Document:

PLM Growth Fund VII Liquidating Trust Agreement

    
      
        

      

    

    

    EXHIBIT
      10.2

    
      
        

      

    

    

    LIQUIDATING
      TRUST AGREEMENT

    

    

    Dated
      as
      of June 30, 2006

    

    

    

    by
      and
      between

    

    

    

    PLM
      Equipment Growth & Income Fund VII,

    a
      California limited partnership

    

    individually
      as Grantor

    

    

    

    and

    

    

    

    PLM
      Financial Services, Inc.

    

    as
      the
      Trustee

    

    

    

    

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

     

    ARTICLE
      I: NAME AND DEFINITIONS

     

    1.1 Name 

     

    1.2 Certain
      Terms Defined 

     

    ARTICLE
      II: NATURE OF TRANSFER

     

    2.1 Purpose
      of Trust 

     

    2.2 Prohibited
      Activities 

     

    2.3 No
      Reversion to the Partnership 

     

    2.4 Payment
      of Liabilities 

     

    2.5 Bill
      of
      Sale, Assignment, Acceptance and Assumption Agreement; Instruments of Further
      Assurance 

     

    2.6 Incidents
      of Ownership 

     

    2.7 Notice
      to
      Unlocated Holders of Partnership Interests 

     

    ARTICLE
      III: BENEFICIARIES

     

    3.1 Beneficial
      Interests 

     

    3.2 Rights
      of
      Beneficiaries 

     

    3.3 No
      Transfer of Interests of Beneficiaries 

     

    3.4 Trustee
      as Beneficiary 

     

    ARTICLE
      IV: DURATION AND TERMINATION OF TRUST

     

    4.1 Duration 

     

    4.2 Other
      Obligations of the Trustee upon Termination 

     

    ARTICLE
      V: ADMINISTRATION OF TRUST ASSETS

     

    5.1 Sale
      of
      Trust Assets 

     

    5.2 Transactions
      with Related Persons 

     

    5.3 Payment
      of Claims, Expenses and Liabilities 

    
      
        
        

      

      
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    5.4 Interim
      Distributions 

     

    5.5 Final
      Distribution 

     

    5.6 Reports
      to Beneficiaries and Others 

     

    5.7 Federal
      Income Tax Information 

     

    5.8 Employment
      of Manager 

     

    ARTICLE
      VI: POWERS OF AND LIMITATIONS ON THE TRUSTEE

     

    6.1 Limitations
      on Trustee 

     

    6.2 Specific
      Powers of the Trustee 

     

    ARTICLE
      VII: CONCERNING THE TRUSTEE, BENEFICIARIES, EMPLOYEES AND AGENTS

     

    7.1 Generally 

     

    7.2 Reliance
      by Trustee 

     

    7.3 Limitation
      on Liability to Third Persons 

     

    7.4 Recitals 

     

    7.5 Indemnification 

     

    7.6 Rights
      of
      Trustees, Employees, Independent Contractors and Agents to Own Trust Units
      or
      Other Property and to Engage in Other Business 

     

    7.7 Contribution
      Back 

     

    ARTICLE
      VIII: PROTECTION OF PERSONS DEALING WITH THE TRUSTEE

     

    8.1 Action
      by
      Trustee 

     

    8.2 Reliance
      on Statements by the Trustee 

     

    ARTICLE
      IX: COMPENSATION OF TRUSTEE

     

    9.1 Amount
      of
      Compensation 

     

    9.2 Dates
      and
      Timing of Payment 

     

    9.3 Expenses 

    
      
        
        

      

      
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    ARTICLE
      X: THE TRUSTEE AND SUCCESSOR TRUSTEE

     

    10.1 Number
      and Qualification of Trustees 

     

    10.2 Resignation
      and Removal 

     

    10.3 Appointment
      of Successor 

     

    10.4 Acceptance
      of Appointment by Successor Trustee 

     

    10.5 Bonds 

     

    ARTICLE
      XI: CONCERNING THE BENEFICIARIES

     

    11.1 Evidence
      of Action by Beneficiaries 

     

    11.2 Limitation
      on Suits by Beneficiaries 

     

    11.3 Requirement
      of Undertaking 

     

    ARTICLE
      XII: MEETING OF BENEFICIARIES

     

    12.1 Purpose
      of Meetings 

     

    12.2 Meeting
      Called by Trustee 

     

    12.3 Meeting
      Called on Request of Beneficiaries 

     

    12.4 Persons
      Entitled to Vote at Meeting of Beneficiaries 

     

    12.5 Quorum 

     

    12.6 Adjournment
      of Meeting 

     

    12.7 Conduct
      of Meetings 

     

    12.8 Record
      of
      Meeting 

     

    ARTICLE
      XIII: AMENDMENTS

     

    13.1 Consent
      of Beneficiaries 

     

    13.2 Notice
      and Effect of Amendment 

     

    13.3 Trustee’s
      Declining to Execute Documents 

    
      
        
        

      

      
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    ARTICLE
      XIV: MISCELLANEOUS PROVISIONS

     

    14.1 Filing
      Documents 

     

    14.2 Intention
      of Parties to Establish Trust 

     

    14.3 Beneficiaries
      Have No Rights or Privileges as Holders of Partnership Interests 

     

    14.4 Laws
      as
      to Construction 

     

    14.5 Severability 

     

    14.6 Notices 

     

    14.7 Counterparts. 

    

    

    

    

    SCHEDULE
      A: Schedule
      of Fees

    

    EXHIBIT
      A: Form
      of
      Bill of Sale, Assignment, Acceptance and Assumption Agreement

    

    
      
        
        

      

      
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    LIQUIDATING
      TRUST AGREEMENT

    

    

    This
      LIQUIDATING TRUST AGREEMENT (this “Agreement”), dated as of June 30, 2006
      (the “Effective Date”), by and between PLM Equipment Growth & Income Fund
      VII, a California limited partnership, as Grantor (the “Partnership”), and PLM
      Financial Services, Inc., a Delaware corporation, as Trustee (the
“Trustee”).

    

    WHEREAS,
      the Partnership was organized for the objectives and purposes of owning and
      leasing, and otherwise dealing with equipment and other personal property;
      and

    

    WHEREAS,
      the terms of that certain
      Third Amended and Restated Limited Partnership Agreement, dated as of
      May 10, 1993, which was further amended pursuant to that certain First
      Amendment to the Third Amended and Restated Limited Partnership Agreement dated
      as of May 28, 1993, by that certain Second Amendment to the Third Amended
      and Restated Limited Partnership Agreement dated as of January 21, 1994, by
      that certain Third Amendment to the Third Amended and Restated Limited
      Partnership Agreement dated as of January 21, 1994, and by that certain
      Fourth Amendment to Third Amended and Restated Limited Partnership Agreement
      dated August 24, 2001 (collectively, the “Partnership Agreement”); and
provide
      that the Partnership be dissolved upon the determination by PLM Financial
      Services, Inc., a Delaware corporation, General Partner of the Partnership
      (the
“General Partner”) that it is necessary to commence the liquidation of the
      assets of the Partnership in order for the liquidation of all of the assets
      to
      be completed in an orderly and businesslike fashion prior to January 1,
      2007; and 

    

    WHEREAS,
      as of the date hereof, the General Partner has made such determination; and
      

    

    WHEREAS,
      the General Partner believes it to be in the best interest of the Partnership
      to
      complete the liquidation of the Partnership by transferring all remaining assets
      of the Partnership (the “Retained Assets”) to a liquidating trust (the “Trust”)
      with PLM Financial Services, Inc., serving as its initial trustee (the
“Trustee”), including a cash reserve set aside for the contingent and existing
      obligations of the Partnership (the “Cash Reserve”); and 

    

    WHEREAS,
      the Trustee shall administer the Liquidating Trust pursuant to the terms of
      this
      Agreement and, upon satisfaction of all liabilities and obligations of the
      Partnership and the Liquidating Trust, the Trustee shall distribute the residue
      of the proceeds of the liquidation of the assets of the Partnership in
      accordance with the terms hereof;

    

    NOW,
      THEREFORE, for good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged, the Partnership hereby agrees to grant, release,
      assign, convey and deliver unto the Trustee for the benefit of the Beneficiaries
      (as hereinafter defined), all of the right, title and interest of the
      Partnership in and to the
      Retained Assets for the uses and purposes stated herein on the Effective Date,
      subject to the terms and provisions set out below, and the Trustee hereby agrees
      to accept such Retained Assets and such Trust, subject to the following terms
      and provisions:

     

    
 

    
      
        
        

      

      
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    ARTICLE
      I

    NAME
      AND
      DEFINITIONS

    

    1.1 Name.
      This
      Trust shall be known as the PLM Equipment Growth & Income Fund VII
      Liquidating Trust.

    

    1.2 Certain
      Terms Defined.
      For all
      purposes of this instrument, unless the context otherwise requires:

    

    (a) “Affiliated
      Person”
shall
      mean a Person (i) who in his individual capacity is a director, trustee,
      officer, partner or employee of the Manager or of a Person who controls, is
      controlled by or is under common control with the Manager or (ii) who
      controls, is controlled by or is under common control with the
      Manager.

    

    (b) “Agreement”
shall
      mean this instrument as originally executed or as it may from time to time
      be
      amended pursuant to the terms hereof.

    

    (c) “Beneficial
      Interest”
shall
      mean each Beneficiary’s proportionate share of the Trust Assets in the Trust
      determined by the ratio of the number of Partnership Interests held by the
      Initial Beneficiary on the close of business on the Record Date in the
      Partnership over the total number of Partnership Interests existing on such
      Record Date in the Partnership and thereafter each Beneficiary’s proportional
      beneficial interest in the Trust represented by Trust Units.

    

    (d) “Beneficiaries”
shall
      mean the holders of Trust Units from time to time on or after the Record Date,
      including the Initial Beneficiaries and the Subsequent
      Beneficiaries.

    

    (e) “Cash
      Reserve”
shall
      mean a cash reserve set aside by the General Partner for the contingent and
      existing obligations of the Partnership.

    

    (f) “Grantor”
shall
      mean the Partnership.

    

    (g) “Initial
      Beneficiaries”
shall
      mean the initial holders of Trust Units.

    

    (h) “Liquidating
      Trust”
shall
      mean the liquidating trust maintained by the Trustee holding the Trust Assets
      of
      the Partnership, identified as the “PLM Equipment Growth & Income Fund VII
      Liquidating Trust”; also referred to herein as the “Trust.”

    

    (i) “Manager”
shall
      mean such Person or Persons who have been employed by, or who have contracted
      with, the Trustee to assist in the management of the Trust, and for the
      avoidance of doubt, the Manager may be the General Partner or any affiliate
      of
      the General Partner.

    
      
        
        

      

      
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    (j) “Partnership
      Interests”
shall
      mean the limited and general partnership interests in the Partnership held
      by
      each of the Beneficiaries as of the Record Date.

    

    (k) “Person”
shall
      mean an individual, a corporation, a partnership, an association, a joint stock
      company, a limited liability company, a trust, a joint venture, any
      unincorporated organization, or a government or political subdivision
      thereof.

    

    (l) “Record
      Date”
shall
      mean the date selected by the Grantor for determination of the holders of
      Partnership Interests entitled to become Beneficiaries.

    

    (m) “Related
      Person”
shall
      have the meaning set forth in Section 5.2.

    

    (n) “Subsequent
      Beneficiaries”
shall
      mean Beneficiaries as reflected on the books and records of the Trust from
      time
      to time after the Effective Date, other than the Initial
      Beneficiaries.

     

    (o) “Trust”
shall
      mean the Trust created by this Agreement.

     

    (p) “Trust
      Assets”
shall
      mean all the property held from time to time by the Trustee under this
      Agreement, which initially shall consist of the Retained Assets of the
      Partnership granted, assigned and conveyed to the Trustee by the Partnership
      including, but not limited to, the Cash Reserve, and, in addition, shall
      thereafter include all proceeds and other receipts of, from, or attributable
      to
      any assets, causes of actions or claims held by the Trust.

     

    (q) “Trust
      Units”
shall
      mean those equal, undivided portions into which the Beneficial Interests in
      the
      Trust Assets are divided, as evidenced on the books and records of the
      Trust.

     

    (r) “Trustee”
shall
      mean the original Trustee under this Agreement and its successor(s), if
      any.

    

    ARTICLE
      II

    NATURE
      OF
      TRANSFER

    

    2.1 Purpose
      of Trust.

    

    (a) It
      is
      expected that the Partnership shall dissolve and liquidate prior to fully
      winding up its affairs, including, but not limited to, the sale of its remaining
      assets, the collection of any receivables and the payment of any unsatisfied
      debts, claims, liabilities, commitments, suits and other obligations, whether
      contingent or fixed or otherwise (the “Liabilities”), except for such
      Liabilities for which the Partnership has previously reserved by the allocation
      of the Cash Reserve as described in the recitals hereto. The Trust hereby is
      organized for the sole purpose of winding up the affairs of the Partnership
      as
      promptly as reasonably possible and with no objective to continue or engage
      in
      the conduct of a trade or business.

    

    (b) The
      Cash
      Reserve and Retained Assets to be granted, assigned and conveyed to the Trustee
      as of the Effective Date will be held in the Trust, and the Trustee
      will: (i) further liquidate the Trust Assets as it deems necessary to carry
      out the purpose of the Trust and facilitate distribution of the Trust Assets;
      (ii) protect, conserve and manage the Trust Assets in accordance with the
      terms and conditions hereof; and (iii) distribute the Trust Assets in
      accordance with the terms and conditions hereof.

    

    
      
        
        

      

      
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    (c) It
      is
      intended that the granting, assignment and conveyance of the Cash Reserve and
      the Retained Assets by the Partnership to the Trustee pursuant hereto shall
      be
      treated for federal and state income tax purposes as if the Partnership made
      such distributions directly to the holders of Partnership Interests. It is
      further intended that for federal, state and local income tax purposes the
      Trust
      shall be treated as a liquidating trust under Treasury Regulation Section
      301.7701-4(d) and any analogous provision of state or local law, and the
      Beneficiaries shall be treated as the owners of their respective share of the
      Trust pursuant to Sections 671 through 679 of the Code and any analogous
      provision of state or local law and shall be taxed on their respective share
      of
      the Trust’s taxable income (including both ordinary income and capital gains)
      pursuant to Section 671 of the Code and any analogous provision of state or
      local law. The Trustee shall file all tax returns required to be filed with
      any
      governmental agency consistent with this position, including, but not limited
      to, any returns required of grantor trusts pursuant to Section 1.671-4(a) of
      the
      Income Tax Regulations. The Partnership agrees that a transfer agent acting
      on
      its behalf may prepare and file applicable K-1’s respecting the Beneficiaries’
Partnership income. To the extent that the Trustee becomes liable for the
      payment of taxes, including withholding taxes, in respect of income derived
      from
      the investment of funds held hereunder or any payment made hereunder
      (collectively, the “Taxes”), the Trustee may pay such Taxes. The Trustee may
      withhold from any payment of the Trust Assets such amount as the Trustee
      estimates to be sufficient to provide for the payment of such Taxes not yet
      paid, and may use the sum withheld for that purpose. The Trustee shall be
      indemnified and held harmless against any liability for Taxes and for any
      penalties or interest in respect of Taxes on such investment income or payments
      in the manner provided herein.

    

    2.2 Prohibited
      Activities.
      (a) The
      Trust shall not continue or engage in the conduct of any trade or business,
      except as necessary for the orderly liquidation of the Trust Assets. The Trust’s
      activities will be limited to the holding, collection and sale of the Trust
      Assets.

    

    (b) The
      Trustee shall not take any action to facilitate or encourage any trading in
      the
      Beneficial Interests or in any instrument tied to the value of the Beneficial
      Interests. Further, the Trustee will require each of its Affiliated Persons
      to
      refrain from taking any such action.

    

    2.3 No
      Reversion to the Partnership.
      In no
      event shall any part of the Trust Assets revert to or be distributed to the
      Partnership.

    

    2.4 Payment
      of Liabilities.
      To the
      extent that there are available Trust Assets in the Trust, the Trust hereby
      agrees to assume all Liabilities of the Partnership on the Effective Date.
      Should any Liability be asserted against the Trust as the transferee of the
      Trust Assets or as a result of the assumption made in this paragraph,
the
      Trustee may use such part of the Trust Assets as may be necessary in contesting
      any such Liability or in payment thereof. In no event shall the Trustee,
      Beneficiaries or employees or agents of the Trust be personally liable, nor
      shall resort be had to the private property of such Persons or to any other
      Trust Assets, in the event the Trust Assets are not sufficient to satisfy the
      Liabilities asserted against or payable out of the Partnership’s available Trust
      Assets in the Trust.

    

    
      
        
        

      

      
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    2.5 Bill
      of Sale, Assignment, Acceptance and Assumption Agreement; Instruments of Further
      Assurance.
      On the
      Effective Date, the Partnership and the Trust shall execute a Bill of Sale,
      Assignment, Acceptance and Assumption Agreement conveying the Retained Assets,
      Cash Reserve and Liabilities to the Trust, a form of which is attached as
Exhibit A
      hereto.
      After the dissolution of the Partnership, such Persons as shall have the right
      and power to so act, will, upon reasonable request of the Trustee, execute,
      acknowledge, and deliver such further instruments and do such further acts
      as
      may be necessary or proper to carry out effectively the purposes of this
      Agreement, to confirm or effectuate the transfer to the Trustee of any property
      intended to be covered hereby, and to vest in the Trustee, its successors and
      assigns, the estate, powers, instruments or funds in trust
      hereunder.

    

    2.6 Incidents
      of Ownership.
      The
      holders of Partnership Interests as of the Record Date shall be the Initial
      Beneficiaries of the Trust as holders of Trust Units in the Trust, and the
      Trustee shall retain only such incidents of legal ownership as are necessary
      to
      undertake the actions and transactions authorized herein.

    

    2.7 Notice
      to Unlocated Holders of Partnership Interests.
      If the
      Trust holds Trust Assets for unlocated holders of any Partnership Interests,
      due
      notice shall be given to such holders of Partnership Interests in accordance
      with [Delaware] law.

    

    

    ARTICLE
      III

    BENEFICIARIES

    

    3.1 Beneficial
      Interests.

    

    (a) The
      Beneficial Interest of each Initial Beneficiary hereof shall be determined
      by
      the Partnership in accordance with a certified copy of the Partnership’s list of
      Partnership Unit holders as of the Record Date (the “List”). The Partnership
      will deliver the certified copy of the List to the Trustee within a reasonable
      time after the Record Date specifying the Beneficial Interests of each Initial
      Beneficiary in the Partnership. For ease of administration, the List shall
      express the Beneficial Interest of each Initial Beneficiary in terms of units
      and it is intended that each unit shall represent one Trust Unit in the
      Trust.

    

    (b) In
      the
      case of the Partnership Unit holders, customary institutional book-entry or
      other records or any other evidence of ownership satisfactory to the Trustee
      will be deemed to evidence the Beneficial Interest in the Trust of each such
      Beneficiary.

    

    
      
        
        

      

      
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    (c) If
      any
      conflicting claims or demands are made or asserted with respect to the ownership
      of any Trust Units, or if there should be any disagreement between the
transferees,
      assignees, heirs, representatives or legatees succeeding to all or part of
      the
      interest of any Beneficiary resulting in adverse claims or demands being made
      in
      connection with such Trust Units, then, in any of such events, the Trustee
      shall
      be entitled, at its sole election, to refuse to comply with any such conflicting
      claims or demands. In so refusing, the Trustee may elect to make no payment
      or
      distribution with respect to such Trust Units, or to make such payment to a
      court of competent jurisdiction or an escrow agent, and in so doing the Trustee
      shall not be or become liable to any of such parties for their failure or
      refusal to comply with any of such conflicting claims or demands, nor shall
      the
      Trustee be liable for interest on any funds which it may so withhold. The
      Trustee shall be entitled to refrain and refuse to act until either (i) the
      rights of the adverse claimants have been adjudicated by a final judgment of
      a
      court of competent jurisdiction, (ii) all differences have been adjusted by
      valid written agreement between all of such parties, and the Trustee shall
      have
      been furnished with an executed counterpart of such agreement, or
      (iii) there is furnished to the Trustee a surety bond or other security
      satisfactory to the Trustee, as it shall deem appropriate, to fully indemnify
      it
      as between all conflicting claims or demands.

    

    3.2 Rights
      of Beneficiaries.
      Each
      Beneficiary shall be entitled to participate in the rights and benefits due
      to a
      Beneficiary hereunder according to his Beneficial Interest. Each Beneficiary
      shall take and hold the same subject to all the terms and provisions of this
      Agreement. The interest of the Beneficiary hereby is declared and shall be
      in
      all respects personal property and upon the death of an individual Beneficiary,
      his Beneficial Interest shall pass as personal property to his legal
      representative and such death shall in no way terminate or affect the validity
      of this Agreement, provided that the Trustee shall not be required to evidence
      a
      book entry transfer of a deceased Beneficiary’s Beneficial Interest to his legal
      representative until the Trustee shall have received Letters Testamentary or
      Letters of Administration and written notice of the death of the deceased
      Beneficiary. A Beneficiary shall have no title to, right to, possession of,
      management of, or control of, the Trust Assets except as herein expressly
      provided. No widower, widow, heir, or devisee of any person who may be a
      Beneficiary shall have any right of dower, homestead, or inheritance, or of
      partition, or of any other right, statutory or otherwise, in any property
      forming a part of Trust Assets but the whole title to the Trust Assets shall
      be
      vested in the Trustee and the sole interest of the applicable Beneficiaries
      shall be the rights and benefits given to such Persons under this Agreement.
      

    

    3.3 No
      Transfer of Interests of Beneficiaries.
      The
      Beneficial Interest of a Beneficiary may not be transferred by any Beneficiary
      in person or by a duly authorized agent or attorney, or by the properly
      appointed legal representatives of the Beneficiary, nor may a Beneficiary have
      authority or power to sell, assign, transfer, encumber, or in any other manner
      dispose of his Beneficial Interest; provided, however, that the Beneficial
      Interest shall be assignable or transferable by will, intestate succession,
      or
      operation of law.

    

    Except
      as
      may be otherwise required by law, the Beneficial Interests of the Beneficiaries
      hereunder shall not be subject to attachment, execution, sequestration or any
      order of a court, nor shall such interests be subject to the contracts, debts,
      obligations, engagements or liabilities of any Beneficiary, but the interest
      of
      a Beneficiary shall be paid by the Trustee to the Beneficiary free and clear
      of
      all 

    assignments,
      attachments, anticipations, levies, executions, decrees and sequestrations
      and
      shall become the property of the Beneficiary only when actually received by
      such
      Beneficiary.

     

    

    
      
        
        

      

      
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    3.4 Trustee
      as Beneficiary.
      The
      Trustee, either individually or in a representative or fiduciary capacity,
      may
      be a Beneficiary to the same extent as if it were not a Trustee hereunder and
      shall have all the rights of a Beneficiary, including, without limitation,
      the
      right to vote and to receive distributions, to the same extent as if it was
      not
      the Trustee hereunder.

    

    

    ARTICLE
      IV

    DURATION
      AND TERMINATION OF TRUST

    

    4.1 Duration.
      The
      existence of this Trust shall terminate upon the earliest of (i) a
      termination required by the applicable laws of the State of [Delaware],
      (ii) the termination due to the distribution of all Trust Assets as
      provided in Section 5.5, or (iii) June 30, 2008; provided, however,
      that the Trustee, in its discretion, may extend the existence of this Trust
      to
      such later date as it may designate, if it determines that an extension is
      reasonably necessary to pay or make provision for then known liabilities, actual
      or contingent.

    

    4.2 Other
      Obligations of the Trustee upon Termination.
      Upon
      distribution of all the Trust Assets, the Trustee shall provide for the
      retention of all necessary books, records, lists of holders of Trust Units
      in
      the Trust, certificates and files that shall have been delivered to or created
      by the Trustee for a period of ten (10) years thereafter, at the Trustee’s
      discretion, all of such records and documents may be destroyed. Except as
      otherwise specifically provided herein, upon the distribution of all Trust
      Assets in the Trust, the Trustee shall have no further duties or obligations
      hereunder.

    

    

    ARTICLE
      V

    ADMINISTRATION
      OF TRUST ASSETS

    

    5.1 Sale
      of Trust Assets.
      The
      Trustee is hereby authorized and directed, at such times as it may deem
      appropriate, to transfer, assign, or otherwise dispose of all or any part of
      the
      Trust Assets in the Trust as it deems appropriate at public auction or at
      private sale for cash, securities or other property, or upon credit (either
      secured or unsecured as the Trustee shall determine).

    

    5.2 Transactions
      with Related Persons.
      Notwithstanding any other provisions of this Agreement, the Trustee shall not
      knowingly, directly or indirectly, sell or otherwise transfer all or any part
      of
      any Trust Assets to, or contract with, (i) itself or any other Trustee or
      an employee or agent (acting in its or their individual capacities) of this
      Trust, or (ii) any Person of which any Trustee, employee or agent of this
      Trust is an affiliate by reason of being a trustee, director, officer, partner
      or direct or indirect beneficial owner of 5% or more of the outstanding capital
      stock, shares or other equity interest of such Persons (each of the persons
      referred to in (i) and (ii) above, a “Related Person”). Notwithstanding the
      foregoing, in any circumstance where an
      asset
      or a direct or indirect interest in an asset is jointly-owned by a Related
      Person and the Partnership on the date hereof and such asset or the
      Partnership’s interest in such asset becomes a Trust Asset, the Trustee may sell
      or otherwise transfer such Trust Asset to such Related Person pursuant to any
      contractual arrangement with such Related Person.

    
 

    
      
        
        

      

      
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    5.3 Payment
      of Claims, Expenses and Liabilities.
      Provided the Trustee has been advised in writing respecting such claims,
      expenses, charges, liabilities and obligations, the Trustee shall pay from
      the
      Trust Assets in the Trust all claims, expenses, charges, liabilities, and
      obligations of the Trust Assets and all Liabilities relating to the Trust Assets
      and obligations which the Trustee specifically assumes and agrees to pay
      pursuant to this Agreement and such transferee liabilities which the Trustee
      may
      be obligated to pay as transferees of the Trust Assets in the Trust, including
      among the foregoing, and without limiting the generality of the foregoing,
      interest, penalties, taxes, assessments, and public charges of every kind and
      nature and the costs, charges, and expenses connected with or growing out of
      the
      execution or administration of this Trust and such other payments and
      disbursements as are provided in this Agreement or which may be determined
      to be
      a proper charge against the Trust Assets in the Trust by the
      Trustee.

    

    5.4 Interim
      Distributions.
      At such
      times as may be determined by it in its sole discretion, the Trustee shall
      distribute, or cause to be distributed, to the Beneficiaries, in proportion
      to
      the number of Trust Units held by each Beneficiary relating to the Trust, such
      cash or other property comprising a portion of the Trust Assets as the Trustee
      may in its sole discretion determine may be distributed without detriment to
      the
      conservation and protection of the Trust Assets in the Trust.

    

    5.5 Final
      Distribution.
      If the
      Trustee determines that the Liabilities and all other claims, expenses, charges,
      liabilities and obligations of the Trust have been paid or discharged, or if
      the
      existence of the Trust shall terminate pursuant to Section 4.1, the Trustee
      shall, as expeditiously as is consistent with the conservation and protection
      of
      the Trust Assets, distribute the Trust Assets to the Beneficiaries in proportion
      to the number of Trust Units held by each Beneficiary in the Trust based on
      the
      list submitted to the Trustee by the Partnership pursuant to Section 3.1 above,
      as such list may be amended. The Trustee shall hold in the Trust and thereafter
      make disposition of all liquidating distributions and other payments due any
      Beneficiaries who have not been located, in accordance with [Delaware] law,
      subject to applicable state laws regarding escheat and abandoned property.
      It is
      understood that the Trustee and the Beneficiary’s bank in any funds transfer may
      rely solely upon any account numbers or similar identifying number provided
      by
      the parties hereto to identify (i) the Beneficiary, (ii) the Beneficiary’s bank,
      or (iii) an intermediary bank. The Trustee may apply any of the Trust Assets
      for
      any payment order it executes using any such identifying number, even where
      its
      use may result in a person other than the Beneficiary being paid, or the
      transfer of funds to a bank other than the Beneficiary’s bank, or an
      intermediary bank designated.

    

    5.6 Reports
      to Beneficiaries and Others.
      As soon
      as practicable after the end of each taxable year of the Trust and after
      termination of the Trust, the Trustee shall submit a written report and account
      to the Beneficiaries showing (i) the assets and liabilities
      of the Trust at the end of such taxable year or upon termination and the
      receipts and disbursements of the Trustee for such taxable year or period,
      (ii) any changes in the Trust Assets which they have not previously
      reported, and (iii) any action taken by the Trustee in the performance of
      its duties under this Agreement which it has not previously reported and which,
      in its opinion, materially affects the Trust Assets. The Trustee may submit
      similar reports for such interim periods during the taxable year as it deems
      advisable or as may be required by the Securities and Exchange Commission.
      The
      taxable year of the Trust shall end on December 31 of each year unless the
      Trustee deems it advisable to establish some other date as the date on which
      the
      taxable year of the Trust shall end.

     

    

    
      
        
        

      

      
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    5.7 Federal
      Income Tax Information.
      As soon
      as practicable after the close of each taxable year, the Trustee shall direct
      its transfer agent to mail to each Person who was a Beneficiary at the close
      of
      the year, a statement showing on a Trust Unit basis in the Trust the dates
      and
      amounts of all distributions made by the Trustee, if any, income earned on
      assets held by the Trust, if any, such other information as is reasonably
      available to the Trustee which the Trustee determines may be helpful in
      determining the amount of gross income and expenses attributable to the Trust
      that such Beneficiary should include in such Person’s federal income tax return
      for the preceding year and any other information as may be required to be
      furnished under the tax laws. In addition, after receipt of a written request
      in
      good faith, or in its discretion without such request or if required by
      applicable law, such transfer agent (or if it cannot, the Trustee) shall furnish
      to any Person who has been a Beneficiary at any time during the preceding year
      a
      statement containing such further information as is reasonably available to
      the
      transfer agent or Trustee, respectively, which shall be helpful in determining
      the amount of taxable income which such Person should include in such Person’s
      federal income tax return.

    

    5.8 Employment
      of Manager.

    

    (a) The
      Trustee shall be responsible for the general policies of the Trust and for
      the
      general supervision of the activities of the Trust conducted by all agents,
      employees, advisors or managers of the Trust. However, the Trustee is not and
      shall not be required personally to conduct the activities of the Trust, and
      consistent with its ultimate responsibility as stated above, the Trustee shall
      have the power to appoint, employ or contract with any Person or Persons
      (including any corporation, partnership, or trust in which one or more of them
      may be directors, officers, shareholders, partners or trustees) as the Trustee
      may deem necessary or proper for the transaction of the activities of the Trust.
      The Trustee may therefore employ or contract with such Person or Persons (herein
      referred to as the “Manager”) and may grant or delegate such authority to the
      Manager as the Trustee may in its sole discretion deem necessary or desirable
      to
      carry out the purpose of the Trust without regard to whether such authority
      is
      normally granted or delegated by trustees.

     

         
The
      Trustee shall have the power to determine the terms and compensation of the
      Manager or any other Person whom they may employ or with whom they may contract.
      The Trustee may exercise broad discretion in allowing the Manager to administer
      and regulate the operations of the Trust, to act as agent for the Trust, to
      execute documents on behalf of the Trustee, and to make executive decisions
      

    which
      conform to general policies and general principles previously established by
      the
      Trustee.

     

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    (b) The
      Manager or other Persons shall not be required to administer the Trust as its
      sole and exclusive function and may have other business interests and may engage
      in other activities similar or in addition to those relating to the Trust,
      including the rendering of advice or services of any kind to investors or any
      other Persons and the management of other investments.

    

    ARTICLE
      VI

    POWERS
      OF
      AND LIMITATIONS ON THE TRUSTEE

    

    6.1 Limitations
      on Trustee.
      Except
      as contemplated by this Agreement, the Trustee shall not at any time, on behalf
      of the Trust or the Beneficiaries, enter into or engage in any trade or
      business, and no part of any Trust Assets shall be used or disposed of by the
      Trustee in furtherance of any trade or business. Except as the Trustee
      reasonably believes is consistent with and in furtherance of its obligations
      under this Agreement, the Trustee shall be restricted to the holding, collection
      and sale of the Trust Assets and the payment and distribution thereof for the
      purposes set forth in this Agreement and to the conservation and protection
      of
      the Trust Assets and the administration thereof in accordance with the
      provisions of this Agreement. In no event shall the Trustee receive any
      property, make any distribution, satisfy or discharge any claims, expenses,
      charges, liabilities and obligations or otherwise take any action which is
      inconsistent with a complete liquidation of the Partnership within the meaning
      of the Internal Revenue Code of 1986, as amended, Treasury Regulations
      promulgated thereunder, and rulings, decisions and determinations of the
      Internal Revenue Service and courts of competent jurisdiction, or take any
      action which would jeopardize the status of the Trust as a “liquidating trust”
for federal income tax purposes within the meaning of Treasury Regulation
      Section 301.7701-4(d). This limitation shall apply regardless of whether the
      conduct of any such trade or business is deemed by the Trustee to be necessary
      or proper for the conservation and protection of the Trust Assets. The Trustee
      shall not invest any of the cash held as Trust Assets, except that the Trustee
      may invest in (i) direct obligations of the United States of America or
      obligations of any agency or instrumentality thereof which mature not later
      than
      one year from the date of acquisition thereof; (ii) money market deposit
      accounts, checking accounts, savings accounts, or certificates of deposit,
      commercial paper rated not less than A1P1, or other time deposit accounts which
      mature not later than one year from the date of acquisition thereof which are
      issued by a commercial bank, brokerage firm or savings institution organized
      under the laws of the United States of America or any state thereof; or
      (iii) other temporary investments not inconsistent with the Trust’s status
      as a liquidating trust for tax purposes (collectively, “Permitted Investments”).
      It is hereby acknowledged that the Trustee shall not be required to maximize
      the
      investment return on the Trust Assets during the term of this Agreement. The
      Trustee shall be and hereby is relieved of all liability with respect to the
      purchasing, holding or selling of Permitted Investments in accordance with
      the
      terms hereof. The Trustee is not responsible for any losses to the Trust which
      may occur, including, without limitation, by reason of bank failure or the
      amount of the Trust exceeding the Federal Deposit Insurance Corporation
      limits.

    

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    6.2 Specific
      Powers of the Trustee.
      Subject
      to the provisions of Section 6.1, the Trustee shall have the following specific
      powers in addition to any powers conferred upon them by any other Section or
      provision of this Agreement or any statutory laws of the State of [Delaware];
      provided, however, that the enumeration of the following powers shall not be
      considered in any way to limit or control the power of the Trustee to act as
      specifically authorized by any other Section or provision of this Agreement
      and
      to act in such a manner as the Trustee may deem necessary or appropriate to
      conserve and protect any Trust Assets or to confer on the Beneficiaries the
      benefits intended to be conferred upon them by this Agreement:

    

    (a) To
      determine the nature and amount of the consideration to be received with respect
      to the sale or other disposition of, or the grant of interests in, any Trust
      Assets.

    

    (b) To
      collect, liquidate or otherwise convert into cash, or such other property as
      the
      Trustee deems appropriate, all property, assets and rights in any Trust Assets,
      and to pay, discharge and satisfy all other claims, expenses, charges,
      liabilities, and obligations existing with respect to any Trust Assets, the
      Trust or the Trustee.

    

    (c) To
      elect,
      appoint, engage, retain or employ any Persons as agents, representatives,
      employees, or independent contractors (including without limitation real estate
      advisors, investment advisors, accountants, transfer agents, custodians,
      attorneys-at-law, managers, appraisers, brokers, or otherwise) in one or more
      capacities, and to pay compensation from the Trust Assets for services in as
      many capacities as such Person may be so elected, appointed, engaged, retained
      or employed, to prescribe the titles, powers and duties, terms of service and
      other terms and conditions of the election, appointment, engagement, retention
      or employment of such Persons and, except as prohibited by law, to delegate
      any
      of the powers and duties of the Trustee to any one or more Trustees, agents,
      representatives, employers, independent contractors or other
      Persons.

    

    (d) To
      retain
      and set aside such funds out of the Trust as the Trustee shall deem necessary
      or
      expedient to pay, or provide for the payment of (i) unpaid claims,
      expenses, charges, liabilities, and obligations of the Trust or the Partnership,
      except to the extent that liabilities for which the Partnership has previously
      reserved Cash Reserve are satisfied with funds from said Cash Reserve;
      (ii) contingencies; and (iii) the expenses of administering the Trust
      Assets.

    

    (e) To
      do and
      perform any and all acts necessary or appropriate for the conservation and
      protection of the Trust Assets, including acts or things necessary or
      appropriate to maintain Trust Assets held by the Trustee pending sale or other
      disposition thereof or distribution thereof to the Beneficiaries.

    

    (f) To
      hold
      legal title to property of the Trust in the name of the Trust, or in the name
      of
      the Trustee, or of any other Person, without disclosure of the interest of
      the
      Trust therein.

    

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    (g) To
      cause
      any investments of any part of the Trust Assets to be registered and held in
      the
      name of any one or more of its names or in the names of a nominee or nominees
      without increase or decrease of liability with respect thereto.

    

    (h) To
      institute or defend actions or declaratory judgments or other actions and to
      take such other action, in the name of the Trust or the Partnership or as
      otherwise required, as the Trustee may deem necessary or desirable to enforce
      any instruments, contracts, agreements, causes of action, claims or rights
      relating to or forming a part of the Trust Assets.

    

    (i) To
      determine conclusively from time to time the value of and to revalue the
      securities and other property of the Trust, in accordance with independent
      appraisals or other information as it deems necessary or
      appropriate.

    

    (j) To
      cancel, terminate, or amend any instruments, contracts, agreements, obligations
      or causes of action relating to or forming a part of any Trust Assets, and
      to
      execute new instruments, contracts, agreements, obligations or causes of action
      notwithstanding that the terms of any such instruments, contracts, agreements,
      obligations or causes of action may extend beyond the terms of this Trust,
      provided that no such new instrument, contract, agreement, obligation or cause
      of action shall permit the Trustee to engage in any activity prohibited by
      Section 6.1.

    

    (k) To
      vote
      by proxy or otherwise on behalf of the Beneficiaries and with full power of
      substitution all shares of stock and all securities held by the Trustee
      hereunder and to exercise every power, election, discretion, option and
      subscription right and give every notice, make every demand, and to do every
      act
      or thing in respect to any shares of stock or any securities held by the Trustee
      which the Trustee might or could do if the Trustee was the absolute owner
      thereof.

    

    (l) To
      undertake or join in any merger, plan of reorganization, consolidation,
      liquidation, dissolution, readjustment or other transaction of any corporation,
      any of whose shares of stock or other securities, obligations, or properties
      may
      at any time constitute a part of any Trust Assets, and to accept the substituted
      shares of stock, bonds, securities, obligations and properties and to hold
      the
      same in trust in accordance with the provisions hereof.

    

    (m) In
      connection with the sale or other disposition or distribution of any securities
      held by the Trustee, to comply with the applicable federal and state securities
      laws, and to enter into agreements relating to the sale or other disposition
      or
      distribution thereof.

    

    (n) To
      authorize transactions between corporations or other entities whose securities,
      or other interests therein (either in the nature of debt or equity) are held
      by
      the Trustee as part of any Trust Assets.

    

    (o) To
      terminate and dissolve any entities owned by the Trust.

    

    (p) To
      have a
      judicial settlement of its account of the Trust at any time to the extent it
      determines necessary or advisable.

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

    (q) To
      perform any act authorized, permitted, or required under any instrument,
      contract, agreement, right, obligation or cause of action relating to or forming
      a part of any Trust Assets whether in the nature of an approval, consent, demand
      or notice thereunder or otherwise, unless such act would require the consent
      of
      the Beneficiaries in accordance with the express provisions of this
      Agreement.

    

    ARTICLE
      VII

    CONCERNING
      THE TRUSTEE,

    BENEFICIARIES,
      EMPLOYEES AND AGENTS

    

    7.1 Generally.
      The
      Trustee accepts and undertakes to discharge the Trust created by this Agreement,
      upon the terms and conditions thereof on behalf of the Beneficiaries. 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 its exercise as a
      prudent man would exercise or use under the circumstances in the conduct of
      his
      own affairs. No provision of this Agreement shall be construed to relieve the
      Trustee from liability for its own willful misconduct, knowingly and
      intentionally committed in bad faith, except that:

    

    (a) No
      successor Trustee shall be in any way responsible for the acts or omissions
      of
      the Trustee in office prior to the date on which he or it becomes a
      Trustee.

    

    (b) The
      Trustee shall not be liable for the performance of such duties and obligations
      as are specifically set forth in this Agreement except for its bad faith or
      willful misconduct, and no implied covenants or obligations shall be read into
      this Agreement against the Trustee.

    

    (c) The
      Trustee may conclusively rely, as to the truth of the statements and the
      correctness of the opinions expressed therein, upon any certificates or opinions
      furnished to the Trustee and conforming to the requirements of this
      Agreement.

    

    (d) The
      Trustee shall not be liable for any act which the Trustee may do or omit to
      do
      hereunder, or for any mistake of fact or law, or for any error of judgment,
      or
      for the misconduct of any employee, agent, representative or attorney appointed
      by it, or for anything that it may do or refrain from doing in connection with
      this Agreement while acting in good faith; unless caused by or arising from
      gross negligence, willful misconduct, fraud or any other breach of fiduciary
      duty of the Trustee or any of its employees, agents, representatives or
      attorneys.

     

    (e) The
      duties and obligations of the Trustee shall be limited to and determined solely
      by the express provisions of this Agreement, and no implied duties or
      obligations shall be read into this Agreement against the Trustee. 

    

    7.2 Reliance
      by Trustee.
      Except
      as otherwise provided in Section 7.1:

    

    (a) The
      Trustee may rely and shall be protected in acting upon any resolution,
      certificate, statement, instrument, opinion, report, notice, request, consent,
      order, or other paper or document believed by it to be genuine and to have
      been
      signed or presented by the proper party or parties.

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

    (b) The
      Trustee may consult with legal counsel, auditors or other experts to be selected
      by it, including firms with which the Trustee may be an affiliate, and the
      advice or opinion of such counsel, accountants, auditors or other experts shall
      be full and complete protection to the Trustee, the employees and the agents
      of
      the Trustee in respect of any action taken or omitted or suffered by them in
      good faith and in reliance on, or in accordance with, such advice or opinion.
      

    

    (c) Persons
      dealing with the Trustee shall look only to the Trust Assets to satisfy any
      liability relating to the Trust Assets incurred by the Trustee to such Person
      in
      carrying out the terms of this Trust, and the Trustee shall have no obligation
      to satisfy any such liability. 

    

    (d) As
      far as
      practicable and except as expressly permitted above, the Trustee shall cause
      any
      written instrument creating an obligation of the Trust to include a reference
      to
      this Agreement and to provide that neither the Beneficiaries, the Trustee nor
      their agents shall be liable thereunder and that the other parties to such
      instrument shall look solely to the Trust Assets for the payment of any claim
      thereunder or the performance thereof; provided, however, that the omission
      of
      such provision from any such instrument shall not render the Beneficiaries,
      the
      Trustee, or their agents liable, nor shall the Trustee be liable to anyone
      for
      such omission.

    

    7.3 Limitation
      on Liability to Third Persons.
      No
      Beneficiary shall be subject to any personal liability whatsoever, in tort,
      contract or otherwise, to any Person in connection with the Trust Assets or
      the
      affairs of this Trust; and neither the Trustee nor any employee or agent of
      this
      Trust shall be subject to any personal liability whatsoever, in tort, contract
      or otherwise, to any Person in connection with any Trust Assets or the affairs
      of this Trust, except for such Person’s own willful misconduct, knowingly and
      intentionally committed in bad faith; and all such other Persons shall look
      solely to any Trust Assets for satisfaction of claims of any nature arising
      in
      connection with the affairs of this Trust. The Trustee shall, at all times,
      maintain insurance for the protection of all Trust Assets, its Beneficiaries,
      the Trustee and its employees and agents in such amount as the Trustee shall
      deem adequate to cover all foreseeable liability to the extent available at
      reasonable rates.

    

    7.4 Recitals.
      Any
      written instrument creating an obligation of this Trust shall be conclusively
      taken to have been executed or done by the Trustee, or the employee or agent
      of
      this Trust only in its capacity as Trustee under this Agreement or in his
      capacity as employee or agent of the Trust.

    

    7.5 Indemnification.
      The
      Trustee and each of its employees and agents (each an “Indemnified Person” and
      collectively, the “Indemnified Persons”) shall be indemnified out of all Trust
      Assets against all liabilities and expenses, including amounts paid in
      satisfaction of judgments, in compromise or as fines and penalties, and all
      costs and expenses, including, but not limited to, reasonable counsel fees
      and
      disbursements paid or incurred in investigating or defending against any such
      claim, demand, action, suit or proceeding by the Indemnified Persons in
      connection with the defense or disposition of any action, suit or other
      proceeding by the Trust or any other Person, whether civil or criminal, in
      which
      the Indemnified Person may be involved or with which the Indemnified Person
      may
      be threatened while in office or thereafter, by reason
      of
      its or his being or having been such a Trustee, employee or agent; provided,
      however, that the Indemnified Person shall not be entitled to such
      indemnification in respect of any matter 

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

       

      

        as
          to
          which the Indemnified Person shall have been adjudicated to have acted
          in bad
          faith or with willful misfeasance or in reckless disregard of the Indemnified
          Person’s duties. The rights accruing to any Indemnified Person under these
          provisions shall not exclude any other right to which the Indemnified Person
          may
          be lawfully entitled. The Trustee may make advance payments in connection
          with
          indemnification under this Section, provided that the Indemnified Person
          shall
          have given a written undertaking to repay any amount advanced to the Indemnified
          Person and to reimburse the Trust in the event it is subsequently determined
          in
          a final adjudication by a court of law that the Indemnified Person is not
          entitled to such indemnification. The Trustee may purchase such insurance
          as it
          believes, in the exercise of its discretion, adequately insures that each
          Indemnified Person shall be indemnified against any such loss, liability
          or
          damage pursuant to this Section. The rights accruing to any Indemnified
          Person
          by reason of the foregoing shall not be deemed to exclude any other right
          to
          which he may legally be entitled nor shall anything else contained herein
          restrict the right of the Trustee to indemnify or reimburse such Indemnified
          Person in any proper case even though not specifically provided for herein,
          nor
          shall anything contained herein restrict the right of any such Indemnified
          Person to contribution under applicable law. As security for the timely
          and full
          payment and satisfaction of all of the present and future obligations of
          the
          parties to the Trustee under this Agreement, including without limitation
          the
          indemnity obligations hereunder, whether joint or several, the Trust (and
          by
          accepting distributions hereunder, each Beneficiary) hereby grants to the
          Trustee a continuing security interest in and to any and all of the Trust
          Assets, whether now existing or hereafter acquired or created, together
          with the
          products and proceeds thereof, all payments and other distributions with
          respect
          thereto, and any and all investments, renewals, substitutions, modifications
          and
          extensions of any and all of the foregoing. The Trustee shall have all
          of the
          rights and remedies of a secured party under the Uniform Commercial Code.
          In
          addition, in the event the Trustee has not received any payment, indemnity,
          reimbursement or other amount due it under this Agreement, then, notwithstanding
          any other term or provision of this Agreement, the Trustee may in its discretion
          set off and apply any of the Trust Assets as is required to pay and satisfy
          those obligations. Promptly after the receipt by the Trustee of notice
          of any
          demand or claim or the commencement of any action, suit or proceeding,
          the
          Trustee shall, if a claim in respect thereof is to be made against any
          of the
          other parties hereto, notify such other parties thereof in writing; but
          the
          failure by the Trustee to give such notice shall not relieve any party
          from any
          liability which such party may have to the Trustee hereunder. Notwithstanding
          any obligation to make payments and deliveries hereunder, the Trustee may
          retain
          and hold for such time as it reasonably deems necessary such amount of
          the Trust
          Assets as it shall from time to time in its sole discretion reasonably
          deem
          sufficient to indemnify itself for any such loss or expense and for any
          amounts
          due it hereunder. Except as required by law or as expressly provided herein,
          the
          Trustee shall be under no duty to institute any suit, or to take any remedial
          procedures under this Agreement, or to enter any appearance or in any way
          defend
          any suit in which it may be made a defendant hereunder until it shall be
          indemnified as provided above, except as expressly set forth
          herein.

      

       

      

        
          
            
            

          

          
            -15-

            
              

            

          

          
            
            

          

        

    

    7.6 Rights
      of Trustees, Employees, Independent Contractors and Agents to Own Trust Units
      or
      Other Property and to Engage in Other Business.
      Any
      Trustee, employee, independent contractor or agent may own, hold and dispose
      of
      Trust Units for its or his individual account, and may exercise all rights
      thereof and thereunder to the same extent and in the same manner as if it were
      not a Trustee, employee, independent contractor or agent. Any Trustee, employee,
      independent contractor or agent may, in his personal capacity or in a capacity
      of trustee, officer, director, shareholder, partner, member, advisor, employee
      of any Person or otherwise, have business interests and holdings similar to
      or
      in addition to those relating to the Trust. Subject to the provisions of Article
      V hereof, any Trustee, employee, independent contractor or agent of the Trust
      may be a trustee, officer, director, shareholder, partner, member, advisor,
      employee or independent contractor of, or otherwise have a direct or indirect
      interest in, any Person who may be engaged to render advice or services to
      the
      Trust, and may receive compensation from such Person as well as compensation
      as
      Trustee, employee, independent contractor or agent or otherwise hereunder so
      long as such interest is disclosed to the Trustee. None of these activities
      in
      and of themselves shall be deemed to conflict with its duties as Trustee,
      employee, independent contractor or agent.

    

    7.7 Contribution
      Back. In
      the
      event any amount of Trust Assets released to a party under this Agreement is
      invalidated, declared to be fraudulent or preferential or must otherwise be
      restored or returned by the Trustee in connection with the insolvency,
      bankruptcy or reorganization of such party, whether by order of or settlement
      before any court or other authority or otherwise, such party shall contribute
      back to the Trust an amount such that such party will be affected by that
      invalidation, declaration, restoration or return ratably in proportion to the
      distributions it received under this Agreement, together with any related
      assignment, release or other instrument or document the Trustee may request
      to
      restore the status quo
      ante.

     

    

    ARTICLE
      VIII

    PROTECTION
      OF PERSONS DEALING WITH THE TRUSTEE

    

    8.1 Action
      by Trustee.
      All
      action required or permitted to be taken by the Trustee, in its capacity as
      Trustee, shall be taken by a written vote, resolution, or other writing signed
      by the Trustee then serving.

    

    8.2 Reliance
      on Statements by the Trustee.
      Any
      Person dealing with the Trustee shall be fully protected in relying upon the
      Trustee’s certificate or instrument signed by the Trustee that it has authority
      to take any action under this Trust.

    

     

    ARTICLE
      IX

    COMPENSATION
      OF TRUSTEE

    

    9.1 Amount
      of Compensation.
      The
      compensation of the Trustee shall be in accordance with the terms specified
      on
Schedule A
      hereto
      or upon such other terms and conditions as may be agreed upon by the Trustee
      and
      the Beneficiaries holding Trust Units representing at least a majority of the
      aggregate Beneficial Interests. Schedule A
      shall
      apply only to the initial Trustee and, in the event a successor to the initial
      Trustee shall
      serve, such schedule shall be deleted from this Agreement and neither such
      deletion nor the substitution of a counterpart schedule applicable to the
      successor Trustee shall constitute an amendment of this Agreement.

     

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

     

    9.2 Dates
      and Timing of Payment.
      The
      compensation payable to the Trustee pursuant to the provisions of Section 9.1
      shall be in accordance with Schedule A
      or, if
Schedule A
      is no
      longer in force, at such other times as the Trustee may determine.

    

    9.3 Expenses.
      The
      Trustee shall be reimbursed from the Trust Assets for all expenses reasonably
      incurred by it in the performance of its duties in accordance with this
      Agreement including the reasonable compensation and out-of-pocket expenses
      of
      attorneys, accountants, appraisers, consultants and other persons retained
      by
      the Trustee or the Manager pursuant to the terms of this Agreement.

    

    ARTICLE
      X

    THE
      TRUSTEE AND SUCCESSOR TRUSTEE

    

    10.1 Number
      and Qualification of Trustees.
      Subject
      to the provisions of Section 10.3 relating to the period pending the appointment
      of a successor Trustee, there shall be one Trustee of this Trust, which shall
      be
      a citizen and resident of or a corporation or other entity which is incorporated
      or formed under the laws of a state of the United States and, if a corporation,
      it shall be authorized to act as a corporate fiduciary under the laws of the
      State of [Delaware]. The number of Trustees may be increased or decreased from
      time to time by the Trustee. 

    

    If
      any
      corporate Trustee shall ever change its name, or shall reorganize or
      reincorporate, or shall merge with or into or consolidate with any other
      corporation or entity, bank or trust company, such corporate Trustee shall
      be
      deemed to be a continuing entity and shall continue to act as a Trustee
      hereunder with the same liabilities, duties, powers, titles, discretions and
      privileges as are herein specified for a Trustee.

    

    10.2 Resignation
      and Removal.
      Any
      Trustee may resign and be discharged from the Trust hereby created by giving
      written notice thereof to any remaining Trustee or Trustees or by giving written
      notice to the Beneficiaries holding Beneficial Interests representing an
      aggregate of at least a majority of the total Beneficial Interests. Such
      resignation shall become effective on the day specified in such notice or upon
      the appointment of such Trustee’s successor and such successor’s acceptance of
      such appointment, whichever is earlier. Any Trustee may be removed at any time,
      with or without cause, by Beneficiaries having an aggregate Beneficial Interest
      of at least a majority of the total Beneficial Interests in the Trust. All
      obligations of the Trustee hereunder shall cease and terminate on the effective
      date of its resignation and its sole responsibility thereafter shall be to
      hold
      the Trust Assets for a period of thirty (30) calendar days following the
      effective date of resignation, at which time, if a successor Trustee shall have
      been appointed and have accepted such appointment in a writing to the
      Beneficiaries, then upon written notice thereof given by a representative of
      the
      Beneficiaries to the resigning Trustee, the resigning Trustee shall deliver
      the
      Trust Assets to the successor Trustee. If a successor Trustee shall not have
      been appointed within a thirty (30) day period from the predecessor Trustee’s
      resignation, for any reason
      whatsoever, the resigning Trustee shall deliver the Trust Assets to a court
      of
      competent jurisdiction in the county in which the Trust Assets are there being
      held and give written notice of the same to the parties hereto.

     

    The
      resigning Trustee shall be entitled to payment of any unpaid fees (which shall
      be pro-rated as of the effective date of the resignation) and expenses and
      to
      reimbursement by the Beneficiaries out of the Trust Assets for any expenses
      incurred in connection with the transfer of the Trust Assets pursuant to and
      in
      accordance with the provisions of this section.

     

    

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

     

    10.3 Appointment
      of Successor.
      Should
      at any time a Trustee resign or be removed, die, become mentally incompetent
      or
      incapable of action (as determined by the Beneficiaries holding Trust Units
      representing an aggregate of at least a majority of the total Beneficial
      Interests in the Trust), or be adjudged bankrupt or insolvent, unless any
      remaining Trustees shall decrease the number of Trustees of the Trust pursuant
      to Section 10.1 hereof, a vacancy shall be deemed to exist and a successor
      shall
      be appointed by any remaining Trustees. If such a vacancy is not filled by
      any
      remaining Trustees within ninety (90) days, the remaining Trustees must notify
      the Beneficiaries of their inability to fill such vacancy, and the Beneficiaries
      may, pursuant to Article XII hereof, call a meeting to appoint a successor
      Trustee by Beneficiaries holding Trust Units representing an aggregate of at
      least a majority of the total Beneficial Interests in the Trust. Pending the
      appointment of a successor Trustee, the remaining Trustee or Trustees then
      serving may take any action in the manner set forth in Section 8.1.

    

    10.4 Acceptance
      of Appointment by Successor Trustee.
      Any
      successor Trustee appointed hereunder shall execute an instrument accepting
      such
      appointment hereunder and shall deliver one counterpart thereof to each of
      the
      other Trustees and, in case of a resignation, to the resigning Trustee.
      Thereupon such successor Trustee shall, without any further act, become vested
      with all the estates, properties, rights, powers, trusts and duties of his
      or
      its predecessor in the Trust hereunder with like effect as if originally named
      therein; but the resigning Trustee shall nevertheless, when requested in writing
      by the successor Trustee or by the remaining Trustees, execute and deliver
      an
      instrument or instruments conveying and transferring to such successor Trustee
      upon the trust herein expressed, all the estates, properties, rights, powers
      and
      trusts of such resigning Trustee, and shall duly assign, transfer and deliver
      to
      such successor Trustee all property and money held by it hereunder.

    

    10.5 Bonds.
      No bond
      shall be required of the original Trustee hereunder, and no bond shall be
      required of any successor Trustee hereunder. If a bond is required by law,
      no
      surety or security with respect to such bond shall be required unless required
      by law.

    

    ARTICLE
      XI

    CONCERNING
      THE BENEFICIARIES

    

    11.1 Evidence
      of Action by Beneficiaries.
      Whenever in this Agreement it is provided that the Beneficiaries may take any
      action (including the making of any demand or request, the giving of any notice,
      consent, or waiver, the removal of a Trustee, the appointment of a successor
      Trustee, or the taking of any other action), the fact
      that
      at the time of taking any such action such Beneficiaries have joined therein
      may
      be evidenced (i) by any instrument or any number of instruments of similar
      tenor executed by Beneficiaries in person or by agent or attorney appointed
      in
      writing, or (ii) by the record of the Beneficiaries voting in favor thereof
      at any meeting of Beneficiaries duly called and held in accordance with the
      provisions of Article XII.

     

    

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

     

    11.2 Limitation
      on Suits by Beneficiaries.
      No
      Beneficiary shall have any right by virtue of any provision of this Agreement
      to
      institute any action or proceeding at law or in equity against any party other
      than the Trustees upon or under or with respect to any Trust Assets or the
      agreements relating to or forming part of any Trust Assets, and the
      Beneficiaries do hereby waive any such right.

    

    11.3 Requirement
      of Undertaking.
      The
      Trustee may request any court to require, and any court may in its discretion
      require, in any suit for the enforcement of any right or remedy under this
      Agreement, or in any suit against the Trustee for any action taken or omitted
      by
      it as Trustee, the filing by any party litigant in such suit of an undertaking
      to pay the costs of such suit, and such court may in its discretion assess
      reasonable costs, including reasonable attorneys’ fees, against any party
      litigant in such suit, having due regard to the merits and good faith of the
      claims or defenses made by such party litigant; provided, however, that the
      provisions of this Section shall not apply to any suit by the
      Trustee.

    

    ARTICLE
      XII

    MEETING
      OF BENEFICIARIES

    

    12.1 Purpose
      of Meetings.
      A
      meeting of the Beneficiaries may be called at any time and from time to time
      pursuant to the provisions of this Article for the purposes of taking any action
      which the terms of this Agreement permit a Beneficiary having a specified
      aggregate Beneficial Interest to take either acting alone or with the
      Trustee.

    

    12.2 Meeting
      Called by Trustee.
      The
      Trustee may at any time call a meeting of the Beneficiaries of the Trust to
      be
      held at such time and at such place within the State of [Delaware]
      (or
      elsewhere if so determined by a majority of the Trustees) as the Trustee shall
      determine. Written notice of every meeting of the Beneficiaries shall be given
      by the Trustee (except as provided in Section 12.3), which written notice will
      set forth the time and place of such meeting and in general terms the action
      proposed to be taken at such meeting, and shall be mailed not more than sixty
      (60) nor less than ten (10) days before such meeting is to be held to all of
      the
      Beneficiaries of record not more than sixty (60) days before the date of such
      meeting. The notice shall be directed to the Beneficiaries at their respective
      addresses as they appear in the records of the Trust.

    

    12.3 Meeting
      Called on Request of Beneficiaries.
      Within
      thirty (30) days after written request to the Trustee by Beneficiaries holding
      Trust Units representing at least a majority of the aggregate Beneficial
      Interests to call a meeting of all of the Beneficiaries, which written request
      shall specify in reasonable detail the action proposed to be taken, the Trustee
      shall proceed under the provisions of Section 12.2 to call a meeting of the
      Beneficiaries, and if the Trustee fails to call such meeting within such thirty
      (30) day period then such meeting may be called by Beneficiaries holding Trust
      Units representing at least a majority of the aggregate Beneficial
      Interests.

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

    

    12.4 Persons
      Entitled to Vote at Meeting of Beneficiaries.
      Each
      Beneficiary shall be entitled to vote at a meeting of the Beneficiaries of
      the
      Trust either in person or by his proxy duly authorized in writing. The vote
      of
      each Beneficiary shall be weighted based on the number of Trust Units in the
      Trust held by each Beneficiary determined pursuant to the list described in
      Section 3.1, as such list is amended hereby. The signature of the Beneficiary
      on
      such written authorization need not be witnessed or notarized.

    

    12.5 Quorum.
      At any
      meeting of Beneficiaries, the presence of Beneficiaries holding Trust Units
      representing at least a majority of the aggregate Beneficial Interests
      sufficient to take action on any matter for the transaction of which such
      meeting was called shall be necessary to constitute a quorum; but if less than
      a
      quorum be present, Beneficiaries having aggregate Beneficial Interests of more
      than 50% of the total Beneficial Interests in the Trust of all Beneficiaries
      represented at the meeting may adjourn such meeting with the same effect and
      for
      all intents and purposes as though a quorum had been present.

    

    12.6 Adjournment
      of Meeting.
      Subject
      to Section 12.5 hereof, any meeting of Beneficiaries of the Trust may be
      adjourned from time to time and a meeting may be held at such adjourned time
      and
      place without further notice.

    

    12.7 Conduct
      of Meetings.
      The
      Trustee shall appoint the Chairman and the Secretary of the meeting. The vote
      upon any proposal submitted to any meeting of Beneficiaries shall be by written
      ballot. An Inspector of Votes, appointed by the Chairman of the meeting, shall
      count all votes cast at the meeting for or against any proposal and shall make
      and file with the Secretary of the meeting its verified written
      report.

    

    12.8 Record
      of Meeting.
      A
      record of the proceedings of each meeting of Beneficiaries of the Trust shall
      be
      prepared by the Secretary of the meeting. The record shall be signed and
      verified by the Secretary of the meeting and shall be delivered to the Trustee
      to be preserved by it. Any record so signed and verified shall be conclusive
      evidence of all the matters therein stated.

    

    ARTICLE
      XIII

    AMENDMENTS

    

    13.1 Consent
      of Beneficiaries.
      At the
      direction or with the consent of Beneficiaries holding Trust Units representing
      at least a majority of the aggregate Beneficial Interests, or such greater
      percentage as shall be specified in this Agreement for the taking of an action
      by the Beneficiaries under the affected provision of this Agreement, the Trustee
      shall promptly make and execute a declaration amending this Agreement for the
      purpose of adding any material provisions to or changing in any material manner
      or eliminating any of the material provisions of this Agreement or amendments
      thereto as they apply to the Trust; provided, however, that no such amendment
      shall permit the Trustee to engage in any activity prohibited by Section 6.1
      hereof or affect the Beneficiaries’ rights to receive their pro
      rata
      shares
      of the Trust Assets at the time of distribution; provided further, however,
      that
      no consent of the Beneficiaries
      shall be required with respect to any amendment made solely for the purpose
      of
      facilitating the transferability by Beneficiaries of Trust Units or to comply
      with applicable laws, including tax laws, so long as such amendment has been
      approved by the Trustee. Further, the Trustee may amend this Trust Agreement
      as
      it deems reasonably necessary for the purpose of (i) obtaining no-action
      letter or similar relief from the Securities and Exchange Commission; and/or
      (ii) making changes to this Agreement that do not adversely affect the
      rights of the Beneficiaries.

     

    

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

     

    13.2 Notice
      and Effect of Amendment.
      Promptly after the execution by the Trustee of any such declaration of
      amendment, the Trustee shall give notice of the substance of such amendment
      to
      the Beneficiaries or, in lieu thereof, the Trustee may send a copy of the
      amendment to each Beneficiary. Upon the execution of any such declaration of
      amendment by the Trustee, this Agreement shall be deemed to be modified and
      amended in accordance therewith and the respective rights, limitations of
      rights, obligations, duties, and immunities of the Trustee and the Beneficiaries
      under this Agreement with respect to the Trust shall thereafter be determined,
      exercised and enforced hereunder subject in all respects to such modification
      and amendments, and all the terms and conditions of any such amendment shall
      be
      thereby deemed to be part of the terms and conditions of this Agreement for
      any
      and all purposes.

    

    13.3 Trustee’s
      Declining to Execute Documents.
      If, in
      the reasonable opinion of the Trustee, any document required to be executed
      pursuant to the terms of Section 13.2 hereof adversely affects any right,
      obligation, immunity or indemnity in favor of the Trustee under this Agreement,
      the Trustee may in its discretion decline to execute such document.

    

    ARTICLE
      XIV

    MISCELLANEOUS
      PROVISIONS

    

    14.1 Filing
      Documents.
      This
      Agreement shall be filed or recorded in such office or offices as the Trustee
      may determine to be necessary or desirable. A copy of this Agreement and all
      amendments thereof shall be maintained in the office of the Trustee and shall
      be
      available at all times during regular business hours for inspection by any
      Beneficiary or his duly authorized representative. The Trustee shall file or
      record any amendment of this Agreement in the same places where the original
      Agreement is filed or recorded. The Trustee shall file or record any instrument
      which relates to any change in the office of the Trustee in the same places
      where the original Agreement is filed or recorded.

    

    14.2 Intention
      of Parties to Establish Trust.
      This
      Agreement is not intended to create and shall not be interpreted as creating
      a
      corporation, association, partnership, or joint venture of any kind for purposes
      of federal income taxation or for any other purpose.

    

    14.3 Beneficiaries
      Have No Rights or Privileges as Holders of Partnership Interests.
      Except
      as expressly provided in this Agreement or under applicable law, the
      Beneficiaries shall have no rights or privileges attributable to their former
      status as holders of Partnership Interests.

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

    

    

    14.4 Laws
      as to Construction.
      THE
      TRUSTEE, AND THE BENEFICIARIES (BY THEIR ACCEPTANCE OF ANY DISTRIBUTIONS MADE
      TO
      THEM PURSUANT TO THIS AGREEMENT), CONSENT AND AGREE THAT THIS AGREEMENT SHALL
      BE
      GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE
      OF
      [DELAWARE], WITHOUT REFERENCE TO THE CHOICE OF LAW PRINCIPLES THEREOF. EACH
      OF
      THE PARTIES HERETO IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE
      COURTS OF THE STATE OF [DELAWARE] AND THE UNITED STATES DISTRICT COURT FOR
      ANY
      DISTRICT WITHIN SUCH STATE FOR THE PURPOSE OF ANY SUIT, ACTION, PROCEEDING
      OR
      JUDGMENT RELATING TO OR ARISING OUT OF THIS AGREEMENT AND THE TRANSACTIONS
      CONTEMPLATED HEREBY. SERVICE OF PROCESS IN CONNECTION WITH ANY SUCH SUIT, ACTION
      OR PROCEEDING MAY BE SERVED ON EACH PARTY HERETO ANYWHERE IN THE WORLD BY THE
      SAME METHODS AS ARE SPECIFIED FOR THE GIVING OF NOTICES UNDER THIS AGREEMENT.
      EACH OF THE PARTIES HERETO IRREVOCABLY CONSENTS TO THE JURISDICTION OF ANY
      SUCH
      COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING AND TO THE LAYING OF VENUE IN
      SUCH
      COURT. EACH PARTY HERETO IRREVOCABLY WAIVES ANY OBJECTION TO THE LAYING OF
      VENUE
      OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH COURTS AND IRREVOCABLY
      WAIVES ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH
      COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH OF THE PARTIES HERETO
      AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING SHALL BE CONCLUSIVE
      AND
      MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER
      MANNER PROVIDED BY LAW. ALL PARTIES WAIVE THE RIGHT TO A JURY TRIAL OF ALL
      SUCH
      DISPUTES, CLAIMS AND DEMANDS.

     

    14.5 Severability.
      In the
      event any provision of this Agreement or the application thereof to any Person
      or circumstances shall be finally determined by a court of proper jurisdiction
      to be invalid or unenforceable to any extent, the remainder of this Agreement,
      or the application of such provision to persons or circumstances other than
      those as to which it is held invalid or unenforceable, shall not be affected
      thereby, and each provision of this Agreement shall be valid and enforced to
      the
      fullest extent permitted by law.

    

    14.6 Notices.
      Any
      notice or other communication by the Trustee to any Beneficiary shall be deemed
      to have been sufficiently given, for all purposes, if deposited, postage
      prepaid, in a post office or letter box addressed to such Person at his address
      as shown in the records of the Trust.

    

    All
      notices and other communications hereunder shall be in writing and shall be
      deemed to have been duly given if delivered personally or sent by cable,
      telegram, facsimile transmission or telex to the Trustee at the following
      address or at such other addresses as shall be specified by the
      Trustee:

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

    

    If
      to the
      Trustee:

    

    PLM
      Financial Services, Inc.

    405
      Lexington Avenue, 67th
      Floor

    New
      York,
      NY 10174

    Fax:
      (212) 682-3464

    

    14.7 Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      an original, but such counterparts shall together constitute but one and the
      same instrument.

    

    

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the General Partner of the Grantor has caused this Agreement
      to
      be executed by an authorized officer, and the Trustee hereunder has executed
      this Agreement, as Trustee and not as an individual, as of the date first set
      forth herein.

    

    

    GRANTOR: PLM
      EQUIPMENT GROWTH & INCOME FUND VII,

    a
      California limited partnership

     

    
      	 	
              By:

            	
              PLM
                Financial Services, Inc., its General
                Partner

            

    

    

     

    By:     
      /s/
      Richard K Brock

        
      Richard K Brock, Chief Financial Officer

    

    

    

    TRUSTEE: PLM
      FINANCIAL SERVICES, INC.

    

    By:    
       /s/
      Richard K Brock

        
      Richard K Brock, Chief Financial Officer

    

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

    

    

    SCHEDULE
      OF FEES

    to
      act
      as

    TRUSTEE,
      REGISTRAR, TRANSFER AGENT AND DISTRIBUTION AGENT

    OF
      THE
      LIQUIDATING TRUST

    

    The
      Trustee shall receive no compensation for its services hereunder other than
      an
      amount equivalent to the compensation and other payments that the Trustee would
      have received as General Partner of the Partnership for the same or similar
      services undertaken by the Trustee hereunder if the General Partner had
      undertaken such services on behalf of the Partnership. The Trustee shall be
      entitled to receive such compensation at the times and in the manner that it
      would have received such compensation as General Partner of the
      Partnership.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    to

    Bill
      of
      Sale, Assignment, Acceptance and Assumption Agreement

    

    

    Transferred
      AssetsUnassociated 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
      2006-4

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    

    TABLE
      OF CONTENTS

     

    Section

    

      
        	
                ARTICLE
                  I DEFINITIONS

              
	 
	
                SECTION
                  1.01

              	
                Defined
                  Terms.

              
	
                SECTION
                  1.02

              	
                Allocation
                  of Certain Interest Shortfalls.

              
	 
	
                ARTICLE
                  II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF
                  CERTIFICATES

              
	 
	
                SECTION
                  2.01

              	
                Conveyance
                  of Mortgage Loans.

              
	
                SECTION
                  2.02

              	
                Acceptance
                  of the Trust Fund by the Trustee.

              
	
                SECTION
                  2.03

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

              
	
                SECTION
                  2.04

              	
                Reserved.

              
	
                SECTION
                  2.05

              	
                Representations,
                  Warranties and Covenants of the Master Servicer.

              
	
                SECTION
                  2.06

              	
                Issuance
                  of the Certificates.

              
	
                SECTION
                  2.07

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

              
	 
	
                ARTICLE
                  III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS

              
	 
	
                SECTION
                  3.01

              	
                Master
                  Servicer to Act as Master Servicer.

              
	
                SECTION
                  3.02

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

              
	
                SECTION
                  3.03

              	
                Successor
                  Sub-Servicers.

              
	
                SECTION
                  3.04

              	
                Liability
                  of the Master Servicer.

              
	
                SECTION
                  3.05

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

              
	
                SECTION
                  3.06

              	
                Assumption
                  or Termination of Sub-Servicing Agreements by Trustee.

              
	
                SECTION
                  3.07

              	
                Collection
                  of Certain Mortgage Loan Payments.

              
	
                SECTION
                  3.08

              	
                Sub-Servicing
                  Accounts.

              
	
                SECTION
                  3.09

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

              
	
                SECTION
                  3.10

              	
                Collection
                  Account and Distribution Account.

              
	
                SECTION
                  3.11

              	
                Withdrawals
                  from the Collection Account and Distribution Account.

              
	
                SECTION
                  3.12

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

              
	
                SECTION
                  3.13

              	
                Maintenance
                  of the Primary Mortgage Insurance Policies; Collections
                  Thereunder.

              
	
                SECTION
                  3.14

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

              
	
                SECTION
                  3.15

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

              
	
                SECTION
                  3.16

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              
	
                SECTION
                  3.17

              	
                Trustee
                  to Cooperate; Release of Mortgage Files.

              
	
                SECTION
                  3.18

              	
                Servicing
                  Compensation.

              
	
                SECTION
                  3.19

              	
                Reports
                  to the Trust Administrator; Collection Account
                  Statements.

              
	
                SECTION
                  3.20

              	
                Statement
                  as to Compliance.

              
	
                SECTION
                  3.21

              	
                Assessments
                  of Compliance and Attestation Reports.

              
	
                SECTION
                  3.22

              	
                Access
                  to Certain Documentation.

              
	
                SECTION
                  3.23

              	
                Title,
                  Management and Disposition of REO Property.

              
	
                SECTION
                  3.24

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

              
	
                SECTION
                  3.25

              	
                Obligations
                  of the Master Servicer in Respect of Monthly Payments.

              
	 	 
	
                ARTICLE
                  IV PAYMENTS TO CERTIFICATEHOLDERS

              
	 	 
	
                SECTION
                  4.01

              	
                Distributions.

              
	
                SECTION
                  4.02

              	
                Statements
                  to Certificateholders.

              
	
                SECTION
                  4.03

              	
                Remittance
                  Reports; P&I Advances.

              
	
                SECTION
                  4.04

              	
                Allocation
                  of Extraordinary Trust Fund Expenses and Realized
                  Losses.

              
	
                SECTION
                  4.05

              	
                Compliance
                  with Withholding Requirements.

              
	
                SECTION
                  4.06

              	
                Commission
                  Reporting.

              
	
                SECTION
                  4.07

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

              
	 
	
                ARTICLE
                  V THE CERTIFICATES

              
	 
	
                SECTION
                  5.01

              	
                The
                  Certificates.

              
	
                SECTION
                  5.02

              	
                Registration
                  of Transfer and Exchange of Certificates.

              
	
                SECTION
                  5.03

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              
	
                SECTION
                  5.04

              	
                Persons
                  Deemed Owners.

              
	
                SECTION
                  5.05

              	
                Certain
                  Available Information.

              
	 
	
                ARTICLE
                  VI THE DEPOSITOR AND THE MASTER SERVICER

              
	 
	
                SECTION
                  6.01

              	
                Liability
                  of the Depositor and the Master Servicer.

              
	
                SECTION
                  6.02

              	
                Merger
                  or Consolidation of the Depositor or the Master
                  Servicer.

              
	
                SECTION
                  6.03

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

              
	
                SECTION
                  6.04

              	
                Limitation
                  on Resignation of the Master Servicer.

              
	
                SECTION
                  6.05

              	
                Rights
                  of the Depositor in Respect of the Master Servicer.

              
	 
	
                ARTICLE
                  VII DEFAULT

              
	 
	
                SECTION
                  7.01

              	
                Master
                  Servicer Events of Default.

              
	
                SECTION
                  7.02

              	
                Trustee
                  to Act; Appointment of Successor.

              
	
                SECTION
                  7.03

              	
                Notification
                  to Certificateholders.

              
	
                SECTION
                  7.04

              	
                Waiver
                  of Master Servicer Events of Default.

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

              
	 
	
                SECTION
                  8.01

              	
                Duties
                  of Trustee, Trust Administrator and Others.

              
	
                SECTION
                  8.02

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

              
	
                SECTION
                  8.03

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

              
	
                SECTION
                  8.04

              	
                Trustee,
                  Trust Administrator and Others May Own Certificates.

              
	
                SECTION
                  8.05

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

              
	
                SECTION
                  8.06

              	
                Eligibility
                  Requirements for Trustee and Trust Administrator.

              
	
                SECTION
                  8.07

              	
                Resignation
                  and Removal of the Trustee and the Trust Administrator.

              
	
                SECTION
                  8.08

              	
                Successor
                  Trustee or Trust Administrator.

              
	
                SECTION
                  8.09

              	
                Merger
                  or Consolidation of Trustee or Trust Administrator.

              
	
                SECTION
                  8.10

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              
	
                SECTION
                  8.11

              	
                [Reserved].

              
	
                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-A1 Certificate

              
	
                Exhibit
                  A-2

              	
                Form
                  of Class 1-XS Certificate

              
	
                Exhibit
                  A-3

              	
                Form
                  of Class 1-PO Certificate

              
	
                Exhibit
                  A-4

              	
                Form
                  of Class 2-A1A Certificate

              
	
                Exhibit
                  A-5 

              	
                Form
                  of Class 2-A1B Certificate 

              
	
                Exhibit
                  A-6

              	
                Form
                  of Class 2-A2 Certificate

              
	
                Exhibit
                  A-7 

              	
                Form
                  of Class 2-A3 Certificate

              
	
                Exhibit
                  A-8

              	
                Form
                  of Class 2-XS Certificate

              
	
                Exhibit
                  A-9 

              	
                Form
                  of Class 2-PO Certificate

              
	
                Exhibit
                  A-10

              	
                Form
                  of Class B1 Certificate 

              
	
                Exhibit
                  A-11

              	
                Form
                  of Class B2 Certificate 

              
	
                Exhibit
                  A-12

              	
                Form
                  of Class B3 Certificate 

              
	
                Exhibit
                  A-13

              	
                Form
                  of Class B4 Certificate

              
	
                Exhibit
                  A-14

              	
                Form
                  of Class B5 Certificate

              
	
                Exhibit
                  A-15

              	
                Form
                  of Class B6 Certificate 

              
	
                Exhibit
                  A-16

              	
                Form
                  of Class 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

     

    As
      provided herein, the Trust Administrator will elect to treat the segregated
      pool
      of assets consisting of the 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”.
      The following table irrevocably sets forth the designation, the REMIC I
      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 Regular Interests (as defined herein).
      None of the REMIC I Regular Interests will be certificated. 

     

    
      	
              Designation

            	 	
              REMIC
                I Remittance Rate

            	 	
              Initial
                Uncertificated Balance

            	 	
              Latest
                Possible Maturity Date(1)

            	 
	
              LT-A1

            	 	 	
              (2)

            	
               

            	 	 	 	
              $

            	
              282.31

            	 	 	
              December
                2035

            	 
	
              LT-IO1

            	 	 	
              (2)

            	
               

            	 	 	 	 	
              (3)

            	
               

            	 	
              December
                2035

            	 
	
              LT-PO1

            	 	 	
              (2)

            	
               

            	 	 	 	
              $

            	
              1,841,883.98

            	 	 	
              December
                2035

            	 
	
              LT-ZZZ1

            	 	 	
              (2)

            	
               

            	 	 	 	
              $

            	
              60,887,868.78

            	 	 	
              December
                2035

            	 
	
              LT-A2

            	 	 	
              (2)

            	
               

            	 	 	 	
              $

            	
              1,161.18

            	 	 	
              December
                2035

            	 
	
              LT-IO2

            	 	 	
              (2)

            	
               

            	 	 	 	 	
              (3)

            	
               

            	 	
              December
                2035

            	 
	
              LT-PO1

            	 	 	
              (2)

            	
               

            	 	 	 	
              $

            	
              6,465,067.95

            	 	 	
              December
                2035

            	 
	
              LT-ZZZ2

            	 	 	
              (2)

            	
               

            	 	 	 	
              $

            	
              251,566,662.13

            	 	 	
              December
                2035

            	 

    

    

    (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 Regular Interest.

     

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

     

    (3) Uncertificated
      Notional Amount as set forth herein.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    REMIC
      II

     

    As
      provided herein, the Trust Administrator will elect to treat the segregated
      pool
      of assets consisting of the REMIC I 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”. The Class R Residual
      Interest will be the sole class of “residual interests” in REMIC II for purposes
      of the REMIC Provisions (as defined herein). The following table irrevocably
      sets forth the designation, the Pass-Through Rate, the Initial Certificate
      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.

     

    
      	
              Designation

            	 	
              Pass-Through
                Rate(2)

            	
              Initial
                Aggregate

              Certificate
                Principal Balance

            	 	
              Latest
                Possible Maturity Date(1)

            
	
              Class
                1-A1

            	
               

            	
              Variable

            	
              $

            	
              58,065,000.00

            	
               

            	
               

            	
              December
                2035

            
	
              Class
                2-A1A

            	
               

            	
              Variable

            	
              
                $

              

            	
              203,228,000.00

            	
               

            	
               

            	
              December
                2035

            
	
              Class
                2-A1B

            	
               

            	
              Variable

            	
              
                $

              

            	
              7,732,000.00

            	
               

            	
               

            	
              December
                2035

            
	
              Class
                2-A2

            	
               

            	
              Variable

            	
              
                $

              

            	
              5,000,000.00

            	
               

            	
               

            	
              December
                2035

            
	
              Class
                2-A3

            	
               

            	
              Variable

            	
              
                $

              

            	
              23,996,000.00

            	
               

            	
               

            	
              December
                2035

            
	
              Class
                1-PO

            	
               

            	
              Variable

            	
              
                $

              

            	
              1,841,883.98

            	
               

            	
               

            	
              December
                2035

            
	
              Class
                1-XS

            	
               

            	
              Variable

            	
               

            	
              (3)

            	
               

            	
               

            	
              December
                2035

            
	
              Class
                2-PO

            	
               

            	
              Variable

            	
              
                $

              

            	
              6,465,067.95

            	
               

            	
               

            	
              December
                2035

            
	
              Class
                2-XS

            	
               

            	
              Variable

            	
               

            	
              (3)

            	
               

            	
               

            	
              December
                2035

            
	
              Class
                B-1

            	
               

            	
              Variable

            	
              
                $

              

            	
              5,133,000.00

            	
               

            	
               

            	
              December
                2035

            
	
              Class
                B-2

            	
               

            	
              Variable

            	
              
                $

              

            	
              3,368,000.00

            	
               

            	
               

            	
              December
                2035

            
	
              Class
                B-3

            	
               

            	
              Variable

            	
              
                $

              

            	
              2,085,000.00

            	
               

            	
               

            	
              December
                2035

            
	
              Class
                B-4

            	
               

            	
              Variable

            	
              
                $

              

            	
              1,764,000.00

            	
               

            	
               

            	
              December
                2035

            
	
              Class
                B-5

            	
               

            	
              Variable

            	
              
                $

              

            	
              1,123,000.00

            	
               

            	
               

            	
              December
                2035

            
	
              Class
                B-6

            	
               

            	
              Variable

            	
              
                $

              

            	
              961,874.40

            	
               

            	
               

            	
              December
                2035

            
	
              Class
                R

            	
               

            	
              Variable

            	
              
                $

              

            	
              100.00

            	
               

            	
               

            	
              December
                2035

            

    

     

    (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 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
      XS Certificates will accrue interest based on a Notional Amount as defined
      herein.

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
      equal to $320,762,926.33.
      As of the Cut-off Date, the Group 1 Mortgage Loans had an aggregate Scheduled
      Principal Balance equal to $62,730,035.07.
      As
      of the
      Cut-off Date, the Group 2 Mortgage Loans had an aggregate Scheduled Principal
      Balance equal to $258,032,891.26. 

    

    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.

     

    “Adjustment
      Amount”: With respect to 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.

     

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

     

    “Administration
      Fee Rate”: With respect to the Group 1 Mortgage Loans, 0.0085% per annum. With
      respect to the Group 2 Mortgage Loans, 0.0085% per annum. 

     

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

     

    “Aggregate
      Senior Percentage”: With respect to any Distribution Date and the Class A
      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 Class A Certificates for such Distribution Date and the
      denominator of which is the sum of (i) the aggregate Scheduled Principal Balance
      of the Mortgage Loans, plus (ii) the aggregate Scheduled Principal Balance
      of
      the REO Properties, in each case before reduction for any Realized Losses on
      such Distribution Date. 

     

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

     

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

     

    “Available
      Distribution Amount”: With respect to a Loan Group and any Distribution Date, an
      amount equal to the excess of (i) the sum attributable to the related 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 Fees and the Administration Fee (b)
      Liquidation Proceeds, Insurance Proceeds, Principal Prepayments, proceeds from
      repurchases of and substitutions for the related Mortgage Loans, Subsequent
      Recoveries and other unscheduled collections of principal and interest in
      respect of the related 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 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 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 Class A Certificates relating
      to only one Loan Group remaining outstanding, the Available Distribution Amount
      for that Distribution Date will be calculated on an aggregate basis, without
      regard to the related Loan Group. 

     

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

     

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

     

    “Bankruptcy
      Amount”: As of any date of determination, an amount equal to the excess, if any,
      of (A) $100,000 over
      (B)
      the aggregate amount of Bankruptcy Losses allocated solely to the 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.

     

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

     

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

     

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

     

    “Certificate”:
      Any one of the Citigroup Mortgage Loan Trust Inc., Mortgage Pass-Through
      Certificates, Series 2006-4, 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 an 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 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
      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 over (B) the then aggregate Certificate Principal Balances of
      all
      other Classes of Certificates then outstanding. The Interest Only Certificates
      will not have Certificate Principal Balances and will not be entitled to any
      distributions of principal. 

     

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

     

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

     

    “Citibank”:
      Citibank, N.A.

     

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

     

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

     

    “Class
      1-XS Certificate”: Any one of the Class 1-XS 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 II for purposes of the REMIC Provisions. The Class 1-XS Certificates
      shall
      not have a Certificate Principal Balance and shall not be entitled to any
      distributions of principal.

     

    “Class
      1-PO Certificate”: Any one of the Class 1-PO 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 II 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-4 and evidencing a Regular
      Interest in REMIC II for purposes of the REMIC Provisions.

     

    “Class
      2-A1B Certificate”: Any one of the Class 2-A1B 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 II for purposes of the REMIC Provisions.

     

    “Class
      2-A2 Certificate”: Any one of the Class 2-A2 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 II for purposes of the REMIC Provisions.

     

    “Class
      2-A3 Certificate”: Any one of the Class 2-A3 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 II for purposes of the REMIC Provisions.

     

    “Class
      2-XS Certificate”: Any one of the Class 2-XS 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 II for purposes of the REMIC Provisions. The Class 2-XS Certificates
      shall
      not have a Certificate Principal Balance and shall not be entitled to any
      distributions of principal.

     

    “Class
      2-PO Certificate”: Any one of the Class 2-PO 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 II for purposes of the REMIC Provisions.

     

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

     

    “Class
      B
      Percentage”: Any one of the Class B1 Percentage, the Class B2 Percentage, the
      Class B3 Percentage, the Class B4 Percentage, the Class B5 Percentage and the
      Class B6 Percentage.

     

    “Class
      B1
      Certificate”: Any one of the Class B1 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 II for purposes of the REMIC Provisions.

     

    “Class
      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 B1 Certificates immediately prior
      to
      such date over the aggregate amount, if any, payable to the Holders of the
      Class
      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
      Subordinate Certificates immediately prior to such date.

     

    “Class
      B2
      Certificate”: Any one of the Class B2 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 a Regular Interest in REMIC II for purposes of the REMIC
      Provisions.

     

    “Class
      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 B2 Certificates immediately prior
      to
      such date over the aggregate amount, if any, payable to the Holders of the
      Class
      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
      Subordinate Certificates immediately prior to such date.

     

    “Class
      B3
      Certificate”: Any one of the Class B3 Certificates executed by the Paying Agent
      and authenticated and delivered by the Authenticating Agent, substantially
      in
      the form annexed hereto as Exhibit A-12 and evidencing a Regular Interest in
      REMIC II for purposes of the REMIC Provisions.

     

    “Class
      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 B3 Certificates immediately prior
      to
      such date over the aggregate amount, if any, payable to the Holders of the
      Class
      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
      Subordinate Certificates immediately prior to such date.

     

    “Class
      B4
      Certificate”: Any one of the Class B4 Certificates executed by the Paying Agent
      and authenticated and delivered by the Authenticating Agent, substantially
      in
      the form annexed hereto as Exhibit A-13 and evidencing a Regular Interest in
      REMIC II for purposes of the REMIC Provisions.

     

    “Class
      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 B4 Certificates immediately prior
      to
      such date over the aggregate amount, if any, payable to the Holders of the
      Class
      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
      Subordinate Certificates immediately prior to such date.

     

    “Class
      B5
      Certificate”: Any one of the Class B5 Certificates executed by the Paying Agent
      and authenticated and delivered by the Authenticating Agent, substantially
      in
      the form annexed hereto as Exhibit A-14 and evidencing a Regular Interest in
      REMIC II for purposes of the REMIC Provisions.

     

    “Class
      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 B5 Certificates immediately prior
      to
      such date over the aggregate amount, if any, payable to the Holders of the
      Class
      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
      Subordinate Certificates immediately prior to such date.

     

    “Class
      B6
      Certificate”: Any one of the Class B6 Certificates executed by the Paying Agent
      and authenticated and delivered by the Authenticating Agent, substantially
      in
      the form annexed hereto as Exhibit A-15 and evidencing a Regular Interest in
      REMIC II for purposes of the REMIC Provisions.

     

    “Class
      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 B6 Certificates immediately prior
      to
      such date over the aggregate amount, if any, payable to the Holders of the
      Class
      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
      Subordinate Certificates immediately prior to such date.

     

    “Class
      PO
      Certificates”: The Class 1-PO Certificates and the Class 2-PO Certificates.

     

    “Class
      PO
      Mortgage Loan”: Any Group 1 Mortgage Loan with an Expense Adjusted Mortgage Rate
      below 5.50% per annum and any Group 2 Mortgage Loan with an Expense Adjusted
      Mortgage Rate below 6.00% per annum.

     

    “Class
      PO
      Percentage”: With respect to (a) a Class PO Mortgage Loan in Loan Group 1, the
      quotient of (i) 5.50% per annum minus the related Expense Adjusted Mortgage
      Rate
      divided by (ii) 5.50% per annum and (b) a Class PO Mortgage Loan in Loan Group
      2, the quotient of (i) 6.00% per annum minus the related Expense Adjusted
      Mortgage Rate divided by (ii) 6.00% per annum. With respect to each other
      Mortgage Loan the Trust Fund, 0%. 

     

    “Class
      PO
      Principal Distribution Amount”: For any Distribution Date and any Class of Class
      PO Certificates, an amount equal to the lesser of (i) the related Available
      Distribution Amount remaining after distribution of the related Senior Interest
      Distribution Amount and (ii) the aggregate of:

     

    (a) the
      sum
      of the following:

     

    (i) the
      Class
      PO Percentage of the principal portion of each Monthly Payment due during the
      related Due Period in respect of each related Class PO Mortgage Loan whether
      or
      not received;

     

    (ii) the
      Class
      PO Percentage of the principal portion of all Insurance Proceeds, Liquidation
      Proceeds (other than amounts described in clause (c) below) and Subsequent
      Recoveries received in respect of each related Class PO Mortgage Loan during
      the
      related Prepayment Period (other than any such related Class PO 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
      Class
      PO Percentage of the Stated Principal Balance (calculated immediately prior
      to
      such Distribution Date) of each related Class PO 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];
      and

     

    (v) in
      connection with the substitution of one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans which were related Class PO
      Mortgage Loans pursuant to Section 2.03 during the related Prepayment Period,
      the excess, if any, of (A) the Class PO Percentage of 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 Class
      PO Percentage 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 Master 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 Class PO Percentage of the Stated
      Principal Balances (calculated as of the respective dates of substitution)
      of
      such Qualified Substitute Mortgage Loans;

     

    (b) the
      Class
      PO Percentage of all Principal Prepayments received in respect of each related
      Class PO Mortgage Loan during the related Prepayment Period;

     

    (c) with
      respect to each related Class PO Mortgage Loan which was the subject of a Final
      Recovery Determination in the related Prepayment Period, the Class PO Percentage
      of the Stated Principal Balance of such Mortgage Loan at the time of such Final
      Recovery Determination (net of the principal portion of any Realized Loss
      allocated to the related Class of Class PO Certificates) to the extent of the
      principal portion of all Liquidation Proceeds with respect to such related
      Class
      PO Mortgage Loan; 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 related Class PO Principal
      Distribution Amount for the immediately preceding Distribution Date, over the
      aggregate distributions of principal made in respect of the related Class of
      Class PO 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 Subordinate Certificates pursuant
      to
      Section 4.04.

     

    “Class
      R
      Certificate”: Any one of the Class R 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 ownership of the Class
      R-I Interest and Class R-II Interest.

     

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

     

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

     

    “Class
      XS
      Mortgage Loan”: Any Group 1 Mortgage Loan with an Expense Adjusted Mortgage Rate
      equal to or greater than 5.50% per annum and any Group 2 Mortgage Loan with
      an
      Expense Adjusted Mortgage Rate equal to or greater than 6.00% per
      annum.

     

    “Closing
      Date”: May 31, 2006.

     

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

     

    “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 2006-4.” The Collection Account must be an Eligible
      Account.

     

    “Commission”:
      The Securities and Exchange Commission. 

     

    “Compensating
      Interest Payment”: With respect to the PHH Mortgage Loans and any prepayment in
      full or in part, an amount equal 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 if no principal prepayments
      were made during the prepayment period for the applicable distribution date.
      

     

    With
      respect to the National City Mortgage Loans and any prepayments 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 the Wells Fargo Mortgage Loans 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 the SunTrust Mortgage Loans 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 the WaMu Mortgage Loans and any prepayments in full, 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 the GMAC
      Mortgage Loans and any prepayments in full or in part, an aggregate amount
      each
      month up to the lesser 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 and (ii) the stated principal
      balance of such Mortgage Loans and (b) the aggregate servicing fee actually
      received for the applicable month for such mortgage loans. 

     

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

     

    “Cross-Collateralization
      Date”: Any Distribution Date on which there is an Undercollateralizated Loan
      Group and an Overcollateralized Loan Group. 

     

    “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, 2005. With respect to
      all Qualified Substitute Mortgage Loans, their respective dates of substitution.
      References herein to the “Cut-off Date,” when used with respect to more than one
      Mortgage Loan, shall be to the respective Cut-off Dates for such Mortgage
      Loans.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Depository
      Institution”: Any depository institution or trust company, including the Trustee
      and the Trust Administrator, that (a) is incorporated under the laws of the
      United States of America or any State thereof, (b) is subject to supervision
      and
      examination by federal or state banking authorities and (c) has, or is a
      subsidiary of a holding company that has, an outstanding unsecured commercial
      paper or other short-term unsecured debt obligations that are rated in the
      highest rating category by at least two of the Rating Agencies (or a comparable
      rating if 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, 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 Trust 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 2006-4.” 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 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 Class A Certificates related to the
      Undercollateralized Loan Group and any other unpaid interest shortfalls on
      the
      Class A Certificates related to such Undercollateralized Loan Group, to the
      extent available (with overcollateralization and undercollateralization
      calculated, for purposes of this definition only, as of the prior Distribution
      Date after taking into account all distributions and Realized Loss allocations
      that occurred on such prior Distribution Date). On any Distribution Date, any
      Diverted Interest Amount will be diverted to the Available Distribution Amount
      of the Undercollateralized Loan Group. On any Distribution Date, any Diverted
      Interest Amount will be diverted from the Available Distribution Amounts of
      the
      Overcollateralized Loan Group.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Excess
      Bankruptcy Loss”: Any Bankruptcy Loss, or portion thereof, which exceeds the
      then applicable Bankruptcy Amount.

     

    “Excess
      Fraud Loss”: Any Fraud Loss, or portion thereof, which exceeds the then
      applicable Fraud Loss Amount.

     

    “Excess
      Loss”: Any Excess Bankruptcy Loss, Excess Special Hazard Loss, Excess Fraud Loss
      or Extraordinary Loss.

     

    “Excess
      Special Hazard Loss”: 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 Administration Fee
      Rate.

     

    “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”: As of any date of determination after the Cut-off Date, an amount
      equal to: (X) prior to the third anniversary of the Cut-off Date, 1.00% of
      the
      aggregate outstanding principal balance of the Mortgage Loans as of the Cut-off
      Date minus the aggregate amount of Fraud Losses on the Mortgage Loans allocated
      solely to the Subordinate Certificates in accordance with Section 4.04 since
      the
      Cut-off Date up to such date of determination. On and after the third
      anniversary of the Cut-off Date, the Fraud Loss Amount shall be zero. In
      addition, after the Certificate Principal Balances of the Subordinate
      Certificates are reduced to zero, the Fraud Loss Amount 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 Ameriquest Mortgage Company
      and serviced by GMAC. 

     

    “Group
      1
      Class A Certificates”: The Class 1-A1 Certificates.

     

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

     

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

     

    “Group
      2
      Class A Certificates”: The Class 2-A1A Certificates, the Class 2-A1B
      Certificates, the Class 2-A2 Certificates and the Class 2-A3 Certificates.
      

     

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

     

    “Group
      2
      Senior Certificates”: The Group 2 Class A Certificates, the Class 2-XS
      Certificates and the Class 2-PO Certificates.

     

    “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.

     

    “Initial
      Sub-Servicer”: PHH Mortgage Corporation, National City Mortgage Co.,
Wells
      Fargo Bank, N.A., SunTrust
      Mortgage, Inc., Washington Mutual Bank and GMAC Mortgage
      Corporation.

     

    “Initial
      Sub-Servicing Agreement”: The Mortgage
      Loan Flow Purchase, Sale & Servicing Agreement, dated as of February 24,
      2005 and
      as
      amended on February 15, 2006,
      among
      PHH, Bishop’s Gate Residential Mortgage Trust and the Seller;
      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 and the Seller; the Amended and Restated Flow Servicing Agreement,
      dated March 1, 2006, between Wells Fargo Bank, N.A. and the Seller; the Amended
      and Restated Master Mortgage Loan Purchase and Servicing Agreement, dated as
      of
      July 1, 2005 and as amended on February 22, 2006, between SunTrust and the
      Seller; the Servicing Agreement, dated as of September 1, 2005, between
      Washington Mutual and the Seller; and the Mortgage Loan Purchase and Interim
      Servicing Agreement, dated as of July 27, 2005, between Ameriquest Mortgage
      Company and GMAC Mortgage Corporation, each as
      modified as of the date hereof with respect to the 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 Class of Certificates (other than the
      Class PO Certificates) for any Distribution Date, an amount equal to one month’s
      interest accrued during the most recently ended Interest Accrual Period at
      the
      applicable Pass-Through Rate on the Certificate Principal Balance thereof (or,
      in the case of the Interest Only Certificates, on the Notional Amount thereof)
      immediately prior to such Distribution Date. The Interest Distribution Amount
      for any Class of Certificates (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 for the
      immediately preceding Distribution Date, over the aggregate distributions of
      interest made in respect of such Class 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 will be based
      on
      a 360 day year consisting of twelve 30-day Interest Accrual
      Periods.

     

    “Interest
      Only Certificates”: The Class 1-XS Certificates and the Class 2-XS
      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 or Loan Group 2. 

     

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

     

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

     

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

     

    “Lockout
      Distribution Amount”: For
      any
      Distribution Date and the Class 2-A3 Certificates, an amount equal to the
      related Lockout Percentage of such Certificates’ pro
      rata
      share
      (based on the Certificate Principal Balance of the Class 2-A3 Certificates
      as a
      proportion of the aggregate Certificate Principal Balance of all the Group
      2
      Class A Certificates) of the Senior Principal Distribution Amount for the Group
      2 Class A Certificates. 

     

    “Lockout
      Percentage”: With respect to the Class 2-A3 Certificates and any distribution
      date occurring prior to the distribution date in June 2011, 0%. For any
      distribution date occurring after the first five years following the closing
      date, a percentage determined as follows: 

     

    •             
       for
      any
      distribution date during the sixth year after the closing date,
      30%;

    •             
       for
      any
      distribution date during the seventh year after the closing date,
      40%;

    •             
       for
      any
      distribution date during the eighth year after the closing date,
      60%;

    •             
       for
      any
      distribution date during the ninth year after the closing date, 80%;
      and

    •             
       for
      any
      distribution date thereafter, 100%.

    

    “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.

     

    “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 any Trust REMIC, 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 a Trust
      REMIC 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 or otherwise
      changes in the future; 

     

    (xxii) [reserved];

     

    (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
      Loan
      Group in which such Mortgage Loan shall reside; and

     

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

     

    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 Company 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 Mortgage Loans is a rate
      per
      annum equal to 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. The Net WAC Rate for any Distribution
      Date
      and the Group 2 Mortgage Loans is a rate per annum equal to 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.
      

     

    “New
      Lease”: Any lease of REO Property entered into on behalf of any Trust REMIC,
      including any lease renewed or extended on behalf of a Trust REMIC, if such
      Trust REMIC 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-PO
      Percentage”: With respect to each Mortgage Loan, the Non-PO Percentage shall
      equal 100% minus the applicable Class PO Percentage.

     

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

     

    “Notional
      Amount”: The Notional Amount of (i) the Class 1-XS Certificates as of any
      distribution date, will be equal to the aggregate Scheduled Principal Balance,
      as of the first day of the related Due Period, of the Group 1 Mortgage Loans
      and
      (ii) the Class 2-XS Certificates as of any distribution date will be equal
      to
      the aggregate Scheduled Principal Balance, as of the first day of the related
      Due Period, of the Group 2 Mortgage Loans. For federal income tax puposes,
      the
      Class 1-XS Certificates and the Class 2-XS Certificates will not have Notional
      Amounts, but will be entitled to 100% of amounts distributed on REMIC I Regular
      Interest LT-IO1 and REMIC I Regular Interest LT-IO2, respectively. 

     

    “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”:
      PHH
      Mortgage Corporation, National City Mortgage Inc., Equity Now Inc., SunTrust
      Mortgage, Inc., American
      Home Mortgage Corp.,
      Washington Mutual Bank
      and
Ameriquest
      Mortgage Company, as applicable. 

     

    “Overcollateralized
      Amount”: As to any Distribution Date and the Class A Certificates, an amount
      equal to the Undercollateralized Amount for the Undercollateralized Loan
      Group.

    

    “Overcollateralized
      Loan Group”: With respect to the Class A Certificates, as to any Distribution
      Date on which there is an Undercollateralized Loan Group, the Loan Group 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 the Group 1 Class A Certificates for any Distribution
      Date, 5.50% per annum. With respect to the Group 2 Class A Certificates for
      any
      Distribution Date, 6.00% per annum. 

     

    With
      respect to the Class 1-XS Certificates and any Distribution Date, the Weighted
      Average Stripped Interest Rate for the Group 1 Mortgage Loans for such
      Distribution Date. With respect to the Class 2-XS Certificates and any
      Distribution Date, the Weighted Average Stripped Interest Rate for the Group
      2
      Mortgage Loans for such Distribution Date. For federal income tax purposes,
      the
      Class 1-XS Certificates and the Class 2-XS Certificates will not have
      Pass-Through Rates, but will be entitled to 100% of amounts distributed on
      REMIC
      I Regular Interest LT-IO1 and REMIC I Regular Interest LT-IO2,
      respectively.

     

    With
      respect to the Class R Certificates and the first Distribution Date, 5.50%
      per
      annum. With respect to the Subordinate Certificates and any Distribution Date,
      the Subordinate Net WAC Rate.

     

    The
      Class
      PO Certificates shall have a Pass-Through Rate of 0.000% per annum and shall
      not
      be entitled to any distributions of interest.

     

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

     

    “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 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, in the highest rating category by Fitch if rated by Fitch and
      in the highest rating category by S&P if rated by S&P; 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.

     

    “PHH”:
      PHH Mortgage Corporation or its successor in interest.

     

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

     

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

     

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

     

    “Prepayment
      Assumption”: A prepayment rate for the Mortgage Loans of
      100%
      of the prepayment vector.
      The
      prepayment vector assumes a CPR of 8.00% per annum of the then unpaid principal
      balance of a pool of mortgage loans in the first seven months of the life of
      such mortgage loans and an additional approximately 1.45% per annum in each
      month thereafter until the 18th month. Beginning in the 18th month and in each
      month thereafter during the life of such mortgage loans, such Prepayment Vector
      assumes a CPR of 24.00%. A CPR (Constant Prepayment Rate) represents an
      annualized constant assumed rate of prepayment each month of a pool of mortgage
      loans relative to its outstanding principal balance for the life of such pool.
        

     

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

     

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

     

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

     

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

     

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

     

    “Private
      Certificates”: The Class B4 Certificates, Class B5 Certificates and Class B6
      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 and Administration Fees allocable to such Mortgage Loan or REO
      Property; (iv) any amounts previously withdrawn from the Collection Account
      in
      respect of such Mortgage Loan or REO Property pursuant to Sections 3.11(a)(ix)
      and Section 3.16(b), and (v) in the case of a Mortgage Loan required to be
      purchased pursuant to Section 2.03, expenses incurred or to be incurred by
      the
      Trust Fund in respect of the breach or defect giving rise to the purchase
      obligation including any costs and damages incurred by the Trust Fund in
      connection with any violation of any predatory or abusive lending law with
      respect to the related Mortgage Loan.

     

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

     

    “Qualified
      Substitute Mortgage Loan”: A mortgage loan substituted for a Deleted Mortgage
      Loan pursuant to the terms of this Agreement which must, on the date of such
      substitution, (i) have an outstanding principal balance, after application
      of
      all scheduled payments of principal and interest due during or prior to the
      month of substitution, not in excess of the Scheduled Principal Balance of
      the
      Deleted Mortgage Loan as of the Due Date in the calendar month during which
      the
      substitution occurs, (ii) have a Mortgage Rate not less than (and not more
      than
      one percentage point in excess of) the Mortgage Rate of the Deleted Mortgage
      Loan, (iii) [reserved], (iv) [reserved], (v) [reserved], (vi) [reserved], (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) [reserved]; and (xii) conform to
      each representation and warranty set forth in Section 6 of the Mortgage Loan
      Purchase Agreement applicable to the Deleted Mortgage Loan. In the event that
      one or more mortgage loans are substituted for one or more Deleted Mortgage
      Loans, the amounts described in clause (i) hereof shall be determined on the
      basis of aggregate principal balances, the Mortgage Rates described in clause
      (ii) hereof shall be determined on the basis of weighted average Mortgage Rates,
      the terms described in clause (viii) shall be determined on the basis of
      weighted average remaining terms to maturity, the Loan-to-Value Ratios described
      in clause (x) hereof shall be satisfied as to each such mortgage loan and,
      except to the extent otherwise provided in this sentence, the representations
      and warranties described in clause (xii) hereof must be satisfied as to each
      Qualified Substitute Mortgage Loan or in the aggregate, as the case may
      be.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “REMIC
      I
      Remittance Rate”: With respect to REMIC I Regular Interest LT-A1 and REMIC I
      Regular Interest LT-ZZZ1, 5.50% per annum. With respect to REMIC I Regular
      Interest LT-A2 and REMIC I Regular Interest LT-ZZZ2, 6.00% per annum. With
      respect to REMIC I Regular Interest LT-PO1 and REMIC I Regular Interest LT-PO2,
      0.00% per annum. With respect to REMIC I Regular Interest LT-IO1, the Weighted
      Average Stripped Interest Rate for the Group I Mortgage Loans for such
      Distribution Date. With respect to REMIC I Regular Interest LT-IO2, the Weighted
      Average Stripped Interest Rate for the Group II Mortgage Loans for such
      Distribution Date. 

     

    “REMIC
      I
      Subordinated Balance Ratio”: The ratio between the Uncertificated Balances of
      each of REMIC I Regular Interest LT-A1 and REMIC I Regular Interest LT-A2,
      equal
      to the ratio between, with respect to each such REMIC I Regular Interest, the
      excess of (x) the aggregate Scheduled Principal Balance of the Mortgage Loans
      in
      the related Loan Group over (y) the aggregate current Certificate Principal
      Balance of the Class A Certificates, the Class PO Certificates and the Class
      R
      Certificates relating to such Loan Group.

     

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

     

    “REMIC
      II
      Certificate”: Any Regular Certificate or Class R Certificate.

     

    “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 or REMIC II, one month’s
      interest at the applicable Mortgage Loan Remittance Rate on the Stated Principal
      Balance of such REO Property (or, in the case of the first such calendar month,
      of the related Mortgage Loan if appropriate) as of the close of business on
      the
      Distribution Date in such calendar month.

     

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

     

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

     

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

     

    “Residual
      Certificate”: Any one of the Class 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 Class A Certificates and
      related Interest Only Certificates and, in the case of the first Distribution
      Date, for the related Residual Certificates, if applicable. 

     

    “Senior
      Percentage”: With respect to any Distribution Date and any Loan Group, 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 Class A Certificates for such Distribution Date over the
      aggregate amount, if any, payable to the Holders of the related Class A
      Certificates on such date pursuant to clause (d) of the definition of “Senior
      Principal Distribution Amount,” and the denominator of which is the sum of (i)
      the aggregate of the Non-Class PO Percentages of the Scheduled Principal
      Balances of the related Mortgage Loans, plus (ii) the aggregate of the Non-Class
      PO Percentages of the Scheduled Principal Balances of the REO Properties in
      the
      related Group, in each case before reduction for any Realized Losses on such
      Distribution Date.

     

    Notwithstanding
      the foregoing, on any Distribution Date after the reduction of the Certificate
      Principal Balance of all Class A Certificates relating to a Loan Group to zero,
      the Senior Percentage for the remaining Loan Group will be the lesser of (a)
      100% and (b) a fraction, expressed as a percentage, the numerator of which
      is
      the excess, if any, of the Certificate Principal Balance of the related Class
      A
      Certificates for such Distribution Date over the aggregate amount, if any,
      payable to the Holders of the related 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 Mortgage Loans, plus (ii) the aggregate Scheduled Principal
      Balance of the REO Properties, in each case before reduction for any Realized
      Losses on such Distribution Date. 

     

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

     

    
      	
              Distribution
                Date

            	 	
              Senior
                Prepayment Percentage

            
	
              June
                2006 through May 2011

            	 	
              100%

            
	
              June
                2011 through May 2012

            	 	
              related
                Senior Percentage, plus 70% of the related Subordinate
                Percentage

            
	
              June
                2012 through May 2013

            	 	
              related
                Senior Percentage, plus 60% of the related Subordinate
                Percentage

            
	
              June
                2013 through May 2014

            	 	
              related
                Senior Percentage, plus 40% of the related Subordinate
                Percentage

            
	
              June
                2014 through May 2015

            	 	
              related
                Senior Percentage, plus 20% of the related Subordinate
                Percentage

            
	
              June
                2015 and thereafter

            	 	
              related
                Senior Percentage

            

    

    

    provided,
      however,
      no
      reduction to a Senior Prepayment Percentage described above shall be made as
      of
      any Distribution Date unless (i) the outstanding principal balance of the
      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 Subordinate Certificates and (ii) Realized
      Losses on the Mortgage Loans to date are less than the then applicable Trigger
      Amount.

     

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

     

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

     

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

     

    “Senior
      Principal Distribution Amount”: For any Distribution Date and the Class A
      Certificates relating to a Loan Group, an amount equal to the lesser of (i)
      the
      related Available Distribution Amount remaining after distribution of the
      related Senior Interest Distribution Amount and the related Class PO Principal
      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
      related Non-PO Percentage of 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
      related Non-PO Percentage of 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
      related Non-PO Percentage of 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 pursuant to Section 2.03 during
      the
      related Prepayment Period, the excess, if any, of (A) the aggregate of the
      related Non-PO Percentage 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 Non-PO Percentage 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 Master 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 related Non-PO Percentage of the Stated Principal
      Balances (calculated as of the respective dates of substitution) of such
      Qualified Substitute Mortgage Loans; 

    

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

    

    (c) with
      respect to any related Mortgage Loan which was the subject of a Final Recovery
      Determination in the related Prepayment Period, the least of (a) the related
      Non-PO Percentage of the then-applicable related Senior Prepayment Percentage
      multiplied by the net Liquidation Proceeds and Insurance Proceeds allocable
      to
      principal in respect of such Mortgage Loan; (b) the related Non-PO Percentage
      of
      the then-applicable related Senior Percentage multiplied by the Scheduled
      Principal Balance of the related Mortgage Loan at the time of such Final
      Recovery Determination; and (c) the principal portion of all amounts collected
      in connection with such a Final Recovery Determination to the extent not
      distributed to the related Class PO 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 related
      Class or Classes of Class A Certificates on such immediately preceding
      Distribution Date pursuant to Section 4.01 to the extent that any such amounts
      are not attributable to Realized Losses which were allocated to the Subordinate
      Certificates pursuant to Section 4.04. 

    

    “Senior
      Support Certificates”: The Class 2-A1B Certificates.

    

    “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 with respect to each PHH Mortgage Loan is
      0.25% per annum. The Servicing Fee Rate with respect to each National City
      Mortgage Loan is 0.25% per annum. The Servicing Fee Rate with respect to each
      Wells Fargo Mortgage Loan is 0.25% per annum. The Servicing Fee Rate with
      respect to each SunTrust Mortgage Loan is 0.25% per annum. The Servicing Fee
      Rate with respect to each WaMu Mortgage Loan is 0.25% per annum. The Servicing
      Fee Rate with respect to each GMAC Mortgage Loan is 0.25% per
      annum.

    

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

     

    “Single
      Certificate”: With respect to any Class of Certificates (other than any Class of
      Residual Certificates), a hypothetical Certificate of such Class evidencing
      a
      Percentage Interest for such Class corresponding to an initial Certificate
      Principal Balance or 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”:
      Initially an amount equal to $1,892,501. As of each anniversary of the Cut-off
      Date, 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 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 Subordinate Certificates are reduced to zero, the Special Hazard
      Amount 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.

     

    “Stripped
      Interest Rate”: With respect to any Group 1 Mortgage Loan, a per annum rate
      equal to the greater of (i) 0.000% and (ii) the excess of the Expense Adjusted
      Mortgage Rate thereon over 5.500% per annum. With respect to any Group 2
      Mortgage Loan, a per annum rate equal to the greater of (i) 0.000% and (ii)
      the
      excess of the Expense Adjusted Mortgage Rate thereon over 6.000% per
      annum.

     

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

     

    “Subordinate
      Net WAC Rate”: For
      any
      Distribution Date and the Subordinate Certificates, a per annum rate equal
      to
      the weighted average of 5.500% per annum (weighted on the basis of the results
      of subtracting from the aggregate principal balance of the Non-PO Percentage
      of
      the Group 1 Mortgage Loans the Certificate Principal Balance of the Class 1-A1
      Certificates) and 6.00% per annum (weighted on the basis of the results of
      subtracting from the aggregate principal balance of the Non-PO Percentage of
      the
      Group 2 Mortgage Loans the aggregate Certificate Principal Balance of the Group
      2 Class A Certificates). For federal income tax purposes, the equivalent of
      the
      foregoing shall be expressed as the weighted average of the REMIC I Remittance
      Rates on REMIC I Regular Interest LT-A1 and REMIC I Regular Interest LT-A2,
      weighted on the basis of the Uncertificated Balance of each such REMIC I Regular
      Interest.

    

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

     

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

     

    “Subordinate
      Principal Distribution Amount”: For any Distribution Date, an amount equal to
      the lesser of (i) the Available Distribution Amount remaining after distribution
      of the Interest Distribution Amounts to the Classes of Senior Certificates
      and
      the Interest Distribution Amounts to the Classes of Subordinate Certificates
      and
      (ii) the aggregate of the sum of:

    

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

    

     

    (i) the
      related Non-PO Percentage of 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
      related Non-PO Percentage of 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
      related Non-PO Percentage of 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 pursuant to Section 2.03 during
      the
      related Prepayment Period, the excess, if any, of (A) the aggregate of the
      related Non-PO Percentage 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 Non-PO Percentage 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 Master 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 related Non-PO Percentage 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 Subordinate Prepayment Percentage and (y)
      the
      related Non-PO Percentage of the Principal Prepayments received in respect
      of
      the related Mortgage Loans during the related Prepayment Period;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “SunTrust”:
      SunTrust Mortgage, Inc. or its successor in interest.

     

    “SunTrust
      Mortgage Loans”: The Mortgage Loans originated and serviced by SunTrust.

     

    “Super
      Senior Certificates”: The Class 2-A1A 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 an optional termination pursuant to Section 9.01, the Seller
      (provided that the Seller may at any time sell, assign or otherwise dispose
      of
      its right to be Terminator of REMIC I) and if Seller doesn’t exercise, the
      Master Servicer. 

     

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

     

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

     

    “Trust
      REMIC”: Each of REMIC I and REMIC II.

     

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

     

    “Uncertificated
      Notional Amount”: With respect to REMIC I Regular Interest LT-IO1, REMIC I
      Regular Interest LT-IO2 and REMIC I Regular Interest LT-IO3, the aggregate
      Stated Principal Balance of the Group 1 Mortgage Loans and Group 2 Mortgage
      Loans, respectively.

     

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

     

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

     

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

     

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

     

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

     

    “Voting
      Rights”: The portion of the voting rights of all of the Certificates which is
      allocated to any Certificate. At all times during the term of this Agreement,
      (i) 98% of all of the Voting Rights shall be allocated to the Holders of the
      related Classes of Regular Certificates (other than the Interest Only
      Certificates) in proportion to their then outstanding Certificate Principal
      Balances, (ii) 1% of all Voting Rights will be allocated among the Holders
      of
      the Class XS Certificates on a pro
      rata
      basis
      based on the aggregate Scheduled Principal Balance of the related Class XS
      Mortgage Loans and (iii) 1% of all Voting Rights 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.

     

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

     

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

     

    “Weighted
      Average Stripped Interest Rate”: With respect to any Distribution Date, the
      weighted average of the Stripped Interest Rates in effect during the most
      recently ended calendar month for the related Mortgage Loans and REO Properties
      based on the respective Scheduled Principal Balances thereof as of the Due
      Date
      in such most recently ended calendar month (or, in the case of the initial
      Distribution Date, as of the Cut-off Date).

     

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

     

    ARTICLE
      II

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    SECTION
      2.01 Conveyance
      of Mortgage Loans.

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee without recourse
      for the benefit of the Certificateholders all the right, title and interest
      of
      the Depositor, including any security interest therein for the benefit of the
      Depositor, in and to the Mortgage Loans identified on the Mortgage Loan
      Schedule, the rights of the Depositor under the Mortgage Loan Purchase Agreement
      (except Section 18 thereof), and all other assets included or to be included
      in
      REMIC I. 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 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 (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 the Trust REMICs.

     

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

     

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

     

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

     

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

     

    SECTION
      2.04 Reserved.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION
      2.06 Issuance
      of the Certificates.

     

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

     

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

     

    The
      rights of the Class 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
      R Certificates, the REMIC I Regular Interests 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 Regular
      Interests for the benefit of the Class R Certificateholders (as holder of the
      Class R-I Residual Interest) and REMIC II (as holder of the REMIC I Regular
      Interests). The Trustee acknowledges receipt of the REMIC I 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 R Certificateholders (as holder
      of
      the Class R-I Residual Interest) and REMIC II (as holder of the REMIC I Regular
      Interests). The rights of the Class R Certificateholders (as holder of the
      Class
      R-I Interest) and of REMIC II (as holder of the REMIC I Regular Interests)
      to
      receive distributions from the proceeds of REMIC I, and all ownership interests
      evidenced or constituted by the Class R Certificates and the Regular
      Certificates evidencing interests in REMIC II, 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, PHH, National City, Wells Fargo, SunTrust, WAMU and GMAC
      are
      the Sub-Servicers with respect to the Group 1 Loans and in such capacity each
      such Sub-Servicer will be primarily responsible for the servicing of such
      related Mortgage Loans. As of the Cut-Off Date, PHH, National City, Wells Fargo
      and GMAC are the Sub-Servicers with respect to the Group 2 Mortgage Loans and
      in
      such capacity each such Sub-Servicer will be primarily responsible for the
      servicing of such related 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 insurance
      policies, follow such collection procedures as it would follow with respect
      to
      mortgage loans comparable to the Mortgage Loans and held for its own account.
      Consistent with the foregoing and the servicing standards set forth in Section
      3.01, the Master Servicer may in its discretion (i) waive any late payment
      charge or, if applicable, penalty interest, only upon determining that the
      coverage of such Mortgage Loan by the related Primary Mortgage Insurance Policy,
      if any, will not be affected, or (ii) extend the due dates for Monthly Payments
      due on a Mortgage Note for a period of not greater than 180 days; provided
      that
      any extension pursuant to clause (ii) above shall not affect the amortization
      schedule of any Mortgage Loan for purposes of any computation hereunder, except
      as provided below. In the event of any such arrangement pursuant to clause
      (ii)
      above, the Master Servicer shall make timely advances on such Mortgage Loan
      during such extension pursuant to Section 4.03 and in accordance with the
      amortization schedule of such Mortgage Loan without modification thereof by
      reason of such arrangements. Notwithstanding the foregoing, in the event that
      any Mortgage Loan is in default or, in the judgment of the Master Servicer,
      such
      default is reasonably foreseeable, the Master Servicer, consistent with the
      standards set forth in Section 3.01, may waive, modify or vary any term of
      such
      Mortgage Loan (including modifications that change the Mortgage Rate, forgive
      the payment of principal or interest or extend the final maturity date of such
      Mortgage Loan), accept payment from the related Mortgagor of an amount less
      than
      the Stated Principal Balance in final satisfaction of such Mortgage Loan (such
      payment, a “Short Pay-off”) or consent to the postponement of strict compliance
      with any such term or otherwise grant indulgence to any Mortgagor, if in the
      Master Servicer’s determination such waiver, modification, postponement or
      indulgence is not materially adverse to the interests of the Certificateholders
      (taking into account any estimated Realized Loss that might result absent such
      action).

     

    SECTION
      3.08 Sub-Servicing
      Accounts.

     

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

     

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

     

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

     

    SECTION
      3.10 Collection
      Account and Distribution Account.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION
      3.11 Withdrawals
      from the Collection Account and Distribution Account.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (x) [reserved];
      and

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (v) to
      pay
      any Extraordinary Trust Fund Expenses;

     

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

     

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

     

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

     

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

     

    
      	 	
              (x)

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

            

    

     

    
      	 	
              (y)

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

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION
      3.16 Realization
      Upon Defaulted Mortgage Loans.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION
      3.17 Trustee
      to Cooperate; Release of Mortgage Files.

     

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

     

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

     

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

     

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

     

    SECTION
      3.18 Servicing
      Compensation.

     

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

     

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

     

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

     

    Not
      later
      than fifteen days after each Distribution Date, the Master Servicer shall
      forward to the Trust Administrator and the Trustee, upon the request of the
      Trust Administrator or the Trustee, a statement prepared by the Master Servicer
      setting forth the status of the Collection Account as of the close of business
      on the last day of the calendar month relating to such Distribution Date and
      showing, for the period covered by such statement, the aggregate amount of
      deposits into and withdrawals from the Collection Account of each category
      of
      deposit specified in Section 3.10(a) and each category of withdrawal specified
      in Section 3.11. Such statement may be in the form of the then current Fannie
      Mae Monthly Accounting Report for its Guaranteed Mortgage Pass-Through Program
      with appropriate additions and changes, and shall also include information
      as to
      the aggregate of the outstanding principal balances of all of the Mortgage
      Loans
      as of the last day of the calendar month immediately preceding such Distribution
      Date. Copies of such statement shall be provided by the Trust Administrator
      to
      the Certificates Registrar, and the Certificate Registrar shall provide the
      same
      to any Certificateholder and to any Person identified to the Certificate
      Registrar as a prospective transferee of a Certificate, upon the request and
      at
      the expense of the requesting party, provided such statement is delivered by
      the
      Master Servicer to the Trust Administrator and by the Trust Administrator to
      the
      Certificate Registrar.

     

    SECTION
      3.20 Statement
      as to Compliance.

     

    The
      Master Servicer shall deliver to the Depositor and the Trust Administrator,
      on
      or before March 15th
      of each
      calendar year beginning in 2007, an Officers’ Certificate (an “Annual Statement
      of Compliance”) stating, as to each signatory thereof, that (i) a review of the
      activities of the Master Servicer during the preceding calendar year and of
      performance under this Agreement has been made under such officers’ supervision
      and (ii) to the best of such officers’ knowledge, based on such review, the
      Master Servicer has fulfilled all of its obligations under this Agreement in
      all
      material respects throughout such year, or, if there has been a failure to
      fulfill any such obligation in any material respect, specifying each such
      failure known to such officer and the nature and status of cure provisions
      thereof. The Master Servicer shall deliver, or cause any Sub-Servicer to
      deliver, a similar Annual Statement of Compliance by any Sub-Servicer to which
      any servicing responsibilities have been delegated with respect to the Mortgage
      Loans, to the Depositor and the Trust Administrator as described above as and
      when required with respect to the Master Servicer. 

     

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

     

    Failure
      of the Master Servicer to comply with this Section 3.20 shall be deemed a Master
      Servicer Event of Default and the Trustee at the direction of the Depositor
      shall, in addition to whatever rights the Trustee may have under this Agreement
      and at law or equity or to damages, including injunctive relief and specific
      performance, upon notice immediately terminate all of the rights and obligations
      of the Master Servicer under this Agreement and in and to the Mortgage Loans
      and
      the proceeds thereof without compensating the Master Servicer for the same.
      This
      paragraph shall supersede any other provision in this Agreement or any other
      agreement to the contrary. 

     

    The
      Master Servicer shall indemnify and hold harmless the Depositor and its
      officers, directors and Affiliates from and against any actual losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses that such Person may sustain
      based
      upon a breach of the Master Servicer’s obligations under this Section
      3.20.

     

    SECTION
      3.21 Assessments
      of Compliance and Attestation Reports.

     

    (a)  The
      Master Servicer shall service and administer the Mortgage Loans in accordance
      with all applicable requirements of the Servicing Criteria (as set forth in
      Exhibit C hereto). The Master Servicer shall deliver to the Depositor and the
      Trust Administrator or cause to be delivered to the Depositor and the Trust
      Administrator, on or before March 1st
      of each
      calendar year beginning in 2007, the following: 

     

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

     

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

     

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

     

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

     

    (b)  As
      provided in 3.21(a)(iii) above, the Master Servicer shall, or shall cause any
      Sub-Servicer and each subcontractor determined by the Master Servicer to be
      “participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB to, deliver to the Trust Administrator and the Depositor an
      Assessment of Compliance and Attestation Report as and when provided
      above.

     

    Such
      Assessment of Compliance, as to any Sub-Servicer, shall at a minimum address
      each of the Servicing Criteria specified on Exhibit C hereto which are indicated
      as applicable to any “primary servicer.” Notwithstanding the foregoing, as to
      any subcontractor, an Assessment of Compliance is not required to be delivered
      unless it is required as part of a Form 10-K with respect to the Trust
      Fund.

     

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

     

    Failure
      of the Master Servicer to timely comply with this Section 3.21 shall be deemed
      a
      Master Servicer Event of Default, and upon the receipt of written notice from
      the Trustee of such Event of Default, the Trustee at the direction of the
      Depositor may, in addition to whatever rights the Trustee may have under this
      Agreement and at law or equity or to damages, including injunctive relief and
      specific performance, upon notice immediately terminate all the rights and
      obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same. This paragraph shall supercede any other provision in this
      Agreement or any other agreement to the contrary.

     

    The
      Trust
      Administrator shall also provide an Assessment of Compliance and Attestation
      Report, as and when provided above, which shall at a minimum address each of
      the
      Servicing Criteria specified on Exhibit C hereto which are indicated as
      applicable to the Trust Administrator. The Paying Agent, Certificate Registrar
      and Authenticating Agent shall also provide an Assessment of Compliance and
      Attestation Report, as and when provided above, which shall at a minimum address
      each of the Servicing Criteria specified on Exhibit C hereto which are indicated
      as applicable to the Paying Agent, Certificate Registrar and Authenticating
      Agent. The Master Servicer shall on behalf of the Trustee enforce the
      obligations of the Custodian under the Custodial Agreement to provide an
      Assessment of Compliance and Attestation Report, as, when and to the extent
      set
      forth in the Custodial Agreement.

     

    The
      Master Servicer shall indemnify and hold harmless the Depositor and its
      officers, directors and Affiliates from and against any actual losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses that such Person may sustain
      based
      upon a breach of the Master Servicer’s obligations, as applicable, under this
      Section 3.21. The Trust Administrator shall indemnify and hold harmless the
      Depositor and its officers, directors and Affiliates from and against any actual
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses that such Person
      may sustain based upon any failure of the Trust Administrator to deliver when
      required its Assessment of Compliance and Attestation Report. The Paying Agent,
      Certificate Registrar and Authenticating Agent shall indemnify and hold harmless
      the Depositor and its officers, directors and Affiliates from and against any
      actual losses, damages, penalties, fines, forfeitures, reasonable and necessary
      legal fees and related costs, judgments and other costs and expenses that such
      Person may sustain based upon any failure of the Paying Agent, Certificate
      Registrar and Authenticating Agent to deliver when required its Assessment
      of
      Compliance.

     

    SECTION
      3.22 Access
      to
      Certain Documentation.

     

    The
      Master Servicer shall provide to the Office of the Controller of the Currency,
      the Office of Thrift Supervision, the FDIC, and any other federal or state
      banking or insurance regulatory authority that may exercise authority over
      any
      Certificateholder, access to the documentation regarding the Mortgage Loans
      required by applicable laws and regulations. Such access shall be afforded
      without charge, but only upon reasonable request and during normal business
      hours at the offices of the Master Servicer designated by it. In addition,
      access to the documentation regarding the Mortgage Loans required by applicable
      laws and regulations will be provided to such Certificateholder, the Trustee,
      the Trust Administrator and to any Person identified to the Master Servicer
      as a
      prospective transferee of a Certificate, upon reasonable request during normal
      business hours at the offices of the Master Servicer designated by it at the
      expense of the Person requesting such access.

     

    SECTION
      3.23 Title,
      Management and Disposition of REO Property.

     

    (a) The
      deed
      or certificate of sale of any REO Property shall be taken in the name of the
      Trustee, or its nominee, in trust for the benefit of the Certificateholders.
      The
      Master Servicer, on behalf of the Trust Fund, shall either sell any REO Property
      before the close of the third taxable year following the year the Trust Fund
      acquires ownership of such REO Property for purposes of Section 860G(a)(8)
      of
      the Code or request from the Internal Revenue Service, no later than 60 days
      before the day on which the above three-year grace period would otherwise
      expire, an extension of the above three-year grace period, unless the Master
      Servicer shall have delivered to the Trustee, the Trust Administrator and the
      Depositor an Opinion of Counsel, addressed to the Trustee, the Trust
      Administrator and the Depositor, to the effect that the holding by the Trust
      Fund of such REO Property subsequent to the close of the third taxable year
      after its acquisition will not result in the imposition on the Trust Fund of
      taxes on “prohibited transactions” thereof, as defined in Section 860F of the
      Code, or cause any Trust REMIC to fail to qualify as a REMIC under Federal
      law
      at any time that any Certificates are outstanding. The Master Servicer shall
      manage, conserve, protect and operate each REO Property for the
      Certificateholders solely for the purpose of its prompt disposition and sale
      in
      a manner which does not cause such REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code or
      result in the receipt by any Trust REMIC of any “income from non-permitted
      assets” within the meaning of Section 860F(a)(2)(B) of the Code, or any “net
      income from foreclosure property” which is subject to taxation under the REMIC
      Provisions.

     

    (b) The
      Master Servicer shall segregate and hold all funds collected and received in
      connection with the operation of any REO Property separate and apart from its
      own funds and general assets and shall establish and maintain with respect
      to
      REO Properties an account held in trust for the Trustee for the benefit of
      the
      Certificateholders (the “REO Account”), which shall be an Eligible Account. The
      Master Servicer shall be permitted to allow the Collection Account to serve
      as
      the REO Account, subject to separate ledgers for each REO Property. The Master
      Servicer shall be entitled to retain or withdraw any interest income paid on
      funds deposited in the REO Account.

     

    (c) The
      Master Servicer shall have full power and authority, subject only to the
      specific requirements and prohibitions of this Agreement, to do any and all
      things in connection with any REO Property as are consistent with the manner
      in
      which the Master Servicer manages and operates similar property owned by the
      Master Servicer or any of its Affiliates, all on such terms and for such period
      as the Master Servicer deems to be in the best interests of Certificateholders.
      In connection therewith, the Master Servicer shall deposit, or cause to be
      deposited in the clearing account (which account must be an Eligible Account)
      in
      which it customarily deposits payments and collections on mortgage loans in
      connection with its mortgage loan servicing activities on a daily basis, and
      in
      no event more than two Business Days after the Master Servicer’s receipt
      thereof, and shall thereafter deposit in the REO Account, in no event more
      than
      one Business Day after the deposit of such funds into the clearing account,
      all
      revenues received by it with respect to an REO Property and shall withdraw
      therefrom funds necessary for the proper operation, management and maintenance
      of such REO Property including, without limitation:

     

    (i) all
      insurance premiums due and payable in respect of such REO Property;

     

    (ii) all
      real
      estate taxes and assessments in respect of such REO Property that may result
      in
      the imposition of a lien thereon; and

     

    (iii) all
      costs
      and expenses necessary to maintain such REO Property.

     

    To
      the
      extent that amounts on deposit in the REO Account with respect to an REO
      Property are insufficient for the purposes set forth in clauses (i) through
      (iii) above with respect to such REO Property, the Master Servicer shall advance
      from its own funds such amount as is necessary for such purposes if, but only
      if, the Master Servicer would make such advances if the Master Servicer owned
      the REO Property and if in the Master Servicer’s judgment, the payment of such
      amounts will be recoverable from the rental or sale of the REO
      Property.

     

    Notwithstanding
      the foregoing, none of the Master Servicer, the Trust Administrator or the
      Trustee shall:

     

    (i) authorize
      the Trust Fund to enter into, renew or extend any New Lease with respect to
      any
      REO Property, if the New Lease by its terms will give rise to any income that
      does not constitute Rents from Real Property;

     

    (ii) authorize
      any amount to be received or accrued under any New Lease other than amounts
      that
      will constitute Rents from Real Property;

     

    (iii) authorize
      any construction on any REO Property, other than the completion of a building
      or
      other improvement thereon, and then only if more than ten percent of the
      construction of such building or other improvement was completed before default
      on the related Mortgage Loan became imminent, all within the meaning of Section
      856(e)(4)(B) of the Code; or

     

    (iv) authorize
      any Person to Directly Operate any REO Property on any date more than 90 days
      after its date of acquisition by the Trust Fund;

     

    unless,
      in any such case, the Master Servicer has obtained an Opinion of Counsel,
      provided to the Trust Administrator and the Trustee, to the effect that such
      action will not cause such REO Property to fail to qualify as “foreclosure
      property” within the meaning of Section 860G(a)(8) of the Code at any time that
      it is held by the Trust Fund, in which case the Master Servicer may take such
      actions as are specified in such Opinion of Counsel.

     

    The
      Master Servicer may contract with any Independent Contractor for the operation
      and management of any REO Property, provided that:

     

    (i) the
      terms
      and conditions of any such contract shall not be inconsistent
      herewith;

     

    (ii) any
      such
      contract shall require, or shall be administered to require, that the
      Independent Contractor pay all costs and expenses incurred in connection with
      the operation and management of such REO Property, including those listed above
      and remit all related revenues (net of such costs and expenses) to the Master
      Servicer as soon as practicable, but in no event later than thirty days
      following the receipt thereof by such Independent Contractor;

     

    (iii) none
      of
      the provisions of this Section 3.23(c) relating to any such contract or to
      actions taken through any such Independent Contractor shall be deemed to relieve
      the Master Servicer of any of its duties and obligations to the Trustee on
      behalf of the Certificateholders with respect to the operation and management
      of
      any such REO Property; and

     

    (iv) the
      Master Servicer shall be obligated with respect thereto to the same extent
      as if
      it alone were performing all duties and obligations in connection with the
      operation and management of such REO Property.

     

    The
      Master Servicer shall be entitled to enter into any agreement with any
      Independent Contractor performing services for it related to its duties and
      obligations hereunder for indemnification of the Master Servicer by such
      Independent Contractor, and nothing in this Agreement shall be deemed to limit
      or modify such indemnification. The Master Servicer shall be solely liable
      for
      all fees owed by it to any such Independent Contractor, irrespective of whether
      the Master Servicer’s compensation pursuant to Section 3.18 is sufficient to pay
      such fees.

     

    (d) In
      addition to the withdrawals permitted under Section 3.23(c), the Master Servicer
      may from time to time make withdrawals from the REO Account for any REO
      Property: (i) to pay itself or any Sub-Servicer unpaid Servicing Fees of
      Administration Fees in respect of the related Mortgage Loan; and (ii) to
      reimburse itself or any Sub-Servicer for unreimbursed Servicing Advances and
      P&I Advances made in respect of such REO Property or the related Mortgage
      Loan. Any income from the related REO Property received during any calendar
      months prior to a Final Recovery Determination, net of any withdrawals made
      pursuant to Section 3.23(c) or this Section 3.23(d), shall be withdrawn by
      the
      Master Servicer from each REO Account maintained by it and remitted to the
      Paying Agent for deposit into the Distribution Account in accordance with
      Section 3.10(d)(ii) on the Master Servicer Remittance Date relating to a Final
      Recovery Determination with respect to such Mortgage Loan, for distribution
      on
      the related Distribution Date in accordance with Section 4.01.

     

    (e) Subject
      to the time constraints set forth in Section 3.23(a), and further subject to
      obtaining the approval of the insurer under any related Primary Mortgage
      Insurance Policy (if and to the extent that such approvals are necessary to
      make
      claims under such policies in respect of the affected REO Property), each REO
      Disposition shall be carried out by the Master Servicer at such price and upon
      such terms and conditions as the Master Servicer shall deem necessary or
      advisable, as shall be normal and usual in its general servicing activities
      for
      similar properties.

     

    (f) The
      proceeds from the REO Disposition, net of any amount required by law to be
      remitted to the Mortgagor under the related Mortgage Loan and net of any payment
      or reimbursement to the Master Servicer or any Sub-Servicer as provided above,
      shall be remitted to the Paying Agent for deposit in the Distribution Account
      in
      accordance with Section 3.10(d)(ii) on the Master Servicer Remittance Date
      in
      the month following the receipt thereof for distribution on the related
      Distribution Date in accordance with Section 4.01. Any REO Disposition shall
      be
      for cash only (unless changes in the REMIC Provisions made subsequent to the
      Startup Day allow a sale for other consideration).

     

    (g) The
      Master Servicer shall file information returns with respect to the receipt
      of
      mortgage interest received in a trade or business, reports of foreclosures
      and
      abandonments of any Mortgaged Property and cancellation of indebtedness income
      with respect to any Mortgaged Property as required by Sections 6050H, 6050J
      and
      6050P of the Code, respectively. Such reports shall be in form and substance
      sufficient to meet the reporting requirements imposed by such Sections 6050H,
      6050J and 6050P of the Code.

     

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

     

    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.

     

    
      
        SECTION
          3.25  Obligations of the Master Servicer in Respect of Monthly
          Payments.

      

    

     

    In
      the
      event that a shortfall in any collection on or liability with respect to any
      Mortgage Loan results from or is attributable to adjustments to Stated Principal
      Balances that were made by the Master Servicer in a manner not consistent with
      the terms of the related Mortgage Note and this Agreement, the Master Servicer,
      upon discovery or receipt of notice thereof, immediately shall deliver to the
      Paying Agent for deposit in the Distribution Account from its own funds the
      amount of any such shortfall and shall indemnify and hold harmless the Trust
      Fund, the Trustee, the Trust Administrator, the Depositor and any successor
      master servicer in respect of any such liability. Such indemnities shall survive
      the termination or discharge of this Agreement. If amounts paid by the Master
      Servicer with respect to any Mortgage Loan pursuant to this Section 3.25 are
      subsequently recovered from the related Mortgagor, the Master Servicer shall
      be
      permitted to reimburse itself for such amounts paid by it pursuant to this
      Section 3.25 from such recoveries.

     

    ARTICLE
      IV

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    
      	SECTION
              4.01  	
              Distributions.

            

    

     

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

     

    
      	 	
              (i)

            	
              concurrently,
                to the Holders of the Class 1-A1 Certificates, the Class 1-XS Certificates
                and the Class R Certificates, the Interest Distribution Amount for
                each
                Class and such Distribution Date, on a pro
                rata
                basis based on their respective entitlements to interest pursuant
                to this
                clause;

            

    

     

    
      	 	
              (ii)

            	
              to
                the Holders of the Class 1-PO Certificates, the Class PO Principal
                Distribution Amount for such Class and such Distribution Date, until
                the
                Certificate Principal Balance has been reduced to
                zero;

            

    

     

    
      	 	
              (iii)

            	
              the
                Senior Principal Distribution Amount for Loan Group 1 and such
                Distribution Date, first, to the Class R Certificates until the
                Certificate Principal Balance thereof has been reduced to zero and
                then to
                the Class 1-A1 Certificates until the Certificate Principal Balance
                thereof has been reduced to zero.

            

    

     

    (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 Available
      Distribution Amount related to the Group 2 Mortgage Loans. Distributions on
      each
      Distribution Date of the Available Distribution Amount related to the Group
      2
      Mortgage Loans will be made in the following amounts and order of priority,
      from
      the related Available Distribution Amount: 

     

    
      	 	
              (i)

            	
              concurrently,
                to the Holders of each Class of Group 2 Class A Certificates and
                the Class
                2-XS Certificates, the Interest Distribution Amount for each Class,
                on a
                pro
                rata
                basis based on their respective entitlements to interest pursuant
                to this
                clause;

            

    

     

    
      	 	
              (ii)

            	
              to
                the Holders of the Class 2-PO Certificates, the Class PO Principal
                Distribution Amount for such Class and such Distribution Date, until
                the
                Certificate Principal Balance has been reduced to
                zero;

            

    

     

    
      	 	
              (iii)

            	
              to
                the Holders of the Group 2 Class A Certificates, the Senior Principal
                Distribution Amount for Loan Group 2 and such Distribution Date,
                allocated
                among the classes of Group 2 Class A Certificates in the order of
                priority
                described below, until the Certificate Principal Balances thereof
                have
                been reduced to zero.

            

    

     

    (3) All
      distributions to the Holders of the Group 2 Class A Certificates pursuant to
      Section 4.01(a)(2)(iii) above shall be made in the following amounts and order
      of priority:

     

    
      	 	
              (i)

            	
              to
                the Holders of the Class 2-A3 Certificates, the Lockout Distribution
                Amount, until the Certificate Principal Balance thereof has been
                reduced
                to zero;

            

    

     

    
      	 	
              (ii)

            	
              concurrently,
                to the Holders of the Class 2-A1A Certificates and the Class 2-A1B
                Certificates, on a pro
                rata
                basis based on the Certificate Principal Balance of each such class,
                until
                the Certifcate Principal Balance thereof has been reduced to
                zero;

            

    

     

    
      	 	
              (iii)

            	
              to
                the Holders of the Class 2-A2 Certificates, until the Certificate
                Principal Balance thereof has been reduced to
                zero;

            

    

     

    
      	 	
              (iv)

            	
              to
                the Holders of the Class 2-A3 Certificates, until the Certificate
                Principal Balance thereof has been reduced to
                zero.

            

    

     

    (4) 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 remaining
      Available Distribution Amounts after distributions pursuant to Section
      4.01(a)(1) and Section 4.01(a)(2) above. Distributions on each Distribution
      Date
      with respect to the Certificates will be made in the following amounts and
      order
      of priority, from the remaining Available Distribution Amounts:

     

    
      	(i)  	
              concurrently,
                to the Holders of the Class A Certificates related to an
                Undercollateralized Loan Group, an amount in respect of principal
                equal to
                the Overcollateralized Amount for such distribution date, in the
                case of
                any amounts so allocated to the Group 2 Class A Certificates, allocated
                among the classes of Group 2 Class A Certificates in the order of
                priority
                described in Section 4.01(a)(3);

            

    

     

    
      	(ii)  	
              to
                the Holders of the 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 B1 Certificates;
                second, to the holders of the Class B2 Certificates; third, to the
                holders
                of the Class B3 Certificates; fourth, to the holders of the Class
                B4
                Certificates; fifth, to the holders of the Class B5 Certificates;
                and
                sixth, to the holders of the Class B6 Certificates, in each case
                to the
                extent of the remaining Available Distribution Amounts and in each
                case to
                the extent of the Interest Distribution Amount for such class for
                such
                Distribution Date; provided that with respect to any such class of
                Subordinate Certificates that is on such Distribution Date the most
                subordinate class of Subordinate Certificates, the distribution of
                any
                Class PO Carry Forward Amounts to the holders of the Class PO Certificates
                will be made before the distribution of the Interest Distribution
                Amount
                to such class, and such class will be entitled to a distribution
                in
                respect of interest pursuant to Section 4.01(a)(4)(iv)
                below;

            

    

     

    
      	(iii)  	
              concurrently,
                to the Holders of each class of Class PO Certificates, any Class
                PO Carry
                Forward Amounts for such Distribution Date, on a pro
                rata
                basis based on their respective entitlements to such
                amounts;

            

    

     

    
      	(iv)  	
              to
                the Holders of the most subordinate class of Subordinate Certificates
                for
                such Distribution Date, the Interest Distribution Amount for such
                class;

            

    

     

    
      	(v)  	
              to
                the Holders of the Subordinate Certificates, each class’ allocable share
                of the Subordinate Principal Distribution Amount, in the following
                order
                of priority: first, to the holders of the Class B1 Certificates;
                second,
                to the holders of the Class B2 Certificates; third, to the holders
                of the
                Class B3 Certificates; fourth, to the holders of the Class B4
                Certificates; fifth, to the holders of the Class B5 Certificates;
                and
                sixth, to the holders of the Class B6 Certificates, in each case
                to the
                extent of the remaining Available Distribution Amounts and in each
                case to
                the extent of such class’s allocable share of principal for such
                distribution date until the Certificate Principal Balance thereof
                has been
                reduced to zero; and

            

    

     

    
      	(vi)  	
              to
                the Class R Certificates, any remainder (which is expected to be
                zero).

            

    

     

    (5) Immediately
      prior to the distributions to the Holders of the Certificates on each
      Distribution Date, any adjustments to the Certificate Principal Balances of
      the
      Certificates, as required by this paragraph shall be made. 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 and that remain “outstanding” as set
      forth below shall be applied as follows: first, to increase the Certificate
      Principal Balances of the related Class of Certificates 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
      and remaining “outstanding”; second, to increase the Certificate Principal
      Balances of the related Class of Certificates 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
      and remaining “outstanding”; and so forth. For purposes of the foregoing, with
      respect to any Class of Certificates the amount of previously allocated Realized
      Losses that have been offset by an increase in Certificate Principal Balances
      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
      pursuant to Section 4.04. Holders of any Class of Certificates with respect
      to
      which there shall have been a Certificate Principal Balances 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 of each Class
      of Certificates in accordance with its respective Percentage
      Interest.

     

    All
      references above to the Certificate Principal Balances of any Class of
      Certificates shall be to the Certificate Principal Balances of such Class of
      Certificates prior to the allocation of Extraordinary Trust Fund Expenses and
      Realized Losses, in each case allocated to such Class of Certificates 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 Subordinate Certificates pursuant to Section 4.01(a)(4) above
      shall be applied among the various Classes thereof, in the order of priority
      from the Class of Subordinate Certificates with the lowest numerical designation
      to the Class of 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
      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 Subordinate Certificates (each, an “Eligible
      Class”) in proportion to the respective outstanding Certificate Principal
      Balances thereof: (i) the Class B1 Certificates, (ii) the Class B2 Certificates,
      if on such Distribution Date the aggregate percentage interest evidenced by
      the
      Class B2 Certificates, the Class B3 Certificates, the Class B4 Certificates,
      the
      Class B5 Certificates and the Class B6 Certificates equals or exceeds 2.00%
      before giving effect to distributions on such Distribution Date, (iii) the
      Class
      B3 Certificates, if on such Distribution Date the aggregate percentage interest
      evidenced by the Class B3 Certificates, the Class B4 Certificates, the Class
      B5
      Certificates and the Class B6 Certificates equals or exceeds 1.10% before giving
      effect to distributions on such Distribution Date, (iv) the Class B4
      Certificates, if on such Distribution Date the aggregate percentage interest
      evidenced by the Class B4 Certificates, the Class B5 Certificates and the Class
      B6 Certificates equals or exceeds 0.70% before giving effect to distributions
      on
      such Distribution Date, (v) the Class B5 Certificates, if on such Distribution
      Date the aggregate percentage interest evidenced by the Class B5 Certificates
      and the Class B6 Certificates equals or exceeds 0.40% before giving effect
      to
      distributions on such Distribution Date and (vi) the Class B6 Certificates,
      if
      on such Distribution Date the percentage interest evidenced by the Class B6
      Certificates equals or exceeds 0.15% before giving effect to distributions
      on
      such Distribution Date. If any of the foregoing Certificates is not an Eligible
      Class, any amounts allocable to principal and distributable pursuant to this
      Section 4.01(b)(ii) will be distributed among the Certificates that are Eligible
      Classes in the manner set forth above.

     

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

     

    (c) All
      distributions made with respect to each Class of Certificates on each
      Distribution Date shall be allocated pro
      rata
      among
      the outstanding Certificates in such Class based on their respective Percentage
      Interests. Payments in respect of each Class of Certificates on each
      Distribution Date will be made to the Holders of the respective Class of record
      on the related Record Date (except as otherwise provided in Section 4.01(e)
      or
      Section 9.01 respecting the final distribution on such Class), based on the
      aggregate Percentage Interest represented by their respective Certificates,
      and
      shall be made by wire transfer of immediately available funds to the account
      of
      any such Holder at a bank or other entity having appropriate facilities
      therefor, if such Holder shall have so notified the Certificate Registrar in
      writing at least five Business Days prior to the Record Date immediately prior
      to such Distribution Date and with respect to any Class of Certificates other
      than the Residual Certificates is the registered owner of Certificates having
      an
      initial aggregate Certificate Principal Balance that is in excess of the lesser
      of (i) $5,000,000 or (ii) two-thirds of the initial Certificate Principal
      Balance of such Class of Certificates, or otherwise by check mailed by first
      class mail to the address of such Holder appearing in the Certificate Register.
      The final distribution on each Certificate will be made in like manner, but
      only
      upon presentment and surrender of such Certificate at the Corporate Trust Office
      of the Certificate Registrar or such other location specified in the notice
      to
      Certificateholders of such final distribution.

     

    Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, as Holder thereof, and the Depository shall be responsible for
      crediting the amount of such distribution to the accounts of its Depository
      Participants in accordance with its normal procedures. Each Depository
      Participant shall be responsible for disbursing such distribution to the
      Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. None of the Trustee, the Trust
      Administrator, the Paying Agent, the Certificate Registrar, the Authenticating
      Agent, the Depositor or the Master Servicer shall have any responsibility
      therefor except as otherwise provided by this Agreement or applicable
      law.

     

    (d) The
      rights of the Certificateholders to receive distributions in respect of the
      Certificates, and all interests of the Certificateholders in such distributions,
      shall be as set forth in this Agreement. None of the Holders of any Class of
      Certificates, the Depositor, the Trustee, the Trust Administrator, the
      Authenticating Agent, the Paying Agent, the Certificate Registrar or the Master
      Servicer shall in any way be responsible or liable to the Holders of any other
      Class of Certificates in respect of amounts properly previously distributed
      on
      the Certificates.

     

    (e) Except
      as
      otherwise provided in Section 9.01, whenever the Trust Administrator expects
      that the final distribution with respect to any Class of Certificates will
      be
      made on the next Distribution Date, the Trust Administrator shall so timely
      advise the Paying Agent and the Paying Agent shall, no later than five days
      after the latest related Determination Date, mail on such date to each Holder
      of
      such Class of Certificates a notice to the effect that:

     

    (i) the
      Paying Agent expects that the final distribution with respect to such Class
      of
      Certificates will be made on such Distribution Date, but only upon presentation
      and surrender of such Certificates at the office of the Certificate Registrar
      therein specified, and

     

    (ii) no
      interest shall accrue on such Certificates from and after the end of the related
      Interest Accrual Period.

     

    (iii) Any
      funds
      not distributed to any Holder or Holders of Certificates of such Class on such
      Distribution Date because of the failure of such Holder or Holders to tender
      their Certificates shall, on such date, be set aside and held in trust by the
      Paying Agent and credited to the account of the appropriate non-tendering Holder
      or Holders. If any Certificates as to which notice has been given pursuant
      to
      this Section 4.01(e) shall not have been surrendered for cancellation within
      six
      months after the time specified in such notice, the Paying Agent shall mail
      a
      second notice to the remaining non-tendering Certificateholders to surrender
      their Certificates for cancellation in order to receive the final distribution
      with respect thereto. If within one year after the second notice all such
      Certificates shall not have been surrendered for cancellation, the Paying Agent
      shall, directly or through an agent, mail a final notice to remaining
      non-tendering Certificateholders concerning surrender of their Certificates
      and
      shall continue to hold any remaining funds for the benefit of non-tendering
      Certificateholders. The costs and expenses of maintaining the funds in trust
      and
      of contacting such Certificateholders shall be paid out of the assets remaining
      in such trust fund. If within one year after the final notice any such
      Certificates shall not have been surrendered for cancellation, the Paying Agent
      shall pay to the Citigroup Global Markets Inc. all such amounts, and all rights
      of non-tendering Certificateholders in or to such amounts shall thereupon cease.
      No interest shall accrue or be payable to any Certificateholder on any amount
      held in trust by the Paying Agent as a result of such Certificateholder’s
      failure to surrender its Certificate(s) for final payment thereof in accordance
      with this Section 4.01(e).

     

    SECTION
      4.02 Statements
      to Certificateholders.

     

    On
      each
      Distribution Date, the Trust Administrator shall prepare and make available
      to
      the Paying Agent, and the Paying Agent shall make available on its website
      to
      each Holder of the Regular Certificates, a statement as to the distributions
      made on such Distribution Date setting forth: 

     

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

     

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

     

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

     

    (iv) the
      aggregate amount of P&I Advances for such Distribution Date;

     

    (v) 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) 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) 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 method);

     

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

     

    (xi) the
      aggregate amount of Realized Losses incurred during the related Prepayment
      Period (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, 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 and whether Realized Losses or delinquencies are at levels such as to
      prevent scheduled declines in any of the Senior Prepayment
      Percentages;

     

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

     

    (xiv) the
      Certificate Factor for each such Class of Certificates applicable to such
      Distribution Date;

     

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

     

    (xviii) the
      then-applicable Bankruptcy Amount, Fraud Loss Amount, and Special Hazard
      Amount;

     

    (xix) the
      Weighted Average Stripped Interest Rate of the Group 1 Mortgage Loans and the
      Group 2 Mortgage Loans as of the first day of the related Due Period for such
      Distribution Date;
      

     

    (xx) 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) 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 Class XS 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
      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; and

     

    (xxvi) .

     

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

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Paying Agent
      shall forward to each Person (with a copy to the Trust Administrator and the
      Trustee) who at any time during the calendar year was a Holder of a Regular
      Certificate a statement containing the information set forth in subclauses
      (i)
      through (iii) above, aggregated for such calendar year or applicable portion
      thereof during which such person was a Certificateholder. Such obligation of
      the
      Paying Agent shall be deemed to have been satisfied to the extent that
      substantially comparable information shall be prepared by the Trust
      Administrator and provided by the Paying Agent pursuant to any requirements
      of
      the Code as from time to time are in force.

     

    On
      each
      Distribution Date, the Paying Agent shall make available to the Depositor,
      each
      Holder of a Residual Certificate, the Trust Administrator and the Master
      Servicer, a copy of the reports forwarded to the Regular Certificateholders
      on
      such Distribution Date and a statement setting forth the amounts, if any,
      actually distributed with respect to the Residual Certificates, respectively,
      on
      such Distribution Date.

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Paying Agent
      shall forward to each Person (with a copy to the Trust Administrator and the
      Trustee) who at any time during the calendar year was a Holder of a Residual
      Certificate a statement setting forth the amount, if any, actually distributed
      with respect to the Residual Certificates, as appropriate, aggregated for such
      calendar year or applicable portion thereof during which such Person was a
      Certificateholder. Such obligation of the Paying Agent shall be deemed to have
      been satisfied to the extent that substantially comparable information shall
      be
      prepared by the Trust Administrator and furnished by the Paying Agent to such
      Holders pursuant to the rules and regulations of the Code as are in force from
      time to time.

     

    Upon
      request, the Paying Agent shall forward to each Certificateholder, during the
      term of this Agreement, such periodic, special, or other reports or information,
      whether or not provided for herein, as shall be reasonable with respect to
      the
      Certificateholder, or otherwise with respect to the purposes of this Agreement,
      all such reports or information to be provided at the expense of the
      Certificateholder in accordance with such reasonable and explicit instructions
      and directions as the Certificateholder may provide. For purposes of this
      Section 4.02, the Paying Agent’s duties are limited to the extent that the
      Paying Agent receives timely reports as required from the Trust Administrator
      and the Master Servicer and that the Trust Administrator receives timely reports
      as required from the Master Servicer.

     

    On
      each
      Distribution Date, the Trust Administrator shall provide Bloomberg Financial
      Markets, L.P. (“Bloomberg”) (1) CUSIP level factors for each class of
      Certificates as of such Distribution Date and (2) the number and aggregate
      unpaid principal balance of Mortgage Loans that are (a) delinquent 30 to 59
      days, (b) delinquent 60 to 89 days, (c) delinquent 90 or more days in each
      case,
      as of the last day of the preceding calendar month, (d) as to which foreclosure
      proceedings have been commenced and (e) with respect to which the related
      Mortgagor has filed for protection under applicable bankruptcy laws, with
      respect to whom bankruptcy proceedings are pending or with respect to whom
      bankruptcy protection is in force, in each case using a format and media
      mutually acceptable to the Trust Administrator and Bloomberg.

     

    SECTION
      4.03 Remittance
      Reports; P&I Advances.

     

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

     

    (b) The
      amount of P&I Advances to be made by the Master Servicer for any
      Distribution Date shall equal, subject to Section 4.03(d), the sum of (i) the
      aggregate amount of Monthly Payments (with each interest portion thereof net
      of
      the related Servicing Fee and the related Administration Fee), due on the
      related Due Date in respect of the Mortgage Loans, which Monthly Payments were
      delinquent as of the close of business on the related Determination Date and
      (ii) with respect to each REO Property, which REO Property was acquired during
      or prior to the related Prepayment Period and as to which such REO Property
      an
      REO Disposition did not occur during the related Prepayment Period, an amount
      equal to the Monthly Payments (with each interest portion thereof net of the
      related Servicing Fee and the related Administration Fee) that would have been
      due on the related Due Date in respect of the related Mortgage
      Loans.

     

    On
      or
      before 12:00 p.m. New York time on the Master Servicer Remittance Date, the
      Master Servicer shall remit in immediately available funds to the Paying Agent
      for deposit in the Distribution Account an amount equal to the aggregate amount
      of P&I Advances, if any, to be made in respect of the Mortgage Loans and REO
      Properties for the related Distribution Date either (i) from its own funds
      or,
      if received from a Sub-Servicer, from funds remitted by a Sub-Servicer in
      payment of required P&I Advances or (ii) from the Collection Account, to the
      extent of funds held therein for future distribution (in which case, it will
      cause to be made an appropriate entry in the records of Collection Account
      that
      amounts held for future distribution have been, as permitted by this Section
      4.03, used by the Master Servicer in discharge of any such P&I Advance) or
      (iii) in the form of any combination of (i) and (ii) aggregating the total
      amount of P&I Advances to be made by the Master Servicer with respect to the
      Mortgage Loans and REO Properties. Any amounts held for future distribution
      and
      so used shall be appropriately reflected in the Master Servicer’s records and
      replaced by the Master Servicer by deposit in the Collection Account on or
      before any future Master Servicer Remittance Date to the extent that the
      Available Distribution Amount for the related Distribution Date (determined
      without regard to P&I Advances to be made on the Master Servicer Remittance
      Date) shall be less than the total amount that would be distributed to the
      Classes of Certificateholders pursuant to Section 4.01 on such Distribution
      Date
      if such amounts held for future distributions had not been so used to make
      P&I Advances. The Trust Administrator will provide notice to the Master
      Servicer by telecopy by the close of business on the Master Servicer Remittance
      Date in the event that the amount remitted by the Master Servicer to the Trust
      Administrator on such Master Servicer Remittance Date is less than the P&I
      Advances required to be made by the Master Servicer for the related Distribution
      Date.

     

    (c) The
      obligation of the Master Servicer to make such P&I Advances is mandatory,
      notwithstanding any other provision of this Agreement but subject to (d) below,
      and, with respect to any Mortgage Loan or REO Property, shall continue until
      a
      Final Recovery Determination in connection therewith or the removal thereof
      from
      REMIC I pursuant to any applicable provision of this Agreement, except as
      otherwise provided in this Section.

     

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

     

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

     

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

     

    (a) Prior
      to
      each Distribution Date, the Master Servicer shall determine as to each Mortgage
      Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred
      in connection with any Final Recovery Determinations made during the related
      Prepayment Period; (ii) whether and the extent to which such Realized Losses
      constituted Fraud Losses or Special Hazard Losses; and (iii) the respective
      portions of such Realized Losses allocable to interest and allocable to
      principal. Prior to each Distribution Date, the Master Servicer shall also
      determine as to each Mortgage Loan: (A) the total amount of Realized Losses,
      if
      any, incurred in connection with any Deficient Valuations made during the
      related Prepayment Period; and (B) the total amount of Realized Losses, if
      any,
      incurred in connection with Debt Service Reductions in respect of Monthly
      Payments due during the related Due Period. The information described in the
      two
      preceding sentences that is to be supplied by the Master Servicer shall be
      evidenced by an Officers’ Certificate delivered to the Trust Administrator, the
      Paying Agent and the Trustee by the Master Servicer prior to the Determination
      Date immediately following the end of (x) in the case of Bankruptcy Losses
      allocable to interest, the Due Period during which any such Realized Loss was
      incurred, and (y) in the case of all other Realized Losses, the Prepayment
      Period during which any such Realized Loss was incurred.

     

    (b) All
      Realized Losses on the Mortgage Loans (other than Excess Losses) shall be
      allocated by the Paying Agent on each Distribution Date in reverse sequential
      order to the Subordinate Certificates, in each case until the Certificate
      Principal Balance thereof has been reduced to zero. 

     

    Thereafter,
      upon the reduction of the Certificate Principal Balances of the Subordinate
      Certificates to zero, (i) the Non-PO Percentage of Realized Losses on a Mortgage
      Loan (other than Excess Losses) will be allocated on any Distribution Date
      to
      the Class 1-A1 Certificates, if the Realized Loss is on a Group 1 Mortgage
      Loan
      or to Group 2 Class A Certificates (in the manner described below) if the
      Realized Loss is on a Group 2 Mortgage Loan or (ii) if Realized Losses are
      on a
      Class PO Mortgage Loan, such Realized Losses will be allocated to the related
      Class PO Certificates in an amount equal to the related Class PO Percentage
      of
      the Realized Losses and the remainder of the Realized Losses will be allocated
      on any Distribution Date to the Class 1-A1 Certificates, if the Realized Loss
      is
      on a Group 1 Mortgage Loan or to Group 2 Class A Certificates (in the manner
      described below) if the Realized Loss is on a Group 2 Mortgage
      Loan.

     

    Excess
      Losses on the Mortgage Loans will be allocated on any Distribution Date by
      allocating (i) the related Senior Percentage of the Non-PO Percentage of the
      Excess Loss to the Class 1-A1 Certificates (if the Excess Loss is on a Group
      1
      Mortgage Loan) or to the Group 2 Class A Certificates in the manner described
      below (if the Excess Loss is on a Group 2 Mortgage Loan) and (ii) the related
      Subordinate Percentage (related to the loan group in which the Mortgage Loan
      that suffered the Excess Loss is included) of the Non-PO Percentage of the
      Excess Loss to the Subordinate Certificates on a pro
      rata
      basis
      based on their Certificate Principal Balances. Excess Losses on a Class PO
      Mortgage Loan will be allocated to the related Class PO Certificates in an
      amount equal to the related Class PO Percentage of the Excess Losses and the
      remainder of the Excess Losses will be allocated by allocating (i) the related
      Senior Percentage of the Non-PO Percentage of the Excess Loss to the Class
      1-A1
      Certificates (if the Excess Loss is on a Group 1 Mortgage Loan) or to the Group
      2 Class A Certificates in the manner described below (if the Excess Loss is
      on a
      Group 2 Mortgage Loan) and (ii) the related Subordinate Percentage (related
      to
      the loan group in which the Mortgage Loan that suffered the Excess Loss is
      included) of the Non-PO Percentage of the Excess Loss to the Subordinate
      Certificates on a pro
      rata
      basis
      based on their Certificate Principal Balances. 

     

    Any
      Extraordinary Trust Fund Expenses will be allocated on any Distribution Date
      as
      follows: first, to the Class B6 Certificates; second, to the Class B5
      Certificates; third, to the Class B4 Certificates; fourth, to the Class B3
      Certificates; fifth, to the Class B2 Certificates; and sixth, to the Class
      B1
      Certificates, in each case until the Certificate Principal Balance of such
      Class
      has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses
      will
      be allocated on any distribution date among the Class A Certificates and the
      Class PO Certificates on a pro
      rata basis
      based on their respective Certificate Principal Balances. 

     

    Notwithstanding
      the foregoing, any Realized Loss (including any Excess Loss) or any
      Extraordinary Trust Fund Expense that is allocated to the Group 2 Class A
      Certificates will be allocated among the classes of Group 2 Class A Certificates
      on a pro
      rata
      basis;
      provided that any Realized Losses (other than any Excess Losses) so allocated
      to
      the Class 2-A1A Certificates and Class 2-A1B Certificates will be allocated
      first to the Class 2-A1B Certificates until the Certificate Principal Balance
      thereof has been reduced to zero and then to the Class 2-A1A 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 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).

     

    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. 

     

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

     

    (b) Distributions
      of principal shall be deemed to be made to the REMIC I Regular Interests, in
      each case from the related Loan Group, first, to REMIC I Regular Interest LT-A1
      and REMIC I Regular Interest LT-A2, as applicable, so that the Uncertificated
      Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess
      of
      (x) the aggregate Non-PO Percentage of the Scheduled Principal Balance of the
      Mortgage Loans in the related Loan Group over (y) the current Certificate
      Principal Balance of the Class A Certificates in such Loan Group (except that
      if
      any such excess is a larger number than in the preceding distribution period,
      the least amount of principal shall be distributed to such REMIC I Regular
      Interests such that the REMIC I Subordinated Balance Ratio is maintained);
      and
      second, any remaining principal in each Loan Group to REMIC I Regular Interest
      LT-ZZZ1 and REMIC I Regular Interest LT-ZZZ2, as applicable (provided that
      a
      portion of the remaining principal equal to the Class PO Principal Distribution
      Amount attributable to the Group 1 Mortgage Loans and the Class PO Principal
      Distribution Amount attributable to the Group 2 Mortgage Loans will be
      distributed to REMIC I Regular Interest LT-PO1 and REMIC I Regular Interest
      LT-PO2, respectively). 

     

    (c)
       Realized
      Losses from each Loan Group shall be applied after all distributions have been
      made on each Distribution Date, first, to REMIC I Regular Interest LT-A1 and
      REMIC I Regular Interest LT-A2, as applicable, so that the Uncertificated
      Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess
      of
      (x) the aggregate Non-PO Percentage of the Scheduled Principal Balance of the
      Mortgage Loans in the related Loan Group over (y) the current Certificate
      Principal Balance of the Class A Certificates in the related Loan Group (except
      that if any such excess is a larger number than in the preceding distribution
      period, the least amount of Realized Losses shall be applied to such REMIC
      I
      Regular Interests such that the REMIC I Subordinated Balance Ratio is
      maintained); and second, any remaining Realized Losses from each Loan Group
      shall be allocated to REMIC I Regular Interest LT-ZZZ1 and REMIC I Regular
      Interest LT-ZZZ2, as applicable (except that if a Realized Loss is recognized
      with respect to a PO Mortgage Loan in any of the Group 1 Mortgage Loans or
      Group
      2 Mortgage Loans, the applicable portion of such Realized Loss will be allocated
      to REMIC I Regular Interest LT-PO1 and REMIC I Regular Interest LT-PO2,
      respectively).

     

    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-16. The Certificates of each Class will be issuable in registered
      form
      only, in denominations of authorized Percentage Interests as described in the
      definition thereof. Each Certificate will share ratably in all rights of the
      related Class.

     

    Upon
      original issue, the Certificates shall be executed by the Paying Agent and
      delivered by the Authenticating Agent to or upon the order of the Depositor.
      The
      Certificates shall be executed and attested by manual or facsimile signature
      on
      behalf of the Paying Agent by an authorized signatory. Certificates bearing
      the
      manual or facsimile signatures of individuals who were at any time the proper
      officers of the Paying Agent shall bind the Paying Agent, notwithstanding that
      such individuals or any of them have ceased to hold such offices prior to the
      execution, authentication and delivery of such Certificates or did not hold
      such
      offices at the date of such Certificates. No Certificate shall be entitled
      to
      any benefit under this Agreement or be valid for any purpose, unless there
      appears on such Certificate a certificate of authentication substantially in
      the
      form provided herein executed by the Authenticating Agent by manual signature,
      and such certificate of authentication shall be conclusive evidence, and the
      only evidence, that such Certificate has been duly authenticated and delivered
      hereunder. All Certificates shall be dated the date of their
      authentication.

     

    (b) The
      Book-Entry Certificates shall initially be issued as one or more Certificates
      held by Book-Entry Custodian or, if appointed to hold such Certificates as
      provided below, the Depository and registered in the name of the Depository
      or
      its nominee and, except as provided below, registration of such Certificates
      may
      not be transferred by the Certificate Registrar except to another Depository
      that agrees to hold such Certificates for the respective Certificate Owners
      with
      Ownership Interests therein. The Certificate Owners shall hold their respective
      Ownership Interests in and to such Certificates through the book-entry
      facilities of the Depository and, except as provided below, shall not be
      entitled to definitive, fully registered Certificates (“Definitive
      Certificates”) in respect of such Ownership Interests. All transfers by
      Certificate Owners of their respective Ownership Interests in the Book- Entry
      Certificates shall be made in accordance with the procedures established by
      the
      Depository Participant or brokerage firm representing such Certificate Owner.
      Each Depository Participant shall only transfer the Ownership Interests in
      the
      Book-Entry Certificates of Certificate Owners it represents or of brokerage
      firms for which it acts as agent in accordance with the Depository’s normal
      procedures. The Paying Agent is hereby initially appointed as the Book-Entry
      Custodian and hereby agrees to act as such in accordance herewith and in
      accordance with the agreement that it has with the Depository authorizing it
      to
      act as such. The Book-Entry Custodian may, and if it is no longer qualified
      to
      act as such, the Book-Entry Custodian shall, appoint, by a written instrument
      delivered to the Depositor, the Master Servicer and the Trust Administrator
      and
      any other transfer agent (including the Depository or any successor Depository)
      to act as Book-Entry Custodian under such conditions as the predecessor
      Book-Entry Custodian and the Depository or any successor Depository may
      prescribe, provided that the predecessor Book-Entry Custodian shall not be
      relieved of any of its duties or responsibilities by reason of any such
      appointment of other than the Depository. If the Paying Agent resigns or is
      removed in accordance with the terms hereof, the successor Paying Agent or,
      if
      it so elects, the Depository shall immediately succeed to its predecessor’s
      duties as Book-Entry Custodian. The Depositor shall have the right to inspect,
      and to obtain copies of, any Certificates held as Book-Entry Certificates by
      the
      Book-Entry Custodian.

     

    The
      Trustee, the Trust Administrator, the Master Servicer, the Paying Agent, the
      Authenticating Agent, the Certificate Registrar and the Depositor may for all
      purposes (including the making of payments due on the Book-Entry Certificates)
      deal with the Depository as the authorized representative of the Certificate
      Owners with respect to the Book-Entry Certificates for the purposes of
      exercising the rights of Certificateholders hereunder. The rights of Certificate
      Owners with respect to the Book-Entry Certificates shall be limited to those
      established by law and agreements between such Certificate Owners and the
      Depository Participants and brokerage firms representing such Certificate
      Owners. Multiple requests and directions from, and votes of, the Depository
      as
      Holder of the Book-Entry Certificates with respect to any particular matter
      shall not be deemed inconsistent if they are made with respect to different
      Certificate Owners. The Paying Agent may establish a reasonable record date
      in
      connection with solicitations of consents from or voting by Certificateholders
      and shall give notice to the Depository of such record date.

     

    If
      (i)(A)
      the Depositor advises the Trust Administrator, the Paying Agent and the
      Certificate Registrar in writing that the Depository is no longer willing or
      able to properly discharge its responsibilities as Depository, and (B) the
      Depositor is unable to locate a qualified successor or (ii) after the occurrence
      of a Master Servicer Event of Default, Certificate Owners representing in the
      aggregate not less than 51% of the Ownership Interests of the Book-Entry
      Certificates advise the Trust Administrator, the Paying Agent and the
      Certificate Registrar through the Depository, in writing, that the continuation
      of a book-entry system through the Depository is no longer in the best interests
      of the Certificate Owners, the Certificate Registrar shall notify all
      Certificate Owners, through the Depository, of the occurrence of any such event
      and of the availability of Definitive Certificates to Certificate Owners
      requesting the same. Upon surrender to the Certificate Registrar of the Book-
      Entry Certificates by the Book-Entry Custodian or the Depository, as applicable,
      accompanied by registration instructions from the Depository for registration
      of
      transfer, the Paying Agent shall issue the Definitive Certificates. Such
      Definitive Certificates will be issued in minimum denominations of $100,000,
      except that any beneficial ownership that was represented by a Book-Entry
      Certificate in an amount less than $100,000 immediately prior to the issuance
      of
      a Definitive Certificate shall be issued in a minimum denomination equal to
      the
      amount represented by such Book-Entry Certificate. None of the Depositor, the
      Master Servicer, the Trust Administrator, the Authenticating Agent, the Paying
      Agent, the Certificate Registrar nor the Trustee shall be liable for any delay
      in the delivery of such instructions and may conclusively rely on, and shall
      be
      protected in relying on, such instructions. Upon the issuance of Definitive
      Certificates all references herein to obligations imposed upon or to be
      performed by the Depository shall be deemed to be imposed upon and performed
      by
      the Certificate Registrar and the Paying Agent, to the extent applicable with
      respect to such Definitive Certificates, and the Certificate Registrar and
      the
      Paying Agent shall recognize the Holders of the Definitive Certificates as
      Certificateholders hereunder. 

     

    SECTION
      5.02 Registration
      of Transfer and Exchange of Certificates.

     

    (a) The
      Certificate Registrar shall cause to be kept at one of the offices or agencies
      to be appointed by the Trust Administrator in accordance with the provisions
      of
      Section 8.12 a Certificate Register for the Certificates in which, subject
      to
      such reasonable regulations as it may prescribe, the Certificate Registrar
      shall
      provide for the registration of Certificates and of transfers and exchanges
      of
      Certificates as herein provided.

     

    (b) No
      transfer of any Private Certificate or Ownership Interest therein shall be
      made
      unless that transfer is made pursuant to an effective registration statement
      under the Securities Act of 1933, as amended (the “1933 Act”), and an effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      In
      the event that such a transfer of a Private Certificate is to be made without
      registration or qualification (other than in connection with the initial
      transfer of any such Certificate by the Depositor to an affiliate of the
      Depositor), the Certificate Registrar shall require, receipt of written
      certifications from the Certificateholder desiring to effect the transfer and
      from such Certificateholder’s prospective transferee, substantially in the forms
      attached hereto as Exhibit F-1, or in the case of any Definitive Certificate,
      an
      opinion of Counsel satisfactory to it that such transfer may be made without
      such registration (which Opinion of Counsel shall not be an expense of the
      Trust
      Fund or of the Depositor, the Trustee, the Trust Administrator, the Certificate
      Registrar, the Authenticating Agent , the Paying Agent, the Master Servicer
      in
      its capacity as such or any Sub-Servicer), together with copies of the written
      certification(s) of the Certificateholder desiring to effect the transfer and/or
      such Certificateholder’s prospective transferee upon which such Opinion of
      Counsel is based, if any. In the event of any such transfer of any Ownership
      Interest in any Private Certificate that is a Book-Entry Certificate, except
      with respect to the initial transfer of any such Certificate by the Depositor,
      such transfer shall be required to be made in reliance upon Rule 144A under
      the
      1933 Act, and the transferor will be deemed to have made each of the
      representations and warranties set forth on Exhibit F-1 hereto in respect of
      such interest as if it was evidenced by a Definitive Certificate and the
      transferee will be deemed to have made each of the representations and
      warranties set forth on Exhibit F-1 hereto in respect of such interest as if
      it
      was evidenced by a Definitive Certificate. None of the Depositor or the Trustee
      is obligated to register or qualify any such Certificates under the 1933 Act
      or
      any other securities laws or to take any action not otherwise required under
      this Agreement to permit the transfer of such Certificates without registration
      or qualification. Any Certificateholder desiring to effect the transfer of
      any
      such Certificate or Ownership Interest therein shall, and does hereby agree
      to,
      indemnify the Trustee, the Trust Administrator, the Certificate Registrar,
      the
      Paying Agent, the Authenticating Agent, the Master Servicer and the Depositor
      against any liability that may result if the transfer is not so exempt or is
      not
      made in accordance with such federal and state laws. 

     

    (c) (i)
      No
      transfer of a Residual Certificate or any interest therein shall be made to
      any
      Plan subject to ERISA or Section 4975 of the Code, any Person acting, directly
      or indirectly, on behalf of any such Plan or any Person acquiring such
      Certificates with “Plan Assets” of a Plan within the meaning of the DOL
      Regulations (“Plan Assets”) as certified by such transferee in the form of
      Exhibit G, unless the Certificate Registrar is provided with an Opinion of
      Counsel on which the Certificate Registrar, the Depositor, the Trustee, the
      Trust Administrator, the Paying Agent, the Authenticating Agent and the Master
      Servicer may rely, to the effect that the purchase and holding of such
      Certificates will be permissible under applicable law, ERISA and the Code,
      will
      not constitute or result in any non-exempt prohibited transaction under ERISA
      or
      Section 4975 of the Code and will not subject the Depositor, the Master
      Servicer, the Trustee, the Trust Administrator, the Paying Agent, the
      Authenticating Agent, the Certificate Registrar or the Trust Fund to any
      obligation or liability (including obligations or liabilities under ERISA or
      Section 4975 of the Code) in addition to those undertaken in this Agreement,
      which Opinion of Counsel shall not be an expense of the Depositor, the Master
      Servicer, the Trustee, the Trust Administrator, the Paying Agent, the
      Authenticating Agent, the Certificate Registrar or the Trust Fund. In lieu
      of
      such Opinion of Counsel, any prospective Transferee of such Certificates may
      provide a certification in the form of Exhibit G to this Agreement (or other
      form acceptable to the Depositor, the Trustee, the Trust Administrator, the
      Certificate Registrar, the Paying Agent, the Authenticating Agent and the Master
      Servicer), which the Certificate Registrar may rely upon without further inquiry
      or investigation. Neither a certification nor an Opinion of Counsel will be
      required in connection with the initial transfer of any such Certificate by
      the
      Depositor to an Affiliate of the Depositor (in which case, the Depositor or
      any
      Affiliate thereof shall have deemed to have represented that such Affiliate
      is
      not a Plan or a Person investing Plan Assets) and the Certificate Registrar
      shall be entitled to conclusively rely upon a representation (which, upon the
      request of the Certificate Registrar, shall be a written representation) from
      the Depositor of the status of such transferee as an affiliate of the Depositor.
      

     

    (ii) Each
      beneficial owner of a Subordinate or any interest therein shall be deemed to
      have represented, by virtue of its acquisition and holding of such Certificate
      or interest therein, that either (A) it is not a Plan or investing with Plan
      Assets, (B) other than with respect to a Class B4 Certificate, Class B5
      Certificate, Class 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, the Administration Fee and other compensation
      payable to the Master Servicer pursuant hereto shall thereafter be payable
      to
      such successor master servicer.

     

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

     

    The
      Master Servicer shall afford (and any Sub-Servicing Agreement shall provide
      that
      each Sub-Servicer shall afford) the Depositor, the Trustee and the Trust
      Administrator, upon reasonable notice, during normal business hours, access
      to
      all records maintained by the Master Servicer (and any such Sub-Servicer) in
      respect of the Master Servicer’s rights and obligations hereunder and access to
      officers of the Master Servicer (and those of any such Sub-Servicer) responsible
      for such obligations. Upon request, the Master Servicer shall furnish to the
      Depositor, the Trustee and the Trust Administrator its (and any such
      Sub-Servicer’s) most recent financial statements of the parent company of the
      Master Servicer and such other information relating to the Master Servicer’s
      capacity to perform its obligations under this Agreement that it possesses.
      Notwithstanding the foregoing, in the case of each Initial Sub-Servicer, such
      access and information described in the preceding two sentences shall be
      required to be provided only to the extent provided in the Sub-Servicing
      Agreement. To the extent such information is not otherwise available to the
      public, the Depositor, the Trustee and the Trust Administrator shall not
      disseminate any information obtained pursuant to the preceding two sentences
      without the Master Servicer’s written consent, except as required pursuant to
      this Agreement or to the extent that it is appropriate to do so (i) in working
      with legal counsel, auditors, taxing authorities or other governmental agencies,
      rating agencies or reinsurers or (ii) pursuant to any law, rule, regulation,
      order, judgment, writ, injunction or decree of any court or governmental
      authority having jurisdiction over the Depositor, the Trustee, the Trust
      Administrator or the Trust Fund, and in either case, the Depositor, the Trustee
      or the Trust Administrator, as the case may be, shall use its best efforts
      to
      assure the confidentiality of any such disseminated non-public information.
      The
      Depositor may, but is not obligated to, enforce the obligations of the Master
      Servicer under this Agreement and may, but is not obligated to, perform, or
      cause a designee to perform, any defaulted obligation of the Master Servicer
      under this Agreement or exercise the rights of the Master Servicer under this
      Agreement; provided that the Master Servicer shall not be relieved of any of
      its
      obligations under this Agreement by virtue of such performance by the Depositor
      or its designee. The Depositor shall not have any responsibility or liability
      for any action or failure to act by the Master Servicer and is not obligated
      to
      supervise the performance of the Master Servicer under this Agreement or
      otherwise.

     

    ARTICLE
      VII

     

    DEFAULT

     

    SECTION
      7.01 Master
      Servicer Events of Default.

     

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

     

    (i) (A)
      any
      failure by the Master Servicer to remit to the Paying Agent for distribution
      to
      the Certificateholders any payment (other than a P&I Advance required to be
      made from its own funds on any Master Servicer Remittance Date pursuant to
      Section 4.03) required to be made under the terms of the Certificates and this
      Agreement which continues unremedied for a period of one Business Day after
      the
      date upon which written notice of such failure, requiring the same to be
      remedied, shall have been given to the Master Servicer (with a copy to the
      Paying Agent ) by the Depositor, the Trust Administrator or the Trustee (in
      which case notice shall be provided by telecopy), or to the Master Servicer,
      the
      Depositor, the Trust Administrator, the Paying Agent and the Trustee by the
      Holders of Certificates entitled to at least 25% of the Voting Rights; or (B)
      any deemed Master Servicer Event of Default caused by a failure by the Master
      Servicer to timely comply with its obligations under Section 3.19 or Section
      3.20 or Section 4.06, taking into account any cure period allowed by the Trustee
      at the direction of the Depositor that may be provided under such sections;
      or

     

    (ii) any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any of the covenants or agreements on the part of the Master
      Servicer contained in the Certificates or in this Agreement which continues
      unremedied for a period of 30 days after the earlier of (i) the date on which
      written notice of such failure, requiring the same to be remedied, shall have
      been given to the Master Servicer by the Depositor, the Trust Administrator
      or
      the Trustee, or to the Master Servicer, the Depositor, the Trust Administrator
      and the Trustee by the Holders of Certificates entitled to at least 25% of
      the
      Voting Rights and (ii) actual knowledge of such failure by a Servicing Officer
      of the Master Servicer; or

     

    (iii) a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises in an involuntary case under any present or future federal or
      state
      bankruptcy, insolvency or similar law or the appointment of a conservator or
      receiver or liquidator in any insolvency, readjustment of debt, marshalling
      of
      assets and liabilities or similar proceeding, or for the winding-up or
      liquidation of its affairs, shall have been entered against the Master Servicer
      and if such proceeding is being contested by the Master Servicer in good faith
      such decree or order shall have remained in force undischarged or unstayed
      for a
      period of 60 consecutive days or results in the entry of an order for relief
      or
      any such adjudication or appointment; or

     

    (iv) the
      Master Servicer shall consent to the appointment of a conservator or receiver
      or
      liquidator in any insolvency, readjustment of debt, marshalling of assets and
      liabilities or similar proceedings of or relating to the Master Servicer or
      of
      or relating to all or substantially all of its property; or

     

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

     

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

     

    If
      a
      Master Servicer Event of Default described in clauses (i) through (v) of this
      Section shall occur, then, and in each and every such case, so long as such
      Master Servicer Event of Default shall not have been remedied, the Depositor
      or
      the Trustee may, and at the written direction of the Holders of Certificates
      entitled to at least 51% of Voting Rights, the Trustee shall, by notice in
      writing to the Master Servicer (and to the Depositor if given by the Trustee
      or
      to the Trustee if given by the Depositor), terminate all of the rights and
      obligations of the Master Servicer in its capacity as a Master Servicer under
      this Agreement, to the extent permitted by law, and in and to the Mortgage
      Loans
      and the proceeds thereof. If a Master Servicer Event of Default described in
      clause (vi) hereof shall occur and shall not have been remedied by 1:00 p.m.
      on
      the related Distribution Date, the Paying Agent shall notify the Trustee of
      the
      same, and the Trustee shall be obligated to make such P&I Advance and, then
      so long as such Master Servicer Event of Default shall not have been remedied
      during the applicable time period set forth in clause (vi) above (including
      the
      reimbursement to the Trustee by the Master Servicer, with interest thereon
      at
      the Prime Rate, for any P&I Advance made), the Trustee shall, by notice in
      writing to the Master Servicer and the Depositor, terminate all of the rights
      and obligations of the Master Servicer in its capacity as a Master Servicer
      under this Agreement and in and to the Mortgage Loans and the proceeds thereof.
      On or after the receipt by the Master Servicer of such written notice, all
      authority and power of the Master Servicer under this Agreement, whether with
      respect to the Certificates (other than as a Holder of any Certificate) or
      the
      Mortgage Loans or otherwise, shall pass to and be vested in the Trustee pursuant
      to and under this Section and, without limitation, the Trustee is hereby
      authorized and empowered, as attorney-in-fact or otherwise, to execute and
      deliver on behalf of and at the expense of the Master Servicer, any and all
      documents and other instruments and to do or accomplish all other acts or things
      necessary or appropriate to effect the purposes of such notice of termination,
      whether to complete the transfer and endorsement or assignment of the Mortgage
      Loans and related documents, or otherwise. The Master Servicer agrees, at its
      sole cost and expense, promptly (and in any event no later than ten Business
      Days subsequent to such notice) to provide the Trustee with all documents and
      records requested by it to enable it to assume the Master Servicer’s functions
      under this Agreement, and to cooperate with the Trustee in effecting the
      termination of the Master Servicer’s responsibilities and rights under this
      Agreement, including, without limitation, the transfer within one Business
      Day
      to the Trustee for administration by it of all cash amounts which at the time
      shall be or should have been credited by the Master Servicer to the Collection
      Account held by or on behalf of the Master Servicer, the Distribution Account
      or
      any REO Account or Servicing Account held by or on behalf of the Master Servicer
      or thereafter be received with respect to the Mortgage Loans or any REO Property
      serviced by the Master Servicer (provided, however, that the Master Servicer
      shall continue to be entitled to receive all amounts accrued or owing to it
      under this Agreement on or prior to the date of such termination, whether in
      respect of P&I Advances or otherwise, and shall continue to be entitled to
      the benefits of Section 6.03, notwithstanding any such termination, with respect
      to events occurring prior to such termination). For purposes of this Section
      7.01, the Trustee shall not be deemed to have knowledge of a Master Servicer
      Event of Default unless a Responsible Officer of the Trustee assigned to and
      working in the Trustee’s Corporate Trust Office has actual knowledge thereof or
      unless written notice of any event which is in fact such a Master Servicer
      Event
      of Default is received by the Trustee and such notice references the
      Certificates, the Trust Fund or this Agreement.

     

    SECTION
      7.02 Trustee
      to Act; Appointment of Successor.

     

    (a) On
      and
      after the time the Master Servicer receives a notice of termination, the Trustee
      shall be the successor in all respects to the Master Servicer in its capacity
      as
      Master Servicer under this Agreement, the Master Servicer shall not have the
      right to withdraw any funds from the Collection Account without the consent
      of
      the Trustee and the transactions set forth or provided for herein and shall
      be
      subject to all the responsibilities, duties and liabilities relating thereto
      and
      arising thereafter placed on the Master Servicer (except for any representations
      or warranties of the Master Servicer under this Agreement, the responsibilities,
      duties and liabilities contained in Section 2.03(c) and its obligation to
      deposit amounts in respect of losses pursuant to Section 3.12) by the terms
      and
      provisions hereof including, without limitation, the Master Servicer’s
      obligations to make P&I Advances pursuant to Section 4.03; provided,
      however, that if the Trustee is prohibited by law or regulation from obligating
      itself to make advances regarding delinquent mortgage loans, then the Trustee
      shall not be obligated to make P&I Advances pursuant to Section 4.03; and
      provided further, that any failure to perform such duties or responsibilities
      caused by the Master Servicer’s failure to provide information required by
      Section 7.01 shall not be considered a default by the Trustee as successor
      to
      the Master Servicer hereunder. As compensation therefor, the Trustee shall
      be
      entitled to the Servicing Fees and Administration Fees and all funds relating
      to
      the Mortgage Loans to which the Master Servicer would have been entitled if
      it
      had continued to act hereunder (other than amounts which were due or would
      become due to the Master Servicer prior to its termination or resignation).
      Notwithstanding the above, the Trustee may, if it shall be unwilling to so
      act,
      or shall, if it is unable to so act or if it is prohibited by law from making
      advances regarding delinquent mortgage loans, or if the Holders of Certificates
      entitled to at least 51% of the Voting Rights so request in writing to the
      Trustee, promptly appoint or petition a court of competent jurisdiction to
      appoint, an established mortgage loan servicing institution acceptable to the
      Rating Agencies and having a net worth of not less than $15,000,000 as the
      successor to the Master Servicer under this Agreement in the assumption of
      all
      or any part of the responsibilities, duties or liabilities of the Master
      Servicer under this Agreement. No appointment of a successor to the Master
      Servicer under this Agreement shall be effective until the assumption by the
      successor of all of the Master Servicer’s responsibilities, duties and
      liabilities hereunder. In connection with such appointment and assumption
      described herein, the Trustee may make such arrangements for the compensation
      of
      such successor out of payments on Mortgage Loans as it and such successor shall
      agree; provided, however, that no such compensation shall be in excess of that
      permitted the Master Servicer as such hereunder. The Depositor, the Trustee
      and
      such successor shall take such action, consistent with this Agreement, as shall
      be necessary to effectuate any such succession. Pending appointment of a
      successor to the Master Servicer under this Agreement, the Trustee shall act
      in
      such capacity as hereinabove provided.

     

    (b) In
      connection with the termination or resignation of the Master Servicer hereunder,
      either (i) the successor servicer, including the Trustee, if the Trustee is
      acting as successor Master Servicer, shall represent and warrant that it is
      a
      member of MERS in good standing and shall agree to comply in all material
      respects with the rules and procedures of MERS in connection with the servicing
      of the Mortgage Loans that are registered with MERS, in which case the
      predecessor Master Servicer shall cooperate with the successor Master Servicer
      in causing MERS to revise its records to reflect the transfer of servicing
      to
      the successor Master Servicer as necessary under MERS’ rules and regulations, or
      (ii) the predecessor Master Servicer shall cooperate with the successor Master
      Servicer in causing MERS to execute and deliver an assignment of Mortgage in
      recordable form to transfer the Mortgage from MERS to the Trustee and to execute
      and deliver such other notices, documents and other instruments as may be
      necessary or desirable to effect a transfer of such Mortgage Loan or servicing
      of such Mortgage Loan on the MERS® System to the successor Master Servicer. The
      predecessor Master Servicer shall file or cause to be filed any such assignment
      in the appropriate recording office. The predecessor Master Servicer shall
      bear
      any and all fees of MERS, costs of preparing any assignments of Mortgage, and
      fees and costs of filing any assignments of Mortgage that may be required under
      this Section 7.02(b).

     

    SECTION
      7.03 Notification
      to Certificateholders.

     

    (a) Upon
      any
      termination of the Master Servicer pursuant to Section 7.01 above or any
      appointment of a successor to the Master Servicer pursuant to Section 7.02
      above, the Trustee shall give prompt written notice thereof to
      Certificateholders at their respective addresses appearing in the Certificate
      Register.

     

    (b) Not
      later
      than the later of 60 days after the occurrence of any event, which constitutes
      or which, with notice or lapse of time or both, would constitute a Master
      Servicer Event of Default or five days after a Responsible Officer of the
      Trustee becomes aware of the occurrence of such an event, the Trustee shall
      transmit by mail to all Holders of Certificates notice of each such occurrence,
      unless such default or Master Servicer Event of Default shall have been cured
      or
      waived.

     

    SECTION
      7.04 Waiver
      of
      Master Servicer Events of Default.

     

    Subject
      to Section 11.09(d), the Holders representing at least 66% of the Voting Rights
      evidenced by all Classes of Certificates affected by any default or Master
      Servicer Event of Default hereunder may waive such default or Master Servicer
      Event of Default; provided, however, that a default or Master Servicer Event
      of
      Default under clause (i) or (vi) of Section 7.01 may be waived only by all
      of
      the Holders of the Regular Certificates. Upon any such waiver of a default
      or
      Master Servicer Event of Default, such default or Master Servicer Event of
      Default shall cease to exist and shall be deemed to have been remedied for
      every
      purpose hereunder. No such waiver shall extend to any subsequent or other
      default or Master Servicer Event of Default or impair any right consequent
      thereon except to the extent expressly so waived.

     

    ARTICLE
      VIII

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

     

    SECTION
      8.01 Duties
      of
      Trustee, Trust Administrator and Others.

     

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

     

    Each
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar and the Authenticating Agent, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to it, which are specifically required to be furnished
      pursuant to any provision of this Agreement, shall examine them to determine
      whether they conform to the requirements of this Agreement; provided, however,
      that none of the Trustee, the Trust Administrator, the Paying Agent, the
      Certificate Registrar or the Authenticating Agent will be responsible for the
      accuracy or content of any such resolutions, certificates, statements, opinions,
      reports, documents or other instruments. If any such instrument is found not
      to
      conform to the requirements of this Agreement in a material manner, it shall
      take such action as it deems appropriate to have the instrument corrected,
      and
      if the instrument is not corrected to its satisfaction, it will provide notice
      thereof to the Certificateholders.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee, the
      Trust
      Administrator, the
      Paying Agent, the Certificate Registrar or the Authenticating Agent
      from
      liability for its own negligent action, its own negligent failure to act or
      its
      own misconduct; provided, however, that:

     

    (i) With
      respect to the Trustee, prior to the occurrence of a Master Servicer Event
      of
      Default, and after the curing of all such Master Servicer Events of Default
      which may have occurred, and with respect to the Trust Administrator, the Paying
      Agent, the Certificate Registrar and the Authenticating Agent, at all times,
      the
      duties and obligations of each of the Trustee, the Trust Administrator, the
      Paying Agent, the Certificate Registrar and the Authenticating Agent, shall
      be
      determined solely by the express provisions of this Agreement, none of the
      Trustee, the Trust Administrator, the Paying Agent, the Certificate Registrar
      or
      the Authenticating Agent shall be liable except for the performance of such
      duties and obligations as are specifically set forth in this Agreement, no
      implied covenants or obligations shall be read into this Agreement against
      the
      Trustee, the Trust Administrator, the Paying Agent, the Certificate Registrar
      or
      the Authenticating Agent and, in the absence of bad faith on the part of the
      Trustee, the Trust Administrator, the Paying Agent, the Certificate Registrar
      or
      the Authenticating Agent, as applicable, the Trustee, the Trust Administrator,
      the Paying Agent, the Certificate Registrar or the Authenticating Agent, as
      the
      case may be, may conclusively rely, as to the truth of the statements and the
      correctness of the opinions expressed therein, upon any certificates or opinions
      furnished to the Trustee, the Trust Administrator, the Paying Agent, the
      Certificate Registrar or the Authenticating Agent, as the case may be, that
      conform to the requirements of this Agreement;

     

    (ii) None
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent shall be personally liable for any error
      of judgment made in good faith by a Responsible Officer or Responsible Officers
      of it unless it shall be proved that it was negligent in ascertaining the
      pertinent facts; 

     

    (iii) None
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent shall be personally liable with respect
      to
      any action taken, suffered or omitted to be taken by it in good faith in
      accordance with the direction of the Holders of Certificates entitled to at
      least 25% of the Voting Rights relating to the time, method and place of
      conducting any proceeding for any remedy available to the it or exercising
      any
      trust or power conferred upon it, under this Agreement; and

     

    (iv) The
      Trustee shall not be required to take notice or be deemed to have notice or
      knowledge of any default unless a Responsible Officer of the Trustee shall
      have
      received written notice thereof or a Responsible Officer shall have actual
      knowledge thereof. In the absence of receipt of such notice or actual knowledge,
      the Trustee may conclusively assume there is no default.

     

    None
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent shall be required to expend or risk its
      own funds or otherwise incur financial liability in the performance of any
      of
      its duties hereunder, or in the exercise of any of its rights or powers, in
      each
      case not including expenses, disbursements and advances incurred or made by
      the
      Trustee, the Trust Administrator, the Paying Agent, the Certificate Registrar
      or
      the Authenticating Agent, as applicable, including the compensation and the
      expenses and disbursements of its agents and counsel, in the ordinary course
      of
      the Trustee’s, the Trust Administrator’s the Paying Agent’s, the Certificate
      Registrar’s or the Authenticating Agent’s, as the case may be, performance in
      accordance with the provisions of this Agreement, if there is reasonable ground
      for believing that the repayment of such funds or adequate indemnity against
      such risk or liability is not reasonably assured to it. With respect to the
      Trustee, none of the provisions contained in this Agreement shall in any event
      require the Trustee to perform, or be responsible for the manner of performance
      of, any of the obligations of the Master Servicer under this Agreement, except
      during such time, if any, as the Trustee shall be the successor to, and be
      vested with the rights, duties, powers and privileges of, the Master Servicer
      in
      accordance with the terms of this Agreement.

     

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

     

    (a) Except
      as
      otherwise provided in Section 8.01:

     

    (i) Each
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar and the Authenticating Agent and any director, officer, employee
      or
      agent of the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent, as the case may be, may request and
      conclusively rely upon and shall be fully protected in acting or refraining
      from
      acting upon any resolution, Officers’ Certificate, certificate of auditors or
      any other certificate, statement, instrument, opinion, report, notice, request,
      consent, order, appraisal, bond or other paper or document reasonably believed
      by it to be genuine and to have been signed or presented by the proper party
      or
      parties;

     

    (ii) Each
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar and the Authenticating Agent may consult with counsel of its selection
      and any Opinion of Counsel shall be full and complete authorization and
      protection in respect of any action taken or suffered or omitted by it hereunder
      in good faith and in accordance with such Opinion of Counsel;

     

    (iii) None
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent shall be under any obligation to exercise
      any of the trusts or powers vested in it by this Agreement or to institute,
      conduct or defend any litigation hereunder or in relation hereto at the request,
      order or direction of any of the Certificateholders, pursuant to the provisions
      of this Agreement, unless such Certificateholders shall have offered to the
      Trustee, the Trust Administrator, the Paying Agent, the Certificate Registrar
      or
      the Authenticating Agent, as applicable, security or indemnity satisfactory
      to
      it against the costs, expenses and liabilities which may be incurred therein
      or
      thereby; the right of the Trustee, the Trust Administrator, the Paying Agent,
      the Certificate Registrar or the Authenticating Agent to perform any
      discretionary act enumerated in this Agreement shall not be construed as a
      duty,
      and none of the Trustee, the Trust Administrator, the Paying Agent, the
      Certificate Registrar or the Authenticating Agent shall be answerable for other
      than its negligence or willful misconduct in the performance of any such act;
      nothing contained herein shall, however, relieve the Trustee of the obligation,
      upon the occurrence of a Master Servicer Event of Default (which has not been
      cured or waived), to exercise such of the rights and powers vested in it by
      this
      Agreement, and to use the same degree of care and skill in their exercise as
      a
      prudent person would exercise or use under the circumstances in the conduct
      of
      such person’s own affairs;

     

    (iv) None
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent shall be personally liable for any action
      taken, suffered or omitted by it in good faith and believed by it to be
      authorized or within the discretion or rights or powers conferred upon it by
      this Agreement;

     

    (v) With
      respect to the Trustee, prior to the occurrence of a Master Servicer Event
      of
      Default hereunder, and after the curing of all Master Servicer Events of Default
      which may have occurred, and with respect to the Trust Administrator, the Paying
      Agent, the Certificate Registrar or the Authenticating Agent, at all times,
      none
      of the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent shall be bound to make any investigation
      into the facts or matters stated in any resolution, certificate, statement,
      instrument, opinion, report, notice, request, consent, order, approval, bond
      or
      other paper or document, unless requested in writing to do so by the Holders
      of
      Certificates entitled to at least 25% of the Voting Rights; provided, however,
      that if the payment within a reasonable time to the Trustee, the Trust
      Administrator, the Paying Agent, the Certificate Registrar or the Authenticating
      Agent, as applicable, of the costs, expenses or liabilities likely to be
      incurred by it in the making of such investigation is, in the opinion of the
      Trustee, the Trust Administrator, the Paying Agent, the Certificate Registrar
      or
      the Authenticating Agent, as applicable, not reasonably assured to the Trustee,
      the Trust Administrator, the Paying Agent, the Certificate Registrar or the
      Authenticating Agent, as applicable, by such Certificateholders, the Trustee,
      the Trust Administrator, the Paying Agent, the Certificate Registrar or the
      Authenticating Agent, as applicable, may require indemnity satisfactory to
      it
      against such cost, expense, or liability from such Certificateholders as a
      condition to taking any such action;

     

    (vi) Each
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar and the Authenticating Agent may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or by or through
      agents or attorneys and none of the Trustee, the Trust Administrator, the Paying
      Agent, the Certificate Registrar or the Authenticating Agent shall be
      responsible for any misconduct or negligence on the part of any agent or
      attorney appointed with due care;

     

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

     

    (viii) Any
      request or direction of the Depositor, the Master Servicer or the
      Certificateholders mentioned herein shall be sufficiently evidenced in
      writing.

     

    (b) All
      rights of action under this Agreement or under any of the Certificates,
      enforceable by the Trustee, the Trust Administrator, the Paying Agent, the
      Certificate Registrar or the Authenticating Agent, may be enforced by it without
      the possession of any of the Certificates, or the production thereof at the
      trial or other proceeding relating thereto, and any such suit, action or
      proceeding instituted by the Trustee, the Trust Administrator, the Paying Agent,
      the Certificate Registrar or the Authenticating Agent shall be brought in its
      name for the benefit of all the Holders of such Certificates, subject to the
      provisions of this Agreement.

     

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

     

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

     

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

     

    Each
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar and the Authenticating Agent in its individual capacity or any other
      capacity may become the owner or pledgee of Certificates with the same rights
      it
      would have if it were not the Trustee, the Trust Administrator, the Paying
      Agent, the Certificate Registrar or the Authenticating Agent, as
      applicable.

     

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

     

    (a) The
      compensation to be paid to the Trustee, the Trust Administrator, the Paying
      Agent, the Authenticating Agent and the Certificate Registrar in respect of
      each
      of its obligations under this Agreement or of a Custodian’s obligations under
      the applicable Custodial Agreement will be the amounts paid by the Master
      Servicer from its own funds or from a portion of the compensation paid to the
      Master Servicer hereunder pursuant to letter agreements between the Master
      Servicer and the Trustee, the Trust Administrator, the Paying Agent, the
      Authenticating Agent, the Certificate Registrar and such Custodian (which
      compensation shall not be limited by any provision of law in regard to the
      compensation of a trustee of an express trust) and no such compensation shall
      be
      paid from the assets of the Trust. Each of the Trustee, the Trust Administrator,
      the Paying Agent, the Certificate Registrar, the Authenticating Agent, a
      Custodian and any director, officer, employee or agent of any of them, as
      applicable, shall be indemnified by the Trust Fund and held harmless against
      any
      loss, liability or expense (not including expenses, disbursements and advances
      incurred or made by the Trustee, the Trust Administrator, the Paying Agent,
      the
      Certificate Registrar, the Authenticating Agent or a Custodian, as applicable,
      including the compensation and the expenses and disbursements of its agents
      and
      counsel, in the ordinary course of the Trustee’s, the Trust Administrator’s the
      Paying Agent’s, the Certificate Registrar’s, the Authenticating Agent’s or a
      Custodian’s, as the case may be, performance in accordance with the provisions
      of this Agreement) incurred by the Trustee, the Trust Administrator, the Paying
      Agent, the Certificate Registrar, the Authenticating Agent or a Custodian,
      as
      applicable, in connection with any claim or legal action or any pending or
      threatened claim or legal action arising out of or in connection with the
      acceptance or administration of its obligations and duties under this Agreement
      (or, in the case of a Custodian, under the applicable Custodial Agreement),
      other than any loss, liability or expense (i) resulting from any breach of
      the
      Master Servicer’s (and in the case of the Trustee, the Trust Administrator’s or
      the Paying Agent’s; in the case of the Trust Administrator, the Trustee’s or the
      Paying Agent’s; or in the case of the Paying Agent, the Trustee’s or the Trust
      Administrator’s) obligations in connection with this Agreement and the Mortgage
      Loans, (ii) that constitutes a specific liability of the Trustee, the Trust
      Administrator or the Paying Agent, as applicable, pursuant to Section 10.01(g)
      or (iii) any loss, liability or expense incurred by reason of willful
      misfeasance, bad faith or negligence in the performance of duties hereunder
      or
      by reason of reckless disregard of obligations and duties hereunder (or, in
      the
      case of a Custodian, under the applicable Custodial Agreement) or as a result
      of
      a breach of the Trustee’s, the Trust Administrator’s or the Paying Agent’s
      obligations under Article X hereof (or, in the case of a Custodian, as a result
      of a breach of such Custodian’s obligations under the related Custodial
      Agreement). Any amounts payable to the Trustee, the Trust Administrator, the
      Paying Agent, the Certificate Registrar or the Authenticating Agent, a
      Custodian, or any director, officer, employee or agent of any of them in respect
      of the indemnification provided by this paragraph (a), or pursuant to any other
      right of reimbursement from the Trust Fund that the Trustee, the Trust
      Administrator, the Paying Agent, the Certificate Registrar, the Authenticating
      Agent, a Custodian or any director, officer, employee or agent of any of them
      may have hereunder in its capacity as such, may be withdrawn by the Paying
      Agent
      for payment to the applicable indemnified Person from the Distribution Account
      at any time.

     

    (b) The
      Master Servicer agrees to indemnify the Trustee, the Trust Administrator, the
      Paying Agent, the Certificate Registrar, the Authenticating Agent and any
      Custodian from, and hold each harmless against, any loss, liability or expense
      resulting from a breach of the Master Servicer’s obligations and duties under
      this Agreement. Such indemnity shall survive the termination or discharge of
      this Agreement and the resignation or removal of the Trustee, the Trust
      Administrator, the Paying Agent, the Certificate Registrar, the Authenticating
      Agent or such Custodian, as the case may be. Any payment hereunder made by
      the
      Master Servicer to the Trustee, the Trust Administrator, the Paying Agent,
      the
      Certificate Registrar, the Authenticating Agent or such Custodian shall be
      from
      the Master Servicer’s own funds, without reimbursement from the Trust Fund
      therefor.

     

    SECTION
      8.06 Eligibility
      Requirements for Trustee and Trust Administrator.

     

    Each
      of
      the Trustee and the Trust Administrator hereunder shall at all times be a
      corporation or an association organized and doing business under the laws of
      any
      state or the United States of America, authorized under such laws to exercise
      corporate trust powers, having a combined capital and surplus of at least
      $50,000,000 and subject to supervision or examination by federal or state
      authority. In case at any time the Trustee or the Trust Administrator shall
      cease to be eligible in accordance with the provisions of this Section, the
      Trustee or the Trust Administrator, as the case may be, shall resign immediately
      in the manner and with the effect specified in Section 8.07.

     

    SECTION
      8.07 Resignation
      and Removal of the Trustee and the Trust Administrator.

     

    Either
      of
      the Trustee or the Trust Administrator may at any time resign and be discharged
      from the trust hereby created by giving written notice thereof to the Depositor,
      the Master Servicer and the Certificateholders and, if the Trustee is resigning,
      to the Trust Administrator, or, if the Trust Administrator is resigning, to
      the
      Trustee. Upon receiving such notice of resignation, the Depositor shall promptly
      appoint a successor trustee or trust administrator (which may be the same Person
      in the event the Trust Administrator resigns or is removed) by written
      instrument, in duplicate, which instrument shall be delivered to the resigning
      Trustee or Trust Administrator and to the successor trustee or trust
      administrator, as applicable. A copy of such instrument shall be delivered
      to
      the Certificateholders, the Trustee or Trust Administrator, as applicable,
      and
      the Master Servicer by the Depositor. If no successor trustee or trust
      administrator shall have been so appointed and have accepted appointment within
      30 days after the giving of such notice of resignation, the resigning Trustee
      or
      Trust Administrator, as applicable, may petition any court of competent
      jurisdiction for the appointment of a successor trustee or trust administrator,
      as applicable.

     

    If
      at any
      time the Trustee or the Trust Administrator shall cease to be eligible in
      accordance with the provisions of Section 8.06 and shall fail to resign after
      written request therefor by the Depositor (or in the case of the Trust
      Administrator, the Trustee), or if at any time the Trustee or the Trust
      Administrator shall become incapable of acting, or shall be adjudged bankrupt
      or
      insolvent, or a receiver of the Trustee or the Trust Administrator or of its
      property shall be appointed, or any public officer shall take charge or control
      of the Trustee or the Trust Administrator or of its property or affairs for
      the
      purpose of rehabilitation, conservation or liquidation, then the Depositor
      (or
      in the case of the Trust Administrator, the Trustee) may remove the Trustee
      or
      the Trust Administrator, as applicable, and appoint a successor trustee or
      trust
      administrator (which may be the same Person in the event the Trust Administrator
      resigns or is removed) by written instrument, in duplicate, which instrument
      shall be delivered to the Trustee or Trust Administrator so removed and to
      the
      successor trustee or trust administrator. A copy of such instrument shall be
      delivered to the Certificateholders, the Trustee or the Trust Administrator,
      as
      applicable, and the Master Servicer by the Depositor.

     

    The
      Holders of Certificates entitled to at least 51% of the Voting Rights may at
      any
      time remove the Trustee or the Trust Administrator and appoint a successor
      trustee or trust administrator by written instrument or instruments, in
      triplicate, signed by such Holders or their attorneys-in-fact duly authorized,
      one complete set of which instruments shall be delivered to the Depositor,
      one
      complete set to the Trustee or the Trust Administrator, as the case may be,
      so
      removed and one complete set to the successor so appointed. A copy of such
      instrument shall be delivered to the Certificateholders and the Master Servicer
      by the Depositor. 

     

    If
      no
      successor Trust Administrator shall have been appointed and shall have accepted
      appointment within 60 days after the Trust Administrator ceases to be the Trust
      Administrator pursuant to this Section 8.07, then the Trustee shall perform
      the
      duties of the Trust Administrator pursuant to this Agreement. The Trustee shall
      notify the Rating Agencies of any change of Trust Administrator.

    

    Any
      resignation or removal of the Trustee or the Trust Administrator and appointment
      of a successor trustee or trust administrator, as the case may be, pursuant
      to
      any of the provisions of this Section shall not become effective until
      acceptance of appointment by the successor trustee or trust administrator as
      provided in Section 8.08. Notwithstanding the foregoing, in the event the Trust
      Administrator advises the Trustee that it is unable to continue to perform
      its
      obligations pursuant to the terms of this Agreement prior to the appointment
      of
      a successor, the Trustee shall be obligated to perform such obligations until
      a
      new trust administrator is appointed. Such performance shall be without
      prejudice to any claim by a party hereto or beneficiary hereof resulting from
      the Trust Administrator’s breach of its obligations hereunder. As compensation
      therefor, the Trustee shall be entitled to all fees the Trust Administrator
      would have been entitled to if it had continued to act hereunder.

     

    SECTION
      8.08 Successor
      Trustee or Trust Administrator.

     

    Any
      successor trustee or trust administrator appointed as provided in Section 8.07
      shall execute, acknowledge and deliver to the Depositor, the Trustee or the
      Trust Administrator, as applicable, and to its predecessor trustee or trust
      administrator an instrument accepting such appointment hereunder, and thereupon
      the resignation or removal of the predecessor trustee or trust administrator
      shall become effective and such successor trustee or trust administrator,
      without any further act, deed or conveyance, shall become fully vested with
      all
      the rights, powers, duties and obligations of its predecessor hereunder, with
      the like effect as if originally named as trustee or trust administrator herein.
      The predecessor trustee or trust administrator shall deliver to the successor
      trustee or trust administrator all Mortgage Files and related documents and
      statements, as well as all moneys, held by it hereunder and the Depositor and
      the predecessor trustee or trust administrator shall execute and deliver such
      instruments and do such other things as may reasonably be required for more
      fully and certainly vesting and confirming in the successor trustee or trust
      administrator all such rights, powers, duties and obligations.

     

    No
      successor trustee or trust administrator shall accept appointment as provided
      in
      this Section unless at the time of such acceptance such successor trustee or
      trust administrator shall be eligible under the provisions of Section 8.06
      and
      the appointment of such successor trustee or trust administrator shall not
      result in a downgrading of any Class of Certificates by the Rating Agencies,
      as
      evidenced by a letter from the Rating Agencies.

     

    Upon
      acceptance of appointment by a successor trustee or trust administrator as
      provided in this Section, the Depositor shall mail notice of the succession
      of
      such trustee or trust administrator hereunder to all Holders of Certificates
      at
      their addresses as shown in the Certificate Register. If the Depositor fails
      to
      mail such notice within 10 days after acceptance of appointment by the successor
      trustee or trust administrator, the successor trustee or trust administrator
      shall cause such notice to be mailed at the expense of the
      Depositor.

     

    SECTION
      8.09 Merger
      or
      Consolidation of Trustee or Trust Administrator.

     

    Any
      corporation or association into which either the Trustee or the Trust
      Administrator may be merged or converted or with which it may be consolidated
      or
      any corporation or association resulting from any merger, conversion or
      consolidation to which the Trustee or the Trust Administrator, as the case
      may
      be, shall be a party, or any corporation or association succeeding to the
      business of the Trustee or the Trust Administrator, as applicable, shall be
      the
      successor of the Trustee or the Trust Administrator, as the case may be,
      hereunder, provided such corporation or association shall be eligible under
      the
      provisions of Section 8.06, without the execution or filing of any paper or
      any
      further act on the part of any of the parties hereto, anything herein to the
      contrary notwithstanding.

     

    SECTION
      8.10 Appointment
      of Co-Trustee or Separate Trustee.

     

    Notwithstanding
      any other provisions hereof, at any time, for the purpose of meeting any legal
      requirements of any jurisdiction in which any part of REMIC I or REMIC II or
      property securing the same may at the time be located, the Master Servicer
      and
      the Trustee acting jointly shall have the power and shall execute and deliver
      all instruments to appoint one or more Persons approved by the Trustee to act
      as
      co-trustee or co-trustees, jointly with the Trustee, or separate trustee or
      separate trustees, of all or any part of REMIC I or REMIC II, and to vest in
      such Person or Persons, in such capacity, such title to REMIC I or REMIC II,
      or
      any part thereof, and, subject to the other provisions of this Section 8.10,
      such powers, duties, obligations, rights and trusts as the Master Servicer
      and
      the Trustee may consider necessary or desirable. If the Master Servicer shall
      not have joined in such appointment within 15 days after the receipt by it
      of a
      request to do so, or in case a Master Servicer Event of Default shall have
      occurred and be continuing, the Trustee alone shall have the power to make
      such
      appointment. No co-trustee or separate trustee hereunder shall be required
      to
      meet the terms of eligibility as a successor trustee under Section 8.06
      hereunder and no notice to Holders of Certificates of the appointment of
      co-trustee(s) or separate trustee(s) shall be required under Section 8.08
      hereof.

     

    In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section 8.10 all rights, powers, duties and obligations conferred or imposed
      upon the Trustee shall be conferred or imposed upon and exercised or performed
      by the Trustee and such separate trustee or co-trustee jointly, except to the
      extent that under any law of any jurisdiction in which any particular act or
      acts are to be performed by the Trustee (whether as Trustee hereunder or as
      successor to the Master Servicer hereunder), the Trustee shall be incompetent
      or
      unqualified to perform such act or acts, in which event such rights, powers,
      duties and obligations (including the holding of title to REMIC I or REMIC
      II or
      any portion thereof in any such jurisdiction) shall be exercised and performed
      by such separate trustee or co-trustee at the direction of the
      Trustee.

     

    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      VIII. Each separate trustee and co-trustee, upon its acceptance of the trust
      conferred, shall be vested with the estates or property specified in its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee.

     

    Any
      separate trustee or co-trustee may, at any time, constitute the Trustee, its
      agent or attorney-in-fact, with full power and authority, to the extent not
      prohibited by law, to do any lawful act under or in respect of this Agreement
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Trustee, to the extent permitted by law, without the appointment of a new or
      successor trustee.

     

    SECTION
      8.11 [Reserved].

     

    SECTION
      8.12 Appointment
      of Office or Agency.

     

    The
      Trust
      Administrator or the Paying Agent on its behalf will appoint an office or agency
      in the City of New York where the Certificates may be surrendered for
      registration of transfer or exchange, and presented for final distribution,
      and
      where notices and demands to or upon the Certificate Registrar, the Paying
      Agent
      or the Trust Administrator in respect of the Certificates and this Agreement
      may
      be served.

     

    SECTION
      8.13 Representations
      and Warranties.

     

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

     

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

     

    (ii) The
      execution and delivery of this Agreement by it, and the performance and
      compliance with the terms of this Agreement by it, will not violate its articles
      of association or bylaws or constitute a default (or an event which, with notice
      or lapse of time, or both, would constitute a default) under, or result in
      the
      breach of, any material agreement or other instrument to which it is a party
      or
      which is applicable to it or any of its assets.

     

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

     

    (iv) This
      Agreement, assuming due authorization, execution and delivery by the other
      parties hereto, constitutes a valid, legal and binding obligation of it,
      enforceable against it in accordance with the terms hereof, subject to (A)
      applicable bankruptcy, insolvency, receivership, reorganization, moratorium
      and
      other laws affecting the enforcement of creditors’ rights generally, and (B)
      general principles of equity, regardless of whether such enforcement is
      considered in a proceeding in equity or at law.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

    Trustee
      be liable to any party hereto or to any third party for the performance of
      any
      custody-related functions with respect to which the applicable Custodian shall
      fail to take action on behalf of the Trustee or, with respect to which the
      performance of custody-related functions pursuant to the terms of the custodial
      agreement with the applicable Custodian shall fail to satisfy all the related
      requirements under this Agreement.

    

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

     

    Notwithstanding
      anything to the contrary herein, in no event shall the Trustee be liable to
      any
      party hereto or to any third party for the performance of any custody-related
      functions with respect to which the applicable Custodian shall fail to take
      action on behalf of the Trustee or, with respect to which the performance of
      custody-related functions pursuant to the terms of the custodial agreement
      with
      the applicable Custodian shall fail to satisfy all the related requirements
      under this Agreement.

     

    ARTICLE
      IX

    TERMINATION

     

    SECTION
      9.01 Termination
      Upon Repurchase or Liquidation of the Mortgage Loans.

     

    (a) Subject
      to Section 9.02, the respective obligations and responsibilities under this
      Agreement of the Depositor, the Master Servicer, the Trustee, the Paying Agent,
      the Certificate Registrar, the Authenticating Agent and the Trust Administrator
      with respect to the 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 Certificates as hereinafter set
      forth) shall terminate upon payment to the Holders of the 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 Mortgage Loans and each related
      REO
      Property remaining in REMIC I and (ii) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan or related
      REO
      Property remaining in REMIC I. The purchase by the applicable Terminator of
      all
      Mortgage Loans and each related REO Property remaining in REMIC I shall be
      at a
      price (the “Termination Price”) equal to the greater of (i) Purchase Price of
      the Mortgage Loans included in REMIC I, plus the appraised value of each related
      REO Property, if any, included in REMIC I, 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 Certificates pursuant to Section 9.01(e)) and (ii) the aggregate
      fair market value of all of the assets of the Trust Fund.

     

    (b) [Reserved].

     

    (c) [Reserved].

     

    (d) The
      related Terminator shall have the right to purchase all of the Mortgage Loans
      and each REO Property remaining in REMIC I pursuant to Section 9.01(a)(i) no
      later than the Determination Date in the month immediately preceding the
      Distribution Date on which the Certificates will be retired; provided, however,
      that the related Terminator, as provided above, may elect to purchase (i) all
      of
      the Mortgage Loans and each REO Property remaining in REMIC I pursuant to
      Section 9.01(a)(i) only if the aggregate Stated Principal Balance of the
      Mortgage Loans and each REO Property remaining in REMIC I at the time of such
      election is reduced to less than 10% of the aggregate Stated Principal Balance
      of the 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.

     

    (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 the Mortgage Loans and each related REO Property remaining
      in REMIC I 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 will terminate
      and final payment of the Certificates 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 Mortgage Loans and each related
      REO
      Property remaining in REMIC I, 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 Termination
      Price. 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 Mortgage Loans
      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 the
      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 Mortgage Loans and each
      related REO Property, REMIC I 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 Mortgage Loan or related REO
      Property remaining in REMIC I, 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’s, 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 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 R Certificates all cash on hand in REMIC I (other than
      cash
      retained to meet claims), and REMIC I 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, the REMIC I Regular Interests shall be designated as the Regular
      Interests in REMIC I and the Class R-I Interest shall be designated as the
      Residual Interests in REMIC I. For the purposes of the REMIC election in respect
      of REMIC II, the Certificates (other than the Class R Certificates) shall be
      designated as the Regular Interests in REMIC II and the Class R-II Interest
      shall be designated as the Residual Interest in REMIC II. Neither the Trustee
      nor the Trust Administrator shall permit the creation of any “interests” in
      REMIC I or REMIC II (within the meaning of Section 860G of the Code) other
      than
      the REMIC I Regular Interests and the Certificates. The Trustee shall elect
      to
      treat each REMIC created hereunder as a REMIC under the Code and, if necessary,
      under applicable state law. Such election will be made by the Trust
      Administrator on behalf of the Trustee on Form 1066 or other appropriate federal
      tax or information return or any appropriate state return for the taxable year
      ending on the last day of the calendar year in which the Certificates are
      issued. 

     

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

     

    (c) The
      Trust
      Administrator shall pay any and all expenses relating to any tax audit of the
      Trust Fund (including, but not limited to, any professional fees or any
      administrative or judicial proceedings with respect to any Trust REMIC that
      involve the Internal Revenue Service or state tax authorities), and shall be
      entitled to reimbursement from the Trust therefor to the extent permitted under
      Section 8.05. The Trust Administrator, as agent for any Trust REMIC’s tax
      matters person, shall (i) act on behalf of the Trust Fund in relation to any
      tax
      matter or controversy involving any Trust REMIC and (ii) represent the Trust
      Fund in any administrative or judicial proceeding relating to an examination
      or
      audit by any governmental taxing authority with respect thereto. The Holder
      of
      the largest Percentage Interest of the Residual Certificates shall be
      designated, in the manner provided under Treasury regulations section
      1.860F-4(d) and Treasury regulations section 301.6231(a)(7)-1, as the tax
      matters person of the REMIC created hereunder. By its acceptance thereof, the
      Holder of the largest Percentage Interest of the Residual Certificates hereby
      agrees to irrevocably appoint the Trust Administrator or an Affiliate as its
      agent to perform all of the duties of the tax matters person for the Trust
      Fund.

     

    (d) The
      Trust
      Administrator shall prepare and the Trustee at the direction of the Trust
      Administrator shall sign and the Trust Administrator shall file all of the
      Tax
      Returns in respect of the REMIC created hereunder. The expenses of preparing
      and
      filing such returns shall be borne by the Trust Administrator without any right
      of reimbursement therefor. The Master Servicer shall provide on a timely basis
      to the Trust Administrator or its designee such information with respect to
      the
      assets of the Trust Fund as is in its possession and reasonably required by
      the
      Trust Administrator to enable it to perform its obligations under this
      Article.

     

    (e) The
      Trust
      Administrator shall perform on behalf of any Trust REMIC all reporting and
      other
      tax compliance duties that are the responsibility of the REMIC under the Code,
      the REMIC Provisions or other compliance guidance issued by the Internal Revenue
      Service or any state or local taxing authority including the filing of Form
      8811
      with the Internal Revenue Service within 30 days following the Closing Date.
      Among its other duties, as required by the Code, the REMIC Provisions or other
      such compliance guidance, the Trust Administrator shall provide (i) to any
      Transferor of a Residual Certificate such information as is necessary for the
      application of any tax relating to the transfer of a Residual Certificate to
      any
      Person who is not a Permitted Transferee, (ii) to the Certificateholders such
      information or reports as are required by the Code or the REMIC Provisions
      including reports relating to interest, original issue discount and market
      discount or premium (using the Prepayment Assumption as required) and (iii)
      to
      the Internal Revenue Service the name, title, address and telephone number
      of
      the person who will serve as the representative of any Trust REMIC. The Master
      Servicer shall provide on a timely basis to the Trust Administrator such
      information with respect to the assets of the Trust Fund, including, without
      limitation, the Mortgage Loans, as is in its possession and reasonably required
      by the Trust Administrator to enable it to perform its obligations under this
      subsection. In addition, the Depositor shall provide or cause to be provided
      to
      the Trust Administrator, within ten (10) days after the Closing Date, all
      information or data that the Trust Administrator reasonably determines to be
      relevant for tax purposes as to the valuations and issue prices of the
      Certificates, including, without limitation, the price, yield, Prepayment
      Assumption and projected cash flow of the Certificates.

     

    (f) The
      Master Servicer, the Trustee and the Trust Administrator shall take such action
      and shall cause any Trust REMIC to take such action as shall be necessary to
      create or maintain the status thereof as a REMIC under the REMIC Provisions.
      The
      Master Servicer, the Trustee and the Trust Administrator shall not take any
      action, cause the Trust Fund to take any action or fail to take (or fail to
      cause to be taken) any action that, under the REMIC Provisions, if taken or
      not
      taken, as the case may be, could (i) endanger the status of any Trust REMIC
      as a
      REMIC or (ii) result in the imposition of a tax upon the Trust Fund (including
      but not limited to the tax on prohibited transactions as defined in Section
      860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in
      Section 860G(d) of the Code) (either such event, an “Adverse REMIC Event”)
      unless the Trustee and the Trust Administrator have received an Opinion of
      Counsel, addressed to the Trustee and the Trust Administrator (at the expense
      of
      the party seeking to take such action but in no event at the expense of the
      Trust Administrator or the Trustee) to the effect that the contemplated action
      will not, with respect to any Trust REMIC, endanger such status or result in
      the
      imposition of such a tax, nor shall the Master Servicer take or fail to take
      any
      action (whether or not authorized hereunder) as to which the Trustee or the
      Trust Administrator has advised it in writing that it has received an Opinion
      of
      Counsel to the effect that an Adverse REMIC Event could occur with respect
      to
      such action. In addition, prior to taking any action with respect to any Trust
      REMIC or its assets, or causing any Trust REMIC to take any action, which is
      not
      contemplated under the terms of this Agreement, the Master Servicer will consult
      with the Trustee and the Trust Administrator or their designee, in writing,
      with
      respect to whether such action could cause an Adverse REMIC Event to occur
      with
      respect to any Trust REMIC, and the Master Servicer shall not take any such
      action or cause any Trust REMIC to take any such action as to which the Trustee
      or the Trust Administrator has advised it in writing that an Adverse REMIC
      Event
      could occur. The Trust Administrator and the Trustee may consult with counsel
      to
      make such written advice, and the cost of same shall be borne by the party
      seeking to take the action not permitted by this Agreement, but in no event
      shall such cost be an expense of the Trustee or the Trust Administrator. At
      all
      times as may be required by the Code, the Trust Administrator, the Trustee
      or
      the Master Servicer will ensure that substantially all of the assets of any
      Trust REMIC will consist of “qualified mortgages” as defined in Section
      860G(a)(3) of the Code and “permitted investments” as defined in Section
      860G(a)(5) of the Code.

     

    (g) In
      the
      event that any tax is imposed on “prohibited transactions” of the REMIC created
      hereunder as defined in Section 860F(a)(2) of the Code, on the “net income from
      foreclosure property” of the REMIC as defined in Section 860G(c) of the Code, on
      any contributions to the REMIC after the Startup Day therefor pursuant to
      Section 860G(d) of the Code, or any other tax is imposed by the Code or any
      applicable provisions of state or local tax laws, such tax shall be charged
      (i)
      to the Trust Administrator pursuant to Section 10.03 hereof, if such tax arises
      out of or results from a breach by the Trust Administrator of any of its
      obligations under this Article X, (ii) to the Trustee pursuant to Section 10.03
      hereof, if such tax arises out of or results from a breach by the Trustee of
      any
      of its obligations under this Article X, (iii) to the Master Servicer pursuant
      to Section 10.03 hereof, if such tax arises out of or results from a breach
      by
      the Master Servicer of any of its obligations under Article III or this Article
      X, (iv) to the Paying Agent pursuant to Section 10.03 hereof, if such tax arises
      out of or results from a breach by the Paying Agent of any of its obligations
      under this Article X, or otherwise (v) against amounts on deposit in the
      Distribution Account and shall be paid by withdrawal therefrom.

     

    (h) [Reserved].

     

    (i) The
      Trust
      Administrator shall, for federal income tax purposes, maintain books and records
      with respect to any Trust REMIC on a calendar year and on an accrual
      basis.

     

    (j) Following
      the Startup Day, the Master Servicer, the Trustee and the Trust Administrator
      shall not accept any contributions of assets to any Trust REMIC other than
      in
      connection with any Qualified Substitute Mortgage Loan delivered in accordance
      with Section 2.03 unless it shall have received an Opinion of Counsel to the
      effect that the inclusion of such assets in the Trust Fund will not cause the
      REMIC to fail to qualify as a REMIC at any time that any Certificates are
      outstanding or subject the REMIC to any tax under the REMIC Provisions or other
      applicable provisions of federal, state and local law or
      ordinances.

     

    (k) None
      of
      the Trustee, the Trust Administrator or the Master Servicer shall enter into
      any
      arrangement by which any Trust REMIC will receive a fee or other compensation
      for services nor permit either such REMIC to receive any income from assets
      other than “qualified mortgages” as defined in Section 860G(a)(3) of the Code or
“permitted investments” as defined in Section 860G(a)(5) of the
      Code.

     

    SECTION
      10.02 Prohibited
      Transactions and Activities.

     

    None
      of
      the Depositor, the Master Servicer, the Trust Administrator, the Paying Agent
      or
      the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans
      (except in connection with (i) the foreclosure of a Mortgage Loan, including
      but
      not limited to, the acquisition or sale of a Mortgaged Property acquired by
      deed
      in lieu of foreclosure, (ii) the bankruptcy of any Trust REMIC, (iii) the
      termination of any Trust REMIC pursuant to Article IX of this Agreement, (iv)
      a
      substitution pursuant to Article II of this Agreement or (v) a purchase of
      Mortgage Loans pursuant to Article II or III of this Agreement), nor acquire
      any
      assets for any Trust REMIC (other than REO Property acquired in respect of
      a
      defaulted Mortgage Loan), nor sell or dispose of any investments in the
      Collection Account or the Distribution Account for gain, nor accept any
      contributions to any Trust REMIC after the Closing Date (other than a Qualified
      Substitute Mortgage Loan delivered in accordance with Section 2.03), unless
      it
      has received an Opinion of Counsel, addressed to the Trustee and the Trust
      Administrator (at the expense of the party seeking to cause such sale,
      disposition, substitution, acquisition or contribution but in no event at the
      expense of the Trustee or the Trust Administrator) that such sale, disposition,
      substitution, acquisition or contribution will not (a) affect adversely the
      status of any Trust REMIC as a REMIC or (b) cause any Trust REMIC to be subject
      to a tax on “prohibited transactions” or “contributions” pursuant to the REMIC
      Provisions.

     

    SECTION
      10.03   Master
      Servicer and Trust Administrator Indemnification.

     

    (a) The
      Trust
      Administrator agrees to indemnify the Trust Fund, the Depositor, the Master
      Servicer and the Trustee for any taxes and costs including, without limitation,
      any reasonable attorneys fees imposed on or incurred by the Trust Fund, the
      Depositor, the Master Servicer or the Trustee as a result of a breach of the
      Trust Administrator’s covenants set forth in this Article X.

     

    (b) The
      Master Servicer agrees to indemnify the Trust Fund, the Depositor, the Trust
      Administrator and the Trustee for any taxes and costs including, without
      limitation, any reasonable attorneys’ fees imposed on or incurred by the Trust
      Fund, the Depositor, the Trust Administrator or the Trustee, as a result of
      a
      breach of the Master Servicer’s covenants set forth in Article III or this
      Article X.

     

    ARTICLE
      XI

    MISCELLANEOUS
      PROVISIONS

     

    SECTION
      11.01  Amendment.

     

    This
      Agreement may be amended from time to time by the Depositor, the Master
      Servicer, the Trustee, the Paying Agent, the Certificate Registrar, the
      Authenticating Agent and the Trust Administrator without the consent of any
      of
      the Certificateholders, (i) to cure any ambiguity or defect, (ii) to correct,
      modify or supplement any provisions herein (including to give effect to the
      expectations of Certificateholders) or (iii) to make any other provisions with
      respect to matters or questions arising under this Agreement which shall not
      be
      inconsistent with the provisions of this Agreement, provided that such action
      shall not, as evidenced by an Opinion of Counsel delivered to the Trustee and
      the Trust Administrator, adversely affect in any material respect the interests
      of any Certificateholder. No amendment shall be deemed to adversely affect
      in
      any material respect the interests of any Certificateholder who shall have
      consented thereto, and no Opinion of Counsel shall be required to address the
      effect of any such amendment on any such consenting
      Certificateholder.

     

    This
      Agreement may also be amended from time to time by the Depositor, the Master
      Servicer, the Trustee, the Paying Agent, the Certificate Registrar, the
      Authenticating Agent and the Trust Administrator with the consent of the Holders
      of Certificates entitled to at least 66% of the Voting Rights for the purpose
      of
      adding any provisions to or changing in any manner or eliminating any of the
      provisions of this Agreement or of modifying in any manner the rights of the
      Holders of Certificates; provided, however, that no such amendment shall (i)
      reduce in any manner the amount of, or delay the timing of, payments received
      on
      Mortgage Loans which are required to be distributed on any Certificate without
      the consent of the Holder of such Certificate, (ii) adversely affect in any
      material respect the interests of the Holders of any Class of Certificates
      in a
      manner, other than as described in (i), without the consent of the Holders
      of
      Certificates of such Class evidencing at least 66% of the Voting Rights
      allocated to such Class, or (iii) modify the consents required by the
      immediately preceding clauses (i) and (ii) without the consent of the Holders
      of
      all Certificates then outstanding. Notwithstanding any other provision of this
      Agreement, for purposes of the giving or withholding of consents pursuant to
      this Section 11.01, Certificates registered in the name of the Depositor or
      the
      Master Servicer or any Affiliate thereof shall be entitled to Voting Rights
      with
      respect to matters affecting such Certificates.

     

    Notwithstanding
      any contrary provision of this Agreement, the Trust Administrator shall not
      consent to any amendment to this Agreement unless it shall have first received
      an Opinion of Counsel to the effect that such amendment will not result in
      the
      imposition of any tax on any Trust REMIC pursuant to the REMIC Provisions or
      cause any Trust REMIC to fail to qualify as a REMIC at any time that any
      Certificates are outstanding.

     

    Prior
      to
      executing any amendment pursuant to this Section, the Trust Administrator shall
      be entitled to receive an Opinion of Counsel (provided by the Person requesting
      such amendment) to the effect that such amendment is authorized or permitted
      by
      this Agreement.

     

    Promptly
      after the execution of any such amendment the Trust Administrator shall furnish
      a copy of such amendment to each Certificateholder.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 11.01
      to approve the particular form of any proposed amendment, but it shall be
      sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents and of evidencing the authorization of the execution
      thereof by Certificateholders shall be subject to such reasonable regulations
      as
      the Trust Administrator may prescribe.

     

    The
      cost
      of any Opinion of Counsel to be delivered pursuant to this Section 11.01 shall
      be borne by the Person seeking the related amendment, but in no event shall
      such
      Opinion of Counsel be an expense of the Trustee or the Trust
      Administrator.

     

    Notwithstanding
      the foregoing, each of the Trustee, the Paying Agent, the Certificate Registrar,
      the Authenticating Agent and Trust Administrator may, but shall not be obligated
      to enter into any amendment pursuant to this Section that affects its rights,
      duties and immunities under this Agreement or otherwise.

     

    SECTION
      11.02  Recordation
      of Agreement; Counterparts.

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the properties subject
      to
      the Mortgages are situated, and in any other appropriate public recording office
      or elsewhere, such recordation to be effected by the Master Servicer at the
      expense of the Certificateholders, but only upon direction of Certificateholders
      accompanied by an Opinion of Counsel to the effect that such recordation
      materially and beneficially affects the interests of the
      Certificateholders.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall constitute but one and the same
      instrument.

     

    SECTION
      11.03  Limitation
      on Rights of Certificateholders.

     

    The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or the Trust Fund, nor entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust Fund, nor
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    No
      Certificateholder shall have any right to vote (except as expressly provided
      for
      herein) or in any manner otherwise control the operation and management of
      the
      Trust Fund, or the obligations of the parties hereto, nor shall anything herein
      set forth, or contained in the terms of any of the Certificates, be construed
      so
      as to constitute the Certificateholders from time to time as partners or members
      of an association; nor shall any Certificateholder be under any liability to
      any
      third person by reason of any action taken by the parties to this Agreement
      pursuant to any provision hereof.

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless (i) such Holder previously
      shall have given to the Trustee a written notice of default and of the
      continuance thereof, as hereinbefore provided, and (ii) the Holders of
      Certificates entitled to at least 25% of the Voting Rights shall have made
      written request upon the Trustee to institute such action, suit or proceeding
      in
      its own name as Trustee hereunder and shall have offered to the Trustee such
      indemnity satisfactory to it against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee, for 15 days after its receipt
      of
      such notice, request and offer of indemnity, shall have neglected or refused
      to
      institute any such action, suit or proceeding. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatsoever by virtue of any provision of
      this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, or to enforce any right under this Agreement, except
      in the manner herein provided and for the equal, ratable and common benefit
      of
      all Certificateholders. For the protection and enforcement of the provisions
      of
      this Section, each and every Certificateholder and the Trustee shall be entitled
      to such relief as can be given either at law or in equity.

     

    SECTION
      11.04  Governing
      Law.

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws.

     

    SECTION
      11.05  Notices.

     

    All
      directions, demands and notices hereunder shall be sent (i) via facsimile (with
      confirmation of receipt) or (ii) in writing and shall be deemed to have been
      duly given when received if personally delivered at or mailed by first class
      mail, postage prepaid, or by express delivery service or delivered in any other
      manner specified herein, to (a) in the case of the Depositor, 390 Greenwich
      Street, New York, New York 10013, Attention: Mortgage Finance Group (telecopy
      number (212) 723-8604), or such other address or telecopy number as may
      hereafter be furnished to the Master Servicer, the Trust Administrator, the
      Paying Agent, the Certificate Registrar, the Authenticating Agent and the
      Trustee in writing by the Depositor, (b) in the case of the Master Servicer,
      Master
      Servicing Division- MC: N3B-355M, 4000 Regent Blvd., Irvine, TX 75063
      (Attention: Compliance Manager), facsimile no.: (469) 220-1573 (with a copy
      to,
      1000 Technology Drive, O’Fallon, MO 63368, Attention: Chief Legal Counsel
      (facsimile no.: (636) 261-6518)), or such other address or facsimile number
      as
      may hereafter be furnished to the
      Trustee, the Trust Administrator, the Paying Agent, the Certificate Registrar,
      the Authenticating Agent and the Depositor in writing by the Master Servicer,
      (c) in the case of the Trust Administrator, 1000 Technology Drive, M.S. 337,
      O’Fallon, Missouri 63368, Attention: Mortgage Finance (telecopy number (636)
      261-1394), or such other address or telecopy number as may hereafter be
      furnished to the Trustee, the Trust Administrator, the Paying Agent, the
      Certificate Registrar, the Authenticating Agent and the Depositor in writing
      by
      the Master Servicer (d) in the case of the Paying Agent, the Authenticating
      Agent and the Certificate Registrar, 388 Greenwich Street, 14th
      Floor,
      New York, New York 10013, Attention: Citibank Agency & Trust, CMLTI 2006-4,
      (telephone number (212) 816-5680), or such other address or telecopy number
      as
      may hereafter be furnished to the Master Servicer, the Depositor, the Trust
      Administrator and the Trustee in writing by the Paying Agent, the Certificate
      Registrar or the Authenticating Agent and (e) in the case of the Trustee, U.S.
      Bank National Association, One Federal Street, 3rd
      Floor,
      Boston, Massachusetts 02110, Attention: Corporate Trust Services (telecopy
      number (617) 603-6638), or such other address or telecopy number as may
      hereafter be furnished to the Master Servicer, the Trust Administrator, the
      Paying Agent, the Certificate Registrar, the Authenticating Agent and the
      Depositor in writing by the Trustee. Any notice required or permitted to be
      given to a Certificateholder shall be given by first class mail, postage
      prepaid, at the address of such Holder as shown in the Certificate Register.
      Any
      notice so mailed within the time prescribed in this Agreement shall be
      conclusively presumed to have been duly given when mailed, whether or not the
      Certificateholder receives such notice. A copy of any notice required to be
      telecopied hereunder also shall be mailed to the appropriate party in the manner
      set forth above.

     

    SECTION
      11.06  Severability
      of Provisions.

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    SECTION
      11.07  Notice
      to
      Rating Agencies.

     

    The
      Trust
      Administrator shall use its best efforts promptly to provide notice to the
      Rating Agencies, and each of the Master Servicer and the Paying Agent shall
      use
      its best efforts promptly to provide notice to the Trust Administrator, with
      respect to each of the following of which the Trust Administrator, the Master
      Servicer or the Paying Agent, as applicable, has actual knowledge:

     

    1. Any
      material change or amendment to this Agreement;

     

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

     

    3. The
      resignation or termination of the Master Servicer, the Trust Administrator,
      the
      Paying Agent, the Certificate Registrar, the Authenticating Agent or the
      Trustee;

     

    4. The
      repurchase or substitution of Mortgage Loans pursuant to or as contemplated
      by
      Section 2.03;

     

    5. The
      final
      payment to the Holders of any Class of Certificates;

     

    6. Any
      change in the location of the Collection Account or the Distribution
      Account;

     

    7. Any
      event
      that would result in the inability of the Trustee, were it to succeed as Master
      Servicer, to make advances regarding delinquent Mortgage Loans; and

     

    8. The
      filing of any claim under the Master Servicer’s blanket bond and errors and
      omissions insurance policy required by Section 3.14 or the cancellation or
      material modification of coverage under any such instrument.

     

    In
      addition, the Trust Administrator shall make available to the Rating Agencies
      copies of each report to Certificateholders described in Section 4.02 and the
      Master Servicer shall promptly furnish to the Rating Agencies copies of the
      following:

     

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

     

    2. Each
      Compliance Assessment and Attestation Report described in Section
      3.21.

     

    Any
      such
      notice pursuant to this Section 11.07 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered at or mailed by first class mail,
      postage prepaid, or by express delivery service to Standard & Poor’s Ratings
      Services, a division of the McGraw-Hill Companies, Inc., 55 Water Street, New
      York, New York 10004; to Moody’s Investors Services, 99 Church Street, New York,
      New York 10007; and to Fitch Ratings, One State Street Plaza, New York, New
      York
      10007, or such other addresses as the Rating Agencies may designate in writing
      to the parties hereto.

     

    SECTION
      11.08  Article
      and Section References.

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    SECTION
      11.09  Grant
      of
      Security Interest.

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Loans
      by the Depositor to the Trustee be, and be construed as, a sale of the Mortgage
      Loans by the Depositor and not a pledge of the Mortgage Loans by the Depositor
      to secure a debt or other obligation of the Depositor. However, in the event
      that, notwithstanding the aforementioned intent of the parties, the Mortgage
      Loans are held to be property of the Depositor, then, (a) it is the express
      intent of the parties that such conveyance be deemed a pledge of the Mortgage
      Loans by the Depositor to the Trustee to secure a debt or other obligation
      of
      the Depositor and (b)(1) this Agreement shall also be deemed to be a security
      agreement within the meaning of Articles 8 and 9 of the Uniform Commercial
      Code
      as in effect from time to time in the State of New York; (2) the conveyance
      provided for in Section 2.01 hereof shall be deemed to be a grant by the
      Depositor to the Trustee of a security interest in all of the Depositor’s right,
      title and interest in and to the Mortgage Loans and all amounts payable to
      the
      holders of the Mortgage Loans in accordance with the terms thereof and all
      proceeds of the conversion, voluntary or involuntary, of the foregoing into
      cash, instruments, securities or other property, including without limitation
      all amounts, other than investment earnings, from time to time held or invested
      in the Collection Account and the Distribution Account, whether in the form
      of
      cash, instruments, securities or other property; (3) the obligations secured
      by
      such security agreement shall be deemed to be all of the Depositor’s obligations
      under this Agreement, including the obligation to provide to the
      Certificateholders the benefits of this Agreement relating to the Mortgage
      Loans
      and the Trust Fund; and (4) notifications to persons holding such property,
      and
      acknowledgments, receipts or confirmations from persons holding such property,
      shall be deemed notifications to, or acknowledgments, receipts or confirmations
      from, financial intermediaries, bailees or agents (as applicable) of the Trustee
      for the purpose of perfecting such security interest under applicable law.
      Accordingly, the Depositor hereby grants to the Trustee a security interest
      in
      the Mortgage Loans and all other property described in clause (2) of the
      preceding sentence, for the purpose of securing to the Trustee the performance
      by the Depositor of the obligations described in clause (3) of the preceding
      sentence. Notwithstanding the foregoing, the parties hereto intend the
      conveyance pursuant to Section 2.01 to be a true, absolute and unconditional
      sale of the Mortgage Loans and assets constituting the Trust Fund by the
      Depositor to the Trustee.

     

    SECTION
      11.10  Intention
      of the Parties and Interpretation.

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.20, 3.21
      and
      4.06 of this Agreement is to facilitate compliance by the Depositor with the
      provisions of Regulation AB promulgated by the Commission under the 1934 Act
      (17
      C.F.R. §§ 229.1100 - 229.1123), as such may be amended from time to time and
      subject to clarification and interpretive advice as may be issued by the staff
      of the Commission from time to time. Therefore, each of the parties agrees
      that
      (a) the obligations of the parties hereunder shall be interpreted in such a
      manner as to accomplish that purpose, (b) the parties’ obligations hereunder
      will be supplemented and modified as necessary to be consistent with any such
      amendments, interpretive advice or guidance, convention or consensus among
      active participants in the asset-backed securities markets, opinion of counsel,
      or otherwise in respect of the requirements of Regulation AB, (c) the parties
      shall comply with requests made by the Depositor for delivery of additional
      or
      different information, to the extent that such information is available or
      reasonably attainable, as the Depositor may determine in good faith is necessary
      to comply with the provisions of Regulation AB, and (d) no amendment of this
      Agreement shall be required to effect any such changes in the parties’
obligations as are necessary to accommodate evolving interpretations of the
      provisions of Regulation AB; provided, however, that any such changes shall
      require the consent of each of the parties hereto.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Master Servicer, the Trust Administrator,
      the Paying Agent, the Authenticating Agent, the Certificate Registrar and the
      Trustee have caused their names to be signed hereto by their respective officers
      thereunto duly authorized, in each case as of the day and year first above
      written.

     

    
      	 	 	 
	 	
              CITIGROUP
                MORTGAGE LOAN TRUST INC.,

              as
                Depositor

            
	 
 	 
 	 
 
	 	By:  	/s/ Peter
              D.
              Steinmetz
	 	Name:   	
              
Peter
              D. Steinmetz
	 	Title: 	Vice
              President

    

     

    
      
        	 	 	 
	 	
                
                  CITIMORTGAGE,
                    INC.,

                  as
                    Master Servicer and Trust Administrator

                

              
	 
 	 
 	 
 
	 	By:  	/s/ Tommy
                R.
                Harris
	 	Name:   	
                
Tommy
                R. Harris
	 	Title: 	Sr.
                Vice President

         

        
          	 	 	 
	 	
                  
                    
                      CITIBANK,
                        N.A.,

                      as
                        Paying Agent, Certificate Registrar and Authenticating
                        Agent

                    

                  

                
	 
 	 
 	 
 
	 	By:  	/s/ Jennifer
                  McCourt
	 	Name:   	
                  
Jennifer
                  McCourt
	 	Title: 	
                  Vice
                    President

                

           

          
            	 	 	 
	 	
                    
                      
                        
                          U.S.
                            BANK NATIONAL ASSOCIATION, not in its individual capacity
                            but solely as
                            Trustee

                        

                      

                    

                  
	 
 	 
 	 
 
	 	By:  	/s/ Clare
                    M.
                    O’Brien
	 	Name:   	
                    
Clare
                    M. O’Brien
	 	Title: 	
                    Vice
                      President

                  

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

        

      

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

    On
      the
      ____ day of 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-A1 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        (THE “CODE”).

       

      
        	
                Series
                  2006-4

                 

                Pass-Through
                  Rate: 5.50%

                 

                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-A1 Certificates as
                  of the
                  Issue Date: $58,065,000.00

                Denomination:
                  $58,065,000.0

                 

                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:
                  172981 AA 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, 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-A1 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        1-A1 Certificates in the Trust Fund created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Master Servicer, the Trust
        Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, the capitalized terms used herein have the meanings assigned in the
        Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class 1-A1
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent in writing at least five Business
        Days
        prior to the Record Date immediately prior to such Distribution Date or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing the Percentage Interest
        specified above in the Class of Certificates to which this Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
        the
        Trustee with the consent of the Holders of Certificates entitled to at least
        66%
        of the Voting Rights. Any such consent by the Holder of this Certificate
        shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Certificate Registrar as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Certificate Registrar may require payment of a sum sufficient to
        cover
        any tax or other governmental charge that may be imposed in connection with
        any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        none of
        the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trustee and required to be paid to them pursuant to the Agreement following
        the
        earlier of (i) the final payment or other liquidation (or any advance with
        respect thereto) of the last Mortgage Loan and REO Property remaining in
        the
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund of all
        the
        Mortgage Loans and all property acquired in respect of such Mortgage Loans.
        The
        Agreement permits, but does not require, the party designated in the Agreement
        to purchase from the Trust Fund all the Mortgage Loans 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 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 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 2006-4

                 

                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-XS 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
                  2006-4

                 

                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
                  1-XS Certificates
                  as of the Issue Date: $62,730,035.00

                Denomination:
                  $62,730,035.00

                 

                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:
                  172981 AB 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, 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 1-XS Certificates as of the Issue Date) in that
        certain beneficial ownership interest evidenced by all the Class 1-XS
        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-XS
        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 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 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 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
                  2006-4

                 

                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-PO 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
                  2006-4

                 

                Pass-Through
                  Rate: 0.00%

                 

                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-PO Certificates as
                  of the
                  Issue Date: $1,841,884.00

                 

                Denomination:
                  $1,841,884.00

                 

                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:
                  172981 AC 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, 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-PO Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        1-PO Certificates in the Trust Fund created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Master Servicer, the Trust
        Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, the capitalized terms used herein have the meanings assigned in the
        Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

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

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class 1-PO
        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 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 principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Certificate Registrar shall require receipt of (i) if such transfer is
        purportedly being made in reliance upon Rule 144A under the 1933 Act, written
        certifications from the Holder of the Certificate desiring to effect the
        transfer, and from such Holder's prospective transferee, substantially in
        the
        forms attached to the Agreement as Exhibit F-1, and (ii) in all other cases,
        an
        Opinion of Counsel satisfactory to it that such transfer may be made without
        such registration or qualification (which Opinion of Counsel shall not be
        an
        expense of the Trust Fund or of the Depositor, the Trustee, the Trust
        Administrator, the Certificate Registrar, the Paying Agent, the Authenticating
        Agent or the Master Servicer in their respective capacities as such), together
        with copies of the written certification(s) of the Holder of the Certificate
        desiring to effect the transfer and/or such Holder's prospective transferee
        upon
        which such Opinion of Counsel is based. None of the Depositor or the Trustee
        is
        obligated to register or qualify the Class of Certificates specified on the
        face
        hereof under the 1933 Act or any other securities law or to take any action
        not
        otherwise required under the Agreement to permit the transfer of such
        Certificates without registration or qualification. Any Holder desiring to
        effect a transfer of this Certificate shall be required to indemnify the
        Trustee, the Depositor, the Trust Administrator, the Certificate Registrar,
        the
        Paying Agent, the Authenticating Agent and the Master Servicer against any
        liability that may result if the transfer is not so exempt or is not made
        in
        accordance with such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(c) of the Agreement.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Authenticating
        Agent, by manual signature, this Certificate shall not be entitled to any
        benefit under the Agreement or be valid for any purpose.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly
        executed.

       

      Dated:
        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 2006-4

                 

                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 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
                  2006-4

                 

                Pass-Through
                  Rate: 6.00%

                 

                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: $203,228,000.00

                Denomination:
                  $203,228,000.00

                 

                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:
                  172981 AD 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, 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 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 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 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
                  2006-4

                 

                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 2-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
                  2006-4

                 

                Pass-Through
                  Rate: 6.00%

                 

                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-A1B Certificates as
                  of the
                  Issue Date: $7,732,000.00

                 

                Denomination:
                  $7,732,000.00

                 

                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:
                  172981 AE 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, 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-A1B Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        2-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 2-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 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 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 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
                  2006-4

                 

                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 2-A2 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        (THE “CODE”).

       

      
        	
                Series
                  2006-4

                 

                Pass-Through
                  Rate: 6.00%

                 

                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-A2 Certificates as
                  of the
                  Issue Date: $5,000,000.00

                 

                Denomination:
                  $5,000,000.00

                 

                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:
                  172981 AF 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, 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-A2 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        2-A2 Certificates in the Trust Fund created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Master Servicer, the Trust
        Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, the capitalized terms used herein have the meanings assigned in the
        Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class 2-A2
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent in writing at least five Business
        Days
        prior to the Record Date immediately prior to such Distribution Date or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing the Percentage Interest
        specified above in the Class of Certificates to which this Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
        the
        Trustee with the consent of the Holders of Certificates entitled to at least
        66%
        of the Voting Rights. Any such consent by the Holder of this Certificate
        shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Certificate Registrar as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Certificate Registrar may require payment of a sum sufficient to
        cover
        any tax or other governmental charge that may be imposed in connection with
        any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        none of
        the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trustee and required to be paid to them pursuant to the Agreement following
        the
        earlier of (i) the final payment or other liquidation (or any advance with
        respect thereto) of the last Mortgage Loan and REO Property remaining in
        the
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund of all
        the
        Mortgage Loans and all property acquired in respect of such Mortgage Loans.
        The
        Agreement permits, but does not require, the party designated in the Agreement
        to purchase from the Trust Fund all the Mortgage Loans 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 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 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
                  2006-4

                 

                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 2-A3 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
                  2006-4

                 

                Pass-Through
                  Rate: 6.00%

                 

                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-A3Certificates as
                  of the
                  Issue Date: $23,996,000.00

                 

                Denomination:
                  $23,996,000.00

                 

                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:
                  172981 AG 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, 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-A3 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        2-A3 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-A3
        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 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 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 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
                  2006-4

                 

                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 2-XS 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
                  2006-4

                 

                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-XS Certificates
                  as of the Issue Date: $258,032,891.00

                Denomination:
                  $258,032,891.00

                 

                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:
                  172981 AH 5

                 

              

      

      

      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, 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-XS Certificates as of the Issue Date) in that
        certain beneficial ownership interest evidenced by all the Class 2-XS
        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-XS
        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 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 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 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
                  2006-4

                 

                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 2-PO 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
                  2006-4

                 

                Pass-Through
                  Rate: 0.00%

                 

                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-PO Certificates as
                  of the
                  Issue Date: $6,465,068.00

                 

                Denomination:
                  $6,465,068.00

                 

                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:
                  172981 AJ 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, 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-PO Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        2-PO Certificates in the Trust Fund created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Master Servicer, the Trust
        Administrator, Citibank, N.A. and the Trustee, a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, the capitalized terms used herein have the meanings assigned in the
        Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

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

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class 2-PO
        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 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 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 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 2006-4

                 

                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 B1 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES TO THE EXTENT DESCRIBED
        IN
        THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      

      
        	
                Series
                  2006-4

                 

                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 B1 Certificates as of
                  the Issue
                  Date: $5,133,000.00

                 

                Denomination:
                  $5,133,000.00

                 

                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:
                  172981 AK 8

                 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, 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 B1 Certificates as of the Issue
        Date)
        in that certain beneficial ownership interest evidenced by all the Class
        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 B1
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent in writing at least five Business
        Days
        prior to the Record Date immediately prior to such Distribution Date or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing the Percentage Interest
        specified above in the Class of Certificates to which this Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
        the
        Trustee with the consent of the Holders of Certificates entitled to at least
        66%
        of the Voting Rights. Any such consent by the Holder of this Certificate
        shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Certificate Registrar as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using “Plan Assets” to acquire this Certificate shall be made except
        in accordance with Section 5.02(c) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Certificate Registrar may require payment of a sum sufficient to
        cover
        any tax or other governmental charge that may be imposed in connection with
        any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        none of
        the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trustee and required to be paid to them pursuant to the Agreement following
        the
        earlier of (i) the final payment or other liquidation (or any advance with
        respect thereto) of the last Mortgage Loan and REO Property remaining in
        the
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund of all
        the
        Mortgage Loans and all property acquired in respect of such Mortgage Loans.
        The
        Agreement permits, but does not require, the party designated in the Agreement
        to purchase from the Trust Fund all the Mortgage Loans 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 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 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
                  2006-4

                 

                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 B2 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES AND THE CLASS B1
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      

      
        	
                Series
                  2006-4

                 

                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 B2 Certificates as of
                  the Issue
                  Date: $3,368,000.00

                 

                Denomination:
                  $3,3678,000.00

                 

                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:
                  172981 AL 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, 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 B2 Certificates as of the Issue
        Date)
        in that certain beneficial ownership interest evidenced by all the Class
        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 B2
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent in writing at least five Business
        Days
        prior to the Record Date immediately prior to such Distribution Date or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing the Percentage Interest
        specified above in the Class of Certificates to which this Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
        the
        Trustee with the consent of the Holders of Certificates entitled to at least
        66%
        of the Voting Rights. Any such consent by the Holder of this Certificate
        shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Certificate Registrar as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using “Plan Assets” to acquire this Certificate shall be made except
        in accordance with Section 5.02(c) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Certificate Registrar may require payment of a sum sufficient to
        cover
        any tax or other governmental charge that may be imposed in connection with
        any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        none of
        the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trustee and required to be paid to them pursuant to the Agreement following
        the
        earlier of (i) the final payment or other liquidation (or any advance with
        respect thereto) of the last Mortgage Loan and REO Property remaining in
        the
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund of all
        the
        Mortgage Loans and all property acquired in respect of such Mortgage Loans.
        The
        Agreement permits, but does not require, the party designated in the Agreement
        to purchase from the Trust Fund all the Mortgage Loans 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 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 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
                  2006-4

                 

                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 B3 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, THE CLASS B1 CERTIFICATES
        AND THE CLASS B2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND
        SERVICING AGREEMENT REFERRED TO HEREIN.

       

      

      
        	
                Series
                  2006-4

                 

                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 B3 Certificates as of
                  the Issue
                  Date: $2,085,000.00

                 

                Denomination:
                  $2,085,000.00

                 

                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:
                  172981 AM 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, 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 B3 Certificates as of the Issue
        Date)
        in that certain beneficial ownership interest evidenced by all the Class
        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 B3
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent in writing at least five Business
        Days
        prior to the Record Date immediately prior to such Distribution Date or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing the Percentage Interest
        specified above in the Class of Certificates to which this Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and
        the
        Trustee with the consent of the Holders of Certificates entitled to at least
        66%
        of the Voting Rights. Any such consent by the Holder of this Certificate
        shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Certificate Registrar as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using “Plan Assets” to acquire this Certificate shall be made except
        in accordance with Section 5.02(c) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Certificate Registrar may require payment of a sum sufficient to
        cover
        any tax or other governmental charge that may be imposed in connection with
        any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. or the Trustee may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        none of
        the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trustee and required to be paid to them pursuant to the Agreement following
        the
        earlier of (i) the final payment or other liquidation (or any advance with
        respect thereto) of the last Mortgage Loan and REO Property remaining in
        the
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund of all
        the
        Mortgage Loans and all property acquired in respect of such Mortgage Loans.
        The
        Agreement permits, but does not require, the party designated in the Agreement
        to purchase from the Trust Fund all the Mortgage Loans 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 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 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
                  2006-4

                 

                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 B4 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, THE CLASS B1
        CERTIFICATES, THE CLASS B2 CERTIFICATES AND THE CLASS B3 CERTIFICATES TO
        THE
        EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN. 

       

      
        	
                Series
                  2006-4

                 

                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 B4 Certificates as of
                  the Issue
                  Date: $1,764,000.00

                 

                Denomination:
                  $1,764,000.00

                 

                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:
                  172981 AS 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, 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 B4 Certificates as of the Issue
        Date)
        in that certain beneficial ownership interest evidenced by all the Class
        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 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 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 principal balance of the Mortgage Loans 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
                  2006-4

                 

                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 B5 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, THE CLASS B1
        CERTIFICATES, THE CLASS B2 CERTIFICATES AND THE CLASS B3 CERTIFICATES TO
        THE
        EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN. 

       

      
        	
                Series
                  2006-4

                 

                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 B5 Certificates as of
                  the Issue
                  Date: $1,123,000.00

                 

                Denomination:
                  $1,123,000.00

                 

                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:
                  172981 AP 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, 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 B5 Certificates as of the Issue
        Date)
        in that certain beneficial ownership interest evidenced by all the Class
        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 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 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 principal balance of the Mortgage Loans 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
                  2006-4

                 

                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 B6 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, THE CLASS B1
        CERTIFICATES, THE CLASS B2 CERTIFICATES AND THE CLASS B3 CERTIFICATES TO
        THE
        EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN. 

       

      
        	
                Series
                  2006-4

                 

                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 B6 Certificates as of
                  the Issue
                  Date: $961,874.40

                 

                Denomination:
                  $961,874.40

                 

                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:
                  172981 AQ 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, 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 B6 Certificates as of the Issue
        Date)
        in that certain beneficial ownership interest evidenced by all the Class
        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 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 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 principal balance of the Mortgage Loans 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
                  2006-4

                 

                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 R CERTIFICATE

       

      THIS
        CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”), AS THOSE TERMS ARE
        DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
        CODE OF
        1986 (THE “CODE”).

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IN
        ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), OTHER CODE WILL BE REGISTERED EXCEPT IN
        COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IF
        THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUSTEE THAT (A)
        SUCH
        TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF, ANY STATE
        OR
        POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
        ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (2)
        ANY
        ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE)
        THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
        ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (3)
        ANY
        ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE (ANY SUCH PERSON
        DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER BE REFERRED
        TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A DISQUALIFIED
        ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT
        OR
        COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL
        CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.
        NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER,
        SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION
        OR
        AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED
        TO BE
        OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED
        TO BE
        A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED
        TO,
        THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS
        CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO THE
        PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02(C) OF THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A
        DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP
        OF
        THIS CERTIFICATE.

       

      

      
        	
                Series
                  2006-4

                 

                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 R Certificates as of
                  the Issue
                  Date: $100.00

                 

                Denomination:
                  $100.00

                 

                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:
                  172981 AR 3

                 

              

      

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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, 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 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 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 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 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 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
                  2006-4

                 

                CITIBANK,
                  N.A., not in its individual capacity, but solely as Authenticating
                  Agent

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Officer

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

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

       

      
        	
                TEN
                  COM-

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	 	 	 	 
	
                TEN
                  ENT-

              	
                as
                  tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	 	 	 	 
	
                JT
                  TEN-

              	
                as
                  joint tenants with right of survivorship and not as tenants in
                  common

              	 	
                State

              

      

      

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

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      

      
        	 	 	 
	 	 	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trustee to issue a new Certificate of a like Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address: 

      
        	 	 	 
	 	 	
                .

              

      

      

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        B

       

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

       

      REPORTING
        RESPONSIBILITY

       

      As
        to
        each item described below, the entity indicated as the Responsible Party
        shall
        be primarily responsible for reporting the information to the party identified
        as responsible for preparing the Securities Exchange Act Reports pursuant
        to
        Section 3.19. 

      

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

      

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicer(s)

              	
                Master
                  Servicer

              	
                Trust
                  Administrator

              	
                Custodian

              	
                Trustee

              	
                Depositor

              	
                Sponsor

              
	
                10-D

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

              	 	
                (nominal)

              	 	 
	
                1

              	
                Distribution
                  and Pool Performance Information

              	 	 	 	 	 	 	 
	
                Item
                  1121(a) - Distribution and Pool Performance
                  Information

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

              	 	 	
                X

                 

                (6.07
                  Statement)

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

              	 	 	
                X

                 

                (6.07
                  Statement)

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

              	 	 	
                X

                 

                (6.07
                  Statement)

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

              	 	 	
                X

                 

                (6.07
                  Statement)

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

              	 	 	
                X

                 

                (6.07
                  Statement)

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

              	 	 	
                X

                 

                (6.07
                  Statement)

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

              	 	 	
                X

                 

                (6.07
                  Statement)

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

              	 	 	
                X

                 

                (6.07
                  Statement)

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

              	 	 	
                X

                 

                (6.07
                  Statement)

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

              	 	 	
                X

                 

                (6.07
                  Statement)

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

              	 	 	
                X

                 

                (6.07
                  Statement)

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

              	 	 	
                X

                 

                (6.07
                  Statement)

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

              	 
	
                (9)
                  Delinquency and loss information for the period.

              	
                X

              	
                X

              	
                X

                 

                (6.07
                  Statement)

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

              	
                X

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

              	
                X

              	
                X

              	
                X

                 

                (6.07
                  Statement)

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

              	
                X

              	
                X

              	
                X

                 

                (6.07
                  Statement)

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

              	
                X

              	
                X

              	
                X

                 

                (if
                  agreed upon by the parties)

              	 	 	
                X

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

              	 	 	
                X

                 

                (6.07
                  Statement)

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

              	 	 	 	 	 	
                X

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

              	
                X

              	
                X

              	
                X

              	 	 	
                X

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

              	 	 	 	 	 	
                X

              	
                X

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

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

              	 	 	 	 	 	
                X

              	 
	
                2

              	
                Legal
                  Proceedings

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

              	 	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

              	 	 	 	 	 	 	
                X

              
	
                Depositor

              	 	 	 	 	 	
                X

              	 
	
                Trustee

              	 	 	 	 	
                X

              	 	 
	
                Issuing
                  entity

              	 	 	 	 	 	
                X

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

              	
                X

              	
                X

              	 	 	 	 	 
	
                Trust
                  Administrator

              	 	 	
                X

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

              	 	 	 	 	 	
                X

              	 
	
                Custodian

              	 	 	 	
                X

              	 	 	 
	
                3

              	
                Sales
                  of Securities and Use of Proceeds

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

                 

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

              	 	 	 	 	 	
                X

              	 
	
                4

              	
                Defaults
                  Upon Senior Securities

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

                 

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

              	 	 	
                X

              	 	 	 	 
	
                5

              	
                Submission
                  of Matters to a Vote of Security Holders

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

              	 	 	
                X

              	 	 	 	 
	
                6

              	
                Significant
                  Obligors of Pool Assets

              	 	 	 	 	 	 	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	 	 	 	 	 	
                X

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

              	 	 	 	 	 	 	 
	
                7

              	
                Significant
                  Enhancement Provider Information

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

              	 	 	 	 	 	 	 
	
                Determining
                  applicable disclosure threshold

              	 	 	
                X

              	 	 	 	 
	
                Requesting
                  required financial information or effecting incorporation by
                  reference

              	 	 	
                X

              	 	 	 	 
	
                Item
                  1115(b) - Derivative Counterparty Financial
                  Information*

              	 	 	 	 	 	 	 
	
                Determining
                  current maximum probable exposure

              	 	 	 	 	 	
                X

              	 
	
                Determining
                  current significance percentage

              	 	 	
                X

              	 	 	 	 
	
                Requesting
                  required financial information or effecting incorporation by
                  reference

              	 	 	
                X

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

              	 	 	 	 	 	 	 
	
                8

              	
                Other
                  Information

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

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

              
	
                9

              	
                Exhibits

              	 	 	 	 	 	 	 
	
                Distribution
                  report

              	 	 	
                X

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

              	 	 	 	 	 	
                X

              	 
	
                8-K

              	
                Must
                  be filed within four business days of an event reportable on Form
                  8-K.

              	 	 	 	 
	
                1.01

              	
                Entry
                  into a Material Definitive Agreement

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

                Examples:
                  servicing agreement, custodial agreement.

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

              	
                X

              	
                X

              	
                X 

              	 	 	
                X 

              	
                X

              
	
                1.02

              	
                Termination
                  of a Material Definitive Agreement

              	
                X

              	
                X

              	
                X 

              	 	 	
                X

              	
                X 

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

                Examples:
                  servicing agreement, custodial agreement.

              	 	 	 	 	 	 	 
	
                1.03

              	
                Bankruptcy
                  or Receivership

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

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

              	
                X

              	
                X

              	
                X 

              	
                X

              	 	
                X 

              	
                X

              
	
                2.04

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

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

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the 6.07 statement

              	 	
                X

              	
                X

              	 	 	 	 
	
                3.03

              	
                Material
                  Modification to Rights of Security Holders

              	 	 	 	 	 	 	 
	
                Disclosure
                  is required of any material modification to documents defining
                  the rights
                  of Certificateholders, including the Pooling and Servicing
                  Agreement

              	 	 	
                X

              	 	 	
                X

              	 
	
                5.03

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

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

              	 	 	 	 	 	
                X

              	 
	
                5.06

              	
                Change
                  in Shell Company Status

              	 	 	 	 	 	 	 
	
                [Not
                  applicable to ABS issuers]

              	 	 	 	 	 	
                X

              	 
	
                6.01

              	
                ·  ABS
                  Informational and Computational Material

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

              	 	 	 	 	 	
                X

              	 
	
                6.02

              	
                Change
                  of Servicer or Trustee

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

              	
                X

              	
                X

              	
                X

              	 	 	
                X

              	 
	 	
                Reg
                  AB disclosure about any new servicer is also required.

              	
                X

              	 	 	 	 	 	 
	
                Reg
                  AB disclosure about any new trustee is also required.

              	 	 	 	 	
                X
                  (to the extent required by successor trustee

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

              	 	 	
                X

              	 	 	 	 
	
                6.03

              	
                Change
                  in Credit Enhancement or Other External Support

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

              	 	 	
                X

              	 	 	
                X

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

              	 	 	
                X

              	 	 	
                X

              	 
	
                6.04

              	
                Failure
                  to Make a Required Distribution

              	 	 	
                X

              	 	 	 	 
	
                6.05

              	
                Securities
                  Act Updating Disclosure

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

              	 	 	 	 	 	
                X

              	
                 

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

              	 	 	 	 	 	
                X

              	 
	
                7.01

              	
                Regulation
                  FD Disclosure

              	
                X

              	
                X

              	
                X

              	
                X

              	 	
                X

              	 
	
                8.01

              	
                Other
                  Events

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

              	 	 	 	 	 	
                X

              	 
	
                9.01

              	
                Financial
                  Statements and Exhibits

              	
                The
                  Responsible Party applicable to reportable event.

              
	
                10-K

              	
                Must
                  be filed within 90 days of the fiscal year end for the
                  registrant.

              	 	 	 	 
	
                9B

              	
                Other
                  Information

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

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

              
	 	
                15

              	
                Exhibits
                  and Financial Statement Schedules

              	 	 	 	 	 	 	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information

              	 	 	 	 	 	
                X

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

              	 	 	 	 	 	 	 
	
                Determining
                  applicable disclosure threshold

              	 	 	
                X

              	 	 	 	 
	
                Requesting
                  required financial information or effecting incorporation by
                  reference

              	 	 	
                X

              	 	 	 	 
	
                Item
                  1115(b) - Derivative Counterparty Financial
                  Information

              	 	 	 	 	 	 	 
	
                Determining
                  current maximum probable exposure

              	 	 	 	 	 	
                X

              	 
	 	 	
                Determining
                  current significance percentage

              	 	 	
                X

              	 	 	 	 
	
                Requesting
                  required financial information or effecting incorporation by
                  reference

              	 	 	
                X

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

              	 	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

              	 	 	 	 	 	 	
                X

              
	
                Depositor

              	 	 	 	 	 	
                X

              	 
	
                Trustee

              	 	 	 	 	
                X

              	 	 
	
                Issuing
                  entity

              	 	 	 	 	 	
                X

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

              	
                X

              	
                X

              	 	 	 	 	 
	
                Trust
                  Administrator

              	 	 	
                X

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

              	 	 	 	 	 	
                X

              	 
	
                Custodian

              	 	 	 	
                X

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

              	 	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

              	 	 	 	 	 	 	
                X

              
	
                Depositor

              	 	 	 	 	 	
                X

              	 
	
                Trustee

              	 	 	 	 	
                X

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

              	
                X

              	
                X

              	 	 	 	 	 
	
                Trust
                  Administrator

              	 	 	
                X

              	 	 	 	 
	
                Originator

              	 	 	 	 	 	
                X

              	 
	
                Custodian

              	 	 	 	
                X

              	 	 	 
	
                Credit
                  Enhancer/Support Provider

              	 	 	 	 	 	
                X

              	 
	
                Significant
                  Obligor

              	 	 	 	 	 	
                X

              	 
	
                Item
                  1122 - Assessment of Compliance with Servicing
                  Criteria

              	
                X

              	
                X

              	
                X

              	
                X

              	 	 	 
	
                Item
                  1123 - Servicer Compliance Statement

              	
                X

              	
                X

              	 	 	 	 	 

      

      

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

       

      SERVICING
        CRITERIA TO BE ADDRESSED IN

      ASSESSMENT
        OF COMPLIANCE

       

      Definitions

      Primary
        Servicer - transaction party having borrower contact

      Master
        Servicer - aggregator of pool assets

      Trust
        Administrator - waterfall calculator (may be the Trustee, or may be the Master
        Servicer)

      Back-up
        Servicer - named in the transaction (in the event a Back up Servicer becomes
        the
        Primary Servicer, follow Primary Servicer obligations)

      Custodian
        - safe keeper of pool assets

      Paying
        Agent - distributor of funds to ultimate investor 

      Trustee
        -
        fiduciary of the transaction

      

      Note:
        The
        definitions above describe the essential function that the party performs,
        rather than the party’s title. So, for example, in a particular transaction, the
        trustee may perform the “paying agent” and “trust administrator” functions,
        while in another transaction, the trust administrator may perform these
        functions.

      

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements.

      

      Key:

      X
        -
        obligation

       

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Primary
                  Servicer

              	
                Master
                  Servicer 

              	
                Trust
                  Administrator

              	
                Paying
                  Agent 

              
	 	General
                Servicing Considerations
	
                1122(d)(1)(i)

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

              	
                X

              	
                X

              	 	 
	
                1122(d)(1)(ii)

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

              	
                X

              	
                X

              	 	 
	
                1122(d)(1)(iii)

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

              	 	 	 	 
	
                1122(d)(1)(iv)

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

              	
                X

              	
                X

              	 	 
	 	
                Cash
                  Collection and Administration

              	 	 	 	 
	
                1122(d)(2)(i)

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

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(ii)

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

              	
                X

              	
                X

              	 	
                X

              
	
                1122(d)(2)(iii)

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

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(iv)

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

              	 	 	 	
                X

              
	
                1122(d)(2)(v)

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

              	
                X

              	
                X

              	 	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                X

              	 	 	 
	
                1122(d)(2)(vii)
                  

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

              	
                X

              	
                X

              	 	
                X

              
	 	
                Investor
                  Remittances and Reporting

              	 	 	 	 
	
                1122(d)(3)(i)

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

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(3)(ii)

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

              	
                X

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(3)(iii)

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

              	
                X

              	
                X

              	 	
                X

              
	
                1122(d)(3)(iv)

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

              	
                X

              	
                X

              	 	
                X

              
	 	
                Pool
                  Asset Administration

              	 	 	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	
                X

              	
                X

              	 	 
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	
                X

              	
                X

              	 	 
	
                1122(d)(4)(iii)

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

              	
                X

              	
                X

              	 	 
	
                1122(d)(4)(iv)

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

              	
                X

              	 	 	 
	
                1122(d)(4)(v)

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

              	
                X

              	 	 	 
	
                1122(d)(4)(vi)

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

              	
                X

              	
                X

              	 	 
	
                1122(d)(4)(vii)

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

              	
                X

              	
                X

              	 	 
	
                1122(d)(4)(viii)

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

              	
                X

              	 	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	
                X

              	
                X

              	 	 
	
                1122(d)(4)(x)

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

              	
                X

              	 	 	 
	
                1122(d)(4)(xi)

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

              	
                X

              	 	 	 
	
                1122(d)(4)(xii)

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

              	
                X

              	 	 	 
	
                1122(d)(4)(xiii)

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

              	
                X

              	 	 	 
	
                1122(d)(4)(xiv)
                  

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

              	
                X

              	
                X

              	 	 
	
                1122(d)(4)(xv)

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

              	 	 	
                X

              	 

      

      

      

        

      

      
        
          * Subject
            to clarification from the SEC.

        

      

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        D

       

      FORM
        OF
        MORTGAGE LOAN PURCHASE AGREEMENT

       

      

        MORTGAGE
          LOAN PURCHASE AGREEMENT

         

        This
          is a
          Mortgage Loan Purchase Agreement (the “Agreement”), dated May 30, 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 2006-4
          (the
“Certificates”). The Certificates will consist of sixteen 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, conventional residential
          mortgage loans (the “Mortgage Loans”) originated by PHH Mortgage Corporation
          (“PHH”), National City Mortgage Co. (“National City”), Equity Now Inc. (“Equity
          Now”), SunTrust Mortgage, Inc. (“SunTrust”), American Home Mortgage Corp.
          (“American Home”), Washington Mutual Bank and Washington Mutual Bank fsb
          (together, “Washington Mutual”) and Ameriquest Mortgage Company (“Ameriquest”,
          each an “Originator”, and collectively, the “Originators”), having an aggregate
          principal balance as of the close of business on May 1, 2006 (the “Cut-off
          Date”) of $320,762,926 (the “Closing Balance”), after giving effect to all
          payments due on the Mortgage Loans on or before the Cut-off Date, whether
          or not
          received.

         

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

         

        Section
          3.  Consideration.

         

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

         

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

         

        (c)  Pursuant
          to the Pooling and Servicing Agreement, the Purchaser will assign all of
          its
          right, title and interest in and to the Mortgage Loans, together with its
          rights
          under this Agreement, to the Trustee for the benefit of the related
          Certificateholders.

         

        Section
          4.  Transfer
          of the Mortgage Loans.

         

        (a)  Possession
          of Mortgage Files.
          The
          Seller does hereby sell, transfer, assign, set over and convey to the Purchaser,
          without recourse but subject to the terms of this Agreement, all of its
          right,
          title and interest in, to and under the Mortgage Loans. The contents of
          each
          Mortgage File not delivered to the Purchaser or to any assignee, transferee
          or
          designee of the Purchaser on or prior to the Closing Date are and shall
          be held
          in trust by the Seller for the benefit of the Purchaser or any assignee,
          transferee or designee of the Purchaser. Upon the sale of the Mortgage
          Loans,
          the ownership of each Mortgage Note, the related Mortgage and the other
          contents
          of the related Mortgage File is vested in the Purchaser and the ownership
          of all
          records and documents with respect to each related Mortgage Loan prepared
          by or
          that come into the possession of the Seller on or after the Closing Date
          shall
          immediately vest in the Purchaser and shall be delivered immediately to
          the
          Purchaser or as otherwise directed by the Purchaser.

         

        (b)  Delivery
          of Mortgage Loan Documents.
          The
          Seller will, on or prior to the Closing Date, deliver or cause to be delivered
          to the Purchaser or any assignee, transferee or designee of the Purchaser
          each
          of the following documents for each Mortgage Loan:

         

        (i)  the
          original Mortgage Note, endorsed in one of the following forms: (i) in
          the name
          of the Trustee or (ii) in blank, in each case, with all prior and intervening
          endorsements showing a complete chain of endorsement from the originator
          to the
          Person so endorsing to the Trustee; 

         

        (ii)  the
          original Mortgage with evidence of recording thereon; 

         

        (iii)  an
          original Assignment of the Mortgage in recordable form in blank or to the
          Trustee; 

         

        (iv)  the
          original recorded Assignment or Assignments of the Mortgage showing a complete
          chain of assignment from the originator to the Person assigning the Mortgage
          in
          blank or to the Trustee as contemplated by the immediately preceding clause
          (iii); 

         

        (v)  the
          original of or a copy of each related assumption, modification, consolidation
          or
          extension agreement, with evidence of recording thereon, if any; 

         

        (vi)  with
          respect to any Mortgage Loan listed on the Mortgage Loan Schedule as subject
          to
          a Primary Mortgage Insurance Policy, the original Primary Mortgage Insurance
          Policy or certificate; 

         

        (vii)  the
          original mortgagee title insurance policy or an attorney’s opinion of title
          where customary; and

         

        (viii)  any
          of
          the following that are in the possession of the Seller or a document custodian
          on its behalf: (A) the original of or a copy of any security agreement,
          chattel
          mortgage or equivalent document executed in connection with the Mortgage
          or (B)
          the original of or a copy of any power of attorney, if applicable. 

         

        With
          respect to a maximum of approximately 5.00% of the original Mortgage Loans,
          by
          outstanding principal balance of the original Mortgage Loans as of the
          Cut-off
          Date, if any original Mortgage Note referred to in Section 4(b)(i) above
          cannot
          be located, the obligations of the Seller to deliver such documents shall
          be
          deemed to be satisfied upon delivery to the Trust Administrator (as designee
          of
          the Purchaser) of a photocopy of such Mortgage Note, if available, with
          a lost
          note affidavit. If any of the original Mortgage Notes for which a lost
          note
          affidavit was delivered to the Trust Administrator is subsequently located,
          such
          original Mortgage Note shall be delivered to the Trust Administrator within
          three Business Days.

         

        If
          any of
          the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has
          as of
          the Closing Date been submitted for recording but either (x) has not been
          returned from the applicable public recording office or (y) has been lost
          or
          such public recording office has retained the original of such document,
          the
          obligations of the Seller to deliver such documents shall be deemed to
          be
          satisfied upon (1) delivery to the Trust Administrator of a copy of each
          such
          document certified by the Originator in the case of (x) above or the applicable
          public recording office in the case of (y) above to be a true and complete
          copy
          of the original that was submitted for recording and (2) if such copy is
          certified by the Originator, delivery to the Trust Administrator promptly
          upon
          receipt thereof of either the original or a copy of such document certified
          by
          the applicable public recording office to be a true and complete copy of
          the
          original. 

         

        To
          the
          extent not already recorded, the Trust Administrator, at the expense of
          the
          Seller shall pursuant to the Pooling and Servicing Agreement promptly (and
          in no
          event later than three months following the later of the Closing Date and
          the
          date of receipt by the Trust Administrator of the recording information
          for a
          Mortgage) submit or cause to be submitted for recording, at no expense
          to the
          Trust Estate or the Trust Administrator, in the appropriate public office
          for
          real property records, each Assignment delivered to it pursuant to Sections
          4(b)(iii) and (iv) above. In the event that any such Assignment is lost
          or
          returned unrecorded because of a defect therein, the Trust Administrator,
          at the
          expense of the Seller, shall promptly prepare or cause to be prepared a
          substitute Assignment or cure or cause to be cured such defect, as the
          case may
          be, and thereafter cause each such Assignment to be duly recorded.
          Notwithstanding the foregoing, but without limiting the requirement that
          such
          Assignments be in recordable form, neither the Trust Administrator nor
          the
          Trustee shall be required to submit or cause to be submitted for recording
          each
          Assignment delivered to it pursuant to Sections 4(b)(iii) and (iv) if such
          recordation shall not, as of the Closing Date, be required by the Rating
          Agencies, as a condition to their assignment on the Closing Date of their
          initial ratings to the Certificates, as evidenced by the delivery by the
          Rating
          Agencies of their ratings letters on the Closing Date.

         

        The
          Seller shall deliver or cause to be delivered to the Trust Administrator
          promptly upon receipt thereof any other original documents constituting
          a part
          of a Mortgage File received with respect to any Mortgage Loan, including,
          but
          not limited to, any original documents evidencing an assumption, modification,
          consolidation or extension of any Mortgage Loan. 

         

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

         

        (c)  Acceptance
          of Mortgage Loans.
          The
          documents delivered pursuant to Section 4(b) hereof shall be reviewed by
          the
          Purchaser or any assignee, transferee or designee of the Purchaser at any
          time
          before or after the Closing Date (and with respect to each document permitted
          to
          be delivered after the Closing Date within seven days of its delivery)
          to
          ascertain that all required documents have been executed and received and
          that
          such documents relate to the Mortgage Loans identified on the Mortgage
          Loan
          Schedule.

         

        (d)  Transfer
          of Interest in Agreements.
          The
          Purchaser has the right to assign its interest under this Agreement, in
          whole or
          in part, to the Trustee, as may be required to effect the purposes of the
          Pooling and Servicing Agreement, without the consent of the Seller, and
          the
          assignee shall succeed to the rights and obligations hereunder of the Purchaser.
          Any expense reasonably incurred by or on behalf of the Purchaser or the
          Trustee
          in connection with enforcing any obligations of the Seller under this Agreement
          will be promptly reimbursed by the Seller.

         

        (e)  Examination
          of Mortgage Files.
          Prior
          to the Closing Date, the Seller shall either (i) deliver in escrow to the
          Purchaser or to any assignee, transferee or designee of the Purchaser,
          for
          examination, the Mortgage File pertaining to each Mortgage Loan, or (ii)
          make
          such Mortgage Files available to the Purchaser or to any assignee, transferee
          or
          designee of the Purchaser for examination. Such examination may be made
          by the
          Purchaser or the Trustee, and their respective designees, upon reasonable
          notice
          to the Seller during normal business hours before the Closing Date and
          within 60
          days after the Closing Date. If any such person makes such examination
          prior to
          the Closing Date and identifies any Mortgage Loans that do not conform
          to the
          requirements of the Purchaser as described in this Agreement, such Mortgage
          Loans shall be deleted from the Closing Schedule. The Purchaser may, at
          its
          option and without notice to the Seller, purchase all or part of the Mortgage
          Loans without conducting any partial or complete examination. The fact
          that the
          Purchaser or any person has conducted or has failed to conduct any partial
          or
          complete examination of the Mortgage Files shall not affect the rights
          of the
          Purchaser or any assignee, transferee or designee of the Purchaser to demand
          repurchase or other relief as provided herein or under the Pooling and
          Servicing
          Agreement.

         

        Section
          5.  Representations,
          Warranties and Covenants of the Seller.

         

        The
          Seller and the Purchaser understand, acknowledge and agree that, the
          representations and warranties set forth in this Section 5 are made as
          of the
          Closing Date or as of the date specifically provided herein. 

         

        As
          permitted under the Mortgage Loan Flow Purchase, Sale & Servicing Agreement,
          dated as of February 24, 2005, among PHH, Bishop’s Gate Residential Mortgage
          Trust and the Seller (the “PHH Servicing Agreement”), the Amended and Restated
          Master Seller’s Warranties and Servicing Agreement, dated as of September 1,
          2003 and as amended and restated to an including May 1, 2005, between National
          City and the Seller (the “National City Servicing Agreement”), the Master
          Mortgage Loan Purchase and Servicing Agreement, dated as of October 1,
          2005,
          between Equity Now and the Seller (the “Equity Now Servicing Agreement”), the
          Amended and Restated Master Mortgage Loan Purchase and Servicing Agreement,
          dated as of July 1, 2005, between SunTrust and the Seller (the “SunTrust
          Servicing Agreement”), the Master Mortgage Loan Purchase and Servicing
          Agreement, dated as of September 1, 2005, among American Home, American
          Home
          Mortgage Servicing, Inc. and the Seller (the “American Home Servicing
          Agreement”), the Mortgage Loan Purchase and Sale Agreement, dated as of
          September 1, 2005, between Washington Mutual and the Seller (the “Washington
          Mutual Servicing Agreement”) and 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
          collectively with the PHH Servicing
          Agreement,
          the
          National City Servicing Agreement, the Equity Now Servicing Agreement,
          the
          SunTrust Servicing Agreement, the American Home Servicing Agreement and
          the
          Washington Mutual 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)  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.

         

        (ii)  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.

         

        (iii)  An
          appraisal form 1004 or Form 2055 with an interior inspection for first
          lien
          mortgage loans has been obtained.

         

        (iv)  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).

         

        (v)  (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)  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.

         

        (c)  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 A hereto are true and correct as of the date hereof and
          as of
          the Closing Date.

         

        (d)  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 B hereto are true and correct as of the
          date
          hereof and as of the Closing Date.

         

        (e)  With
          respect to the Equity Now 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.

         

        (f)  With
          respect to the SunTrust 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.

         

        (g)  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 E hereto are true and correct as of the
          date
          hereof and as of the Closing Date.

         

        (h)  With
          respect to the Washington Mutual 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.

         

        (i)  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 G 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)
          and (b)
          of 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 30, 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 PHH and National City, 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 30, 2006 under the subheading “The Servicers” and the
          Purchaser’s Private Placement Memorandum, dated May 31, 2006, under the
          subheading “The Servicers” 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 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 A shall have the
          meanings ascribed to them in the PHH Servicing Agreement.

        

        (1)  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;

         

        (2)  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;

         

        (3)  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;

         

        (4)  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;

         

        (5)  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;

         

        (6)  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;
          

         

        (7)  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;

         

        (8)  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;

         

        (9)  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.

         

        (10)  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;

         

        (11)  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;

         

        (12)  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);

         

        (13)  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;

         

        (14)  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;

         

        (15)  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;

         

        (16)  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;

         

        (17)  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;

         

        (18)  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;

         

        (19)  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;

         

        (20)  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;

         

        (21)  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 ;

         

        (22)  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;

         

        (23)  Prepayment
          Penalty.
          Except
          as noted otherwise on the Mortgage Loan Schedule, such Mortgage Loan is
          not
          subject to any Prepayment Penalty;

         

        (24)  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;

         

        (25)  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;

         

        (26)  Conformance
          With Underwriting Standards.
          Such
          Mortgage Loan was underwritten in accordance with the PHH Guide; 

         

        (27)  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;

         

        (28)  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;

         

        (29)  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;

         

        (30)  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;

         

        (31)  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.

         

        (32)  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;

         

        (33)  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;

         

        (34)  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;

         

        (35)  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;

         

        (36)  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;

         

        (37)  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;

         

        (38)  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;

         

        (39)  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;

         

        (40)  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;

         

        (41)  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;

         

        (42)  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;

         

        (43)  Scheduled
          Interest.
          Interest on each Mortgage Loan is calculated on the basis of a 360-day
          year
          consisting of twelve 30-day months;

         

        (44)  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; 

         

        (45)  Negative
          Amortization.
          Unless
          otherwise disclosed in the Offering Materials or the Mortgage Loan Schedule,
          no
          Mortgage Loan is subject to negative amortization;

         

        (46)  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; 

         

        (47)  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;

         

        (48)  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;

         

        (49)  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;

         

        (50)  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;

         

        (51)  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;

         

        (52)  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;

         

        (53)  None
          of
          the Mortgage Loans are subject to a prepayment penalty.

         

        (54)  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;

         

        (55)  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;

         

        (56)  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;

         

        (57)  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; 

         

        (58)  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); 

         

        (59)  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;

         

        (60)  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;

         

        (61)  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;

         

        (62)  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; 

         

        (63)  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

         

        (64)  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
          B

        

        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 B shall
          have
          the meanings ascribed to them in the National City Servicing
          Agreement.

         

        (i)  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;

         

        (ii)  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; 

         

        (iii)  Original
          Terms Unmodified.
          The
          terms of the Mortgage Note and Mortgage have not been impaired, waived,
          altered
          or modified in any respect, except by a written instrument which has been
          recorded, 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;

         

        (iv)  No
          Defenses.
          The
          Mortgage Loan is not subject to any right of rescission, set-off, counterclaim
          or defense, including without limitation the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note or the Mortgage, or
          the
          exercise of any right thereunder, render either the Mortgage Note or the
          Mortgage unenforceable, in whole or in part, or subject to any right of
          rescission, set-off, counterclaim or defense, including without limitation
          the
          defense of usury, and no such right of rescission, set-off, counterclaim
          or
          defense has been asserted with respect thereto, and no Mortgagor was a
          debtor in
          any state or federal bankruptcy or insolvency proceeding at the time the
          Mortgage Loan was originated;

         

        (v)  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;

         

        (vi)  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;

         

        (vii)  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;

         

        (viii)  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; 

         

        (ix)  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;

         

        (x)  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.

         

         

        (xi)  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;

         

        (xii)  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;

         

        (xiii)  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;

         

        (xiv)  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;

         

        (xv)  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;

         

        (xvi)  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;

         

        (xvii)  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;

         

        (xviii)  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;

         

        (xix)  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; 

         

        (xx)  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;

         

        (xxi)  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;

         

        (xxii)  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;

         

        (xxiii)  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; 

         

        (xxiv)  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;

         

        (xxv)  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;

         

        (xxvi)  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;

         

        (xxvii)  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.

         

        (xxviii)  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;

         

        (xxix)  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;

         

        (xxx)  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;

         

        (xxxi)  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

         

        (xxxii)  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; 

         

        (xxxiii)  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;

         

        (xxxiv)  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;

         

        (xxxv)  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; 

         

        (xxxvi)  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;

         

        (xxxvii)  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;

         

        (xxxviii)  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;

         

        (xxxix)  Simple
          Interest Mortgage Loans.
          None of
          the Mortgage Loans are simple interest Mortgage Loans;

         

        (xl)   Single
          Premium Credit Life Insurance.
          None of
          the proceeds of the Mortgage Loan were used to finance single-premium credit
          life insurance policies;

         

        (xli)  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;

         

        (xlii)  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;

         

        (xliii)  FICO
          Scores.
          Each
          Mortgage Loan has a non-zero FICO score;

         

        (xliv)  [Reserved]

         

        (xlv)  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; 

         

        (xlvi)  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;

         

        (xlvii)  Payment
          in Full:
          No
          Mortgage Loan will be paid in full on or prior to the related Closing
          Date;

         

        (xlviii)  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
          C

        

        Representation
          and Warranties with Respect to the Equity Now Mortgage Loans

        

        Except
          for “Mortgage Loans”, which shall mean the Equity Now 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 Equity Now Servicing Agreement.

        

        (1)  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 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 commenced, or to Seller’s knowledge, threatened,
          with respect to the Cooperative Loan;

         

        (2)  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;

         

        (3)  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. With respect to
          any
          Cooperative Loan, the Project is located in the state identified on the
          Mortgage
          Loan Schedule;

         

        (4)  Original
          Terms Unmodified.
          The
          terms of the Mortgage Note and (x) with respect to each Mortgage Loan that
          is
          not a Cooperative Loan, the Mortgage, and (y) with respect to each Cooperative
          Loan, the Pledge Agreement, the Proprietary Lease, and the Pledge Instruments,
          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; the Financing Statements with respect to
          each
          Cooperative Loan are in full force and effect;

         

        (5)  No
          Defenses.
          The
          Mortgage Note and with respect to each Mortgage Loan which is not a Cooperative
          Loan, the Mortgage and, with respect to each Cooperative Loan, the Pledge
          Agreement, 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;

         

        (6)  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 FNMA and
          FHLMC;

         

        (7)  Hazard
          Insurance.
          All
          buildings upon the Mortgaged Property and with respect to any Cooperative
          Loan,
          the related Project and Cooperative Apartment, 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 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
          FNMA
          and FHLMC. The Mortgage obligates the Mortgagor thereunder to maintain
          all such
          insurance at the Mortgagor’s cost and expense, and on the Mortgagor’s failure to
          do so, authorizes the holder of the Mortgage to maintain such insurance
          at
          Mortgagor’s cost and expense and to seek reimbursement therefor from the
          Mortgagor;

         

        (8)  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;

         

        (9)  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;

         

        (10)  Valid
          Lien.
          The
          related Mortgage is properly recorded and the Mortgage and, with respect
          to
          Cooperative Loans, including the Proprietary Lease and the Cooperative
          Shares,
          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;

         

        (11)  Validity
          of Mortgage Loan Documents.
          The
          Mortgage Note and (x) with respect to each Mortgage Loan, the related Mortgage
          and (y) with respect to each Cooperative Loan, the Pledge Agreement are
          genuine
          and each is the legal, valid and binding obligation of the maker thereof,
          enforceable in accordance with its terms;

         

        (12)  Legal
          Capacity.
          All
          parties to the Mortgage Note and (x) with respect to each Mortgage Loan,
          the
          related Mortgage and (y) with respect to each Cooperative Loan, the Pledge
          Agreement and the Mortgage, had legal capacity to enter into the Mortgage
          Loan
          and to execute and deliver the Mortgage Note and the Mortgage or Pledge
          Agreement, and the Mortgage Note and the Mortgage or Pledge Agreement have
          been
          duly and properly executed by such parties. The Mortgagor is a natural
          person;

         

        (13)  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;

         

        (14)  Ownership.
          The
          Seller is the sole legal, beneficial and equitable owner of the Mortgage
          Note
          and with respect to any Mortgage Loan which is not a Cooperative Loan,
          the
          Mortgage and with respect to any Mortgage Loan which is a Cooperative,
          the
          Pledge Agreement. 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;

         

        (15)  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;

         

        (16)  Title
          Insurance.
          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;

         

        (17)  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;

         

        (18)  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;

         

        (19)  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;

         

        (20)  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) 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 had an original term to maturity
          of more
          than thirty (30) years;

         

        (21)  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 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;

         

        (22)  Mortgaged
          Property Undamaged.
          The
          Mortgaged Property (and with respect to any Cooperative Loan, the Cooperative
          Apartment and related Project) 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;

         

        (23)  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;

         

        (24)  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
          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;

         

        (25)  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;

         

        (26)  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;

         

        (27)   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
          Prime/Alt-A 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
          Prime/Alt-A Mortgage Loan does not include the insurance premium for any
          LPMI
          Policy;

         

        (28)   Occupancy
          of the Mortgaged Property.
          To the
          best of the 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;

         

        (29)  No
          Error, Omission, Fraud etc.
          To the
          best of the Seller’s knowledge, 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;

         

        (30)  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 FNMA and FHLMC. The consolidated principal
          amount does not exceed the original principal amount of the Mortgage
          Loan;

         

        (31)   Environmental
          Matters.
          To the
          best of the Seller’s knowledge, the Mortgaged Property is in material compliance
          with all applicable environmental laws pertaining to environmental hazards
          including, without limitation, asbestos, and neither the Seller nor, to
          the
          Seller’s knowledge, the related Mortgagor, has received any notice of any
          violation or potential violation of such law;

         

        (32)   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”, “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).

         

        (33)   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;

         

        (34)  Second
          Liens.
          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;

         

        (35)  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;

         

        (36)  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; 

         

        (37)  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;

         

        (38)  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.

         

        (39)  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); 

         

        (40)  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 FNMA and FHLMC. With respect to any Cooperative Loan, the
          related Cooperative meets the eligibility requirements of FNMA and
          FHLMC;

         

        (41)  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;

         

        (42)  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;

         

        (43)  Buydown
          Mortgage Loans.
          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) 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;

         

        (44)  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 or a balloon Mortgage Loan, and the Mortgage
          Loan does not have a shared appreciation or other contingent interest
          feature;

         

        (45)  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;

         

        (46)  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;

         

        (47)  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;

         

        (48)  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;

         

        (49)  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;

         

        (50)  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;

         

        (51)  No
          Cooperatives; No Commercial Property; No Mixed Use Property.
          No
          Mortgage Loan is secured by commercial property or mixed use
          property;

         

        (52)  Secondary
          Market Sales.
          Each
          Mortgage Loan is eligible for sale in the secondary market or for inclusion
          in a
          Pass-Through Transfer without unreasonable credit enhancement;

         

        (53)  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;

         

        (54)  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;

         

        (55)  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;

         

        (56)  Illinois
          Interest Act.
          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;

         

        (57)  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;

         

        (58)  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;

         

        (59)  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;

         

        (60)  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;

         

        (61)  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;

         

        (62)  Limitation
          on number of Mortgage Notes per Borrower.
          No
          Mortgagor is the obligor on more than two Mortgage Notes;

         

        (63)  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 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.

         

        (64)  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
          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; 

         

        (65)  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;

         

        (66)  Points
          and Fees Disclosed.
          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; 

         

        (67)  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;

         

        (68)  No
          Credit Life Policies.
          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; 

         

        (69)  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; 

         

        (70)  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 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;

         

        (71)  With
          respect to each Cooperative Loan, each 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 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 (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 Pledge Agreement;
          provided, however, that the appurtenant Proprietary Lease may be subordinated
          or
          otherwise subject to the lien of any mortgage on the Project. There are
          no liens
          against or security interests in the collateral which have priority over
          the
          lender's security interest in the collateral, and such priority interest
          cannot
          be created in the future;

         

        (72)  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
          Pledge Agreement, the Proprietary Lease, the Stock Power, the Recognition
          Agreement, the Financing Statement and the Assignment of the 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 if the Seller undertakes to convert the
          ownership of the collateral securing the related Cooperative Loan;

         

        (73)  With
          respect to each Cooperative Loan, there is no default in complying with
          the
          terms of the Mortgage Note, the 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.
          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;

         

        (74)  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 FNMA
          and
          qualified to do business in the jurisdiction where the Cooperative Apartment
          is
          located;

         

        (75)  With
          respect to each Cooperative Loan, each 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 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 Apartment is transferred or sold without the consent of
          the
          holder thereof;

         

        (76)  
          In the
          case of a Cooperative Loan, the related Cooperative Apartment 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
          Cooperative Apartment and the related Project 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;

         

        (77)  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, (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; and

         

        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 establishes in the Seller a valid
          and
          subsisting perfected first lien on and security interest in the Mortgaged
          Property described therein, and the Seller has full right to sell and assign
          the
          same.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          D

        

        Representation
          and Warranties with Respect to the SunTrust Mortgage Loans

        

        Except
          for “Mortgage Loans”, which shall mean the SunTrust 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 SunTrust Servicing Agreement.

        

        (i) [Reserved]

         

        (ii) The
          Mortgage Loan is in compliance with all requirements set forth in the related
          Confirmation, and the characteristics of the related Mortgage Loan Package
          as
          set forth in the related Confirmation are true and correct;

         

        (iii) All
          payments required to be made up to the close of business on the Closing
          Date for
          such Mortgage Loan under the terms of the Mortgage Note have been made;
          the
          Seller has not advanced funds, or induced, solicited or knowingly received
          any
          advance of funds from a party other than the owner of the related Mortgaged
          Property, directly or indirectly, for the payment of any amount required
          by the
          Mortgage Note or Mortgage; and there has been no delinquency, exclusive
          of any
          period of grace, in any payment by the Mortgagor thereunder since the
          origination of the Mortgage Loan;

         

        (iv) There
          are
          no delinquent taxes, ground rents, water charges, sewer rents, assessments,
          insurance premiums, leasehold payments, including assessments payable in
          future
          installments or other outstanding charges affecting the related Mortgaged
          Property;

         

        (v) The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments, recorded in the
          applicable public recording office 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 insurer
          under the Primary Insurance 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, if any, 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 related Mortgage Loan Schedule;

         

        (vi) The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any right of rescission, set-off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set-off, counterclaim or defense has been asserted with respect thereto.
          Each
          Prepayment Charge or penalty with respect to any Mortgage Loan is permissible,
          enforceable and collectible under applicable federal, state and local
          law;

         

        (vii) All
          buildings upon the Mortgaged Property are insured by an insurer acceptable
          to
          FNMA 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;

         

        (viii) Any
          and
          all requirements of any federal, state or local law including, but not
          limited
          to, all applicable predatory and abusive lending, usury, truth in lending,
          real
          estate settlement procedures, 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 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;

         

        (ix) The
          Mortgage has not been satisfied, cancelled, subordinated or rescinded,
          in whole
          or in part, and the Mortgaged Property has not been released from the lien
          of
          the Mortgage, in whole or in part, nor has any instrument been executed
          that
          would effect any such satisfaction, cancellation, subordination, rescission
          or
          release;

         

        (x) The
          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;

         

        (xi) The
          Mortgage Note and the related Mortgage are genuine and each is the legal,
          valid
          and binding obligation of the maker thereof, enforceable in accordance
          with its
          terms;

         

        (xii) All
          parties to the Mortgage Note and the Mortgage had legal capacity to enter
          into
          the Mortgage Loan and to execute and deliver the Mortgage Note and the
          Mortgage,
          and the Mortgage Note and the Mortgage have been duly and properly executed
          by
          such parties. The Mortgagor is a natural person;

         

        (xiii) The
          proceeds of the Mortgage Loan have been fully disbursed to or for the account
          of
          the Mortgagor and there is no obligation for the Mortgagee to advance additional
          funds thereunder and any and all requirements as to completion of any on-site
          or
          off-site improvement and as to disbursements of any escrow funds therefor
          have
          been complied with. All costs, fees and expenses incurred in making or
          closing
          the Mortgage Loan and the recording of the Mortgage have been paid, and
          the
          Mortgagor is not entitled to any refund of any amounts paid or due to the
          Mortgagee pursuant to the Mortgage Note or Mortgage;

         

        (xiv) The
          Seller is the sole legal, beneficial and equitable owner of the Mortgage
          Note
          and the Mortgage. 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;

         

        (xv) 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;

         

        (xvi) 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
          (x)(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;

         

        (xvii) There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the Mortgage Note and no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration, and the Seller has
          not
          waived any default, breach, violation or event of acceleration;With respect
          to
          each Mortgage Loan which is indicated by the Seller to be a Second Lien
          Mortgage
          Loan (as reflected on the Final 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;

         

        (xviii) There
          are
          no mechanics’ or similar liens or claims which have been filed for work, labor
          or material (and no rights are outstanding that under law could give rise
          to
          such lien) affecting the related Mortgaged Property which are or may be
          liens
          prior to, or equal or coordinate with, the lien of the related
          Mortgage;

         

        (xix) All
          improvements which were considered in determining the Appraised Value of
          the
          related Mortgaged Property lay wholly within the boundaries and building
          restriction lines of the Mortgaged Property, and no improvements on adjoining
          properties encroach upon the Mortgaged Property;

         

        (xx) 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.

         

        (xxi) 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;

         

        (xxii) 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 any Mortgage Loan which provides for an adjustable interest
          rate, all
          rate adjustments have been performed in accordance with the terms of the
          related
          Mortgage Note or subsequent modifications, if any. 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;

         

        (xxiii) The
          Mortgaged Property is free of damage and waste and there is no proceeding
          pending for the total or partial condemnation thereof;

         

        (xxiv) 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;

         

        (xxv) The
          Mortgage Loan was underwritten in accordance with the underwriting standards
          of
          the Seller in effect at the time the Mortgage Loan was originated which
          underwriting standards satisfy the standards of FNMA and FHLMC; and the
          Mortgage
          Note and Mortgage are on forms acceptable to FNMA and FHLMC;

         

        (xxvi) 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;

         

        (xxvii) 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;

         

        (xxviii) 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;

         

        (xxix) 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;
          and

         

        (d) 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.

         

        (xxx) 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;

         

        (xxxi) 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;

         

        (xxxii) 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;

         

        (xxxiii) 
          Each
          Mortgage Loan with an LTV 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;

         

        (xxxiv) 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;

         

        (xxxv) 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;

         

        (xxxvi) 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;

         

        (xxxvii) (xxxi) 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;

         

        (xxxviii) No
          Mortgage Loan has a balloon payment feature;

         

        (xxxix) 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;

         

        (xl) No
          Mortgage Loan which is a Cash-out Refinancing was originated in the State
          of
          Texas;

         

        (xli) The
          source of the down payment with respect to each Mortgage Loan has been
          fully
          verified by the Seller;

         

        (xlii) Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        (xliii) The
          Mortgaged Property is in material compliance with all applicable environmental
          laws pertaining to environmental hazards including, without limitation,
          asbestos, and neither the Seller nor, to the Seller’s knowledge, the related
          Mortgagor, has received any notice of any violation or potential violation
          of
          such law;

         

        (xliv) 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”, “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) 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);

         

        (xlv) 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;

         

        (xlvi) None
          of
          the proceeds of the Mortgage Loan were used to finance the purchase of
          single
          premium credit life or disability insurance policies or any comparable
          insurance;

         

        (xlvii) The
          Mortgage Loans were not selected from the outstanding fixed rate 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;

         

        (xlviii) 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;

         

        (xlix) 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;

         

        (l) 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;

         

        (li) 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;

         

        (lii) 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 be 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;

         

        (liii) No
          Mortgage Loan is a “home loan” under the Georgia Fair Lending Act, or each
          Mortgage Loan secured by a mortgaged property located in the State of Georgia
          was originated after March 7, 2003;

         

        (liv) No
          Mortgage Loan is secured by cooperative housing, commercial property or
          mixed
          use property; and

         

        (xlxv) Each
          Mortgage Loan is eligible for sale in the secondary market or for inclusion
          in a
          Pass-Through Transfer without unreasonable credit enhancement.

         

        (lvi) 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;

         

        (lvii)With
          respect to each MOM 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;

         

        (lviii) With
          respect to each Mortgage Loan which is a Second Lien, (i) the related first
          lien
          does not permit 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;

         

        (lix) The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and is improved by a Residential Dwelling;

         

        (lx) No
          Mortgage Loan had an original term to maturity of more than thirty (30)
          years;

         

        (lxi) 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;

         

        (lxii) 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;

         

        (lxiii) 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;

         

        (lxiv) 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);

         

        (lxv) 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;

         

        (lxvi) 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;

         

        (lxvii) 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;

         

        (lxviii) 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;

         

        (lxix) 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;

         

        (lxx) 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;

         

        (lxxi) Each
          Mortgage Loan has a valid and original Credit Score, with a minimum Credit
          Score
          as set forth in the related Confirmation;

         

        (lxxii) 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;

         

        (lxxiii) 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;

         

        (lxxiv) 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;

         

        (lxxv) 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;

         

        (lxxvi) 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;

         

        (lxxvii) 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;

         

        (lxxviii) [Reserved];

         

        (lxxix) 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.

         

        (lxxx) 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; 

         

        (lxxxi) 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;

         

        (lxxxii) 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; 

         

        (lxxxiii) 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;

         

        (lxxxiv) 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; 

         

        (lxxxv) 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;

         

        (lxxxvi) 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; and

         

        (lxxxvii) The
          Seller has no knowledge of any condition or circumstance relating to such
          Mortgage Loan that would indicate that the current Appraised Value of the
          Mortgaged Property is less than the Appraised Value at the origination
          of such
          Mortgage Loan.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          E

        

        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 E shall
          have
          the meanings ascribed to them in the American Home Servicing
          Agreement.

        

         

        (1)  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;

         

        (2)  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;

         

        (3)  The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and is improved by a Residential Dwelling;

         

        (4)  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;

         

        (5)  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;

         

        (6)  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;

         

        (7)  All
          buildings upon the Mortgaged Property are insured by an insurer acceptable
          to
          FNMA and FHLMC against loss by fire, hazards of extended coverage and such
          other
          hazards as are customary in the area where the Mortgaged Property is located,
          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;

         

        (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, 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;

         

        (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
          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;

         

        (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;

         

        (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. 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;

         

        (15)  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;

         

        (16)  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;

         

        (17)  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;

         

        (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)  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;

         

        (20)  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;

         

        (21)  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;

         

        (22)  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;

         

        (23)  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;

         

        (24)  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;

         

        (25)  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;

         

        (26)  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;

         

        (27)  
          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;

         

        (28)  
          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;

         

        (29)  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;

         

        (30)  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;

         

        (31)  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        (32)  
          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)  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);

         

        (34)  
          No
          Mortgage Loan had an original term to maturity of more than thirty (30)
          years;

         

        (35)  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;

         

        (36)  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;

         

        (37)  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;

         

        (38)  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; 

         

        (39)  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; 

         

        (40)  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;

         

        (41)  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.

         

        (42)  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;

         

        (43)  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); 

         

        (44)  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;

         

        (45)  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;

         

        (46)  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;

         

        (47)  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;

         

        (48)  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;

         

        (49)  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;

         

        (50)  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;

         

        (51)  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;

         

        (52)  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;

         

        (53)  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;

         

        (54)  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;

         

        (55)  No
          Mortgage Loan is secured by cooperative housing, commercial property or
          mixed
          use property;

         

        (56)  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;

         

        (57)  Each
          Mortgage Loan has a valid and original Credit Score, with a minimum Credit
          Score
          as set forth in the related Confirmation;

         

        (58)  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;

         

        (59)  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;

         

        (60)  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;

         

        (61)  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;

         

        (62)  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;

         

        (63)  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;

         

        (64)  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;

         

        (65)  No
          Mortgagor is the obligor on more than two Mortgage Notes;

         

        (66)  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; 

         

        (67)  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; 

         

        (68)  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;

         

        (69)  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; 

         

        (70)  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; 

         

        (71)  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

         

        (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;
          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
          F

        

        Representation
          and Warranties with Respect to the Washington Mutual Mortgage Loans

        

        Except
          for “Mortgage Loans”, which shall mean the Washington Mutual 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 Washington Mutual Servicing
          Agreement.

        

         

        (1)  Immediately
          prior to the transfer of the Mortgage Loan to the Purchaser pursuant to
          Section 2.1, the Seller was the sole owner and holder of such Mortgage
          Loan, free and clear of any liens, claims, encumbrances, participation
          interests, equities, pledges, charges, or security interests of any nature,
          and
          had full right and authority to sell and assign such Mortgage Loan pursuant
          to
          this Agreement.

         

        

        (2)  With
          respect to each Mortgage Loan (other than a Cooperative Loan), the Mortgage
          is a
          valid, subsisting and enforceable first lien on the Mortgaged Property.
          The lien
          of the Mortgage is subject only to:

         

        (3)  the
          lien
          of current real property taxes and assessments not yet due and
          payable;

         

        (4)  covenants,
          conditions, and restrictions, rights-of-way, easements, mineral right
          reservations and other matters of public record as of the date of recording
          of
          such Mortgage, such exceptions generally being (1) acceptable to mortgage
          lending institutions making mortgage loans of the quality of the Mortgage
          Loan
          in the area where the Mortgage Property is located or (2) specifically
          referred to in the mortgagee’s policy of title insurance; and

         

        (5)  other
          matters that do not materially interfere with the benefits of the security
          intended to be provided by the Mortgage.

         

        (6)  Other
          than as indicated in the Mortgage Loan Schedule, the terms of the Mortgage
          and
          the Mortgage Note have not been waived, altered, or modified in any respect,
          except by a written instrument that has been recorded, if necessary, to
          protect
          the interest of the Purchaser and that is a part of the Mortgage File;
          provided,
          however, that under certain circumstances where the modification, waiver
          or
          alteration is favorable to the Mortgagor, the terms of such Mortgage and
          the
          Mortgage Note may have been modified pursuant to a written instrument that
          may
          or may not have been executed by the related Mortgagor.

         

        (7)  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.

         

        (8)  All
          improvements upon the Mortgaged Property are insured against loss by fire
          and
          such other hazards as are customary in the area where the Mortgaged Property
          is
          located, pursuant to insurance policies maintained by the Mortgagor or
          to a
          blanket insurance policy maintained by the applicable Seller or the Servicer.
          If
          the Mortgaged Property is in an area that was identified on a flood hazard
          boundary map or flood insurance rate map issued by the Federal Emergency
          Management Agency as having special flood hazards and such flood insurance
          is
          available, a flood insurance policy is in effect meeting the requirements
          of the
          current guidelines of the Federal Insurance Administration with an insurance
          carrier acceptable to Seller. All insurance premiums, which previously
          became
          due and owing prior to or on the Cut-Off Date in respect thereof have been
          paid.

         

        (9)  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
          in all material respects, except as such enforcement may be limited by
          bankruptcy, insolvency, reorganization, moratorium, or other similar laws
          affecting the enforcement of creditors’ rights generally and except that the
          equitable remedy of specific performance and other equitable remedies are
          subject to the discretion of the courts. All parties to the Mortgage Note
          and
          the Mortgage had legal capacity to execute the Mortgage Note and the Mortgage
          and convey the estate therein purported to be conveyed, and the Mortgage
          Note
          and the Mortgage have been duly and properly executed by such parties or
          pursuant to a valid power-of-attorney that has been recorded with the
          Mortgage.

         

        (10)  The
          Mortgage has been duly assigned and the Mortgage Note has been duly endorsed
          as
          provided in Section 2.2(a). Any Assignment of Mortgage delivered to the
          Purchaser pursuant to Section 2.2(a)(i)(C) is in recordable form except for
          the insertion of the name of the assignee and recording information and
          is
          acceptable for recording under the laws of the applicable
          jurisdiction.

         

        (11)  Each
          Mortgage Loan complied with any and all requirements of any federal, state,
          or
          local law including, without limitation, usury, truth-in-lending, real
          estate
          settlement procedures, consumer credit protection, equal credit opportunity,
          predatory or abusive lending or disclosure laws applicable to such Mortgage
          Loan.

         

        (12)  Such
          Mortgage Loan (unless it is a Cooperative Loan) is covered by either an
          ALTA
          mortgage title insurance policy acceptable to the Seller, or such other
          generally used and acceptable form of policy and applicable endorsements
          acceptable to prudent mortgage lending institutions making loans in the
          area
          where the Mortgaged Property is located.

         

        (13)  The
          Mortgage Loan is not subject to any right of rescission, setoff, counterclaim
          or
          defense, and no such claim has been asserted with respect to any Mortgage
          Loan
          except counterclaims or defenses asserted by the Mortgagor and disclosed
          to the
          Purchaser.

         

        (14)  The
          Mortgage contains customary and enforceable provisions which render the
          rights
          and remedies of the holder thereof adequate for the realization against
          the
          Mortgaged Property of the benefits of the security, including (i) in the
          case of a Mortgage designated as a deed of trust, by trustee’s sale and
          (ii) otherwise by judicial foreclosure. The Mortgage or Mortgage Note
          contains a provision that is, to the extent not prohibited by federal or
          state
          law, enforceable and that provides for the acceleration of the payment
          of the
          Unpaid Principal Balance of the Mortgage Loan in the event that the Mortgaged
          Property is sold or transferred without the prior written consent of the
          mortgagee thereunder.

         

        (15)  If
          the
          Mortgage constitutes a deed of trust, a trustee, duly qualified under applicable
          law to serve as such, has been properly designated and currently so serves
          and
          is named in such Mortgage, and no fees or expenses are or shall become
          payable
          by the Purchaser to the trustee under the deed of trust, except in connection
          with a trustee’s sale after default by the Mortgagor.

         

        (16)  Such
          Mortgage Loan has been serviced in accordance with the proper, legal, prudent
          and customary servicing practices in the mortgage servicing industry and
          in
          accordance with applicable laws.

         

        (17)  No
          Mortgage Loan is subject to the Home Ownership and Equity Protection Act
          of
          1994. No Mortgage Loan is a High Cost Loan or Covered Loan (as such terms
          are
          defined in the Standard & Poors LEVELS® Glossary in effect on the
          Closing Date, which is now Version 5.6c Revised, Appendix E and
          attached hereto as Exhibit C).

         

        (18)  To
          the
          Seller’s knowledge, the Mortgaged Property is in material compliance with all
          applicable environmental laws pertaining to environmental hazards.

         

        (19)  If
          such
          Mortgage Loan is a Cooperative Loan, the security instruments create a
          valid,
          enforceable and subsisting first priority security interest in the related
          cooperative shares securing the related cooperative note, subject only
          to (x)
          the lien of the related cooperative for unpaid assessments representing
          the
          Mortgagor’s pro rata share of payments for a blanket mortgage, if any, current
          and future real property taxes, insurance premiums, maintenance fees and
          other
          assessments to which like collateral is commonly subject and (y) other
          matters
          to which like collateral is commonly subject and which do not materially
          interfere with the benefits of the security intended to be provided; provided,
          however, that the related proprietary lease for the Cooperative Apartment
          may be
          subordinated or otherwise subject to the lien of a mortgage on the cooperative
          building.

         

        (20)  No
          fraud
          has taken place on the part of the Seller, the Mortgagor or to the Seller’s
          knowledge, any other person (other than any broker or appraiser) involved
          in the
          origination of the Mortgage Loan or in the application of any insurance
          in
          relation to such Mortgage Loan.

         

        (21)  There
          is
          no homestead, dower, curtesy or other exemption or right available to the
          Mortgagor or any other Person which would interfere with the right to sell
          the
          Mortgaged Property at a trustee’s sale or the right to foreclose the
          Mortgage.

         

        (22)  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.

         

        (23)  There
          exist no deficiencies in excess of $1000 with respect to escrow deposits
          and
          payments, if such are required, for which customary arrangements for repayment
          thereof have not been made or which the Seller expects not to be cured,
          and no
          escrow deposits or payments of other charges or payments due the Seller
          have
          been capitalized under the Mortgage or the Mortgage Note.

         

        (24)  To
          the
          Seller's knowledge, there are no mechanics’ or similar liens or claims which
          have been filed for work, labor, or material (and no rights are outstanding
          that
          under law could give rise to such liens) affecting the related Mortgaged
          Property that are, or may be, liens prior or equal to, or coordinate with,
          the
          lien of the related Mortgage and that are not insured against by the related
          mortgagee’s policy of title insurance.

         

        (25)  Unless
          (i) such Mortgage Loan is subject to negative amortization or (ii) is a
          Mortgage
          Loan that requires the payment of interest only with respect to some or
          all of
          the related Monthly Payments or (iii) is an Option ARM Mortgage Loan, all
          as
          indicated on the related Mortgage Loan Schedule, the Mortgage Note requires
          a
          Monthly Payment which is sufficient to fully amortize the original principal
          balance over the remaining term thereof and to pay interest at the Mortgage
          Interest Rate.

         

        (26)  The
          Mortgaged Property is free of material damage or waste and in average repair.
          There is no proceeding pending or, to the best of the Seller’s knowledge,
          threatened for the total or partial condemnation of the Mortgaged
          Property.

         

        (27)  No
          improvement located on or being part of the Mortgaged Property is in violation
          of any applicable zoning law or regulation, subdivision law or
          ordinance.

         

        (28)  The
          Mortgage Note is not and has not been secured by any collateral, pledged
          account
          or other security, except the lien of the Mortgage.

         

        (29)  If
          such
          Mortgage Loan is indicated on the Mortgage Loan Schedule as subject to
          a Primary
          Mortgage Insurance Policy, such Mortgage Loan obligates the Mortgagor to
          maintain the Primary Mortgage Insurance Policy and to pay all related premiums
          and charges. With respect to each Option ARM Mortgage Loan which allows
          for
          Negative Amortization, such Primary Mortgage Insurance Policy contains
          provisions to cover the potential Negative Amortization of such Option
          ARM
          Mortgage Loan subject to caps as specified in such Primary Mortgage Insurance
          Policy. All provisions of such Primary Mortgage Insurance Policy have been
          and
          are being complied with, such policy is in full force and effect, and all
          premiums due thereunder have been paid. The Mortgage Interest Rate for
          the
          Mortgage Loan as set forth on the Mortgage Loan Schedule is net of any
          such
          insurance premium but includes any LPMI Rate.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          G

        

        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 F shall
          have the
          meanings ascribed to them in the Ameriquest Servicing Agreement.

        

         

         

        (1)  As
          of the
          Closing Date, the Mortgage Loan is in compliance with all requirements
          set forth
          in the Confirmation;

         

        (2)  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;

         

        (3)  As
          of the
          related Closing Date, there are no delinquent taxes or insurance premiums
          affecting the related Mortgaged Property;

         

        (4)  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;

         

        (5)  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;

         

        (6)  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;

         

        (7)  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;

         

        (8)  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;

         

        (9)  The
          Mortgage creates a valid first lien, in the related Mortgaged Property
          as
          reflected on the Mortgage Loan Schedule;

         

        (10)  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;

         

        (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;

         

        (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, at least one Mortgagor
          is a
          party to the Mortgage Note, and the Mortgage is in an individual
          capacity;

         

        (13)  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;

         

        (14)  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;

         

        (15)  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;

         

        (16)  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. 

         

        (17)  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;

         

        (18)  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.

         

        (19)  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;

         

        (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. Each appraisal has been
          performed in accordance with the provisions of the Financial Institutions
          Reform, Recovery and Enforcement Act of 1989;

         

        (21)  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;

         

        (22)  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;

         

        (23)  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;

         

        (24)  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;

         

        (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, (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;

         

        (26)  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;

         

        (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
          above;

         

        (28)  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;

         

        (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
          (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;

         

        (31)  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;

         

        (32)  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;

         

        (33)  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;

         

        (34)  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;

         

        (35)  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; 

         

        (36)  No
          Mortgage Loan has a balloon payment feature;

         

        (37)  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;

         

        (38)  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;

         

        (39)  Each
          Mortgage Loan constitutes a “qualified mortgage” within the meaning of Section
          860G(a)(3) of the Code;

         

        (40)  As
          of the
          related Closing Date, no Mortgage Loan has an LTV of more than 95%;

         

        (41)  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;

         

        (42)  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;

         

        (43)  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;

         

        (44)  All
          cash-out Mortgage Loans secured by real property in the state of Texas
          shall be
          made in accordance with Texas law;

         

        (45)  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);

         

        (46)  No
          Mortgage Loan is a “covered home loan” pursuant to the New Jersey Home Ownership
          Security Act of 2002;

         

        (47)  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;

         

        (48)  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; 

         

        (49)  As
          of the
          related Closing Date, the Mortgaged Property is being primarily used as
          a
          Residential Dwelling for residential purposes;

         

        (50)  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; 

         

        (51)  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;

         

        (52)  The
          Mortgage Loans conform in all material respects to the Underwriting
          Guidelines;

         

        (53)  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;

         

        (54)  No
          proceeds from any Mortgage Loan were used to finance single-premium credit
          insurance policies;

         

        (55)  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; 

         

        (56)  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;

         

        (57)  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);

         

        (58)  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;

         

        (59)  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;

         

        (60)  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;

         

        (61)  The
          Company has materially complied with all applicable anti-money laundering
          laws
          and regulations, including without limitation the USA Patriot Act of
          2001;

         

        (62)  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

         

        (63)  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.

         

        (64)  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.

         

        (65)  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;

         

        (66)  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 2006-4

      
         

        
          	 	
                  Re:

                	
                  
                    Citigroup
                      Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates,
                      Series
                      2006-4, 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 2006-4

      
        
           

          
            	 	
                    Re:

                  	
                    
                      
                        Citigroup
                          Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates,
                          Series
                          2006-4, 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.

       

      
        	7.  	
                The
                  Purchaser is a “qualified institutional buyer”, as defined in Rule 144A,
                  (“Rule 144A”) under the Securities Act of 1933, as
                  amended.

              

      

       

      
        	8.  	
                As
                  of the date specified below (which is not earlier than the last
                  day of the
                  Purchaser's most recent fiscal year), the amount of “securities”, computed
                  for purposes of Rule 144A, owned and invested on a discretionary
                  basis by
                  the Purchaser was in excess of
                  $100,000,000.

              

      

       

      
        	 	
                Name
                  of Purchaser

                 

                 

                ___________________________________

                 

                 

                 

                By:_____________________________

                Name:

                Title:

                 

                 

                Date
                  of this certificate:

                Date
                  of information provided in paragraph
                  3

              

      

      

       

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        F-2

       

      

       

      FORM
        OF
        RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT

       

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

       

      __________________________,
        being duly sworn, deposes, represents and warrants as follows:

       

      1.  I
        am a
        ______________________ of ____________________________ (the “Owner”) a
        corporation duly organized and existing under the laws of ______________,
        the
        record owner of Citigroup Mortgage Loan Trust Inc., Mortgage Pass-Through
        Certificates, Series 2006-4, Class R Certificates, (the “Class R Certificates”),
        on behalf of whom I make this affidavit and agreement. Capitalized terms
        used
        but not defined herein have the respective meanings assigned thereto in the
        Pooling and Servicing Agreement pursuant to which the Class R Certificates
        were
        issued.

       

      2.  The
        Owner
        (i) is and will be a “Permitted Transferee” as of ____________, 20__ and (ii) is
        acquiring the Class R Certificates for its own account or for the account
        of
        another Owner from which it has received an affidavit in substantially the
        same
        form as this affidavit. A “Permitted Transferee” is any person other than a
“disqualified organization” or a possession of the United States. For this
        purpose, a “disqualified organization” means the United States, any state or
        political subdivision thereof, any agency or instrumentality of any of the
        foregoing (other than an instrumentality all of the activities of which are
        subject to tax and, except for the Federal Home Loan Mortgage Corporation,
        a
        majority of whose board of directors is not selected by any such governmental
        entity) or any foreign government, international organization or any agency
        or
        instrumentality of such foreign government or organization, any rural electric
        or telephone cooperative, or any organization (other than certain farmers'
        cooperatives) that is generally exempt from federal income tax unless such
        organization is subject to the tax on unrelated business taxable
        income.

       

      3.  The
        Owner
        is aware (i) of the tax that would be imposed on transfers of the Class R
        Certificates to disqualified organizations under the Internal Revenue Code
        of
        1986 that applies to all transfers of the Class R Certificates after March
        31,
        1988; (ii) that such tax would be on the transferor or, if such transfer
        is
        through an agent (which person includes a broker, nominee or middleman) for
        a
        non-Permitted Transferee, on the agent; (iii) that the person otherwise liable
        for the tax shall be relieved of liability for the tax if the transferee
        furnishes to such person an affidavit that the transferee is a Permitted
        Transferee and, at the time of transfer, such person does not have actual
        knowledge that the affidavit is false; and (iv) that each of the Class R
        Certificates may be a “noneconomic residual interest” within the meaning of
        proposed Treasury regulations promulgated under the Code and that the transferor
        of a “noneconomic residual interest” will remain liable for any taxes due with
        respect to the income on such residual interest, unless no significant purpose
        of the transfer is to impede the assessment or collection of tax.

       

      4.  The
        Owner
        is aware of the tax imposed on a “pass-through entity” holding the Class R
        Certificates if, at any time during the taxable year of the pass-through
        entity,
        a non-Permitted Transferee is the record holder of an interest in such entity.
        (For this purpose, a “pass-through entity” includes a regulated investment
        company, a real estate investment trust or common trust fund, a partnership,
        trust or estate, and certain cooperatives.)

       

      5.  The
        Owner
        is aware that the Trustee will not register the transfer of any Class R
        Certificate unless the transferee, or the transferee's agent, delivers to
        the
        Trustee, among other things, an affidavit in substantially the same form
        as this
        affidavit. The Owner expressly agrees that it will not consummate any such
        transfer if it knows or believes that any of the representations contained
        in
        such affidavit and agreement are false.

       

      6.  The
        Owner
        consents to any additional restrictions or arrangements that shall be deemed
        necessary upon advice of counsel to constitute a reasonable arrangement to
        ensure that the Class R Certificates will only be owned, directly or indirectly,
        by an Owner that is a Permitted Transferee.

       

      7.  The
        Owner's taxpayer identification number is _________________.

       

      8.  The
        Owner
        has reviewed the restrictions set forth on the face of the Class R Certificates
        and the provisions of Section 5.02(d) of the Pooling and Servicing Agreement
        under which the Class R Certificates were issued (in particular, clauses
        (iii)(A) and (iii)(B) of Section 5.02(d) which authorize the Trustee to deliver
        payments to a person other than the Owner and negotiate a mandatory sale
        by the
        Trustee in the event that the Owner holds such Certificate in violation of
        Section 5.02(d)); and that the Owner expressly agrees to be bound by and
        to
        comply with such restrictions and provisions.

       

      9.  The
        Owner
        is not acquiring and will not transfer the Class R Certificates in order
        to
        impede the assessment or collection of any tax.

       

      10.  The
        Owner
        anticipates that it will, so long as it holds the Class R Certificates, have
        sufficient assets to pay any taxes owed by the holder of such Class R
        Certificates, and hereby represents to and for the benefit of the person
        from
        whom it acquired the Class R Certificates that the Owner intends to pay taxes
        associated with holding such Class R Certificates as they become due, fully
        understanding that it may incur tax liabilities in excess of any cash flows
        generated by the Class R Certificates.

       

      11.  The
        Owner
        has no present knowledge that it may become insolvent or subject to a bankruptcy
        proceeding for so long as it holds the Class R Certificates.

       

      12.  The
        Owner
        has no present knowledge or expectation that it will be unable to pay any
        United
        States taxes owed by it so long as any of the Certificates remain
        outstanding.

       

      13.  The
        Owner
        is not acquiring the Class R Certificates with the intent to transfer the
        Class
        R Certificates to any person or entity that will not have sufficient assets
        to
        pay any taxes owed by the holder of such Class R Certificates, or that may
        become insolvent or subject to a bankruptcy proceeding, for so long as the
        Class
        R Certificates remain outstanding.

       

      14.  The
        Owner
        will, in connection with any transfer that it makes of the Class R Certificates,
        obtain from its transferee the representations required by Section 5.02(d)
        of
        the Pooling and Servicing Agreement under which the Class R Certificate were
        issued and will not consummate any such transfer if it knows, or knows facts
        that should lead it to believe, that any such representations are
        false.

       

      15.  The
        Owner
        will, in connection with any transfer that it makes of the Class R Certificates,
        deliver to the Trustee an affidavit, which represents and warrants that it
        is
        not transferring the Class R Certificates to impede the assessment or collection
        of any tax and that it has no actual knowledge that the proposed transferee:
        (i)
        has insufficient assets to pay any taxes owed by such transferee as holder
        of
        the Class R Certificates; (ii) may become insolvent or subject to a bankruptcy
        proceeding for so long as the Class R Certificates remain outstanding; and
        (iii)
        is not a “Permitted Transferee”.

       

      16.  The
        Owner
        is a citizen or resident of the United States, a corporation, partnership
        or
        other entity created or organized in, or under the laws of, the United States
        or
        any political subdivision thereof, or an estate or trust whose income from
        sources without the United States may be included in gross income for United
        States federal income tax purposes regardless of its connection with the
        conduct
        of a trade or business within the United States.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
        behalf, pursuant to the authority of its Board of Directors, by its [Vice]
        President, attested by its [Assistant] Secretary, this ____ day of __________,
        20__.

       

      
        	 	 	 	 	 	 	 	
                [OWNER]

              
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:[Vice]
                  President

              

      

      

      

      

      ATTEST:

       

      By:_________________________________

      Name:

      Title:
         [Assistant]
        Secretary

       

      

      Personally
        appeared before me the above-named , known or proved to me to be the same
        person
        who executed the foregoing instrument and to be a [Vice] President of the
        Owner,
        and acknowledged to me that [he/she] executed the same as [his/her] free
        act and
        deed and the free act and deed of the Owner.

       

      Subscribed
        and sworn before me this ____ day of __________, 20___.

       

      
        	 	 
	 	
                Notary
                  Public

              
	 	 
	 	
                County
                  of __________________

              
	 	 
	 	
                State
                  of ___________________

              
	 	 
	 	
                My
                  Commission expires:

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      FORM
        OF
        TRANSFEROR AFFIDAVIT

       

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

       

      __________________________,
        being duly sworn, deposes, represents and warrants as follows:

       

      9.  I
        am a
        ____________________ of ____________________________ (the “Owner”), a
        corporation duly organized and existing under the laws of ______________,
        on
        behalf of whom I make this affidavit.

       

      10.  The
        Owner
        is not transferring the Class R Certificates (the “Residual Certificates”) to
        impede the assessment or collection of any tax.

       

      11.  The
        Owner
        has no actual knowledge that the Person that is the proposed transferee (the
        “Purchaser”) of the Residual Certificates: (i) has insufficient assets to pay
        any taxes owed by such proposed transferee as holder of the Residual
        Certificates; (ii) may become insolvent or subject to a bankruptcy proceeding
        for so long as the Residual Certificates remain outstanding and (iii) is
        not a
        Permitted Transferee.

       

      12.  The
        Owner
        understands that the Purchaser has delivered to the Trustee a transfer affidavit
        and agreement in the form attached to the Pooling and Servicing Agreement
        as
        Exhibit F-2. The Owner does not know or believe that any representation
        contained therein is false.

       

      13.  At
        the
        time of transfer, the Owner has conducted a reasonable investigation of the
        financial condition of the Purchaser as contemplated by Treasury Regulations
        Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Owner
        has
        determined that the Purchaser has historically paid its debts as they became
        due
        and has found no significant evidence to indicate that the Purchaser will
        not
        continue to pay its debts as they become due in the future. The Owner
        understands that the transfer of a Residual Certificate may not be respected
        for
        United States income tax purposes (and the Owner may continue to be liable
        for
        United States income taxes associated therewith) unless the Owner has conducted
        such an investigation.

       

      14.  Capitalized
        terms not otherwise defined herein shall have the meanings ascribed to them
        in
        the Pooling and Servicing Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
        behalf, pursuant to the authority of its Board of Directors, by its [Vice]
        President, attested by its [Assistant] Secretary, this ____ day of ___________,
        20__.

       

      
        	 	 	 	 	 	 	 	
                [OWNER]

              
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:[Vice]
                  President

              

      

      

      

      ATTEST:

       

      By:______________________________

      Name:

      Title:
         [Assistant]
        Secretary

       

      

      Personally
        appeared before me the above-named , known or proved to me to be the same
        person
        who executed the foregoing instrument and to be a [Vice] President of the
        Owner,
        and acknowledged to me that [he/she] executed the same as [his/her] free
        act and
        deed and the free act and deed of the Owner.

       

      Subscribed
        and sworn before me this ____ day of __________, 20___.

       

      
        	 	 
	 	
                Notary
                  Public

              
	 	 
	 	
                County
                  of __________________

              
	 	 
	 	
                State
                  of ___________________

              
	 	 
	 	
                My
                  Commission expires:

              

      

       

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        G

       

      FORM
        OF
        CERTIFICATION WITH RESPECT TO ERISA AND THE CODE

       

      [Date]

       

      Citigroup,
        N.A.

      388
        Greenwich St

      New
        York,
        NY 10013

      Attention:
        CMLTI, Series 2006-4

      
        
           

          
            	 	
                    Re:

                  	
                    
                      
                        Citigroup
                          Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates,
                          Series
                          2006-4, Class ___, representing a ___% Percentage
                          Interest

                      

                    

                  

          

           

        

      

       

      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 2006-4,
        Class I- [B-4] [B-5] [B-6] [R] or II-[B-4] [B-5] [B-6] [R] (the “Certificates”),
        issued pursuant to a Pooling and Servicing Agreement (the “Pooling and Servicing
        Agreement”) dated as of 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.ss.2510.3-101, and (iii) will not be
        transferred to any entity that is deemed to be investing in plan assets within
        the meaning of the DOL regulation at 29 C.F.R.ss. 2510.3-101.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

                 

                 

                ______________________________________

              
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:

              

      

      

      

      

        
          
            
            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

      EXHIBIT
        H

       

      FORM
        OF
        MASTER SERVICER CERTIFICATION WITH FORM 10-K

      
        
           

          
            	 	
                    Re:

                  	
                    
                      
                        
                          Citigroup
                            Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates,
                            Series
                            2006-4

                        

                      

                    

                  

          

           

        

      

      I,
        [identify the certifying individual], certify that:

       

      l. I
        have
        reviewed this annual report on Form 10-K, and all reports on Form 10-D required
        to be filed in respect of the period covered by this report on Form 10-K
        of
        Citigroup Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates, Series
        2006-4 (the “Exchange Act periodic reports”);

       

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

       

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

       

      4. I
        am
        responsible for reviewing the activities performed by the Servicer and based
        on
        my knowledge and the compliance review(s) conducted in preparing the servicer
        compliance statement(s) required in this report under Item 1123 of Regulation
        AB, and except as disclosed in the Exchange Act periodic reports, the Servicer
        [has/have] fulfilled [its/their] obligations under the servicing agreement;
        and

       

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

       

      In
        giving
        the certifications above, I have reasonably relied on information provided
        to me
        by the following unaffiliated parties: Wells Fargo Bank, N.A. and Washington
        Mutual Bank,
        each as
        servicer.

       

      Date:
        [__], 2006

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      
        	 	 	 	 	 	 	 	
                CITIMORTGAGE,
                  INC.

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	
                Date:

              	 

      

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        I

       

      FORM
        BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE TO BE PROVIDED TO DEPOSITOR
        

      
        
           

          
            	 	
                    Re:

                  	
                    
                      
                        
                          
                            Pooling
                              and Servicing Agreement dated as of 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

                          

                        

                      

                    

                  

          

           

        

      

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

       

      1. The
        Trust
        Administrator has reviewed the annual report on Form 10-K for the fiscal
        year
        200_, and all reports on Form 10-D required to be filed in respect of the
        period
        covered by such Form 10-K of the Depositor relating to the above-referenced
        trust (the “Exchange Act periodic reports”);

       

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

       

      3. The
        information provided by the Trust Administrator pursuant to Sections 3.21
        and
        4.06 of the Agreement (solely with respect to information about the Trust
        Administrator) does not contain any untrue statement of material fact;
        and

       

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

       

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in the
        Agreement.

       

       

      Date: _________________________

       

      By:

       

      Name:
         _______________________________

       

      Title:
         ________________________________

      

       

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      SCHEDULE
        1

       

      MORTGAGE
        LOAN SCHEDULE

       

      [Available
        Upon Request]

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