortgaged Property of which the
        Company is aware in which compliance with any environmental law, rule or
        regulation is an issue; and to the best of the Company’s knowledge, nothing
        further remains to be done to satisfy in full all requirements of each such
        law,
        rule or regulation consisting a prerequisite to use and enjoyment of said
        property; 

       

      (xciii)  Insurance.
        The
        Company has caused or will cause to be performed any and all acts required
        to
        preserve the rights and remedies of the Purchaser in any insurance policies
        applicable to the Mortgage Loans including, without limitation, any necessary
        notifications of insurers, assignments of policies or interests therein,
        and
        establishments of coinsured, joint loss payee and mortgagee rights in favor
        of
        the Purchaser; No action, inaction, or event has occurred and no state of
        fact
        exists or has existed that has resulted or will result in the exclusion from,
        denial of, or defense to coverage under any applicable pool insurance policy,
        special hazard insurance policy, PMI Policy or bankruptcy bond, irrespective
        of
        the cause of such failure of coverage. In connection with the placement of
        any
        such insurance, no commission, fee, or other compensation has been or will
        be
        received by the Company or any designee of the Company or any corporation
        in
        which the Company or any officer, director, or employee had a financial interest
        at the time of placement of such insurance;

       

      (xciv)  Regarding
        the Mortgagor.
        The
        Mortgagor is one or more natural persons and/or trustees for an Illinois
        land
        trust or a trustee under a “living trust” and such “living trust” is in
        compliance with Fannie Mae guidelines for such trusts;

       

      (xcv)  High
        Cost Loans.
         No
        Mortgage Loan is (a) subject to the provisions of the Homeownership and Equity
        Protection Act of 1994 as amended (“HOEPA”), (b) a “high cost” mortgage loan,
“covered” mortgage loan or “predatory” or “abusive” mortgage loan or any other
        comparable term, no matter how defined, under any federal, state or local
        law
        including, without limitation, Section 6-L of the New York Banking Law or
        (c)
        subject to any comparable federal, state or local statutes or regulations,
        including, without limitation, the provisions of the Georgia Fair Lending
        Act,
        the City of Oakland, California Anti-Predatory Lending Ordinance No. 12361
        or
        any other statute or regulation providing assignee liability or enhanced
        regulatory scrutiny to holders of such mortgage loans. The total combined
        points
        and fees charged in connection wit the origination of the Mortgage Loan does
        not
        exceed 5% of the original principal balance of the Mortgage Loan;

       

      (xcvi)  Simple
        Interest Mortgage Loans.
        None of
        the Mortgage Loans are simple interest Mortgage Loans;

       

      (xcvii)   Single
        Premium Credit Life Insurance.
        None of
        the proceeds of the Mortgage Loan were used to finance single-premium credit
        life insurance policies;

       

      (xcviii)  Tax
        Service Contract
        The
        Company has obtained a life of loan, transferable real estate Tax Service
        Contract on each Mortgage Loan with an Approved Tax Servicer Contract Provider
        and such contract is assignable without penalty, premium or cost to the
        Purchaser;

       

      (xcix)  Flood
        Certification Contract.
        The
        Company has obtained a life of loan, transferable flood certification contract
        with an Approved Flood Policy Insurer acceptable to Purchaser in its sole
        discretion for each Mortgage Loan and such contract is assignable without
        penalty, premium or cost to the Purchaser;

       

      (c)  FICO
        Scores.
        Each
        Mortgage Loan has a non-zero FICO score;

       

      (ci)  [Reserved]

       

      (cii)  Recordation.
        Each
        original Mortgage was recorded and all subsequent assignments of the original
        Mortgage (other than the assignment to the Purchaser) have been recorded
        in the
        appropriate jurisdictions wherein such recordation is necessary to perfect
        the
        lien thereof as against creditors of the Company, or is in the process of
        being
        recorded; 

       

      (ciii)  Leaseholds.
        If the
        Mortgage Loan is secured by a long-term residential lease, (1) the lessor
        under
        the lease holds a fee simple interest in the land; (2) the terms of such
        lease
        expressly permit the mortgaging of the leasehold estate, the assignment of
        the
        lease without the lessor’s consent and the acquisition by the holder of the
        Mortgage of the rights of the lessee upon foreclosure or assignment in lieu
        of
        foreclosure or provide the holder of the Mortgage with substantially similar
        protections; (3) the terms of such lease do not (a) allow the termination
        thereof upon the lessee’s default without the holder of the Mortgage being
        entitled to receive written notice of, and opportunity to cure, such default,
        (b) allow the termination of the lease in the event of damage or destruction
        as
        long as the Mortgage is in existence, (c) prohibit the holder of the Mortgage
        from being insured (or receiving proceeds of insurance) under the hazard
        insurance policy or policies relating to the Mortgaged Property or (d) permit
        any increase in rent other than pre-established increases set forth in the
        lease; (4) the original term of such lease is not less than 15 years; (5)
        the
        term of such lease does not terminate earlier than five years after the maturity
        date of the Mortgage Note; and (6) the Mortgaged Property is located in a
        jurisdiction in which the use of leasehold estates in transferring ownership
        in
        residential properties is a widely accepted practice;

       

      (civ)  Payment
        in Full:
        No
        Mortgage Loan will be paid in full on or prior to the related Closing
        Date;

       

      (cv)  Delinquency
        information.
        The
        information delivered by the Seller to the Purchaser with respect to the
        Seller’s loan loss, foreclosure and delinquency experience for the twelve (12)
        months immediately preceding the Initial Closing Date on mortgage loans
        underwritten to the same standards as the Mortgage Loans and covering mortgaged
        properties similar to the Mortgaged Properties, is true and correct in all
        material respects;

      (xx) The
        Mortgage Note, the Mortgage, the Assignment of Mortgage and any other documents
        required to be delivered with respect to each Mortgage Loan pursuant; have
        been
        delivered in compliance with the specific requirements hereof. With respect
        to
        each Mortgage Loan, the Company is in possession of a complete Mortgage File
        in
        compliance with Exhibit B, except for such documents as have been delivered
        to
        the Custodian;

       

       

      (yy)  Interest
        Rate. Interest on each Mortgage Loan is calculated on the basis of a 360-day
        year consisting of twelve 30-day months;

       

      (zz)  Advances:
        No Buydowns; No Graduated Payments. No Mortgage Loan contains provisions
        pursuant to which Monthly payments are (a) paid or partially paid with funds
        deposited in any separate account established by the Company, the Mortgagor
        or
        (c) contains any other similar provisions which may constitute a “buydown”
provision. The Mortgage Loan is not a graduated payment mortgage loan and
        the
        Mortgage Loan does not have a shared appreciation or other contingent interest
        feature. No Mortgage Loan has a balloon payment feature. No Mortgage Loan
        has a
        balloon payment feature;

       

      (aaa)  Construction
        Loan. No Mortgage Loan was made in connection with (a) the construction or
        rehabilitation of a Mortgaged Property or (b) facilitating the trade in or
        exchange of a Mortgaged Property;

       

      (bbb)  No
        predatory, abusive or deceptive lending practices, including but not limited
        to,
        the extension of credit to a mortgagor without regard for the mortgagor’s
        ability to repay the Mortgage Loan and the extension of credit to a mortgagor
        which has no apparent benefit to the mortgagor, were employed in connection
        with
        the origination of the Mortgage Loan;

       

      (ccc)  No
        Mortgagor was required to purchase any credit life, disability, accident
        or
        health insurance product as a condition of obtaining the extension of credit.
        No
        Mortgagor obtained a prepaid single premium credit life, disability, accident
        or
        health insurance policy in connection with the origination of the Mortgage
        Loan.
        No proceeds from any Mortgage Loan were used to purchase single premium credit
        insurance policies as part of the origination of, or as a condition to closing,
        such Mortgage Loan;

       

      (ddd)  If
        applicable to the Company or any subsequent Owner, the
        Mortgage Loan complies with all applicable consumer credit statutes and
        regulations, including, without limitation, the respective Uniform Consumer
        Credit Code laws in effect in Colorado, Idaho, Indiana, Iowa, Kansas, Maine,
        Oklahoma, South Carolina, Utah and Wyoming, has been originated by a properly
        licensed entity, and in all other respects, complies with all of the material
        requirements of any such applicable laws;

       

      (eee)  [Reserved];

       

      (fff)  If
        applicable to the Company or any subsequent Owner, except
        as
        set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans
        are
        subject to a prepayment penalty. For any Mortgage Loan originated prior to
        October 1, 2002 that is subject to a prepayment penalty, such prepayment
        penalty
        does not extend beyond five years after the date of origination. For any
        Mortgage Loan originated on or following October 1, 2002 that is subject
        to a
        prepayment penalty, such prepayment penalty does not extend beyond three
        years
        after the date of origination. With respect to any Mortgage Loan that contains
        a
        provision permitting imposition of a premium upon a prepayment prior to
        maturity: (i) prior to the Mortgage Loan's origination, the Mortgagor agreed
        to
        such premium in exchange for a monetary benefit, including but not limited
        to a
        rate or fee reduction, (ii) prior to the Mortgage Loan's origination, the
        Mortgagor was offered the option of obtaining a Mortgage Loan that did not
        require payment of such a premium, (iii) the prepayment premium is disclosed
        to
        the Mortgagor in the loan documents pursuant to applicable state and federal
        law, and (iv) notwithstanding any state or federal law to the contrary, the
        Seller shall not impose such prepayment premium in any instance when the
        mortgage debt is accelerated as the result of the Mortgagor's default in
        making
        the loan payments;

       

      (ggg)  The
        Seller has complied with all applicable anti-money laundering laws and
        regulations, including without limitation the USA Patriot Act of 2001
        (collectively, the "Anti-Money Laundering Laws"); the Seller has established
        an
        anti-money laundering compliance program as required by the Anti-Money
        Laundering Laws, has conducted the requisite due diligence in connection
        with
        the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
        Laws, including with respect to the legitimacy of the applicable Mortgagor
        and
        the origin of the assets used by the said Mortgagor to purchase the property
        in
        question, and maintains, and will maintain, sufficient information to identify
        the applicable Mortgagor for purposes of the Anti-Money Laundering
        Laws;

       

      (hhh)  No
        Mortgage Loan is secured by real property or secured by a manufactured home
        located in the state of Georgia unless (x) such Mortgage Loan was originated
        prior to October 1, 2002 or after March 6, 2003, or (y) the property securing
        the Mortgage Loan is not, nor will be, occupied by the Mortgagor as the
        Mortgagor's principal dwelling. No Mortgage Loan is a "High Cost Home Loan"
        as
        defined in the Georgia Fair Lending Act, as amended (the "Georgia Act").
        Each
        Mortgage Loan that is a "Home Loan" under the Georgia Act complies with all
        applicable provisions of the Georgia Act. No Mortgage Loan secured by owner
        occupied real property or an owner occupied manufactured home located in
        the
        State of Georgia was originated (or modified) on or after October 1, 2002
        through and including March 6, 2003, if applicable to the Company or any
        subsequent Owner;

       

      (iii)  If
        applicable to the Company or any subsequent Owner, n
        o
        Mortgagor was encouraged or required to select a Mortgage Loan product offered
        by the Mortgage Loan's originator which is a higher cost product designed
        for
        less creditworthy borrowers, unless at the time of the Mortgage Loan's
        origination, such Mortgagor did not qualify taking into account credit history
        and debt to income ratios for a lower cost credit product then offered by
        the
        Mortgage Loan's originator or any affiliate of the Mortgage Loan's originator.
        If, at the time of loan application, the Mortgagor may have qualified for
        a for
        a lower cost credit product then offered by any mortgage lending affiliate
        of
        the Mortgage Loan's originator, the Mortgage Loan's originator referred the
        Mortgagor's application to such affiliate for underwriting
        consideration;

       

      (jjj)  The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        employs objective mathematical principles which relate the Mortgagor's income,
        assets and liabilities to the proposed payment and such underwriting methodology
        does not rely on the extent of the Mortgagor's equity in the collateral as
        the
        principal determining factor in approving such credit extension. Such
        underwriting methodology confirmed that at the time of origination
        (application/approval) the Mortgagor had a reasonable ability to make timely
        payments on the Mortgage Loan; 

       

      (kkk)  All
        fees
        and charges (including finance charges) and whether or not financed, assessed,
        collected or to be collected in connection with the origination and servicing
        of
        each Mortgage Loan have been disclosed in writing to the Mortgagor in accordance
        with applicable state and federal law and regulation;

       

      (lll)  With
        respect to each Mortgage Loan, neither the related Mortgage nor the related
        Mortgage Note requires the Mortgagor to submit to arbitration to resolve
        any
        dispute arising out of or relating in any way to the Mortgage Loan
        transaction;

       

      (mmm)  With
        respect to any Mortgage Loan for which a mortgage loan application was submitted
        by the Mortgagor after April 1, 2004, no such Mortgage Loan secured by a
        Mortgage Property located in the State of Illinois is in violation of the
        provisions of the Illinois Interest Act, including Section 4.1a which provides
        that no such Mortgage Loan with a Mortgage Interest Rate in excess of 8.0%
        per
        annum has lender-imposed fees (or other charges) in excess of 3.0% of the
        original principal balance of the Mortgage Loan; and

       

      (nnn)  No
        Mortgage Loan originated on or after November 7, 2004 secured by a Mortgaged
        Property located in the State of Massachusetts is a Refinanced Mortgage
        Loan.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

      

      Representation
        and Warranties with Respect to the Weichert Mortgage Loans

      

      Except
        for “Mortgage Loans”, which shall mean the Weichert Mortgage Loans sold by the
        Seller to the Purchaser, all capitalized terms in this Exhibit H shall have
        the
        meanings ascribed to them in the Weichert Servicing Agreement.

      

      (1)  The
        information set forth in the related Mortgage Loan Schedule and the Mortgage
        Loan data delivered to the Purchaser in the Data File is complete, true and
        correct;

       

      (2)  All
        payments required to be made up to the close of business on the Closing Date
        for
        such Mortgage Loan under the terms of the Mortgage Note have been made; the
        Seller has not advanced funds, or induced, solicited or knowingly received
        any
        advance of funds from a party other than the owner of the related Mortgaged
        Property, directly or indirectly, for the payment of any amount required
        by the
        Mortgage Note or Mortgage. There has been no delinquency, exclusive of any
        period of grace, in any payment by the Mortgagor thereunder since the
        origination of the Mortgage Loan;

       

      (3)  There
        are
        no delinquent taxes, ground rents, water charges, sewer rents, assessments,
        insurance premiums, leasehold payments, including assessments payable in
        future
        installments or other outstanding charges affecting the related Mortgaged
        Property;

       

      (4)  The
        Mortgaged Property is located in the state identified in the related Mortgage
        Loan Schedule and is improved by a Residential Dwelling;

       

      (5)  The
        terms
        of the Mortgage Note and the Mortgage have not been impaired, waived, altered
        or
        modified in any respect, except by written instruments, recorded in the
        applicable public recording office or registered with the MERS System if
        necessary to maintain the lien priority of the Mortgage, and which have been
        delivered to the Purchaser; the substance of any such waiver, alteration
        or
        modification has been approved by the insurer under the Primary Insurance
        Policy
        or LPMI Policy, if any, and the title insurer, to the extent required by
        the
        related policy, and is reflected on the related Mortgage Loan Schedule. No
        instrument of waiver, alteration or modification has been executed, and no
        Mortgagor has been released, in whole or in part, except in connection with
        an
        assumption agreement approved by the insurer under the Primary Insurance
        Policy
        or LPMI Policy, if any, the title insurer, to the extent required by the
        policy,
        and which assumption agreement has been delivered to the Purchaser and the
        terms
        of which are reflected in the related Mortgage Loan Schedule;

       

      (6)  The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set
        off, counterclaim or defense, including the defense of usury, nor will the
        operation of any of the terms of the Mortgage Note and/or the Mortgage, or
        the
        exercise of any right thereunder, render the Mortgage unenforceable, in whole
        or
        in part, or subject to any right of rescission, set off, counterclaim or
        defense, including the defense of usury and no such right of rescission,
        set
        off, counterclaim or defense has been asserted with respect
        thereto;

       

      (7)  The
        Mortgage Loan was underwritten in accordance with the Underwriting Guidelines
        of
        the Seller in effect at the time the Mortgage Loan was originated; and the
        Mortgage Note and Mortgage are on forms acceptable to FNMA and
        FHLMC;

       

      (8)  All
        buildings upon the Mortgaged Property are insured by an insurer acceptable
        to
        FNMA and FHLMC against loss by fire, hazards of extended coverage and such
        other
        hazards as are customary in the area where the Mortgaged Property is located,
        in
        an amount not less than the greatest of (i) 100% of the replacement cost
        of all
        improvements to the Mortgaged Property, (ii) either (A) the outstanding
        principal balance of the Mortgage Loan with respect to each first lien Mortgage
        Loan or (B) with respect to each second lien Mortgage Loan, the sum of the
        outstanding principal balance of the related first lien mortgage loan and
        the
        outstanding principal balance of the second lien Mortgage Loan, (iii) the
        amount
        necessary to avoid the operation of any co-insurance provisions with respect
        to
        the Mortgaged Property, or (iv) the amount necessary to fully compensate
        for any
        damage or loss to the improvements that are a part of such property on a
        replacement cost basis. All such insurance policies contain a standard mortgagee
        clause naming the Seller, its successors and assigns as mortgagee and all
        premiums thereon have been paid. If the Mortgaged Property is in an area
        identified on a Flood Hazard Map or Flood Insurance Rate Map issued by the
        Federal Emergency Management Agency as having special flood hazards (and
        such
        flood insurance has been made available) a flood insurance policy meeting
        the
        requirements of the current guidelines of the Federal Insurance Administration
        is in effect which policy conforms to the requirements of FNMA and FHLMC.
        The
        Mortgage obligates the Mortgagor thereunder to maintain all such insurance
        at
        the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so,
        authorizes the holder of the Mortgage to maintain such insurance at Mortgagor’s
        cost and expense and to seek reimbursement therefor from the
        Mortgagor;

       

      (9)  Any
        and
        all requirements of any federal, state or local law including, without
        limitation, usury, truth in lending, real estate settlement procedures, consumer
        credit protection, equal credit opportunity, fair housing, disclosure laws
        or
        all predatory and abusive lending laws applicable to the origination and
        servicing of mortgage loans of a type similar to the Mortgage Loans have
        been
        complied with and the consummation of the transactions contemplated hereby
        will
        not involve the violation of any such laws, and the Seller shall maintain
        in its
        possession, available for the inspection of the Purchaser or its designee,
        and
        shall deliver to the Purchaser or its designee, upon two Business Days’ request,
        evidence of compliance with such requirements;

       

      (10)  The
        Mortgage has not been satisfied, cancelled, subordinated or rescinded, in
        whole
        or in part, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part, nor has any instrument been executed that
        would effect any such satisfaction, cancellation, subordination, rescission
        or
        release;

       

      (11)  The
        related Mortgage is properly recorded and is a valid, existing and enforceable
        (A) first lien and first priority security interest with respect to each
        Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected
        on the Mortgage Loan Schedule), or (B) second lien and second priority security
        interest with respect to each Mortgage Loan which is indicated by the Seller
        to
        be a Second Lien (as reflected on the Mortgage Loan Schedule), in either
        case,
        on the Mortgaged Property, including all improvements on the Mortgaged Property
        subject only to (a) the lien of current real property taxes and assessments
        not
        yet due and payable, (b) covenants, conditions and restrictions, rights of
        way,
        easements and other matters of the public record as of the date of recording
        being acceptable to mortgage lending institutions generally and specifically
        referred to in the lender’s title insurance policy delivered to the originator
        of the Mortgage Loan and which do not adversely affect the Appraised Value
        of
        the Mortgaged Property, (c) other matters to which like properties are commonly
        subject which do not materially interfere with the benefits of the security
        intended to be provided by the Mortgage or the use, enjoyment, value or
        marketability of the related Mortgaged Property and (d) with respect to each
        Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage
        Loan
        (as reflected on the Mortgage Loan Schedule) a First Lien on the Mortgaged
        Property. Any security agreement, chattel mortgage or equivalent document
        related to and delivered in connection with the Mortgage Loan establishes
        and
        creates a valid, existing and enforceable (A) first lien and first priority
        security interest with respect to each Mortgage Loan which is indicated by
        the
        Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) or
        (B)
        second lien and second priority security interest with respect to each Mortgage
        Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as
        reflected on the Mortgage Loan Schedule), in either case, on the property
        described therein and the Seller has full right to sell and assign the same
        to
        the Purchaser. The Mortgaged Property was not, as of the date of origination
        of
        the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt
        or
        other security instrument creating a lien subordinate to the lien of the
        Mortgage;

       

      (12)  The
        Mortgage Note and the related Mortgage are genuine and each is the legal,
        valid
        and binding obligation of the maker thereof, enforceable in accordance with
        its
        terms;

       

      (13)  All
        parties to the Mortgage Note and the Mortgage had legal capacity to enter
        into
        the Mortgage Loan and to execute and deliver the Mortgage Note and the Mortgage,
        and the Mortgage Note and the Mortgage have been duly and properly executed
        by
        such parties. The Mortgagor is a natural person;

       

      (14)  The
        proceeds of the Mortgage Loan have been fully disbursed to or for the account
        of
        the Mortgagor and there is no obligation for the Mortgagee to advance additional
        funds thereunder and any and all requirements as to completion of any on-site
        or
        off-site improvement and as to disbursements of any escrow funds therefor
        have
        been complied with. All costs, fees and expenses incurred in making or closing
        the Mortgage Loan and the recording of the Mortgage have been paid, and the
        Mortgagor is not entitled to any refund of any amounts paid or due to the
        Mortgagee pursuant to the Mortgage Note or Mortgage;

       

      (15)  The
        Seller is the sole legal, beneficial and equitable owner of the Mortgage
        Note
        and the Mortgage. The Seller has full right and authority under all governmental
        and regulatory bodies having jurisdiction over such Seller, subject to no
        interest or participation of, or agreement with, any party, to transfer and
        sell
        the Mortgage Loan to the Purchaser pursuant to this Agreement free and clear
        of
        any encumbrance or right of others, equity, lien, pledge, charge, mortgage,
        claim, participation interest or security interest of any nature (collectively,
        a “Lien”); and immediately upon the transfers and assignments herein
        contemplated, the Seller shall have transferred and sold all of its right,
        title
        and interest in and to each Mortgage Loan and the Purchaser will hold good,
        marketable and indefeasible title to, and be the owner of, each Mortgage
        Loan
        subject to no Lien;

       

      (16)  All
        parties which have had any interest in the Mortgage Loan, whether as originator,
        mortgagee, assignee, pledgee or otherwise, are (or, during the period in
        which
        they held and disposed of such interest, were): (A) organized under the laws
        of
        such state, or (B) qualified to do business in such state, or (C) federal
        savings and loan associations or national banks having principal offices
        in such
        state, or (D) not doing business in such state so as to require qualification
        or
        licensing, or (E) not otherwise required to be licensed in such state. All
        parties which have had any interest in the Mortgage Loan were in compliance
        with
        any and all applicable “doing business” and licensing requirements of the laws
        of the state wherein the Mortgaged Property is located or were not required
        to
        be licensed in such state;

       

      (17)  The
        Mortgage Loan is covered by an American Land Title Association (“ALTA”) ALTA
        lender’s title insurance policy acceptable to FNMA and FHLMC (which, in the case
        of an Adjustable Rate Mortgage Loan has an adjustable rate mortgage endorsement
        in the form of ALTA 6.0 or 6.1), issued by a title insurer acceptable to
        FNMA
        and FHLMC and qualified to do business in the jurisdiction where the Mortgaged
        Property is located, insuring (subject to the exceptions contained above
        in
        (xi)(a) and (b) and, with respect to each Mortgage Loan which is indicated
        by
        the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage
        Loan
        Schedule) clause (d)) the Seller, its successors and assigns as to the first
        priority lien of the Mortgage in the original principal amount of the Mortgage
        Loan and, with respect to any Adjustable Rate Mortgage Loan, against any
        loss by
        reason of the invalidity or unenforceability of the lien resulting from the
        provisions of the Mortgage providing for adjustment in the Mortgage Interest
        Rate and Monthly Payment. Additionally, such lender’s title insurance policy
        affirmatively insures ingress and egress to and from the Mortgaged Property,
        and
        against encroachments by or upon the Mortgaged Property or any interest therein.
        The Seller is the sole insured of such lender’s title insurance policy, and such
        lender’s title insurance policy is in full force and effect and will be in full
        force and effect upon the consummation of the transactions contemplated by
        this
        Agreement. No claims have been made under such lender’s title insurance policy,
        and no prior holder of the related Mortgage, including the Seller, has done,
        by
        act or omission, anything which would impair the coverage of such lender’s title
        insurance policy;

       

      (18)  There
        is
        no default, breach, violation or event of acceleration existing under the
        Mortgage or the Mortgage Note and no event which, with the passage of time
        or
        with notice and the expiration of any grace or cure period, would constitute
        a
        default, breach, violation or event of acceleration, and the Seller has not
        waived any default, breach, violation or event of acceleration. With respect
        to
        each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage
        Loan (as reflected on the Mortgage Loan Schedule) (i) the First Lien is in
        full
        force and effect, (ii) there is no default, breach, violation or event of
        acceleration existing under such First Lien mortgage or the related mortgage
        note, (iii) no event which, with the passage of time or with notice and the
        expiration of any grace or cure period, would constitute a default, breach,
        violation or event of acceleration thereunder, and either (A) the First Lien
        mortgage contains a provision which allows or (B) applicable law requires,
        the
        mortgagee under the Second Lien Mortgage Loan to receive notice of, and affords
        such mortgagee an opportunity to cure any default by payment in full or
        otherwise under the First Lien mortgage;

       

      (19)  There
        are
        no mechanics’ or similar liens or claims which have been filed for work, labor
        or material (and no rights are outstanding that under law could give rise
        to
        such lien) affecting the related Mortgaged Property which are or may be liens
        prior to, or equal or coordinate with, the lien of the related
        Mortgage;

       

      (20)  The
        Mortgage Loan was originated by the Seller or by a savings and loan association,
        a savings bank, a commercial bank or similar banking institution which is
        supervised and examined by a federal or state authority, or by a mortgagee
        approved as such by the Secretary of HUD;

       

      (21)  Payments
        on the Mortgage Loan shall commence (with respect to any newly originated
        Mortgage Loans) or commenced no more than sixty days after the proceeds of
        the
        Mortgage Loan were disbursed. The Mortgage Loan bears interest at the Mortgage
        Interest Rate. With respect to each Mortgage Loan, the Mortgage Note is payable
        on the first day of each month in Monthly Payments, which, (A) in the case
        of a
        Fixed Rate Mortgage Loan, are sufficient to fully amortize the original
        principal balance over the original term thereof (other than with respect
        to a
        Mortgage Loan identified on the related Mortgage Loan Schedule as an
        interest-only Mortgage Loan during the interest-only period) and to pay interest
        at the related Mortgage Interest Rate, and (B) in the case of an Adjustable
        Rate
        Mortgage Loan, are changed on each Adjustment Date, and in any case, are
        sufficient to fully amortize the original principal balance over the original
        term thereof and to pay interest at the related Mortgage Interest Rate. The
        Index for each Adjustable Rate Mortgage Loan is as defined in the related
        Mortgage Loan Schedule. With respect to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule as an interest-only Mortgage Loan, the interest-only
        period shall not exceed the period specified on the Mortgage Loan Schedule
        and
        following the expiration of such interest-only period, the remaining Monthly
        Payments shall be sufficient to fully amortize the original principal balance
        over the remaining term of the Mortgage Loan. The Mortgage Note does not
        permit
        negative amortization. No Mortgage Loan is a Convertible Mortgage
        Loan;

       

      (22)  The
        origination, servicing and collection practices used by the Seller with respect
        to each Mortgage Note and Mortgage, including without limitation the
        establishment, maintenance and servicing of the Escrow Accounts and Escrow
        Payments, if any, since origination have been in all respects legal, proper,
        prudent and customary in the mortgage origination and servicing industry.
        The
        Mortgage Loan has been serviced by the Seller and any predecessor servicer
        in
        accordance with all applicable laws, rules and regulations, the terms of
        the
        Mortgage Note and Mortgage, and the FNMA and FHLMC servicing guides. With
        respect to escrow deposits and Escrow Payments (other than with respect to
        each
        Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage
        Loan
        and for which the mortgagee under the First Lien is collecting Escrow Payments
        (as reflected on the Mortgage Loan Schedule)), if any, all such payments
        are in
        the possession of, or under the control of, the Seller and there exist no
        deficiencies in connection therewith for which customary arrangements for
        repayment thereof have not been made. No escrow deposits or Escrow Payments
        or
        other charges or payments due the Seller have been capitalized under any
        Mortgage or the related Mortgage Note and no such escrow deposits or Escrow
        Payments are being held by the Seller for any work on a Mortgaged Property
        which
        has not been completed;

       

      (23)  The
        Mortgaged Property is free of damage and waste and is in good repair, and
        there
        is no proceeding pending or threatened for the total or partial condemnation
        thereof nor is such a proceeding currently occurring;

       

      (24)  The
        Mortgage and related Mortgage Note contain customary and enforceable provisions
        such as to render the rights and remedies of the holder thereof adequate
        for the
        realization against the Mortgaged Property of the benefits of the security
        provided thereby, including, (a) in the case of a Mortgage designated as
        a deed
        of trust, by trustee’s sale, and (b) otherwise by judicial foreclosure. The
        Mortgaged Property has not been subject to any bankruptcy proceeding or
        foreclosure proceeding and the Mortgagor has not filed for protection under
        applicable bankruptcy laws. There is no homestead or other exemption available
        to the Mortgagor which would interfere with the right to sell the Mortgaged
        Property at a trustee’s sale or the right to foreclose the Mortgage; The
        Mortgagor has not notified the Seller and the Seller has no knowledge of
        any
        relief requested or allowed to the Mortgagor under the Servicemembers Civil
        Relief Act;

       

      (25)  The
        Mortgage File contains an appraisal of the related Mortgaged Property which,
        (a)
        with respect to First Lien Mortgage Loans, was on appraisal form 1004 or
        form
        2055 with an interior inspection, or (b) with respect to Second Lien Mortgage
        Loans, was on appraisal form 704, 2065 or 2055 with an exterior only
        inspection], and (c) with respect to (a) or (b) above, was made and signed,
        prior to the approval of the Mortgage Loan application, by a qualified
        appraiser, duly appointed by the Seller, who had no interest, direct or indirect
        in the Mortgaged Property or in any loan made on the security thereof, whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan
        and who met the minimum qualifications of FNMA and FHLMC. Each appraisal
        of the
        Mortgage Loan was made in accordance with the relevant provisions of the
        Financial Institutions Reform, Recovery, and Enforcement Act of
        1989;

       

      (26)  In
        the
        event the Mortgage constitutes a deed of trust, a trustee, duly qualified
        under
        applicable law to serve as such, has been properly designated and currently
        so
        serves and is named in the Mortgage, and no fees or expenses are or will
        become
        payable by the Purchaser to the trustee under the deed of trust, except in
        connection with a trustee’s sale after default by the Mortgagor;

       

      (27)  No
        Mortgage Loan was made in connection with (a) the construction or rehabilitation
        of a Mortgaged Property or (b) facilitating the trade-in or exchange of a
        Mortgaged Property;

       

      (28)  
        The
        Loan-to-Value Ratio of any Mortgage Loan at origination was not more than
        95%
        and the CLTV of any Mortgage Loan at origination was not more than 100%;
        Each
        Mortgage Loan with an original Loan-to-Value Ratio at origination than 80%
        is an
        will be subject to a Primary Insurance Policy, issued by a Qualified Insurer,
        which insures that portion of the Mortgage Loan in excess of the portion
        of the
        Appraised Value of the Mortgaged Property as required by FNMA. All provisions
        of
        such Primary Insurance Policy have been and are being complied with, such
        policy
        is in full force and effect, and all premiums due thereunder have been paid.
        Any
        Mortgage subject to any such Primary Insurance Policy obligates the Mortgagor
        thereunder to maintain such insurance and to pay all premiums and charges
        in
        connection therewith. The Mortgage Interest Rate for the Mortgage Loan does
        not
        include any such insurance premium. If a Mortgage Loan is identified on the
        Mortgage Loan Schedule as subject to a Lender Paid Mortgage Insurance Policy,
        such policy insures that portion of the Mortgage Loan set forth in the LPMI
        Policy. All provisions of any such LPMI Policy have been and are being complied
        with, such policy is in full force and effect, and all premiums due thereunder
        have been paid. The Mortgage Interest Rate for the Mortgage Loan does not
        include the insurance premium for any LPMI Policy;

       

      (29)  
        To the
        best of Seller’s knowledge, the Mortgaged Property is lawfully occupied under
        applicable law; all inspections, licenses and certificates required to be
        made
        or issued with respect to all occupied portions of the Mortgaged Property
        and,
        with respect to the use and occupancy of the same, including but not limited
        to
        certificates of occupancy and fire underwriting certificates, have been made
        or
        obtained from the appropriate authorities. No improvement located on or being
        part of any Mortgaged Property is in violation of any applicable zoning and
        subdivision law, ordinance or regulation;

       

      (30)  No
        error,
        omission, misrepresentation, negligence, fraud or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of any person, including
        without limitation the Mortgagor, any appraiser, any builder or developer,
        or
        any other party involved in the origination of the Mortgage Loan or in the
        application of any insurance in relation to such Mortgage Loan;

       

      (31)  Any
        principal advances made to the Mortgagor prior to the Cut-off Date have been
        consolidated with the outstanding principal amount secured by the Mortgage,
        and
        the secured principal amount, as consolidated, bears a single interest rate
        and
        single repayment term reflected on the Mortgage Loan Schedule. The lien of
        the
        Mortgage securing the consolidated principal amount is expressly insured
        as
        having (A) first lien priority with respect to each Mortgage Loan which is
        indicated by the Seller to be a First Lien (as reflected on the Mortgage
        Loan
        Schedule), or (B) second lien priority with respect to each Mortgage Loan
        which
        is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected
        on
        the Mortgage Loan Schedule), in either case, by a title insurance policy,
        an
        endorsement to the policy insuring the mortgagee’s consolidated interest or by
        other title evidence acceptable to FNMA and FHLMC. The consolidated principal
        amount does not exceed the original principal amount of the Mortgage
        Loan;

       

      (32)  Interest
        on each Mortgage Loan is calculated on the basis of a 360-day year consisting
        of
        twelve 30-day months;

       

      (33)  
        The
        Mortgaged Property is in material compliance with all applicable environmental
        laws pertaining to environmental hazards including, without limitation,
        asbestos, and neither the Seller nor, to the Seller’s knowledge, the related
        Mortgagor, has received any notice of any violation or potential violation
        of
        such law;

       

      (34)  No
        Mortgage Loan is (a) subject to the provisions of the Homeownership and Equity
        Protection Act of 1994, as amended (“HOEPA”), (b) a “high cost”, “covered”,
“abusive”, “predatory”, “home loan”, “Section 10” or “high risk” mortgage loan
        (or a similarly designated loan using different terminology) under any federal,
        state or local law, or any other statute or regulation providing assignee
        liability to holders of such mortgage loans, or (c) subject to or in violation
        of any such or comparable federal, state or local statutes or regulations.
        No
        Mortgage Loan is a high cost loan or a covered loan, as applicable (as such
        terms are defined in the Standard & Poor’s LEVELS Version 5.6 Glossary
        Revised, Appendix E as of the related Closing Date).

       

      (35)  
        No
        Mortgage Loan had an original term to maturity of more than thirty (30)
        years;

       

      (36)  Each
        Mortgage contains an enforceable provision for the acceleration of the payment
        of the unpaid principal balance of the related Mortgage Loan in the event
        the
        related Mortgaged Property is sold or transferred without the prior consent
        of
        the mortgagee thereunder;

       

      (37)  With
        respect to each Mortgage Loan which is a Second Lien, (i) the related First
        Lien
        does not provide for negative amortization, and (ii) either no consent for
        the
        Mortgage Loan is required by the holder of the First Lien or such consent
        has
        been obtained and is contained in the Mortgage File;

       

      (38)  The
        Mortgage Loan Documents with respect to each Mortgage Loan subject to Prepayment
        Charges specifically authorizes such Prepayment Charges to be collected,
        such
        Prepayment Charges are permissible and enforceable in accordance with the
        terms
        of the related Mortgage Loan Documents and all applicable federal, state
        and
        local laws (except to the extent that the enforceability thereof may be limited
        by bankruptcy, insolvency, moratorium, receivership and other similar laws
        relating to creditors’ rights generally or the collectability thereof may be
        limited due to acceleration in connection with a foreclosure) and each
        Prepayment Charge was originated in compliance with all applicable federal,
        state and local laws;

       

      (39)  The
        Seller has complied with all applicable anti-money laundering laws and
        regulations, including without limitation the USA Patriot Act of 2001
        (collectively, the “Anti-Money Laundering Laws”). The Seller has established an
        anti-money laundering compliance program as required by the Anti-Money
        Laundering Laws, has conducted the requisite due diligence in connection
        with
        the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
        Laws, including with respect to the legitimacy of the applicable Mortgagor
        and
        the origin of the assets used by the said Mortgagor to purchase the property
        in
        question, and maintains, and will maintain, sufficient information to identify
        the applicable Mortgagor for purposes of the Anti-Money Laundering Laws;
        no
        Mortgage Loan is subject to nullification pursuant to Executive Order 13224
        (the
“Executive Order”) or the regulations promulgated by the Office of Foreign
        Assets Control of the United States Department of the Treasury (the “OFAC
        Regulations”) or in violation of the Executive Order or the OFAC Regulations,
        and no Mortgagor is subject to the provisions of such Executive Order or
        the
        OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
        Regulations; 

       

      (40)  With
        respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and such
        MIN
        is accurately provided on the related Mortgage Loan Schedule. The related
        Assignment of Mortgage to MERS has been duly and properly recorded or has
        been
        delivered for recording to the applicable recording office; 

       

      (41)  With
        respect to each MERS Mortgage Loan, the Seller has not received any notice
        of
        liens or legal actions with respect to such Mortgage Loan and no such notices
        have been electronically posted by MERS;

       

      (42)  The
        sale
        or transfer of the Mortgage Loan by the Seller complies with all applicable
        federal, state, and local laws, rules, and regulations governing such sale
        or
        transfer, including, without limitation, the Fair and Accurate Credit
        Transactions Act (“FACT Act”) and the Fair Credit Reporting Act, each as may be
        amended from time to time, and the Seller has not received any actual or
        constructive notice of any identity theft, fraud, or other misrepresentation
        in
        connection with such Mortgage Loan or any party thereto.

       

      (43)  The
        Mortgage Loan is in compliance with all requirements set forth in the related
        Confirmation, and the characteristics of the related Mortgage Loan Package
        as
        set forth in the related Confirmation are true and correct;

       

      (44)  Each
        Mortgage Loan constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of
        the Code and Treasury Regulation Section 1.860G-2(a)(1); 

       

      (45)  If
        the
        Residential Dwelling on the Mortgaged Property is a condominium unit or a
        unit
        in a planned unit development (other than a de minimis planned unit development)
        such condominium or planned unit development project meets the eligibility
        requirements of FNMA and FHLMC;

       

      (46)  All
        improvements which were considered in determining the Appraised Value of
        the
        related Mortgaged Property lay wholly within the boundaries and building
        restriction lines of the Mortgaged Property, and no improvements on adjoining
        properties encroach upon the Mortgaged Property;

       

      (47)  The
        Mortgage Note is not and has not been secured by any collateral except the
        lien
        of the corresponding Mortgage on the Mortgaged Property and the security
        interest of any applicable security agreement or chattel mortgage referred
        to in
        (xi) above;

       

      (48)  No
        Mortgage Loan contains provisions pursuant to which Monthly Payments are
        (a)
        paid or partially paid with funds deposited in any separate account established
        by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (b) paid
        by
        any source other than the Mortgagor or (c) contains any other similar provisions
        which may constitute a “buydown” provision. 

       

      (49)  The
        Mortgage Loan is not a graduated payment mortgage loan or a balloon Mortgage
        Loan, and the Mortgage Loan does not have a shared appreciation or other
        contingent interest feature;

       

      (50)  The
        Mortgagor has executed a statement to the effect that the Mortgagor has received
        all disclosure materials required by applicable law with respect to the making
        of fixed rate mortgage loans in the case of Fixed Rate Mortgage Loans, and
        adjustable rate mortgage loans in the case of Adjustable Rate Mortgage Loans
        and
        rescission materials with respect to Refinanced Mortgage Loans, and such
        statement is and will remain in the Mortgage File;

       

      (51)  Each
        original Mortgage was recorded and all subsequent assignments of the original
        Mortgage (other than the assignment to the Purchaser) have been recorded,
        or are
        in the process of being recorded, in the appropriate jurisdictions wherein
        such
        recordation is necessary to perfect the lien thereof as against creditors
        of the
        Seller. As to any Mortgage Loan which is not a MERS Mortgage Loan, the
        Assignment of Mortgage is in recordable form (except for the name of the
        assignee which is blank) and is acceptable for recording under the laws of
        the
        jurisdiction in which the Mortgaged Property is located;

       

      (52)  Each
        Mortgage Loan originated in the state of Texas pursuant to Article XVI, Section
        50(a)(6) of the Texas Constitution (a “Texas Refinance Loan”) has been
        originated in compliance with the provisions of Article XVI, Section 50(a)(6)
        of
        the Texas Constitution, Texas Civil Statutes and the Texas Finance Code.
        With
        respect to each Texas Refinance Loan that is a Cash Out Refinancing, the
        related
        Mortgage Loan Documents state that the Mortgagor may prepay such Texas Refinance
        Loan in whole or in part without incurring a Prepayment Charge. The Seller
        does
        not collect any such Prepayment Charges in connection with any such Texas
        Refinance Loan;

       

      (53)  The
        source of the down payment with respect to each Mortgage Loan has been fully
        verified by the Seller;

       

      (54)  The
        Seller shall, at its own expense, cause each Mortgage Loan to be covered
        by a
“life of loan” Tax Service Contract which is assignable to the Purchaser or its
        designee at no cost to the Purchaser or its designee; provided however, that
        if
        the Seller fails to purchase such Tax Service Contract, the Seller shall
        be
        required to reimburse the Purchaser for all costs and expenses incurred by
        the
        Purchaser in connection with the purchase of any such Tax Service
        Contract;

       

      (55)  Each
        Mortgage Loan is covered by a “life of loan” Flood Zone Service Contract which
        is assignable to the Purchaser or its designee at no cost to the Purchaser
        or
        its designee or, for each Mortgage Loan not covered by such Flood Zone Service
        Contract, the Seller agrees to purchase such Flood Zone Service
        Contract;

       

      (56)  No
        Mortgage Loan is secured by cooperative housing, commercial property or mixed
        use property;

       

      (57)  Reserved;

       

      (58)  No
        selection procedures were used by the Seller that identified the Mortgage
        Loans
        as being less desirable or valuable than other comparable mortgage loans
        in the
        Seller’s portfolio;

       

      (59)  Each
        Mortgage Loan has a valid and original Credit Score, with a minimum Credit
        Score
        as set forth in the related Confirmation;

       

      (60)  No
        Mortgage Loan originated or modified on or after October 1, 2002 and prior
        to
        March 7, 2003 is secured by a Mortgaged Property located in the State of
        Georgia;

       

      (61)  No
        Mortgage Loan is a “manufactured housing loan” pursuant to the NJ Act, and one
        hundred percent of the amount financed of any purchase money Second Lien
        Mortgage Loan subject to the NJ Act was used for the purchase of the related
        Mortgaged Property;

       

      (62)  With
        respect to any Mortgage Loan for which a mortgage loan application was submitted
        by the Mortgagor after April 1, 2004, no such Mortgage Loan secured by a
        Mortgage Property located in the State of Illinois is in violation of the
        provisions of the Illinois Interest Act, including Section 4.1a which provides
        that no such Mortgage Loan with a Mortgage Interest Rate in excess of 8.0%
        per
        annum has lender-imposed fees (or other charges) in excess of 3.0% of the
        original principal balance of the Mortgage Loan;

       

      (63)  No
        Mortgage Loan is secured in whole or in part by the interest of the Mortgagor
        as
        a lessee under a ground lease of the related Mortgaged Property;

       

      (64)  No
        Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
        of
        Massachusetts was made to pay off or refinance an existing loan or other
        debt of
        the related borrower (as the term “borrower” is defined in the regulations
        promulgated by the Massachusetts Secretary of State in connection with
        Massachusetts House Bill 4880 (2004)) unless either (1) (a) the related Mortgage
        Interest Rate (that would be effective once the introductory rate expires,
        with
        respect to Adjustable Rate Mortgage Loans) did or would not exceed by more
        than
        2.25% the yield on United States Treasury securities having comparable periods
        of maturity to the maturity of the related Mortgage Loan as of the fifteenth
        day
        of the month immediately preceding the month in which the application for
        the
        extension of credit was received by the related lender or (b) the Mortgage
        Loan
        is an “open-end home loan” (as such term is used in the Massachusetts House Bill
        4880 (2004)) and the related Mortgage Note provides that the related Mortgage
        Interest Rate may not exceed at any time the Prime rate index as published
        in
        The Wall Street Journal plus a margin of one percent, or (2) such Mortgage
        Loan
        is in the "borrower's interest," as documented by a "borrower's interest
        worksheet" for the particular Mortgage Loan, which worksheet incorporates
        the
        factors set forth in Massachusetts House Bill 4880 (2004) and the regulations
        promulgated thereunder for determining "borrower's interest," and otherwise
        complies in all material respects with the laws of the Commonwealth of
        Massachusetts;

       

      (65)  The
        Mortgagor has not made or caused to be made any payment in the nature of
        an
“average” or “yield spread premium” to a mortgage broker or a like Person which
        has not been fully disclosed to the Mortgagor;

       

      (66)  The
        Seller has no knowledge of any circumstances or condition with respect to
        the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
        standing that can reasonably be expected to cause the Mortgage Loan to be
        an
        unacceptable investment, cause the Mortgage Loan to become delinquent, cause
        the
        Mortgage Loan to not be paid in full when due, or adversely affect the value
        of
        the Mortgage Loan;

       

      (67)  The
        Mortgage Loan was not prepaid in full prior to the Closing Date and the Seller
        has not received notification from a Mortgagor that a prepayment in full
        shall
        be made after the Closing Date;

       

      (68)  No
        Mortgagor is the obligor on more than two Mortgage Notes in each Mortgage
        Loan
        Package, unless mutually agreed upon by Seller and Purchaser;

       

      (69)  With
        respect to any Mortgage Loan that contains a provision permitting imposition
        of
        a Prepayment Charge upon a Principal Prepayment prior to maturity: (i) prior
        to
        the Mortgage Loan’s origination, the Mortgagor agreed to such Prepayment Charge
        in exchange for a monetary benefit, including but not limited to a Mortgage
        Interest Rate or fee reduction, (ii) prior to the Mortgage Loan’s origination,
        the Mortgagor was offered the option of obtaining a Mortgage Loan that did
        not
        require payment of a Prepayment Charge, (iii) the Prepayment Charge is disclosed
        to the Mortgagor in the Mortgage Loan Documents pursuant to applicable state
        and
        federal law, (iv) for Mortgage Loans originated on or after September 1,
        2004,
        the duration of the prepayment period shall not exceed three (3) years from
        the
        date of the Mortgage Note, unless the Mortgage Loan was modified to reduce
        the
        prepayment period to no more than three years from the date of the Mortgage
        Note
        and the Mortgagor was notified in writing of such reduction in the prepayment
        period, (v) no Mortgage Loan originated prior to October 1, 2002 has a
        Prepayment Charge longer than five years (vi) notwithstanding any state or
        federal law to the contrary, the Seller shall not impose such Prepayment
        Charge
        in any instance when the Mortgage debt is accelerated as the result of the
        Mortgagor’s default in making the Monthly Payments; Each Prepayment Charge is
        permissible, collectable and enforceable.

       

      (70)  No
        predatory, abusive or deceptive lending practices, including but not limited
        to,
        the extension of credit to a Mortgagor without regard for the Mortgagor’s
        ability to repay the Mortgage Loan and the extension of credit to a Mortgagor
        which has no tangible net benefit to the Mortgagor, were employed in connection
        with the origination of the Mortgage Loan. Each Mortgage Loan is in compliance
        with the anti-predatory lending eligibility for purchase requirements of
        FNMA’s
        Selling Guide. No Mortgagor was encouraged or required to select a Mortgage
        Loan
        product offered by the Mortgage Loan’s originator which is a higher cost product
        designed for less creditworthy borrowers, unless at the time of the Mortgage
        Loan’s origination, such Mortgagor did not qualify taking into account credit
        history and debt to income ratios for a lower cost credit product then offered
        by the Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s
        originator. If, at the time of the related loan application, the Mortgagor
        may
        have qualified for a lower cost credit product then offered by any mortgage
        lending affiliate of the Mortgage Loan’s originator, the Mortgage Loan’s
        originator referred the Mortgagor’s application to such affiliate for
        underwriting consideration; 

       

      (71)  The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        employs objective mathematical principles which relate the Mortgagor’s income,
        assets and liabilities to the proposed payment and such underwriting methodology
        does not rely on the extent of the Mortgagor’s equity in the collateral as the
        principal determining factor in approving such credit extension. Such
        underwriting methodology confirmed that at the time of origination
        (application/approval) the Mortgagor had a reasonable ability to make timely
        payments on the Mortgage Loan;

       

      (72)  All
        points, fees and charges, including finance charges (whether or not financed,
        assessed, collected or to be collected), in connection with the origination
        and
        servicing of each Mortgage Loan were disclosed in writing to the related
        Mortgagor in accordance with applicable state and federal law and regulation.
        Except in the case of a Mortgage Loan in an original principal amount of
        less
        than $60,000 which would have resulted in an unprofitable origination, no
        related Mortgagor was charged “points and fees” (whether or not financed) in an
        amount greater than 5% of the principal amount of such loan, such 5% limitation
        is calculated in accordance with FNMA’s anti-predatory lending requirements as
        set forth in the FNMA Selling Guide; 

       

      (73)  The
        Seller will transmit full-file credit reporting data for each Mortgage Loan
        pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan,
        Seller agrees it shall report one of the following statuses each month as
        follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
        foreclosed, or charged-off;

       

      (74)  No
        Mortgagor was required to purchase any credit life, disability, accident
        or
        health insurance product or debt cancellation agreement as a condition of
        obtaining the extension of credit. No Mortgagor obtained a prepaid single
        premium credit life, disability, accident or health insurance policy in
        connection with the origination of the Mortgage Loan, and no proceeds from
        any
        Mortgage Loan were used to finance single-premium credit insurance policies
        or
        debt cancellation agreements as part of the origination of, or as a condition
        to
        closing, such Mortgage Loan; 

       

      (75)  The
        Seller and any predecessor servicer has fully furnished, in accordance with
        the
        Fair Credit Reporting Act and its implementing regulations, accurate and
        complete information (e.g., favorable and unfavorable) on its borrower credit
        files to Equifax, Experian and Trans Union Credit Information Company (three
        of
        the credit repositories) on a monthly basis; and the Seller will fully furnish,
        in accordance with the Fair Credit Reporting Act and its implementing
        regulations, accurate and complete information (e.g., favorable and unfavorable)
        on its borrower credit files to Equifax, Experian and Trans Credit Information
        Company (three of the credit repositories), on a monthly basis; and

       

      (76)  With
        respect to each Mortgage Loan, neither the related Mortgage nor the related
        Mortgage Note requires the Mortgagor to submit to arbitration to resolve
        any
        dispute arising out of or relating in any way to the Mortgage Loan transaction;
        No Mortgagor agreed to submit to arbitration to resolve any dispute arising
        out
        of or relating in any way to the Mortgage Loan transaction.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

      

      Representation
        and Warranties with Respect to the MortgageIT Mortgage Loans

      

      Except
        for “Mortgage Loans”, which shall mean the MortgageIT Mortgage Loans sold by the
        Seller to the Purchaser, all capitalized terms in this Exhibit I shall have
        the
        meanings ascribed to them in the MortgageIT Servicing Agreement.

      

       

      (1)  The
        information set forth in the related Mortgage Loan Schedule is complete,
        true
        and correct;

       

      (2)  The
        Mortgage Loan is in compliance with all requirements set forth in the related
        Confirmation, and the characteristics of the related Mortgage Loan Package
        as
        set forth in the related Confirmation are true and correct;

       

      (3)  
        All
        payments required to be made up to the close of business on the Closing Date
        for
        such Mortgage Loan under the terms of the Mortgage Note have been made. The
        Seller has not advanced funds, or induced, solicited or knowingly received
        any
        advance of funds from a party other than the owner of the related Mortgaged
        Property, directly or indirectly, for the payment of any amount required
        by the
        Mortgage Note or Mortgage; and there has been no delinquency, exclusive of
        any
        period of grace, in any payment by the Mortgagor thereunder since the
        origination of the Mortgage Loan;

       

      (4)  
        There
        are no delinquent taxes, ground rents, water charges, sewer rents, assessments,
        insurance premiums, leasehold payments, including assessments payable in
        future
        installments or other outstanding charges affecting the related Mortgaged
        Property;

       

      (5)  
        The
        terms of the Mortgage Note and the Mortgage have not been impaired, waived,
        altered or modified in any respect, except by written instruments, recorded
        in
        the applicable public recording office or registered with the MERS System
        if
        necessary to maintain the lien priority of the Mortgage, and which have been
        delivered to the Purchaser or its designee; the substance of any such waiver,
        alteration or modification has been approved by the title insurer, to the
        extent
        required by the related policy, and is reflected on the related Mortgage
        Loan
        Schedule. No instrument of waiver, alteration or modification has been executed,
        and no Mortgagor has been released, in whole or in part, except in connection
        with an assumption agreement approved by the title insurer, to the extent
        required by the policy, and which assumption agreement has been delivered
        to the
        Purchaser or its designee and the terms of which are reflected in the related
        Mortgage Loan Schedule;

       

      (6)  
        The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including the defense of usury, nor will
        the
        operation of any of the terms of the Mortgage Note and the Mortgage, or the
        exercise of any right thereunder, render the Mortgage unenforceable, in whole
        or
        in part, or subject to any right of rescission, set-off, counterclaim or
        defense, including the defense of usury and no such right of rescission,
        set-off, counterclaim or defense has been asserted with respect thereto.
        Each
        Prepayment Charge or penalty with respect to any Mortgage Loan is permissible,
        enforceable and collectible under applicable federal, state and local
        law;

       

      (7)  All
        buildings upon the Mortgaged Property are insured by an insurer acceptable
        to
        FNMA or FHLMC against loss by fire, hazards of extended coverage and such
        other
        hazards as are customary in the area where the Mortgaged Property is located,
        pursuant to insurance policies conforming to the requirements of FNMA or
        FHLMC.
        All such insurance policies contain a standard mortgagee clause naming the
        Seller, its successors and assigns as mortgagee and all premiums thereon
        have
        been paid. If the Mortgaged Property is in an area identified on a Flood
        Hazard
        Map or Flood Insurance Rate Map issued by the Federal Emergency Management
        Agency as having special flood hazards (and such flood insurance has been
        made
        available) a flood insurance policy meeting the requirements of the current
        guidelines of the Federal Insurance Administration is in effect which policy
        conforms to the requirements of FNMA or FHLMC. The Mortgage obligates the
        Mortgagor thereunder to maintain all such insurance at the Mortgagor’s cost and
        expense, and on the Mortgagor’s failure to do so, authorizes the holder of the
        Mortgage to maintain such insurance at Mortgagor’s cost and expense and to seek
        reimbursement therefor from the Mortgagor;

       

      (8)  Any
        and
        all requirements of any federal, state or local law including, without
        limitation, usury, truth in lending, real estate settlement procedures,
        predatory and abusive lending, consumer credit protection, equal credit
        opportunity, fair housing or disclosure laws applicable to the origination
        and
        servicing of mortgage loans of a type similar to the Mortgage Loans have
        been
        complied with;

       

      (9)  
        The
        Mortgage has not been satisfied, cancelled, subordinated or rescinded, in
        whole
        or in part, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part, nor has any instrument been executed that
        would effect any such satisfaction, cancellation, subordination, rescission
        or
        release;

       

      (10)  The
        Mortgage is a valid, existing and enforceable first or second (as indicated
        on
        the Mortgage Loan Schedule) lien on the Mortgaged Property, including all
        improvements on the Mortgaged Property subject only to (a) the lien of current
        real property taxes and assessments not yet due and payable, (b) covenants,
        conditions and restrictions, rights of way, easements and other matters of
        the
        public record as of the date of recording being acceptable to mortgage lending
        institutions generally and specifically referred to in the lender’s title
        insurance policy delivered to the originator of the Mortgage Loan and which
        do
        not adversely affect the Appraised Value of the Mortgaged Property, (c) to
        the
        extent the Mortgage Loan is a second lien Mortgage Loan, the related first
        lien
        on the Mortgaged Property; and (d) other matters to which like properties
        are
        commonly subject which do not materially interfere with the benefits of the
        security intended to be provided by the Mortgage or the use, enjoyment, value
        or
        marketability of the related Mortgaged Property. Any security agreement,
        chattel
        mortgage or equivalent document related to and delivered in connection with
        the
        Mortgage Loan establishes and creates a valid, existing and enforceable first
        or
        second (as indicated on the Mortgage Loan Schedule) lien and first or second
        (as
        indicated on the Mortgage Loan Schedule) priority security interest on the
        property described therein and the Seller has full right to sell and assign
        the
        same to the Purchaser. The Mortgaged Property was not, as of the date of
        origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed
        to
        secure debt or other security instrument creating a lien subordinate to the
        lien
        of the Mortgage;

       

      (11)  The
        Mortgage Note and the related Mortgage are genuine and each is the legal,
        valid
        and binding obligation of the maker thereof, enforceable in accordance with
        its
        terms except as such enforcement may be limited by bankruptcy;

       

      (12)  All
        parties to the Mortgage Note and the Mortgage had legal capacity to enter
        into
        the Mortgage Loan and to execute and deliver the Mortgage Note and the Mortgage,
        and the Mortgage Note and the Mortgage have been duly and properly executed
        by
        such parties. The Mortgagor is a natural person;

       

      (13)  The
        proceeds of the Mortgage Loan have been fully disbursed to or for the account
        of
        the Mortgagor and there is no obligation for the Mortgagee to advance additional
        funds thereunder and any and all requirements as to completion of any on-site
        or
        off-site improvement and as to disbursements of any escrow funds therefor
        have
        been complied with. All costs, fees and expenses incurred in making or closing
        the Mortgage Loan and the recording of the Mortgage have been paid, and the
        Mortgagor is not entitled to any refund of any amounts paid or due to the
        Mortgagee pursuant to the Mortgage Note or Mortgage;

       

      (14)  The
        Seller is the sole legal, beneficial and equitable owner of the Mortgage
        Note
        and the Mortgage and has full right to transfer and sell the Mortgage Loan
        to
        the Purchaser free and clear of any encumbrance, equity, lien, pledge, charge,
        claim or security interest;

       

      (15)  All
        parties which have had any interest in the Mortgage Loan, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) in material compliance with any and
        all
        applicable “doing business” and licensing requirements of the laws of the state
        wherein the Mortgaged Property is located (or were otherwise exempt from
        such
        requirements under applicable law);

       

      (16)  The
        Mortgage Loan is covered by an American Land Title Association (“ALTA”) lender’s
        title insurance policy (which, in the case of an Adjustable Rate Mortgage
        Loan
        has an adjustable rate mortgage endorsement in the form of ALTA 6.0 or 6.1)
        acceptable to FNMA or FHLMC, issued by a title insurer acceptable to FNMA
        or
        FHLMC and qualified to do business in the jurisdiction where the Mortgaged
        Property is located, insuring (subject to the exceptions contained in (x)(a)
        and
        (b) above) the Seller, its successors and assigns as to the first or second
        (as
        indicated on the Mortgage Loan Schedule) priority lien of the Mortgage in
        the
        original principal amount of the Mortgage Loan and, with respect to any
        Adjustable Rate Mortgage Loan, against any loss by reason of the invalidity
        or
        unenforceability of the lien resulting from the provisions of the Mortgage
        providing for adjustment in the Mortgage Interest Rate and Monthly Payment.
        Additionally, such lender’s title insurance policy affirmatively insures ingress
        and egress to and from the Mortgaged Property, and against encroachments
        by or
        upon the Mortgaged Property or any interest therein. The Seller is the sole
        insured of such lender’s title insurance policy, and such lender’s title
        insurance policy is in full force and effect and will be in full force and
        effect upon the consummation of the transactions contemplated by this Agreement.
        No claims have been made under such lender’s title insurance policy, and no
        prior holder of the related Mortgage, including the Seller, has done, by
        act or
        omission, anything which would impair the coverage of such lender’s title
        insurance policy;

       

      (17)  There
        is
        no default, breach, violation or event of acceleration existing under the
        Mortgage or the Mortgage Note and no event which, with the passage of time
        or
        with notice and the expiration of any grace or cure period, would constitute
        a
        default, breach, violation or event of acceleration, and the Seller has not
        waived any default, breach, violation or event of acceleration. With respect
        to
        each second lien mortgage loan (i) the first lien mortgage loan is in full
        force
        and effect, (ii) to the best of Seller’s knowledge, there is no default, breach,
        violation or event of acceleration existing under such first lien mortgage
        or
        the related mortgage note, (iii) no event which, with the passage of time
        or
        with notice and the expiration of any grace or cure period, would constitute
        a
        default, breach, violation or event of acceleration thereunder, and either
        (A)
        the first lien mortgage contains a provision which allows or (B) applicable
        law
        requires, the mortgagee under the second lien Mortgage Loan to receive notice
        of, and affords such mortgagee an opportunity to cure any default by payment
        in
        full or otherwise under the first lien mortgage;

       

      (18)  There
        are
        no mechanics’ or similar liens or claims which have been filed for work, labor
        or material (and no rights are outstanding that under law could give rise
        to
        such lien) affecting the related Mortgaged Property which are or may be liens
        prior to, or equal or coordinate with, the lien of the related
        Mortgage;

       

      (19)  All
        improvements which were considered in determining the Appraised Value of
        the
        related Mortgaged Property lay wholly within the boundaries and building
        restriction lines of the Mortgaged Property, and no improvements on adjoining
        properties encroach upon the Mortgaged Property;

       

      (20)  As
        of the
        origination of the Mortgage Loan, no improvement located on the Mortgaged
        Property was in violation of any applicable zoning or subdivision laws or
        ordinances;

       

      (21)  The
        Mortgage Loan was originated by the Seller or by a savings and loan association,
        a savings bank, a commercial bank, credit union, insurance company or similar
        banking institution which is supervised and examined by a federal or state
        authority, or by a mortgagee approved as such by the Secretary of HUD pursuant
        to Section 203 and 211 of the National Housing Act;

       

      (22)  Principal
        payments on the Mortgage Loan commenced no more than sixty days after the
        proceeds of the Mortgage Loan were disbursed. The Mortgage Loan bears interest
        at the Mortgage Interest Rate. With respect to each Mortgage Loan, the Mortgage
        Note is payable on the first day of each month in Monthly Payments, which,
        other
        than with respect to a Balloon Mortgage Loan, in the case of a Fixed Rate
        Mortgage Loans, are sufficient to fully amortize the original principal balance
        over the original term thereof and to pay interest at the related Mortgage
        Interest Rate, and, in the case of an Adjustable Rate Mortgage Loan, are
        changed
        on each Adjustment Date, and in any case, are sufficient to fully amortize
        the
        original principal balance over the original term thereof and to pay interest
        at
        the related Mortgage Interest Rate. The Index for each Adjustable Rate Mortgage
        Loan is as defined in the related Confirmation. With respect to each Balloon
        Mortgage Loan, the Mortgage Note requires a monthly payment which is sufficient
        to fully amortize the original principal balance over the original term thereof
        and to pay interest at the related Mortgage Interest Rate and requires a
        final
        Monthly Payment substantially greater than the preceding monthly payment
        which
        is sufficient to repay the remained unpaid principal balance of the Balloon
        Mortgage Loan as of the Due Date of such monthly payment. The Mortgage Note
        does
        not permit negative amortization. No Mortgage Loan is a Convertible Mortgage
        Loan;

       

      (23)  The
        origination and collection practices used by the Seller with respect to each
        Mortgage Note and Mortgage have been in all respects legal, proper, prudent
        and
        customary in the mortgage origination and servicing industry. The Mortgage
        Loan
        has been serviced by the Seller and any predecessor servicer in accordance
        with
        the terms of the Mortgage Note. With respect to escrow deposits and Escrow
        Payments, if any, all such payments are in the possession of, or under the
        control of, the Seller and there exist no deficiencies in connection therewith
        for which customary arrangements for repayment thereof have not been made.
        No
        escrow deposits or Escrow Payments or other charges or payments due the Seller
        have been capitalized under any Mortgage or the related Mortgage Note and
        no
        such escrow deposits or Escrow Payments are being held by the Seller for
        any
        work on a Mortgaged Property which has not been completed;

       

      (24)  The
        Mortgaged Property is in good repair and is free of material damage and waste
        and there is no proceeding pending for the total or partial condemnation
        thereof;

       

      (25)  The
        Mortgage and related Mortgage Note contain customary and enforceable provisions
        such as to render the rights and remedies of the holder thereof adequate
        for the
        realization against the Mortgaged Property of the benefits of the security
        provided thereby, including, (a) in the case of a Mortgage designated as
        a deed
        of trust, by trustee’s sale, and (b) otherwise by judicial foreclosure. The
        Mortgaged Property has not been subject to any bankruptcy proceeding or
        foreclosure proceeding and the Mortgagor has not filed for protection under
        applicable bankruptcy laws. There is no homestead or other exemption available
        to the Mortgagor which would interfere with the right to sell the Mortgaged
        Property at a trustee’s sale or the right to foreclose the Mortgage. The
        Mortgagor has not notified the Seller and the Seller has no knowledge of
        any
        relief requested or allowed to the Mortgagor under the Servicemembers’ Civil
        Relief Act;

       

      (26)  The
        Mortgage Loan was underwritten in accordance with the underwriting standards
        of
        the Seller in effect at the time the Mortgage Loan was originated, which
        underwriting standards satisfy the standards of FNMA or FHLMC; and the Mortgage
        Note and Mortgage are on forms acceptable to FNMA or FHLMC; 

       

      (27)  The
        Mortgage Note is not and has not been secured by any collateral except the
        lien
        of the corresponding Mortgage on the Mortgaged Property and the security
        interest of any applicable security agreement or chattel mortgage referred
        to in
        (x) above;

       

      (28)  The
        Mortgage File contains an appraisal of the related Mortgaged Property which
        satisfied the standards of FNMA or FHLMC, was on appraisal form 1004 or form
        2055 with an interior inspection with respect to each first lien Mortgage
        Loan,
        and on appraisal form 704, 2065 or 2055 with an exterior inspection with
        respect
        to each second lien Mortgage Loan, and was made and signed, prior to the
        approval of the Mortgage Loan application, by a qualified appraiser, duly
        appointed by the Seller, who had no interest, direct or indirect in the
        Mortgaged Property or in any loan made on the security thereof, whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan
        and who met the minimum qualifications of FNMA or FHLMC. Each appraisal of
        the
        Mortgage Loan was made in accordance with the relevant provisions of the
        Financial Institutions Reform, Recovery, and Enforcement Act of
        1989;

       

      (29)  In
        the
        event the Mortgage constitutes a deed of trust, a trustee, duly qualified
        under
        applicable law to serve as such, has been properly designated and currently
        so
        serves and is named in the Mortgage, and no fees or expenses are or will
        become
        payable by the Purchaser to the trustee under the deed of trust, except in
        connection with a trustee’s sale after default by the Mortgagor;

       

      (30)  No
        Mortgage Loan contains provisions pursuant to which Monthly Payments are
        (a)
        paid or partially paid with funds deposited in any separate account established
        by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (b) paid
        by
        any source other than the Mortgagor or (c) contains any other similar provisions
        which may constitute a “buydown” provision. The Mortgage Loan is not a graduated
        payment mortgage loan and the Mortgage Loan does not have a shared appreciation
        or other contingent interest feature;

       

      (31)  The
        Mortgagor has executed a statement to the effect that the Mortgagor has received
        all disclosure materials required by applicable law with respect to the making
        of fixed rate mortgage loans in the case of Fixed Rate Mortgage Loans, and
        adjustable rate mortgage loans in the case of Adjustable Rate Mortgage Loans
        and
        rescission materials with respect to Refinanced Mortgage Loans, and such
        statement is and will remain in the Mortgage File;

       

      (32)  No
        Mortgage Loan was made in connection with (a) the construction or rehabilitation
        of a Mortgaged Property or (b) facilitating the trade-in or exchange of a
        Mortgaged Property;

       

      (33)  The
        Seller has no knowledge of any circumstances or condition with respect to
        the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
        standing that can reasonably be expected to cause the Mortgage Loan to be
        an
        unacceptable investment, cause the Mortgage Loan to become delinquent, or
        adversely affect the value of the Mortgage Loan;

       

      (34)  No
        Mortgage Loan had an LTV or a CLTV at origination in excess of 100%. Each
        Mortgage Loan with an LTV or CLTV at origination in excess of 80% is and
        will be
        subject to a Primary Insurance Policy, issued by a Qualified Insurer, which
        insures that portion of the Mortgage Loan in excess of the portion of the
        Appraised Value of the Mortgaged Property required by FNMA. All provisions
        of
        such Primary Insurance Policy have been and are being complied with, such
        policy
        is in full force and effect, and all premiums due thereunder have been paid.
        Any
        Mortgage subject to any such Primary Insurance Policy obligates the Mortgagor
        thereunder to maintain such insurance and to pay all premiums and charges
        in
        connection therewith. The Mortgage Interest Rate for the Mortgage Loan does
        not
        include any such insurance premium;

       

      (35)  The
        Mortgaged Property is, to the best of the Seller’s knowledge, lawfully occupied
        under applicable law; all inspections, licenses and certificates required
        to be
        made or issued with respect to all occupied portions of the Mortgaged Property
        and, with respect to the use and occupancy of the same, including but not
        limited to certificates of occupancy, have been made or obtained from the
        appropriate authorities;

       

      (36)  No
        error,
        omission, misrepresentation, negligence, fraud or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of the Mortgagor,
        the
        Seller, or to the best of Seller’s knowledge, any appraiser, any builder or
        developer, or any other party involved in the origination of the Mortgage
        Loan
        or in the application of any insurance in relation to such Mortgage
        Loan;

       

      (37)  For
        each
        Mortgage Loan that is not a MOM Loan, the Assignment of Mortgage is in
        recordable form except for the name of the assignee which is blank and is
        acceptable for recording under the laws of the jurisdiction in which the
        Mortgaged Property is located. The original Mortgage was or is being recorded
        and, unless the Mortgage Loan is subject to the MERS System, all subsequent
        assignments of the original Mortgage (other than the assignment to Purchaser)
        have been recorded in the appropriate jurisdiction wherein such recordation
        is
        necessary to perfect the lien thereof against creditors of Seller, or is
        in the
        process of being recorded.

       

      (38)  Any
        principal advances made to the Mortgagor prior to the Cut-off Date have been
        consolidated with the outstanding principal amount secured by the Mortgage,
        and
        the secured principal amount, as consolidated, bears a single interest rate
        and
        single repayment term. The lien of the Mortgage securing the consolidated
        principal amount is expressly insured as having first or second lien priority
        by
        a title insurance policy or an endorsement to the policy insuring the
        mortgagee’s consolidated interest. The consolidated principal amount does not
        exceed the original principal amount of the Mortgage Loan;

       

      (39)  Unless
        otherwise set forth on the related Mortgage Loan Schedule, no Mortgage Loan
        has
        a balloon payment feature;

       

      (40)  
        If the
        Residential Dwelling on the Mortgaged Property is a condominium unit or a
        unit
        in a planned unit development (other than a de minimis planned unit development)
        such condominium or planned unit development project meets the eligibility
        requirements of FNMA or FHLMC;

       

      (41)  The
        source of the down payment with respect to each Mortgage Loan has been fully
        verified by the Seller;

       

      (42)  Interest
        on each Mortgage Loan is calculated on the basis of a 360-day year consisting
        of
        twelve 30-day months;

       

      (43)  The
        Mortgaged Property is in material compliance with all applicable environmental
        laws pertaining to environmental hazards including, without limitation,
        asbestos, and neither the Seller nor, to the Seller’s knowledge, the related
        Mortgagor, has received any notice of any violation or potential violation
        of
        such law;

       

      (44)  Seller
        shall, at its own expense, cause each Mortgage Loan to be covered by a Tax
        Service Contract which is assignable to the Purchaser or its designee; provided
        however, that if the Seller fails to purchase such Tax Service Contract,
        the
        Seller shall be required to reimburse the Purchaser for all costs and expenses
        incurred by the Purchaser in connection with the purchase of any such Tax
        Service Contract;

       

      (45)  Each
        Mortgage Loan is covered by a Flood Zone Service Contract which is assignable
        to
        the Purchaser or its designee or, for each Mortgage Loan not covered by such
        Flood Zone Service Contract, the Seller agrees to purchase such Flood Zone
        Service Contract;

       

      (46)  No
        Mortgage Loan is (a) subject to the provisions of the Homeownership and Equity
        Protection Act of 1994 as amended (“HOEPA”), (b) a “high cost” mortgage loan,
“covered” mortgage loan or “predatory” mortgage loan or any other comparable
        term, no matter how defined under any federal, state or local law, (c) subject
        to any comparable federal, state or local statutes or regulations, or any
        other
        statute or regulation providing for heightened regulatory scrutiny or assignee
        liability to holders of such mortgage loans, or (d) a High Cost Loan or Covered
        Loan, as applicable (as such terms are defined in the current Standard &
Poor’s LEVELS® Glossary Revised, Appendix E);

       

      (47)  No
        predatory or deceptive lending practices, including but not limited to, the
        extension of credit to a mortgagor without regard for the mortgagor’s ability to
        repay the Mortgage Loan and the extension of credit to a mortgagor which
        has no
        apparent benefit to the mortgagor, were employed in connection with the
        origination of the Mortgage Loan. Each Mortgage Loan is in compliance with
        the
        anti-predatory lending eligibility for purchase requirements of the FNMA
        Guides;

       

      (48)  Not
        more
        than one percent (1%) of the Mortgage Loans purchased on the related Closing
        Date, measured by the aggregate Stated Principal Balance of such Mortgage
        Loans
        as of the related Cut-off Date, include a Mortgage Note for which a lost
        note
        affidavit with indemnification has been delivered; 

       

      (49)  No
        Mortgagor was required to purchase any single premium credit insurance policy
        (e.g., life, disability, accident, unemployment, or health insurance product)
        or
        debt cancellation agreement as a condition of obtaining the extension of
        credit.
        No Mortgagor obtained a prepaid single premium credit insurance policy (e.g.,
        life, disability, accident, unemployment, mortgage, or health insurance)
        in
        connection with the origination of the Mortgage Loan. No proceeds from any
        Mortgage Loan were used to purchase single premium credit insurance policies
        or
        debt cancellation agreements as part of the origination of, or as a condition
        to
        closing, such Mortgage Loan;

       

      (50)  The
        Mortgage Loans were not selected from the outstanding one to four-family
        mortgage loans in the Seller’s portfolio at the related Closing Date as to which
        the representations and warranties set forth in this Agreement could be made
        in
        a manner so as to affect adversely the interests of the Purchaser;

       

      (51)  
        The
        Mortgage contains an enforceable provision for the acceleration of the payment
        of the unpaid principal balance of the Mortgage Loan in the event that the
        Mortgaged Property is sold or transferred without the prior written consent
        of
        the mortgagee thereunder;

       

      (52)  
        The
        Mortgage Loan complies with all applicable consumer credit statutes and
        regulations, including, without limitation, the respective Uniform Consumer
        Credit Code laws in effect in Colorado, Idaho, Indiana, Iowa, Kansas, Maine,
        Oklahoma, South Carolina, Utah and Wyoming (to the extent that the related
        Mortgaged Property is located in such state), has been originated by a properly
        licensed entity, and in all other respects, complies with all of the material
        requirements of any such applicable laws;

       

      (53)  The
        information set forth in the Prepayment Charge Schedule is complete, true
        and
        correct in all material respects and each Prepayment Charge is permissible,
        enforceable and collectable under applicable federal and state law;

       

      (54)  The
        Mortgage Loan was not prepaid in full prior to the Closing Date and the Seller
        has not received notification from a Mortgagor that a prepayment in full
        shall
        be made after the Closing Date; 

       

      (55)  No
        Mortgage Loan is secured by cooperative housing, commercial property, mobile
        homes, manufactured housing or mixed use property;

       

      (56)  Except
        as
        set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans
        are
        subject to a Prepayment Charge. For any Mortgage Loan originated prior to
        October 1, 2002 that is subject to a Prepayment Charge, such Prepayment Charge
        does not extend beyond five years after the date of origination. For any
        Mortgage Loan originated on or following October 1, 2002 that is subject
        to a
        Prepayment Charge, such Prepayment Charge does not extend beyond three years
        after the date of origination. With respect to any Mortgage Loan that contains
        a
        provision permitting imposition of a Prepayment Charge upon a prepayment
        prior
        to maturity: (i) prior to the Mortgage Loan’s origination, the Mortgagor agreed
        to such Prepayment Charge in exchange for a monetary benefit, including but
        not
        limited to a rate or fee reduction, (ii) prior to the Mortgage Loan’s
        origination, the Mortgagor was offered the option of obtaining a Mortgage
        Loan
        that did not require payment of such a Prepayment Charge, (iii) the Prepayment
        Charge is disclosed to the Mortgagor in the loan documents pursuant to
        applicable state and federal law, (iv) for Mortgage Loans originated on or
        after
        September 1, 2004, the duration of the prepayment period shall not exceed
        three
        (3) years from the date of the Mortgage Note, unless the Mortgage Loan was
        modified to reduce the prepayment period to no more than three years from
        the
        date of the Mortgage Note and the Mortgagor was notified in writing of such
        reduction in prepayment period, and (v) notwithstanding any state or federal
        law
        to the contrary, the Seller shall not impose such Prepayment Charge in any
        instance when the mortgage debt is accelerated as the result of the Mortgagor’s
        default in making the loan payments;

       

      (57)  The
        Seller has complied with all applicable anti-money laundering laws and
        regulations, including without limitation the USA Patriot Act of 2001
        (collectively, the “Anti-Money Laundering Laws”); the Seller has established an
        anti-money laundering compliance program as required by the Anti-Money
        Laundering Laws, has conducted the requisite due diligence in connection
        with
        the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
        Laws, including with respect to the legitimacy of the applicable Mortgagor
        and
        the origin of the assets used by the said Mortgagor to purchase the property
        in
        question, and maintains, and will maintain, sufficient information to identify
        the applicable Mortgagor for purposes of the Anti-Money Laundering Laws.
        No
        Mortgage Loan is subject to nullification pursuant to Executive Order 13224
        (the
“Executive Order”) or the regulations promulgated by the Office of Foreign
        Assets Control of the United States Department of the Treasury (the “OFAC
        Regulations”) or in violation of the Executive Order or the OFAC Regulations,
        and no Mortgagor is subject to the provisions of such Executive Order or
        the
        OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
        Regulations;

       

      (58)  No
        Mortgage Loan is secured by real property or secured by a manufactured home
        located in the state of Georgia unless (x) such Mortgage Loan was originated
        prior to October 1, 2002 or after March 6, 2003, or (y) the property securing
        the Mortgage Loan is not, nor will be, occupied by the Mortgagor as the
        Mortgagor’s principal dwelling. No Mortgage Loan is a “High Cost Home Loan” as
        defined in the Georgia Fair Lending Act, as amended (the “Georgia Act”) or the
        New York Banking Law 6-1. Each Mortgage Loan that is a “Home Loan” under the
        Georgia Act complies with all applicable provisions of the Georgia Act. No
        Mortgage Loan secured by owner occupied real property or an owner occupied
        manufactured home located in the State of Georgia was originated (or modified)
        on or after October 1, 2002 through and including March 6, 2003;

       

      (59)  No
        Mortgagor was encouraged or required to select a Mortgage Loan product offered
        by the Mortgage Loan’s originator which is a higher cost product designed for
        less creditworthy borrowers, unless at the time of the Mortgage Loan’s
        origination, such Mortgagor did not qualify taking into account credit history
        and debt to income ratios for a lower cost credit product then offered by
        the
        Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s originator.
        If, at the time of loan application, the Mortgagor may have qualified for
        a for
        a lower cost credit product then offered by any mortgage lending affiliate
        of
        the Mortgage Loan’s originator, the Mortgage Loan’s originator referred the
        Mortgagor’s application to such affiliate for underwriting
        consideration;

       

      (60)  The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        employs objective mathematical principles which relate the Mortgagor’s income,
        assets and liabilities to the proposed payment and such underwriting methodology
        does not rely on the extent of the Mortgagor’s equity in the collateral as the
        principal determining factor in approving such credit extension. Such
        underwriting methodology confirmed that at the time of origination
        (application/approval) the Mortgagor had a reasonable ability to make timely
        payments on the Mortgage Loan;

       

      (61)  With
        respect to each Mortgage Loan, the Seller has fully and accurately furnished
        complete information on the related borrower credit files to Equifax, Experian
        and Trans Union Credit Information Company, in accordance with the Fair Credit
        Reporting Act and its implementing regulations, on a monthly basis and the
        Seller for each Loan will furnish, in accordance with the Fair Credit Reporting
        Act and its implementing regulations, accurate and complete information on
        its
        borrower credit files to Equifax, Experian, and Trans Union Credit Information
        Company, on a monthly basis;

       

      (62)  All
        points and fees related to each Mortgage Loan were disclosed in writing to
        the
        related Borrower in accordance with applicable state and federal law and
        regulation. Except in the case of a Mortgage Loan in an original principal
        amount of less than $60,000 which would have resulted in an unprofitable
        origination, no related Borrower was charged “points and fees” (whether or not
        financed) in an amount greater than 5% of the principal amount of such loan,
        such 5% limitation is calculated in accordance with Fannie Mae’s anti-predatory
        lending requirements as set forth in the Fannie Mae Selling Guide;

       

      (63)  All
        fees
        and charges (including finance charges) and whether or not financed, assessed,
        collected or to be collected in connection with the origination and servicing
        of
        each Mortgage Loan has been disclosed in writing to the Mortgagor in accordance
        with applicable state and federal law and regulation;

       

      (64)  The
        Seller will transmit full-file credit reporting data for each Mortgage Loan
        pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan,
        Seller agrees it shall report one of the following statuses each month as
        follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
        foreclosed, or charged-off;

       

      (65)  No
        Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan
        Protection Act effective October 16, 2003 (Act 1340 or 2003);

       

      (66)  No
        Mortgage Loan is a “High Cost Home Loan” as defined in the Kentucky high-cost
        loan statute effective June 24, 2003 (Ky. Rev. Stat. Section 360.100);

       

      (67)  No
        Mortgage Loan secured by property located in the State of Nevada is a “home
        loan” as defined in the Nevada Assembly Bill No. 284;

       

      (68)  No
        Mortgage Loan is a “manufactured housing loan” or “home improvement home loan”
pursuant to the New Jersey Home Ownership Act. No Mortgage Loan is a “High-Cost
        Home Loan” or a refinanced “Covered Home Loan,” in each case, as defined in the
        New Jersey Home Ownership Act effective November 27, 2003 (N.J.S.A. 46;10B-22
        et
        seq.);

       

      (69)  Each
        Mortgage Loan constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of
        the Code and Treasury Regulation Section 1.860G-2(a)(1); 

       

      (70)  No
        Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
        and
        Equity protection Act;

       

      (71)  No
        Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
        Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et seq.);

       

      (72)  No
        Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk
        Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et
        seq.);

       

      (73)  No
        Mortgage Loan originated in the City of Los Angeles is subject to the City
        of
        Los Angeles California Ordinance 175008 as a “home loan”; 

       

      (74)  No
        Mortgage Loan originated in the City of Oakland is subject to the City of
        Oakland, California Ordinance 12361 as a “home loan”;

       

      (75)  No
        Mortgage Loan is a “High-Cost Home Loan” as defined under the Maine House Bill
        383 L.D. 494, effective as of September 13, 2003;

       

      (76)  No
        Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the
        Massachusetts Predatory Home Loan Practices Act, effective November 7, 2004
        (Mass. Ann. Laws Ch. 183C);

       

      (77)  With
        respect to any Mortgage Loan for which a mortgage loan application was submitted
        by the Mortgagor after April 1, 2004, no such Mortgage Loan secured by Mortgaged
        Property in the State of Illinois which has a Mortgage Interest Rate in excess
        of 8.0% per annum has lender-imposed fees (or other charges) in excess of
        3.0%
        of the original principal balance of the Mortgage Loan. 

       

      (78)  With
        respect to each MOM Loan, a MIN has been assigned by MERS and such MIN is
        accurately provided on the Mortgage Loan Schedule. The related Assignment
        of
        Mortgage to MERS has been duly and properly recorded, or has been delivered
        for
        recording to the applicable recording office; 

       

      (79)  With
        respect to each MERS Mortgage Loan, Seller has not received any notice of
        liens
        or legal actions with respect to such Mortgage Loan and no such notices have
        been electronically posted by MERS;

       

      (80)  No
        Mortgagor agreed to submit to arbitration to resolve any dispute arising
        out of
        or relating in any way to the Mortgage Loan transaction, and with respect
        to any
        Mortgage Loan originated on or after August 1, 2004, neither the Mortgage
        nor
        the Mortgage Note requires the Mortgagor to submit to arbitration to resolve
        any
        dispute arising out of or relating in any way to the origination of the Mortgage
        Loan;

       

      (81)  Reserved;

       

      (82)  With
        respect to each Mortgage Loan, (i) if the related first lien provides for
        negative amortization, the CLTV was calculated at the maximum principal balance
        of such first lien that could result upon application of such negative
        amortization feature, and (ii) either no consent for the Mortgage Loan is
        required by the holder of the first lien or such consent has been obtained
        and
        is contained in the Mortgage File; 

       

      (83)  Reserved;
        

       

      (84)  Reserved;
        

       

      (85)  With
        respect to each Mortgage Loan that is secured in whole or in part by the
        interest of the Mortgagor as a lessee under a ground lease of the related
        Mortgaged Property (a “Ground Lease”) and not by a fee interest in such
        Mortgaged Property:

       

        The
        Mortgagor is the owner of a valid and subsisting interest as tenant under
        the
        Ground Lease;

       

        The
        Ground Lease is in full force and effect, unmodified and not supplemented
        by any
        writing or otherwise;

       

        The
        Mortgagor is not in default under any of the terms thereof and there are
        no
        circumstances which, with the passage of time or the giving of notice or
        both,
        would constitute an event of default thereunder;

       

        The
        lessor under the Ground Lease is not in default under any of the terms or
        provisions thereof on the part of the lessor to be observed or
        performed;

       

        The
        term
        of the Ground Lease exceeds the maturity date of the related Mortgage Loan
        by at
        least ten years;

       

        The
        Ground Lease or a memorandum thereof has been recorded and by its terms permits
        the leasehold estate to be mortgaged. The Ground Lease grants any leasehold
        mortgagee standard protection necessary to protect the security of a leasehold
        mortgagee;

       

        The
        Ground Lease does not contain any default provisions that could give rise
        to
        forfeiture or termination of the Ground Lease except for the non-payment
        of the
        Ground Lease rents;

       

        The
        execution, delivery and performance of the Mortgage do not require the consent
        (other than those consents which have been obtained and are in full force
        and
        effect) under, and will not contravene any provision of or cause a default
        under, the Ground Lease; 

       

        The
        Ground Lease provides that the leasehold can be transferred, mortgaged and
        sublet an unlimited number of times either without restriction or on payment
        of
        a reasonable fee and delivery of reasonable documentation to the
        lessor;

       

        The
        Mortgagor has not commenced any action or given or received any notice for
        the
        purpose of terminating the Ground Lease;

       

        No
        lessor, as debtor in possession or by a trustee for such lessor has give
        any
        notice of, and the Mortgagor has not consented to, any attempt to transfer
        the
        related Mortgaged Property free and clear of such Ground Lease under section
        363(f) of the Bankruptcy Code; and

       

        No
        lessor
        is subject to any voluntary or involuntary bankruptcy, reorganization or
        insolvency proceeding and no Mortgaged Property is an asset in any voluntary
        or
        involuntary bankruptcy, reorganization or insolvency proceeding.

       

      (86)  No
        Mortgage Loan is a balloon mortgage loan that has an original stated maturity
        of
        less than seven (7) years; and

       

      No
        Mortgage Loan is subject to mandatory arbitration except when the terms of
        the
        arbitration also contain a waiver provision that provides that in the event
        of a
        sale or transfer of the Mortgage Loan or interest in the Mortgage Loan to
        Fannie
        Mae, the terms of the arbitration are null and void. The Seller hereby covenants
        that the Seller or the servicer of the Mortgage Loan, as applicable, will
        notify
        the Mortgagor in writing within 60 days of the sale or transfer of the Mortgage
        Loan to Fannie Mae that the terms of the arbitration are null and
        void.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

      

      Representation
        and Warranties with Respect to the Ameriquest Mortgage Loans

      

      Except
        for “Mortgage Loans”, which shall mean the Ameriquest Mortgage Loans sold by the
        Seller to the Purchaser, all capitalized terms in this Exhibit J shall have
        the
        meanings ascribed to them in the Ameriquest Servicing Agreement.

      

       

      (1)  The
        information set forth in the Mortgage Loan Schedule is complete, true and
        correct as of the related Cut-off Date;

       

      (2)  As
        of the
        Closing Date, the Mortgage Loan is in compliance with all requirements set
        forth
        in the Confirmation;

       

      (3)  As
        of the
        related Closing Date, the Company has not advanced funds, or induced, solicited
        or knowingly received any advance of funds from a party other than the owner
        of
        the related Mortgaged Property, directly, for the payment of any amount required
        by the Mortgage Note or Mortgage, and no Mortgage Loan has been delinquent
        for
        more than thirty (30) days in the prior twelve (12) months. All payments
        required to be made up to the close of business on the last day of the month
        prior to the month in which the Cut-off Date occurs, or as otherwise superseded
        by and set forth in the related Confirmation, for such Mortgage Loan under
        the
        terms of the Mortgage Note have been made;

       

      (4)  As
        of the
        related Closing Date, there are no delinquent taxes or insurance premiums
        affecting the related Mortgaged Property;

       

      (5)  As
        of the
        related Closing Date, the terms of the Mortgage Note and the Mortgage have
        not
        been impaired, waived, altered or modified in any respect, except by written
        instruments, recorded in the applicable public recording office if necessary
        to
        maintain the lien priority of the Mortgage, and which have been delivered
        to the
        Custodian; the substance of any such waiver, alteration or modification has
        been
        approved by the title insurer, to the extent required by the related policy,
        and
        is reflected on the Mortgage Loan Schedule. No instrument of waiver, alteration
        or modification has been executed, and no Mortgagor has been released, in
        whole
        or in part, except in connection with an assumption agreement approved by
        the
        title insurer, to the extent required by the policy, and which assumption
        agreement has been delivered to the Custodian and the terms of which are
        reflected in the Mortgage Loan Schedule;

       

      (6)  The
        Mortgage Note and the Mortgage are not subject to any valid right of rescission,
        set-off, counterclaim or defense, including the defense of usury, nor will
        the
        operation of any of the terms of the Mortgage Note and the Mortgage, or the
        exercise of any right thereunder, render the Mortgage unenforceable, in whole
        or
        in part, or subject to any such valid right of rescission, set-off, counterclaim
        or defense, including the defense of usury and no such valid right of
        rescission, set-off, counterclaim or defense has been asserted with respect
        thereto;

       

      (7)  As
        of the
        related Closing Date, all buildings upon the Mortgaged Property are insured
        by
        an insurer acceptable to FNMA or FHLMC against loss by fire, hazards of extended
        coverage and such other hazards as are customary in the area where the Mortgaged
        Property is located, pursuant to insurance policies in an amount not less
        than
        the least of (i) 100% of the replacement cost of all improvements to the
        Mortgaged Property, (ii) the outstanding principal balance of the Mortgage
        Loan
        with respect to each first lien Mortgage Loan, (iii) the amount necessary
        to
        avoid the operation of any co-insurance provisions with respect to the Mortgaged
        Property, or (iv) the amount necessary to fully compensate for any damage
        or
        loss to the improvements that are a part of such property on a replacement
        cost
        basis. All
        such
        insurance policies contain a standard mortgagee clause naming the Company,
        its
        successors and assigns as mortgagee and all premiums thereon are paid current.
        If upon origination of the Mortgage Loan, the Mortgaged Property was in an
        area
        identified on a Flood Hazard Map or Flood Insurance Rate Map issued by the
        Federal Emergency Management Agency as having special flood hazards (and
        such
        flood insurance has been made available) a flood insurance policy meeting
        the
        requirements of the current guidelines of the Federal Insurance Administration
        is in effect which policy conforms to the requirements of Fannie Mae and
        Freddie
        Mac. Except as may otherwise be limited by applicable law, the Mortgage
        obligates the Mortgagor thereunder to maintain all such insurance at the
        Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so,
        authorizes the holder of the Mortgage to maintain such insurance at Mortgagor’s
        cost and expense and to seek reimbursement therefor from the
        Mortgagor;

       

      (8)  Any
        and
        all requirements of any federal, state or local law including, without
        limitation, usury, truth in lending, real estate settlement procedures, consumer
        credit protection, equal credit opportunity, disclosure laws and/or all
        predatory and abusive lending laws applicable to the origination and servicing
        of the Mortgage Loan have been complied with. Any and all disclosure statements
        required to be made by the Mortgagor relating to such requirements are and
        will
        remain in the Mortgage File;

       

      (9)  As
        of the
        related Closing Date, the Mortgage has not been satisfied, canceled,
        subordinated or rescinded, in whole or in part, and the Mortgaged Property
        has
        not been released from the lien of the Mortgage, in whole or in part, nor has
        any instrument been executed that would effect any such satisfaction,
        cancellation, subordination, rescission or release;

       

      (10)  The
        Mortgage creates a valid first lien, in the related Mortgaged Property as
        reflected on the Mortgage Loan Schedule;

       

      (11)  The
        related Mortgage is a valid, existing and enforceable first lien, on the
        related
        Mortgaged Property, including all improvements on the related Mortgaged Property
        subject only to (i) the lien of current real property taxes and assessments
        not
        yet due and payable, (ii) covenants, conditions and restrictions, rights
        of way,
        easements, mineral right reservations and other matters of the public record
        as
        of the date of recording of such Mortgage being acceptable to mortgage lending
        institutions generally and specifically referred to in the lender’s title
        insurance policy delivered to the originator of the related Mortgage Loan
        and
        which do not adversely affect the Appraised Value of the related Mortgaged
        Property and (iii) other matters to which like properties are commonly subject
        which do not materially interfere with the benefits of the security intended
        to
        be provided by the related Mortgage or the use, enjoyment, value (as determined
        by Appraised Value) or marketability of the related Mortgaged Property. Any
        security agreement, chattel mortgage or equivalent document related to and
        delivered in connection with the Mortgage Loan establishes and creates a
        valid,
        subsisting, enforceable and perfected first lien and first priority security
        interest on the property described therein, and the Company has the full
        right
        to sell and assign the same to the Purchaser;

       

      (12)  The
        Mortgage Note and the related Mortgage are genuine and each is the legal,
        valid
        and binding obligation of the maker thereof, enforceable in accordance with
        its
        terms;

       

      (13)  All
        parties to the Mortgage Note and the Mortgage had legal capacity to enter
        into
        the Mortgage Loan and to execute and deliver the Mortgage Note and the Mortgage,
        and the Mortgage Note and the Mortgage have been duly and properly executed
        by
        such parties. The Mortgagor is a natural person, at least one Mortgagor is
        a
        party to the Mortgage Note, and the Mortgage is in an individual
        capacity;

       

      (14)  Excluding
        any Mortgage Loan subject to an escrow holdback, the proceeds of the Mortgage
        Loan have been fully disbursed to or for the account of the Mortgagor and
        there
        is no obligation for the Mortgagee to advance additional funds thereunder
        and
        any and all requirements as to completion of any on-site or off-site improvement
        and as to disbursements of any escrow funds therefor have been complied with.
        All costs, fees and expenses incurred in making or closing the Mortgage Loan
        and
        the recording of the Mortgage have been paid, and the Mortgagor is not currently
        entitled to any refund of any amounts paid or due to the Mortgagee pursuant
        to
        the Mortgage Note or Mortgage;

       

      (15)  As
        of the
        related Closing Date and immediately prior to the sale of the Mortgage Loan
        hereunder, the Company is the sole legal, beneficial and equitable owner
        of the
        Mortgage Note and the Mortgage and has full right to transfer and sell the
        Mortgage Loan to the Purchaser free and clear of any encumbrance, equity,
        lien,
        pledge, charge, claim or security interest excepting therefrom warehouse
        lending
        arrangements security interests which will be released concurrent with the
        closing of the sale to the Purchaser and immediately upon the transfers and
        assignments herein contemplated, the Company shall have transferred and sold
        all
        of its right, title and interest in and to each Mortgage Loan and the Purchaser
        will hold good, marketable and indefeasible title to, and be the owner of,
        each
        Mortgage Loan subject to no lien other than (a) the lien of current real
        property taxes and assessments not yet due and payable, and (b) covenants,
        conditions and restrictions, rights of way, easements and other matters of
        the
        public record as of the date of recording being acceptable to mortgage lending
        institutions and which do not adversely affect the Appraised Value of the
        Mortgaged Property;

       

      (16)  As
        of the
        related Closing Date, all parties which have had any interest in the Mortgage
        Loan, whether as mortgagee, assignee, pledgee or otherwise, are (or, during
        the
        period in which they held and disposed of such interest, were)in compliance
        with
        any and all applicable “doing business” and licensing requirements of the laws
        of the state wherein the Mortgaged Property is located;

       

      (17)  The
        Mortgage Loan is covered by an ALTA lender’s title insurance policy acceptable
        to FNMA or FHLMC and, in the case of an Adjustable Rate Mortgage Loan, with
        an
        adjustable rate mortgage endorsement, such endorsement substantially in the
        form
        of ALTA Form 6.0 or 6.1, issued by a title insurer acceptable to FNMA or
        FHLMC
        and qualified to do business in the jurisdiction where the Mortgaged Property
        is
        located, insuring the Interim Servicer, its successors and assigns as to
        the
        first priority lien of the Mortgage in the original principal amount of the
        Mortgage Loan and, with respect to an Adjustable Rate Mortgage Loan, against
        any
        loss by reason of the invalidity or unenforceability of the lien resulting
        from
        the provisions of the Mortgage providing for adjustment in the Mortgage Interest
        Rate and Monthly Payment. Additionally, such lender’s title insurance policy
        affirmatively insures ingress and egress to and from the Mortgaged Property,
        and
        against encroachments by or upon the Mortgaged Property or any interest therein.
        The Company and its successors and assigns is the sole insured of such lender’s
        title insurance policy, and such lender’s title insurance policy is in full
        force and effect and will be in full force and effect upon the consummation
        of
        the transactions contemplated by this Agreement. Such lender’s title insurance
        policy does not require the consent of or notification to the related insurer
        for assignment to the Purchaser. 

       

      (18)  As
        of the
        related Closing Date, no claims have been made under such lender’s title
        insurance policy, and no prior holder of the related Mortgage, including
        the
        Company, has done, by act or omission, anything which would impair the coverage
        of such lender’s title insurance policy;

       

      (19)  As
        of the
        related Closing Date, there is no default, breach, violation or event of
        acceleration existing under the Mortgage or the Mortgage Note and no event
        which, with the passage of time or with notice and the expiration of any
        grace
        or cure period, would constitute a default, breach, violation or event of
        acceleration; and as of such Closing Date, the Company or the Interim Servicer
        has not waived any default, breach, violation or event of acceleration, except
        as otherwise provided in this Agreement. For purposes of the foregoing, a
        delinquent payment of less than thirty (30) days on a Mortgage Loan in and
        of
        itself does not constitute a default, breach, violation or event of acceleration
        with respect to such Mortgage Loan.

       

      (20)  As
        of the
        related Closing Date, there are no mechanics’ or similar liens or claims which
        have been filed for work, labor or material (and no rights are outstanding
        that
        under law could give rise to such lien) affecting the related Mortgaged Property
        which are or may be liens prior to, or equal or coordinate with, the lien
        of the
        related Mortgage;

       

      (21)  All
        improvements which were considered in determining the Appraised Value of
        the
        related Mortgaged Property lay wholly within the boundaries and building
        restriction lines of the Mortgaged Property, and no improvements on adjoining
        properties encroach upon the Mortgaged Property. Each appraisal has been
        performed in accordance with the provisions of the Financial Institutions
        Reform, Recovery and Enforcement Act of 1989;

       

      (22)  The
        Mortgage Loan was (i) originated by or in conjunction with a mortgagee approved
        by the Secretary of Housing and Urban Development pursuant to Sections 203
        and
        211 of the National Housing Act, a savings and loan association, a savings
        bank,
        a commercial bank, mortgage banker, credit union, insurance company or similar
        banking institution which is supervised and examined by a federal or state
        authority or (ii) acquired by the Company or its affiliates directly through
        loan brokers or correspondents such that (a) the Mortgage Loan was originated
        in
        conformity with the Underwriting Guidelines and (b) the Company or its
        affiliates approved the Mortgage Loan prior to funding;

       

      (23)  Payments
        on the Mortgage Loan are scheduled to commence no more than sixty days after
        the
        proceeds of the Mortgage Loan are disbursed. The Mortgage Loan bears interest
        at
        the Mortgage Interest Rate. The Mortgage Note is payable on the first day
        of
        each month in Monthly Payments, which, (A) in the case of a Fixed Rate Mortgage
        Loan, are sufficient to fully amortize the original principal balance over
        the
        original term thereof (other than with respect to a Mortgage Loan identified
        on
        the related Mortgage Loan Schedule as an interest-only Mortgage Loan during
        the
        interest-only period) and to pay interest at the related Mortgage Interest
        Rate,
        and (B) in the case of an Adjustable Rate Mortgage Loan, are changed on each
        Adjustment Date, and in any case, are sufficient to fully amortize the original
        principal balance over the original term thereof and to pay interest at the
        related Mortgage Interest Rate. The Index for each Adjustable Rate Mortgage
        Loan
        is as defined in the related Mortgage Loan Schedule. With respect to each
        Mortgage Loan identified on the Mortgage Loan Schedule as an interest-only
        Mortgage Loan, the interest-only period shall not exceed the period specified
        on
        the Mortgage Loan Schedule and following the expiration of such interest-only
        period, the remaining Monthly Payments shall be sufficient to fully amortize
        the
        original principal balance over the remaining term of the Mortgage Loan.
        Interest on the Mortgage Loan is calculated on the basis of a 360-day year
        consisting of twelve 30-day months. The Mortgage Note does not permit negative
        amortization. No Mortgage Loan is a Convertible Mortgage Loan;

       

      (24)  The
        origination, servicing and collection practices used by the Company and the
        Interim Servicer, as applicable, with respect to each Mortgage Note and Mortgage
        have been in all respects legal, proper, reasonable and customary in the
        mortgage origination and servicing industry. The Mortgage Loan has been serviced
        by the Interim Servicer and any predecessor servicer in accordance with the
        terms of the Mortgage Note, the Mortgage, and applicable law. With respect
        to
        escrow deposits and Escrow Payments, if any, all such payments (so long as
        the
        Company is acting as Interim Servicer) are in the possession of, or under
        the
        control with, the Interim Servicer, and there exist no deficiencies in
        connection therewith for which customary arrangements for repayment thereof
        have
        not been made. No escrow deposits or Escrow Payments or other charges or
        payments due the Interim Servicer have been capitalized under any Mortgage
        or
        the related Mortgage Note;

       

      (25)  As
        of the
        related Closing Date, the Mortgaged Property is free of material damage and
        waste and is in good repair, and there is no proceeding pending for the total
        or
        partial condemnation thereof;

       

      (26)  The
        Mortgage and related Mortgage Note contain customary and enforceable provisions
        such as to render the rights and remedies of the holder thereof adequate
        for the
        realization against the Mortgaged Property of the benefits of the security
        provided thereby, including, (i) in the case of a Mortgage designated as
        a deed
        of trust, by trustee’s sale, and (ii) otherwise by judicial foreclosure. As of
        the related Closing Date, and since the date of origination of the Mortgage
        Loan, the Mortgaged Property has not been subject to any bankruptcy proceeding
        or foreclosure proceeding and the Mortgagor has not filed for protection
        under
        applicable bankruptcy laws. There is no homestead or other exemption available
        to the Mortgagor, which would materially interfere with the right to sell
        the
        Mortgaged Property at a trustee’s sale or the right to foreclose the Mortgage.
        As of the related Closing Date, the Mortgagor has not notified the Interim
        Servicer or the Company and the Company or the Interim Servicer has no knowledge
        of any relief requested or allowed to the Mortgagor under the Servicemembers
        Civil Relief Act formerly known as the Soldiers and Sailors Civil Relief
        Act of
        1940;

       

      (27)  The
        related Mortgaged Property is not a leasehold estate or, if such Mortgaged
        Property is a leasehold estate, the remaining term of such lease is at least
        five (5) years greater than the remaining term of the related Mortgage
        Note;

       

      (28)  The
        Mortgage Note is not and has not been secured by any collateral except the
        lien
        of the corresponding Mortgage on the Mortgaged Property and the security
        interest of any applicable security agreement or chattel mortgage referred
        to
        above;

       

      (29)  The
        Mortgage File contains an appraisal on appraisal form 1004 or form 2055 with
        an
        interior inspection, or Insured AVM of the related Mortgaged Property made
        prior
        to the approval of the Mortgage Loan. In the case of an appraisal it was
        made by
        a staff or third party qualified appraiser who had no interest, direct or
        indirect in the Mortgaged Property or in any loan made on the security thereof,
        whose compensation is not affected by the approval or disapproval of the
        Mortgage Loan, for whom no conflict of interest is present and who met the
        minimum qualifications of USPAP;

       

      (30)  In
        the
        event the Mortgage constitutes a deed of trust, a trustee, duly qualified
        under
        applicable law to serve as such, has been properly designated and currently
        so
        serves and is named in the Mortgage, and no fees or expenses are or will
        become
        payable by the Purchaser to the trustee under the deed of trust, except in
        connection with a trustee’s sale after default by the Mortgagor;

       

      (31)  No
        Mortgage Loan contains provisions pursuant to which Monthly Payments are
        (i)
        paid or partially paid with funds deposited in any separate account established
        by the Company, the Mortgagor, or anyone on behalf of the Mortgagor, (ii)
        paid
        by any source other than the Mortgagor or (iii) contains any other similar
        provisions which may constitute a “buydown” provision. The Mortgage Loan is not
        a graduated payment mortgage loan and the Mortgage Loan does not have a shared
        appreciation or other contingent interest feature;

       

      (32)  The
        Mortgagor has received all disclosure materials required by applicable law
        with
        respect to the making of a Refinanced Mortgage Loan, and evidence of such
        receipt is and will remain in the Mortgage File;

       

      (33)  The
        Mortgage Note, the Mortgage, the Assignment of Mortgage and any other documents
        required to be delivered with respect to each Mortgage Loan pursuant to the
        Custodial Agreement, have been delivered to the Custodian all in compliance
        with
        the specific requirements of the Custodial Agreement;

       

      (34)  As
        of the
        related Closing Date, the Mortgaged Property is lawfully occupied under
        applicable law and if it is the borrower’s primary residence is not vacant
        within ninety (90) days of the related Closing Date (with notice from and
        proof
        of such vacancy by the Purchaser); all inspections, licenses and certificates
        required to be made or issued with respect to all occupied portions of the
        Mortgaged Property and, with respect to the use and occupancy of the same,
        including but not limited to certificates of occupancy, have been made or
        obtained from the appropriate authorities;

       

      (35)  The
        Assignment of Mortgage, is in recordable form and (other than with respect
        to
        the blank assignee and the lack of mortgage recordation information) is
        acceptable for recording under the laws of the jurisdiction in which the
        Mortgaged Property is located. When endorsed as provided for in this Agreement,
        the Mortgage Notes will be duly endorsed under applicable law;

       

      (36)  Any
        principal advances made to the Mortgagor prior to the related Cut-off Date
        have
        been consolidated with the outstanding principal amount secured by the Mortgage,
        and the secured principal amount, as consolidated, bears a single interest
        rate
        and single repayment term. So long as the Company is acting as Interim Servicer,
        the lien of the Mortgage securing the consolidated principal amount is expressly
        insured as having first lien priority by a title insurance policy, an
        endorsement to the policy insuring the mortgagee’s consolidated interest or by
        other title evidence acceptable to Fannie Mae and Freddie Mac. So long as
        the
        Company is acting as Interim Servicer, the consolidated principal amount
        does
        not exceed the original principal amount of the Mortgage Loan; 

       

      (37)  No
        Mortgage Loan has a balloon payment feature;

       

      (38)  If
        the
        Residential Dwelling on the Mortgaged Property is a condominium unit or a
        unit
        in a planned unit development (other than a de minimis planned unit development)
        such condominium or planned unit development project is not ineligible under
        Fannie Mae’s eligibility requirements;

       

      (39)  No
        statement, report or other document constituting a part of the Mortgage Loan
        Documents contains any material untrue statement of fact or omits to state
        a
        fact necessary to make the statements contained therein not misleading which
        would, either individually or in the aggregate, have a material adverse effect
        on the value of the Mortgage Loans;

       

      (40)  Each
        Mortgage Loan constitutes a “qualified mortgage” within the meaning of Section
        860G(a)(3) of the Code;

       

      (41)  As
        of the
        related Closing Date, no Mortgage Loan has an LTV of more than 95%;

       

      (42)  No
        Mortgage Loan is a “high cost” mortgage loan, as defined under any applicable
        state, local or federal predatory and abusive lending laws, including, but
        not
        limited to, the Georgia Fair Lending Act and Section 6 L of the New York
        State
        Banking Law;

       

      (43)  With
        respect to any Mortgage Loan which is a Texas Home Equity Loan, any and all
        requirements of Section 50, Article XVI of the Texas Constitution applicable
        to
        Texas Home Equity Loans which were in effect at the time of the origination
        of
        the Mortgage Loan have been complied with. Specifically, without limiting
        the
        generality of the foregoing: (i) all fees paid by the owner of the Mortgaged
        Property or such owner’s spouse, to any person, that were necessary to
        originate, evaluate, maintain, record, insure or service the Mortgage Loan
        are
        reflected in the closing statement for such Mortgage Loan; (ii) the Mortgage
        Loan was closed only at the office of the mortgage lender, an attorney at
        law,
        or a title company; (iii) the mortgagee has not been found by a federal
        regulatory agency to have engaged in the practice of refusing to make loans
        because the applicants for the loans reside or the property proposed to secure
        the loans is located in a certain area; (iv) the owner of the Mortgaged Property
        was not required to apply the proceeds of the Mortgage Loan to repay another
        debt except debt secured by the Mortgaged Property or debt to a lender other
        than the mortgagee; (v) the owner of the Mortgaged Property did not sign
        any
        documents or instruments relating to the Loan in which blanks were left to
        be
        filled in; and (vii) if discussions between the mortgagee and the Mortgagor
        were
        conducted primarily in a language other than English, the mortgagee provided
        to
        the owner of the Mortgaged Property, prior to closing, a copy of the notice
        required by Section 50(g), Article XVI of the Texas Constitution translated
        into
        the written language in which the discussions were conducted;

       

      (44)  All
        notices, acknowledgments and disclosure statements required by Section 50,
        Article XVI of the Texas Constitution applicable to Texas Home Equity Loans
        are
        contained in the Mortgage File for each such Mortgage Loan;

       

      (45)  All
        cash-out Mortgage Loans secured by real property in the state of Texas shall
        be
        made in accordance with Texas law;

       

      (46)  The
        Mortgage Loans are not subject to the requirement of the Home Ownership and
        Equity Protection Act of 1994 (“HOEPA”)
        and no
        Mortgage Loan is subject to, or in violation of, any applicable state or
        local
        law, ordinance or regulation similar to HOEPA and (2) (i) no Mortgage Loan
        is a
“high cost” loan as defined by HOEPA or any other applicable predatory or
        abusive lending laws and (ii) no Mortgage Loan is a “high cost home”, “covered”
(excluding home loans defined as “covered home loans” pursuant to clause (1) of
        the definition of that term in the New Jersey Home Ownership Security Act
        of
        2002), “high risk home” or “predatory” loan under any other applicable state,
        federal or local law (or similarly classified loan using different terminology
        under a law imposing heightened regulatory scrutiny or additional legal
        liability for resident mortgage loans having high interest rates, points
        and/or
        fees);

       

      (47)  No
        Mortgage Loan is a “covered home loan” pursuant to the New Jersey Home Ownership
        Security Act of 2002;

       

      (48)  With
        respect to each Mortgage Loan subject to a Prepayment Charge, such Prepayment
        Charge, at the time of the origination of the related Mortgage Loan, is
        enforceable and in compliance with all applicable local, state and federal
        law;

       

      (49)  No
        Mortgage Loan is: (i) subject to the City of Oakland, California Ordinance
        12361
        as a home loan; or (ii) a subsection 10 mortgage under the Oklahoma Home
        Ownership and Equity Protection Act; 

       

      (50)  As
        of the
        related Closing Date, the Mortgaged Property is being primarily used as a
        Residential Dwelling for residential purposes;

       

      (51)  The
        Company has obtained a life of loan, transferable real estate tax service
        contract on each Mortgage Loan and such contract is assignable without penalty,
        premium or cost to the Purchaser; 

       

      (52)  The
        Company has obtained a life of loan, transferable flood certification contract
        for each Mortgage Loan and such contract is assignable without penalty, premium
        or cost to the Purchaser;

       

      (53)  The
        Mortgage Loans conform in all material respects to the Underwriting
        Guidelines;

       

      (54)  No
        Mortgage Loan originated on or after October 1, 2002 and before March 7,
        2003 is
        secured by a Mortgaged Property located in the State of Georgia; No Mortgage
        Loan that was originated on or after March 7, 2003, is a “high-cost home loan”
as defined under the Georgia Fair Lending Act;

       

      (55)  No
        proceeds from any Mortgage Loan were used to finance single-premium credit
        insurance policies;

       

      (56)  No
        subprime Mortgage Loan originated on or after October 1, 2002 will impose
        a
        Prepayment Charge for a term in excess of three years; No Mortgage Loan
        originated prior to such date nor any non-subprime Mortgage Loan will impose
        prepayment charges in excess of five years; 

       

      (57)  In
        connection with any Mortgage Loan, the Interim Servicer has fully furnished,
        and
        will fully furnish in accordance with the Fair Credit Reporting Act and its
        implementing regulations, accurate and complete information (i.e., favorable
        and
        unfavorable) on its borrower credit files to Equifax, Experian and Trans
        Union
        Credit Information Company, on a monthly basis;

       

      (58)  No
        Mortgage Loan is a “high cost”, “covered” or similarly classified loans as
        defined by the applicable federal, state or local predatory and abusive lending
        laws nor is any loan a High Cost Loan or Covered Loan, as applicable (as
        such
        terms are defined in the then current Standard & Poor’s LEVELS Glossary
        Revised, Appendix E);

       

      (59)  No
        fraud
        was committed in connection with the origination of any Mortgage Loan;
provided,
        however,
        the
        Company does not represent or warrant the accuracy of the qualifying income
        stated (provided that such stated income is not grossly unreasonable when
        considering all relevant factors relating to such Mortgagor, including without
        limitation, geographic area, unique expertise, years in the field of employment,
        etc) by the related Mortgagor(s) in connection with a Mortgage Loan that
        does
        not require income verification as defined in the Underwriting
        Guidelines;

       

      (60)  The
        Mortgaged Property is in material compliance with all applicable environmental
        laws, and is free from any and all toxic or hazardous substances, other than
        those commonly used for homeowner repair and maintenance and/or household
        purposes, and there exists no pending action or proceeding directly involving
        the Mortgaged Property in which compliance with any environmental law, rule
        or
        regulation is an issue;

       

      (61)  The
        Mortgage Loan was not prepaid in full prior to the related Closing Date and
        the
        Company has not received written notification from the Mortgagor that a
        prepayment in full will be made following the Closing Date;

       

      (62)  The
        Company has materially complied with all applicable anti-money laundering
        laws
        and regulations, including without limitation the USA Patriot Act of
        2001;

       

      (63)  With
        respect to any Mortgage Loan or the underlying security related thereto,
        neither
        the related Mortgage nor the related Mortgage Note requires the Mortgagor
        to
        submit to arbitration to resolve any dispute arising out of or relating in
        any
        way thereto; and

       

      (64)  No
        Mortgage Loan secured by a Mortgaged Property located in the State of Illinois
        is in violation of the provisions of the Illinois Interest Act, including
        Section 4.1a which provides that no Mortgage Loan with a Mortgage Interest
        Rate
        in excess of 8.0% per annum has lender-imposed fees (or other charges) in
        excess
        of 3.0% of the original principal balance of the related Mortgage
        Loan.

       

      (65)  As
        of the
        Cut-off Date, the Company has not received any actual or constructive notice
        of
        any identity theft in connection with any Mortgage Loan or any party
        thereto.

       

      (66)  No
        Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
        of
        Massachusetts was made to pay off or refinance an existing loan or other
        debt of
        the related borrower (as the term “borrower” is defined in the regulations
        promulgated by the Massachusetts Secretary of State in connection with
        Massachusetts House Bill 4880 (2004)) unless either (1) (a) the related Mortgage
        Interest Rate (that would be effective once the introductory rate expires,
        with
        respect to Adjustable Rate Mortgage Loans) did or would not exceed by more
        than
        2.25% the yield on United States Treasury securities having comparable periods
        of maturity to the maturity of the related Mortgage Loan as of the fifteenth
        day
        of the month immediately preceding the month in which the application for
        the
        extension of credit was received by the related lender or (b) the Mortgage
        Loan
        is an “open-end home loan” (as such term is used in the Massachusetts House Bill
        4880 (2004)) and the related Mortgage Note provides that the related Mortgage
        Interest Rate may not exceed at any time the Prime Rate index as published
        in
        The Wall Street Journal plus a margin of one percent, or (2) such Mortgage
        Loan
        is in the “borrower's interest,” as documented by a “borrower's interest
        worksheet” for the particular Mortgage Loan, which worksheet incorporates the
        factors set forth in Massachusetts House Bill 4880 (2004) and the regulations
        promulgated thereunder for determining “borrower's interest,” and otherwise
        complies in all material respects with the laws of the Commonwealth of
        Massachusetts;

       

      (67)  With
        respect to any Mortgage Loan with an Insured AVM, the related insurance policy
        is in full force and effect, valid and enforceable, all premiums have been
        paid
        and neither the Company, the Interim Servicer nor the related Mortgagor has
        taken any action or has failed to take any action that would impair coverage
        of
        the policy or the validity, binding effect and enforceability
        thereof.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      E

     

    REQUEST
      FOR RELEASE

     

    TO:     [applicable
      Custodian]

    

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement dated as of May 1, 2006, among Citigroup
                Mortgage
                Loan Trust Inc., as depositor, CitiMortgage, Inc. as master servicer
                and
                trust administrator, Citibank, N.A. as paying agent, certificate
                registrar
                and authenticating agent and U.S. Bank National Association as
                Trustee

            

    

    

    In
      connection with the administration of the Mortgage Loans held by you as
      Custodian for the Owner pursuant to the above-captioned Pooling and Servicing
      Agreement and the applicable Custodian Agreement, we request the release, and
      hereby acknowledge receipt, of the Trustee's Mortgage File for the Mortgage
      Loan
      described below, for the reason indicated.

     

    Mortgage
      Loan Number:

    Mortgagor
      Name, Address & Zip Code:

     

    Reason
      for Requesting Documents (check one):

     

    
      	
              ______________

            	
              1.

            	
              Mortgage
                Paid in Full

            
	 	 	 
	
              ______________

            	
              2.

            	
              Foreclosure

            
	 	 	 
	
              ______________

            	
              3.

            	
              Substitution

            
	 	 	 
	
              ______________

            	
              4.

            	
              Other
                Liquidation (Repurchases, etc.)

            
	 	 	 
	
              ______________

            	
              5.

            	
              Nonliquidation

            
	 	 	 

    

    Reason:______________________________________________

     

    Address
      to which Trustee should

    Deliver
      the Custodian's Mortgage File:

     

    [____________]

    [____________]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              By:______________________________

                                        (authorized
                signer)

            
	 	 
	
              Issuer:______________________________

            	 
	 	 
	
              Address:

            	
              _____________________________________

            
	 	 
	
              Date:
                _________________________________

               

              Custodian

            	
              _____________________________________

            
	 	 
	 	 

    

     

    Please
      acknowledge the execution of the above request by your signature and date
      below:

     

    
      	
              _____________________________________

              Signature

            	
              Date

            
	 	 
	
              Documents
                returned to Custodian:

            	 
	 	 
	
              ____________________________________

              Trustee

            	
              Date

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      F-1

     

    FORM
      OF
      TRANSFEROR REPRESENTATION LETTER

     

    [Date]

    Citigroup,
      N.A.

    388
      Greenwich St

    New
      York,
      NY 10013

    ATTENTION:
      CMLTI, SERIES 2006-AR3

     

    
      	 	
              Re:

            	
              Citigroup
                Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates, Series
                2006-AR3, Class__ , representing a __% Class Percentage
                Interest

            

    

    

    Ladies
      and Gentlemen:

     

    In
      connection with the transfer by ________________ (the “Transferor”) to
      ________________ (the “Transferee”) of the captioned mortgage pass-through
      certificates (the “Certificates”), the Transferor hereby certifies as
      follows:

     

    Neither
      the Transferor nor anyone acting on its behalf has (a) offered, pledged, sold,
      disposed of or otherwise transferred any Certificate, any interest in any
      Certificate or any other similar security to any person in any manner, (b)
      has
      solicited any offer to buy or to accept a pledge, disposition or other transfer
      of any Certificate, any interest in any Certificate or any other similar
      security from any person in any manner, (c) has otherwise approached or
      negotiated with respect to any Certificate, any interest in any Certificate
      or
      any other similar security with any person in any manner, (d) has made any
      general solicitation by means of general advertising or in any other manner,
      (e)
      has taken any other action, that (in the case of each of subclauses (a) through
      (e) above) would constitute a distribution of the Certificates under the
      Securities Act of 1933, as amended (the “1933 Act”), or would render the
      disposition of any Certificate a violation of Section 5 of the 1933 Act or
      any
      state securities law or would require registration or qualification pursuant
      thereto. The Transferor will not act, nor has it authorized or will it authorize
      any person to act, in any manner set forth in the foregoing sentence with
      respect to any Certificate. The Transferor will not sell or otherwise transfer
      any of the Certificates, except in compliance with the provisions of that
      certain Pooling and Servicing Agreement, dated as of May 1, 2006, among
      Citigroup Mortgage Loan Trust Inc. as depositor, CitiMortgage, Inc. as trust
      administrator and master servicer, CitiBank, N.A. as paying agent, certificate
      registrar and authenticating agent and U.S. Bank National Association as Trustee
      (the “Pooling and Servicing Agreement”), pursuant to which Pooling and Servicing
      Agreement the Certificates were issued.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Capitalized
      terms used but not defined herein shall have the meanings assigned thereto
      in
      the Pooling and Servicing Agreement.

     

    
      	 	
              Very
                truly yours,

               

               

              [Transferor]

               

               

              By:_____________________________________

              Name:

              Title:

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    FORM
      OF
      TRANSFEREE REPRESENTATION LETTER

     

    [Date]

     

    Citigroup,
      N.A.

    388
      Greenwich St

    New
      York,
      NY 10013

    ATTENTION:
      CMLTI, SERIES 2006-AR3

     

    
      	 	
              Re:

            	
              Citigroup
                Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates, Series
                2006-AR3, Class ___, representing a ___% Percentage
                Interest

            

    

    

    Ladies
      and Gentlemen:

     

    In
      connection with the purchase from ______________________ (the “Transferor”) on
      the date hereof of the captioned trust certificates (the “Certificates”),
      _______________ (the “Transferee”) hereby certifies as follows:

     

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

     

    2. The
      Transferee has been furnished with all information regarding (a) the
      Certificates and distributions thereon, (b) the nature, performance and
      servicing of the Mortgage Loans, (c) the Pooling and Servicing Agreement
      referred to below, and (d) any credit enhancement mechanism associated with
      the
      Certificates, that it has requested.

     

    All
      capitalized terms used but not otherwise defined herein have the respective
      meanings assigned thereto in the Pooling and Servicing Agreement, dated as
      of
      May 1, 2006, among Citigroup Mortgage Loan Trust Inc. as depositor,
      CitiMortgage, Inc. as master servicer and trust administrator, Citibank, N.A.
      as
      paying agent, certificate registrar and authenticating agent and U.S. Bank
      National Association as Trustee, pursuant to which the Certificates were
      issued.

     

    
      	 	
              [TRANSFEREE]

               

               

              By:
                ______________________________

              Name:

              Title:

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      1 TO EXHIBIT F

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees Other Than Registered Investment Companies]

     

    The
      undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and U.S. Bank National Association, as Trustee, with
      respect to the mortgage pass-through certificates
      (the
“Certificates”) described in the Transferee Certificate to which this
      certification relates and to which this certification is an Annex:

     

    
      	 	
              1.

            	
              As
                indicated below, the undersigned is the President, Chief Financial
                Officer, Senior Vice President or other executive officer of the
                entity
                purchasing the Certificates (the “Transferee”).

            
	 	 	 
	 	
              2.

            	
              In
                connection with purchases by the Transferee, the Transferee is a
                “qualified institutional buyer” as that term is defined in Rule 144A under
                the Securities Act of 1933 (“Rule 144A”) because (i) the Transferee owned
                and/or invested on a discretionary basis
                $______________________1 
                in
                securities (except for the excluded securities referred to below)
                as of
                the end of the Transferee's most recent fiscal year (such amount
                being
                calculated in accordance with Rule 144A) and (ii) the Transferee
                satisfies
                the criteria in the category marked below.

            
	 	 	 
	 	
              ___

            	
              CORPORATION,
                ETC. The Transferee is a corporation (other than a bank, savings
                and loan
                association or similar institution), Massachusetts or similar business
                trust, partnership, or any organization described in Section 501(c)(3)
                of
                the Internal Revenue Code of 1986.

            
	 	 	 
	 	
              ___

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

            
	 	 	 
	 	
              ___

            	
              SAVINGS
                AND LOAN. The Transferee (a) is a savings and loan association, building
                and loan association, cooperative bank, homestead association or
                similar
                institution, which is supervised and examined by a State or Federal
                authority having supervision over any such institutions or is a foreign
                savings and loan association or equivalent institution and (b) has
                an
                audited net worth of at least

            
	 	 	 

    

     

    
      

      
        1 Transferee
          must own and/or invest on a discretionary basis at least $100,000,000 in
          securities unless Transferee is a dealer, and, in that case, Transferee
          must own
          and/or invest on a discretionary basis at least $10,000,000 in securities.
          $25,000,000 as demonstrated in its latest annual financial statements,
          A COPY OF
          WHICH IS ATTACHED HERETO.

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              ___

            	
              BROKER-DEALER.
                The Transferee is a dealer registered pursuant to Section 15 of the
                Securities Exchange Act of 1934.

            
	 	 	 
	 	
              ___

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

            
	 	 	 
	 	
              ___

            	
              STATE
                OR LOCAL PLAN. The Transferee is a plan established and maintained
                by a
                State, its political subdivisions, or any agency or instrumentality
                of the
                State or its political subdivisions, for the benefit of its
                employees.

            
	 	 	 
	 	
              __

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

            
	 	 	 
	 	
              ___

            	
              INVESTMENT
                ADVISOR. The Transferee is an investment advisor registered under
                the
                Investment Advisers Act of 1940.

            
	 	 	 
	 	
              3.

            	
              The
                term “SECURITIES” as used herein DOES NOT INCLUDE (i) securities of
                issuers that are affiliated with the Transferee, (ii) securities
                that are
                part of an unsold allotment to or subscription by the Transferee,
                if the
                Transferee is a dealer, (iii) securities issued or guaranteed by
                the U.S.
                or any instrumentality thereof, (iv) bank deposit notes and certificates
                of deposit, (v) loan participations, (vi) repurchase agreements,
                (vii)
                securities owned but subject to a repurchase agreement and (viii)
                currency, interest rate and commodity swaps.

            
	 	 	 
	 	
              4.

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

            
	 	 	 
	 	
              5.

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

            

    

    

    
      	
              ___

              Yes

            	
              ___

              No

            	
              Will
                the Transferee be purchasing the Certificates only for the Transferee's
                own account?

            

    

    

    
      	 	
              6.

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

            
	 	 	 
	 	
              7.

            	
              The
                Transferee will notify each of the parties to which this certification
                is
                made of any changes in the information and conclusions herein. Until
                such
                notice is given, the Transferee's purchase of the Certificates will
                constitute a reaffirmation of this certification as of the date of
                such
                purchase. In addition, if the Transferee is a bank or savings and
                loan as
                provided above, the Transferee agrees that it will furnish to such
                parties
                updated annual financial statements promptly after they become
                available.

            
	 	 	 

    

    

    Dated:

     

    
      	 	
              ___________________________________

              Print
                Name of Transferee

               

              By:
                _______________________________

              Name:

              Title:

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      2 TO EXHIBIT F

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That Are Registered Investment Companies]

     

    The
      undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and U.S. Bank National Association, as Trustee, with respect to
      the mortgage pass- through certificates (the “Certificates”) described in the
      Transferee Certificate to which this certification relates and to which this
      certification is an Annex:

     

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

     

    2.  In
      connection with purchases by the Transferee, the Transferee is a “qualified
      institutional buyer” as defined in Rule 144A because (i) the Transferee is an
      investment company registered under the Investment Company Act of 1940, and
      (ii)
      as marked below, the Transferee alone, or the Transferee's Family of Investment
      Companies, owned at least $100,000,000 in securities (other than the excluded
      securities referred to below) as of the end of the Transferee's most recent
      fiscal year. For purposes of determining the amount of securities owned by
      the
      Transferee or the Transferee's Family of Investment Companies, the cost of
      such
      securities was used.

     

    ____
      The
      Transferee owned $___________________ in securities (other than the excluded
      securities referred to below) as of the end of the Transferee's most recent
      fiscal year (such amount being calculated in accordance with Rule
      144A).

     

    ____
      The
      Transferee is part of a Family of Investment Companies which owned in the
      aggregate $______________ in securities (other than the excluded securities
      referred to below) as of the end of the Transferee's most recent fiscal year
      (such amount being calculated in accordance with Rule 144A).

     

    3.  The
      term
“FAMILY OF INVESTMENT COMPANIES” as used herein means two or more registered
      investment companies (or series thereof) that have the same investment adviser
      or investment advisers that are affiliated (by virtue of being majority owned
      subsidiaries of the same parent or because one investment adviser is a majority
      owned subsidiary of the other).

     

    4.  The
      term
“SECURITIES” as used herein does not include (i) securities of issuers that are
      affiliated with the Transferee or are part of the Transferee's Family of
      Investment Companies, (ii) securities issued or guaranteed by the U.S. or any
      instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
      (iv) loan participations, (v) repurchase agreements, (vi) securities owned
      but
      subject to a repurchase agreement and (vii) currency, interest rate and
      commodity swaps.

     

    5.  The
      Transferee is familiar with Rule 144A and understands that the parties to which
      this certification is being made are relying and will continue to rely on the
      statements made herein because one or more sales to the Transferee will be
      in
      reliance on Rule 144A. In addition, the Transferee will only purchase for the
      Transferee's own account.

     

    6.  The
      undersigned will notify the parties to which this certification is made of
      any
      changes in the information and conclusions herein. Until such notice, the
      Transferee's purchase of the Certificates will constitute a reaffirmation of
      this certification by the undersigned as of the date of such
      purchase.

     

    
      	 	
              Dated:

               

              ___________________________________

              Print
                Name of Transferee or Advisor

               

              By:________________________________
                

              Name:

              Title:

               

              IF
                AN ADVISER:

               

              ___________________________________

              Print
                Name of Transferee

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    FORM
      OF TRANSFEREE REPRESENTATION LETTER

     

    The
      undersigned hereby certifies on behalf of the purchaser named below (the
“Purchaser”) as follows:

     

      
      1.  I
      am an
      executive officer of the Purchaser.

     

    
      	2.  	
              The
                Purchaser is a “qualified institutional buyer”, as defined in Rule 144A,
                (“Rule 144A”) under the Securities Act of 1933, as
                amended.

            

    

     

    
      	3.  	
              As
                of the date specified below (which is not earlier than the last day
                of the
                Purchaser's most recent fiscal year), the amount of “securities”, computed
                for purposes of Rule 144A, owned and invested on a discretionary
                basis by
                the Purchaser was in excess of
                $100,000,000.

            

    

     

    
      	 	
              Name
                of Purchaser

               

              ___________________________________

               

               

              By:_____________________________

              Name:

              Title:

               

              Date
                of this certificate:

              Date
                of information provided in paragraph
                3

            

    

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

      
         

      

    

    EXHIBIT
      F-2

     

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    1.  The
      undersigned is an officer of, the proposed Transferee of an Ownership Interest
      in a Residual Certificate (the “Certificate”)
      issued
      pursuant to the Pooling and Servicing Agreement dated as of May 1, 2006 (the
      “Agreement”),
      among
      Citigroup Mortgage Loan Trust Inc., as depositor (the “Depositor”),
      CitiMortgage, Inc., as master servicer and trust administrator (the “Master
      Servicer”), Citibank, N.A., as paying agent, certificate registrar and
      authenticating agent (the “Paying Agent”) and U.S. Bank National Association, as
      trustee (the “Trustee”).
      Capitalized terms used, but not defined herein or in Exhibit 1 hereto,
      shall have the meanings ascribed to such terms in the Agreement. The Transferee
      has authorized the undersigned to make this affidavit on behalf of the
      Transferee for the benefit of the Depositor and the Trustee.

     

    2.  The
      Transferee is, as of the date hereof, and will be, as of the date of the
      Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
      Interest in the Certificate for its own account. The Transferee has no knowledge
      that any such affidavit is false.

     

    3.  The
      Transferee has been advised of, and understands that (i) a tax will be
      imposed on Transfers of the Certificate to Persons that are not Permitted
      Transferees; (ii) such tax will be imposed on the transferor, or, if such
      Transfer is through an agent (which includes a broker, nominee or middleman)
      for
      a Person that is not a Permitted Transferee, on the agent; and (iii) the
      Person otherwise liable for the tax shall be relieved of liability for the
      tax
      if the subsequent Transferee furnished to such Person an affidavit that such
      subsequent Transferee is a Permitted Transferee and, at the time of Transfer,
      such Person does not have actual knowledge that the affidavit is
      false.

     

    4.  The
      Transferee has been advised of, and understands that a tax will be imposed
      on a
“pass-through entity” holding the Certificate if at any time during the taxable
      year of the pass-through entity a Person that is not a Permitted Transferee
      is
      the record holder of an interest in such entity. The Transferee understands
      that
      such tax will not be imposed for any period with respect to which the record
      holder furnishes to the pass-through entity an affidavit that such record holder
      is a Permitted Transferee and the pass-through entity does not have actual
      knowledge that such affidavit is false. (For this purpose, a “pass-through
      entity” includes a regulated investment company, a real estate investment trust
      or common trust fund, a partnership, trust or estate, and certain cooperatives
      and, except as may be provided in Treasury Regulations, persons holding
      interests in pass-through entities as a nominee for another
      Person.)

     

    5.  The
      Transferee has reviewed the provisions of Section 5.02(d) of the Agreement
      and understands the legal consequences of the acquisition of an Ownership
      Interest in the Certificate including, without limitation, the restrictions
      on
      subsequent Transfers and the provisions regarding voiding the Transfer and
      mandatory sales. The Transferee expressly agrees to be bound by and to abide
      by
      the provisions of Section 5.02(d) of the Agreement and the restrictions
      noted on the face of the Certificate. The Transferee understands and agrees
      that
      any breach of any of the representations included herein shall render the
      Transfer to the Transferee contemplated hereby null and void.

     

    6.  The
      Transferee agrees to require a Transfer Affidavit from any Person to whom the
      Transferee attempts to Transfer its Ownership Interest in the Certificate,
      and
      in connection with any Transfer by a Person for whom the Transferee is acting
      as
      nominee, trustee or agent, and the Transferee will not Transfer its Ownership
      Interest or cause any Ownership Interest to be Transferred to any Person that
      the Transferee knows is not a Permitted Transferee. In connection with any
      such
      Transfer by the Transferee, the Transferee agrees to deliver to the Trustee
      a
      certificate substantially in the form set forth as Exhibit L to the
      Agreement (a “Transferor
      Certificate”)
      to the
      effect that such Transferee has no actual knowledge that the Person to which
      the
      Transfer is to be made is not a Permitted Transferee.

     

    7.  The
      Transferee has historically paid its debts as they have come due, intends to
      pay
      its debts as they come due in the future, and understands that the taxes payable
      with respect to the Certificate may exceed the cash flow with respect thereto
      in
      some or all periods and intends to pay such taxes as they become due. The
      Transferee does not have the intention to impede the assessment or collection
      of
      any tax legally required to be paid with respect to the
      Certificate.

     

    8.  The
      Transferee’s taxpayer identification number is ___________.

     

    9.  The
      Transferee is a U.S. Person as defined in Code
      Section 7701(a)(30).

     

    10.  The
      Transferee is aware that the Certificate may be a “noneconomic residual
      interest” within the meaning of proposed Treasury regulations promulgated
      pursuant to the Code and that the transferor of a noneconomic residual interest
      will remain liable for any taxes due with respect to the income on such residual
      interest, unless no significant purpose of the transfer was to impede the
      assessment or collection of tax.

     

    11.  The
      Transferee will not cause income from the Certificate to be attributable to
      a
      foreign permanent establishment or fixed base, within the meaning of an
      applicable income tax treaty, of the Transferee or any other U.S.
      person.

     

    12.  Check
      one
      of the following:

      o  
The
      present
      value of the anticipated tax liabilities associated with holding the
      Certificate, as applicable, does not exceed the sum of:

     

    
      	
              (i)

            	
              the
                present value of any consideration given to the Transferee to acquire
                such
                Certificate;

            
	 	 
	
              (ii)

            	
              the
                present value of the expected future distributions on such Certificate;
                and

            
	 	 
	
              (iii)

            	
              the
                present value of the anticipated tax savings associated with holding
                such
                Certificate as the related REMIC generates losses.

            
	 	 

    

    For
      purposes of this calculation, (i) the Transferee is assumed to pay tax at the
      highest rate currently specified in Section 11(b) of the Code (but the tax
      rate
      in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
      specified in Section 11(b) of the Code if the Transferee has been subject to
      the
      alternative minimum tax under Section 55 of the Code in the preceding two years
      and will compute its taxable income in the current taxable year using the
      alternative minimum tax rate) and (ii) present values are computed using a
      discount rate equal to the short-term Federal rate prescribed by Section 1274(d)
      of the Code for the month of the transfer and the compounding period used by
      the
      Transferee.

     

      The
      transfer of the Certificate complies with U.S. Treasury Regulations Sections
      1.860E-1(c)(5) and (6) and, accordingly,

     

    
      	
              (i)

            	
              the
                Transferee is an “eligible corporation,” as defined in U.S. Treasury
                Regulations Section 1.860E-1(c)(6)(i), as to which income from the
                Certificate will only be taxed in the United States;

            
	 	 
	
              (ii)

            	
              at
                the time of the transfer, and at the close of the Transferee’s two fiscal
                years preceding the year of the transfer, the Transferee had gross
                assets
                for financial reporting purposes (excluding any obligation of a person
                related to the Transferee within the meaning of U.S. Treasury Regulations
                Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                in
                excess of $10 million;

            
	 	 
	
              (iii)

            	
              the
                Transferee will transfer the Certificate only to another “eligible
                corporation,” as defined in U.S. Treasury Regulations Section
                1.860E-1(c)(6)(i), in a transaction that satisfies the requirements
                of
                Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5)
                of
                the U.S. Treasury Regulations; and

            
	 	 
	
              (iv)

            	
              the
                Transferee determined the consideration paid to it to acquire the
                Certificate based on reasonable market assumptions (including, but
                not
                limited to, borrowing and investment rates, prepayment and loss
                assumptions, expense and reinvestment assumptions, tax rates and
                other
                factors specific to the Transferee) that it has determined in good
                faith.

            

    

       o  
None
      of the
      above.

     

     

    13.  The
      Transferee is not an employee benefit plan that is subject to Title I of ERISA
      or a plan that is subject to Section 4975 of the Code or a plan subject to
      any Federal, state or local law that is substantially similar to Title I of
      ERISA or Section 4975 of the Code, and the Transferee is not acting on behalf
      of
      or investing plan assets of such a plan.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Transferee has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its duly authorized
      officer and its corporate seal to be hereunto affixed, duly attested, this
          
      day
      of
                  ,
      20  .

    

     

    
      	
              [NAME
                OF TRANSFEREE]

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 
	 	 

    

    

    
      	
              [Corporate
                Seal]

               

               

            
	
              ATTEST:

            
	 
	 
	
              [Assistant]
                Secretary

            

    

    Personally
      appeared before me the above-named __________, known or proved to me to be
      the
      same person who executed the foregoing instrument and to be the ___________
      of
      the Transferee, and acknowledged that he executed the same as his free act
      and
      deed and the free act and deed of the Transferee.

     

    Subscribed
      and sworn before me this     
      day
      of
        
      ,
      20  .

     

    

     

    
      	 
	
              NOTARY
                PUBLIC

               

            
	
              My
                Commission expires the __ day

              of
                _________, 20__

            

    

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    FORM
      OF
      TRANSFEROR AFFIDAVIT

     

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    __________________________,
      being duly sworn, deposes, represents and warrants as follows:

     

    1.  I
      am a
      ____________________ of ____________________________ (the “Owner”), a
      corporation duly organized and existing under the laws of ______________, on
      behalf of whom I make this affidavit.

     

    2.  The
      Owner
      is not transferring the Class R Certificates (the “Residual Certificates”) to
      impede the assessment or collection of any tax.

     

    3.  The
      Owner
      has no actual knowledge that the Person that is the proposed transferee (the
      “Purchaser”) of the Residual Certificates: (i) has insufficient assets to pay
      any taxes owed by such proposed transferee as holder of the Residual
      Certificates; (ii) may become insolvent or subject to a bankruptcy proceeding
      for so long as the Residual Certificates remain outstanding and (iii) is not
      a
      Permitted Transferee.

     

    4.  The
      Owner
      understands that the Purchaser has delivered to the Trustee a transfer affidavit
      and agreement in the form attached to the Pooling and Servicing Agreement as
      Exhibit F-2. The Owner does not know or believe that any representation
      contained therein is false.

     

    5.  At
      the
      time of transfer, the Owner has conducted a reasonable investigation of the
      financial condition of the Purchaser as contemplated by Treasury Regulations
      Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Owner
      has
      determined that the Purchaser has historically paid its debts as they became
      due
      and has found no significant evidence to indicate that the Purchaser will not
      continue to pay its debts as they become due in the future. The Owner
      understands that the transfer of a Residual Certificate may not be respected
      for
      United States income tax purposes (and the Owner may continue to be liable
      for
      United States income taxes associated therewith) unless the Owner has conducted
      such an investigation.

     

    6.  Capitalized
      terms not otherwise defined herein shall have the meanings ascribed to them
      in
      the Pooling and Servicing Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
      behalf, pursuant to the authority of its Board of Directors, by its [Vice]
      President, attested by its [Assistant] Secretary, this ____ day of ___________,
      20__.

     

    
      	 	 	 	 	 	 	 	
              [OWNER]

            
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Name:

            
	 	 	 	 	 	 	 	 	
              Title:[Vice]
                President

            

    

    

    

    ATTEST:

     

    By:______________________________

    Name:

    Title:
       [Assistant]
      Secretary

     

    

    Personally
      appeared before me the above-named , known or proved to me to be the same person
      who executed the foregoing instrument and to be a [Vice] President of the Owner,
      and acknowledged to me that [he/she] executed the same as [his/her] free act
      and
      deed and the free act and deed of the Owner.

     

    Subscribed
      and sworn before me this ____ day of __________, 20___.

     

    
      	 	 
	 	
              Notary
                Public

            
	 	 
	 	
              County
                of __________________

            
	 	 
	 	
              State
                of ___________________

            
	 	 
	 	
              My
                Commission expires:

            

    

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G

     

    FORM
      OF
      CERTIFICATION WITH RESPECT TO ERISA AND THE CODE

     

    [Date]

     

    Citigroup,
      N.A.

    388
      Greenwich St

    New
      York,
      NY 10013

    Attention:
      CMLTI, Series 2006-AR3

     

    
      	 	
              Re:

            	
              Citigroup
                Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates, Series
                2006-AR3, Class ___

            

    

    

    Dear
      Sirs:

     

    _______________________
      (the “Transferee”) intends to acquire from _____________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance of Citigroup
      Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates, Series 2006-AR3,
      Class [B4] [B5] [B6] [R] (the “Certificates”), issued pursuant to a Pooling and
      Servicing Agreement (the “Pooling and Servicing Agreement”) dated as of May 1,
      2006, among Citigroup Mortgage Loan Trust Inc. as depositor (the “Depositor”),
      CitiMortgage, Inc. as master servicer (the”Master Servicer”) and trust
      administrator, Citibank N.A., as paying agent, certificate registrar and
      authenticating agent and U.S. Bank National Association as trustee (the
“Trustee”). Capitalized terms used herein and not otherwise defined shall have
      the meanings assigned thereto in the Pooling and Servicing Agreement. The
      Transferee hereby certifies, represents and warrants to, and covenants with
      the
      Depositor, the Trustee and the Master Servicer that:

     

    The
      Certificates (i) are not being acquired by, and will not be transferred to,
      any
      employee benefit plan within the meaning of section 3(3) of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), or other
      retirement arrangement, including individual retirement accounts and annuities,
      Keogh plans and bank collective investment funds and insurance company general
      or separate accounts in which such plans, accounts or arrangements are invested,
      that is subject to Section 406 of ERISA or Section 4975 of the Internal Revenue
      Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being
      acquired with “plan assets” of a Plan within the meaning of the Department of
      Labor (“DOL”) regulation, 29 C.F.R.§2510.3-101, and (iii) will not be
      transferred to any entity that is deemed to be investing in plan assets of
      a
      Plan within the meaning of the DOL regulation at 29 C.F.R.
§2510.3-101.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	 	 	 	 	 	 	
              Very
                truly yours,

               

              ______________________________________

               

            
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Name:

            
	 	 	 	 	 	 	 	 	
              Title:

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      H

     

    FORM
      OF
      MASTER SERVICER CERTIFICATION

     

    
      	 	
              Re:

            	
              Citigroup
                Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates, Series
                2006-AR3

            

    

    

    I,
      [identify the certifying individual], acting of [CitiMortgage, Inc.
      (“CitiMortgage”)], certify to Citigroup Mortgage Loan Trust, Inc. (the
“Depositor”), the Trust Administrator and their respective officers, directors
      and affiliates, and with the knowledge and intent that they will rely upon
      this
      certification, that:

     

    1. I
      have
      reviewed the information provided to the Trust Administrator by the Master
      Servicer pursuant to the Servicing Agreement and included in the annual report
      on Form 10-K for the fiscal year [___], and all reports on Form 10-D required
      to
      be filed in respect of the period covered by such Form 10-K of the Depositor
      relating to the above-referenced trust (the “Exchange Act periodic reports”)
      (the “Servicing Information”);

     

    2. Based
      on
      my knowledge, the Servicing Information in the Exchange Act periodic reports,
      taken as a whole, does not contain any untrue statement of a material fact
      or
      omit to state a material fact necessary to make the statements made, in light
      of
      the circumstances under which such statements were made, not misleading as
      of
      the last day of the period covered by that annual report;

     

    3. Based
      on
      my knowledge, the Servicing Information required to be provided to the Trust
      Administrator by the Master Servicer has been provided as required under the
      Pooling and Servicing Agreement;

     

    4. I
      am
      responsible for reviewing the activities performed by the Master Servicer under
      the Pooling and Servicing Agreement and based upon the review required under
      the
      Pooling and Servicing Agreement, and except as disclosed to the Depositor and
      the Trust Administrator, the Master Servicer has fulfilled in all material
      respects its obligations under the Pooling and Servicing Agreement;
      and

     

    5. I
      have
      disclosed to the Master Servicer’s certified public accountants and the
      Depositor all significant deficiencies relating to the Master Servicer’s
      compliance with the Servicing Criteria as set forth in the Pooling and Servicing
      Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Pooling and Servicing Agreement, dated May 1, 2006 (the “Pooling and Servicing
      Agreement”), among the Depositor as depositor, CitiMortgage, Inc. as master
      servicer and trust administrator, Citibank, N.A. as paying agent, certificate
      registrar and authenticating agent and U.S. Bank National Association as
      trustee.

     

    
      	 	 	 	 	 	 	 	
              [CITIMORTGAGE,
                INC.] 

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	
              Name:

            	 
	 	 	 	 	 	 	 	
              Title:

            	 
	 	 	 	 	 	 	 	
              Date:

            	 

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I

     

    FORM
      BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE TO BE PROVIDED TO DEPOSITOR
      

     

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement dated as of May 1, 2006 (the “Agreement”), among
                Citigroup Mortgage Loan Trust Inc., as depositor, CitiMortgage, Inc.
                as
                master servicer and trust administrator, Citibank, N.A. as paying
                agent,
                certificate registrar and authenticating agent and U.S. Bank National
                Association as Trustee

            

    

     

    I,
      ________________________________, the _______________________ of [Trust
      Administrator], certify to [the Depositor] and the [Master Servicer] [Trustee],
      and their officers, with the knowledge and intent that they will rely upon
      this
      certification, that:

     

    (1) I
      have
      reviewed the Master Servicer compliance statement of the Company provided in
      accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
      report on assessment of the Company’s compliance with the servicing criteria set
      forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
      accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934,
      as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
      Assessment”), the registered public accounting firm’s attestation report
      provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
      and
      Section 1122(b) of Regulation AB (the “Attestation
      Report”), and all servicing reports, officer’s certificates and other
      information relating to the servicing of the Mortgage Loans by the Company
      during 200[ ] that were delivered by the Company to the Depositor and the Trust
      Administrator pursuant to the Agreement (collectively, the “Company Servicing
      Information”);

     

    (2) Based
      on
      my knowledge, the Company Servicing Information, taken as a whole, does not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in light of the circumstances under
      which
      such statements were made, not misleading with respect to the period of time
      covered by the Company Servicing Information;

     

    (3) Based
      on
      my knowledge, all of the Company Servicing Information required to be provided
      by the Company under the Agreement has been provided to the Depositor and the
      Trust Administrator;

     

    (4) I
      am
      responsible for reviewing the activities performed by the Company as Master
      Servicer under the Agreement, and based on my knowledge and the compliance
      review conducted in preparing the Compliance Statement and except as disclosed
      in the Compliance Statement, the Servicing Assessment or the Attestation Report,
      the Company has fulfilled its obligations under the Agreement in all material
      respects; and

     

    (5) The
      Compliance Statement required to be delivered by the Company pursuant to the
      Agreement, and the Servicing Assessment and Attestation Report required to
      be
      provided by the Company and by any subservicer or subcontractor pursuant to
      the
      Agreement, have been provided to the Depositor and the Trust Administrator.
      Any
      material instances of noncompliance described in such reports have been
      disclosed to the Depositor and the Trust Administrator. Any material instance
      of
      noncompliance with the Servicing Criteria has been disclosed in such
      reports.

     

    
      	
              Date:

            	 
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      1

     

    MORTGAGE
      LOAN SCHEDULE

     

    [Available
      Upon Request]

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