Document:

CITIGROUP MORTGAGE LOAN TRUST INC.
                                    Depositor

                             WELLS FARGO BANK, N.A.
                                    Servicer

                                 CITIBANK, N.A.
                               Trust Administrator

                                       and

                        U.S. BANK NATIONAL ASSOCIATION
                                     Trustee

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

                         POOLING AND SERVICING AGREEMENT
                          Dated as of February 1, 2006

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

                     Asset-Backed Pass-Through Certificates

                                Series 2006-WFHE1

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
SECTION                                                                                                        PAGE
-------                                                                                                        ----
<S>                     <C>                                                                                     <C>
ARTICLE I DEFINITIONS                                                                                             6

SECTION 1.01            Defined Terms.............................................................................6
SECTION 1.02            Allocation of Certain Interest Shortfalls................................................51

ARTICLE II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES                                       52

SECTION 2.01            Conveyance of Mortgage Loans.............................................................52
SECTION 2.02            Acceptance of the Trust Fund by the Trustee..............................................55
SECTION 2.03            Repurchase or Substitution of Mortgage Loans by the Sponsor or
                        the Depositor............................................................................56
SECTION 2.04            [Reserved]...............................................................................60
SECTION 2.05            Representations, Warranties and Covenants of the Servicer................................60
SECTION 2.06            Issuance of the Certificates.............................................................62
SECTION 2.07            Conveyance of the REMIC Regular Interests; Acceptance of the
                        Trust REMICs by the Trustee..............................................................62

ARTICLE III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS                                                   65

SECTION 3.01            Servicer to Act as Servicer..............................................................65
SECTION 3.02            Sub-Servicing Agreements Between the Servicer and Sub-Servicers..........................67
SECTION 3.03            Successor Sub-Servicers..................................................................68
SECTION 3.04            Liability of the Servicer................................................................69
SECTION 3.05            No Contractual Relationship Between Sub-Servicers and Trustee,
                        Trust Administrator or Certificateholders................................................69
SECTION 3.06            Assumption or Termination of Sub-Servicing Agreements by Trust
                        Administrator............................................................................69
SECTION 3.07            Collection of Certain Mortgage Loan Payments.............................................70
SECTION 3.08            Sub-Servicing Accounts...................................................................70
SECTION 3.09            Collection of Taxes, Assessments and Similar Items; Servicing
                        Accounts.................................................................................71
SECTION 3.10            Collection Account and Distribution Account..............................................72
SECTION 3.11            Withdrawals from the Collection Account and Distribution
                        Account..................................................................................74
SECTION 3.12            Investment of Funds in the Collection Account and the
                        Distribution Account.....................................................................76
SECTION 3.13            [Reserved]...............................................................................77
SECTION 3.14            Maintenance of Hazard Insurance and Errors and Omissions and
                        Fidelity Coverage........................................................................77
SECTION 3.15            Enforcement of Due-On-Sale Clauses; Assumption Agreements................................79
SECTION 3.16            Realization Upon Defaulted Mortgage Loans................................................80

                                                          i

<PAGE>

SECTION 3.17            Trustee to Cooperate; Release of Mortgage Files..........................................82
SECTION 3.18            Servicing Compensation...................................................................83
SECTION 3.19            Reports to the Trust Administrator; Collection Account
                        Statements...............................................................................83
SECTION 3.20            Statement as to Compliance...............................................................84
SECTION 3.21            Assessments of Compliance and Attestation Reports........................................85
SECTION 3.22            Access to Certain Documentation..........................................................86
SECTION 3.23            Title, Management and Disposition of REO Property........................................86
SECTION 3.24            Obligations of the Servicer in Respect of Prepayment Interest
                        Shortfalls...............................................................................90
SECTION 3.25            Obligations of the Servicer in Respect of Monthly Payments...............................90
SECTION 3.26            Advance Facility.........................................................................90

ARTICLE IV PAYMENTS TO CERTIFICATEHOLDERS                                                                        92

SECTION 4.01            Distributions............................................................................92
SECTION 4.02            Statements to Certificateholders.........................................................99
SECTION 4.03            Remittance Reports; P&I Advances........................................................103
SECTION 4.04            Allocation of Extraordinary Trust Fund Expenses and Realized
                        Losses..................................................................................104
SECTION 4.05            Compliance with Withholding Requirements................................................107
SECTION 4.06            Net WAC Rate Carryover Reserve Account..................................................107
SECTION 4.07            Commission Reporting....................................................................108
SECTION 4.08            Cap Account.............................................................................110

ARTICLE V THE CERTIFICATES                                                                                      112

SECTION 5.01            The Certificates........................................................................112
SECTION 5.02            Registration of Transfer and Exchange of Certificates...................................114
SECTION 5.03            Mutilated, Destroyed, Lost or Stolen Certificates.......................................119
SECTION 5.04            Persons Deemed Owners...................................................................120
SECTION 5.05            Certain Available Information...........................................................120

ARTICLE VI THE DEPOSITOR AND THE SERVICER                                                                       121

SECTION 6.01            Liability of the Depositor and the Servicer.............................................121
SECTION 6.02            Merger or Consolidation of the Depositor or the Servicer................................121
SECTION 6.03            Limitation on Liability of the Depositor, the Servicer and
                        Others..................................................................................121
SECTION 6.04            Limitation on Resignation of the Servicer...............................................122
SECTION 6.05            Rights of the Depositor in Respect of the Servicer......................................123
SECTION 6.06            Duties of the Credit Risk Manager.......................................................124
SECTION 6.07            Limitation Upon Liability of the Credit Risk Manager....................................124
SECTION 6.08            Removal of the Credit Risk Manager......................................................124

ARTICLE VII DEFAULT                                                                                             125

SECTION 7.01            Servicer Events of Default..............................................................125

                                                         ii

<PAGE>

SECTION 7.02            Trust Administrator or Trustee to Act; Appointment of Successor.........................127
SECTION 7.03            Notification to Certificateholders......................................................128
SECTION 7.04            Waiver of Servicer Events of Default....................................................128

ARTICLE VIII CONCERNING THE TRUSTEE aND THE TRUST ADMINISTRATOR                                                 130

SECTION 8.01            Duties of Trustee and Trust Administrator...............................................130
SECTION 8.02            Certain Matters Affecting the Trustee and the Trust
                        Administrator...........................................................................131
SECTION 8.03            Neither the Trustee nor Trust Administrator Liable for
                        Certificates or Mortgage Loans..........................................................133
SECTION 8.04            Trustee and Trust Administrator May Own Certificates....................................133
SECTION 8.05            Trustee's, Trust Administrator's and Custodians' Fees and
                        Expenses................................................................................133
SECTION 8.06            Eligibility Requirements for Trustee and Trust Administrator............................134
SECTION 8.07            Resignation and Removal of the Trustee and the Trust
                        Administrator...........................................................................135
SECTION 8.08            Successor Trustee or Trust Administrator................................................136
SECTION 8.09            Merger or Consolidation of Trustee or Trust Administrator...............................137
SECTION 8.10            Appointment of Co-Trustee or Separate Trustee...........................................137
SECTION 8.11            [Reserved]..............................................................................138
SECTION 8.12            Appointment of Office or Agency.........................................................138
SECTION 8.13            Representations and Warranties..........................................................138
SECTION 8.14            [Reserved]..............................................................................139
SECTION 8.15            No Trustee or Trust Administrator Liability for Actions or
                        Inactions of Custodians.................................................................139

ARTICLE IX TERMINATION                                                                                          140

SECTION 9.01            Termination Upon Repurchase or Liquidation of the Mortgage
                        Loans...................................................................................140
SECTION 9.02            Additional Termination Requirements.....................................................142

ARTICLE X REMIC PROVISIONS                                                                                      143

SECTION 10.01           REMIC Administration....................................................................143
SECTION 10.02           Prohibited Transactions and Activities..................................................146
SECTION 10.03           Servicer, Trustee and Trust Administrator Indemnification...............................146

ARTICLE XI MISCELLANEOUS PROVISIONS                                                                             147

SECTION 11.01           Amendment...............................................................................147
SECTION 11.02           Recordation of Agreement; Counterparts..................................................148
SECTION 11.03           Limitation on Rights of Certificateholders..............................................148
SECTION 11.04           Governing Law...........................................................................149
SECTION 11.05           Notices.................................................................................149

                                                         iii

<PAGE>

SECTION 11.06           Severability of Provisions..............................................................150
SECTION 11.07           Notice to Rating Agencies...............................................................150
SECTION 11.08           Article and Section References..........................................................151
SECTION 11.09           Grant of Security Interest..............................................................151
SECTION 11.10           Third Party Rights......................................................................152
SECTION 11.11           Intention of the Parties and Interpretation.............................................152
</TABLE>

                                                         iv

<PAGE>
Exhibits

Exhibit A-1       Form of Class A-1A Certificate
Exhibit A-2       Form of Class A-1B Certificate
Exhibit A-3       Form of Class A-1C Certificate
Exhibit A-4       Form of Class A-1D Certificate
Exhibit A-5       Form of Class M-1 Certificate
Exhibit A-6       Form of Class M-2 Certificate
Exhibit A-7       Form of Class M-3 Certificate
Exhibit A-8       Form of Class M-4 Certificate
Exhibit A-9       Form of Class M-5 Certificate
Exhibit A-10      Form of Class M-6 Certificate
Exhibit A-11      Form of Class M-7 Certificate
Exhibit A-12      Form of Class M-8 Certificate
Exhibit A-13      Form of Class M-9 Certificate
Exhibit A-14      Form of Class M-10 Certificate
Exhibit A-15      Form of Class M-11 Certificate
Exhibit A-16      Form of Class CE Certificate
Exhibit A-17      Form of Class P Certificate
Exhibit A-18      Form of Class R Certificate
Exhibit A-19      Form of Class R-X 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 Assignment Agreements
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-1       Form of Certification to be provided by the Depositor with
                  Form 10-K
Exhibit H-2       Form of Certification to be provided to the Depositor by the
                  Trust Administrator
Exhibit H-3       Form of Certification to be provided to the Depositor by the
                  Servicer
Exhibit I         Form of Cap Contract
Exhibit J         Form of Cap Administration Agreement

Schedule 1        Mortgage Loan Schedule
Schedule 2        Prepayment Charge Schedule

                                       v
<PAGE>

            This Pooling and  Servicing  Agreement,  is dated and effective as
of February 1, 2006,  among CITIGROUP  MORTGAGE LOAN TRUST INC., as Depositor,
WELLS FARGO BANK, N.A., as Servicer,  CITIBANK,  N.A., as Trust Administrator,
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 pool of assets comprised of the
Mortgage Loans and certain other related assets subject to this Agreement.

<PAGE>

                                     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 (other than any Servicer Prepayment Charge Payment Amounts, the
Net WAC Rate Carryover Reserve Account, the Cap Account and the Cap Contract)
subject to this Agreement as a REMIC for federal income tax purposes, and such
pool of assets will be designated as "REMIC I." The Class R-I Interest will be
the sole class of "residual interests" in REMIC I for purposes of the REMIC
Provisions (as defined herein). 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.

<TABLE>
<CAPTION>
                         REMIC I                   Initial                 Latest Possible
   Designation        Remittance Rate       Uncertificated Balance         Maturity Date(1)
----------------      ---------------       ----------------------         ----------------
<S>                   <C>                   <C>                            <C>
     I-LTAA                 (2)              $   403,276,632.02             December 2035
    I-LTA1A                 (2)              $     1,698,030.00             December 2035
    I-LTA1B                 (2)              $       559,160.00             December 2035
    I-LTA1C                 (2)              $       583,760.00             December 2035
    I-LTA1D                 (2)              $       475,790.00             December 2035
     I-LTM1                 (2)              $       141,970.00             December 2035
     I-LTM2                 (2)              $       129,620.00             December 2035
     I-LTM3                 (2)              $        84,360.00             December 2035
     I-LTM4                 (2)              $        63,790.00             December 2035
     I-LTM5                 (2)              $        63,780.00             December 2035
     I-LTM6                 (2)              $        53,500.00             December 2035
     I-LTM7                 (2)              $        47,320.00             December 2035
     I-LTM8                 (2)              $        26,750.00             December 2035
     I-LTM9                 (2)              $        39,090.00             December 2035
    I-LTM10                 (2)              $        34,980.00             December 2035
    I-LTM11                 (2)              $        41,150.00             December 2035
     I-LTZZ                 (2)              $     4,187,085.35             December 2035
     I-LTP                  (2)              $           100.00             December 2035
</TABLE>

------------------
(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 REMIC I Regular Interest.
(2) Calculated in accordance with the definition of "REMIC I Remittance Rate"
    herein.

                                        2
<PAGE>

                                    REMIC II

            As provided herein, the Trust Administrator will elect to treat the
segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC
for federal income tax purposes, and such segregated pool of assets will be
designated as "REMIC II." The Class R-II Interest will evidence the sole class
of "residual interests" in REMIC II for purposes of the REMIC Provisions under
federal income tax law. The following table irrevocably sets forth the
designation, the Pass-Through Rate, the initial aggregate Certificate Principal
Balance and, for purposes of satisfying Treasury regulation Section
1.860G-1(a)(4)(iii), the "latest possible maturity date" for the indicated
Classes of Certificates and the Class CE Interest and the Class P Interest,
which are uncertificated.

<TABLE>
<CAPTION>
                                            Initial Aggregate
                                                Certificate            Latest Possible
   Designation        Pass-Through Rate      Principal Balance         Maturity Date(1)
----------------      -----------------      -----------------         ----------------
<S>                   <C>                   <C>                            <C>
    Class A-1A           Variable(2)         $   169,803,000.00          December 2035
    Class A-1B           Variable(2)         $    55,916,000.00          December 2035
    Class A-1C           Variable(2)         $    58,376,000.00          December 2035
    Class A-1D           Variable(2)         $    47,579,000.00          December 2035
    Class M-1            Variable(2)         $    14,197,000.00          December 2035
    Class M-2            Variable(2)         $    12,962,000.00          December 2035
    Class M-3            Variable(2)         $     8,436,000.00          December 2035
    Class M-4            Variable(2)         $     6,379,000.00          December 2035
    Class M-5            Variable(2)         $     6,378,000.00          December 2035
    Class M-6            Variable(2)         $     5,350,000.00          December 2035
    Class M-7            Variable(2)         $     4,732,000.00          December 2035
    Class M-8            Variable(2)         $     2,675,000.00          December 2035
    Class M-9            Variable(2)         $     3,909,000.00          December 2035
    Class M-10           Variable(2)         $     3,498,000.00          December 2035
    Class M-11           Variable(2)         $     4,115,000.00          December 2035
 Class CE Interest       Variable(3)         $     7,201,767.37          December 2035
 Class P Interest        N/A(4)              $           100.00          December 2035
</TABLE>
---------------
(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
    Loans 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 CE Interest will accrue interest at their variable Pass-Through
   Rate on the Notional Amount of the Class CE Interest outstanding from time to
    time which shall equal the aggregate Uncertificated Balance of the REMIC I
    Regular Interests (other than REMIC I Regular Interest I-LTP). The Class CE
    Interest will not accrue interest on their Certificate Principal Balance.
(4) The Class P Interest will not accrue interest.

                                       3
<PAGE>

                                    REMIC III

            As provided herein, the Trust Administrator will elect to treat the
segregated pool of assets consisting of the Class CE Interest as a REMIC for
federal income tax purposes, and such pool of assets will be designated as
"REMIC III." The Class R-III Interest will evidence the sole class of "residual
interests" in REMIC III for purposes of the REMIC Provisions under federal
income tax law. The following table irrevocably sets forth the designation, the
Pass-Through Rate, the initial aggregate Certificate Principal Balance and, for
purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the
"latest possible maturity date" for the indicated Class of Certificates.

<TABLE>
<CAPTION>
                                            Initial Aggregate
                                                Certificate            Latest Possible
   Designation        Pass-Through Rate      Principal Balance         Maturity Date(1)
----------------      -----------------      -----------------         ----------------
<S>                   <C>                   <C>                            <C>
    Class CE             Variable(2)        $ 7,201,767.37               December 2035
  Certificates
</TABLE>
---------------
(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
    Loans with the latest maturity date has been designated as the "latest
    possible maturity date" for the Class CE Certificates.
(2) The Class CE Certificates will receive 100% of amounts received in respect
    of the Class CE Interest.

                                       4
<PAGE>

                                    REMIC IV

            As provided herein, the Trust Administrator will elect to treat the
segregated pool of assets consisting of the Class P Interest as a REMIC for
federal income tax purposes, and such pool of assets will be designated as
"REMIC IV." The Class R-IV Interest will evidence the sole class of "residual
interests" in REMIC IV for purposes of the REMIC Provisions under federal income
tax law. The following table irrevocably sets forth the designation, the
Pass-Through Rate, the initial aggregate Certificate Principal Balance and, for
purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the
"latest possible maturity date" for the indicated Classes of Certificates.

<TABLE>
<CAPTION>
                                            Initial Aggregate
                                                Certificate            Latest Possible
   Designation        Pass-Through Rate      Principal Balance         Maturity Date(1)
----------------      -----------------      -----------------         ----------------
<S>                   <C>                   <C>                            <C>
Class P Certificates      Variable(2)       $       100.00               December 2035
</TABLE>
---------------
(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
    Loans with the latest maturity date has been designated as the "latest
    possible maturity date" for the Class P Certificates.
(2) The Class P Certificates will receive 100% of amounts received in respect of
    the Class P Interest.

            As of the Cut-off Date, the Mortgage Loans had an aggregate Stated
Principal Balance equal to $411,506,867.37.

            In consideration of the mutual agreements herein contained, the
Depositor, the Servicer, the Trust Administrator and the Trustee agree as
follows:

                                       5
<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

            SECTION 1.01      Defined Terms.

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

            "Adjustable-Rate Mortgage Loan": Each of the Mortgage Loans
identified on the Mortgage Loan Schedule as having a Mortgage Rate that is
subject to adjustment.

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

            "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.

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

            "Allocated Realized Loss Amount": With respect to any Distribution
Date and any Class of Mezzanine Certificates, (x) the sum of (i) any Realized
Losses allocated to such Class of Certificates on such Distribution Date and
(ii) the amount of any Allocated Realized Loss Amount for such Class of
Certificates remaining unpaid from the previous Distribution Date minus (y) the
amount of the increase in the Certificate Principal Balance of such Class due to
the receipt of Subsequent Recoveries as provided in Section 4.01.

            "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
the record of sale of the Mortgage.

            "Assignment Agreement": Each of the agreements among the Depositor,
the Sponsor and the Originator regarding the transfer of the Mortgage Loans by
the Sponsor to or at the direction of the Depositor, substantially in the form
of Exhibit D annexed hereto.

            "Available Distribution Amount": With respect to any Distribution
Date, an amount equal to the excess of (i) the sum of (a) the aggregate of the
Monthly Payments due

                                       6
<PAGE>

during the Due Period relating to such Distribution Date and received by the
Servicer (or by a Sub-Servicer on their behalf) on or prior to the related
Determination Date, after deduction of the Servicing Fee and the Credit Risk
Manager Fee for such Distribution Date, (b) Liquidation Proceeds, Insurance
Proceeds, Principal Prepayments, proceeds from repurchases of and substitutions
for Mortgage Loans, Subsequent Recoveries and other unscheduled payments of
principal and interest in respect of the Mortgage Loans or REO Properties
received by the Servicer during the related Prepayment Period, (c) the aggregate
of any amounts on deposit in the Distribution Account representing Compensating
Interest Payments paid by the Servicer in respect of Prepayment Interest
Shortfalls relating to Principal Prepayments that occurred during the related
Prepayment Period, (d) the aggregate of any P&I Advances made by the Servicer
for such Distribution Date and (e) Prepayment Charges received and Servicer
Prepayment Charge Payment Amounts paid in respect of Mortgage Loans with respect
to which a Principal Prepayment occurred during the related Prepayment Period
and any amounts received from the Sponsor as contemplated in Section 2.03(b) in
respect of any Principal Prepayment that occurred during or prior to the related
Prepayment Period over (ii) the sum of (a) amounts reimbursable to the Servicer,
the Trustee, the Trust Administrator 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 Servicer
or to be withdrawn by the Servicer from the Collection Account pursuant to
Section 3.18.

            "Balloon Mortgage Loan": A fixed-rate Mortgage Loan that provides
for the payment of the unamortized Stated Principal Balance of such Mortgage
Loan in a single payment at the maturity of such fixed-rate Mortgage Loan that
is substantially greater than the preceding monthly payment.

            "Balloon Payment": A payment of the unamortized Stated Principal
Balance of a fixed-rate Mortgage Loan in a single payment at the maturity of
such fixed-rate Mortgage Loan that is substantially greater than the preceding
Monthly Payment.

            "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
the Class A Certificates and the Mezzanine 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, the
State of Texas, the State of Missouri, the State of Iowa, the State of Maryland,
the State of California, the State of Arizona,

                                       7
<PAGE>

or in the city in which the Corporate Trust Office of the Trustee or the
Corporate Trust Office of the Trust Administrator is located, are authorized or
obligated by law or executive order to be closed.

            "Cap  Account":  The  account or accounts  created and  maintained
pursuant to Section 4.08.  The Cap Account must be an Eligible Account.

            "Cap Administration Agreement": As defined in Section 4.01.

            "Cap Administrator": Citibank, N.A..

            "Cap  Contract":  The cap  contract  between the Trustee on behalf
of the Trust and the Cap Provider in the form attached hereto as Exhibit I.

            "Cap Provider":  Swiss Re Financial Products Corporation.

            "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
2006-WFHE1,  Asset-Backed Pass-Through Certificates, Series 2006-WFHE1, 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 the Notional Amount, in the case of the Class CE Certificates) 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 the
Notional Amount, in the case of the Class CE Certificates) 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 the Notional Amount,
in the case of the Class CE Certificates) of such Class of Certificates as of
the Closing Date.

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

                     REMIC I Regular
            Class        Interest       Certificate Margin
            -----        --------       ------------------
                                         (1)(%)       (2)(%)
                                         ------       ------
             A-1A        I-LTA1A         0.070%      0.140%
             A-1B        I-LTA1B         0.110%      0.220%
             A-1C        I-LTA1C         0.170%      0.340%
             A-1D        I-LTA1D         0.280%      0.560%
             M-1          I-LTM1         0.350%      0.525%
             M-2          I-LTM1         0.370%      0.555%
             M-3          I-LTM3         0.400%      0.600%
             M-4          I-LTM4         0.500%      0.750%
             M-5          I-LTM5         0.520%      0.780%

                                       8
<PAGE>

             M-6          I-LTM6         0.600%      0.900%
             M-7          I-LTM7         1.150%      1.725%
             M-8          I-LTM8         1.300%      1.950%
             M-9          I-LTM9         2.250%      3.375%
             M-10        I-LTM10         3.000%      4.500%
             M-11        I-LTM11         3.000%      4.500%
      ------------
      (1)   For each Interest Accrual Period for each Distribution Date on or
      prior to the Optional Termination Date.
      (2)   For each other Interest Accrual Period.

            "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 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 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 each Class A
Certificate, Mezzanine Certificate or Class P 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, minus all distributions allocable to
principal made thereon and, in the case of the Mezzanine Certificates, Realized
Losses allocated thereto on such immediately prior Distribution Date (or, in the
case of any date of determination up to and including the first Distribution
Date, the initial Certificate Principal Balance of such Certificate, as stated
on the face thereof). With respect to the Class CE Certificates as of any date
of determination, an amount equal to the Percentage Interest evidenced by such
Certificate times the excess, if any, of (A) the then aggregate Uncertificated
Balance of the REMIC I Regular Interests over (B) the then aggregate Certificate
Principal Balance of the Class A Certificates, the Mezzanine Certificates and
the Class P Certificates then outstanding.

            "Certificate Register" and "Certificate Registrar": The register
maintained pursuant to Section 5.02. Citibank, N.A. will act as Certificate
Registrar, for so long as it is Trust Administrator under this Agreement.

                                       9
<PAGE>

            "Citibank": Citibank, N.A.

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

            "Class A-1A Certificates": Any one of the Class A-1A Certificates
executed, authenticated and delivered by the Trust Administrator, 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 A-1B Certificates": Any one of the Class A-1B Certificates
executed, authenticated and delivered by the Trust Administrator, 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 A-1C Certificates": Any one of the Class A-1C Certificates
executed, authenticated and delivered by the Trust Administrator, 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 A-1D Certificates": Any one of the Class A-1D Certificates
executed, authenticated and delivered by the Trust Administrator, 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 A Certificates": Collectively, the Class A-1A Certificates,
the Class A-1B Certificates, the Class A-1C Certificates and the Class A-1D
Certificates.

            "Class CE Certificate": Any one of the Class CE Certificates
executed, authenticated and delivered by the Trust Administrator, substantially
in the form annexed hereto as Exhibit A-17 and evidencing a Regular Interest in
REMIC III for purposes of the REMIC Provisions.

            "Class CE Interest": An uncertificated interest in the Trust Fund
held by the Trust Administrator on behalf of the Holders of the Class CE
Certificates, evidencing a Regular Interest in REMIC II for purposes of the
REMIC Provisions.

            "Class M-1 Certificate": Any one of the Class M-1 Certificates
executed, authenticated and delivered by the Trust Administrator, 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 M-1 Principal Distribution Amount": With respect to any
Distribution Date, the excess of (x) the sum of (i) the aggregate Certificate
Principal Balance of the Class A Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Senior
Principal Distribution Amount on such Distribution Date) and (ii) the
Certificate Principal Balance of the Class M-1 Certificates immediately prior to
such Distribution Date over (y) the lesser of (A) the product of (i)
approximately 68.10% and (ii) the aggregate Stated Principal Balance of the
Mortgage Loans as of the last day of the related Due Period (after

                                       10
<PAGE>

giving effect to scheduled payments of principal due during the related Due
Period, to the extent received or advanced, and unscheduled collections of
principal received during the related Prepayment Period) and (B) the excess, if
any, of the aggregate Stated Principal Balance of the Mortgage Loans as of the
last day of the related Due Period (after giving effect to scheduled payments of
principal due during the related Due Period, to the extent received or advanced,
and unscheduled collections of principal received during the related Prepayment
Period) over 0.50% of the aggregate Stated Principal Balance of the Mortgage
Loans as of the Cut-off Date.

            "Class M-2 Certificate": Any one of the Class M-2 Certificates
executed, authenticated and delivered by the Trust Administrator, 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 M-2 Principal Distribution Amount": With respect to any
Distribution Date, the excess of (x) the sum of (i) the aggregate Certificate
Principal Balance of the Class A Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Senior
Principal Distribution Amount on such Distribution Date), (ii) the Certificate
Principal Balance of the Class M-1 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-1
Principal Distribution Amount on such Distribution Date) and (iii) the
Certificate Principal Balance of the Class M-2 Certificates immediately prior to
such Distribution Date over (y) the lesser of (A) the product of (i)
approximately 74.40% and (ii) the aggregate Stated Principal Balance of the
Mortgage Loans as of the last day of the related Due Period (after giving effect
to scheduled payments of principal due during the related Due Period, to the
extent received or advanced, and unscheduled collections of principal received
during the related Prepayment Period) and (B) the excess, if any, of the
aggregate Stated Principal Balance of the Mortgage Loans as of the last day of
the related Due Period (after giving effect to scheduled payments of principal
due during the related Due Period, to the extent received or advanced, and
unscheduled collections of principal received during the related Prepayment
Period) over 0.50% of the aggregate Stated Principal Balance of the Mortgage
Loans as of the Cut-off Date.

            "Class M-3 Certificate": Any one of the Class M-3 Certificates
executed, authenticated and delivered by the Trust Administrator, substantially
in the form annexed hereto as Exhibit A-8 and evidencing a Regular Interest in
REMIC II for purposes of the REMIC Provisions.

            "Class M-3 Principal Distribution Amount": With respect to any
Distribution Date, the excess of (x) the sum of (i) the aggregate Certificate
Principal Balance of the Class A Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Senior
Principal Distribution Amount on such Distribution Date), (ii) the Certificate
Principal Balance of the Class M-1 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-1
Principal Distribution Amount on such Distribution Date), (iii) the Certificate
Principal Balance of the Class M-2 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-2
Principal Distribution Amount on such Distribution Date) and (iv) the
Certificate Principal Balance of the Class M-3 Certificates immediately prior to
such Distribution Date over (y) the lesser of (A) the product of (i)
approximately 78.50% and (ii) the aggregate Stated

                                       11
<PAGE>

Principal Balance of the Mortgage Loans as of the last day of the related Due
Period (after giving effect to scheduled payments of principal due during the
related Due Period, to the extent received or advanced, and unscheduled
collections of principal received during the related Prepayment Period) and (B)
the excess, if any, of the aggregate Stated Principal Balance of the Mortgage
Loans as of the last day of the related Due Period (after giving effect to
scheduled payments of principal due during the related Due Period, to the extent
received or advanced, and unscheduled collections of principal received during
the related Prepayment Period) over 0.50% of the aggregate Stated Principal
Balance of the Mortgage Loans as of the Cut-off Date.

            "Class M-4 Certificate": Any one of the Class M-4 Certificates
executed, authenticated and delivered by the Trust Administrator, 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 M-4 Principal Distribution Amount": With respect to any
Distribution Date, the excess of (x) the sum of (i) the aggregate Certificate
Principal Balance of the Class A Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Senior
Principal Distribution Amount on such Distribution Date), (ii) the Certificate
Principal Balance of the Class M-1 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-1
Principal Distribution Amount on such Distribution Date), (iii) the Certificate
Principal Balance of the Class M-2 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-2
Principal Distribution Amount on such Distribution Date), (iv) the Certificate
Principal Balance of the Class M-3 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-3
Principal Distribution Amount on such Distribution Date) and (v) the Certificate
Principal Balance of the Class M-4 Certificates immediately prior to such
Distribution Date over (y) the lesser of (A) the product of (i) approximately
81.60% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as
of the last day of the related Due Period (after giving effect to scheduled
payments of principal due during the related Due Period, to the extent received
or advanced, and unscheduled collections of principal received during the
related Prepayment Period) and (B) the excess, if any, of the aggregate Stated
Principal Balance of the Mortgage Loans as of the last day of the related Due
Period (after giving effect to scheduled payments of principal due during the
related Due Period, to the extent received or advanced, and unscheduled
collections of principal received during the related Prepayment Period) over
0.50% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date.

            "Class M-5 Certificate": Any one of the Class M-5 Certificates
executed, authenticated and delivered by the Trust Administrator, 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 M-5 Principal Distribution Amount": With respect to any
Distribution Date, the excess of (x) the sum of (i) the aggregate Certificate
Principal Balance of the Class A Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Senior
Principal Distribution Amount on such Distribution Date), (ii) the Certificate
Principal Balance of the Class M-1 Certificates immediately prior to such
Distribution

                                       12
<PAGE>

Date (after taking into account the distribution of the Class M-1 Principal
Distribution Amount on such Distribution Date), (iii) the Certificate Principal
Balance of the Class M-2 Certificates immediately prior to such Distribution
Date (after taking into account the distribution of the Class M-2 Principal
Distribution Amount on such Distribution Date), (iv) the Certificate Principal
Balance of the Class M-3 Certificates immediately prior to such Distribution
Date (after taking into account the distribution of the Class M-3 Principal
Distribution Amount on such Distribution Date), (v) the Certificate Principal
Balance of the Class M-4 Certificates immediately prior to such Distribution
Date (after taking into account the distribution of the Class M-4 Principal
Distribution Amount on such Distribution Date) and (vi) the Certificate
Principal Balance of the Class M-5 Certificates immediately prior to such
Distribution Date over (y) the lesser of (A) the product of (i) approximately
84.70% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as
of the last day of the related Due Period (after giving effect to scheduled
payments of principal due during the related Due Period, to the extent received
or advanced, and unscheduled collections of principal received during the
related Prepayment Period) and (B) the excess, if any, of the aggregate Stated
Principal Balance of the Mortgage Loans as of the last day of the related Due
Period (after giving effect to scheduled payments of principal due during the
related Due Period, to the extent received or advanced, and unscheduled
collections of principal received during the related Prepayment Period) over
0.50% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date.

            "Class M-6 Certificate": Any one of the Class M-6 Certificates
executed, authenticated and delivered by the Trust Administrator, 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 M-6 Principal Distribution Amount": With respect to any
Distribution Date, the excess of (x) the sum of (i) the aggregate Certificate
Principal Balance of the Class A Certificates immediately prior to such
Distribution Date (after taking into account the distributions of the Senior
Principal Distribution Amount on such Distribution Date), (ii) the Certificate
Principal Balance of the Class M-1 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-1
Principal Distribution Amount on such Distribution Date), (iii) the Certificate
Principal Balance of the Class M-2 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-2
Principal Distribution Amount on such Distribution Date), (iv) the Certificate
Principal Balance of the Class M-3 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-3
Principal Distribution Amount on such Distribution Date), (v) the Certificate
Principal Balance of the Class M-4 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-4
Principal Distribution Amount on such Distribution Date), (vi) the Certificate
Principal Balance of the Class M-5 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-5
Principal Distribution Amount on such Distribution Date) and (vii) the
Certificate Principal Balance of the Class M-6 Certificates immediately prior to
such Distribution Date over (y) the lesser of (A) the product of (i)
approximately 87.30% and (ii) the aggregate Stated Principal Balance of the
Mortgage Loans as of the last day of the related Due Period (after giving effect
to scheduled payments of principal due during the related Due Period, to the
extent received or advanced, and unscheduled collections of principal received
during the related Prepayment Period) and (B) the excess, if

                                       13
<PAGE>

any, of the aggregate Stated Principal Balance of the Mortgage Loans as of the
last day of the related Due Period (after giving effect to scheduled payments of
principal due during the related Due Period, to the extent received or advanced,
and unscheduled collections of principal received during the related Prepayment
Period) over 0.50% of the aggregate Stated Principal Balance of the Mortgage
Loans as of the Cut-off Date.

            "Class M-7 Certificate": Any one of the Class M-7 Certificates
executed, authenticated and delivered by the Trust Administrator, 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 M-7 Principal Distribution Amount": With respect to any
Distribution Date, the excess of (x) the sum of (i) the aggregate Certificate
Principal Balance of the Class A Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Senior
Principal Distribution Amount on such Distribution Date), (ii) the Certificate
Principal Balance of the Class M-1 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-1
Principal Distribution Amount on such Distribution Date), (iii) the Certificate
Principal Balance of the Class M-2 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-2
Principal Distribution Amount on such Distribution Date), (iv) the Certificate
Principal Balance of the Class M-3 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-3
Principal Distribution Amount on such Distribution Date), (v) the Certificate
Principal Balance of the Class M-4 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-4
Principal Distribution Amount on such Distribution Date), (vi) the Certificate
Principal Balance of the Class M-5 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-5
Principal Distribution Amount on such Distribution Date), (vii) the Certificate
Principal Balance of the Class M-6 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-6
Principal Distribution Amount on such Distribution Date) and (viii) the
Certificate Principal Balance of the Class M-7 Certificates immediately prior to
such Distribution Date over (y) the lesser of (A) the product of (i)
approximately 89.60% and (ii) the aggregate Stated Principal Balance of the
Mortgage Loans as of the last day of the related Due Period (after giving effect
to scheduled payments of principal due during the related Due Period, to the
extent received or advanced, and unscheduled collections of principal received
during the related Prepayment Period) and (B) the excess, if any, of the
aggregate Stated Principal Balance of the Mortgage Loans as of the last day of
the related Due Period (after giving effect to scheduled payments of principal
due during the related Due Period, to the extent received or advanced, and
unscheduled collections of principal received during the related Prepayment
Period) over 0.50% of the aggregate Stated Principal Balance of the Mortgage
Loans as of the Cut-off Date.

            "Class M-8 Certificate": Any one of the Class M-8 Certificates
executed, authenticated and delivered by the Trust Administrator, substantially
in the form annexed hereto as Exhibit A-13 and evidencing a Regular Interest in
REMIC II for purposes of the REMIC Provisions.

                                       14
<PAGE>

            "Class M-8 Principal Distribution Amount": With respect to any
Distribution Date, the excess of (x) the sum of (i) the aggregate Certificate
Principal Balance of the Class A Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Senior
Principal Distribution Amount on such Distribution Date), (ii) the Certificate
Principal Balance of the Class M-1 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-1
Principal Distribution Amount on such Distribution Date), (iii) the Certificate
Principal Balance of the Class M-2 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-2
Principal Distribution Amount on such Distribution Date), (iv) the Certificate
Principal Balance of the Class M-3 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-3
Principal Distribution Amount on such Distribution Date), (v) the Certificate
Principal Balance of the Class M-4 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-4
Principal Distribution Amount on such Distribution Date), (vi) the Certificate
Principal Balance of the Class M-5 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-5
Principal Distribution Amount on such Distribution Date), (vii) the Certificate
Principal Balance of the Class M-6 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-6
Principal Distribution Amount on such Distribution Date), (viii) the Certificate
Principal Balance of the Class M-7 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-7
Principal Distribution Amount on such Distribution Date) and (viii) the
Certificate Principal Balance of the Class M-8 Certificates immediately prior to
such Distribution Date over (y) the lesser of (A) the product of (i)
approximately 90.90% and (ii) the aggregate Stated Principal Balance of the
Mortgage Loans as of the last day of the related Due Period (after giving effect
to scheduled payments of principal due during the related Due Period, to the
extent received or advanced, and unscheduled collections of principal received
during the related Prepayment Period) and (B) the excess, if any, of the
aggregate Stated Principal Balance of the Mortgage Loans as of the last day of
the related Due Period (after giving effect to scheduled payments of principal
due during the related Due Period, to the extent received or advanced, and
unscheduled collections of principal received during the related Prepayment
Period) over 0.50% of the aggregate Stated Principal Balance of the Mortgage
Loans as of the Cut-off Date.

            "Class M-9 Certificate": Any one of the Class M-9 Certificates
executed, authenticated and delivered by the Trust Administrator, 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 M-9 Principal Distribution Amount": With respect to any
Distribution Date, the excess of (x) the sum of (i) the aggregate Certificate
Principal Balance of the Class A Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Senior
Principal Distribution Amount on such Distribution Date), (ii) the Certificate
Principal Balance of the Class M-1 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-1
Principal Distribution Amount on such Distribution Date), (iii) the Certificate
Principal Balance of the Class M-2 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-2
Principal Distribution Amount on such Distribution Date), (iv) the Certificate

                                       15
<PAGE>

Principal Balance of the Class M-3 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-3
Principal Distribution Amount on such Distribution Date), (v) the Certificate
Principal Balance of the Class M-4 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-4
Principal Distribution Amount on such Distribution Date), (vi) the Certificate
Principal Balance of the Class M-5 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-5
Principal Distribution Amount on such Distribution Date), (vii) the Certificate
Principal Balance of the Class M-6 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-6
Principal Distribution Amount on such Distribution Date), (viii) the Certificate
Principal Balance of the Class M-7 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-7
Principal Distribution Amount on such Distribution Date), (ix) the Certificate
Principal Balance of the Class M-8 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-8
Principal Distribution Amount on such Distribution Date) and (x) the Certificate
Principal Balance of the Class M-9 Certificates immediately prior to such
Distribution Date over (y) the lesser of (A) the product of (i) approximately
92.80% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as
of the last day of the related Due Period (after giving effect to scheduled
payments of principal due during the related Due Period, to the extent received
or advanced, and unscheduled collections of principal received during the
related Prepayment Period) and (B) the excess, if any, of the aggregate Stated
Principal Balance of the Mortgage Loans as of the last day of the related Due
Period (after giving effect to scheduled payments of principal due during the
related Due Period, to the extent received or advanced, and unscheduled
collections of principal received during the related Prepayment Period) over
0.50% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date.

            "Class M-10 Certificate": Any one of the Class M-10 Certificates
executed, authenticated and delivered by the Trust Administrator, 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 M-10 Principal Distribution Amount": With respect to any
Distribution Date, the excess of (x) the sum of (i) the aggregate Certificate
Principal Balance of the Class A Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Senior
Principal Distribution Amount on such Distribution Date), (ii) the Certificate
Principal Balance of the Class M-1 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-1
Principal Distribution Amount on such Distribution Date), (iii) the Certificate
Principal Balance of the Class M-2 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-2
Principal Distribution Amount on such Distribution Date), (iv) the Certificate
Principal Balance of the Class M-3 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-3
Principal Distribution Amount on such Distribution Date), (v) the Certificate
Principal Balance of the Class M-4 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-4
Principal Distribution Amount on such Distribution Date), (vi) the Certificate
Principal Balance of the Class M-5 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-5
Principal Distribution Amount on

                                       16
<PAGE>

such Distribution Date), (vii) the Certificate Principal Balance of the Class
M-6 Certificates immediately prior to such Distribution Date (after taking into
account the distribution of the Class M-6 Principal Distribution Amount on such
Distribution Date), (viii) the Certificate Principal Balance of the Class M-7
Certificates immediately prior to such Distribution Date (after taking into
account the distribution of the Class M-7 Principal Distribution Amount on such
Distribution Date), (ix) the Certificate Principal Balance of the Class M-8
Certificates immediately prior to such Distribution Date (after taking into
account the distribution of the Class M-8 Principal Distribution Amount on such
Distribution Date), (x) the Certificate Principal Balance of the Class M-9
Certificates immediately prior to such Distribution Date (after taking into
account the distribution of the Class M-9 Principal Distribution Amount on such
Distribution Date) and (xi) the Certificate Principal Balance of the Class M-10
Certificates immediately prior to such Distribution Date over (y) the lesser of
(A) the product of (i) approximately 94.50% and (ii) the aggregate Stated
Principal Balance of the Mortgage Loans as of the last day of the related Due
Period (after giving effect to scheduled payments of principal due during the
related Due Period, to the extent received or advanced, and unscheduled
collections of principal received during the related Prepayment Period) and (B)
the excess, if any, of the aggregate Stated Principal Balance of the Mortgage
Loans as of the last day of the related Due Period (after giving effect to
scheduled payments of principal due during the related Due Period, to the extent
received or advanced, and unscheduled collections of principal received during
the related Prepayment Period) over 0.50% of the aggregate Stated Principal
Balance of the Mortgage Loans as of the Cut-off Date.

            "Class M-11 Certificate": Any one of the Class M-11 Certificates
executed, authenticated and delivered by the Trust Administrator, substantially
in the form annexed hereto as Exhibit A-16 and evidencing a Regular Interest in
REMIC II for purposes of the REMIC Provisions.

            "Class M-11 Principal Distribution Amount": With respect to any
Distribution Date, the excess of (x) the sum of (i) the aggregate Certificate
Principal Balance of the Class A Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Senior
Principal Distribution Amount on such Distribution Date), (ii) the Certificate
Principal Balance of the Class M-1 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-1
Principal Distribution Amount on such Distribution Date), (iii) the Certificate
Principal Balance of the Class M-2 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-2
Principal Distribution Amount on such Distribution Date), (iv) the Certificate
Principal Balance of the Class M-3 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-3
Principal Distribution Amount on such Distribution Date), (v) the Certificate
Principal Balance of the Class M-4 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-4
Principal Distribution Amount on such Distribution Date), (vi) the Certificate
Principal Balance of the Class M-5 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-5
Principal Distribution Amount on such Distribution Date), (vii) the Certificate
Principal Balance of the Class M-6 Certificates immediately prior to such
Distribution Date (after taking into account the distribution of the Class M-6
Principal Distribution Amount on such Distribution Date), (viii) the Certificate
Principal Balance of the Class M-7 Certificates immediately prior to such
Distribution Date

                                       17
<PAGE>

(after taking into account the distribution of the Class M-7 Principal
Distribution Amount on such Distribution Date), (ix) the Certificate Principal
Balance of the Class M-8 Certificates immediately prior to such Distribution
Date (after taking into account the distribution of the Class M-8 Principal
Distribution Amount on such Distribution Date), (x) the Certificate Principal
Balance of the Class M-9 Certificates immediately prior to such Distribution
Date (after taking into account the distribution of the Class M-9 Principal
Distribution Amount on such Distribution Date), (xi) the Certificate Principal
Balance of the Class M-10 Certificates immediately prior to such Distribution
Date (after taking into account the distribution of the Class M-10 Principal
Distribution Amount on such Distribution Date) and (xii) the Certificate
Principal Balance of the Class M-11 Certificates immediately prior to such
Distribution Date over (y) the lesser of (A) the product of (i) approximately
96.50% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as
of the last day of the related Due Period (after giving effect to scheduled
payments of principal due during the related Due Period, to the extent received
or advanced, and unscheduled collections of principal received during the
related Prepayment Period) and (B) the excess, if any, of the aggregate Stated
Principal Balance of the Mortgage Loans as of the last day of the related Due
Period (after giving effect to scheduled payments of principal due during the
related Due Period, to the extent received or advanced, and unscheduled
collections of principal received during the related Prepayment Period) over
0.50% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date.

            "Class P Certificate": Any one of the Class P Certificates executed,
authenticated and delivered by the Trust Administrator, substantially in the
form annexed hereto as Exhibit A-18 and evidencing a Regular Interest in REMIC
IV for purposes of the REMIC Provisions.

            "Class P Interest": An uncertificated interest in the Trust Fund
held by the Trust Administrator on behalf of the Holders of the Class P
Certificates, evidencing a Regular Interest in REMIC II for purposes of the
REMIC Provisions.

            "Class R Certificate": Any one of the Class R Certificates executed,
authenticated and delivered by the Trust Administrator, substantially in the
form annexed hereto as Exhibit A-19 and evidencing the ownership of the Class
R-I Interest and the Class R-II Interest.

            "Class R-X Certificate": Any one of the Class R-X Certificates
executed, authenticated and delivered by the Trust Administrator, substantially
in the form annexed hereto as Exhibit A-20 and evidencing the ownership of the
Class R-III Interest and the Class R-IV Interest.

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

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

            "Class R-III Interest": The uncertificated Residual Interest in
REMIC III.

            "Class R-IV Interest": The uncertificated Residual Interest in REMIC
IV.

            "Closing Date": February 28, 2006.

            "Code":  The Internal Revenue Code of 1986, as amended.

                                       18
<PAGE>

            "Collection Account": The account or accounts created and maintained
by the Servicer pursuant to Section 3.10(a), which shall be entitled "Wells
Fargo Bank, N.A., as servicer for U.S. Bank National Association, as Trustee, in
trust for the registered holders of Citigroup Mortgage Loan Trust 2006-WFHE1,
Asset-Backed Pass-Through Certificates, Series 2006-WFHE1," and which must be an
Eligible Account.

            "Commission": The Securities and Exchange Commission.

            "Compensating Interest Payment": With respect to any Distribution
Date and the Mortgage Loans for which a Principal Prepayment in full or in part
was received during the related Prepayment Period, an amount equal to the lesser
of (A) the aggregate of the Prepayment Interest Shortfalls for the related
Distribution Date and (B) the aggregate Servicing Fee received in the related
Due Period.

            "Corresponding Certificate": With respect to each REMIC I Regular
Interest, the Class of Regular Certificates listed below:

               REMIC I Regular Interest              Class
               ------------------------        -----------------
                       I-LTA1A                     Class A-1A
                       I-LTA1B                     Class A-1B
                       I-LTA1C                     Class A-1C
                       I-LTA1D                     Class A-1D
                        I-LTM1                     Class M-1
                        I-LTM2                     Class M-2
                        I-LTM3                     Class M-3
                        I-LTM4                     Class M-4
                        I-LTM5                     Class M-5
                        I-LTM6                     Class M-6
                        I-LTM7                     Class M-7
                        I-LTM8                     Class M-8
                        I-LTM9                     Class M-9
                       I-LTM10                     Class M-10
                       I-LTM11                     Class M-11
                        I-LTP                      Class P

             "Corporate Trust Office": The principal corporate trust office of
the Trustee or the Trust Administrator at which at any particular time its
corporate trust business in connection with this Agreement shall be
administered, which office, with respect to the Trust Administrator, at the date
of the execution of this instrument is located at 388 Greenwich, 14th Floor, New
York New York 10013, or such other address as the Trust Administrator may
designate from time to time by notice to the Certificateholders, the Depositor,
the Servicer and the Trustee and, with respect to the Trustee, at the date of
the execution of this instrument is located at One Federal Street, Boston,
Massachusetts 02110, Attention: Structured Finance/CMLTI 2006-WFHE1, or such
other address as the Trustee may designate from time to time by notice to the
Certificateholders, the Depositor, the Servicer and the Trust Administrator.

            "Credit  Risk  Manager":   Clayton  Fixed  Income  Services  Inc.,
formerly  known as The Murrayhill  Company,  a Colorado  corporation,  and its
successors and assigns.

                                       19
<PAGE>

            "Credit Risk Management Agreement": The agreement, dated as of the
Closing Date, between the Credit Risk Manager and the Servicer, regarding the
loss mitigation and advisory services to be provided by the Credit Risk Manager.

            "Credit Risk Manager Fee": With respect to any Distribution Date, an
amount equal to the Credit Risk Manager Fee Rate accrued for one month on the
aggregate Stated Principal Balance of the Mortgage Loans as of the first day of
the related Due Period.

            "Credit Risk Manager Fee Rate": 0.015% per annum.

            "Custodian": A document custodian appointed by the Trustee to
perform (or in the case of the related initial Custodian otherwise engaged to
perform) custodial duties with respect to the Mortgage Files. The initial
Custodian is Citibank West, FSB. 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 related initial Custodian, the applicable agreement pursuant to which the
related initial Custodian performs its custodial duties with respect to the
Mortgage Files.

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

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

            "Deficient Valuation": With respect to any Mortgage Loan, a
valuation of the related Mortgaged Property by a court of competent jurisdiction
in an amount less than the then outstanding Stated 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.

            "Delinquency Percentage": As of the last day of the related Due
Period, the percentage equivalent of a fraction, the numerator of which is the
aggregate Stated Principal Balance of the Mortgage Loans that, as of the last
day of the previous calendar month, are 60 or more days delinquent, are in
foreclosure, have been converted to REO Properties or in bankruptcy (and
delinquent 60 days or more), and the denominator of which is the aggregate
Stated Principal Balance of the Mortgage Loans and REO Properties as of the last
day of the previous calendar month.

                                       20
<PAGE>

            "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 (P-1 by Moody's,
F-1 by Fitch and A-1 by S&P) by the Rating Agencies (or a comparable rating if
S&P, Moody's and Fitch 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
17th day of the calendar month in which such Distribution Date occurs or, if
such 17th day is not a Business Day, the Business Day immediately preceding such
17th day.

            "Directly Operate": With respect to any REO Property, the furnishing
or rendering of services to the tenants thereof, the management or operation of
such REO Property, the holding of such REO Property primarily for sale to
customers, the performance of any construction work thereon or any use of such
REO Property in a trade or business conducted by REMIC I, other than through an
Independent Contractor; provided, however, that the Trustee (or the Servicer on
behalf of the Trustee) shall not be considered to Directly Operate an REO
Property solely because the Trustee (or the 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

                                       21
<PAGE>

meaning of Section 775 of the Code and (vi) any other Person so designated by
the Trustee or Trust Administrator based upon an Opinion of Counsel that the
holding of an Ownership Interest in a Residual Certificate by such Person may
cause any REMIC or any Person having an Ownership Interest in any Class of
Certificates (other than such Person) to incur a liability for any federal tax
imposed under the Code that would not otherwise be imposed but for the Transfer
of an Ownership Interest in a Residual Certificate to such Person. The terms
"United States," "State" and "international organization" shall have the
meanings set forth in Section 7701 of the Code or successor provisions.

            "Distribution Account": The trust account or accounts created and
maintained by the Trust Administrator pursuant to Section 3.10(b) which shall be
entitled "Citibank, N.A., as Trust Administrator for U.S. Bank National
Association as Trustee, in trust for the registered holders of Citigroup
Mortgage Loan Trust 2006-WFHE1, Asset-Backed Pass-Through Certificates, Series
2006-WFHE1." 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 March 2006.

            "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, (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 or (iv) an account
otherwise acceptable to each Rating Agency without reduction or withdrawal of
their then current ratings of the Certificates as evidenced by a letter from
each Rating Agency to the Trustee and Trust Administrator. 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 Overcollateralized Amount": With respect to the Class A
Certificates and the Mezzanine Certificates and any Distribution Date, the
excess, if any, of (i) the Overcollateralized Amount for such Distribution Date
(calculated for this purpose only after

                                       22
<PAGE>

assuming that 100% of the Principal Remittance Amount on such Distribution Date
has been distributed) over (ii) the Overcollateralization Target Amount for such
Distribution Date.

            "Exchange Act":  The Securities Exchange Act of 1934, as amended.

            "Expense Adjusted Maximum 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 Maximum Mortgage Rate
(or Mortgage Rate, in the case of any fixed-rate Mortgage Loan) for such
Mortgage Loan minus the sum of the (i) the Servicing Fee Rate and (ii) the
Credit Risk Manager Fee Rate.
            "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 the (i) the Servicing Fee Rate and (ii) the Credit Risk Manager
Fee Rate.

            "Extraordinary Trust Fund Expenses": Any amounts reimbursable to the
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 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 Originator, the Sponsor, the Depositor or the Servicer pursuant
to or as contemplated by Section 2.03 or Section 9.01), a determination made by
the Servicer that all Liquidation Proceeds have been recovered. The Servicer
shall maintain records of each Final Recovery Determination made thereby.

            "Fitch": Fitch Ratings, or its successor in interest.

            "Floating Rate  Certificates":  The Class A  Certificates  and the
Mezzanine Certificates.

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

                                       23
<PAGE>

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

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

            "Highest Priority": As of any date of determination, the Class of
Mezzanine Certificates then outstanding with a Certificate Principal Balance
greater than zero, with the highest priority for payments pursuant to Section
4.01, in the following order: Class M-1, Class M-2, Class M-3, Class M-4, Class
M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11
Certificates.

            "Indenture": An indenture relating to the issuance of notes secured
by the Class CE Certificates, the Class P Certificates and/or the Residual
Certificates (or any portion thereof).

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

            "Independent Contractor": Either (i) any Person (other than the
Servicer) that would be an "independent contractor" with respect to 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 Servicer) if the Trust Administrator has received an
Opinion of Counsel for the benefit of the Trustee and the Trust Administrator to
the effect that the taking of any action in respect of any REO Property by such
Person, subject to any conditions therein specified, that is otherwise herein
contemplated to be taken by an Independent Contractor will not cause such REO
Property to cease to qualify as "foreclosure property" within the meaning of
Section 860G(a)(8) of the Code (determined without regard to the exception
applicable for purposes of Section 860D(a) of the Code), or cause any income
realized in respect of such REO Property to fail to qualify as Rents from Real
Property.

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

                                       24
<PAGE>

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

            "Interest Accrual Period": With respect to any Distribution Date and
the Floating Rate Certificates, the period commencing on the Distribution Date
of the month immediately preceding the month in which such Distribution Date
occurs (or, in the case of the first Distribution Date, commencing on the
Closing Date) and ending on the day preceding such Distribution Date. With
respect to any Distribution Date and the Class CE Certificates and the REMIC
Regular Interests, the one-month period ending on the last day of the calendar
month preceding the month in which such Distribution Date occurs.

            "Interest Carry Forward Amount": With respect to any Distribution
Date and the Class A Certificates or the Mezzanine Certificates, the sum of (i)
the amount, if any, by which (a) the Interest Distribution Amount for such Class
of Certificates as of the immediately preceding Distribution Date exceeded (b)
the actual amount distributed on such Class of Certificates in respect of
interest on such immediately preceding Distribution Date, (ii) the amount of any
Interest Carry Forward Amount for such Class of Certificates remaining unpaid
from the previous Distribution Date and (iii) accrued interest on the sum of (i)
and (ii) above calculated at the related Pass-Through Rate for the most recently
ended Interest Accrual Period.

            "Interest Determination Date": With respect to the Floating Rate
Certificates and for purposes of the definition of Marker Rate and Maximum
I-LTZZ Uncertificated Interest Deferral Amount, REMIC I Regular Interest
I-LTA1A, REMIC I Regular Interest I-LTA1B, REMIC I Regular Interest I-LTA1C,
REMIC I Regular Interest I-LTA1D, REMIC I Regular Interest I-LTM1, REMIC I
Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular
Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest
I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC
I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10 and REMIC I Regular
Interest I-LTM11, and any Interest Accrual Period therefor, the second London
Business Day preceding the commencement of such Interest Accrual Period.

            "Interest Distribution Amount": With respect to any Floating Rate
Certificate and the Class CE Certificates and each Distribution Date, interest
accrued during the related Interest Accrual Period at the Pass-Through Rate for
such Certificate for such Distribution Date on the Certificate Principal
Balance, in the case of the Floating Rate Certificates, or on the Notional
Amount, in the case of the Class CE Certificates, of such Certificate
immediately prior to such Distribution Date. The Class P Certificates are not
entitled to distributions in respect of interest and, accordingly, shall not
accrue interest. All distributions of interest on the Floating Rate Certificates
shall be calculated on the basis of a 360-day year and the actual number of days
in the applicable Interest Accrual Period. All distributions of interest on the
Class CE Certificates shall be based on a 360-day year consisting of twelve
30-day months. The Interest Distribution Amount with respect to each
Distribution Date, as to any Floating Rate Certificate or the Class CE
Certificates, shall be reduced by an amount equal to the portion allocable to
such Certificate pursuant to Section 1.02 hereof of the sum of (a) the aggregate
Prepayment Interest Shortfall, if

                                       25
<PAGE>

any, for such Distribution Date to the extent not covered by payments pursuant
to Section 3.24 and (b) the aggregate amount of any Relief Act Interest
Shortfall, if any, for such Distribution Date.

            "Interest Remittance Amount": For any Distribution Date, the
Interest Remittance Amount will be (i) interest received or advanced on the
Mortgage Loans and (ii) amounts in respect of Prepayment Interest Shortfalls
paid by the Servicer on the Mortgage Loans (in each case, to the extent
remaining after payment of an allocable portion of (A) the servicing fees for
such distribution date and any unpaid servicing fees in respect of prior periods
collected by the Servicer and (B) the credit risk manager fee for such
distribution date).

            "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 any REMIC by reason of its being purchased, sold or replaced
pursuant to or as contemplated by Section 2.03 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 REMIC I 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 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 3.23 or Section 9.01.

            "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.

            "London Business Day": Any day on which banks in the City of London
and New York are open and conducting transactions in United States dollars.

            "Marker Rate": With respect to the Class CE Certificates and any
Distribution Date, a per annum rate equal to two (2) times the weighted average
of the REMIC I Remittance Rate for REMIC I Regular Interest I-LTA1A, REMIC I
Regular Interest I-LTA1B, REMIC I Regular Interest I-LTA1C, REMIC I Regular
Interest I-LTA1D, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest
I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC
I Regular Interest I-LTM5, REMIC I Regular Interest I-

                                       26
<PAGE>

LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I
Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10, REMIC I Regular
Interest I-LTM11 and REMIC I Regular Interest I-LTZZ, with the rate on each such
REMIC I Regular Interest (other than REMIC I Regular Interest I-LTZZ) subject to
a cap equal to the lesser of (i) One-Month LIBOR plus the related Certificate
Margin for the related Corresponding Certificate and (ii) the Net WAC
Pass-Through Rate for the related Corresponding Certificate for the purpose of
this calculation for such Distribution Date and with the rate on REMIC I Regular
Interest I-LTZZ subject to a cap of zero for the purpose of this calculation;
provided, however, each such cap shall be multiplied by a fraction, the
numerator of which is the actual number of days elapsed in the related Interest
Accrual Period and the denominator of which is 30.

            "Master  Agreement":  Any of the Master Mortgage Loan Purchase and
Interim Servicing Agreements between the Originator and the Sponsor.

            "Maximum Cap Rate": The Maximum Cap Rate for any Distribution Date
and the Floating Rate Certificates is a per annum rate (adjusted for the actual
number of days in the related Interest Accrual Period) equal to the weighted
average of the Expense Adjusted Maximum Mortgage Rates on the then outstanding
Mortgage Loans, weighted based on their principal balances as of the first day
of the related Due Period, plus an amount, expressed as a per annum rate, equal
to the product of (i) the payment made by the cap counterparty divided by the
aggregate principal balance of the Mortgage Loans and (ii) 12.

            "Maximum I-LTZZ Uncertificated Interest Deferral Amount": With
respect to any Distribution Date, the excess of (i) accrued interest at the
REMIC I Remittance Rate applicable to REMIC I Regular Interest I-LTZZ for such
Distribution Date on a balance equal to the Uncertificated Balance of REMIC I
Regular Interest I-LTZZ minus the REMIC I Overcollateralized Amount, in each
case for such Distribution Date, over (ii) Uncertificated Interest on REMIC I
Regular Interest I-LTA1A, REMIC I Regular Interest I-LTA1B, REMIC I Regular
Interest I-LTA1C, REMIC I Regular Interest I-LTA1D, REMIC I Regular Interest
I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC
I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular
Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest
I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10 and
REMIC I Regular Interest I-LTM11 for such Distribution Date, with the rate on
each such REMIC I Regular Interest subject to a cap equal to the lesser of (i)
One-Month LIBOR plus the related Certificate Margin for the related
Corresponding Certificate and (ii) the Net WAC Pass-Through Rate for the related
Corresponding Certificate; provided, however, each cap shall be multiplied by a
fraction, the numerator of which is the actual number of days elapsed in the
related Interest Accrual Period and the denominator of which is 30.

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

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

                                       27
<PAGE>

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

            "Mezzanine Certificates": Collectively, the Class M-1 Certificates,
the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4
Certificates, Class M-5 Certificates, the Class M-6 Certificates, the Class M-7
Certificates, the Class M-8 Certificates, the Class M-9 Certificates, the Class
M-10 Certificates and the Class M-11 Certificates.

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

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

            "MOM Loan": With respect to any Mortgage Loans registered with MERS
on the MERS(R) 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 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 or second 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(d) of this Agreement, as from
time to time held as a part of REMIC I, the Mortgage Loans so held being
identified in the Mortgage Loan Schedule.

            "Mortgage Loan Remittance Rate": With respect to any Mortgage Loan
or REO Property, as of any date of determination, the then applicable Mortgage
Rate in respect thereof net of the Servicing Fee Rate.

                                       28
<PAGE>

            "Mortgage Loan Schedule": As of any date, the list of Mortgage Loans
included in REMIC I on such date, attached hereto as Schedule 1. The Mortgage
Loan Schedule shall set forth the following information with respect to each
Mortgage Loan:

            (i) the 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) the Value of the Mortgaged Property;

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

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

            (xx) the Servicing Fee Rate;

                                       29
<PAGE>

            (xxi) the term of the Prepayment Charge , if any;

            (xxii) the percentage of the principal balance covered by lender
      paid mortgage insurance, if any; and

            (xxiii) with respect to each Adjustable-Rate Mortgage Loan, the
      Adjustment Dates, the Gross Margin, the Maximum Mortgage Rate, the Minimum
      Mortgage Rate, the Periodic Rate Cap, the maximum first Adjustment Date
      Mortgage Rate adjustment, the first Adjustment Date immediately following
      the origination date and the rounding code (i.e., nearest 0.125%, next
      highest 0.125%).

            The Mortgage Loan Schedule shall set forth the following information
with respect to the Mortgage Loans and 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, which rate (i) with respect to each fixed-rate Mortgage Loan shall
remain constant at the rate set forth in the Mortgage Loan Schedule as the
Mortgage Rate in effect immediately following the Cut-off Date and (ii) with
respect to the Adjustable-Rate Mortgage Loans, (A) as of any date of
determination until the first Adjustment Date following the Cut-off Date shall
be the rate set forth in the Mortgage Loan Schedule as the Mortgage Rate in
effect immediately following the Cut-off Date and (B) as of any date of
determination thereafter shall be the rate as adjusted on the most recent
Adjustment Date equal to the sum, rounded as provided in the Mortgage Note, of
the Index, as published as of a date prior to the Adjustment Date as set forth
in the related Mortgage Note, plus the related Gross Margin; provided that the
Mortgage Rate on such Adjustable-Rate Mortgage Loan on any Adjustment Date shall
never be more than the lesser of (i) the sum of the Mortgage Rate in effect
immediately prior to the Adjustment Date plus the related Periodic Rate Cap, if
any, and (ii) the related Maximum Mortgage Rate, and shall never be less than
the greater of (i) the Mortgage Rate in effect immediately prior to the
Adjustment Date less the Periodic Rate Cap, if any, and (ii) the related Minimum
Mortgage Rate. With respect to each Mortgage Loan that becomes an

                                       30
<PAGE>

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.

            "Net Monthly Excess Cashflow": With respect to any Distribution
Date, the sum of (i) any Overcollateralization Reduction Amount and (ii) the
excess of (x) the Available Distribution Amount for such Distribution Date over
(y) the sum for such Distribution Date of (A) the Senior Interest Distribution
Amounts distributable to the holders of the Class A Certificates and the
Interest Distribution Amounts distributable to the holders of the Mezzanine
Certificates and (B) the Principal Remittance Amount.

            "Net WAC Pass-Through Rate": The Net WAC Pass-Through Rate for any
distribution date and the Floating Rate Certificates is a per annum rate
(adjusted for the actual number of days in the related Interest Accrual Period)
equal to the weighted average of the Expense Adjusted Mortgage Rates on the then
outstanding Mortgage Loans, weighted based on their principal balances as of the
first day of the related Due Period.

            "Net WAC Rate Carryover Reserve Account": The Net WAC Rate Carryover
Reserve Account established and maintained pursuant to Section 4.06.

            "Net WAC Rate Carryover Amount": With respect to any Distribution
Date and any Class of Floating Rate Certificates, the sum of (A) the positive
excess, if any, of (i) the amount of interest that would have accrued on such
Class of Certificates for such Distribution Date if the Pass-Through Rate for
such Class of Certificates for such Distribution Date were calculated at the
related Formula Rate over (ii) the amount of interest accrued on such Class of
Certificates at the Net WAC Pass-Through Rate for such Distribution Date and (B)
the related Net WAC Rate Carryover Amount for the previous Distribution Date not
previously distributed together with interest accrued on such unpaid amount for
the most recently ended Interest Accrual Period at the Formula Rate for such
Class of Certificates and such Distribution Date.

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

            "Nonrecoverable Advance": Any P&I Advance or Servicing 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 Servicer will not or,
in the case of a proposed P&I Advance or Servicing Advance, would not be
ultimately recoverable from related late payments, Insurance Proceeds or
Liquidation Proceeds on such Mortgage Loan or REO Property as provided herein.

            "Non-United  States  Person":  Any  Person  other  than  a  United
States Person.

                                       31
<PAGE>

            "Notional Amount": With respect to the Class CE Interest and any
Distribution Date, the aggregate Uncertificated Balance of the REMIC I Regular
Interests (other than REMIC I Regular Interest I-LTP for such Distribution Date.

            "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 Servicer, the Sponsor or
the Depositor, as applicable.

            "One-Month LIBOR": For purposes of the Marker Rate and Maximum
I-LTZZ Uncertificated Interest Deferral Amount, REMIC I Regular Interest
I-LTA1A, REMIC I Regular Interest I-LTA1B, REMIC I Regular Interest I-LTA1C,
REMIC I Regular Interest I-LTA1D, REMIC I Regular Interest I-LTM1, REMIC I
Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular
Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest
I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC
I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10 and REMIC I Regular
Interest I-LTM11, and any Interest Accrual Period therefor, the rate determined
by the Trust Administrator on the related Interest Determination Date on the
basis of the offered rate for one-month U.S. dollar deposits, as such rate
appears on Telerate Page 3750, Bloomberg Page BBAM or another page of these or
any other financial reporting service in general use in the financial services
industry, as of 11:00 a.m. (London time) on such Interest Determination Date;
provided that if such rate does not appear on Telerate Page 3750, the rate for
such date will be determined on the basis of the offered rates of the Reference
Banks for one-month U.S. dollar deposits, as of 11:00 a.m. (London time) on such
Interest Determination Date. In such event, the Trust Administrator will request
the principal London office of each of the Reference Banks to provide a
quotation of its rate. If on such Interest Determination Date, two or more
Reference Banks provide such offered quotations, One-Month LIBOR for the related
Interest Accrual Period shall be the arithmetic mean of such offered quotations
(rounded upwards if necessary to the nearest whole multiple of 1/16%). If on
such Interest Determination Date, fewer than two Reference Banks provide such
offered quotations, One-Month LIBOR for the related Interest Accrual Period
shall be the higher of (i) LIBOR as determined on the previous Interest
Determination Date and (ii) the Reserve Interest Rate. Notwithstanding the
foregoing, if, under the priorities described above, LIBOR for an Interest
Determination Date would be based on LIBOR for the previous Interest
Determination Date for the third consecutive Interest Determination Date, the
Trust Administrator, after consultation with the Depositor, shall select an
alternative comparable index (over which the Trust Administrator has no
control), used for determining one-month Eurodollar lending rates that is
calculated and published (or otherwise made available) by an independent party.

            "Opinion of Counsel": A written opinion of counsel, who may, without
limitation, be salaried counsel for the Depositor, the 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.

                                       32
<PAGE>

            "Optional Termination Date": The Determination Date on which the
aggregate Stated Principal Balance of the Mortgage Loans and each REO Property
remaining in the Trust Fund is less than 10% of the aggregate Stated Principal
Balance of the Mortgage Loans as of the Cut-off Date.

            "Original  Mortgage  Loan":  Any Mortgage  Loans included in Trust
Fund as of the Closing Date.

            "Originator":  Wells Fargo Bank, N.A.

            "Overcollateralization Deficiency Amount": With respect to any
Distribution Date, the excess, if any, of (a) the Overcollateralization Target
Amount applicable to such Distribution Date over (b) the Overcollateralized
Amount applicable to such Distribution Date (calculated for this purpose only
after assuming that 100% of the Principal Remittance Amount on such Distribution
Date has been distributed).

            "Overcollateralization Increase Amount": With respect to any
Distribution Date, the lesser of (a) the sum of (i) the Net Monthly Excess
Cashflow for such Distribution Date and (ii) any amounts received under the Cap
Contract for this purpose and (b) the Overcollateralization Deficiency Amount
for such Distribution Date (calculated for this purpose only after assuming that
100% of the Principal Remittance Amount on such Distribution Date has been
distributed).

            "Overcollateralization Reduction Amount": With respect to any
Distribution Date, an amount equal to the lesser of (a) the Principal Remittance
Amount for such Distribution Date and (b) the Excess Overcollateralized Amount.

            "Overcollateralization Target Amount": With respect to any
Distribution Date, (i) prior to the Stepdown Date, an amount equal to 1.75% of
the aggregate outstanding Stated Principal Balance of the Mortgage Loans as of
the Cut-off Date, (ii) on or after the Stepdown Date provided a Trigger Event is
not in effect, the greater of (x) 3.50% of the then current aggregate
outstanding Stated Principal Balance of the Mortgage Loans as of the last day of
the related Due Period and (y) 0.50% of the aggregate principal balance of the
mortgage loans as of the Cut-off Date, or (iii) on or after the Stepdown Date
and if a Trigger Event is in effect, the Overcollateralization Target Amount for
the immediately preceding Distribution Date. Notwithstanding the foregoing, on
and after any Distribution Date following the reduction of the aggregate
Certificate Principal Balance of the Class A Certificates and the Mezzanine
Certificates to zero, the Overcollateralization Target Amount shall be zero.

            "Overcollateralized Amount": With respect to any Distribution Date,
the excess, if any, of (a) the aggregate Stated Principal Balances of the
Mortgage Loans and REO Properties as of the last day of the related Due Period
(after giving effect to scheduled payments of principal due during the related
Due Period, to the extent received or advanced, and unscheduled collections of
principal received during the related Prepayment Period) over (b) the sum of the
aggregate Certificate Principal Balance of the Class A Certificates, the
Mezzanine Certificates and the Class P Certificates after giving effect to
distributions to be made on such Distribution Date.

                                       33
<PAGE>

            "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 Floating Rate Certificates
and any Distribution Date, the lesser of (x) the related Formula Rate for such
Distribution Date and (y) the related Net WAC Pass-Through Rate for such
Distribution Date.

            With respect to the Class CE Interest and any Distribution Date, a
per annum rate equal to the percentage equivalent of a fraction, the numerator
of which is (x) the sum of (i) 100% of the interest on REMIC I Regular Interest
I-LTP and (ii) interest on the Uncertificated Principal Balance of each REMIC I
Regular Interest listed in clause (y) below at a rate equal to the related REMIC
I Remittance Rate minus the Marker Rate and the denominator of which is (y) the
aggregate Uncertificated Balance of REMIC I Regular Interest I-LTAA, REMIC I
Regular Interest I-LTA1A, REMIC I Regular Interest I-LTA1B, REMIC I Regular
Interest I-LTA1C, REMIC I Regular Interest I-LTA1D, REMIC I Regular Interest
I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC
I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular
Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest
I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10, REMIC
I Regular Interest I-LTM11 and REMIC I Regular Interest I-LTZZ.

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

            "Percentage Interest": With respect to any Class of Certificates
(other than the Residual 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 Class A Certificates and the Mezzanine Certificates are issuable
only in minimum Percentage Interests corresponding to minimum initial
Certificate Principal Balances of $25,000 and integral multiples of $1.00 in
excess thereof. The Class P Certificates are issuable only in Percentage
Interests corresponding to initial Certificate Principal Balances of $20 and
integral multiples thereof. The Class CE Certificates are issuable only in
minimum Percentage Interests corresponding to minimum initial Certificate
Principal Balances of $100,000 and integral multiples of $1.00 in excess
thereof; provided, however, that a single Certificate of each such Class of
Certificates may be issued having a Percentage Interest corresponding to the
remainder of the aggregate initial Certificate Principal Balance or Notional
Amount of such Class or to an otherwise authorized denomination for such Class
plus such remainder. With respect to any Residual Certificate, the undivided
percentage ownership in such Class evidenced by such Certificate, as set forth
on the face of such Certificate. The Residual Certificates are issuable in
Percentage Interests of 20% and multiples thereof.

            "Periodic Rate Cap": With respect to each Adjustable-Rate Mortgage
Loan and any Adjustment Date therefor, the fixed percentage set forth in the
related Mortgage Note, which is the maximum amount by which the Mortgage Rate
for such Mortgage Loan may increase or

                                       34
<PAGE>

decrease (without regard to the Maximum Mortgage Rate or the Minimum Mortgage
Rate) on such Adjustment Date from the Mortgage Rate in effect immediately prior
to such Adjustment Date.

            "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 Servicer, the Trustee, 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 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 the Rating Agencies that rate such securities 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
      affiliated with the Trustee, the Trust Administrator or an Affiliate of
      either of them, that have been rated "AAA" by S&P, "Aaa" by Moody's and
      "AAA" by Fitch; and

            (vii) if previously confirmed in writing to the 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 Class A 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.

                                       35
<PAGE>

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

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

            "P&I Advance": As to any Mortgage Loan or REO Property, any advance
made by the 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": As defined in the Prospectus Supplement.

            "Prepayment Charge": With respect to any Prepayment Period, any
prepayment premium, penalty or charge payable by a Mortgagor in connection with
any Principal Prepayment on a Mortgage Loan pursuant to the terms of the related
Mortgage Note (other than any Servicer Prepayment Charge Payment Amount).

            "Prepayment Charge Schedule": As of any date, the list of Prepayment
Charges included in the Trust Fund on such date, attached hereto as Schedule 2
(including the prepayment charge summary attached thereto). The Prepayment
Charge Schedule shall set forth the following information with respect to each
Prepayment Charge:

            (i) the Mortgage Loan identifying number;

            (ii) a code indicating the type of Prepayment Charge;

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

            (iv) the term of the related Prepayment Charge;

            (v) the original Stated Principal Balance of the related Mortgage
      Loan; and

            (vi) the Stated Principal Balance of the related Mortgage Loan as of
      the Cut-off Date.

            "Prepayment Interest Shortfall": With respect to any Distribution
Date, for each Mortgage Loan that was during the related Prepayment Period the
subject of a Principal Prepayment in full or in part occurring between the first
day of the related Prepayment Period and the last day of the calendar month
preceding the calendar month in which such Distribution Date occurs, an amount
equal to interest at the applicable Mortgage Loan Remittance Rate on the amount
of such Principal Prepayment for the number of days commencing on the date on
which

                                       36
<PAGE>

the prepayment is applied and ending on the last day of the calendar month
preceding the calendar month in which such Distribution Date occurs. The
obligations of the Servicer in respect of any Prepayment Interest Shortfall are
set forth in Section 3.24.

            "Prepayment Period": With respect to each Distribution Date, the
Prepayment Period is the calendar month preceding the month in which such
Distribution Date occurs.

            "Prime Rate": The lesser of (i) the per annum rate of interest,
publicly announced from time to time by Chase Manhattan Bank 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
Chase Manhattan Bank) and (ii) the maximum rate permissible under applicable
usury or similar laws limiting interest rates.

            "Principal Distribution Amount": With respect to each Distribution
Date, the Principal Distribution Amount is equal to the sum of (i) the principal
portion of all scheduled monthly payments due on the Mortgage Loans during the
related Due Period, to the extent received on or prior to the related
Determination Date or advanced prior to such distribution date; (ii) the
principal portion of all proceeds received in respect of the repurchase of a
Mortgage Loan (or, in the case of a substitution, certain amounts representing a
principal adjustment) during the related Prepayment Period; (iii) the principal
portion of all other unscheduled collections, including insurance proceeds,
liquidation proceeds, Subsequent Recoveries and all full and partial principal
prepayments, received on the Mortgage Loans during the related Prepayment
Period, to the extent applied as recoveries of principal on the mortgage loans
and (iv) any Overcollateralization Increase Amount for such distribution date
minus (v) any Overcollateralization Reduction Amount for such distribution date.

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

            "Principal Remittance Amount": With respect to any Distribution
Date, the Principal Remittance Amount will be equal to the sum of (i) through
(iii) of the Principal Distribution Amount.

            "Private Certificates": Any of the Class M-10, Class M-11, Class CE,
Class P or Residual Certificates.

            "Prospectus Supplement": The Prospectus Supplement, dated February
15, 2006, relating to the public offering of the Class A Certificates and the
Mezzanine Certificates (other than the Class M-10 and Class M-11 Certificates).

            "Purchase Price": With respect to any Mortgage Loan or REO Property
to be purchased by the Sponsor pursuant to or as contemplated by Section 2.03 or
Section 9.01, and as confirmed by an Officers' Certificate from the party
purchasing the Mortgage Loan to the Trustee and the Trust Administrator, an
amount equal to the sum of: (i) 100% of the Stated Principal Balance thereof as
of the date of purchase (or such other price as provided in Section

                                       37
<PAGE>

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 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 Servicer through the end of the
calendar month immediately preceding the calendar month in which such REO
Property was acquired, plus (2) REO Imputed Interest for such REO Property for
each calendar month commencing with the calendar month in which such REO
Property was acquired and ending with the calendar month in which such purchase
is to be effected, minus the total of all net rental income, Insurance Proceeds,
Liquidation Proceeds and P&I Advances that as of the date of purchase had been
distributed as or to cover REO Imputed Interest pursuant to Section 4.01; (iii)
any unreimbursed Servicing Advances and P&I Advances and any unpaid Servicing
Fees allocable to such Mortgage Loan or REO Property; (iv) any amounts
previously withdrawn from the Collection Account in respect of such Mortgage
Loan or REO Property pursuant to Sections 3.11(a)(ix) and Section 3.16(b); and
(v) in the case of a Mortgage Loan required to be purchased pursuant to Section
2.03, expenses incurred or to be incurred by the Trust Fund in respect of the
breach or defect giving rise to the purchase obligation including any costs and
damages incurred by the Trust Fund in connection with any violation of any
predatory or abusive lending law with respect to the related Mortgage Loan. With
respect to any Mortgage Loan or REO Property to be purchased by the Originator
pursuant to or as contemplated by Section 2.03 or Section 9.01, and as confirmed
by an Officers' Certificate from the related Originator to the Trustee and the
Trust Administrator, an amount equal to the amount set forth pursuant to the
terms of the related Master Agreement.

            "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 by the Sponsor 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) 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, (iv) have a remaining term to maturity
not greater than (and not more than one year less than) that of the Deleted
Mortgage Loan, (v) 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, and (vi) conform to each representation and warranty set forth in
the related Assignment 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

                                       38
<PAGE>

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 (iv)
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 (vi) hereof must be satisfied as to each Qualified
Substitute Mortgage Loan or in the aggregate, as the case may be. With respect
to the Originator, a mortgage loan substituted for a Deleted Mortgage Loan
pursuant to the terms of the related Master Agreement which must, on the date of
such substitution conform to the terms set forth in the related Master
Agreement.

            "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": S&P, 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 and the
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 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

                                       39
<PAGE>

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
Servicer in respect of such REO Property or the related Mortgage Loan (without
duplication of amounts netted out of the rental income, Insurance Proceeds and
Liquidation Proceeds described in clause (vi) below) and any unpaid Servicing
Fees for which the 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 (vi) 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
Floating Rate Certificate so long as such Floating Rate Certificates is a
Book-Entry Certificate, the Business Day immediately preceding such Distribution
Date. With respect to each Distribution Date and any other Certificates,
including any Definitive Certificates, 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  Class  A  Certificate,   Mezzanine
Certificate, Class CE Certificate or Class P 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, or any state
law providing for similar relief.

            "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.

                                       40
<PAGE>

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

            "REMIC I": The segregated pool of assets subject hereto,
constituting the primary trust created hereby and to be administered hereunder,
with respect to which a REMIC election is to be made, consisting of: (i) such
Mortgage Loans and Prepayment Charges related thereto as from time to time are
subject to this Agreement, together with the Mortgage Files relating thereto,
and together with all collections thereon and proceeds thereof; (ii) any REO
Property, together with all collections thereon and proceeds thereof; (iii) the
Trustee's rights with respect to the Mortgage Loans under all insurance policies
required to be maintained pursuant to this Agreement and any proceeds thereof;
(iv) the Depositor's rights under the Assignment Agreements (including any
security interest created thereby); and (v) the Collection Account (other than
any amounts representing the Servicer Prepayment Charge Payment Amount), the
Distribution Account (other than any amounts representing the Servicer
Prepayment Charge Payment Amount) and any REO Account, and such assets that are
deposited therein from time to time and any investments thereof, together with
any and all income, proceeds and payments with respect thereto. Notwithstanding
the foregoing, however, REMIC I specifically excludes all payments and other
collections of principal and interest due on the Mortgage Loans on or before the
Cut-off Date, all Prepayment Charges payable in connection with Principal
Prepayments on the Mortgage Loans made before the Cut-off Date, the Net WAC Rate
Carryover Reserve Account, the Cap Contract, the Cap Account and Servicer
Prepayment Charge Payment Amounts.

            "REMIC I Interest Loss Allocation Amount": With respect to any
Distribution Date, an amount equal to (a) the product of (i) the aggregate
Stated Principal Balance of the Mortgage Loans and REO Properties then
outstanding and (ii) the REMIC I Remittance Rate for REMIC I Regular Interest
I-LTAA minus the Marker Rate, divided by (b) 12.

            "REMIC I Overcollateralized Amount": With respect to any date of
determination, (i) 1.00% of the aggregate Uncertificated Balance of the REMIC I
Regular Interests minus (ii) the aggregate Uncertificated Balance of REMIC I
Regular Interest I-LTA1A, REMIC I Regular Interest I-LTA1B, REMIC I Regular
Interest I-LTA1C, REMIC I Regular Interest I-LTA1D, REMIC I Regular Interest
I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC
I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular
Interest I-LTM6, REMIC I Regular Interest I-

                                       41
<PAGE>

LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I
Regular Interest I-LTM10, REMIC I Regular Interest I-LTM11 and REMIC I Regular
Interest I-LTP, in each case as of such date of determination.

            "REMIC I Principal Loss Allocation Amount": With respect to any
Distribution Date, an amount equal to the product of (i) the aggregate Stated
Principal Balance of the Mortgage Loans and REO Properties then outstanding and
(ii) 1 minus a fraction, the numerator of which is two times the aggregate
Uncertificated Balance of REMIC I Regular Interest I-LTA1A, REMIC I Regular
Interest I-LTA1B, REMIC I Regular Interest I-LTA1C, REMIC I Regular Interest
I-LTA1D, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC
I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular
Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest
I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC
I Regular Interest I-LTM10, REMIC I Regular Interest I-LTM11 and the denominator
of which is the aggregate Uncertificated Balance of REMIC I Regular Interest
I-LTA1A, REMIC I Regular Interest I-LTA1B, REMIC I Regular Interest I-LTA1C,
REMIC I Regular Interest I-LTA1D, REMIC I Regular Interest I-LTM1, REMIC I
Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular
Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest
I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC
I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10, REMIC I Regular
Interest I-LTM11 and REMIC I Regular Interest I-LTZZ.

            "REMIC I Regular Interest": Any of the separate non-certificated
beneficial ownership interests in REMIC I issued hereunder and designated as a
"regular interest" in REMIC I. Each REMIC I Regular Interest shall accrue
interest at the related REMIC I Remittance Rate in effect from time to time or
shall otherwise be entitled to interest as set forth herein, and shall be
entitled to distributions of principal, subject to the terms and conditions
hereof, in an aggregate amount equal to its initial Uncertificated Balance as
set forth in the Preliminary Statement hereto. The REMIC I Regular Interests are
set forth in the Preliminary Statement hereto.

            "REMIC I Remittance Rate": With respect to REMIC I Regular Interest
I-LTAA, REMIC I Regular Interest I-LTA1A, REMIC I Regular Interest I-LTA1B,
REMIC I Regular Interest I-LTA1C, REMIC I Regular Interest I-LTA1D, REMIC I
Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular
Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest
I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC
I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular
Interest I-LTM10, REMIC I Regular Interest I-LTM11, REMIC I Regular Interest
I-LTZZ and REMIC I Regular Interest I-LTP, the weighted average of the Expense
Adjusted Net Mortgage Rates of the Mortgage Loans.

            "REMIC  I  Required   Overcollateralized  Amount":  1.00%  of  the
Overcollateralization Target Amount.

            "REMIC I Subordinated Balance Ratio": The ratio between the
Uncertificated Balances of each REMIC I Regular Interest ending with the
designation "SUB," equal to the ratio between, with respect to each such REMIC I
Regular Interest, the excess of (x) the aggregate Stated Principal Balance of
the Mortgage Loans over (y) the current Certificate Principal Balance of Class A
Certificates.

            "REMIC II": The segregated pool of assets consisting of all of the
REMIC I Regular Interests conveyed in trust to the Trustee, for the benefit of
the Class A Certificates, the Mezzanine Certificates, the Class CE Interest, the
Class P Interest and the Class R-II Interest and all amounts deposited therein,
with respect to which a separate REMIC election is to be made.

            "REMIC III": The segregated pool of assets consisting of all of the
Class CE Interest conveyed in trust to the Trust Administrator, for the benefit
of the Class CE Certificates, and the Class R-III Interest and all amounts
deposited therein, with respect to which a separate REMIC election is to be
made.

                                       42
<PAGE>

            "REMIC IV": The segregated pool of assets consisting of all of the
Class P Interest conveyed in trust to the Trust Administrator, for the benefit
of the Class P Certificates, and the Class R-IV Interest and all amounts
deposited therein, with respect to which a separate REMIC election is to be
made.

            "REMIC Provisions": Provisions of the federal income tax law
relating to real estate mortgage investment conduits, which appear at Section
860A through 860G of the Code, and related provisions, and proposed, temporary
and final regulations and published rulings, notices and announcements
promulgated thereunder, as the foregoing may be in effect from time to time.

            "REMIC Regular Interests": The REMIC I Regular Interests, the Class
CE Interest and the Class P Interest.

            "Remittance Report": A report in form and substance acceptable to
the Trust Administrator and the Servicer in an electronic data file or tape
prepared by the Servicer pursuant to Section 4.03 with such additions, deletions
and modifications as agreed to by the Trust Administrator and the 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 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, 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 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  Certificates":  The Class R Certificates  and the Class
R-X Certificates.

                                       43
<PAGE>

            "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 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.

            "S&P" Standard & Poor's Ratings Services, a division of the
McGraw-Hill Companies, Inc., or its successors in interest.

            "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.

            "Senior Enhancement Percentage": For any Distribution Date, the
Senior Enhancement Percentage is the percentage obtained by dividing (x) the
aggregate Certificate

                                       44
<PAGE>

Principal Balance of the Mezzanine Certificates and the Class CE Certificates,
calculated after taking into account distribution of the Principal Distribution
Amount to holders of the certificates then entitled to distributions thereof on
the related distribution date by (y) the aggregate principal balance of the
mortgage loans as of the last day of the related Due Period (after giving effect
to scheduled payments of principal due during the related Due Period, to the
extent received or advanced, and unscheduled collections of principal received
during the related Prepayment Period).

            "Senior Interest Distribution Amount": With respect to any
Distribution Date, the Senior Interest Distribution Amount for each class of
Class A Certificates is equal to the sum of the Interest Distribution Amount for
that class for that distribution date and the Interest Carry Forward Amount, if
any, for that class for that distribution date.

            "Senior Principal Distribution Amount": With respect to any
Distribution Date, an amount equal to the excess of (i) the aggregate
Certificate Principal Balance of the Class A Certificates immediately prior to
the related distribution date over (ii) the lesser of (A) the product of (i)
approximately 61.20% and (ii) the aggregate principal balance of the mortgage
loans as of the last day of the related Due Period (after giving effect to
scheduled payments of principal due during the related Due Period, to the extent
received or advanced, and unscheduled collections of principal received during
the related Prepayment Period) and (B) the aggregate principal balance of the
mortgage loans as of the last day of the related Due Period (after giving effect
to scheduled payments of principal due during the related Due Period, to the
extent received or advanced, and unscheduled collections of principal received
during the related Prepayment Period) minus 0.50% of the aggregate principal
balance of the mortgage loans as of the cut-off date.

            "Servicer":  Wells Fargo  Bank,  N.A.  or any  successor  Servicer
appointed as herein provided, each in its capacity as a Servicer hereunder.

            "Servicer Event of Default":  One or more of the events  described
in Section 7.01.

            "Servicer  Prepayment Charge Payment Amount":  The amounts payable
by the  Servicer  in respect  of any waived  Prepayment  Charges  pursuant  to
Section 3.01.

            "Servicer Remittance Date": With respect to any 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.

            "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 Servicer in connection with a default, delinquency or
other unanticipated event by the Servicer in the performance of its servicing
obligations, including, but not limited to, the cost of (i) the preservation,
restoration and protection of 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

                                       45
<PAGE>

Mortgage Loan being registered on the MERS System, (iii) the management
(including reasonable fees in connection therewith) and liquidation of any REO
Property, (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. Servicing
Advances shall also include any reasonable "out-of-pocket" costs and expenses
(including legal fees) incurred by the Servicer in connection with executing and
recording instruments of satisfaction, deeds of reconveyance or Assignments of
Mortgage in connection with any foreclosure in respect of any Mortgage Loan to
the extent not recovered from the related Mortgagor or otherwise payable under
this Agreement.The 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 Servicer, would not be ultimately recoverable from related
Insurance Proceeds or Liquidation Proceeds on such Mortgage Loan or REO Property
as provided herein. The Servicer shall not be required to make any Servicing
Advance that would be a Nonrecoverable Advance.

            "Servicing Fee": With respect to each Mortgage Loan, the amount of
the annual fee paid to the Servicer, which shall, for a period of one full
month, be equal to one-twelfth of the product of (a) the Servicing Fee Rate
(without regard to the words "per annum") and (b) the outstanding principal
balance of such Mortgage Loan. Such fee shall be payable monthly, computed on
the basis of the same principal amount and period respecting which any related
interest payment on a Mortgage Loan is received. The obligation for payment of
the Servicing Fee is limited to, and the Servicing Fee is payable solely from,
the interest portion (including recoveries with respect to interest from
Liquidation Proceeds) of such Monthly Payment collected by the Servicer, or as
otherwise provided under Section 3.11.

            "Servicing Fee Rate": With respect to each Mortgage Loan, the rate
of 0.50% per annum.

            "Servicing Officer": Any employee of the 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 Servicer to the
Trustee, the Trust Administrator and the Depositor on the Closing Date, as such
list may from time to time be amended.

            "Significance Percentage": The percentage equivalent of a fraction,
the numerator of which is (I) the present value (such calculation of present
value using the two-year swaps rate made available at Bloomberg Financial
Markets, L.P.) of the aggregate amount payable under the Cap Contract (assuming
that one-month LIBOR for each remaining Calculation Period (as defined in the
Cap Contract) beginning with the Calculation Period immediately following the
related Distribution Date is equal to the sum of (a) the one-month LIBOR rate
for each remaining Calculation Period made available at Bloomberg Financial
Markets, L.P. by typing in the following keystrokes: fwcv, 27, 3 (provided that
the Depositor shall notify the Trust Administrator in writing of any changes to
such keystrokes) and (b) the percentage equivalent of a fraction, the numerator
of which is 3.00% and the denominator of which is the remaining Distribution
Dates on which the Trust Administrator is entitled to receive payments under the
Cap Contract) and the denominator of which is (II) the aggregate Certificate
Principal Balance of the Class A Certificates and the Mezzanine Certificates on
such Distribution Date (after giving effect to all distributions on such
Distribution Date).

                                       46
<PAGE>

            "Single Certificate": With respect to any Class of Certificates
(other than the 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 of $1,000. With respect to the
Class P and the Residual Certificates, a hypothetical Certificate of such Class
evidencing a 20% Percentage Interest in such Class.

            "Sponsor":  Citigroup Global Markets Realty Corp. 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 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 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 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 Servicer is the subject of a proceeding under
the federal Bankruptcy Code and the making of 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
Servicer, a trustee in bankruptcy or a federal bankruptcy court and should have
been the subject of such Remittance absent such prohibition.

            "Stepdown Date": The earlier to occur of (i) the first Distribution
Date on which the aggregate Certificate Principal Balance of the Class A
Certificates has been reduced to zero and (ii) the later to occur of (a) the
Distribution Date occurring in March 2009 and (b) the first

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<PAGE>

Distribution Date on which the Senior Enhancement Percentage (calculated for
this purpose only after taking into account distributions of principal on the
Mortgage Loans but prior to any distribution of the Principal Distribution
Amount to the Certificates then entitled to distributions of principal on such
Distribution Date) is equal to or greater than 38.80%.

            "Sub-Servicer": Any Person with which any Servicer has entered into
a Sub- Servicing Agreement and which meets the qualifications of a Sub-Servicer
pursuant to Section 3.02.

            "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 Servicer.

            "Sub-Servicing Agreement": The written contract between the Servicer
and a Sub-Servicer relating to servicing and administration of certain Mortgage
Loans as provided in Section 3.02.

            "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 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(d)
hereof.

            "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.

            "Telerate Page 3750": The display designated as page "3750" on the
Dow Jones Telerate Capital Markets Report (or such other page as may replace
page 3750 on that report for the purpose of displaying London interbank offered
rates of major banks).

            "Termination Price":  As defined in Section 9.01.

            "Terminator": As defined in Section 9.01.

            "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.

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<PAGE>

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

            "Trigger  Event": A Trigger Event is in effect on any Distribution
Date on or after the Stepdown Date if:

            (a) the Delinquency Percentage exceeds 40.50% of the Senior
Enhancement Percentage for the prior Distribution Date; or

            (b) the aggregate amount of Realized Losses incurred since the
Cut-off Date through the last day of the related Due Period (reduced by the
aggregate amount of Subsequent Recoveries received since the Cut-off Date
through the last day of the related Due Period) divided by aggregate Stated
Principal Balance of the Mortgage Loans as of the Cut-off Date exceeds the
applicable percentages set forth below with respect to such Distribution Date:

             DISTRIBUTION DATE OCCURRING IN               PERCENTAGE
            --------------------------------              ----------
            March 2008 through February 2009                1.15%
            March 2009 through February 2010                2.60%
            March 2010 through February 2011                4.05%
            March 2011 through February 2012                5.25%
            March 2012 and thereafter                       5.90%

            "Trust":  Citigroup Mortgage Loan Trust 2006-WFHE1.

            "Trust  Administrator":   Citibank,  N.A.,  or  its  successor  in
interest, or any successor trust administrator appointed as herein provided.

             "Trust Fund": Collectively, all of the assets of each Trust REMIC,
the Net WAC Rate Carryover Reserve Account, the Cap Contract, distributions made
to the Trust Administrator by the Cap Administrator under the Cap Administration
Agreement and the Cap Account, Servicer Prepayment Charge Payment Amounts and
the other assets conveyed by the Depositor to the Trustee pursuant to Section
2.01.

            "Trust REMIC": Any of REMIC I, REMIC II, REMIC III and REMIC IV.

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

            "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 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 REMIC Regular
Interest shall be reduced by all distributions of principal made on such REMIC
Regular Interest on such Distribution Date pursuant to Section 4.01 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. The
Uncertificated Balance of REMIC I Regular Interest I-LTZZ shall be increased by
interest deferrals as provided in Section 4.01. With respect to the Class CE
Interest as of any date of determination, an amount equal to the excess, if any,
of (A) the then aggregate Uncertificated Principal Balance of the REMIC 1
Regular Interests over (B)

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<PAGE>

the then aggregate Certificate Principal Balance of the Floating Rate
Certificates and the Class P Certificates then outstanding. The Uncertificated
Principal Balance of each REMIC Regular Interest that has an Uncertificated
Principal Balance shall never be less than zero.

            "Uncertificated Interest": With respect to any REMIC Regular
Interest for any Distribution Date, one month's interest at the REMIC I
Remittance Rate applicable to such REMIC Regular Interest for such Distribution
Date, accrued on the Uncertificated Balance thereof immediately prior to such
Distribution Date. Uncertificated Interest in respect of any REMIC Regular
Interest shall accrue on the basis of a 360-day year consisting of twelve 30-day
months. Uncertificated Interest with respect to each Distribution Date, as to
any REMIC Regular Interest, shall be reduced by an amount equal to the sum of
(a) the aggregate Prepayment Interest Shortfall, if any, for such Distribution
Date to the extent not covered by payments pursuant to Section 3.24 and (b) the
aggregate amount of any Relief Act Interest Shortfall, if any allocated, in each
case, to such REMIC Regular Interest pursuant to Section 1.02. In addition,
Uncertificated Interest with respect to each Distribution Date, as to any REMIC
Regular Interest shall be reduced by Realized Losses, if any, allocated to such
REMIC Regular Interest pursuant to Section 1.02 and Section 4.04.

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

            "United States Person": A citizen or resident of the United States,
a corporation, partnership or other entity created or organized in, or under the
laws of, the United States, any State thereof or the District of Columbia
(except, in the case of a partnership, to the extent provided in regulations);
provided that, for purposes solely of the restrictions on the transfer of the
Residual Certificates, no partnership or other entity treated as a partnership
for United States federal income tax purposes shall be treated as a United
States Person unless all persons that own an interest in such partnership either
directly or through any entity that is not a corporation for United States
federal income tax purposes are required by the applicable operative agreement
to be United States Persons, or an estate whose income is subject to United
States federal income tax regardless of its source, or a trust if a court within
the United States is able to exercise primary supervision over the
administration of the trust and one or more United States Persons have the
authority to control all substantial decisions of the trust. To the extent
prescribed in regulations by the Secretary of the Treasury, which have not yet
been issued, 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 lesser of (i)
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 and (ii) the
purchase price paid for the related Mortgaged Property by the Mortgagor with the
proceeds of the Mortgage Loan, provided, however, in the case of a Refinanced
Mortgage Loan, such value of the Mortgaged Property is based solely upon

                                       50
<PAGE>

the value determined by an appraisal made for the originator of such Refinanced
Mortgage Loan at the time of origination of such Refinanced Mortgage Loan by an
appraiser.

            "Voting Rights": The portion of the voting rights of all of the
Certificates which is allocated to any Certificate. With respect to any date of
determination, 98% of all Voting Rights will be allocated among the holders of
the Class A Certificates, the Mezzanine Certificates and the Class CE
Certificates in proportion to the then outstanding Certificate Principal
Balances of their respective Certificates, 1% of all Voting Rights will be
allocated to the holders of the Class P Certificates and 1% of all Voting Rights
will be allocated among the holders of the Residual Certificates. The Voting
Rights allocated to each Class of Certificate shall be allocated among Holders
of each such Class in accordance with their respective Percentage Interests as
of the most recent Record Date.

            SECTION 1.02      Allocation of Certain Interest Shortfalls.

            For purposes of calculating the Interest Distribution Amount for the
Floating Rate Certificates and the Class CE Certificates for any Distribution
Date, the aggregate amount of any Prepayment Interest Shortfalls (to the extent
not covered by payments by the 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 first, to the Class CE Certificates based
on, and to the extent of, one month's interest at the then applicable
Pass-Through Rate on the Notional Amount of the Class CE Certificates and,
thereafter, among the Class A Certificates and the Mezzanine Certificates on a
PRO RATA basis based on, and to the extent of, one month's interest at the then
applicable respective Pass-Through Rate on the respective Certificate Principal
Balance of each such Certificate immediately prior to such Distribution Date.

            For purposes of calculating the amount of Uncertificated Interest
for the REMIC I Regular Interests for any Distribution Date:

            (A) The aggregate amount of any Prepayment Interest Shortfalls (to
the extent not covered by payments by the 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 REMIC I Regular Interest I-LTAA,
REMIC I Regular Interest I-LTA1A, REMIC I Regular Interest I-LTA1B, REMIC I
Regular Interest I-LTA1C, REMIC I Regular Interest I-LTA1D, REMIC I Regular
Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest
I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC
I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular
Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest
I-LTM10, REMIC I Regular Interest I-LTM11 and REMIC I Regular Interest I-LTZZ
PRO RATA based on, and to the extent of, one month's interest at the then
applicable respective REMIC I Remittance Rate on the respective Uncertificated
Balance of each such REMIC I Regular Interest.

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<PAGE>

                                   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 Assignment
Agreements, payments made to the Trust Administrator by the Cap Administrator
under the Cap Administration Agreement and the Cap Account, 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 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 executed copies of the Assignment Agreements, and the Trustee and
the Trust Administrator acknowledge receipt of the same on behalf of the
Certificateholders.

            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 related Originator or an Affiliate of the related
      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 related Originator and from such Affiliate to the
      Trustee;

            (ii) The original recorded Mortgage, noting the presence of the MIN
      of the Mortgage Loan, if applicable, 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(R) System,
      an assignment from the related Originator or an Affiliate of the related
      Originator 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(R) System);

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

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<PAGE>

            (v) 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.

            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 Servicer, at
the expense of the Sponsor 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 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 Servicer, at

                                       53
<PAGE>

the expense of the Sponsor, 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 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 Servicer shall submit each Assignment for recording, at no
expense to the Trust Fund or the 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 Servicer Event of Default, (C) the
occurrence of a bankruptcy, insolvency or foreclosure relating to the Sponsor,
(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 Sponsor fails to pay the cost of recording
the Assignments, such expense will be paid by the Servicer and the Servicer
shall be reimbursed for such expenses by the Trust as Servicing Advances.

            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 Servicer to, and the
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.

                                       54
<PAGE>

            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 Sponsor, the Depositor or the 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 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 a
Custodian on behalf of the Trustee.

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

            The Depositor hereby directs the Trustee to execute, deliver and
perform its obligations under the Cap Contract on the Closing Date and
thereafter on behalf of the Trust and the Holders of the Floating Rate
Certificates. The Sponsor, the Depositor, the Servicer, the Trust Administrator
and the Holders of the Floating Rate Certificates by their acceptance of such
Certificates acknowledge and agree that the Trustee shall execute, deliver and
perform the Trust Fund's obligations under the Cap Contract and shall do so
solely in its capacity as Trustee of the Trust Fund and not in its individual
capacity. The Trustee shall not have any responsibility for the contents,
adequacy or sufficiency of the Cap contract, including, without limitation, any
representations and warranties contained therein.

            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)) above 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 the related 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

                                       55
<PAGE>

course of such review the Trustee or the related 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 the related Custodian on its behalf shall
promptly so notify the Depositor, the Trust Administrator, the Sponsor, the
Servicer and, if such notice is from the related Custodian on the Trustee's
behalf, the Trustee. In addition, upon the discovery by the Depositor, the
Servicer, the Trust Administrator or the Trustee of a breach of any of the
representations and warranties made by the related Originator or the Sponsor in
the related Assignment 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 related 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, FSB is
appointed as Custodian with respect to the related Mortgage Files of all the
related 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 Sponsor or the Depositor.

            (a)   Upon discovery or receipt of notice by the Depositor, the
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 Originator or the Sponsor of any representation, warranty or
covenant under an Assignment 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 related Originator and the Sponsor of such
defect, missing document or breach and request that the related Originator
deliver such missing document or cure such defect or that the

                                       56
<PAGE>

related Originator or the Sponsor, as applicable, cure such breach within 90
days from the date the related Originator or the Sponsor, as applicable, was
notified of such missing document, defect or breach, and if the related
Originator or Sponsor, as applicable, 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 related Originator or Sponsor, as
applicable, under the related Assignment Agreement (i) to repurchase such
Mortgage Loan from REMIC I at the Purchase Price within 90 days after the date
on which the Sponsor 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 related Originator or Sponsor, as applicable, is
obligated to do so under the related Assignment Agreement. The Purchase Price
for the repurchased Mortgage Loan and any indemnification shall be remitted by
the related Originator or the Sponsor, as applicable, to the Servicer for
deposit into the Collection Account, and the Trust Administrator, upon receipt
of written notice from the Servicer of such deposit, shall give written notice
to the Trustee and the related Custodian that such deposit has taken place and
the Trustee shall release (or cause the related Custodian to release on its
behalf) to the related Originator or the Sponsor, as applicable, 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 related Originator or the Sponsor, as applicable, shall furnish
to it and as shall be necessary to vest in the related Originator or the
Sponsor, as applicable, 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 related
Originator or the Sponsor, as applicable, is not a member of MERS and
repurchases a Mortgage Loan which is registered on the MERS System, the related
Originator or the Sponsor, as applicable, pursuant to the related Assignment
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 related Originator or the Sponsor, as
applicable, 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
related Assignment Agreement the related Originator or the Sponsor, as
applicable, 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 related Originator or the Sponsor, as applicable, 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 related
Assignment Agreement to perform any applicable indemnification obligations with
respect to any such omission, defect or breach, as provided in such Assignment
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)   Notwithstanding anything to the contrary in this Section 2.03,
with respect to any breach by the related Originator or the Sponsor, as
applicable, of any representation and warranty which breach materially and
adversely affects the value of any Prepayment Charge or the interests of the
Certificateholders therein, the Trustee shall enforce the obligation of the
related Originator or the Sponsor, as applicable, to remedy such breach as
provided in the related

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Assignment Agreement as follows: upon any Principal Prepayment with respect to
the affected Mortgage Loan, the related Originator or the Sponsor, as
applicable, shall pay or cause to be paid to the Purchaser the excess, if any,
of (x) the amount of such Prepayment Charge calculated as set forth in the
Mortgage Loan Schedule and (y) the amount collected from the Mortgagor in
respect of such Prepayment Charge.

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

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

            As to any Deleted Mortgage Loan for which the related Originator or
the Sponsor, as applicable, substitutes a Qualified Substitute Mortgage Loan or
Loans, such substitution shall be effected by the related Originator or the
Sponsor, as applicable, delivering to the Trustee (or to the related 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. The
related 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 the related 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 the related Custodian on its behalf shall promptly so notify the
Depositor, the Trust Administrator, the related Originator, the Sponsor and the
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 related Originator or the Sponsor, as applicable. 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 related Originator or the Sponsor, as applicable, 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 related 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 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 related Assignment Agreement
(including all

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applicable representations and warranties thereof included in such Assignment
Agreement), in each case as of the date of substitution.

            For any month in which the related Originator or the Sponsor, as
applicable, substitutes one or more Qualified Substitute Mortgage Loans for one
or more Deleted Mortgage Loans, the 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
related Originator or the Sponsor, as applicable, to deliver or cause to be
delivered, and shall request that such delivery be to the Servicer for deposit
in the Collection Account, an amount equal to the Substitution Shortfall Amount,
if any, and the Trustee (or the related 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 Servicer of such deposit, shall release to
the related Originator or the Sponsor, as applicable, 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 related Originator or the Sponsor, as applicable, shall deliver to it and as
shall be necessary to vest therein any Deleted Mortgage Loan released pursuant
hereto.

            In addition, the related Originator or the Sponsor, as applicable,
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.

            In addition, pursuant to the terms of the related Assignment
Agreement, the related Originator or the Seller, as applicable, 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 the Trust Fund, including without limitation, any
federal tax imposed on "prohibited transactions" under Section 860F(a)(I) of the
Code or on "contributions after the startup date" under Section 860G(d)(I) of
the Code or (b) any REMIC to fail to qualify as a REMIC at any time that any
Certificate is outstanding. If such Opinion of Counsel can not be delivered,
then such substitution may only be effected at such time as the required Opinion
of Counsel can be given.

            (e)   Upon discovery by the Depositor, the 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 Sponsor. In connection therewith, the related
Originator or the Sponsor, as applicable, pursuant to the related Assignment
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

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<PAGE>

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 related Originator or the Sponsor, as applicable, 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 related
Originator or the Sponsor, as applicable, under the related Assignment Agreement
or (iii) 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). The Trustee shall reconvey to the Depositor, the related
Originator or the Sponsor, 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 Originator or the Sponsor for breach of
a representation or warranty.

            SECTION 2.04      [Reserved].

            SECTION 2.05      Representations, Warranties and Covenants of the
                              Servicer.

            (a)   The 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 Servicer is a national banking association duly
            formed, validly existing and in good standing under the laws of the
            United States of America and is duly authorized and qualified to
            transact any and all business contemplated by this Agreement to be
            conducted by the Servicer;

                  (ii) The Servicer has the full power and authority to conduct
            its business as presently conducted by it and to execute, deliver
            and perform, and to enter into and consummate, all transactions
            contemplated by this Agreement. The Servicer has duly authorized the
            execution, delivery and performance of this Agreement, has duly
            executed and delivered this Agreement, and this Agreement, assuming
            the due authorization, execution and delivery thereof by the
            Trustee, the Depositor and the Trust Administrator, constitutes a
            legal, valid and binding obligation of the Servicer, enforceable
            against the Servicer in accordance with its terms except as the
            enforceability thereof may be limited by bankruptcy, insolvency,
            reorganization or similar laws affecting the enforcement of
            creditors' rights generally, laws affecting the contract obligations
            of insured banks and by general principles of equity;

                  (iii) The execution and delivery of this Agreement by the
            Servicer, the servicing of the Mortgage Loans by the Servicer
            hereunder, the consummation by the Servicer 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 Servicer and will not (A) result in a breach of any
            term or provision of the charter of by-laws of the Servicer or (B)
            conflict with, result in a breach, violation or acceleration of, or
            result in a default under, the terms of any

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<PAGE>

            other material agreement or instrument to which the Servicer is a
            party or by which it may be bound, or any statute, order or
            regulation applicable to the Servicer of any court, regulatory body,
            administrative agency or governmental body having jurisdiction over
            the Servicer; and the 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 Servicer's knowledge, would in the
            future materially and adversely affect, (x) the ability of the
            Servicer to perform its obligations under this Agreement, (y) the
            business, operations, financial condition, properties or assets of
            the Servicer taken as a whole or (z) the legality, validity or
            enforceability of this Agreement;

                  (iv) The Servicer is a HUD approved mortgagee pursuant to
            Section 203 and Section 211 of the National Housing Act and is an
            approved seller/servicer for Fannie Mae or Freddie Mac in good
            standing. No event has occurred, including but not limited to a
            change in insurance coverage, that would make the Servicer unable to
            comply with HUD eligibility requirements or that would require
            notification to HUD;

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

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

                  (vii) There are no actions or proceedings against, or
            investigations known to it of, the Servicer before any court,
            administrative or other tribunal (A) that might prohibit its
            entering into this Agreement, (B) seeking to prevent the
            consummation of the transactions contemplated by this Agreement or
            (C) that might prohibit or materially and adversely affect the
            performance by the Servicer of its obligations under, or the
            validity or enforceability of, this Agreement;

                  (viii) No consent, approval, authorization or order of any
            court or governmental agency or body is required for the execution,
            delivery and performance by the Servicer of, or compliance by the
            Servicer with, this Agreement or the consummation by it 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;

            (ix) The Servicer has fully furnished and will continue to fully
      furnish, in accordance with the Fair Credit Reporting Act and its
      implementing regulations, accurate and complete information (e.g.,
      favorable and unfavorable) on its borrower credit files to

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<PAGE>

      Equifax, Experian and Trans Union Credit Information Company or their
      successors (the "Credit Repositories") in a timely manner; and

            (x) The Servicer 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 the related 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 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 and the Trust Administrator. Subject to Section 7.01, the
obligation of the Servicer set forth in Section 2.03(c) to cure breaches shall
constitute the sole remedies against the 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 the related 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,
authenticated and delivered, to or upon the order of the Depositor, the
Certificates in authorized denominations. The interests evidenced by the
Certificates (other than the Class CE Certificates, the Class P Certificates and
the Class R-X Certificates), the Class CE Interest and the Class P Interest
constitute the entire beneficial ownership interest in REMIC II.

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

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

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<PAGE>

Interest, together with the REMIC I Regular Interests, constitute the entire
beneficial ownership interest in REMIC I.

            (b)   The Depositor, concurrently with the execution and delivery
hereof, does hereby transfer, assign, set over and otherwise convey in trust to
the Trustee without recourse all the right, title and interest of the Depositor
in and to the REMIC I Regular Interests (which are uncertificated) for the
benefit of the Holders of the Regular Certificates (other than the Class CE
Certificates and the Class P Certificates), the Class CE Interest, the Class P
Interest and the Class R Certificates (in respect of the Class R-II Interest).
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 the Holders of the Regular Certificates (other than the Class CE Certificates
and the Class P Certificates), the Class CE Interest, the Class P Interest and
the Class R Certificates (in respect of the Class R-II Interest). The interests
evidenced by the Class R-II Interest, together with the Regular Certificates,
the Class CE Interest and the Class P Interest, constitute the entire beneficial
ownership interest in REMIC II.

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

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

            (e) Concurrently with (i) the assignment and delivery to the Trustee
of REMIC I and the acceptance by the Trustee thereof, pursuant to Section 2.01,
Section 2.02 and subsection (a) hereof, (ii) the assignment and delivery to the
Trustee of REMIC II (including the Residual Interest therein represented by the
Class R-II Interest) and the acceptance by the Trustee thereof, pursuant to
Section 2.01, Section 2.02 and subsection (b) hereof, (iii) the assignment and
delivery to the Trustee of REMIC III (including the Residual Interest therein
represented by the Class R-III Interest) and the acceptance by the Trustee
thereof, pursuant to Section 2.01, Section 2.02 and subsection (c) hereof and
(iv) the assignment and delivery to the Trustee of REMIC IV (including the
Residual Interest therein represented by the Class IV Interest) and the
acceptance by the Trustee thereof, pursuant to Section 2.01, Section 2.02 and
subsection (d) hereof, the Trustee, pursuant to the written request of the
Depositor executed by

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<PAGE>

an officer of the Depositor, has executed, authenticated and delivered to or
upon the order of the Depositor, (A) the Class R Certificates in authorized
denominations evidencing the Class R-I Interest and the Class R-II Interest and
(B) the Class R-X Certificates in authorized denominations evidencing the Class
R-III Interest and the Class R-IV Interest.

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<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING
                              OF THE MORTGAGE LOANS

            SECTION 3.01      Servicer to Act as Servicer.

            The 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 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 Servicer, any Sub-Servicer or any
      Affiliate of the Servicer or any Sub-Servicer may have with the related
      Mortgagor;

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

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

            (iv) the 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 Servicer (a) shall seek
the timely and complete recovery of principal and interest on the Mortgage Notes
and (b) shall waive (or permit a Sub-Servicer to waive) a Prepayment Charge only
under the following circumstances: (i) such waiver is standard and customary in
servicing similar Mortgage Loans and such waiver relates to a default or a
reasonably foreseeable default and would, in the reasonable judgment of the
Servicer, maximize recovery of total proceeds taking into account the value of
such Prepayment Charge and the related Mortgage Loan, (ii) the collection of
such Prepayment Charge would be in violation of applicable laws or (iii) the
amount of the Prepayment Charge set forth on the Prepayment Charge Schedule is
not consistent with the related Mortgage Note or is otherwise unenforceable. If
a Prepayment Charge is waived as permitted by meeting the standard described in
clauses (ii) or (iii) above, then, the Trustee shall make commercially
reasonable efforts to attempt to enforce the obligations of the related
Originator under the Master Agreement to pay the amount of such waived
Prepayment Charge, for the benefit of the Holders of the Class P Certificates;
provided, however, that the Trustee shall not be under any obligation to take
any action pursuant to this paragraph unless directed by the Depositor and
provided, further, the Depositor hereby agrees to assist the Trustee in
enforcing any obligations of any Originator to repurchase or substitute for a
Mortgage Loan which has breached a representation or warranty under the related
Assignment Agreement. If the Trustee makes a good faith determination as
evidenced by an officer's certificate delivered by the Trustee to the Trust
Administrator, that the Servicer's efforts are not reasonably expected to be
successful in enforcing such rights, it shall

                                       65
<PAGE>

notify the Trust Administrator of such failure and the Trust Administrator, with
the cooperation of the Servicer, shall enforce the obligation of the related
Originator under the Master Agreement to pay to the Servicer the amount of such
waived Prepayment Charge. If such Originator fails to pay the amount of such
waived Prepayment Charge in accordance with its obligations under the related
Master Agreement, the Trustee, Trust Administrator, the Servicer and the
Depositor shall consult on further actions to be taken against such Originator.
Notwithstanding the foregoing, to the extent that the Trustee and the related
Originator are the same entity, the Trust Administrator shall enforce the
obligations of the related Originator under the related Master Agreement
pursuant to the terms of this paragraph.

            To the extent consistent with the foregoing, the 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 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 Servicer in its
own name or in the name of a Sub-Servicer is hereby authorized and empowered by
the Trustee when the 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 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 Servicer shall also comply in the performance of
this Agreement with all reasonable rules and requirements of any standard hazard
insurance policy. Subject to Section 3.17, the Trustee shall execute, at the
written request of the Servicer, and furnish to the Servicer and any
Sub-Servicer such documents as are necessary or appropriate to enable the
Servicer or any Sub-Servicer to carry out their servicing and administrative
duties hereunder, and the Trustee hereby grants to the Servicer a power of
attorney to carry out such duties. The Trustee shall not be liable for the
actions of the Servicer or any Sub-Servicers under such powers of attorney.

            In accordance with the standards of the preceding paragraph, the
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
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 provided, however, that (subject to Section 3.07) the Servicer may
capitalize the amount of any Servicing Advances incurred pursuant to this
Section 3.01 in connection with the modification of a Mortgage Loan.

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<PAGE>

            The 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 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 Servicer, such default is reasonably foreseeable, incurred in
connection with the actions described in the preceding sentence, shall be
subject to withdrawal by the Servicer from the Collection Account.

            Notwithstanding anything in this Agreement to the contrary, the
Servicer may not make any future advances with respect to a Mortgage Loan
(except as provided in Section 4.03) and the 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 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 Servicer may delegate its responsibilities under this Agreement;
provided, however, that no such delegation shall release the Servicer from the
responsibilities or liabilities arising under this Agreement.

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

            (a)   The 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; provided, however,
such sub-servicing arrangement and the terms of the related Sub-Subservicing
Agreement must provide for the servicing of Mortgage Loans in a manner
consistent with the servicing arrangement contemplated hereunder.

            (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 and (ii) a Freddie Mac or Fannie Mae approved

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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 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 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 Servicer, are conclusively
deemed to be inconsistent with this Agreement and therefore prohibited. The
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 Servicer's execution and delivery of such instruments.

            (c)   As part of its servicing activities hereunder, the 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, including,
without limitation, any obligation to make advances in respect of delinquent
payments as required by a Sub-Servicing Agreement. 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
Servicer, in its good faith business judgment, would require were it the owner
of the related Mortgage Loans. The 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 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 Servicer without any act or deed on the part of such Sub-Servicer or the
Servicer, and the 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 shall include the provision that such
agreement may be immediately terminated by the Trustee or the Trust
Administrator without fee, in

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accordance with the terms of this Agreement, in the event that the Servicer
shall, for any reason, no longer be the Servicer (including termination due to a
Servicer Event of Default).

            SECTION 3.04      Liability of the Servicer.

            Notwithstanding any Sub-Servicing Agreement, any of the provisions
of this Agreement relating to agreements or arrangements between the Servicer
and a Sub-Servicer or reference to actions taken through a Sub-Servicer or
otherwise, the 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
Servicer alone were servicing and administering the Mortgage Loans. The Servicer
shall be entitled to enter into any agreement with a Sub- Servicer for
indemnification of the 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
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 Servicer shall be solely liable for all
fees owed by it to any Sub-Servicer, irrespective of whether the Servicer's
compensation pursuant to this Agreement is sufficient to pay such fees.

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

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

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<PAGE>

            The Servicer at its expense shall, upon request of the Trust
Administrator, 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 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 applicable insurance policies, follow such collection
procedures as it would follow with respect to mortgage loans comparable to the
Mortgage Loans and held for its own account. Consistent with the foregoing and
the servicing standards set forth in Section 3.01, the Servicer may in its
discretion (i) waive any late payment charge or, if applicable, penalty interest
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 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 Servicer, such default is reasonably foreseeable, the
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 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); provided, however, the Servicer
shall not modify any Mortgage Loan in a manner that would capitalize the amount
of any unpaid Monthly Payments or tax or insurance payments advanced by the
Servicer on the Mortgagor's behalf unless the related Mortgagor shall have
remitted an amount equal to a full Monthly Payment (or, in the case of any
Mortgage Loan subject to a forbearance plan or bankruptcy plan, a full modified
monthly payment under such plan) in each of the three calendar months
immediately preceding the month of such modification.

            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. The Sub-Servicer shall deposit in the Sub-Servicing Account, in no
event more than two Business Days after the Sub-Servicer's receipt thereof, all
proceeds of Mortgage

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Loans received by the Sub-Servicer less its servicing compensation to the extent
permitted by the Sub-Servicing Agreement. The Sub-Servicer shall thereafter
remit such proceeds to the Servicer for deposit in the Collection Account not
later than two Business Days after the deposit of such amounts in the
Sub-Servicing Account. For purposes of this Agreement, the 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.

            To the extent the terms of a Mortgage provide for Escrow Payments,
the Servicer shall 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 taxes, assessments, fire, flood, and
hazard insurance premiums, hazard insurance proceeds (to the extent such amounts
are to be applied to the restoration or repair of the property) and comparable
items for the account of the Mortgagors ("Escrow Payments") shall be deposited
and retained. Servicing Accounts shall be Eligible Accounts. The Servicer shall
deposit in the Servicing Accounts on a daily basis and in no event later than
the second Business Day after receipt, and retain therein, all Escrow Payments
collected on account of the Mortgage Loans, for the purpose of effecting the
timely 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
timely payment of taxes, assessments, fire, flood, and hazard insurance
premiums, and comparable items; (ii) reimburse the Servicer 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 fire, flood and 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; or (v) clear and terminate the Servicing
Account at the termination of the Servicer's obligations and responsibilities in
respect of the Mortgage Loans under this Agreement in accordance with Article
IX. As part of its servicing duties, the Servicer 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. Notwithstanding the foregoing, the Servicer shall not be
obligated to collect Escrow Payments if the related Mortgage Loan does not
require such payments but the Servicer shall nevertheless be obligated to make
Servicing Advances as provided in Section 3.01. In the event the Servicer shall
deposit in the Servicing Accounts any amount not required to be deposited
therein, it may at any time withdraw such amount from the Servicing Accounts,
any provision to the contrary notwithstanding.

            To the extent that a Mortgage does not provide for Escrow Payments,
the Servicer (i) shall determine whether any such payments are made by the
Mortgagor in a manner and at a time that is necessary to avoid the loss of the
Mortgaged Property due to a tax sale or the foreclosure as a result of a tax
lien and (ii) shall ensure that all insurance required to be maintained on the
Mortgaged Property pursuant to this Agreement is maintained. If any such payment
has not been made and the Servicer receives notice of a tax lien with respect to
the Mortgage Loan being imposed, the Servicer will, to the extent required to
avoid loss of the Mortgaged Property, advance or cause to be advanced funds
necessary to discharge such lien on the Mortgaged Property. The Servicer assumes
full responsibility for the payment of all such

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bills and shall effect payments of all such bills irrespective of the
Mortgagor's faithful performance in the payment of same or the making of the
Escrow Payments and shall make Servicing Advances from its own funds to effect
such payments.

            SECTION 3.10      Collection Account and Distribution Account.

            (a)   On behalf of the Trust Fund, the 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 Trust
Administrator, the Trustee and the Certificateholders. On behalf of the Trust
Fund, the 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 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 (but not Prepayment Charges), on the Mortgage Loans;

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

            (iii) all Insurance Proceeds and Liquidation Proceeds (other than
      proceeds collected in respect of any particular REO Property and amounts
      paid by the 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 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 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; and

            (viii) all Prepayment Charges collected by the Servicer and any
      Servicer Prepayment Charge Payment Amounts in connection with the
      Principal Prepayment of any of the Mortgage Loans.

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<PAGE>

            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 (other than Prepayment Charges) need not be deposited by the
Servicer in the Collection Account. In the event the Servicer shall deposit in
the Collection Account any amount not required to be deposited therein, it may
at any time withdraw such amount from the Collection Account, any provision
herein to the contrary notwithstanding.

            (b)   On behalf of the Trust Fund, the Trust Administrator, as agent
for the Trustee, 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 Servicer shall deliver to the Trust Administrator in immediately available
funds for deposit in the Distribution Account on or before 4:00 p.m. New York
time (i) on the Servicer Remittance Date, that portion of the Available
Distribution Amount (calculated without regard to the subtraction therefrom of
the Credit Risk Manager Fee) for the related Distribution Date then on deposit
in the Collection Account, the amount of all Prepayment Charges collected during
the applicable Prepayment Period by the Servicer and Servicer Prepayment Charge
Payment Amounts in connection with the Principal Prepayment of any of the
Mortgage Loans 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 Servicer shall, on or
before 4:00 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 Servicer, the Trustee, the Trust Administrator, the Sponsor 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 Servicer shall give notice to the Trustee, the Trust
Administrator and the Depositor of the location of the Collection Account
maintained by it when established and prior to any change thereof. The Trust
Administrator shall give notice to the Servicer, the Trustee 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 Servicer to 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 Trust Administrator shall have the sole
authority to withdraw any funds held pursuant to this subsection (d). In the
event the Servicer shall deliver to

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<PAGE>

the Trust Administrator for deposit in the Distribution Account any amount not
required to be deposited therein, it may at any time request that the Trust
Administrator withdraw such amount from the Distribution Account and remit to it
any such amount, any provision herein to the contrary notwithstanding. In
addition, the Servicer shall deliver to the Trust Administrator from time to
time for deposit, and upon written notification from the Servicer, the Trust
Administrator 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 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
Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source,
the Trust Administrator shall deposit such funds in the Distribution Account,
subject to withdrawal thereof as permitted hereunder.

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

            (iii) subject to Section 3.16(d), to pay the Servicer or any
      Sub-Servicer (A) any unpaid Servicing Fees, (B) any unreimbursed Servicing
      Advances with respect to each Mortgage Loan, but only to the extent of any
      Liquidation Proceeds, Insurance Proceeds

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<PAGE>

      or other amounts as may be collected by the Servicer from a Mortgagor, or
      otherwise received with respect to such Mortgage Loan and (C) without
      limiting any right of withdrawal set forth in clause (vi) below, any
      Servicing Advances made with respect to a Mortgage Loan that, following
      the final liquidation of a Mortgage Loan are Nonrecoverable Advances, 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 Servicer or any Sub-Servicer for such
      Servicing Advances;

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

            (v) to pay to the Servicer, the Depositor or the Sponsor, 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 Servicer for any P&I Advance or Servicing
      Advance previously made which the Servicer has determined to be a
      Nonrecoverable Advance in accordance with the provisions of Section 4.03;

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

            (viii) to reimburse the 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) [reserved];

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

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

            The 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 Servicer shall provide written notification to the Trustee and the Trust
Administrator, on or prior to the next succeeding Servicer Remittance Date, upon
making any withdrawals from the Collection Account pursuant to subclause (vii)
above.

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

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            (i) to make distributions to the Cap Account in accordance with
      Section 4.08;

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

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

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

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

            (vi) to pay any Extraordinary Trust Fund Expenses;

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

            (viii) to pay the Credit Risk Manager the Credit Risk Manager Fee;
      and

            (ix) 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 Servicer may direct any depository institution maintaining
the Collection Account (for purposes of this Section 3.12, an "Investment
Account"), and the Trust Administrator may at the direction of the Depositor
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 Trust Administrator 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 Trust Administrator 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:

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<PAGE>

            (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 Servicer, shall
be for the benefit of the Servicer and shall be subject to its withdrawal in
accordance with Section 3.11. The 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 Trust
Administrator, shall be for the benefit of the Trust Administrator and shall be
subject to its withdrawal at any time. The Trust Administrator 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 Trust Administrator 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      [Reserved].

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

            (a) The terms of each Mortgage Note require the related Mortgagor to
maintain fire, flood and hazard insurance policies. To the extent such policies
are not maintained, the Servicer shall cause to be maintained for each Mortgaged
Property fire and hazard insurance with extended coverage as is customary in the
area where the Mortgaged Property is located in an amount which is at least
equal to the lesser of the current principal balance of such Mortgage Loan and
the amount necessary to fully compensate for any damage or loss to the
improvements which are a part of such property on a replacement cost basis, 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 Servicer shall also cause to be maintained fire and hazard insurance
on each REO Property with extended coverage as is customary in the area

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where the Mortgaged Property is located 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. The 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
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
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 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; provided,
however, that the Servicer may capitalize the amount of any Servicing Advances
incurred pursuant to this Section 3.14 in connection with the modification of a
Mortgage Loan. 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
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 Servicer shall obtain and maintain a blanket
policy with an insurer having a General Policy Rating of B:VI or better in
Best's Key Rating Guide insuring against hazard losses on all of the Mortgage
Loans, 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
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 Servicer agrees to prepare
and present, on behalf of itself, the Trustee, the Trust Fund and the
Certificateholders, claims under any such blanket policy in a timely fashion in
accordance with the terms of such policy.

            (b) The 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 its respective 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 Servicer, has obtained a waiver of such requirements
from Fannie Mae or Freddie Mac. The Servicer shall each also maintain a fidelity
bond in the form and amount that would meet the requirements of Fannie Mae or
Freddie Mac, unless the Servicer, has obtained a waiver of such requirements
from

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Fannie Mae or Freddie Mac. The Servicer shall be deemed to have complied with
this provision if an Affiliate of the 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 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 and the
Trust Administrator.

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

            The 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
Servicer shall not exercise any such rights if prohibited by law from doing so.
If the 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 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 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 then current underwriting criteria of the Servicer for mortgage
loans similar to the Mortgage Loans. In connection with any assumption or
substitution, the 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 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 hazard insurance policy. Any fee collected by
the Servicer in respect of an assumption or substitution of liability agreement
will be retained by the 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 Servicer shall notify the Trustee and the
Trust Administrator that any such substitution or assumption agreement has been
completed by forwarding to the Trust Administrator on behalf of 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.

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            Notwithstanding the foregoing paragraph or any other provision of
this Agreement, the Servicer shall not be deemed to be in default, breach or any
other violation of its obligations hereunder by reason of any assumption of a
Mortgage Loan by operation of law or by the terms of the Mortgage Note or any
assumption which the 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 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 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 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
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 Servicer has received actual notice of, or has actual knowledge of,
the presence of any toxic or hazardous substance on the related Mortgaged
Property, the Servicer shall not, 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 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 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

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            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 3.16 shall be advanced by the Servicer, subject to the Servicer's right
to be reimbursed therefor from the Collection Account as provided in Section
3.11(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 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 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 Servicer, subject to the
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 Servicer shall have the right to purchase from REMIC I any
defaulted Mortgage Loan that is 90 days or more delinquent, which the 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 Trust Administrator, upon
receipt of written certification from the Servicer of such deposit, shall
release or cause to be released to the Servicer the related Mortgage File and
the Trust Administrator, upon receipt of written certification from the Servicer
of such deposit, shall execute and deliver such instruments of transfer or
assignment, in each case without recourse, as the Servicer shall furnish and as
shall be necessary to vest in the 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
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 Servicer as follows: first, to unpaid
Servicing Fees; and second, to the balance of

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the interest then due and owing. The portion of the recovery so allocated to
unpaid Servicing Fees shall be reimbursed to the 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 Servicer of a notification that payment in full shall be escrowed in a
manner customary for such purposes, the Servicer will immediately notify the
related Custodian, on behalf of the Trustee, by a Request for Release 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 related Custodian, on behalf of the Trustee, deliver to it the Mortgage
File. Upon receipt of such certification and request, the related Custodian, on
behalf of the Trustee, shall promptly release the related Mortgage File to the
Servicer, and the Servicer is authorized to cause the removal from the
registration on the MERS(R) 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 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 insurance policy relating to the Mortgage Loans, the related Custodian, on
behalf of the Trustee, shall, upon request of the Servicer and delivery to the
related Custodian and the Trustee of a Request for Release in the form of
Exhibit E, release the related Mortgage File to the Servicer, and the related
Custodian, on behalf of the Trustee, shall, at the direction of the Servicer,
execute such documents as shall be necessary to the prosecution of any such
proceedings. Such Request for Release shall obligate the Servicer to return each
and every document previously requested from the Mortgage File to the related
Custodian when the need therefor by the 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 Servicer has delivered to the
related 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
related Custodian, on behalf of the Trustee, to the Servicer.

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            (c) Upon written certification of a Servicing Officer, the Trustee
shall execute and deliver to the 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 Servicer hereunder, the
Servicer shall be entitled to the Servicing Fee 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 Servicer shall be entitled to recover
unpaid Servicing Fees out of Insurance Proceeds or Liquidation Proceeds to the
extent permitted by Section 3.11(a)(iii)(A) and out of amounts derived from the
operation and sale of an REO Property to the extent permitted by Section 3.23.
The right to receive the Servicing Fee may not be transferred in whole or in
part except in connection with the transfer of all of the 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 (other than Prepayment
Charges) shall be retained by the Servicer (subject to Section 3.24) only to the
extent such fees or charges are received by the Servicer. The 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 Servicer shall be
required to pay all expenses incurred by it in connection with its servicing
activities hereunder (including 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
Servicer shall forward to the Trust Administrator, upon the request of the Trust
Administrator, a statement prepared by the 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

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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
any Certificateholder and to any Person identified to the Trust Administrator 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 Servicer to
the Trust Administrator.

            SECTION 3.20      Statement as to Compliance.

            The Servicer shall deliver to 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 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 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 Servicer shall deliver, or cause any Sub-Servicer to deliver, a
similar Annual Statement of Compliance by any Sub-Servicer to which the Servicer
has delegated any servicing responsibilites with respect to the Mortgage Loans,
to the Trust Administrator as described above as and when required with respect
to the Servicer.

            If the Servicer cannot deliver the related Annual Statement of
Compliance by March 15th of such year, the Trust Administrator, at its sole
option, may permit a cure period for the Servicer to deliver such Annual
Statement of Compliance, but in no event later than March 20th of such year.

            Failure of the Servicer to timely comply with this Section 3.20,
which continues unremedied for ten (10) calendar days after the date on which
the Annual Statement of Compliance was required to be delivered, shall be deemed
an Event of Default, and upon the receipt of written notice from the Trust
Administrator of such Event of Default, the Trustee may at the direction of the
Depositor, 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 Servicer under this Agreement and in and to the Mortgage
Loans and the proceeds thereof without compensating the Servicer for the same;
PROVIDED that to the extent that any provision of this Agreement expressly
provides for the survival of certain rights or obligations following termination
of the Servicer, such provision shall be given effect. This paragraph shall
supercede any other provision in this Agreement or any other agreement to the
contrary.

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

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            SECTION 3.21      Assessments of Compliance and Attestation Reports.

            (a) The 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 Servicer shall deliver to 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
      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 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 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; and

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

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

            (b) The Servicer shall, or shall cause any Sub-Servicer and each
subcontractor determined by the 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 Servicer cannot deliver any Assessment of Compliance or
Attestation Report by March 1st of such year, the Trust Administrator, at its
sole option, may permit a cure period for the Servicer to deliver such
Assessment of Compliance or Attestation Report, but in no event later than March
15th of such year.

            Failure of the Servicer to timely comply with this Section 3.21
shall be deemed a Servicer Event of Default, and upon the receipt of written
notice from the Trust Administrator of such Event of Default, the Trustee at the
direction of the Depositor may, in addition to whatever

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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 Servicer under this
Agreement and in and to the Mortgage Loans and the proceeds thereof without
compensating the Servicer for the same; provided, however, the Depositor shall
not be entitled to instruct the Trustee to terminate the rights and obligations
of the Servicer pursuant to clause (iii) above if a failure of the Servicer to
identify a subcontractor "participating in the servicing function" within the
meaning of Item 1122 of Regulation AB was attributable solely to the role or
functions of such subcontractor with respect to mortgage loans other than the
Mortgage Loans. 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 Servicer shall indemnify and hold harmless the Depositor and the
Trust Administrator and their officers, directors and Affiliates from and
against any actual losses, damages, penalties, fines, forfeitures, reasonable
and necessary legal fees and related costs, judgments and other costs and
expenses that such Person may sustain based upon a breach of the 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.

            SECTION 3.22      Access to Certain Documentation.

            The 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 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 Servicer as a prospective
transferee of a Certificate subject to the execution of a confidentiality
agreement in form and substance satisfactory to the servicer, upon reasonable
request during normal business hours at the offices of the Servicer designated
by it at the expense of the Person requesting such access. Nothing in this
Section 3.22 shall derogate from the obligation of any such party to observe any
applicable law prohibiting disclosure of information regarding the Mortgagors
and the failure of any such party to provide access as provided in this Section
as a result of such obligation shall not constitute a breach of this Section
3.22.

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            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 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 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 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 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 Servicer shall be permitted to allow the Collection
Account to serve as the REO Account, subject to separate ledgers for each REO
Property. The Servicer shall be entitled to retain or withdraw any interest
income paid on funds deposited in the REO Account.

            (c) The 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 Servicer manages and operates similar property owned by the
Servicer or any of its Affiliates, all on such terms and for such period as the
Servicer deems to be in the best interests of Certificateholders. In connection
therewith, the 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 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;

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            (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 Servicer
shall advance from its own funds such amount as is necessary for such purposes
if, but only if, the Servicer would make such advances if the Servicer owned the
REO Property and if in the 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 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 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 Servicer may take such actions
as are specified in such Opinion of Counsel.

            The 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 Servicer as soon as

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<PAGE>

      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 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 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 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 Servicer by such Independent
Contractor, and nothing in this Agreement shall be deemed to limit or modify
such indemnification. The Servicer shall be solely liable for all fees owed by
it to any such Independent Contractor, irrespective of whether the 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 Servicer may from time to time make withdrawals from the REO Account for any
REO Property: (i) to pay itself or any Sub-Servicer unpaid Servicing Fees in
respect of the related Mortgage Loan; and (ii) to reimburse itself or any
Sub-Servicer for unreimbursed Servicing Advances and P&I Advances made in
respect of such REO Property or the related Mortgage Loan. Any income from the
related REO Property received during any calendar months prior to a Final
Recovery Determination, net of any withdrawals made pursuant to Section 3.23(c)
or this Section 3.23(d), shall be withdrawn by the Servicer from each REO
Account maintained by it and remitted to the Trust Administrator for deposit
into the Distribution Account in accordance with Section 3.10(d)(ii) on the
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 Servicer at such
price and upon such terms and conditions as the 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 Servicer or any Sub-Servicer as
provided above, shall be remitted to the Trust Administrator for deposit in the
Distribution Account in accordance with Section 3.10(d)(ii) on the 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

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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 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 Servicer in Respect of
                              Prepayment Interest Shortfalls.

            The Servicer shall deliver to the Trust Administrator for deposit
into the Distribution Account on or before 3:00 p.m. New York time on the
Servicer Remittance Date from its own funds (or from a Sub-Servicer's own funds
received by the 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 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
Mortgage Rates, Monthly Payments or Stated Principal Balances that were made by
the Servicer in a manner not consistent with the terms of the related Mortgage
Note and this Agreement, the Servicer, upon discovery or receipt of notice
thereof, immediately shall deliver to the Trust Administrator 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 servicer in respect of any such
liability. Such indemnities shall survive the termination or discharge of this
Agreement. If amounts paid by the Servicer with respect to any Mortgage Loan
pursuant to this Section 3.25 are subsequently recovered from the related
Mortgagor, the Servicer shall be permitted to reimburse itself for such amounts
paid by it pursuant to this Section 3.25 from such recoveries.

             SECTION 3.26      Advance Facility.

            (a)         Either (i) the Servicer or (ii) the Trust Administrator,
on behalf of the Trust Fund, with the consent of and at the direction of the
Servicer, is hereby authorized to enter into a facility with any Person which
provides that such Person (an "Advancing Person") may fund P&I Advances and/or
Servicing Advances to the Trust Fund under this Agreement, although no such
facility shall reduce or otherwise affect the Servicer's obligation to fund such
P&I Advances and/or Servicing Advances. If the Servicer enters into such an
Advance Facility pursuant to this Section 3.26, upon reasonable request of the
Advancing Person, the Trust Administrator shall execute a letter of
acknowledgment, confirming its receipt of notice of the

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existence of such Advance Facility. If the Trust Administrator enters into such
an Advance Facility pursuant to this Section 3.26, the Servicer shall also be a
party to such Advance Facility. To the extent that an Advancing Person funds any
P&I Advance or any Servicing Advance and provides the Trust Administrator with
notice acknowledged by the Servicer that such Advancing Person is entitled to
reimbursement, such Advancing Person shall be entitled to receive reimbursement
pursuant to this Agreement for such amount to the extent provided in Section
3.26(b). Such notice from the Advancing Person must specify the amount of the
reimbursement, the Section of this Agreement that permits the applicable P&I
Advance or Servicing Advance to be reimbursed and the section(s) of the Advance
Facility that entitle the Advancing Person to request reimbursement from the
Trust Administrator, rather than the Servicer, and include the Servicer's
acknowledgment thereto or proof of an Event of Default under the Advance
Facility. The Trust Administrator shall have no duty or liability with respect
to any calculation of any reimbursement to be paid to an Advancing Person and
shall be entitled to rely without independent investigation on the Advancing
Person's notice provided pursuant to this Section 3.26. An Advancing Person
whose obligations hereunder are limited to the funding of P&I Advances and/or
Servicing Advances shall not be required to meet the qualifications of a
Servicer or a Sub-Servicer pursuant to Section 3.02 hereof and will not be
deemed to be a Sub-Servicer under this Agreement.

            (b) If an advancing facility is entered into, then the Servicer
shall not be permitted to reimburse itself therefor under Section 3.11(a)(ii),
Section 3.11(a)(iii) and Section 3.11(a)(vi) prior to the remittance to the
Trust Fund, but instead the Servicer shall include such amounts in the
applicable remittance to the Trust Administrator made pursuant to Section
3.11(a). The Trust Administrator is hereby authorized to pay to the Advancing
Person, reimbursements for P&I Advances and Servicing Advances from the
Distribution Account to the same extent the Servicer would have been permitted
to reimburse itself for such P&I Advances and/or Servicing Advances in
accordance with Section 3.11(a)(ii), Section 3.11(a)(iii) and Section
3.11(a)(vi), as the case may be, had the Servicer itself funded such P&I Advance
or Servicing Advance. The Trust Administrator is hereby authorized to pay
directly to the Advancing Person such portion of the Servicing Fee as the
parties to any advancing facility agree in writing.

            (c) All P&I Advances and Servicing Advances made pursuant to the
terms of this Agreement shall be deemed made and shall be reimbursed on a "first
in-first out" (FIFO) basis.

            (d) Any amendment to this Section 3.26 or to any other provision of
this Agreement that may be necessary or appropriate to effect the terms of an
Advance Facility as described generally in this Section 3.26, including
amendments to add provisions relating to a successor servicer, may be entered
into by the Trustee, the Trust Administrator and the Servicer without the
consent of any Certificateholder, notwithstanding anything to the contrary in
this Agreement.

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                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

            SECTION 4.01      Distributions.

            (a) (1) On each Distribution Date, the Trust Administrator shall,
first, withdraw from the Distribution Account an amount equal to the Credit Risk
Manager Fee for such Distribution Date and shall pay such amount to the Credit
Risk Manager and, second, withdraw from the Distribution Account an amount equal
to the Available Distribution Amount for such Distribution Date and shall
distribute the following amounts, in the following order of priority:

            (I) On each Distribution Date, the Interest Remittance Amount shall
be distributed to the Certificateholders in the following order of priority:

            (i) Concurrently, to the Holders of the Class A Certificates (on a
      pro rata basis based on the entitlement of each such class), the Senior
      Interest Distribution Amount allocable to the Class A Certificates; and

            (ii) sequentially, to the holders of the Class M-1, Class M-2, Class
      M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9,
      Class M-10 and Class M-11 Certificates, in that order, in an amount equal
      to the Interest Distribution Amount for each such class.

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

            (i) to the Holders of the Class A Certificates (allocated among the
      classes of Class A Certificates in the priority described below), until
      the Certificate Principal Balance thereof has been reduced to zero; and

            (ii) sequentially, to the holders of the Class M-1, Class M-2, Class
      M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9,
      Class M-10 and Class M-11 Certificates, in that order, in each case, until
      the Certificate Principal Balance of each such class has been reduced to
      zero..

            (III) On each Distribution Date (a) prior to the Stepdown Date or
(b) on which a Trigger Event is in effect, the Principal Distribution Amount
remaining undistributed for such Distribution Date shall be distributed
sequentially to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class
M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in
that order, in each case, until the Certificate Principal Balance of such Class
has been reduced to zero.

            (IV) On each Distribution Date (a) on or after the Stepdown Date and
(b) on which a Trigger Event is not in effect, the Principal Distribution Amount
shall be distributed in the following order of priority:

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<PAGE>

            (i) to the Holders of the Class A Certificates (in the priority
      described below), the Senior Principal Distribution Amount, until the
      Certificate Principal Balances of such Classes have been reduced to zero;
      and

            (ii) to the Holders of the Class M-1 Certificates, the Class M-1
      Principal Distribution Amount, until the Certificate Principal Balance
      thereof has been reduced to zero;

            (iii) to the Holders of the Class M-2 Certificates, the Class M-2
      Principal Distribution Amount, until the Certificate Principal Balance
      thereof has been reduced to zero;

            (iv) to the Holders of the Class M-3 Certificates, the Class M-3
      Principal Distribution Amount, until the Certificate Principal Balance
      thereof has been reduced to zero;

            (v) to the Holders of the Class M-4 Certificates, the Class M-4
      Principal Distribution Amount, until the Certificate Principal Balance
      thereof has been reduced to zero;

            (vi) to the Holders of the Class M-5 Certificates, the Class M-5
      Principal Distribution Amount, until the Certificate Principal Balance
      thereof has been reduced to zero;

            (vii) to the Holders of the Class M-6 Certificates, the Class M-6
      Principal Distribution Amount, until the Certificate Principal Balance
      thereof has been reduced to zero;

            (viii) to the Holders of the Class M-7 Certificates, the Class M-7
      Principal Distribution Amount, until the Certificate Principal Balance
      thereof has been reduced to zero;

            (ix) to the Holders of the Class M-8 Certificates, the Class M-8
      Principal Distribution Amount, until the Certificate Principal Balance
      thereof has been reduced to zero;

            (x) to the Holders of the Class M-9 Certificates, the Class M-9
      Principal Distribution Amount, until the Certificate Principal Balance
      thereof has been reduced to zero;

            (xi) to the Holders of the Class M-10 Certificates, the Class M-10
      Principal Distribution Amount, until the Certificate Principal Balance
      thereof has been reduced to zero; and

            (xii) to the Holders of the Class M-11 Certificates, the Class M-11
      Principal Distribution Amount, until the Certificate Principal Balance
      thereof has been reduced to zero.

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            (3) On each Distribution Date, the Net Monthly Excess Cashflow shall
be distributed by the Trust Administrator as follows:

            (i) to the Holders of the Class or Classes of Certificates then
      entitled to receive distributions in respect of principal, as part of the
      Principal Distribution Amount in an amount equal to the
      Overcollateralization Increase Amount for the Certificates, without taking
      into account amounts, if any, received under the cap contract,
      distributable as part of the Principal Distribution Amount;

            (ii) sequentially, to the Holders of the Class M-1, Class M-2, Class
      M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9,
      Class M-10 and Class M-11 Certificates, in that order, in each case, in an
      amount equal to the Interest Carry Forward Amount allocable to such Class
      of Certificates;

            (iii) sequentially to the Holders of the Class M-1, Class M-2, Class
      M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9,
      Class M-10 and Class M-11 Certificates, in that order, in each case up to
      the related Allocated Realized Loss Amount related to each such Class of
      Certificates for such Distribution Date;

            (iv) to the Net WAC Rate Carryover Reserve Account, any Net WAC Rate
      Carryover Amounts for the Floating Rate Certificates, without taking into
      account amount, if any, received under the cap contract for such
      Distribution Date;

            (v) to reimburse the Servicer for the amount of any P&I Advances or
      Servicing Advances added to the unpaid principal balance of a Mortgage
      Loan pursuant to a capitalization modification permitted in accordance
      with the proviso in the last sentence of Section 3.07 (it being understood
      that with respect to any P&I Advances or Servicing Advances outstanding on
      any modified Mortgage Loan that was modified pursuant to any modification
      of a kind not contemplated and permitted by such proviso, then such
      advances shall only be reimbursable as provided in clauses (ii), (iii) and
      (vi) of Section 3.11(a));

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

            (vii) to the Holders of the Class R Certificates, any remaining
      amounts; provided that if such Distribution Date is the Distribution Date
      immediately following the expiration of the latest Prepayment Charge term
      on a Mortgage Loan as identified on the Mortgage Loan Schedule or any
      Distribution Date thereafter, then any such remaining amounts will be
      distributed first, to the Holders of the Class P Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; and
      second, to the Holders of the Class R Certificates.

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<PAGE>

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

            (i) concurrently, to the Class A Certificates, on a pro rata basis
      based on the Certificate Principal Balance for each such Class prior to
      any distributions of principal on such Distribution Date and then on a PRO
      RATA basis based on any remaining Net WAC Rate Carryover Amount for each
      such Class; and

            (ii) sequentially, to the Class M-1, Class M-2, Class M-3, Class
      M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and
      Class M-11 Certificates, in that order, the related Net WAC Rate Carryover
      Amount.

            (5) On each Distribution Date, after making the distributions of the
Available Distribution Amount, Net Montly Excess Cashflow and amounts on the
deposit in the Net WAC Rate Carryover Reserve Account as set forth above, the
Trust Administrator, in its capacity as Cap Administrator, shall distribute the
amount on deposit in the Cap Account as follows:

            (i) concurrently, to each Class of Class A Certificates, the related
      Senior Interest Distribution Amount remaining undistributed after the
      distributions of the Interest Remittance Amount, on a PRO rata basis based
      on such respective remaining Senior Interest Distribution Amount;

            (ii) to the Holders of the Class or Classes of Certificates then
      entitled to receive distributions in respect of principal, in an amount
      equal to the difference between (x) the Overcollateralization Deficiency
      Amount, if any, and (y) the amount distributed pursuant to Section
      4.01(d)(i) of this Agreement;

            (iii) sequentially, to the Class M-1, Class M-2, Class M-3, Class
      M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and
      Class M-11 Certificates, in that order, the related Interest Distribution
      Amount and Interest Carry Forward Amount, to the extent remaining
      undistributed after the distributions of the Interest Remittance Amount
      and the Net Monthly Excess Cashflow; (iv) sequentially to the Class M-1,
      Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class
      M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that order, in
      each case up to the related Allocated Realized Loss Amount related to such
      Certificates for such Distribution Date remaining undistributed after
      distribution of the Net Monthly Excess Cashflow;

            (v) concurrently, to each Class of Class A Certificates, the related
      Net WAC Rate Carryover Amount remaining unpaid after distributions from
      the Net WAC Rate Carryover Reserve Account, on a PRO RATA basis based on
      the Certificate Principal Balance for each such Class prior to any
      distributions of principal on such Distribution

                                       95
<PAGE>

      Date and then on a PRO RATA basis based on such respective remaining Net
      WAC Rate Carryover Amounts; and

            (vi) sequentially, to the Class M-1, Class M-2, Class M-3, Class
      M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and
      Class M-11 Certificates, in that order, the related Net WAC Rate Carryover
      Amount remaining unpaid after distributions from the Net WAC Rate
      Carryover Reserve Account.

            (6) On each Distribution Date, the following amounts, in the
following order of priority, shall be distributed by REMIC I to REMIC II on
account of the REMIC I Regular Interests or withdrawn from the Distribution
Account and distributed to the holders of the Class R-I Interest, as the case
may be:

            (i) to Holders of REMIC Regular Interest I-LTAA, REMIC I Regular
      Interest I-LTA1A, REMIC I Regular Interest I-LTA1B, REMIC I Regular
      Interest I-LTA1C, REMIC I Regular Interest I-LTA1D, REMIC I Regular
      Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest
      I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5,
      REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I
      Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular
      Interest I-LTM10, REMIC I Regular Interest I-LTM11, REMIC I Regular
      Interest I-LTZZ and REMIC I Regular Interest I-LTP, in an amount equal to
      (A) the Uncertificated Interest for such Distribution Date, plus (B) any
      amounts in respect thereof remaining unpaid from previous Distribution
      Dates. Amounts payable as Uncertificated Interest in respect of REMIC I
      Regular Interest I-LTZZ shall be reduced when the sum of the REMIC I
      Overcollateralized Amount is less than the REMIC I Required
      Overcollateralized Amount, by the lesser of (x) the amount of such
      difference and (y) the Maximum I-LTZZ Uncertificated Interest Deferral
      Amount and such amounts will be payable to the Holders of REMIC I Regular
      Interest I-LTA1A, REMIC I Regular Interest I-LTA1B, REMIC I Regular
      Interest I-LTA1C, REMIC I Regular Interest I-LTA1D, REMIC I Regular
      Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest
      I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5,
      REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I
      Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular
      Interest I-LTM10 and REMIC I Regular Interest I-LTM11, in the same
      proportion as the Overcollateralization Increase Amount is allocated to
      the Corresponding Certificates and the Uncertificated Balance of REMIC I
      Regular Interest I-LTZZ shall be increased by such amount;

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

                  (a) 98.00% of such remainder (less the amount payable in
            clause (v) below) to the Holders of REMIC I Regular Interest I-LTAA,
            until the Uncertificated Balance of such REMIC I Regular Interest is
            reduced to zero;

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                  (b) 2.00% of such remainder (less the amount payable in clause
            (v) below) first, to the Holders of REMIC I Regular Interest
            I-LTA1A, REMIC I Regular Interest I-LTA1B, REMIC I Regular Interest
            I-LTA1C, REMIC I Regular Interest I-LTA1D, REMIC I Regular Interest
            I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest
            I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest
            I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest
            I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest
            I-LTM9, REMIC I Regular Interest I-LTM10 and REMIC I Regular
            Interest I-LTM11, and in the same proportion as principal payments
            are allocated to the Corresponding Certificates, until the
            Uncertificated Balances of such REMIC I Regular Interests are
            reduced to zero and second, to the Holders of REMIC I Regular
            Interest I-LTZZ, until the Uncertificated Balance of such REMIC I
            Regular Interest is reduced to zero; then

                  (c) to the Holders of REMIC I Regular Interest I-LTP, on the
            Distribution Date immediately following the expiration of the latest
            Prepayment Charge as identified on the Prepayment Charge Schedule or
            any Distribution Date thereafter until $100 has been distributed
            pursuant to this clause;

            (iii) any remaining amount to the Holders of the Class R
      Certificates (as Holder of the Class R-I Interest).

            (b) On each Distribution Date, the Trust Administrator shall
withdraw any amounts then on deposit in the Distribution Account that represent
Prepayment Charges collected by the Servicer or any Sub-Servicer in connection
with the Principal Prepayment of any of the Mortgage Loans or any Servicer
Prepayment Charge Payment Amount and shall distribute such amounts to the
Holders of the Class P Certificates. Such distributions shall not be applied to
reduce the Certificate Principal Balance of the Class P Certificates.

            Following the foregoing distributions, an amount equal to the amount
of Subsequent Recoveries shall be applied to increase the Certificate Principal
Balance of the Class of Certificates with the Highest Priority up to the extent
of such Realized Losses previously allocated to that Class of Certificates
pursuant to Section 4.04. An amount equal to the amount of any remaining
Subsequent Recoveries shall be applied to increase the Certificate Principal
Balance of the Class of Certificates with the next Highest Priority, up to the
amount of such Realized Losses previously allocated to that Class of
Certificates pursuant to Section 4.04. Holders of such Certificates will not be
entitled to any distribution in respect of interest on the amount of such
increases for any Interest Accrual Period preceding the Distribution Date on
which such increase occurs. Any such increases shall be applied to the
Certificate Principal Balance of each Certificate of such Class in accordance
with its respective Percentage Interest.

            (c) 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

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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 Trust Administrator 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 Trust Administrator 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 Depositor or the 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
or the 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, 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 Trust Administrator 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 Trust Administrator 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 Trust

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      Administrator 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 Trust Administrator 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 Trust Administrator
      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 Trust Administrator 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 Trust Administrator 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).

            (f) Notwithstanding anything to the contrary herein, (i) in no event
shall the Certificate Principal Balance of a Class A Certificate or a Mezzanine
Certificate be reduced more than once in respect of any particular amount
allocated to such Certificate in respect of Realized Losses pursuant to Section
4.04 and (ii) in no event shall the Uncertificated Balance of a REMIC Regular
Interest be reduced more than once in respect of any particular amount both (a)
allocated to such REMIC Regular Interest in respect of Realized Losses pursuant
to Section 4.04 and (b) distributed on such REMIC Regular Interest in reduction
of the Uncertificated Balance thereof pursuant to this Section 4.01.

            SECTION 4.02      Statements to Certificateholders.

            On each Distribution Date, the Trust Administrator shall prepare and
make available on its website to each Holder of the Regular Certificates and the
Cap Provider, 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 and
      the amount of the distribution made on such Distribution Date to the
      Holders of the Class P Certificates allocable to Prepayment Charges;

            (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 P&I Advances for such Distribution
      Date (including the general purpose of such P&I Advances;

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

            (v) the aggregate Stated Principal Balance of the Mortgage Loans and
      any 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
      Mortgage Loans as of the related Due Date;

            (vii) 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;

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

            (ix) the Delinquency Percentage;

            (x) the book value and the Stated Principal Balance of any REO
      Property as of the close of business on the last Business Day of the
      calendar month preceding the Distribution Date;

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

            (xii) 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), separately identifying
      whether such Realized Losses constituted Bankruptcy Losses;

            (xiii) the aggregate amount of Extraordinary Trust Fund Expenses
      withdrawn from the Collection Account or the Distribution Account for such
      Distribution Date;

            (xiv) the aggregate Certificate Principal Balance of each such Class
      of Certificates, 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;

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

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            (xvi) the Interest Distribution Amount in respect of each such Class
      of Certificates for such Distribution Date (separately identifying any
      reductions in the case of Subordinate Certificates resulting from the
      allocation of Realized Losses allocable to interest and Extraordinary
      Trust Fund Expenses on 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;

            (xvii) the aggregate amount of any Prepayment Interest Shortfalls
      for such Distribution Date, to the extent not covered by payments by the
      Servicer pursuant to Section 3.24;

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

            (xix) the Net Monthly Excess Cashflow, the Overcollateralization
      Target Amount, the Overcollateralized Amount, the Overcollateralization
      Reduction Amount, the Overcollateralization Increase Amount and the Credit
      Enhancement Percentage;

            (xx) with respect to any Mortgage Loan as to which foreclosure
      proceedings have been concluded, the loan number and unpaid principal
      balance of such Mortgage Loan as of the date of such conclusion of
      foreclosure proceedings;

            (xxi) with respect to 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) any Allocated Realized Loss Amount with respect to each Class
      of Certificates for such Distribution Date;

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

            (xxiv) the Net WAC Rate Carryover Amounts for each Class of
      Certificates, if any, for such Distribution Date and the amounts remaining
      unpaid after reimbursements therefor on such Distribution Date;

            (xxv) whether a Stepdown Date or Trigger Event is in effect;

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

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

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

            (xxix) the Significance Percentage for such Distribution Date.

            In the case of information furnished pursuant to subclauses (i)
through (iii) above, the amounts shall 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 Trust Administrator shall forward to each Person (with a copy to 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
Trust Administrator shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Trust
Administrator pursuant to any requirements of the Code as from time to time are
in force.

            On each Distribution Date, the Trust Administrator shall make
available to the Depositor, each Holder of a Residual Certificate, the Trustee,
the Servicer and the Credit Risk Manager, 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 Trust Administrator shall forward to each Person (with a copy to 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 Trust Administrator shall be deemed to
have been satisfied to the extent that substantially comparable information
shall be provided by the Trust Administrator to such Holders pursuant to the
rules and regulations of the Code as are in force from time to time.

            Upon request, the Trust Administrator 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 Trust Administrator's duties are limited to
the extent that the Trust Administrator receives timely reports as required from
the Servicer.

            On each Distribution Date, the Trust Administrator shall provide
Bloomberg Financial Markets, L.P. ("Bloomberg") on its website (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)

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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.

            For each Distribution Date, the Trust Administrator shall calculate
the Significance Percentage of the Cap Contract. If on any such Distribution
Date through and including the Distribution Date in December 2006, the
Significance Percentage is equal to or greater than 10%, the Trust Administrator
shall promptly notify the Depositor and the Depositor shall file, by Form 10-D
no later than fifteen days following the related Distribution Date, the
financial statements of the Cap Provider as required by Item 1115 of Regulation
AB.

            SECTION 4.03      Remittance Reports; P&I Advances.

            (a) No later than the Servicer Remittance Date, the Servicer shall
deliver to the Trust Administrator, in a mutually agreed upon electronic format
(or by such other means as the Servicer and the Trust Administrator may agree
from time to time) a Remittance Report with respect to the related Distribution
Date. The Trust Administrator shall, on behalf of the Servicer, on such date
furnish a copy of such Remittance Report to the Credit Risk Manager by such
means as the Trust Administrator shall agree from time to time. Such Remittance
Report will include such other information with respect to the Mortgage Loans as
the Trust Administrator may reasonably require to perform the calculations
necessary to make the distributions contemplated by Section 4.01 and to prepare
the statements to Certificateholders contemplated by Section 4.02. Neither the
Trustee nor the Trust Administrator shall be responsible to recompute,
recalculate or verify any information provided to it by the Servicer.

            (b) With respect to any Mortgage Loan on which a Monthly Payment was
due during the related Due Period and delinquent on the related Determination
Date, the amount of the Servicer's Advance will be equal to the excess, if any,
of the Monthly Payment (net of the related Servicing Fee) that would have been
due on the related Due Date in respect of the related Mortgage Loan, over the
net income from such REO Property deposited in the Collection Account pursuant
to Section 3.23 for distribution on such Distribution Date. With respect to each
REO Property, which REO Property was acquired during or prior to the related
Prepayment Period and as to which such REO Property an REO Disposition did not
occur during the related Prepayment Period, an amount equal to the excess, if
any, of the Monthly Payment (net of the related Servicing Fee) that would have
been due on the related Due Date in respect of the related Mortgage Loan, over
the net income from such REO Property deposited in the Collection Account
pursuant to Section 3.23 for distribution on such Distribution Date.

            By 3:00 p.m. New York time on the Servicer Remittance Date, the
Servicer shall remit in immediately available funds to the Trust Administrator
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 for the
related Distribution Date either (i) from its own funds or (ii) from the
Collection Account, to the extent of funds held therein for future distribution
(in which case it will cause to be made an appropriate entry in the records of
the Collection Account that amounts held for future distribution have been, as
permitted by this Section 4.03, used by the

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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 Servicer with respect to the Mortgage Loans. Any amounts held for
future distribution used by the Servicer to make a P&I Advance as permitted in
the preceding sentence shall be appropriately reflected in the Servicer's
records and replaced by the Servicer by deposit in the Collection Account on or
before any future 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 Servicer Remittance Date) shall be less than
the total amount that would be distributed to the 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 Servicer by telecopy by the close of business on the
Business Day prior to the Distribution Date in the event that the amount
remitted by the Servicer to the Trust Administrator on such date is less than
the P&I Advances required to be made by the Servicer for the related
Distribution Date.

            (c) The obligation of the 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 the Trust Fund 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
or Servicing Advance shall be required to be made hereunder by the Servicer if
such P&I Advance or Servicing Advance would, if made, constitute a
Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance, respectively.
The determination by the Servicer that it has made a Nonrecoverable P&I Advance
or a Nonrecoverable Servicing Advance or that any proposed P&I Advance or
Servicing Advance, if made, would constitute a Nonrecoverable P&I Advance or
Nonrecoverable Servicing Advance, respectively, shall be evidenced by a
certification of a Servicing Officer delivered to the Trust Administrator
(whereupon, upon receipt of such certification, the Trust Administrator shall
forward a copy of such certification to the Depositor, the Trustee and the
Credit Risk Manager). Notwithstanding the foregoing, if following the
application of Liquidation Proceeds on any Mortgage Loan that was the subject of
a Final Recovery Determination, any Servicing Advance with respect to such
Mortgage Loan shall remain unreimbursed to the Servicer, then without limiting
the provisions of Section 3.11(a), a certification of a Servicing Officer
regarding such Nonrecoverable Servicing Advance shall not be required to be
delivered by the Servicer to the Trust Administrator.

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

            (a) Prior to each Distribution Date, the 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 Bankruptcy Losses; and (iii) the respective portions
of such Realized Losses allocable to interest and allocable to principal. Prior
to each Distribution Date, the Servicer shall also determine as to each Mortgage
Loan: (A) the total amount of Realized Losses, if any, incurred in connection
with any Deficient

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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 Servicer shall be either included in the related Remittance Report or
evidenced by an Officers' Certificate delivered to the Trust Administrator and
the Trustee by the 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 shall be allocated by
the Trust Administrator on each Distribution Date as follows: first, to the
Interest Distribution Amount for the Class CE Certificates for the related
Interest Accrual Period; second, to payments received under the cap contract,
third, to the Class CE Certificates, until the Certificate Principal Balance
thereof has been reduced to zero; fourth, to the Class M-11 Certificates, until
the Certificate Principal Balance thereof has been reduced to zero, fifth, to
the Class M-10 Certificates, until the Certificate Principal Balance thereof has
been reduced to zero, sixth, to the Class M-9 Certificates until the Certificate
Principal Balance thereof has been reduced to zero; seventh, to the Class M-8
Certificates, until the Certificate Principal Balance thereof has been reduced
to zero; eighth, to the Class M-7 Certificates, until the Certificate Principal
Balance thereof has been reduced to zero; ninth, to the Class M-6 Certificates,
until the Certificate Principal Balance thereof has been reduced to zero; tenth,
to the Class M-5 Certificates, until the Certificate Principal Balance thereof
has been reduced to zero; eleventh, to the Class M-4 Certificates, until the
Certificate Principal Balance thereof has been reduced to zero; twelfth, to the
Class M-3 Certificates, until the Certificate Principal Balance thereof has been
reduced to zero; thirteenth, to the Class M-2 Certificates, until the
Certificate Principal Balance thereof has been reduced to zero and fourteenth,
to the Class M-1 Certificates, until the Certificate Principal Balance thereof
has been reduced to zero.

             All Realized Losses to be allocated to the Certificate Principal
Balances of all Classes on any Distribution Date shall be so allocated after the
actual distributions to be made on such date as provided above. All references
above to the Certificate Principal Balance of any Class of Certificates shall be
to the Certificate Principal Balance of such Class immediately prior to the
relevant Distribution Date, before reduction thereof by any Realized Losses, in
each case to be allocated to such Class of Certificates, on such Distribution
Date.

            Any allocation of Realized Losses to a Mezzanine Certificate on any
Distribution Date shall be made by reducing the Certificate Principal Balance
thereof by the amount so allocated and any allocation of Realized Losses to a
Class CE Certificates shall be made by reducing the amount otherwise payable in
respect thereof pursuant to Section 4.01(a)(3). No allocations of any Realized
Losses shall be made to the Certificate Principal Balances of the Class A
Certificates or the Class P Certificates.

            (c) All Realized Losses on the Mortgage Loans shall be allocated by
the Trust Administrator on each Distribution Date to the following REMIC I
Regular Interests in the specified percentages, as follows: first, to
Uncertificated Interest payable to the REMIC I Regular Interest I-LTAA and REMIC
I Regular Interest I-LTZZ up to an aggregate amount equal

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to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively;
second, to the Uncertificated Balances of the REMIC I Regular Interest I-LTAA
and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC
I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the
Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular
Interest I-LTM11 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%,
respectively, until the Uncertificated Balance of REMIC I Regular Interest
I-LTM11 has been reduced to zero; fourth, to the Uncertificated Balances of
REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM10 and REMIC I
Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated
Balance of REMIC I Regular Interest I-LTM10 has been reduced to zero; fifth, to
the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular
Interest I-LTM9 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%,
respectively, until the Uncertificated Balance of REMIC I Regular Interest
I-LTM9 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC
I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM8 and REMIC I Regular
Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance
of REMIC I Regular Interest I-LTM8 has been reduced to zero; seventh, to the
Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular
Interest I-LTM7 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%,
respectively, until the Uncertificated Balance of REMIC I Regular Interest
I-LTM7 has been reduced to zero; eighth, to the Uncertificated Balances of REMIC
I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM6 and REMIC I Regular
Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance
of REMIC I Regular Interest I-LTM6 has been reduced to zero; ninth, to the
Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular
Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%,
respectively, until the Uncertificated Balance of REMIC I Regular Interest
I-LTM5 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC
I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular
Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance
of REMIC I Regular Interest I-LTM4 has been reduced to zero; eleventh, to the
Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular
Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%,
respectively, until the Uncertificated Balance of REMIC I Regular Interest
I-LTM3 has been reduced to zero; twelfth, to the Uncertificated Balances of
REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I
Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated
Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero and
thirteenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA,
REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and
1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest
I-LTM1 has been reduced to zero.

            The REMIC I Sub WAC Allocation Percentage of all Realized Losses
shall be applied after all distributions have been made on each Distribution
Date first, so as to keep the Uncertificated Balance of each REMIC I Regular
Interest ending with the designation "GRP" equal to 0.01% of the aggregate
Stated Principal Balance of the Mortgage Loans; second, to each REMIC I Regular
Interest ending with the designation "SUB," so that the Uncertificated Balance
of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the
aggregate Stated Principal Balance of the Mortgage Loans over (y) the current
Certificate Principal Balance of the Class A Certificate (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

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REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is
maintained); and third, any remaining Realized Losses shall be allocated to
REMIC I Regular Interest I-LTXX.

            SECTION 4.05      Compliance with Withholding Requirements.

            Notwithstanding any other provision of this Agreement, the Trust
Administrator shall comply with all federal withholding requirements respecting
payments to Certificateholders of interest or original issue discount that the
Trust Administrator reasonably believes are applicable under the Code. The
consent of Certificateholders shall not be required for such withholding. In the
event the Trust Administrator does withhold any amount from interest or original
issue discount payments or advances thereof to any Certificateholder pursuant to
federal withholding requirements, the Trust Administrator shall indicate the
amount withheld to such Certificateholders.

            SECTION 4.06      Net WAC Rate Carryover Reserve Account.

            (a) No later than the Closing Date, the Trust Administrator shall
establish and maintain a separate, segregated trust account titled, "Net WAC
Rate Carryover Reserve Account, Citibank, N.A., as Trust Administrator, in trust
for the registered holders of Citigroup Mortgage Loan Trust, Asset-Backed
Pass-Through Certificates, Series 2006-WFHE1."

            (b) On each Distribution Date, the Trust Administrator has been
directed by the Class CE Certificateholders to, and therefore shall, deposit
into the Net WAC Rate Carryover Reserve Account, any Net WAC Rate Carryover
Amounts for such Distribution Date, rather than distributing such amounts to the
Class CE Certificateholders. On each such Distribution Date, the Trust
Administrator shall hold all such amounts for the benefit of the Holders of the
Floating Rate Certificates, and shall distribute the aggregate Net WAC Rate
Carryover Amount, if any, for such Distribution Date from the Net WAC Rate
Carryover Reserve Account to the Holders of the Floating Rate Certificates in
the amounts and priorities set forth in Section 4.01(g).

            On each Distribution Date, after the payment of any Net WAC Rate
Carryover Amounts on the Floating Rate Certificates, any amounts remaining in
the Net WAC Rate Carryover Reserve Account, shall be payable to the Trust
Administrator as additional compensation to it, subject to the immediately
following paragraph.

            (c) For federal and state income tax purposes, the Class CE
Certificateholders shall be deemed to be the owners of the Net WAC Rate
Carryover Reserve Account and all amounts deposited into the Net WAC Rate
Carryover Reserve Account shall be treated as amounts distributed by REMIC II to
the Holder of the Class CE Interest and by REMIC III to the Holder of the Class
CE Certificates. Upon the termination of the Trust Fund, or the payment in full
of the Floating Rate Certificates, all amounts remaining on deposit in the Net
WAC Rate Carryover Reserve Account shall be released by the Trust Fund and
distributed to the Class CE Certificateholders or their designees. The Net WAC
Rate Carryover Reserve Account shall be part of the Trust Fund but not part of
any Trust REMIC and any payments to the Holders of the Floating Rate
Certificates of Net WAC Rate Carryover Amounts will not be payments with respect
to a "regular interest" in a REMIC within the meaning of Code Section
860(G)(a)(1).

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

            (e) All amounts on deposit in the Net WAC Rate Carryover Reserve
Account shall remain uninvested.

            (f) For federal tax return and information reporting, the right of
the Holders of the Floating Rate Certificates to receive payments from the Net
WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover
Amount shall be assigned a value of zero.

            SECTION 4.07      Commission Reporting.

            (a) (i) The Trust Administrator and the Servicer shall reasonably
cooperate with the Depositor in connection with the Trust's satisfying the
reporting requirements under the Exchange Act. Within 15 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
Depositor, with a copy of the monthly statement to be furnished by the Trust
Administrator to the Certificateholders for such Distribution Date and detailing
all data elements specified in Item 1121(a) of Regulation AB as part of the
monthly statement or otherwise as part of the Form 10-D; provided that the Trust
Administrator shall have received no later than four Business Days prior to the
date such Distribution Report on Form 10-D is required to be filed, all
information required to be provided to the Trust Administrator as described in
Section 4.07(a)(iv). The information required to be filed on Form 10-D is as set
forth in Exhibit C. The Trust Administrator shall not be responsible for
determing what information is required to be filed on Form 10-D or for any
filing that is not made on a timely basis in accordance with Regulation AB in
the event that such information is not delivered to the Trust Administrator on
or prior to the fourth Business Day prior to the applicable filing deadline.

            (ii) The Trust Administrator will prepare and file Current Reports
on Form 8-K in respect of the Trust, signed by the Depositor, as and when
required; provided, that, the Trust Administrator shall have received no later
than four Business Days prior to the filing deadline for such Current Report,
all information, data, and exhibits required to be provided or filed with such
Current Report and required to be provided to the Trust Administrator as
described in Section 4.07(a)(iv) below. The Depositor shall prepare or cause to
be prepared and file the Current Report on Form 8-K attaching this Agreement as
an exhibit. The information required to be filed on Form 8-K is as set forth in
Exhibit C. The Trust Administrator shall not be responsible for determing what
information is required to be filed on Form 8-K or for any filing that is not
made on a timely basis in accordance with Regulation AB in the event that such
information is not delivered to the Trust Adminsitrator on or prior to the
fourth Business Day prior to the applicable filing deadline.

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            (iii) No later than January 30, 2007, the Trust Administrator shall,
in accordance with industry standards, file a Form 15 Suspension Notice with
respect to the Trust Fund, if applicable. Prior to (x) March 15, 2007 and (y)
unless and until a Form 15 Suspension Notice shall have been filed, prior to
March 15th of each year thereafter, the Servicer shall provide the Trust
Administrator with an Annual Compliance Statement, together with a copy of the
Assessment of Compliance and Attestation Report to be delivered by the Servicer
pursuant to Sections 3.21 and 3.22 (including with respect to any Sub-Servicer
or subcontractor, if required to be filed). Prior to (x) March 31, 2007 and (y)
unless and until a Form 15 Suspension Notice shall have been filed, March 31st
of each year thereafter, the Trust Administrator shall, subject to subsection
(d) below, file a Form 10-K, in substance as required by applicable law or
applicable Commission staff's interpretations and conforming to industry
standards, with respect to the Trust Fund. Such Form 10-K shall include the
Assessment of Compliance, Attestation Report, Annual Compliance Statements and
other documentation provided by the Servicer pursuant to Sections 3.20 and 3.21
(including with respect to any Sub-Servicer or subcontractor, if required to be
filed) and with respect to the Trust Administrator, and the Form 10-K
certification in the form attached hereto as Exhibit H-1 (the "Certification")
signed by the senior officer of the Depositor in charge of securitization;
provided that the Trust Administrator shall have received no later than March
25th of each calendar year prior to the filing deadline for the Form 10-K all
information, data and exhibits required to be provided or filed with such Form
10-K and required to be provided to the Trust Administrator as described in
clause (a)(iv) below. If they are not so timely delivered, the Trust
Administrator shall file an amended Form 10-K including such documents as
exhibits reasonably promptly after they are delivered to the Trust
Administrator. The information required to be filed on Form 10-K is as set forth
in Exhibit C. The Trust Administrator shall not be responsible for determing
what information is required to be filed on Form 10-K or for any filing that is
not made on a timely basis in accordance with Regulation AB in the event that
such information is not delivered to the Trust Adminsitrator on or prior to the
fourth Business Day prior to the applicable filing deadline.

            (iv) As to each item of information required to be included in any
Form 10-D, Form 8-K or Form 10-K, the Trust Administrator's obligation to
include the information in the applicable 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 above. The Depositor hereby agrees to notify and provide to the Trust
Administrator all information that is required to be included in any Form 10-D,
Form 8-K or Form 10-K, with respect to which that entity is indicated in Exhibit
B as the responsible party for providing that information. The Servicer shall be
responsible for determining the pool concentration applicable to any
Sub-Servicer at any time, for purposes of disclosure as required by Items 1117
and 1119 of Regulation AB. The Depositor shall be responsible for determining
the pool concentration applicable to any originator at any time, for purposes of
disclosure as required by Items 1117 and 1119 of Regulation AB. In addition, in
the event that affiliations among the parties to this transaction, other than as
disclosed in the Prospectus Supplement under the heading "AFFILIATIONS AND
RELATED TRANSACTIONS", are required to be reported on Form 10-K, the Depositor
shall notify the Trust Administrator of such requirement by no later than March
1st of each year in which a Form 10-K is filed.

            (b) In addition, (x) the Trust Administrator shall sign a
certification (in the form attached hereto as Exhibit H-2) for the benefit of
the Depositor and its officers, directors

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and Affiliates regarding certain aspects of the Certification (the "Trust
Administrator Certification"); provided, however, that the Trust Administrator
shall not undertake an analysis of the Attestation Report attached as an exhibit
to the Form 10-K, and (y) the Servicer shall sign a certification (in the
related form attached hereto as Exhibit H-3) for the benefit of the Depositor,
the Trust Administrator and their officers, directors and Affiliates regarding
certain aspects of the Certification (the "Servicer Certification"). The
Servicer Certification shall be delivered to the Depositor and the Trust
Administrator no later than March 15th or if such day is not a Business Day, the
preceding Business Day, each year (subject to Section 4.07(a)).

            (c) In addition, (A) 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 arising out of third party claims based upon (i) a breach of the Trust
Administrator's obligations under this Section 4.07, (ii) any material
misstatement or omission contained in the Assessment of Compliance provided by
the Trust Administrator or (iii) any material misstatement or omission contained
in the Trust Administrator Certification and (B) the Servicer shall indemnify
and hold harmless the Depositor, the Trust Administrator and their respective
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
arising out of third party claims based upon (i) a breach of such Servicer's
obligations under this Section 4.07 or (ii) any information correctly derived by
the Trust Administrator and included in a Form 10-D or Form 10-K from
information provided to the Trust Administrator by the Servicer under this
Agreement. If the indemnification provided for herein is unavailable or
insufficient to hold harmless the Depositor, then (i) the Trust Administrator
agrees that it shall contribute to the amount paid or payable by the Depositor
as a result of the losses, claims, damages or liabilities of the Depositor in
such proportion as is appropriate to reflect the relative fault of the Depositor
on the one hand and the Trust Administrator on the other and (ii) the Servicer
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 Servicer on the other. Notwithstanding the foregoing, in
no event shall the Trust Administrator be liable for any consequential, indirect
or punitive damages.

            SECTION 4.08      Cap Account

            (a) No later than the Closing Date, the Cap Administrator shall
establish and maintain with itself, as agent for the Trust Administrator, a
separate, segregated trust account titled, "Cap Account, Citibank, N.A., as Cap
Administrator, in trust for the Cap Provider and the registered holders of
Citigroup Mortgage Loan Trust Inc., Asset-Backed Pass-Through Certificates,
Series 2006-WFHE1." Such account shall be an Eligible Account and amounts
therein shall be held uninvested.

            (b) On each Distribution Date, prior to any distribution to any
Certificate, the Trust Administrator shall deposit into the Cap Account amounts
received by the Trust Administrator from the Cap Administrator, for distribution
in accordance with Section 4.01(a)(6) above, pursuant to the Cap Administration
Agreement, dated as of the Closing Date (the "Cap Administration Agreement"),
among Citibank, N.A. in its capacity as Trust Administrator and

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Cap Administrator and Citigroup Global Markets Realty Corp. (in substantially
the form attached hereto as Exhibit N).

            (c) For federal income tax purposes, the Cap Account shall be owned
by the majority Holder of the Class CE Certificates.

            (d) For federal and state income tax purposes, the Class CE
Certificateholders shall be deemed to be the owners of the Cap Account. Upon the
termination of the Trust Fund, or the payment in full of the Floating Rate
Certificates, all amounts remaining on deposit in the Cap Account shall be
released by the Trust Fund and distributed to the Class CE Certificateholders or
their designees. The Cap Account shall be part of the Trust Fund but not part of
any Trust REMIC and any payments to the Holders of the Floating Rate
Certificates of Net WAC Rate Carryover Amounts will not be payments with respect
to a "regular interest" in a REMIC within the meaning of Code Section
860(G)(a)(1).

      By accepting a Class CE Certificate, each Class CE Certificateholder
hereby agrees to direct the Trust Administrator, and the Trust Administrator is
hereby directed, to deposit into the Cap Account the amounts described above on
each Distribution Date.

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                                   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-6. 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,
authenticated and delivered by the Trust Administrator to or upon the order of
the Depositor. The Certificates shall be executed and attested by manual or
facsimile signature on behalf of the Trust Administrator by an authorized
signatory. Certificates bearing the manual or facsimile signatures of
individuals who were at any time the proper officers of the Trust Administrator
shall bind the Trust Administrator, 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 Trust Administrator 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 Trust Administrator 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 Trust Administrator 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

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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 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 Trust
Administrator resigns or is removed in accordance with the terms hereof, the
successor Trust Administrator 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 Servicer 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 Trust Administrator 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 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 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 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 Trust Administrator 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 Trust Administrator 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
Trust Administrator shall issue the Definitive Certificates. Such Definitive
Certificates will be issued in minimum denominations of $25,000, except that any
beneficial ownership that was represented by a Book-Entry Certificate in an
amount less than $25,000 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 Servicer,
the Trust Administrator 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 Trust Administrator, to the extent applicable with respect to such

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Definitive Certificates, and the Trust Administrator shall recognize the Holders
of the Definitive Certificates as Certificateholders hereunder.

            SECTION 5.02      Registration of Transfer and Exchange of
                              Certificates.

            (a) The Trust Administrator 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 Trust
Administrator shall provide for the registration of Certificates and of
transfers and exchanges of Certificates as herein provided.

            (b) No transfer of any Private Certificate 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 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 (i) the initial
transfer of any such Certificate by the Depositor to an Affiliate of the
Depositor or, in the case of the Residual Certificates, the first transfer by an
Affiliate of the Depositor, (ii) the transfer of any such Class CE, Class P or
Residual Certificate to the issuer under the Indenture or the indenture trustee
or indenture trustee administrator under the Indenture or (iii) a transfer of
any such Class CE, Class P or Residual Certificate from the issuer under the
Indenture or the indenture trustee or indenture trustee administrator under the
Indenture to the Depositor or an Affiliate of the Depositor), the Trustee 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
Certificateholder desiring to effect the transfer and from such
Certificateholder's prospective transferee, substantially in the forms attached
hereto 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
(which Opinion of Counsel shall not be an expense of the Trust Fund or of the
Depositor, the Trustee, the Trust Administrator, the 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. None of the Depositor, the Trust Administrator 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 shall, and does hereby agree to, indemnify the
Trustee, the Trust Administrator, the Depositor and the Servicer against any
liability that may result if the transfer is not so exempt or is not made in
accordance with such federal and state laws.

            Notwithstanding the foregoing, 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 Ownership
Interest by the Depositor, such transfer shall be required to be made in
reliance upon Rule 144A under the 1933 Act, and the transferee will be deemed to
have made each of the transferee representations and warranties set forth
Exhibit F-1 hereto in respect of such interest as if it was evidenced by a
Definitive Certificate. The Certificate Owner of any such Ownership Interest in
any such Book-Entry Certificate desiring to

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effect such transfer shall, and does hereby agree to, indemnify the Trustee 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.

            Notwithstanding the foregoing, no certification or Opinion of
Counsel described in this Section 5.02(b) will be required in connection with
the transfer, on the Closing Date, of any Residual Certificate by the Depositor
to an "accredited investor" within the meaning of Rule 501(d) of the 1933 Act.

            No transfer of a Private 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 Department of Labor regulation promulgated at 29 C.F.R.ss. 2510.3-101 ("Plan
Assets"), as certified by such transferee in the form of Exhibit G, unless, (i)
in the case of a Class CE Certificate, a Class P Certificate or Residual
Certificate, the Trust Administrator is provided with an Opinion of Counsel on
which the Trust Administrator, the Depositor, the Trustee and the Servicer may
rely, to the effect that the purchase of such Certificates is permissible under
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 Servicer, the Trustee, the Trust Administrator 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 Servicer,
the Trustee, the Trust Administrator or the Trust Fund or (ii) in the case of a
Class M-10 or Class M-11 Certificate, (1) such Person is an insurance company,
(2) the source of funds used to acquire or hold the Certificate or interest
therein is an "insurance company general account," as such term is defined in
Prohibited Transaction Class Exemption ("PTCE") 95-60 and (3) the conditions in
Sections I and III of PTCE 95-60 have been satisfied. Neither a certification
nor an Opinion of Counsel will be required in connection with (i) the initial
transfer of any such Certificate by the Depositor to an Affiliate of the
Depositor or, in the case of the Residual Certificates, the first transfer by an
Affiliate of the Depositor, (ii) the transfer of any such Class CE, Class P or
Residual Certificate to the issuer under the Indenture or the indenture trustee
under the Indenture or (iii) a transfer of any such Class CE, Class P or
Residual Certificate from the issuer under the Indenture or the indenture
trustee under the Indenture to the Depositor or 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 Trust Administrator shall be entitled to conclusively rely upon a
representation (which, upon the request of the Trust Administrator, shall be a
written representation) from the Depositor of the status of such transferee as
an affiliate of the Depositor.

            Each beneficial owner of a Mezzanine Certificate (other than a Class
M-10 or Class M-11 Certificate) or any interest therein shall be deemed to have
represented, by virtue of its acquisition or holding of that certificate or
interest therein, that either (i) it is not a Plan investor, (ii) it has
acquired and is holding such Mezzanine Certificate in reliance on the
Underwriters' Exemption, and that it understands that there are certain
conditions to the availability of the Underwriters' Exemption, including that
such Mezzanine Certificate must be rated, at the time of purchase, not lower
than "BBB-" (or its equivalent) by S&P, Moody's or

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Fitch and the Certificates are so rated or (iii) (1) it is an insurance company,
(2) the source of funds used to acquire or hold the Certificate or interest
therein is an "insurance company general account," as such term is defined in
PTCE 95-60, and (3) the conditions in Sections I and III of PTCE 95-60 have been
satisfied.

            If any Private Certificate or Mezzanine 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 two paragraphs shall indemnify and hold harmless
the Depositor, the Servicer, the Trustee, the Trust Administrator 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.

            (c)   (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 Trust Administrator 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 Trust Administrator 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 Trust
            Administrator 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 Trust
            Administrator, 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 Trust Administrator who is assigned to
            this transaction has actual knowledge that the proposed Transferee
            is not a Permitted Transferee, no Transfer

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            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 Trust Administrator
            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 Trust Administrator
            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 Trust Administrator 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 Trust Administrator as a condition to such
      registration. In addition, no Transfer of a Residual Certificate shall be
      made unless the Trust Administrator 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 Trust Administrator 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 Trust Administrator 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 Trust Administrator on such terms as the Trust
            Administrator may choose. Such purported Transferee shall promptly
            endorse and deliver each Residual Certificate in accordance with the
            instructions

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            of the Trust Administrator. Such purchaser may be the Trust
            Administrator itself or any Affiliate of the Trust Administrator.
            The proceeds of such sale, net of the commissions (which may include
            commissions payable to the Trust Administrator or its Affiliates),
            expenses and taxes due, if any, will be remitted by the Trust
            Administrator 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 Trust Administrator, and the Trust
            Administrator 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 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.

            (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 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 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.

            (d) Subject to the preceding subsections, upon surrender for
registration of transfer of any Certificate at any office or agency of the Trust
Administrator maintained for such purpose pursuant to Section 8.12, the Trust
Administrator shall execute, 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.

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            (e) 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 Trust Administrator maintained for
such purpose pursuant to Section 8.12. Whenever any Certificates are so
surrendered for exchange, upon notice from the Trust Administrator, the Trust
Administrator shall execute, 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 Trust Administrator) be duly endorsed by, or be accompanied by a
written instrument of transfer in the form satisfactory to the Trust
Administrator duly executed by, the Holder thereof or his attorney duly
authorized in writing. In addition, (i) with respect to each Class R
Certificate, the Holder thereof may exchange, in the manner described above,
such Class R Certificate for two separate Certificates, each representing such
Holder's respective Percentage Interest in the Class R-I Interest and the Class
R-II Interest that was evidenced by the Class R Certificate being exchanged and
(ii) with respect to each Class R-X Certificate, the Holder thereof may
exchange, in the manner described above, such Class R-X Certificate for two
separate Certificates, each representing such Holder's respective Percentage
Interest in the Class R-III Interest and the Class R-IV Interest, respectively,
in each case that was evidenced by the Class R-X Certificate being exchanged.

            (f) No service charge to the Certificateholders shall be made for
any transfer or exchange of Certificates, but the Trust Administrator 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.

            (g) All Certificates surrendered for transfer and exchange shall be
canceled and destroyed by the Trust Administrator in accordance with its
customary procedures.

            SECTION 5.03      Mutilated, Destroyed, Lost or Stolen Certificates.

            If (i) any mutilated Certificate is surrendered to the Trust
Administrator, or the Trust Administrator receive evidence to its satisfaction
of the destruction, loss or theft of any Certificate, and (ii) there is
delivered to 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 Trust Administrator that such Certificate has been
acquired by a bona fide purchaser, the Trust Administrator shall execute,
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 Trust Administrator 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 Trust Administrator) 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.

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            SECTION 5.04      Persons Deemed Owners.

            The Depositor, the Servicer, the Trustee, the Trust Administrator
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 Servicer, the Trustee, the Trust Administrator or
any agent of any of them shall be affected by notice to the contrary.

            SECTION 5.05      Certain Available Information.

            The Trust Administrator 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 Trust
Administrator 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 by the Servicer since the Closing Date to
evidence such Servicer's determination that any P&I Advance or Servicing Advance
was, or if made, would be a Nonrecoverable Advance and (E) any and all Officers'
Certificates delivered to the Trust Administrator by the 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 Trust Administrator upon request
at the expense of the person requesting the same.

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                                   ARTICLE VI

                         THE DEPOSITOR AND THE SERVICER

            SECTION 6.01      Liability of the Depositor and the Servicer.

            The Servicer shall be liable in accordance herewith only to the
extent of the obligations specifically imposed by this Agreement and undertaken
hereunder by the Servicer herein. The Depositor shall be liable in accordance
herewith only to the extent of the obligations specifically imposed by this
Agreement and undertaken hereunder by the Depositor herein.

            SECTION 6.02      Merger or Consolidation of the Depositor or the
                              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
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 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 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 Servicer shall be a party, or any Person succeeding
to the business of the Depositor or the Servicer, shall be the successor of the
Depositor or the 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 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 Class A Certificates and the Mezzanine
Certificates 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
                              Servicer and Others.

            None of the Depositor, the Servicer (and any Sub-Servicer) or any of
the directors, officers, employees or agents of the Depositor or the Servicer
(and any Sub-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 the related Sub-Servicing
Agreement, as applicable, or for errors in judgment; provided, however, that
this provision shall not protect the Depositor, the Servicer (and any
Sub-Servicer) or any such person against any breach of warranties,
representations or covenants made herein, or against any

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specific liability imposed on the Servicer (and any Sub-Servicer) pursuant
hereto or the related Sub-Servicing Agreement, as applicable, 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 or the related Sub-Servicing
Agreement, as applicable. The Depositor, the Servicer (and any Sub-Servicer) and
any director, officer, employee or agent of the Depositor or the 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 or
the related Sub-Servicing Agreement, as applicable. The Depositor, the Servicer
(and any Sub-Servicer) and any director, officer, employee or agent of the
Depositor or the Servicer (and any Sub-Servicer) shall be indemnified and held
harmless by the Trust Fund against (i) any loss, liability or expense incurred
in connection with any legal action relating to this Agreement or the
Certificates (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 the related Sub-Servicing Agreement, as
applicable, or by reason of reckless disregard of obligations and duties
hereunder or the related Sub-Servicing Agreement, as applicable, and (ii) any
breach of a representation or warranty regarding the Mortgage Loans. None of the
Depositor or the Servicer (and any Sub-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 or the related Sub-Servicing
Agreement, as applicable, and, in its opinion, does not involve it in any
expense or liability; provided, however, that each of the Depositor and the
Servicer (and any Sub-Servicer) may in its discretion undertake any such action
which it may deem necessary or desirable with respect to this Agreement or the
related Sub-Servicing Agreement, as applicable, and the rights and duties of the
parties hereto or to the related Sub-Servicing Agreement, as applicable, and the
interests of the Certificateholders hereunder. In such event, unless the
Depositor or the Servicer (and any Sub-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 or
the related Sub-Servicing Agreement, as applicable), 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 or the related Sub-Servicing
Agreement, as applicable) shall be expenses, costs and liabilities of the Trust
Fund, and the Depositor (subject to the limitations set forth above) and the
Servicer (and any Sub-Servicer) shall be entitled to be reimbursed therefor from
the Collection Account as and to the extent provided in Section 3.11 or from the
corresponding custodial account established under the related Sub-Servicing
Agreement, 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 Servicer.

            The 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

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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 Servicer hereunder. Any such
determination pursuant to clause (i) of the preceding sentence permitting the
resignation of the Servicer shall be evidenced by an Opinion of Counsel to such
effect obtained at the expense of the Servicer and delivered to the Trustee and
the Trust Administrator. No resignation of the Servicer shall become effective
until the Trust Administrator or the Trustee, as applicable, in accordance with
Section 7.02 hereof, or a successor servicer shall have assumed the 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 Servicer shall not assign
or 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 Servicer hereunder. If, pursuant to any provision hereof, the duties of the
Servicer are transferred to a successor servicer, the entire amount of the
Servicing Fee and other compensation payable to the Servicer pursuant hereto
shall thereafter be payable to such successor servicer.

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

            The 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 Servicer (and any such Sub-Servicer) in
respect of the Servicer's rights and obligations hereunder and access to
officers of the Servicer (and those of any such Sub-Servicer) responsible for
such obligations. Upon request, the 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 Servicer and such other
information relating to the Servicer's capacity to perform its obligations under
this Agreement that it possesses. 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 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 Servicer under this Agreement and may, but is not obligated to, perform,
or cause a designee to perform, any defaulted obligation of the Servicer under
this Agreement or exercise the rights of any of the Servicer under this
Agreement; provided that the 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 Servicer and is not obligated to
supervise the performance of the Servicer under this Agreement or otherwise.

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            SECTION 6.06      Duties of the Credit Risk Manager.

            For and on behalf of the Trust, the Credit Risk Manager will provide
reports and recommendations concerning certain delinquent and defaulted Mortgage
Loans, and as to the collection of any Prepayment Charges with respect to the
Mortgage Loans. Such reports and recommendations will be based upon information
provided to the Credit Risk Manager pursuant to the respective Credit Risk
Management Agreement, and the Credit Risk Manager shall look solely to the
Servicer for all information and data (including loss and delinquency
information and data) relating to the servicing of the related Mortgage Loans.
Upon any termination of the Credit Risk Manager or the appointment of a
successor Credit Risk Manager, the Depositor shall give written notice thereof
to the Servicer, the Trustee, the Trust Administrator and each Rating Agency.
Notwithstanding the foregoing, the termination of the Credit Risk Manager
pursuant to this Section shall not become effective until the appointment of a
successor Credit Risk Manager.

            SECTION 6.07      Limitation Upon Liability of the Credit Risk
                              Manager.

            Neither the Credit Risk Manager, nor any of its directors, officers,
employees, or agents shall be under any liability to the Trustee, the
Certificateholders, the Trust Administrator or the Depositor for any action
taken or for refraining from the taking of any action made in good faith
pursuant to this Agreement, in reliance upon information provided by the
Servicer under the related Credit Risk Management Agreement, or for errors in
judgment; provided, however, that this provision shall not protect the Credit
Risk Manager or any such person against liability that would otherwise be
imposed by reason of willful malfeasance or bad faith in its performance of its
duties. The Credit Risk Manager and any director, officer, employee, or agent of
the Credit Risk Manager may rely in good faith on any document of any kind PRIMA
FACIE properly executed and submitted by any Person respecting any matters
arising hereunder, and may rely in good faith upon the accuracy of information
furnished by the Servicer pursuant to the applicable Credit Risk Management
Agreement in the performance of its duties thereunder and hereunder.

            SECTION 6.08      Removal of the Credit Risk Manager.

            The Credit Risk Manager may be removed as Credit Risk Manager by
Certificateholders holding not less than 66 2/3% of the Voting Rights in the
Trust Fund, in the exercise of its or their sole discretion. The
Certificateholders shall provide written notice of the Credit Risk Manager's
removal to the Trust Administrator. Upon receipt of such notice, the Trust
Administrator shall provide written notice to the Credit Risk Manager of its
removal, which shall be effective upon receipt of such notice by the Credit Risk
Manager.

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                                  ARTICLE VII

                                     DEFAULT

            SECTION 7.01      Servicer Events of Default.

            With respect to the Servicer, individually, if any one of the
following events ("Servicer Event of Default") shall occur and be continuing:

            (i) any failure by the Servicer to remit to the Trust Administrator
      for distribution to the Certificateholders any payment (other than a P&I
      Advance required to be made from its own funds on any 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
      two Business Days after the date upon which written notice of such
      failure, requiring the same to be remedied, shall have been given to the
      Servicer by the Depositor, the Trust Administrator or the Trustee (in
      which case notice shall be provided by telecopy), or to the Servicer, the
      Depositor, the Trust Administrator and the Trustee by the Holders of
      Certificates entitled to at least 25% of the Voting Rights; or

            (ii) any failure on the part of the Servicer duly to observe or
      perform in any material respect any other of the covenants or agreements
      on the part of the Servicer contained in this Agreement, or the breach by
      the Servicer of any representation and warranty contained in Section 2.05
      (other than representation 2.05(a)(x)), which continues unremedied for a
      period of 30 days (or if such failure or breach cannot be remedied within
      30 days, then such remedy shall have been commenced within 30 days and
      diligently pursued thereafter; provided, however, that in no event shall
      such failure or breach be allowed to exist for a period of greater than 60
      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
      Servicer by the Depositor, the Trust Administrator or the Trustee, or to
      the 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; 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 Servicer and if such proceeding is
      being contested by the 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 Servicer shall consent to the appointment of a conservator
      or receiver or liquidator in any insolvency, readjustment of debt,
      marshalling of assets and liabilities

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      or similar proceedings of or relating to the Servicer or of or relating to
      all or substantially all of its property; or

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

            (vi) any failure of the Servicer to make any P&I Advance on any
      Servicer Remittance Date required to be made from its own funds pursuant
      to Section 4.03 which continues unremedied until 5:00 p.m. New York time
      on first Business Day after the date upon which written notice of such
      failure, requiring the same to be remedied, shall have been given to the
      Servicer by the Trust Administrator or the Trustee (in which case notice
      shall be provided by telecopy).

            If a 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 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 Servicer (and to the Depositor and the Trust Administrator if
given by the Trustee or to the Trustee and the Trust Administrator if given by
the Depositor), terminate all of the rights and obligations of the Servicer in
its capacity as a Servicer under this Agreement, to the extent permitted by law,
and in and to the Mortgage Loans and the proceeds thereof. If a Servicer Event
of Default described in clause (vi) hereof shall occur and shall not have been
remedied during the applicable time period set forth in clause (vi) above, the
Trust Administrator shall, by notice in writing to the Servicer and the
Depositor, terminate all of the rights and obligations of the Servicer in its
capacity as a Servicer under this Agreement and in and to the Mortgage Loans and
the proceeds thereof. On or after the receipt by the Servicer of such written
notice, all authority and power of the Servicer under this Agreement, whether
with respect to the Certificates (other than as a Holder of any Certificate) or
the Mortgage Loans or otherwise, shall pass to and be vested in the Trust
Administrator pursuant to and under this Section and, without limitation, the
Trust Administrator is hereby authorized and empowered, as attorney-in-fact or
otherwise, to execute and deliver on behalf of and at the expense of the
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
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 Trust
Administrator with all documents and records requested by it to enable it to
assume the Servicer's functions under this Agreement, and to cooperate with the
Trust Administrator in effecting the termination of the Servicer's
responsibilities and rights under this Agreement, including, without limitation,
the transfer within one Business Day to the Trust Administrator for
administration by it of all cash amounts which at the time shall be or should
have been credited by the Servicer to the Collection Account held by or on
behalf of the Servicer, the Distribution Account or any REO Account or Servicing
Account held by or on behalf of the Servicer or thereafter be received with
respect to the Mortgage Loans or any REO Property serviced by the Servicer
(provided, however, that the Servicer shall continue to be entitled to receive
all amounts accrued or owing to it under this

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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 and the Trust Administrator shall not be deemed to have knowledge of a
Servicer Event of Default unless a Responsible Officer of the Trustee or the
Trust Administrator, as the case may be, assigned to and working in the
Trustee's or the Trust Administrator's Corporate Trust Office, as applicable,
has actual knowledge thereof or unless written notice of any event which is in
fact such a Servicer Event of Default is received by the Trustee or the Trust
Administrator, as applicable, and such notice references the Certificates, the
Trust Fund or this Agreement.

            SECTION 7.02      Trust Administrator or Trustee to Act; Appointment
                              of Successor.

            (a) On and after the time the Servicer receives a notice of
termination, the Trust Administrator (and in the event the Trust Administrator
fails in its obligation, the Trustee) shall be the successor in all respects to
the Servicer in its capacity as Servicer under this Agreement, the Servicer
shall not have the right to withdraw any funds from the Collection Account
without the consent of the Trust Administrator or the Trustee, as applicable,
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 Servicer (except for any representations or warranties
of the 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 Servicer's obligations to make P&I
Advances pursuant to Section 4.03; provided, however, that if the Trust
Administrator or the Trustee, as applicable, is prohibited by law or regulation
from obligating itself to make advances regarding delinquent mortgage loans,
then the Trust Administrator or the Trustee, as applicable, 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
Servicer's failure to provide information required by Section 7.01 shall not be
considered a default by the Trust Administrator or the Trustee, as applicable,
as successor to the Servicer hereunder. As compensation therefor, the Trust
Administrator or the Trustee, as applicable, shall be entitled to the Servicing
Fees and all funds relating to the Mortgage Loans to which the Servicer would
have been entitled if it had continued to act hereunder (other than amounts
which were due or would become due to the Servicer prior to its termination or
resignation). Notwithstanding the above, the Trust Administrator or the Trustee,
as applicable, 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 Trust Administrator
or the Trustee, as applicable, 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 Servicer under this Agreement in the
assumption of all or any part of the responsibilities, duties or liabilities of
the Servicer under this Agreement. No appointment of a successor Servicer under
this Agreement shall be effective until the assumption by the successor of all
of the Servicer's responsibilities, duties and liabilities hereunder. In
connection with such appointment and assumption described herein, the Trust
Administrator or the Trustee, as applicable, may make

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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 Servicer as such
hereunder. The Depositor, the Trust Administrator, 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 Servicer under this Agreement, the Trust Administrator or the Trustee, as
applicable, shall act in such capacity as hereinabove provided.

            (b) In connection with the termination or resignation of the
Servicer hereunder, either (i) the successor servicer, including the Trust
Administrator or the Trustee, as applicable, if the Trust Administrator or the
Trustee, as applicable, is acting as successor 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 Servicer shall cooperate with the successor Servicer in
causing MERS to revise its records to reflect the transfer of servicing to the
successor Servicer as necessary under MERS' rules and regulations, or (ii) the
predecessor Servicer shall cooperate with the successor Servicer in causing MERS
to execute and deliver an assignment of Mortgage in recordable form to transfer
the Mortgage from MERS to the Trust Administrator or the Trustee, as applicable,
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(R) System to the successor Servicer.
The predecessor Servicer shall file or cause to be filed any such assignment in
the appropriate recording office. The predecessor 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 a Servicer pursuant to Section 7.01
above or any appointment of a successor to a Servicer pursuant to Section 7.02
above, the Trust Administrator 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 Servicer Event of Default or five days after a Responsible Officer
of the Trust Administrator becomes aware of the occurrence of such an event, the
Trust Administrator shall transmit by mail to all Holders of Certificates notice
of each such occurrence, unless such default or Servicer Event of Default shall
have been cured or waived.

            SECTION 7.04      Waiver of 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 Servicer Event of Default hereunder may waive such default or
Servicer Event of Default; provided, however, that a default or 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
Servicer

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Event of Default, such default or 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 Servicer Event of
Default or impair any right consequent thereon except to the extent expressly so
waived.

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                                  ARTICLE VIII

               CONCERNING THE TRUSTEE AND THE TRUST ADMINISTRATOR

            SECTION 8.01      Duties of Trustee and Trust Administrator.

            Each of the Trustee and the Trust Administrator, prior to the
occurrence of a Servicer Event of Default and after the curing of all Servicer
Events of Default which may have occurred, undertakes to perform such duties and
only such duties as are specifically set forth in this Agreement. During a
Servicer Event of Default, each of the Trustee and the Trust Administrator 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 or the Trust Administrator
enumerated in this Agreement shall not be construed as a duty.

            Each of the Trustee and the Trust Administrator, 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 neither the Trustee nor the Trust Administrator 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 or the Trust Administrator from liability for its own negligent action,
its own negligent failure to act or its own misconduct; provided, however, that:

            (i) Prior to the occurrence of a Servicer Event of Default, and
      after the curing of all such Servicer Events of Default which may have
      occurred, the duties and obligations of each of the Trustee and the Trust
      Administrator shall be determined solely by the express provisions of this
      Agreement, neither the Trustee nor the Trust Administrator 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 or the
      Trust Administrator and, in the absence of bad faith on the part of the
      Trustee or the Trust Administrator, as applicable, the Trustee or the
      Trust Administrator, 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 or the
      Trust Administrator, as the case may be, that conform to the requirements
      of this Agreement;

            (ii) Neither the Trustee nor the Trust Administrator shall be
      personally liable for any error of judgment made in good faith by a
      Responsible Officer or Responsible

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      Officers of it unless it shall be proved that it was negligent in
      ascertaining the pertinent facts;

            (iii) Neither the Trustee nor the Trust Administrator 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) Neither the Trustee nor the Trust Administrator shall be
      required to take notice or be deemed to have notice or knowledge of any
      default unless a Responsible Officer of the Trustee or the Trust
      Administrator, as the case may be, 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 or
      Trust Administrator, as applicable, may conclusively assume there is no
      default.

            Neither the Trustee nor the Trust Administrator 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 or the Trust Administrator, as
applicable, including the compensation and the expenses and disbursements of its
agents and counsel, in the ordinary course of the Trustee's or the Trust
Administrator'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 and the Trust
Administrator, none of the provisions contained in this Agreement shall in any
event require the Trustee or the Trust Administrator, as the case may be, to
perform, or be responsible for the manner of performance of, any of the
obligations of the Servicer under this Agreement, except during such time, if
any, as the Trustee or the Trust Administrator, as applicable, shall be the
successor to, and be vested with the rights, duties, powers and privileges of,
the Servicer in accordance with the terms of this Agreement.

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

            (a) Except as otherwise provided in Section 8.01:

            (i) Each of the Trustee and the Trust Administrator and any
      director, officer, employee or agent of the Trustee or the Trust
      Administrator, 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;

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            (ii) Each of the Trustee and the Trust Administrator, as the case
      may be, 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) Neither the Trustee nor the Trust Administrator 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 or the Trust
      Administrator, 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 or the Trust Administrator to perform
      any discretionary act enumerated in this Agreement shall not be construed
      as a duty, and neither the Trustee nor the Trust Administrator 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 Trust Administrator or the Trustee of the obligation, upon the
      occurrence of a 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) Neither the Trustee nor the Trust Administrator 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) Prior to the occurrence of a Servicer Event of Default
      hereunder, and after the curing of all Servicer Events of Default which
      may have occurred, neither the Trustee nor the Trust Administrator 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 or the Trust Administrator, 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
      or the Trust Administrator, as applicable, not reasonably assured to the
      Trustee or the Trust Administrator, as applicable, by such
      Certificateholders, the Trustee or the Trust Administrator, 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 and the Trust Administrator may execute any
      of the trusts or powers hereunder or perform any duties hereunder either
      directly or by or through agents or attorneys and neither the Trustee nor
      the Trust Administrator shall be responsible for any misconduct or
      negligence on the part of any agent or attorney appointed with due care;

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            (vii) Neither the Trustee nor the Trust Administrator shall be
      personally liable for any loss resulting from the investment of funds held
      in the Collection Account at the direction of the Servicer pursuant to
      Section 3.12; and

            (viii) Any request or direction of the Depositor, the 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 or the Trust Administrator, 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 or the Trust
Administrator 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      Neither the Trustee nor Trust Administrator Liable
                              for Certificates or Mortgage Loans.

            The recitals contained herein and in the Certificates (other than
the signature of the Trust Administrator, on behalf of the Trustee, the
authentication of the Trust Administrator on the Certificates, the
acknowledgments of the Trustee and the Trust Administrator contained in Article
II and the representations and warranties of the Trustee and the Trust
Administrator in Section 8.12) shall be taken as the statements of the Depositor
and neither the Trustee nor the Trust Administrator assumes any responsibility
for their correctness. Neither the Trustee nor the Trust Administrator 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 Trust Administrator and
authentication of the Trust Administrator on the Certificates) or of any
Mortgage Loan or related document or of MERS or the MERS System. Neither the
Trustee nor the Trust Administrator 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 Servicer in respect of the Mortgage Loans or deposited in or
withdrawn from the Collection Account by the Servicer.

            SECTION 8.04      Trustee and Trust Administrator May Own
                              Certificates.

            Each of the Trustee and the Trust Administrator 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 or the Trust
Administrator, as applicable.

            SECTION 8.05      Trustee's, Trust Administrator's and Custodians'
                              Fees and Expenses.

            (a) The Trust Administrator shall withdraw from the Distribution
Account on each Distribution Date and pay to itself any income and gain realized
from the investment of funds deposited in the Distribution Account. The
Trustee's fees will be paid by the Trust Administrator pursuant to a separate
agreement between the Trustee and the Trust Administrator, and such compensation
will not be an expense of the Trust. Each of the Trustee, the Trust
Administrator, a Custodian and any director, officer, employee or agent of any
of them, as

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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 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 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 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 any Servicer's obligations in connection with this
Agreement for which the Servicer shall indemnify the Trustee and the Trust
Administrator pursuant to Section 8.05(b) and Section 10.03 (and in the case of
the Trustee, resulting from any breach of the Trust Administrator's obligations
in connection with this Agreement for which the Trust Administrator shall
indemnify the Trustee pursuant to Section 10.03(a) and in the case of the Trust
Administrator, resulting from any breach of the Trustee's obligations in
connection with this Agreement for which the Trustee shall indemnify the Trust
Administrator pursuant to Section 10.03(c)), (ii) that constitutes a specific
liability of the Trustee or the Trust Administrator, 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 or the Trust Administrator'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, 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,
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 Trust Administrator
for payment to the applicable indemnified Person from the Distribution Account
at any time.

            (b) The Servicer agrees to indemnify the Trustee, the Trust
Administrator and any Custodian from, and hold each harmless against, any loss,
liability or expense resulting from a breach of the 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 or such Custodian, as the case may be. Any payment hereunder
made by the Servicer to the Trustee, the Trust Administrator or such Custodian
shall be from the 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

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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 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 both the Trustee and the Trust
Administrator resign or are 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 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 both the Trustee and
the Trust Administrator resign or are 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 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
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

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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.

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            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 property securing the same may at the time be located, the
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, and to
vest in such Person or Persons, in such capacity, such title to REMIC I, or any
part thereof, and, subject to the other provisions of this Section 8.10, such
powers, duties, obligations, rights and trusts as the Servicer and the Trustee
may consider necessary or desirable. If the 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 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 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 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

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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 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 Trust Administrator in respect of the Certificates
and this Agreement may be served.

            SECTION 8.13      Representations and Warranties.

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

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

            (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

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      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      [Reserved].

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

            Notwithstanding anything to the contrary herein, in no event shall
the Trustee or the Trust Administrator 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 Trust Administrator, as the case may be, 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.

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                                   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 Servicer, the
Trustee and the Trust Administrator with respect to the Mortgage Loans (other
than the obligations of the Servicer to the Trustee and the Trust Administrator
pursuant to Section 8.05 and of the Servicer to provide for and the Trust
Administrator to make payments in respect of the REMIC I Regular Interests and
the Classes of Certificates as hereinafter set forth) shall terminate upon
payment to the Certificateholders 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 Terminator (on a servicing retained
basis) 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;
provided, however, that in no event shall the trust created hereby continue
beyond the earlier of (a) the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late ambassador of the
United States to the Court of St. James, living on the date hereof and (b) the
Latest Possible Maturity Date (as defined in the Preliminary Statement).

            Subject to Section 3.10 hereof, the purchase by the Terminator of
all Mortgage Loans and each REO Property remaining in REMIC I shall be at a
price equal to the greater of (i) the Stated Principal Balance of the Mortgage
Loans and the appraised value of any REO Properties (such appraisal to be
conducted by an appraiser mutually agreed upon by the Servicer and the Trust
Administrator) and (ii) the fair market value of the Mortgage Loans and the REO
Properties (as determined by the Servicer, with the consent of the Trust
Administrator 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 the
related Certificateholders pursuant to Section 9.01(c)), in each case plus
accrued and unpaid interest thereon at the weighted average of the Mortgage
Rates through the end of the Due Period preceding the final Distribution Date
plus unreimbursed Servicing Advances allocable to such Mortgage Loans and REO
Properties (the "Termination Price"); provided, however, such option may only be
exercised if the Termination Price is sufficient to result in the payment of all
interest accrued on, as well as amounts necessary to retire the principal
balance of, each class of notes issued pursuant to the Indenture.

            (b) The Servicer shall have the right (the party exercising such
right, the "Terminator"), to purchase all of the Mortgage Loans and each REO
Property remaining in REMIC I pursuant to clause (i) of the preceding paragraph
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 Terminator may elect to purchase all of the Mortgage Loans and each REO
Property remaining in REMIC I pursuant to clause (i) above only if the aggregate
Stated Principal Balance of the Mortgage Loans and each REO Property remaining
in the Trust Fund at the time of such election is reduced to less than 10% of
the aggregate Stated Principal

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Balance of the Mortgage Loans as of the Cut-off Date. By acceptance of a
Residual Certificate, the Holders of the Residual Certificates agree, in
connection with any termination hereunder, to assign and transfer any amounts in
excess of par, and to the extent received in respect of such termination, to pay
any such amounts to the Holders of the Class CE Certificates.

            (c) Notice of the liquidation of any Certificates shall be given
promptly by the Trust Administrator by letter to the related Certificateholders
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
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 and will be made upon presentation and surrender of the
Certificates at the office of the Trust Administrator 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 Trust
Administrator. In the event such notice is given in connection with the purchase
of all of the Mortgage Loans and each REO Property remaining in REMIC I by the
Terminator, the Terminator shall deliver to the Trust Administrator for deposit
in the Distribution Account 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 Trust Administrator by a Servicing Officer of the making of such final
deposit, the Trust Administrator shall promptly release or cause to be released
to the related Terminator the Mortgage Files for the remaining Mortgage Loans
and the Trust Administrator shall execute all assignments, endorsements and
other instruments delivered to it which are necessary to effectuate such
transfer.

            (d) Upon receipt of notice by the Trust Administrator of the
presentation of the Certificates by the Certificateholders on the related final
Distribution Date to the Trust Administrator, the Trust Administrator 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 Trust Administrator 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 Trust Administrator 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

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shall not have been surrendered for cancellation, the Trust Administrator 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 Trust Administrator 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 Trust Administrator as a result of such Certificateholder's failure to
surrender its Certificate(s) for final payment thereof in accordance with this
Section 9.01.

            Immediately following the deposit of funds in trust hereunder in
respect of each of the Certificates the Trust Fund shall terminate.

            SECTION 9.02      Additional Termination Requirements.

            (a) In the event that the Terminator purchases all the Mortgage
Loans and each 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 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
      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 shall sell all of the assets of REMIC I to the Terminator
      for cash; and

            (iii) At the time of the making of the final payment on the related
      Certificates, the Trust Administrator 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 Terminator (or in the event of termination
      under Section 9.01(a)(ii), at the expense of the Servicer), the Trust
      Administrator shall prepare or cause to be prepared the documentation
      required in connection with the adoption of a plan of liquidation of REMIC
      I 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 REMIC I which authorization shall be binding upon
      all successor Certificateholders.

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                                    ARTICLE X

                                REMIC PROVISIONS

            SECTION 10.01     REMIC Administration.

            (a) The Trust Administrator 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 Interest in REMIC I. The Floating Rate
Certificates, the Class CE Interest and the Class P Interest 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. The Class CE Certificates shall
be designated as the Regular Interests in REMIC III and the Class R-III Interest
shall be designated as the Residual Interest in REMIC III. The Class P
Certificates shall be designated as the Regular Interests in REMIC IV and the
Class R-IV Interest shall be designated as the Residual Interest in REMIC IV.
Neither the Trustee nor the Trust Administrator shall permit the creation of any
"interests" in any Trust REMIC (within the meaning of Section 860G of the Code)
other than the REMIC Regular Interests and the interests represented by the
Certificates.

            (b) The Closing Date is hereby designated as the "Startup Day" of
each Trust 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 related 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 Servicer shall
provide on a timely basis to the Trust Administrator or its designee such
information with

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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 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 Trustee, the Trust Administrator, the Servicer and the
Holders of Certificates shall take such action or cause the 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 Trustee, the Trust Administrator and the
Servicer shall not take any action or 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 each 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 has 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
Trustee or the Trust Administrator) 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 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; provided that the Servicer may conclusively rely on such Opinion of
Counsel and shall incur no liability for its action or failure to act in
accordance with such Opinion of Counsel. In addition, prior to taking any action
with respect to any Trust REMIC or the respective assets of each, or causing any
Trust REMIC to take any action, which is not contemplated under the terms of
this Agreement, the Servicer consult with the Trustee and the Trust
Administrator or their designee, in writing,

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with respect to whether such action could cause an Adverse REMIC Event to occur
with respect to any Trust REMIC and the 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; provided that the Servicer may conclusively rely on such writing and
shall incur no liability for its action or failure to act in accordance with
such writing. 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 Trustee, the Trust Administrator and
the Servicer will ensure that substantially all of the assets of REMIC I 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, to the
extent such obligations are within the Trustee's, Trust Administrator's or
Servicer's, as applicable, control and not otherwise inconsistent with the terms
of this Agreement.

            (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 Servicer pursuant to Section 10.03 hereof, if such tax arises out
of or results from a breach by the Servicer of any of its obligations under
Article III or this Article X, or otherwise (iv) 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 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 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.

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            SECTION 10.02     Prohibited Transactions and Activities.

            None of the Depositor, the Servicer, the Trust Administrator 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     Servicer, Trustee and Trust Administrator
                              Indemnification.

            (a) The Trust Administrator agrees to indemnify the Trust Fund, the
Depositor, the 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 Servicer or the Trustee as a result of a breach
of the Trust Administrator's covenants set forth in this Article X.

            (b) The 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 Servicer's covenants set forth in Article III or this Article
X.

            (c) The Trustee agrees to indemnify the Trust Fund, the Depositor,
the Trust Administrator and the Servicer 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 Servicer, as a result
of a breach of the Trustee's covenants set forth in this Article X.

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                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

            SECTION 11.01     Amendment.

            This Agreement may be amended from time to time by the Depositor,
the Servicer, the Trustee 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 either (a) an Opinion of Counsel delivered to the
Trustee and the Trust Administrator, adversely affect in any material respect
the interests of any Certificateholder or (b) written notice to the Depositor,
the Servicer, the Trustee and the Trust Administrator from the Rating Agencies
that such action will not result in the reduction or withdrawal of the rating of
any outstanding Class of Certificates with respect to which it is a Rating
Agency). 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 or Rating Agency confirmation 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 Servicer, the Trustee 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 Cap Provider or 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
Cap Provider or Holders of any Class of Certificates (as evidenced by either (i)
an Opinion of Counsel delivered to the Trustee and Trust Administrator or (ii)
written notice to the Depositor, the Servicer, the Trustee and the Trust
Administrator from the Rating Agencies that such action will not result in the
reduction or withdrawal of the rating of any outstanding Class of Certificates
with respect to which it is a Rating Agency) 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 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, neither
the Trustee nor the Trust Administrator shall 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

                                      147
<PAGE>

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
Trustee and 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.

            Notwithstanding any of the other provisions of this Section 11.01,
none of the Depositor, the Servicer or the Trustee shall enter into any
amendment to Section 4.01(e), Section 4.08 or Section 11.10 of this Agreement
without the prior written consent of the Cap Provider.

            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 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
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

                                      148
<PAGE>

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 and Trust Administrator 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 and the Trust Administrator to
institute such action, suit or proceeding in its own name as Trustee or Trust
Administrator hereunder and shall have offered to the Trustee or the Trust
Administrator, as applicable, such indemnity satisfactory to it against the
costs, expenses and liabilities to be incurred therein or thereby, and the
Trustee or the Trust Administrator, 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, the Trustee and the Trust Administrator, 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,
the Trustee and the Trust Administrator 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

                                      149
<PAGE>

hereafter be furnished to the Servicer, the Trust Administrator and the Trustee
in writing by the Depositor, (b) in the case of the Servicer, 1 Home Campus, Des
Moines, IA 50328-0001, Attention: John B. Brown, MAC X 2401-042, (telecopy
number: (515) 213-7121), with a copy to General Counsel, 1 Home Campus, Des
Moines, IA 50328-0001, MAC X 2401-06T, (telecopy number: (515) 213-5192) or such
other address or telecopy number as may hereafter be furnished to the Trustee,
the Trust Administrator and the Depositor in writing by the Servicer, (c) in the
case of the Trust Administrator, 1000 Technology Drive, M.S. 337, O'Fallon,
Missouri 63304, Attention: Mortgage Finance (telecopy number (636) 261-1394), or
such other address or telecopy number as may hereafter be furnished to the
Trustee, the Servicer and the Depositor in writing by the Trust Administrator
and (d) in the case of the Trustee, U.S. Bank National Association, 60
Livingston Avenue, EP-MN-WS3D, St. Paul, Minnesota 55107, Attention: Structured
Finance/CMLTI 2006-WFHE1 (telecopy number (651) 495-8090), or such other address
or telecopy number as may hereafter be furnished to the Servicer, the Trust
Administrator 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 the Servicer 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 or the Servicer, as
applicable, has actual knowledge:

            1. Any material change or amendment to this Agreement;

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

            3. The resignation or termination of any Servicer, the Trust
Administrator 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;

                                      150
<PAGE>

            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 Trust
Administrator or the Trustee, as applicable, were it to succeed as Servicer, to
make advances regarding delinquent Mortgage Loans; and

            8. The filing of any claim under the 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 Servicer, as required pursuant to Section 3.20 and Section 3.21,
shall promptly furnish to the Rating Agencies copies of the following:

            1. Each annual statement as to compliance described in Section 3.20;
and

            2. Each annual independent public accountants' servicing 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 10041 and to Moody's at 99 Church Street, 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,

                                      151
<PAGE>

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     Third Party Rights.

            The Cap Provider shall be deemed a third-party beneficiary of this
Agreement to the same extent as if it were a party hereto, and shall have the
right to enforce the provisions of this Agreement.

            SECTION 11.11     Intention of the Parties and Interpretation.

            Each of the parties acknowledges and agrees that the purpose of
Sections 3.20, 3.21 and 4.07 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. ss.ss. 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.

                                      152
<PAGE>

            IN WITNESS WHEREOF, the Depositor, the Servicer, the Trust
Administrator 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/ Mathhew R. Bollo
                                    ------------------------------------------
                                    Name:      Matthew R. Bollo
                                    Title:     Asst. Vice President

                                    WELLS FARGO BANK, N.A.,
                                    as Servicer

                                    By:    /s/ Bradley A. Davis
                                    ------------------------------------------
                                    Name:      Bradley A. Davis
                                    Title:     Vice President

                                    CITIBANK, N.A.,
                                    as Trust Administrator

                                    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

<PAGE>

STATE OF NEW YORK       )
                        ) ss.:
COUNTY OF NEW YORK      )

            On the ____ day of February 2006, before me, a notary public in and
for said State, personally appeared __________________, known to me to be a
__________________ 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]

<PAGE>

STATE OF _______________)
                        ) ss.:
COUNTY OF ______________)

            On the ____ day of February 2006, before me, a notary public in and
for said State, personally appeared _________________, known to me to be a
________________ of Wells Fargo Bank, N.A., 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 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]

<PAGE>

 STATE OF NEW YORK      )
                        ) ss.:
COUNTY OF NEW YORK      )

            On the ____ day of February 2006, before me, a notary public in and
for said State, personally appeared _________________, known to me to be a
________________ of Citibank, N.A., 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 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]

<PAGE>

STATE OF _______________)
                        ) ss.:
COUNTY OF ______________)

            On the ____ day of February 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]

<PAGE>

                                 EXHIBIT A-1

                        FORM OF CLASS A-1A 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-WFHE1                           Aggregate Certificate Principal
                                            Balance of the Class A-1A
                                            Certificates as of the Issue Date:
                                            $169,803,000.00

Pass-Through Rate: Variable                 Denomination: $169,803,000.00

Cut-off Date and date of Pooling and        Servicer:  Wells Fargo Bank, N.A.
Servicing Agreement: February 1, 2006

First Distribution Date: March 27, 2006     Trust Administrator:  Citibank, N.A.

No. 1                                       Trustee: U.S. Bank National
                                            Association

                                            Issue Date: February 28, 2006

                                            CUSIP: 17307G 2J 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.

<PAGE>

                      ASSET-BACKED PASS-THROUGH CERTIFICATE

evidencing a beneficial  ownership interest in a Trust Fund (the "Trust Fund")
consisting   primarily  of  a  pool  of  conventional   one-  to  four-family,
fixed-rate  and  adjustable-rate,  first lien and second lien  mortgage  loans
(the "Mortgage Loans") formed and sold by

                       CITIGROUP MORTGAGE LOAN TRUST INC.

      THIS  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST
      IN CITIGROUP  MORTGAGE LOAN TRUST INC.,  THE  SERVICER,  THE TRUST
      ADMINISTRATOR,  THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
      NEITHER THIS  CERTIFICATE  NOR THE  UNDERLYING  MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

            This  certifies  that  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 A-1A
Certificates  as of the  Issue  Date)  in that  certain  beneficial  ownership
interest  evidenced by all the Class A-1A  Certificates  in the REMIC  created
pursuant to a Pooling and Servicing  Agreement,  dated as specified above (the
"Agreement"),  among Citigroup  Mortgage Loan Trust Inc.  (hereinafter  called
the   "Depositor,"   which  term  includes  any  successor  entity  under  the
Agreement),  the Servicer,  the Trust Administrator 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  A-1A
Certificates on such Distribution Date pursuant to the Agreement.

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

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

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

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

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

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

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

            The  obligations  created  by the  Agreement  and the  Trust  Fund
created thereby shall terminate upon payment to the  Certificateholders of all
amounts  held  by the  Trust  Administrator  and  required  to be paid to them
pursuant to the  Agreement  following  the earlier of (i) the final payment or
other  liquidation (or any advance with respect  thereto) of the last Mortgage
Loan and REO  Property  remaining  in the REMIC and (ii) the  purchase  by the
party  designated  in the  Agreement at a price  determined as provided in the
Agreement from the REMIC 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 REMIC 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 Trust  Administrator,  by manual signature,  this Certificate shall not
be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

IN WITNESS WHEREOF,  the Trust Administrator has caused this Certificate to be
duly executed.

Dated: February ___, 2006

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

      This  is one of the  Certificates  referred  to in the  within-mentioned
      Agreement.

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Signatory

<PAGE>

                                  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               _____________________________
   if survivorship and not as                                (State)
   tenants in common

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

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please  print or  typewrite  name,  address  including  postal zip code,  and
Taxpayer  Identification  Number of assignee) a Percentage  Interest  equal to
____%  evidenced  by the within  Asset-Backed  Pass-Through  Certificates  and
hereby  authorize(s) the registration of transfer of such interest to assignee
on the Certificate Register of the Trust Fund.

      I (we) further  direct the Trustee to issue a new  Certificate of a like
Percentage  Interest  and Class to the above named  assignee  and deliver such
Certificate to the following address:

________________________________________________________________________________

________________________________________________________________________________

Dated:
                                      __________________________________________
                                      Signature by or on behalf of assignor

                                      __________________________________________
                                      Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                   EXHIBIT A-2

                         FORM OF CLASS A-1B 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-WFHE1                           Aggregate Certificate Principal
                                            Balance of the Class A-1B
                                            Certificates as of the Issue Date:
                                            $55,916,000.00

Pass-Through Rate: Variable                 Denomination: : $55,916,000.00

Cut-off Date and date of Pooling and        Servicer:  Wells Fargo Bank, N.A.
Servicing Agreement: February 1, 2006

First Distribution Date: March 27, 2006     Trust Administrator:  Citibank, N.A.

No. 1                                       Trustee: U.S. Bank National
                                            Association

                                            Issue Date: February 28, 2006

                                            CUSIP: 17307G 2K 3

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

                      ASSET-BACKED PASS-THROUGH CERTIFICATE

evidencing a beneficial  ownership interest in a Trust Fund (the "Trust Fund")
consisting   primarily  of  a  pool  of  conventional   one-  to  four-family,
fixed-rate  and  adjustable-rate,  first lien and second lien  mortgage  loans
(the "Mortgage Loans") formed and sold by

                       CITIGROUP MORTGAGE LOAN TRUST INC.

      THIS  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST
      IN CITIGROUP  MORTGAGE LOAN TRUST INC.,  THE  SERVICER,  THE TRUST
      ADMINISTRATOR,  THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
      NEITHER THIS  CERTIFICATE  NOR THE  UNDERLYING  MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

            This  certifies  that  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 A-1B
Certificates  as of the  Issue  Date)  in that  certain  beneficial  ownership
interest  evidenced by all the Class A-1B  Certificates  in the REMIC  created
pursuant to a Pooling and Servicing  Agreement,  dated as specified above (the
"Agreement"),  among Citigroup  Mortgage Loan Trust Inc.  (hereinafter  called
the   "Depositor,"   which  term  includes  any  successor  entity  under  the
Agreement),  the Servicer,  the Trust Administrator 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  A-1B
Certificates on such Distribution Date pursuant to the Agreement.

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

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

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

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

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

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

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

            The  obligations  created  by the  Agreement  and the  Trust  Fund
created thereby shall terminate upon payment to the  Certificateholders of all
amounts  held  by the  Trust  Administrator  and  required  to be paid to them
pursuant to the  Agreement  following  the earlier of (i) the final payment or
other  liquidation (or any advance with respect  thereto) of the last Mortgage
Loan and REO  Property  remaining  in the REMIC and (ii) the  purchase  by the
party  designated  in the  Agreement at a price  determined as provided in the
Agreement from the REMIC 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 REMIC 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 Trust  Administrator,  by manual signature,  this Certificate shall not
be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

IN WITNESS WHEREOF,  the Trust Administrator has caused this Certificate to be
duly executed.

Dated: February ___, 2006

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

      This  is one of the  Certificates  referred  to in the  within-mentioned
      Agreement.

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Signatory

<PAGE>

                                  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               _____________________________
   if survivorship and not as                                (State)
   tenants in common

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

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please  print or  typewrite  name,  address  including  postal zip code,  and
Taxpayer  Identification  Number of assignee) a Percentage  Interest  equal to
____%  evidenced  by the within  Asset-Backed  Pass-Through  Certificates  and
hereby  authorize(s) the registration of transfer of such interest to assignee
on the Certificate Register of the Trust Fund.

      I (we) further  direct the Trustee to issue a new  Certificate of a like
Percentage  Interest  and Class to the above named  assignee  and deliver such
Certificate to the following address:

________________________________________________________________________________

________________________________________________________________________________

Dated:
                                      __________________________________________
                                      Signature by or on behalf of assignor

                                      __________________________________________
                                      Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                   EXHIBIT A-3

                         FORM OF CLASS A-1C 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-WFHE1                           Aggregate Certificate Principal
                                            Balance of the Class A-1C
                                            Certificates as of the Issue Date:
                                            $58,376,000.00

Pass-Through Rate: Variable                 Denomination: $58,376,000.00

Cut-off Date and date of Pooling and        Servicer:  Wells Fargo Bank, N.A.
Servicing Agreement: February 1, 2006

First Distribution Date: March 27, 2006     Trust Administrator:  Citibank, N.A.

No. 1                                       Trustee: U.S. Bank National
                                            Association

                                            Issue Date: February 28, 2006

                                            CUSIP: 17307G 2L 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.

<PAGE>

                      ASSET-BACKED PASS-THROUGH CERTIFICATE

evidencing a beneficial  ownership interest in a Trust Fund (the "Trust Fund")
consisting   primarily  of  a  pool  of  conventional   one-  to  four-family,
fixed-rate  and  adjustable-rate,  first lien and second lien  mortgage  loans
(the "Mortgage Loans") formed and sold by

                       CITIGROUP MORTGAGE LOAN TRUST INC.

      THIS  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST
      IN CITIGROUP  MORTGAGE LOAN TRUST INC.,  THE  SERVICER,  THE TRUST
      ADMINISTRATOR,  THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
      NEITHER THIS  CERTIFICATE  NOR THE  UNDERLYING  MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

            This  certifies  that  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 A-1C
Certificates  as of the  Issue  Date)  in that  certain  beneficial  ownership
interest  evidenced by all the Class A-1C  Certificates  in the REMIC  created
pursuant to a Pooling and Servicing  Agreement,  dated as specified above (the
"Agreement"),  among Citigroup  Mortgage Loan Trust Inc.  (hereinafter  called
the   "Depositor,"   which  term  includes  any  successor  entity  under  the
Agreement),  the Servicer,  the Trust Administrator 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  A-1C
Certificates on such Distribution Date pursuant to the Agreement.

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

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

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

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

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

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

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

            The  obligations  created  by the  Agreement  and the  Trust  Fund
created thereby shall terminate upon payment to the  Certificateholders of all
amounts  held  by the  Trust  Administrator  and  required  to be paid to them
pursuant to the  Agreement  following  the earlier of (i) the final payment or
other  liquidation (or any advance with respect  thereto) of the last Mortgage
Loan and REO  Property  remaining  in the REMIC and (ii) the  purchase  by the
party  designated  in the  Agreement at a price  determined as provided in the
Agreement from the REMIC 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 REMIC 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 Trust  Administrator,  by manual signature,  this Certificate shall not
be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

IN WITNESS WHEREOF,  the Trust Administrator has caused this Certificate to be
duly executed.

Dated: February ___, 2006

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

      This  is one of the  Certificates  referred  to in the  within-mentioned
      Agreement.

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Signatory

<PAGE>

                                  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               _____________________________
   if survivorship and not as                                (State)
   tenants in common

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

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please  print or  typewrite  name,  address  including  postal zip code,  and
Taxpayer  Identification  Number of assignee) a Percentage  Interest  equal to
____%  evidenced  by the within  Asset-Backed  Pass-Through  Certificates  and
hereby  authorize(s) the registration of transfer of such interest to assignee
on the Certificate Register of the Trust Fund.

      I (we) further  direct the Trustee to issue a new  Certificate of a like
Percentage  Interest  and Class to the above named  assignee  and deliver such
Certificate to the following address:

________________________________________________________________________________

________________________________________________________________________________

Dated:
                                      __________________________________________
                                      Signature by or on behalf of assignor

                                      __________________________________________
                                      Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                   EXHIBIT A-4

                         FORM OF CLASS A-1D 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-WFHE1                        Aggregate Certificate Principal Balance
                                         of the Class A-1D Certificates as of
                                         the Issue Date: $47,579,000.00

Pass-Through Rate: Variable              Denomination: $47,579,000.00

Cut-off Date and date of Pooling and     Servicer:  Wells Fargo Bank, N.A.
Servicing Agreement: February 1, 2006

First Distribution Date: March 27, 2006  Trust Administrator:  Citibank, N.A.

No. 1                                    Trustee: U.S. Bank National Association

                                         Issue Date: February 28, 2006

                                         CUSIP: 17307G 2M 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.

<PAGE>

                      ASSET-BACKED PASS-THROUGH CERTIFICATE

evidencing a beneficial  ownership interest in a Trust Fund (the "Trust Fund")
consisting   primarily  of  a  pool  of  conventional   one-  to  four-family,
fixed-rate  and  adjustable-rate,  first lien and second lien  mortgage  loans
(the "Mortgage Loans") formed and sold by

                       CITIGROUP MORTGAGE LOAN TRUST INC.

      THIS  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST
      IN CITIGROUP  MORTGAGE LOAN TRUST INC.,  THE  SERVICER,  THE TRUST
      ADMINISTRATOR,  THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
      NEITHER THIS  CERTIFICATE  NOR THE  UNDERLYING  MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

            This  certifies  that  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 A-1D
Certificates  as of the  Issue  Date)  in that  certain  beneficial  ownership
interest  evidenced by all the Class A-1D  Certificates  in the REMIC  created
pursuant to a Pooling and Servicing  Agreement,  dated as specified above (the
"Agreement"),  among Citigroup  Mortgage Loan Trust Inc.  (hereinafter  called
the   "Depositor,"   which  term  includes  any  successor  entity  under  the
Agreement),  the Servicer,  the Trust Administrator 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  A-1D
Certificates on such Distribution Date pursuant to the Agreement.

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

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

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

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

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

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

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

            The  obligations  created  by the  Agreement  and the  Trust  Fund
created thereby shall terminate upon payment to the  Certificateholders of all
amounts  held  by the  Trust  Administrator  and  required  to be paid to them
pursuant to the  Agreement  following  the earlier of (i) the final payment or
other  liquidation (or any advance with respect  thereto) of the last Mortgage
Loan and REO  Property  remaining  in the REMIC and (ii) the  purchase  by the
party  designated  in the  Agreement at a price  determined as provided in the
Agreement from the REMIC 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 REMIC 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 Trust  Administrator,  by manual signature,  this Certificate shall not
be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

IN WITNESS WHEREOF,  the Trust Administrator has caused this Certificate to be
duly executed.

Dated: February ___, 2006

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

      This  is one of the  Certificates  referred  to in the  within-mentioned
      Agreement.

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Signatory

<PAGE>

                                  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               _____________________________
   if survivorship and not as                                (State)
   tenants in common

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

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please  print or  typewrite  name,  address  including  postal zip code,  and
Taxpayer  Identification  Number of assignee) a Percentage  Interest  equal to
____%  evidenced  by the within  Asset-Backed  Pass-Through  Certificates  and
hereby  authorize(s) the registration of transfer of such interest to assignee
on the Certificate Register of the Trust Fund.

      I (we) further  direct the Trustee to issue a new  Certificate of a like
Percentage  Interest  and Class to the above named  assignee  and deliver such
Certificate to the following address:

________________________________________________________________________________

________________________________________________________________________________

Dated:
                                      __________________________________________
                                      Signature by or on behalf of assignor

                                      __________________________________________
                                      Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                   EXHIBIT A-5

                          FORM OF CLASS M-1 CERTIFICATE

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

  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 CLASS A CERTIFICATES TO THE EXTENT
  DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

  NO  TRANSFER OF THIS  CERTIFICATE  TO AN  EMPLOYEE  BENEFIT  PLAN OR OTHER
  RETIREMENT  ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
  ACT OF  1974,  AS  AMENDED,  OR THE  CODE  WILL BE  REGISTERED  EXCEPT  IN
  COMPLIANCE WITH THE PROCEDURES.

Series 2006-WFHE1                          Aggregate Certificate Principal
                                           Balance of the Class M-1 Certificates
                                           as of the Issue Date: $14,197,000.00

Pass-Through Rate: Variable                Denomination: $14,197,000.00

Cut-off Date and date of Pooling and       Servicer:  Wells Fargo Bank, N.A.
Servicing Agreement: February 1, 2006

First Distribution Date: March 27, 2006    Trust Administrator:  Citibank, N.A.

No. 1                                      Trustee: U.S. Bank National
                                           Association

                                           Issue Date: February 28, 2006

                                           CUSIP: 17307G 2N 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.

<PAGE>

                      ASSET-BACKED PASS-THROUGH CERTIFICATE

evidencing a beneficial  ownership interest in a Trust Fund (the "Trust Fund")
consisting   primarily  of  a  pool  of  conventional   one-  to  four-family,
fixed-rate  and  adjustable-rate,  first lien and second lien  mortgage  loans
(the "Mortgage Loans") formed and sold by

                       CITIGROUP MORTGAGE LOAN TRUST INC.

      THIS  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST
      IN CITIGROUP  MORTGAGE LOAN TRUST INC.,  THE  SERVICER,  THE TRUST
      ADMINISTRATOR,  THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
      NEITHER THIS  CERTIFICATE  NOR THE  UNDERLYING  MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

            This  certifies  that  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 M-1
Certificates  as of the  Issue  Date)  in that  certain  beneficial  ownership
interest  evidenced  by all the Class M-1  Certificates  in the REMIC  created
pursuant to a Pooling and Servicing  Agreement,  dated as specified above (the
"Agreement"),  among Citigroup  Mortgage Loan Trust Inc.  (hereinafter  called
the   "Depositor,"   which  term  includes  any  successor  entity  under  the
Agreement),  the Servicer,  the Trust Administrator 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  M-1
Certificates on such Distribution Date pursuant to the Agreement.

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

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

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

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

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

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

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

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

            The  obligations  created  by the  Agreement  and the  Trust  Fund
created thereby shall terminate upon payment to the  Certificateholders of all
amounts  held  by the  Trust  Administrator  and  required  to be paid to them
pursuant to the  Agreement  following  the earlier of (i) the final payment or
other  liquidation (or any advance with respect  thereto) of the last Mortgage
Loan and REO  Property  remaining  in the REMIC and (ii) the  purchase  by the
party  designated  in the  Agreement at a price  determined as provided in the
Agreement from the REMIC 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 REMIC 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 Trust  Administrator,  by manual signature,  this Certificate shall not
be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

IN WITNESS WHEREOF,  the Trust Administrator has caused this Certificate to be
duly executed.

Dated: February ___, 2006

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

      This  is one of the  Certificates  referred  to in the  within-mentioned
      Agreement.

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Signatory

<PAGE>

                                  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               _____________________________
   if survivorship and not as                                (State)
   tenants in common

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

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please  print or  typewrite  name,  address  including  postal zip code,  and
Taxpayer  Identification  Number of assignee) a Percentage  Interest  equal to
____%  evidenced  by the within  Asset-Backed  Pass-Through  Certificates  and
hereby  authorize(s) the registration of transfer of such interest to assignee
on the Certificate Register of the Trust Fund.

      I (we) further  direct the Trustee to issue a new  Certificate of a like
Percentage  Interest  and Class to the above named  assignee  and deliver such
Certificate to the following address:

________________________________________________________________________________

________________________________________________________________________________

Dated:
                                      __________________________________________
                                      Signature by or on behalf of assignor

                                      __________________________________________
                                      Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                   EXHIBIT A-6

                          FORM OF CLASS M-2 CERTIFICATE

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

  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 CLASS A CERTIFICATES AND THE CLASS
  M-1  CERTIFICATES  TO THE EXTENT  DESCRIBED  IN THE POOLING AND  SERVICING
  AGREEMENT REFERRED TO HEREIN.

  NO  TRANSFER OF THIS  CERTIFICATE  TO AN  EMPLOYEE  BENEFIT  PLAN OR OTHER
  RETIREMENT  ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
  ACT OF  1974,  AS  AMENDED,  OR THE  CODE  WILL BE  REGISTERED  EXCEPT  IN
  COMPLIANCE WITH THE PROCEDURES.

Series 2006-WFHE1                          Aggregate Certificate Principal
                                           Balance of the Class M-2 Certificates
                                           as of the Issue Date: $12,962,000.00

Pass-Through Rate: Variable                Denomination: $12,962,000.00

Cut-off Date and date of Pooling and       Servicer:  Wells Fargo Bank, N.A.
Servicing Agreement: February 1, 2006

First Distribution Date: March 27, 2006    Trust Administrator:  Citibank, N.A.

No. 1                                      Trustee: U.S. Bank National
                                           Association

                                           Issue Date: February 28, 2006

                                           CUSIP: 17307G 2P 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.

<PAGE>

                      ASSET-BACKED PASS-THROUGH CERTIFICATE

evidencing a beneficial  ownership interest in a Trust Fund (the "Trust Fund")
consisting   primarily  of  a  pool  of  conventional   one-  to  four-family,
fixed-rate  and  adjustable-rate,  first lien and second lien  mortgage  loans
(the "Mortgage Loans") formed and sold by

                       CITIGROUP MORTGAGE LOAN TRUST INC.

      THIS  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST
      IN CITIGROUP  MORTGAGE LOAN TRUST INC.,  THE  SERVICER,  THE TRUST
      ADMINISTRATOR,  THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
      NEITHER THIS  CERTIFICATE  NOR THE  UNDERLYING  MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

            This  certifies  that  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 M-2
Certificates  as of the  Issue  Date)  in that  certain  beneficial  ownership
interest  evidenced  by all the Class M-2  Certificates  in the REMIC  created
pursuant to a Pooling and Servicing  Agreement,  dated as specified above (the
"Agreement"),  among Citigroup  Mortgage Loan Trust Inc.  (hereinafter  called
the   "Depositor,"   which  term  includes  any  successor  entity  under  the
Agreement),  the Servicer,  the Trust Administrator 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  M-2
Certificates on such Distribution Date pursuant to the Agreement.

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

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

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

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

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

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

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

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

            The  obligations  created  by the  Agreement  and the  Trust  Fund
created thereby shall terminate upon payment to the  Certificateholders of all
amounts  held  by the  Trust  Administrator  and  required  to be paid to them
pursuant to the  Agreement  following  the earlier of (i) the final payment or
other  liquidation (or any advance with respect  thereto) of the last Mortgage
Loan and REO  Property  remaining  in the REMIC and (ii) the  purchase  by the
party  designated  in the  Agreement at a price  determined as provided in the
Agreement from the REMIC 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 REMIC 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 Trust  Administrator,  by manual signature,  this Certificate shall not
be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

IN WITNESS WHEREOF,  the Trust Administrator has caused this Certificate to be
duly executed.

Dated: February ___, 2006

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

      This  is one of the  Certificates  referred  to in the  within-mentioned
      Agreement.

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Signatory

<PAGE>

                                  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               _____________________________
   if survivorship and not as                                (State)
   tenants in common

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

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please  print or  typewrite  name,  address  including  postal zip code,  and
Taxpayer  Identification  Number of assignee) a Percentage  Interest  equal to
____%  evidenced  by the within  Asset-Backed  Pass-Through  Certificates  and
hereby  authorize(s) the registration of transfer of such interest to assignee
on the Certificate Register of the Trust Fund.

      I (we) further  direct the Trustee to issue a new  Certificate of a like
Percentage  Interest  and Class to the above named  assignee  and deliver such
Certificate to the following address:

________________________________________________________________________________

________________________________________________________________________________

Dated:
                                      __________________________________________
                                      Signature by or on behalf of assignor

                                      __________________________________________
                                      Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                   EXHIBIT A-7

                          FORM OF CLASS M-3 CERTIFICATE

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

  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 CLASS A  CERTIFICATES,  THE CLASS
  M-1  CERTIFICATES  AND THE CLASS M-2  CERTIFICATES TO THE EXTENT DESCRIBED
  IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

  NO  TRANSFER OF THIS  CERTIFICATE  TO AN  EMPLOYEE  BENEFIT  PLAN OR OTHER
  RETIREMENT  ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
  ACT OF  1974,  AS  AMENDED,  OR THE  CODE  WILL BE  REGISTERED  EXCEPT  IN
  COMPLIANCE WITH THE PROCEDURES.

Series 2006-WFHE1                          Aggregate Certificate Principal
                                           Balance of the Class M-3 Certificates
                                           as of the Issue Date: $8,436,000.00

Pass-Through Rate: Variable                Denomination: : $8,436,000.00

Cut-off Date and date of Pooling and       Servicer:  Wells Fargo Bank, N.A.
Servicing Agreement: February 1, 2006

First Distribution Date: March 27, 2006    Trust Administrator:  Citibank, N.A.

No. 1                                      Trustee: U.S. Bank National
                                           Association

                                           Issue Date: February 28, 2006

                                           CUSIP: 17307G 2Q 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.

                      ASSET-BACKED PASS-THROUGH CERTIFICATE

evidencing a beneficial  ownership interest in a Trust Fund (the "Trust Fund")
consisting   primarily  of  a  pool  of  conventional   one-  to  four-family,
fixed-rate  and  adjustable-rate,  first lien and second lien  mortgage  loans
(the "Mortgage Loans") formed and sold by

                       CITIGROUP MORTGAGE LOAN TRUST INC.

      THIS  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST
      IN CITIGROUP  MORTGAGE LOAN TRUST INC.,  THE  SERVICER,  THE TRUST
      ADMINISTRATOR,  THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
      NEITHER THIS  CERTIFICATE  NOR THE  UNDERLYING  MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

            This  certifies  that  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 M-3
Certificates  as of the  Issue  Date)  in that  certain  beneficial  ownership
interest  evidenced  by all the Class M-3  Certificates  in the REMIC  created
pursuant to a Pooling and Servicing  Agreement,  dated as specified above (the
"Agreement"),  among Citigroup  Mortgage Loan Trust Inc.  (hereinafter  called
the   "Depositor,"   which  term  includes  any  successor  entity  under  the
Agreement),  the Servicer,  the Trust Administrator 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  M-3
Certificates on such Distribution Date pursuant to the Agreement.

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

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

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

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

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

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

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

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

            The  obligations  created  by the  Agreement  and the  Trust  Fund
created thereby shall terminate upon payment to the  Certificateholders of all
amounts  held  by the  Trust  Administrator  and  required  to be paid to them
pursuant to the  Agreement  following  the earlier of (i) the final payment or
other  liquidation (or any advance with respect  thereto) of the last Mortgage
Loan and REO  Property  remaining  in the REMIC and (ii) the  purchase  by the
party  designated  in the  Agreement at a price  determined as provided in the
Agreement from the REMIC 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 REMIC 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 Trust  Administrator,  by manual signature,  this Certificate shall not
be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

IN WITNESS WHEREOF,  the Trust Administrator has caused this Certificate to be
duly executed.

Dated: February ___, 2006

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

      This  is one of the  Certificates  referred  to in the  within-mentioned
      Agreement.

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Signatory

<PAGE>

                                  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               _____________________________
   if survivorship and not as                                (State)
   tenants in common

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

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please  print or  typewrite  name,  address  including  postal zip code,  and
Taxpayer  Identification  Number of assignee) a Percentage  Interest  equal to
____%  evidenced  by the within  Asset-Backed  Pass-Through  Certificates  and
hereby  authorize(s) the registration of transfer of such interest to assignee
on the Certificate Register of the Trust Fund.

      I (we) further  direct the Trustee to issue a new  Certificate of a like
Percentage  Interest  and Class to the above named  assignee  and deliver such
Certificate to the following address:

________________________________________________________________________________

________________________________________________________________________________

Dated:
                                      __________________________________________
                                      Signature by or on behalf of assignor

                                      __________________________________________
                                      Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                   EXHIBIT A-8

                          FORM OF CLASS M-4 CERTIFICATE

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

  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 CLASS A  CERTIFICATES,  THE CLASS
  M-1   CERTIFICATES,   THE  CLASS  M-2   CERTIFICATES  AND  THE  CLASS  M-3
  CERTIFICATES  TO  THE  EXTENT  DESCRIBED  IN  THE  POOLING  AND  SERVICING
  AGREEMENT REFERRED TO HEREIN.

  NO  TRANSFER OF THIS  CERTIFICATE  TO AN  EMPLOYEE  BENEFIT  PLAN OR OTHER
  RETIREMENT  ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
  ACT OF  1974,  AS  AMENDED,  OR THE  CODE  WILL BE  REGISTERED  EXCEPT  IN
  COMPLIANCE WITH THE PROCEDURES.

Series 2006-WFHE1                          Aggregate Certificate Principal
                                           Balance of the Class M-4 Certificates
                                           as of the Issue Date: $6,379,000.00

Pass-Through Rate: Variable                Denomination: $6,379,000.00

Cut-off Date and date of Pooling and       Servicer:  Wells Fargo Bank, N.A.
Servicing Agreement: February 1, 2006

First Distribution Date: March 27, 2006    Trust Administrator:  Citibank, N.A.

No. 1                                      Trustee: U.S. Bank National
                                           Association

                                           Issue Date: February 28, 2006

                                           CUSIP: 17307G 2R 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.

<PAGE>

                      ASSET-BACKED PASS-THROUGH CERTIFICATE

evidencing a beneficial  ownership interest in a Trust Fund (the "Trust Fund")
consisting   primarily  of  a  pool  of  conventional   one-  to  four-family,
fixed-rate  and  adjustable-rate,  first lien and second lien  mortgage  loans
(the "Mortgage Loans") formed and sold by

                       CITIGROUP MORTGAGE LOAN TRUST INC.

      THIS  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST
      IN CITIGROUP  MORTGAGE LOAN TRUST INC.,  THE  SERVICER,  THE TRUST
      ADMINISTRATOR,  THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
      NEITHER THIS  CERTIFICATE  NOR THE  UNDERLYING  MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

            This  certifies  that  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 M-4
Certificates  as of the  Issue  Date)  in that  certain  beneficial  ownership
interest  evidenced  by all the Class M-4  Certificates  in the REMIC  created
pursuant to a Pooling and Servicing  Agreement,  dated as specified above (the
"Agreement"),  among Citigroup  Mortgage Loan Trust Inc.  (hereinafter  called
the   "Depositor,"   which  term  includes  any  successor  entity  under  the
Agreement),  the Servicer,  the Trust Administrator 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  M-4
Certificates on such Distribution Date pursuant to the Agreement.

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

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

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

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

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

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

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

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

            The  obligations  created  by the  Agreement  and the  Trust  Fund
created thereby shall terminate upon payment to the  Certificateholders of all
amounts  held  by the  Trust  Administrator  and  required  to be paid to them
pursuant to the  Agreement  following  the earlier of (i) the final payment or
other  liquidation (or any advance with respect  thereto) of the last Mortgage
Loan and REO  Property  remaining  in the REMIC and (ii) the  purchase  by the
party  designated  in the  Agreement at a price  determined as provided in the
Agreement from the REMIC 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 REMIC 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 Trust  Administrator,  by manual signature,  this Certificate shall not
be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

IN WITNESS WHEREOF,  the Trust Administrator has caused this Certificate to be
duly executed.

Dated: February ___, 2006

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

      This  is one of the  Certificates  referred  to in the  within-mentioned
      Agreement.

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Signatory

<PAGE>

                                  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               _____________________________
   if survivorship and not as                                (State)
   tenants in common

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

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please  print or  typewrite  name,  address  including  postal zip code,  and
Taxpayer  Identification  Number of assignee) a Percentage  Interest  equal to
____%  evidenced  by the within  Asset-Backed  Pass-Through  Certificates  and
hereby  authorize(s) the registration of transfer of such interest to assignee
on the Certificate Register of the Trust Fund.

      I (we) further  direct the Trustee to issue a new  Certificate of a like
Percentage  Interest  and Class to the above named  assignee  and deliver such
Certificate to the following address:

________________________________________________________________________________

________________________________________________________________________________

Dated:
                                      __________________________________________
                                      Signature by or on behalf of assignor

                                      __________________________________________
                                      Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                   EXHIBIT A-9

                          FORM OF CLASS M-5 CERTIFICATE

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

  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 CLASS A  CERTIFICATES,  THE CLASS
  M-1 CERTIFICATES,  THE CLASS M-2 CERTIFICATES,  THE CLASS M-3 CERTIFICATES
  AND THE CLASS M-4  CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND
  SERVICING AGREEMENT REFERRED TO HEREIN.

  NO  TRANSFER OF THIS  CERTIFICATE  TO AN  EMPLOYEE  BENEFIT  PLAN OR OTHER
  RETIREMENT  ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
  ACT OF  1974,  AS  AMENDED,  OR THE  CODE  WILL BE  REGISTERED  EXCEPT  IN
  COMPLIANCE WITH THE PROCEDURES.

Series 2006-WFHE1                          Aggregate Certificate Principal
                                           Balance of the Class M-5 Certificates
                                           as of the Issue Date: $6,378,000.00

Pass-Through Rate: Variable                Denomination: $6,378,000.00

Cut-off Date and date of Pooling and       Servicer:  Wells Fargo Bank, N.A.
Servicing Agreement: February 1, 2006

First Distribution Date: March 27, 2006    Trust Administrator:  Citibank, N.A.

No. 1                                      Trustee: U.S. Bank National
                                           Association

                                           Issue Date: February 28, 2006

                                           CUSIP: 17307G 2S 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.

<PAGE>

                      ASSET-BACKED PASS-THROUGH CERTIFICATE

evidencing a beneficial  ownership interest in a Trust Fund (the "Trust Fund")
consisting   primarily  of  a  pool  of  conventional   one-  to  four-family,
fixed-rate  and  adjustable-rate,  first lien and second lien  mortgage  loans
(the "Mortgage Loans") formed and sold by

                       CITIGROUP MORTGAGE LOAN TRUST INC.

      THIS  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST
      IN CITIGROUP  MORTGAGE LOAN TRUST INC.,  THE  SERVICER,  THE TRUST
      ADMINISTRATOR,  THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
      NEITHER THIS  CERTIFICATE  NOR THE  UNDERLYING  MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

            This  certifies  that  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 M-5
Certificates  as of the  Issue  Date)  in that  certain  beneficial  ownership
interest  evidenced  by all the Class M-5  Certificates  in the REMIC  created
pursuant to a Pooling and Servicing  Agreement,  dated as specified above (the
"Agreement"),  among Citigroup  Mortgage Loan Trust Inc.  (hereinafter  called
the   "Depositor,"   which  term  includes  any  successor  entity  under  the
Agreement),  the Servicer,  the Trust Administrator 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  M-5
Certificates on such Distribution Date pursuant to the Agreement.

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

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

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

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

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

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

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

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

            The  obligations  created  by the  Agreement  and the  Trust  Fund
created thereby shall terminate upon payment to the  Certificateholders of all
amounts  held  by the  Trust  Administrator  and  required  to be paid to them
pursuant to the  Agreement  following  the earlier of (i) the final payment or
other  liquidation (or any advance with respect  thereto) of the last Mortgage
Loan and REO  Property  remaining  in the REMIC and (ii) the  purchase  by the
party  designated  in the  Agreement at a price  determined as provided in the
Agreement from the REMIC 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 REMIC 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 Trust  Administrator,  by manual signature,  this Certificate shall not
be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

IN WITNESS WHEREOF,  the Trust Administrator has caused this Certificate to be
duly executed.

Dated: February ___, 2006

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

      This  is one of the  Certificates  referred  to in the  within-mentioned
      Agreement.

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Signatory

<PAGE>

                                  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               _____________________________
   if survivorship and not as                                (State)
   tenants in common

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

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please  print or  typewrite  name,  address  including  postal zip code,  and
Taxpayer  Identification  Number of assignee) a Percentage  Interest  equal to
____%  evidenced  by the within  Asset-Backed  Pass-Through  Certificates  and
hereby  authorize(s) the registration of transfer of such interest to assignee
on the Certificate Register of the Trust Fund.

      I (we) further  direct the Trustee to issue a new  Certificate of a like
Percentage  Interest  and Class to the above named  assignee  and deliver such
Certificate to the following address:

________________________________________________________________________________

________________________________________________________________________________

Dated:
                                      __________________________________________
                                      Signature by or on behalf of assignor

                                      __________________________________________
                                      Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                  EXHIBIT A-10

                          FORM OF CLASS M-6 CERTIFICATE

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

  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 CLASS A  CERTIFICATES,  THE CLASS
  M-1 CERTIFICATES,  THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES,
  THE CLASS M-4  CERTIFICATES  AND THE CLASS M-5  CERTIFICATES TO THE EXTENT
  DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

  NO  TRANSFER OF THIS  CERTIFICATE  TO AN  EMPLOYEE  BENEFIT  PLAN OR OTHER
  RETIREMENT  ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
  ACT OF  1974,  AS  AMENDED,  OR THE  CODE  WILL BE  REGISTERED  EXCEPT  IN
  COMPLIANCE WITH THE PROCEDURES.

Series 2006-WFHE1                          Aggregate Certificate Principal
                                           Balance of the Class M-6 Certificates
                                           as of the Issue Date: $5,350,000.00

Pass-Through Rate: Variable                Denomination: : $5,350,000.00

Cut-off Date and date of Pooling and       Servicer:  Wells Fargo Bank, N.A.
Servicing Agreement: February 1, 2006

First Distribution Date: March 27, 2006    Trust Administrator:  Citibank, N.A.

No. 1                                      Trustee: U.S. Bank National
                                           Association

                                           Issue Date: February 28, 2006

                                           CUSIP: 17307G 2T 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.

<PAGE>

                      ASSET-BACKED PASS-THROUGH CERTIFICATE

evidencing a beneficial  ownership interest in a Trust Fund (the "Trust Fund")
consisting   primarily  of  a  pool  of  conventional   one-  to  four-family,
fixed-rate  and  adjustable-rate,  first lien and second lien  mortgage  loans
(the "Mortgage Loans") formed and sold by

                       CITIGROUP MORTGAGE LOAN TRUST INC.

      THIS  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST
      IN CITIGROUP  MORTGAGE LOAN TRUST INC.,  THE  SERVICER,  THE TRUST
      ADMINISTRATOR,  THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
      NEITHER THIS  CERTIFICATE  NOR THE  UNDERLYING  MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

            This  certifies  that  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 M-6
Certificates  as of the  Issue  Date)  in that  certain  beneficial  ownership
interest  evidenced  by all the Class M-6  Certificates  in the REMIC  created
pursuant to a Pooling and Servicing  Agreement,  dated as specified above (the
"Agreement"),  among Citigroup  Mortgage Loan Trust Inc.  (hereinafter  called
the   "Depositor,"   which  term  includes  any  successor  entity  under  the
Agreement),  the Servicer,  the Trust Administrator 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  M-6
Certificates on such Distribution Date pursuant to the Agreement.

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

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

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

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

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

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

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

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

            The  obligations  created  by the  Agreement  and the  Trust  Fund
created thereby shall terminate upon payment to the  Certificateholders of all
amounts  held  by the  Trust  Administrator  and  required  to be paid to them
pursuant to the  Agreement  following  the earlier of (i) the final payment or
other  liquidation (or any advance with respect  thereto) of the last Mortgage
Loan and REO  Property  remaining  in the REMIC and (ii) the  purchase  by the
party  designated  in the  Agreement at a price  determined as provided in the
Agreement from the REMIC 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 REMIC 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 Trust  Administrator,  by manual signature,  this Certificate shall not
be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

IN WITNESS WHEREOF,  the Trust Administrator has caused this Certificate to be
duly executed.

Dated: February ___, 2006

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

      This  is one of the  Certificates  referred  to in the  within-mentioned
      Agreement.

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Signatory

<PAGE>

                                  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               _____________________________
   if survivorship and not as                                (State)
   tenants in common

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

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please  print or  typewrite  name,  address  including  postal zip code,  and
Taxpayer  Identification  Number of assignee) a Percentage  Interest  equal to
____%  evidenced  by the within  Asset-Backed  Pass-Through  Certificates  and
hereby  authorize(s) the registration of transfer of such interest to assignee
on the Certificate Register of the Trust Fund.

      I (we) further  direct the Trustee to issue a new  Certificate of a like
Percentage  Interest  and Class to the above named  assignee  and deliver such
Certificate to the following address:

________________________________________________________________________________

________________________________________________________________________________

Dated:
                                      __________________________________________
                                      Signature by or on behalf of assignor

                                      __________________________________________
                                      Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                  EXHIBIT A-11

                          FORM OF CLASS M-7 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 CLASS A  CERTIFICATES,  THE CLASS
  M-1 CERTIFICATES,  THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES,
  THE CLASS M-4  CERTIFICATES,  THE CLASS M-5 CERTIFICATES AND THE CLASS M-6
  CERTIFICATES  TO  THE  EXTENT  DESCRIBED  IN  THE  POOLING  AND  SERVICING
  AGREEMENT REFERRED TO HEREIN.

  NO  TRANSFER OF THIS  CERTIFICATE  TO AN  EMPLOYEE  BENEFIT  PLAN OR OTHER
  RETIREMENT  ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
  ACT OF  1974,  AS  AMENDED,  OR THE  CODE  WILL BE  REGISTERED  EXCEPT  IN
  COMPLIANCE WITH THE PROCEDURES.

Series 2006-WFHE1                          Aggregate Certificate Principal
                                           Balance of the Class M-7 Certificates
                                           as of the Issue Date: $4,732,000.00

Pass-Through Rate: Variable                Denomination: $4,732,000.00

Cut-off Date and date of Pooling and       Servicer:  Wells Fargo Bank, N.A.
Servicing Agreement: February 1, 2006

First Distribution Date: March 27, 2006    Trust Administrator:  Citibank, N.A.

No. 1                                      Trustee: U.S. Bank National
                                           Association

                                           Issue Date: February 28, 2006

                                           CUSIP: 17307G 2U 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.

<PAGE>

                      ASSET-BACKED PASS-THROUGH CERTIFICATE

evidencing a beneficial  ownership interest in a Trust Fund (the "Trust Fund")
consisting   primarily  of  a  pool  of  conventional   one-  to  four-family,
fixed-rate  and  adjustable-rate,  first lien and second lien  mortgage  loans
(the "Mortgage Loans") formed and sold by

                       CITIGROUP MORTGAGE LOAN TRUST INC.

      THIS  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST
      IN CITIGROUP  MORTGAGE LOAN TRUST INC.,  THE  SERVICER,  THE TRUST
      ADMINISTRATOR,  THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
      NEITHER THIS  CERTIFICATE  NOR THE  UNDERLYING  MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

            This  certifies  that  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 M-7
Certificates  as of the  Issue  Date)  in that  certain  beneficial  ownership
interest  evidenced  by all the Class M-7  Certificates  in the REMIC  created
pursuant to a Pooling and Servicing  Agreement,  dated as specified above (the
"Agreement"),  among Citigroup  Mortgage Loan Trust Inc.  (hereinafter  called
the   "Depositor,"   which  term  includes  any  successor  entity  under  the
Agreement),  the Servicer,  the Trust Administrator 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  M-7
Certificates on such Distribution Date pursuant to the Agreement.

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

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

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

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

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

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

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

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

            The  obligations  created  by the  Agreement  and the  Trust  Fund
created thereby shall terminate upon payment to the  Certificateholders of all
amounts  held  by the  Trust  Administrator  and  required  to be paid to them
pursuant to the  Agreement  following  the earlier of (i) the final payment or
other  liquidation (or any advance with respect  thereto) of the last Mortgage
Loan and REO  Property  remaining  in the REMIC and (ii) the  purchase  by the
party  designated  in the  Agreement at a price  determined as provided in the
Agreement from the REMIC 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 REMIC 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 Trust  Administrator,  by manual signature,  this Certificate shall not
be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

IN WITNESS WHEREOF,  the Trust Administrator has caused this Certificate to be
duly executed.

Dated: February ___, 2006

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

      This  is one of the  Certificates  referred  to in the  within-mentioned
      Agreement.

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Signatory

<PAGE>

                                  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               _____________________________
   if survivorship and not as                                (State)
   tenants in common

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

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please  print or  typewrite  name,  address  including  postal zip code,  and
Taxpayer  Identification  Number of assignee) a Percentage  Interest  equal to
____%  evidenced  by the within  Asset-Backed  Pass-Through  Certificates  and
hereby  authorize(s) the registration of transfer of such interest to assignee
on the Certificate Register of the Trust Fund.

      I (we) further  direct the Trustee to issue a new  Certificate of a like
Percentage  Interest  and Class to the above named  assignee  and deliver such
Certificate to the following address:

________________________________________________________________________________

________________________________________________________________________________

Dated:
                                      __________________________________________
                                      Signature by or on behalf of assignor

                                      __________________________________________
                                      Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                  EXHIBIT A-12

                          FORM OF CLASS M-8 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 CLASS A  CERTIFICATES,  THE CLASS
  M-1 CERTIFICATES,  THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES,
  THE CLASS M-4  CERTIFICATES,  THE  CLASS M-5  CERTIFICATES,  THE CLASS M-6
  CERTIFICATES  AND THE CLASS M-7  CERTIFICATES  TO THE EXTENT  DESCRIBED IN
  THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

  NO  TRANSFER OF THIS  CERTIFICATE  TO AN  EMPLOYEE  BENEFIT  PLAN OR OTHER
  RETIREMENT  ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
  ACT OF  1974,  AS  AMENDED,  OR THE  CODE  WILL BE  REGISTERED  EXCEPT  IN
  COMPLIANCE WITH THE PROCEDURES.

Series 2006-WFHE1                          Aggregate Certificate Principal
                                           Balance of the Class M-8 Certificates
                                           as of the Issue Date: $2,675,000.00

Pass-Through Rate: Variable                Denomination: $2,675,000.00

Cut-off Date and date of Pooling and       Servicer:  Wells Fargo Bank, N.A.
Servicing Agreement: February 1, 2006

First Distribution Date: March 27, 2006    Trust Administrator:  Citibank, N.A.

No. 1                                      Trustee: U.S. Bank National
                                           Association

                                           Issue Date: February 28, 2006

                                           CUSIP: 17307G 2V 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.

<PAGE>

                      ASSET-BACKED PASS-THROUGH CERTIFICATE

evidencing a beneficial  ownership interest in a Trust Fund (the "Trust Fund")
consisting   primarily  of  a  pool  of  conventional   one-  to  four-family,
fixed-rate  and  adjustable-rate,  first lien and second lien  mortgage  loans
(the "Mortgage Loans") formed and sold by

                       CITIGROUP MORTGAGE LOAN TRUST INC.

      THIS  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST
      IN CITIGROUP  MORTGAGE LOAN TRUST INC.,  THE  SERVICER,  THE TRUST
      ADMINISTRATOR,  THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
      NEITHER THIS  CERTIFICATE  NOR THE  UNDERLYING  MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

            This  certifies  that  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 M-8
Certificates  as of the  Issue  Date)  in that  certain  beneficial  ownership
interest  evidenced  by all the Class M-8  Certificates  in the REMIC  created
pursuant to a Pooling and Servicing  Agreement,  dated as specified above (the
"Agreement"),  among Citigroup  Mortgage Loan Trust Inc.  (hereinafter  called
the   "Depositor,"   which  term  includes  any  successor  entity  under  the
Agreement),  the Servicer,  the Trust Administrator 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  M-8
Certificates on such Distribution Date pursuant to the Agreement.

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

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

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

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

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

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

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

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

            The  obligations  created  by the  Agreement  and the  Trust  Fund
created thereby shall terminate upon payment to the  Certificateholders of all
amounts  held  by the  Trust  Administrator  and  required  to be paid to them
pursuant to the  Agreement  following  the earlier of (i) the final payment or
other  liquidation (or any advance with respect  thereto) of the last Mortgage
Loan and REO  Property  remaining  in the REMIC and (ii) the  purchase  by the
party  designated  in the  Agreement at a price  determined as provided in the
Agreement from the REMIC 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 REMIC 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 Trust  Administrator,  by manual signature,  this Certificate shall not
be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

IN WITNESS WHEREOF,  the Trust Administrator has caused this Certificate to be
duly executed.

Dated: February ___, 2006

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

      This  is one of the  Certificates  referred  to in the  within-mentioned
      Agreement.

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Signatory

<PAGE>

                                  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               _____________________________
   if survivorship and not as                                (State)
   tenants in common

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

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please  print or  typewrite  name,  address  including  postal zip code,  and
Taxpayer  Identification  Number of assignee) a Percentage  Interest  equal to
____%  evidenced  by the within  Asset-Backed  Pass-Through  Certificates  and
hereby  authorize(s) the registration of transfer of such interest to assignee
on the Certificate Register of the Trust Fund.

      I (we) further  direct the Trustee to issue a new  Certificate of a like
Percentage  Interest  and Class to the above named  assignee  and deliver such
Certificate to the following address:

________________________________________________________________________________

________________________________________________________________________________

Dated:
                                      __________________________________________
                                      Signature by or on behalf of assignor

                                      __________________________________________
                                      Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                  EXHIBIT A-13

                          FORM OF CLASS M-9 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 CLASS A  CERTIFICATES,  THE CLASS
  M-1 CERTIFICATES,  THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES,
  THE CLASS M-4  CERTIFICATES,  THE  CLASS M-5  CERTIFICATES,  THE CLASS M-6
  CERTIFICATES,  THE CLASS M-7  CERTIFICATES  AND THE CLASS M-8 CERTIFICATES
  TO THE EXTENT  DESCRIBED IN THE POOLING AND SERVICING  AGREEMENT  REFERRED
  TO HEREIN.

  NO  TRANSFER OF THIS  CERTIFICATE  TO AN  EMPLOYEE  BENEFIT  PLAN OR OTHER
  RETIREMENT  ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
  ACT OF  1974,  AS  AMENDED,  OR THE  CODE  WILL BE  REGISTERED  EXCEPT  IN
  COMPLIANCE WITH THE PROCEDURES.

Series 2006-WFHE1                          Aggregate Certificate Principal
                                           Balance of the Class M-9 Certificates
                                           as of the Issue Date: $3,909,000.00

Pass-Through Rate: Variable                Denomination: $3,909,000.00

Cut-off Date and date of Pooling and       Servicer:  Wells Fargo Bank, N.A.
Servicing Agreement: February 1, 2006

First Distribution Date: March 27, 2006    Trust Administrator:  Citibank, N.A.

No. 1                                      Trustee: U.S. Bank National
                                           Association

                                           Issue Date: February 28, 2006

                                           CUSIP: 17307G 2W 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.

<PAGE>

                      ASSET-BACKED PASS-THROUGH CERTIFICATE

evidencing a beneficial  ownership interest in a Trust Fund (the "Trust Fund")
consisting   primarily  of  a  pool  of  conventional   one-  to  four-family,
fixed-rate  and  adjustable-rate,  first lien and second lien  mortgage  loans
(the "Mortgage Loans") formed and sold by

                       CITIGROUP MORTGAGE LOAN TRUST INC.

      THIS  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST
      IN CITIGROUP  MORTGAGE LOAN TRUST INC.,  THE  SERVICER,  THE TRUST
      ADMINISTRATOR,  THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
      NEITHER THIS  CERTIFICATE  NOR THE  UNDERLYING  MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

            This  certifies  that  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 M-9
Certificates  as of the  Issue  Date)  in that  certain  beneficial  ownership
interest  evidenced  by all the Class M-9  Certificates  in the REMIC  created
pursuant to a Pooling and Servicing  Agreement,  dated as specified above (the
"Agreement"),  among Citigroup  Mortgage Loan Trust Inc.  (hereinafter  called
the   "Depositor,"   which  term  includes  any  successor  entity  under  the
Agreement),  the Servicer,  the Trust Administrator 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  M-9
Certificates on such Distribution Date pursuant to the Agreement.

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

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

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

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

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

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

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

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

            The  obligations  created  by the  Agreement  and the  Trust  Fund
created thereby shall terminate upon payment to the  Certificateholders of all
amounts  held  by the  Trust  Administrator  and  required  to be paid to them
pursuant to the  Agreement  following  the earlier of (i) the final payment or
other  liquidation (or any advance with respect  thereto) of the last Mortgage
Loan and REO  Property  remaining  in the REMIC and (ii) the  purchase  by the
party  designated  in the  Agreement at a price  determined as provided in the
Agreement from the REMIC 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 REMIC 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 Trust  Administrator,  by manual signature,  this Certificate shall not
be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

IN WITNESS WHEREOF,  the Trust Administrator has caused this Certificate to be
duly executed.

Dated: February ___, 2006

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

      This  is one of the  Certificates  referred  to in the  within-mentioned
      Agreement.

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Signatory

<PAGE>

                                  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               _____________________________
   if survivorship and not as                                (State)
   tenants in common

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

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please  print or  typewrite  name,  address  including  postal zip code,  and
Taxpayer  Identification  Number of assignee) a Percentage  Interest  equal to
____%  evidenced  by the within  Asset-Backed  Pass-Through  Certificates  and
hereby  authorize(s) the registration of transfer of such interest to assignee
on the Certificate Register of the Trust Fund.

      I (we) further  direct the Trustee to issue a new  Certificate of a like
Percentage  Interest  and Class to the above named  assignee  and deliver such
Certificate to the following address:

________________________________________________________________________________

________________________________________________________________________________

Dated:
                                      __________________________________________
                                      Signature by or on behalf of assignor

                                      __________________________________________
                                      Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                  EXHIBIT A-14

                         FORM OF CLASS M-10 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 CLASS A  CERTIFICATES,  THE CLASS
  M-1 CERTIFICATES,  THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES,
  THE CLASS M-4  CERTIFICATES,  THE  CLASS M-5  CERTIFICATES,  THE CLASS M-6
  CERTIFICATES,  THE CLASS M-7 CERTIFICATES,  THE CLASS M-8 CERTIFICATES AND
  THE CLASS M-9  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 SECTION 5.02 OF
  THE AGREEMENT.

  NO  TRANSFER OF THIS  CERTIFICATE  TO AN  EMPLOYEE  BENEFIT  PLAN OR OTHER
  RETIREMENT  ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
  ACT OF  1974,  AS  AMENDED,  OR THE  CODE  WILL BE  REGISTERED  EXCEPT  IN
  COMPLIANCE WITH THE PROCEDURES.

Series 2006-WFHE1                          Aggregate Certificate Principal
                                           Balance of the Class M-10
                                           Certificates as of the Issue Date:
                                           $3,498,000.00

Pass-Through Rate: Variable                Denomination: $3,498,000.00

Cut-off Date and date of Pooling and       Servicer:  Wells Fargo Bank, N.A.
Servicing Agreement: February 1, 2006

First Distribution Date: March 27, 2006    Trust Administrator:  Citibank, N.A.

No. 1                                      Trustee: U.S. Bank National
                                           Association

                                           Issue Date: February 28, 2006

                                           CUSIP: 17307G 2X 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.

<PAGE>

                      ASSET-BACKED PASS-THROUGH CERTIFICATE

evidencing a beneficial  ownership interest in a Trust Fund (the "Trust Fund")
consisting   primarily  of  a  pool  of  conventional   one-  to  four-family,
fixed-rate  and  adjustable-rate,  first lien and second lien  mortgage  loans
(the "Mortgage Loans") formed and sold by

                       CITIGROUP MORTGAGE LOAN TRUST INC.

      THIS  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST
      IN CITIGROUP  MORTGAGE LOAN TRUST INC.,  THE  SERVICER,  THE TRUST
      ADMINISTRATOR,  THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
      NEITHER THIS  CERTIFICATE  NOR THE  UNDERLYING  MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

            This  certifies  that  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 M-10
Certificates  as of the  Issue  Date)  in that  certain  beneficial  ownership
interest  evidenced by all the Class M-10  Certificates  in the REMIC  created
pursuant to a Pooling and Servicing  Agreement,  dated as specified above (the
"Agreement"),  among Citigroup  Mortgage Loan Trust Inc.  (hereinafter  called
the   "Depositor,"   which  term  includes  any  successor  entity  under  the
Agreement),  the Servicer,  the Trust Administrator 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  M-10
Certificates on such Distribution Date pursuant to the Agreement.

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

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

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

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

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

            No transfer of this Certificate  shall be made unless the transfer
is made pursuant to an effective  registration  statement under the Securities
Act of 1933,  as amended (the "1933 Act"),  and an effective  registration  or
qualification  under  applicable  state  securities  laws,  or  is  made  in a
transaction that does not require such registration or  qualification.  In the
event  that  such  a  transfer  of  this  Certificate  is to be  made  without
registration or qualification,  the Trust  Administrator shall require receipt
of 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 Trust  Administrator  is obligated to register or qualify
the Class of  Certificates  specified on the face hereof under the 1933 Act or
any other  securities  law or to take any action not otherwise  required under
the   Agreement   to  permit  the  transfer  of  such   Certificates   without
registration  or  qualification.  Any Holder  desiring to effect a transfer of
this  Certificate  shall be  required  to  indemnify  the  Trustee,  the Trust
Administrator,  the Depositor,  the Servicer and any Sub-Servicer  against any
liability  that may result if the  transfer is not so exempt or is not made in
accordance with such federal and state laws.

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

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

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

            The  obligations  created  by the  Agreement  and the  Trust  Fund
created thereby shall terminate upon payment to the  Certificateholders of all
amounts  held  by the  Trust  Administrator  and  required  to be paid to them
pursuant to the  Agreement  following  the earlier of (i) the final payment or
other  liquidation (or any advance with respect  thereto) of the last Mortgage
Loan and REO  Property  remaining  in the REMIC and (ii) the  purchase  by the
party  designated  in the  Agreement at a price  determined as provided in the
Agreement from the REMIC 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 REMIC 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 Trust  Administrator,  by manual signature,  this Certificate shall not
be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

IN WITNESS WHEREOF,  the Trust Administrator has caused this Certificate to be
duly executed.

Dated: February ___, 2006

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

      This  is one of the  Certificates  referred  to in the  within-mentioned
      Agreement.

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Signatory

<PAGE>

                                  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               _____________________________
   if survivorship and not as                                (State)
   tenants in common

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

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please  print or  typewrite  name,  address  including  postal zip code,  and
Taxpayer  Identification  Number of assignee) a Percentage  Interest  equal to
____%  evidenced  by the within  Asset-Backed  Pass-Through  Certificates  and
hereby  authorize(s) the registration of transfer of such interest to assignee
on the Certificate Register of the Trust Fund.

      I (we) further  direct the Trustee to issue a new  Certificate of a like
Percentage  Interest  and Class to the above named  assignee  and deliver such
Certificate to the following address:

________________________________________________________________________________

________________________________________________________________________________

Dated:
                                      __________________________________________
                                      Signature by or on behalf of assignor

                                      __________________________________________
                                      Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                  EXHIBIT A-15

                         FORM OF CLASS M-11 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 CLASS A  CERTIFICATES,  THE CLASS
  M-1 CERTIFICATES,  THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES,
  THE CLASS M-4  CERTIFICATES,  THE  CLASS M-5  CERTIFICATES,  THE CLASS M-6
  CERTIFICATES,  THE CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES, THE
  CLASS M-9  CERTIFICATES  AND THE CLASS  M-10  CERTIFICATES  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 SECTION 5.02 OF
  THE AGREEMENT.

  NO  TRANSFER OF THIS  CERTIFICATE  TO AN  EMPLOYEE  BENEFIT  PLAN OR OTHER
  RETIREMENT  ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
  ACT OF  1974,  AS  AMENDED,  OR THE  CODE  WILL BE  REGISTERED  EXCEPT  IN
  COMPLIANCE WITH THE PROCEDURES.

Series 2006-WFHE1                          Aggregate Certificate Principal
                                           Balance of the Class M-11
                                           Certificates as of the Issue Date:
                                           $4,115,000.00

Pass-Through Rate: Variable                Denomination: : $4,115,000.00

Cut-off Date and date of Pooling and       Servicer:  Wells Fargo Bank, N.A.
Servicing Agreement: February 1, 2006

First Distribution Date: March 27, 2006    Trust Administrator:  Citibank, N.A.

No. 1                                      Trustee: U.S. Bank National
                                           Association

                                           Issue Date: February 28, 2006

                                           CUSIP: 17307G 2Y 3

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

<PAGE>

                      ASSET-BACKED PASS-THROUGH CERTIFICATE

evidencing a beneficial  ownership interest in a Trust Fund (the "Trust Fund")
consisting   primarily  of  a  pool  of  conventional   one-  to  four-family,
fixed-rate  and  adjustable-rate,  first lien and second lien  mortgage  loans
(the "Mortgage Loans") formed and sold by

                       CITIGROUP MORTGAGE LOAN TRUST INC.

      THIS  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST
      IN CITIGROUP  MORTGAGE LOAN TRUST INC.,  THE  SERVICER,  THE TRUST
      ADMINISTRATOR,  THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
      NEITHER THIS  CERTIFICATE  NOR THE  UNDERLYING  MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

            This  certifies  that  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 M-11
Certificates  as of the  Issue  Date)  in that  certain  beneficial  ownership
interest  evidenced by all the Class M-11  Certificates  in the REMIC  created
pursuant to a Pooling and Servicing  Agreement,  dated as specified above (the
"Agreement"),  among Citigroup  Mortgage Loan Trust Inc.  (hereinafter  called
the   "Depositor,"   which  term  includes  any  successor  entity  under  the
Agreement),  the Servicer,  the Trust Administrator 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  M-11
Certificates on such Distribution Date pursuant to the Agreement.

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

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

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

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

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

            No transfer of this Certificate  shall be made unless the transfer
is made pursuant to an effective  registration  statement under the Securities
Act of 1933,  as amended (the "1933 Act"),  and an effective  registration  or
qualification  under  applicable  state  securities  laws,  or  is  made  in a
transaction that does not require such registration or  qualification.  In the
event  that  such  a  transfer  of  this  Certificate  is to be  made  without
registration or qualification,  the Trust  Administrator shall require receipt
of 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 Trust  Administrator  is obligated to register or qualify
the Class of  Certificates  specified on the face hereof under the 1933 Act or
any other  securities  law or to take any action not otherwise  required under
the   Agreement   to  permit  the  transfer  of  such   Certificates   without
registration  or  qualification.  Any Holder  desiring to effect a transfer of
this  Certificate  shall be  required  to  indemnify  the  Trustee,  the Trust
Administrator,  the Depositor,  the Servicer and any Sub-Servicer  against any
liability  that may result if the  transfer is not so exempt or is not made in
accordance with such federal and state laws.

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

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

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

            The  obligations  created  by the  Agreement  and the  Trust  Fund
created thereby shall terminate upon payment to the  Certificateholders of all
amounts  held  by the  Trust  Administrator  and  required  to be paid to them
pursuant to the  Agreement  following  the earlier of (i) the final payment or
other  liquidation (or any advance with respect  thereto) of the last Mortgage
Loan and REO  Property  remaining  in the REMIC and (ii) the  purchase  by the
party  designated  in the  Agreement at a price  determined as provided in the
Agreement from the REMIC 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 REMIC 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 Trust  Administrator,  by manual signature,  this Certificate shall not
be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

IN WITNESS WHEREOF,  the Trust Administrator has caused this Certificate to be
duly executed.

Dated: February ___, 2006

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

      This  is one of the  Certificates  referred  to in the  within-mentioned
      Agreement.

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Signatory

<PAGE>

                                  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               _____________________________
   if survivorship and not as                                (State)
   tenants in common

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

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please  print or  typewrite  name,  address  including  postal zip code,  and
Taxpayer  Identification  Number of assignee) a Percentage  Interest  equal to
____%  evidenced  by the within  Asset-Backed  Pass-Through  Certificates  and
hereby  authorize(s) the registration of transfer of such interest to assignee
on the Certificate Register of the Trust Fund.

      I (we) further  direct the Trustee to issue a new  Certificate of a like
Percentage  Interest  and Class to the above named  assignee  and deliver such
Certificate to the following address:

________________________________________________________________________________

________________________________________________________________________________

Dated:
                                      __________________________________________
                                      Signature by or on behalf of assignor

                                      __________________________________________
                                      Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                  EXHIBIT A-17

                          FORM OF CLASS CE CERTIFICATE

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

  THIS  CERTIFICATE  IS  SUBORDINATE  TO THE  CLASS A  CERTIFICATES  AND THE
  MEZZANINE  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 SECTION 5.02 OF
  THE AGREEMENT.

  NO  TRANSFER OF THIS  CERTIFICATE  TO AN  EMPLOYEE  BENEFIT  PLAN OR OTHER
  RETIREMENT  ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
  ACT OF  1974,  AS  AMENDED,  OR THE  CODE  WILL BE  REGISTERED  EXCEPT  IN
  COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

Series: 2006-WFHE1                         Aggregate Certificate Principal
                                           Balance of the Class CE Certificates
                                           as of the Issue Date: $7,201,767.37
Pass-Through Rate: Variable                Denomination: $7,201,767.37

Cut-off  Date and date of  Pooling  and    Servicer: Wells Fargo Bank, N.A.
Servicing Agreement: February 1, 2006

First Distribution Date: March 27, 2006    Trust Administrator: Citibank, N.A.

No. 1                                      Trustee: U.S. Bank National
                                           Association

Aggregate Notional Amount of the Class     Issue Date: February 28, 2006

CE  Certificates  as of the Issue Date:
$411,506,767.37

   THE OUTSTANDING  CERTIFICATE  PRINCIPAL BALANCE OR NOTIONAL AMOUNT HEREOF
   AT ANY  TIME MAY BE LESS  THAN  THE  AMOUNT  SHOWN  ABOVE AS THE  INITIAL
   CERTIFICATE  PRINCIPAL BALANCE OR NOTIONAL AMOUNT, AS THE CASE MAY BE, OF
   THIS CERTIFICATE.

<PAGE>

                      ASSET BACKED PASS-THROUGH CERTIFICATE

evidencing a beneficial  ownership  interest in a portion of a Trust Fund (the
"Trust  Fund")  consisting  primarily  of  a  pool  of  conventional  one-  to
four-family,  fixed-rate  and  adjustable-rate,  first  lien and  second  lien
mortgage loans (the "Mortgage Loans") formed and sold by

                       CITIGROUP MORTGAGE LOAN TRUST INC.

      THIS  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST
      IN CITIGROUP  MORTGAGE LOAN TRUST INC.,  THE  SERVICER,  THE TRUST
      ADMINISTRATOR,  THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
      NEITHER THIS  CERTIFICATE  NOR THE  UNDERLYING  MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

            This certifies  that Citigroup  Global Markets Realty Corp. is the
registered  owner  of  a  Percentage   Interest   (obtained  by  dividing  the
denomination  of  this  Certificate  by the  aggregate  Certificate  Principal
Balance of the Class CE  Certificates  as of the Issue  Date) in that  certain
beneficial  ownership  interest  evidenced by all the Class CE Certificates in
REMIC II created  pursuant  to a Pooling  and  Servicing  Agreement,  dated as
specified above (the  "Agreement"),  among Citigroup  Mortgage Loan Trust Inc.
(hereinafter  called the "Depositor," which term includes any successor entity
under the Agreement),  the Servicer,  Trust  Administrator 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  CE
Certificates on such Distribution Date pursuant to the Agreement.

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

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

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

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

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

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

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

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

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

            The  obligations  created  by the  Agreement  and the  Trust  Fund
created thereby shall terminate upon payment to the  Certificateholders of all
amounts  held  by the  Trust  Administrator  and  required  to be paid to them
pursuant to the  Agreement  following  the earlier of (i) the final payment or
other  liquidation (or any advance with respect  thereto) of the last Mortgage
Loan and REO Property  remaining in REMIC I and (ii) the purchase by the party
designated  in  the  Agreement  at a  price  determined  as  provided  in  the
Agreement from REMIC I of all the Mortgage Loans and all property  acquired in
respect of such Mortgage Loans. The Agreement  permits,  but does not require,
the  party  designated  in the  Agreement  to  purchase  from  REMIC I all the
Mortgage Loans and all property  acquired in respect of any Mortgage Loan at a
price  determined  as provided in the  Agreement.  The  exercise of such right
will effect  early  retirement  of the  Certificates;  however,  such right to
purchase is subject to the aggregate Stated Principal  Balance of the Mortgage
Loans at the time of  purchase  being  less than 10% of the  aggregate  Stated
Principal Balance of the Mortgage Loans as of the Cut-off Date.

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

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

<PAGE>

IN WITNESS WHEREOF,  the Trust Administrator has caused this Certificate to be
duly executed.

Dated: February ___, 2006

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

      This  is one of the  Certificates  referred  to in the  within-mentioned
      Agreement.

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Signatory

<PAGE>

                                  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               _____________________________
   if survivorship and not as                                (State)
   tenants in common

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

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please  print or  typewrite  name,  address  including  postal zip code,  and
Taxpayer  Identification  Number of assignee) a Percentage  Interest  equal to
____%  evidenced  by the within  Asset-Backed  Pass-Through  Certificates  and
hereby  authorize(s) the registration of transfer of such interest to assignee
on the Certificate Register of the Trust Fund.

      I (we) further  direct the Trustee to issue a new  Certificate of a like
Percentage  Interest  and Class to the above named  assignee  and deliver such
Certificate to the following address:

________________________________________________________________________________

________________________________________________________________________________

Dated:
                                      __________________________________________
                                      Signature by or on behalf of assignor

                                      __________________________________________
                                      Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                  EXHIBIT A-18

                           FORM OF CLASS P CERTIFICATE

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

  THIS  CERTIFICATE  HAS NOT  BEEN  AND WILL  NOT BE  REGISTERED  UNDER  THE
  SECURITIES ACT OF 1933, AS AMENDED,  OR THE  SECURITIES  LAWS OF ANY STATE
  AND MAY NOT BE RESOLD OR TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO
  SUCH  ACT AND  LAWS OR IS SOLD OR  TRANSFERRED  IN  TRANSACTIONS  THAT ARE
  EXEMPT FROM  REGISTRATION  UNDER SUCH ACT AND UNDER  APPLICABLE  STATE LAW
  AND IS  TRANSFERRED  IN ACCORDANCE  WITH THE PROVISIONS OF SECTION 5.02 OF
  THE AGREEMENT.

  NO  TRANSFER OF THIS  CERTIFICATE  TO AN  EMPLOYEE  BENEFIT  PLAN OR OTHER
  RETIREMENT  ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
  ACT OF  1974,  AS  AMENDED,  OR THE  CODE  WILL BE  REGISTERED  EXCEPT  IN
  COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

Series: 2006-WFHE1                        Aggregate     Certificate    Principal
                                          Balance  of the  Class P  Certificates
                                          as of the Issue Date: $100.00

Cut-off  Date and date of Pooling and     Denomination: $100.00
Servicing Agreement: February 1, 2006

First Distribution Date: March 27, 2006   Servicer:  Wells Fargo Bank, N.A.

No. 1                                     Trust Administrator:  Citibank, N.A.
                                          Trustee:     U.S.     Bank    National
                                          Association

                                          Issue Date: February 28, 2006

      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.

<PAGE>

                      ASSET BACKED PASS-THROUGH CERTIFICATE

evidencing a beneficial  ownership interest in a Trust Fund (the "Trust Fund")
consisting   primarily  of  a  pool  of  conventional   one-  to  four-family,
fixed-rate  and  adjustable-rate,  first lien and second lien  mortgage  loans
(the "Mortgage Loans") formed and sold by

                       CITIGROUP MORTGAGE LOAN TRUST INC.

      THIS  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST
      IN CITIGROUP  MORTGAGE LOAN TRUST INC.,  THE  SERVICER,  THE TRUST
      ADMINISTRATOR,  THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
      NEITHER THIS  CERTIFICATE  NOR THE  UNDERLYING  MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

            This certifies  that Citigroup  Global Markets Realty Corp. is the
registered  owner  of  a  Percentage   Interest   (obtained  by  dividing  the
denomination  of  this  Certificate  by the  aggregate  Certificate  Principal
Balance  of the Class P  Certificates  as of the Issue  Date) in that  certain
beneficial  ownership  interest  evidenced by all the Class P Certificates  in
REMIC II created  pursuant  to a Pooling  and  Servicing  Agreement,  dated as
specified above (the  "Agreement"),  among Citigroup  Mortgage Loan Trust Inc.
(hereinafter  called the "Depositor," which term includes any successor entity
under the  Agreement),  the Servicer and the Trustee,  a summary of certain of
the pertinent  provisions of which is set forth  hereafter.  To the extent not
defined herein,  the capitalized  terms used herein have the meanings assigned
in the  Agreement.  This  Certificate  is issued  under and is  subject to the
terms,  provisions  and conditions of the  Agreement,  to which  Agreement the
Holder of this  Certificate by virtue of the acceptance  hereof assents and by
which such Holder is bound.

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

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

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

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

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

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

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

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

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

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

            The  obligations  created  by the  Agreement  and the  Trust  Fund
created thereby shall terminate upon payment to the  Certificateholders of all
amounts  held  by the  Trust  Administrator  and  required  to be paid to them
pursuant to the  Agreement  following  the earlier of (i) the final payment or
other  liquidation (or any advance with respect  thereto) of the last Mortgage
Loan and REO Property  remaining in REMIC I and (ii) the purchase by the party
designated  in  the  Agreement  at a  price  determined  as  provided  in  the
Agreement from REMIC I of all the Mortgage Loans and all property  acquired in
respect of such Mortgage Loans. The Agreement  permits,  but does not require,
the  party  designated  in the  Agreement  to  purchase  from  REMIC I all the
Mortgage Loans and all property  acquired in respect of any Mortgage Loan at a
price  determined  as provided in the  Agreement.  The  exercise of such right
will effect  early  retirement  of the  Certificates;  however,  such right to
purchase is subject to the aggregate Stated Principal  Balance of the Mortgage
Loans at the time of  purchase  being  less than 10% of the  aggregate  Stated
Principal Balance of the Mortgage Loans as of the Cut-off Date.

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

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

<PAGE>

IN WITNESS WHEREOF,  the Trust Administrator has caused this Certificate to be
duly executed.

Dated: February ___, 2006

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

      This  is one of the  Certificates  referred  to in the  within-mentioned
      Agreement.

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Signatory

<PAGE>

                                  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               _____________________________
   if survivorship and not as                                (State)
   tenants in common

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

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please  print or  typewrite  name,  address  including  postal zip code,  and
Taxpayer  Identification  Number of assignee) a Percentage  Interest  equal to
____%  evidenced  by the within  Asset-Backed  Pass-Through  Certificates  and
hereby  authorize(s) the registration of transfer of such interest to assignee
on the Certificate Register of the Trust Fund.

      I (we) further  direct the Trustee to issue a new  Certificate of a like
Percentage  Interest  and Class to the above named  assignee  and deliver such
Certificate to the following address:

________________________________________________________________________________

________________________________________________________________________________

Dated:
                                      __________________________________________
                                      Signature by or on behalf of assignor

                                      __________________________________________
                                      Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                  EXHIBIT A-19

                           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, AS AMENDED (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 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 SECTION 5.02 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"),  OR THE CODE WILL BE  REGISTERED  EXCEPT IN
COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE  PROPOSED  TRANSFEREE  PROVIDES  (I) AN AFFIDAVIT TO THE TRUSTEE THAT (A)
SUCH  TRANSFEREE IS NOT (1) THE UNITED  STATES OR ANY  POSSESSION  THEREOF,  ANY
STATE  OR  POLITICAL   SUBDIVISION   THEREOF,   ANY  FOREIGN   GOVERNMENT,   ANY
INTERNATIONAL  ORGANIZATION,  OR ANY  AGENCY  OR  INSTRUMENTALITY  OF ANY OF THE
FOREGOING,  (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE  DESCRIBED IN SECTION
521 OF THE CODE)  THAT IS EXEMPT  FROM THE TAX  IMPOSED BY CHAPTER 1 OF THE CODE
UNLESS  SUCH  ORGANIZATION  IS SUBJECT TO THE TAX  IMPOSED BY SECTION 511 OF THE
CODE, (3) ANY ORGANIZATION  DESCRIBED IN SECTION  1381(A)(2)(C) OF THE CODE (ANY
SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER
BE  REFERRED  TO  AS  A  "DISQUALIFIED  ORGANIZATION")  OR  (4)  AN  AGENT  OF A
DISQUALIFIED  ORGANIZATION  AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE
ASSESSMENT  OR  COLLECTION OF TAX, AND (II) SUCH  TRANSFEREE  SATISFIES  CERTAIN
ADDITIONAL  CONDITIONS  RELATING  TO THE  FINANCIAL  CONDITION  OF THE  PROPOSED
TRANSFEREE.  NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY
TRANSFER,  SALE OR  OTHER  DISPOSITION  OF THIS  CERTIFICATE  TO A  DISQUALIFIED
ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL
BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT
BE DEEMED TO BE A CERTIFICATEHOLDER  FOR ANY PURPOSE HEREUNDER,  INCLUDING,  BUT
NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF
THIS  CERTIFICATE BY ACCEPTANCE  HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO THE
PROVISIONS  OF THIS  PARAGRAPH  AND THE  PROVISIONS  OF  SECTION  5.02(D) OF THE
AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED  ORGANIZATION IS
PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS CERTIFICATE.

Series 2006-WFHE1                           Aggregate Percentage Interest of the
                                            Class R Certificates as of the Issue
                                            Date: 100%
Cut-off Date and date of Pooling and
Servicing Agreement: February 1, 2006

First Distribution Date: March 27, 2006     Servicer:  Wells Fargo Bank, N.A.

No. 1                                       Trust Administrator:  Citibank, N.A.

                                            Trustee: U.S. Bank National
                                            Association

                                            Issue Date: February 28, 2006

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.

<PAGE>

                      ASSET-BACKED PASS-THROUGH CERTIFICATE

evidencing  a  beneficial  ownership  interest in a portion of a Trust Fund (the
"Trust  Fund")   consisting   primarily  of  a  pool  of  conventional  one-  to
four-family, fixed-rate, first lien mortgage loans (the "Mortgage Loans") formed
and sold by

                       CITIGROUP MORTGAGE LOAN TRUST INC.

      THIS  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST
      IN CITIGROUP  MORTGAGE LOAN TRUST INC.,  THE  SERVICER,  THE TRUST
      ADMINISTRATOR,  THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
      NEITHER THIS  CERTIFICATE  NOR THE  UNDERLYING  MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Citigroup  Global Markets Inc. is the registered  owner of a
Percentage  Interest  (obtained by dividing the denomination of this Certificate
by the aggregate Certificate Principal Balance of the Class R Certificates as of
the Issue Date) in that certain  beneficial  ownership interest evidenced by all
the Class R Certificates  created pursuant to a Pooling and Servicing Agreement,
dated as specified above (the "Agreement"),  among Citigroup Mortgage Loan Trust
Inc.  (hereinafter  called the  "Depositor,"  which term  includes any successor
entity under the  Agreement),  the  Servicer,  the Trust  Administrator  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 Trust  Administrator  by wire
transfer in immediately  available  funds to the account of the Person  entitled
thereto if such Person shall have so notified the Trust Administrator in writing
at least five Business Days prior to the Record Date  immediately  prior to such
Distribution  Date or  otherwise  by check  mailed  by first  class  mail to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate  Register.  Notwithstanding the above, the final distribution on
this Certificate will be made after due notice by the Trust Administrator of the
pendency of such  distribution and only upon  presentation and surrender of this
Certificate  at the office or agency  appointed by the Trust  Administrator  for
that purpose as provided in the Agreement.

            This  Certificate is one of a duly authorized  issue of Certificates
designated as Asset-Backed  Pass-Through Certificates of the Series specified on
the face hereof (herein called the "Certificates") and representing a Percentage
Interest in the Class of Certificates equal to the denomination specified on the
face hereof divided by the aggregate  Certificate Principal Balance of the Class
of Certificates specified on the face hereof.

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

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

            Any resale, transfer or other disposition of this certificate may be
made only in  accordance  with the  provisions  of section 5.02 of the agreement
referred to herein.

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

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

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

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

            Prior to registration of any transfer,  sale or other disposition of
this   Certificate,   the  proposed   transferee  shall  provide  to  the  Trust
Administrator  (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 REMIC I and REMIC II, (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 the Trust Fund to cease
to qualify as a REMIC or cause the imposition of a tax upon REMIC I or REMIC II.

            No service charge will be made for any such registration of transfer
or exchange of Certificates,  but the Trust Administrator may require payment of
a sum  sufficient  to cover  any tax or other  governmental  charge  that may be
imposed in connection with any transfer or exchange of Certificates.

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

            The obligations  created by the Agreement and the Trust Fund created
thereby shall  terminate upon payment to the  Certificateholders  of all amounts
held by the Trust  Administrator and required to be paid to them pursuant to the
Agreement  following the earlier of (i) the purchase by the holders of the Class
X  Certificates  or the Servicer of all Mortgage  Loans and related REO Property
remaining  in REMIC I,  (ii) the  final  payment  or other  liquidation  (or any
advance  with  respect  thereto)  of the  last  Mortgage  Loan  or REO  Property
remaining in REMIC I. The  Agreement  permits,  but does not require,  the party
designated in the Agreement to purchase from REMIC I all the Mortgage  Loans and
all property  acquired in respect of any Mortgage Loan at a price  determined as
provided  in the  Agreement.  The  exercise  of such  right  will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the Mortgage  Loans at the time of
purchase being less than 10% of the aggregate  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 none of the  Trustee,  Servicer  or Trust  Administrator  assume
responsibility for their correctness.

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

<PAGE>

IN WITNESS WHEREOF,  the Trust  Administrator  has caused this Certificate to be
duly executed.

Dated: February ___, 2006

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Agreement.

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Signatory

<PAGE>

                                  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               _____________________________
   if survivorship and not as                                (State)
   tenants in common

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

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please  print or  typewrite  name,  address  including  postal zip code,  and
Taxpayer  Identification  Number of assignee) a Percentage  Interest  equal to
____%  evidenced  by the within  Asset-Backed  Pass-Through  Certificates  and
hereby  authorize(s) the registration of transfer of such interest to assignee
on the Certificate Register of the Trust Fund.

      I (we) further  direct the Trustee to issue a new  Certificate of a like
Percentage  Interest  and Class to the above named  assignee  and deliver such
Certificate to the following address:

________________________________________________________________________________

________________________________________________________________________________

Dated:
                                      __________________________________________
                                      Signature by or on behalf of assignor

                                      __________________________________________
                                      Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                  EXHIBIT A-20

                          FORM OF CLASS R-X 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, AS AMENDED (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 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 SECTION 5.02 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"),  OR THE CODE WILL BE  REGISTERED  EXCEPT IN
COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE  PROPOSED  TRANSFEREE  PROVIDES  (I) AN AFFIDAVIT TO THE TRUSTEE THAT (A)
SUCH  TRANSFEREE IS NOT (1) THE UNITED  STATES OR ANY  POSSESSION  THEREOF,  ANY
STATE  OR  POLITICAL   SUBDIVISION   THEREOF,   ANY  FOREIGN   GOVERNMENT,   ANY
INTERNATIONAL  ORGANIZATION,  OR ANY  AGENCY  OR  INSTRUMENTALITY  OF ANY OF THE
FOREGOING,  (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE  DESCRIBED IN SECTION
521 OF THE CODE)  THAT IS EXEMPT  FROM THE TAX  IMPOSED BY CHAPTER 1 OF THE CODE
UNLESS  SUCH  ORGANIZATION  IS SUBJECT TO THE TAX  IMPOSED BY SECTION 511 OF THE
CODE, (3) ANY ORGANIZATION  DESCRIBED IN SECTION  1381(A)(2)(C) OF THE CODE (ANY
SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER
BE  REFERRED  TO  AS  A  "DISQUALIFIED  ORGANIZATION")  OR  (4)  AN  AGENT  OF A
DISQUALIFIED  ORGANIZATION  AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE
ASSESSMENT  OR  COLLECTION OF TAX, AND (II) SUCH  TRANSFEREE  SATISFIES  CERTAIN
ADDITIONAL  CONDITIONS  RELATING  TO THE  FINANCIAL  CONDITION  OF THE  PROPOSED
TRANSFEREE.  NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY
TRANSFER,  SALE OR  OTHER  DISPOSITION  OF THIS  CERTIFICATE  TO A  DISQUALIFIED
ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL
BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT
BE DEEMED TO BE A CERTIFICATEHOLDER  FOR ANY PURPOSE HEREUNDER,  INCLUDING,  BUT
NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF
THIS  CERTIFICATE BY ACCEPTANCE  HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO THE
PROVISIONS  OF THIS  PARAGRAPH  AND THE  PROVISIONS  OF  SECTION  5.02(D) OF THE
AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED  ORGANIZATION IS
PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS CERTIFICATE.

Series 2006-WFHE1                        Aggregate Percentage Interest of the
                                         Class R-X Certificates as of the
                                         Issue Date: 100%
Cut-off Date and date of Pooling and
Servicing Agreement: February 1, 2006

First Distribution Date: March 27, 2006  Servicer:  Wells Fargo Bank, N.A.

No. 1                                    Trust Administrator:  Citibank, N.A.

                                         Trustee:     U.S.    Bank    National
                                         Association

                                         Issue Date: February 28, 2006

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.

<PAGE>

                      ASSET-BACKED PASS-THROUGH CERTIFICATE

evidencing  a  beneficial  ownership  interest in a portion of a Trust Fund (the
"Trust  Fund")   consisting   primarily  of  a  pool  of  conventional  one-  to
four-family, fixed-rate, first lien mortgage loans (the "Mortgage Loans") formed
and sold by

                       CITIGROUP MORTGAGE LOAN TRUST INC.

      THIS  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST
      IN CITIGROUP  MORTGAGE LOAN TRUST INC.,  THE  SERVICER,  THE TRUST
      ADMINISTRATOR,  THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
      NEITHER THIS  CERTIFICATE  NOR THE  UNDERLYING  MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

            This certifies that Citigroup  Global Markets Inc. is the registered
owner of a Percentage  Interest  (obtained by dividing the  denomination of this
Certificate  by the  aggregate  Certificate  Principal  Balance of the Class R-X
Certificates as of the Issue Date) in that certain beneficial ownership interest
evidenced by all the Class R-X  Certificates  created  pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Citigroup
Mortgage  Loan  Trust  Inc.  (hereinafter  called  the  "Depositor,"  which term
includes any successor  entity under the  Agreement),  the  Servicer,  the Trust
Administrator 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-X Certificates on such  Distribution
Date pursuant to the Agreement.

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

            This  Certificate is one of a duly authorized  issue of Certificates
designated as Asset-Backed  Pass-Through Certificates of the Series specified on
the face hereof (herein called the "Certificates") and representing a Percentage
Interest in the Class of Certificates equal to the denomination specified on the
face hereof divided by the aggregate  Certificate Principal Balance of the Class
of Certificates specified on the face hereof.

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

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

            Any resale, transfer or other disposition of this certificate may be
made only in  accordance  with the  provisions  of section 5.02 of the agreement
referred to herein.

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

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

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

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

            Prior to registration of any transfer,  sale or other disposition of
this   Certificate,   the  proposed   transferee  shall  provide  to  the  Trust
Administrator  (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-X  Certificates  have  been  designated  as a
residual  interest in REMIC I and REMIC II, (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-X 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 the Trust Fund to cease
to qualify as a REMIC or cause the imposition of a tax upon REMIC I or REMIC II.

            No service charge will be made for any such registration of transfer
or exchange of Certificates,  but the Trust Administrator may require payment of
a sum  sufficient  to cover  any tax or other  governmental  charge  that may be
imposed in connection with any transfer or exchange of Certificates.

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

            The obligations  created by the Agreement and the Trust Fund created
thereby shall  terminate upon payment to the  Certificateholders  of all amounts
held by the Trust  Administrator and required to be paid to them pursuant to the
Agreement  following the earlier of (i) the purchase by the holders of the Class
X  Certificates  or the Servicer of all Mortgage  Loans and related REO Property
remaining  in REMIC I,  (ii) the  final  payment  or other  liquidation  (or any
advance  with  respect  thereto)  of the  last  Mortgage  Loan  or REO  Property
remaining in REMIC I. The  Agreement  permits,  but does not require,  the party
designated in the Agreement to purchase from REMIC I all the Mortgage  Loans and
all property  acquired in respect of any Mortgage Loan at a price  determined as
provided  in the  Agreement.  The  exercise  of such  right  will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the Mortgage  Loans at the time of
purchase being less than 10% of the aggregate  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 none of the  Trustee,  Servicer  or Trust  Administrator  assume
responsibility for their correctness.

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

<PAGE>

IN WITNESS WHEREOF,  the Trust  Administrator  has caused this Certificate to be
duly executed.

Dated: February ___, 2006

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

      This  is one of the  Certificates  referred  to in the  within-mentioned
      Agreement.

                                          Citibank, N.A., as Trust Administrator

                                          By:___________________________________
                                                    Authorized Signatory

<PAGE>

                                  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               _____________________________
   if survivorship and not as                                (State)
   tenants in common

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

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _______________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please  print or  typewrite  name,  address  including  postal zip code,  and
Taxpayer  Identification  Number of assignee) a Percentage  Interest  equal to
____%  evidenced  by the within  Asset-Backed  Pass-Through  Certificates  and
hereby  authorize(s) the registration of transfer of such interest to assignee
on the Certificate Register of the Trust Fund.

      I (we) further  direct the Trustee to issue a new  Certificate of a like
Percentage  Interest  and Class to the above named  assignee  and deliver such
Certificate to the following address:

________________________________________________________________________________

________________________________________________________________________________

Dated:
                                      __________________________________________
                                      Signature by or on behalf of assignor

                                      __________________________________________
                                      Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                    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
Trust   Administrator   pursuant   to  Section   4.07(a)(iv).   If  the  Trust
Administrator is indicated below as to any item, then the Trust  Administrator
is primarily responsible for obtaining that information.

Under Item 1 of Form 10-D:  a) items marked "4.02  statement"  are required to
be included in the periodic  Distribution  Date statement  under Section 4.02,
provided by the Trust  Administrator  based on  information  received from the
Servicer;  and b) items  marked  "Form 10-D  report" are required to be in the
Form  10-D  report  but  not  the  4.02  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.

<TABLE>
<CAPTION>
   FORM               ITEM                              DESCRIPTION                           RESPONSIBLE PARTY
------------------------------------------------------------------------------------------------------------------
10-D               Must be filed within 15 days of the Distribution Date.
------------------------------------------------------------------------------------------------------------------
<S>         <C>                       <C>                                                 <C>
                        1             DISTRIBUTION AND POOL PERFORMANCE INFORMATION
                                      ----------------------------------------------------------------------------
                                      ITEM   1121(A)  -   DISTRIBUTION   AND  POOL
                                      PERFORMANCE INFORMATION
                                      ----------------------------------------------------------------------------
                                      (1) Any  applicable  record  dates,  accrual        4.02 statement
                                      dates,  determination  dates for calculating
                                      distributions and actual  distribution dates
                                      for the distribution period.

                                      (2)  Cash  flows  received  and the  sources        4.02 statement
                                      thereof   for   distributions,    fees   and
                                      expenses.

                                      (3) Calculated  amounts and  distribution of        4.02 statement
                                      the flow of funds  for the  period  itemized
                                      by type and priority of payment, including:

                                              (i)  Fees or  expenses  accrued  and        4.02 statement
                                      paid, with an  identification of the general
                                      purpose   of  such   fees   and  the   party
                                      receiving such fees or expenses.

                                              (ii)  Payments  accrued or paid with        4.02 statement
                                      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.

                                              (iii) Principal,  interest and other        4.02 statement
                                      distributions   accrued   and  paid  on  the
                                      asset-backed   securities  by  type  and  by
                                      class  or  series  and  any   principal   or
                                      interest shortfalls or carryovers.

                                              (iv) The amount of excess  cash flow        4.02 statement
                                      or  excess  spread  and the  disposition  of
                                      excess cash flow.

                                      (4) Beginning and ending principal  balances        4.02 statement
                                      of the asset-backed securities.

                                      (5) Interest  rates  applicable  to the pool        4.02 statement
                                      assets and the asset-backed  securities,  as
                                      applicable.   Consider   providing  interest
                                      rate   information   for  pool   assets   in
                                      appropriate    distributional    groups   or
                                      incremental ranges.

                                      (6)   Beginning   and  ending   balances  of        4.02 statement
                                      transaction   accounts,   such  as   reserve
                                      accounts,   and  material  account  activity
                                      during the period.

                                      (7)  Any   amounts   drawn  on  any   credit        4.02 statement
                                      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.

                                      (8) Number and amount of pool  assets at the        4.02 statement
                                      beginning  and  ending of each  period,  and
                                      updated pool composition  information,  such        Updated pool
                                      as   weighted   average   coupon,   weighted        composition
                                      average  life,  weighted  average  remaining        information fields to
                                      term, pool factors and prepayment amounts.          be as specified by
                                                                                          Depositor from time to
                                                                                          time

                                      (9)  Delinquency  and loss  information  for        4.02 statement.
                                      the period.
                                                                                          Form    10-D    report:
                                      In addition,  describe any material  changes        Depositor
                                      to  the   information   specified   in  Item
                                      1100(b)(5)  of  Regulation  AB regarding the
                                      pool assets.

                                      (10)  Information  on the amount,  terms and        4.02 statement
                                      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.

                                      (11) Any material modifications,  extensions        Form    10-D    report:
                                      or  waivers  to  pool  asset  terms,   fees,        Trust     Administrator
                                      penalties    or    payments    during    the        (to the  extent  of the
                                      distribution    period    or    that    have        Trust   Administrator's
                                      cumulatively become material over time.             actual knowledge)

                                      (12)   Material   breaches   of  pool  asset        Form 10-D report
                                      representations     or     warranties     or
                                      transaction covenants.

                                      (13)  Information  on  ratio,   coverage  or        4.02 statement
                                      other tests used for  determining  any early
                                      amortization,     liquidation    or    other
                                      performance  trigger and whether the trigger
                                      was met.

                                      (14) Information  regarding any new issuance        Form    10-D    report:
                                      of  asset-backed  securities  backed  by the        Depositor
                                      same asset pool,
                                      [information   regarding]   any  pool  asset        Form    10-D    report:
                                      changes  (other  than in  connection  with a        Depositor
                                      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        Form    10-D    report:
                                      purchase  rates,  if  applicable),  and cash        Depositor
                                      flows available for future  purchases,  such
                                      as  the  balances  of  any   prefunding   or
                                      revolving accounts, if applicable.
                                      Disclose   any   material   changes  in  the
                                      solicitation,               credit-granting,
                                      underwriting,  origination,  acquisition  or
                                      pool selection  criteria or  procedures,  as
                                      applicable,  used to  originate,  acquire or
                                      select the new pool assets.
                                      ----------------------------------------------------------------------------
                                      ITEM  1121(B)  -  PRE-FUNDING  OR  REVOLVING        Depositor
                                      PERIOD INFORMATION
                                      ----------------------------------------------------------------------------
                                      Updated pool  information  as required under
                                      Item 1121(b).
------------------------------------------------------------------------------------------------------------------
                   2                  LEGAL PROCEEDINGS
------------------------------------------------------------------------------------------------------------------
                                      Item  1117  -  Legal   proceedings   pending
                                      against  the  following  entities,  or their
                                      respective  property,  that is  material  to
                                      Certificateholders,   including  proceedings        Seller
                                      known  to be  contemplated  by  governmental        Depositor
                                      authorities:                                        Trustee
                                      Seller                                              Trust Administrator
                                      Depositor                                           Depositor
                                      Trustee                                             Servicer
                                      Trust Administrator                                 Originator
                                      Issuing entity                                      Custodian
                                      Servicer
                                      Originator
                                      Custodian
------------------------------------------------------------------------------------------------------------------
                   3                  SALES OF SECURITIES AND USE OF PROCEEDS
------------------------------------------------------------------------------------------------------------------
                                      INFORMATION  FROM  ITEM  2(A)  OF PART II OF
                                      FORM 10-Q:

                                      With  respect to any sale of  securities  by        Depositor
                                      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.
------------------------------------------------------------------------------------------------------------------
                   4                  DEFAULTS UPON SENIOR SECURITIES
------------------------------------------------------------------------------------------------------------------
                                      INFORMATION  FROM  ITEM 3 OF PART II OF FORM
                                      10-Q:
                                      ----------------------------------------------------------------------------
                                      Report  the   occurrence  of  any  Event  of                  N/A
                                      Default  (after   expiration  of  any  grace
                                      period and provision of any required notice)
------------------------------------------------------------------------------------------------------------------
                   5                  SUBMISSION OF MATTERS TO A VOTE OF SECURITY
                                      HOLDERS
------------------------------------------------------------------------------------------------------------------
                                      INFORMATION FROM ITEM 4 OF PART II OF FORM          Depositor    or   Trust
                                      10-Q                                                Administrator  (to  the
                                                                                          extent   of  the  Trust
                                                                                          Administrator's  actual
                                                                                          knowledge)
------------------------------------------------------------------------------------------------------------------
                   6                  SIGNIFICANT OBLIGORS OF POOL ASSETS
------------------------------------------------------------------------------------------------------------------
                                      ITEM   1112(B)   -    SIGNIFICANT    OBLIGOR        Depositor
                                      FINANCIAL INFORMATION*

                                      *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         Depositor
                                      Obtaining required financial  information or
                                      effecting incorporation by reference                Depositor

                                      ITEM  1115(B)  -   DERIVATIVE   COUNTERPARTY
                                      FINANCIAL INFORMATION*
                                      Determining    current   maximum    probable        Depositor
                                      exposure
                                      Determining current significance percentage
                                      Obtaining required financial  information or        Trust Administrator
                                      effecting incorporation by reference                Depositor

                                      *This  information  need only be reported on
                                      the Form  10-D for the  distribution  period
                                      in which  updated  information  is  required
                                      pursuant to the Items.
------------------------------------------------------------------------------------------------------------------
                   8                  OTHER INFORMATION
------------------------------------------------------------------------------------------------------------------
                                      DISCLOSE  ANY  INFORMATION  REQUIRED  TO  BE        The Responsible Party
                                      REPORTED  ON  FORM  8-K  DURING  THE  PERIOD        for the applicable
                                      COVERED BY THE FORM 10-D BUT NOT REPORTED           Form 8-K item as
                                                                                          indicated below
------------------------------------------------------------------------------------------------------------------
                   9                  EXHIBITS
------------------------------------------------------------------------------------------------------------------
                                      Distribution report                                 Trust Administrator

                                      EXHIBITS  REQUIRED BY ITEM 601 OF REGULATION        Depositor
                                      S-K, SUCH AS MATERIAL AGREEMENTS
------------------------------------------------------------------------------------------------------------------
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       Depositor
                                      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
------------------------------------------------------------------------------------------------------------------
                   1.02               TERMINATION   OF   A   MATERIAL    DEFINITIVE
                                      AGREEMENT
------------------------------------------------------------------------------------------------------------------
                                      Disclosure is required regarding  termination       Depositor
                                      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       Trust Administrator
                                      bankruptcy  or  receivership  with respect to       (to the extent of the
                                      any of the following:                               Trust Administrator's
                                      Sponsor (Seller), Depositor,  Servicer, Trust       actual knowledge)
                                      Administrator, Cap Provider, Custodian
------------------------------------------------------------------------------------------------------------------
                   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       Trust    Administrator
                                      trigger or other  event,  including  event of       (to the  extent of the
                                      default,  that  would  materially  alter  the       Trust  Administrator's
                                      payment    priority/distribution    of   cash       actual knowledge)
                                      flows/amortization schedule.
                                      Disclosure  will be made of events other than
                                      waterfall  triggers  which are  disclosed  in
                                      the 4.02 statement
------------------------------------------------------------------------------------------------------------------
                   3.03               MATERIAL MODIFICATION TO RIGHTS OF SECURITY
                                      HOLDERS
------------------------------------------------------------------------------------------------------------------
                                      Disclosure is required of any material              Trust Administrator
                                      modification to documents defining the
                                      rights of Certificateholders, including the
                                      Pooling and Servicing Agreement
------------------------------------------------------------------------------------------------------------------
                   5.03               AMENDMENTS TO ARTICLES OF INCORPORATION OR
                                      BYLAWS; CHANGE IN FISCAL YEAR
------------------------------------------------------------------------------------------------------------------
                                      Disclosure is required of any amendment "to         Depositor
                                      the governing documents of the issuing
                                      entity"
------------------------------------------------------------------------------------------------------------------
                   5.06               CHANGE IN SHELL COMPANY STATUS
------------------------------------------------------------------------------------------------------------------
                                     [Not applicable to ABS issuers]                     Depositor
------------------------------------------------------------------------------------------------------------------
                   6.01               ABS INFORMATIONAL AND COMPUTATIONAL MATERIAL
------------------------------------------------------------------------------------------------------------------
                                      [Not included in reports to be filed under          Depositor
                                      Section 4.07]
------------------------------------------------------------------------------------------------------------------
                   6.02               CHANGE   OF   SERVICER,   TRUSTEE   OR  TRUST
                                      ADMINISTRATOR
------------------------------------------------------------------------------------------------------------------
                                      Requires    disclosure    of   any   removal,       Trust Administrator
                                      replacement,  substitution or addition of any       or Servicer
                                      master servicer,  affiliated servicer,  other
                                      servicer   servicing  10%  or  more  of  pool
                                      assets  at time  of  report,  other  material
                                      servicers,  trust  administrator  or trustee.
                                      Reg AB  disclosure  about  any new  servicer,
                                      trust   administrator   or  trustee  is  also
                                      required.
------------------------------------------------------------------------------------------------------------------
                   6.03               CHANGE IN CREDIT ENHANCEMENT OR OTHER
                                      EXTERNAL SUPPORT
------------------------------------------------------------------------------------------------------------------
                                      Covers  termination  of  any  enhancement  in       Depositor
                                      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.  Reg  AB  disclosure  about  any
                                      new enhancement provider is also required.
------------------------------------------------------------------------------------------------------------------
                   6.04               FAILURE TO MAKE A REQUIRED DISTRIBUTION             Trust Administrator
------------------------------------------------------------------------------------------------------------------
                   6.05               SECURITIES ACT UPDATING DISCLOSURE
------------------------------------------------------------------------------------------------------------------
                                      If any material pool  characteristic  differs       Depositor
                                      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.
                                      ----------------------------------------------      -----------------------
                                      If   there   are   any   new   servicers   or       Depositor
                                      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.
------------------------------------------------------------------------------------------------------------------
                   7.01               REGULATION FD DISCLOSURE                            Depositor
------------------------------------------------------------------------------------------------------------------
                   8.01               OTHER EVENTS
------------------------------------------------------------------------------------------------------------------
                                      Any event,  with respect to which information       Depositor
                                      is not  otherwise  called  for in  Form  8-K,
                                      that the  registrant  deems of  importance to
                                      security holders.
------------------------------------------------------------------------------------------------------------------
                   9.01               FINANCIAL STATEMENTS AND EXHIBITS                            N/A
------------------------------------------------------------------------------------------------------------------
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        Depositor
                                      reported on Form 8-K during the fourth  quarter
                                      covered by the Form 10-K but not reported
------------------------------------------------------------------------------------------------------------------
                   15                 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
------------------------------------------------------------------------------------------------------------------
                                      ITEM 1112(B) -  SIGNIFICANT  OBLIGOR  FINANCIAL                N/A
                                      INFORMATION
                                      ------------------------------------------------       ---------------------
                                      ITEM 1114(B)(2) - CREDIT  ENHANCEMENT  PROVIDER
                                      FINANCIAL INFORMATION
                                      Determining applicable disclosure threshold            Depositor
                                      Obtaining  required  financial  information  or        Depositor
                                      effecting incorporation by reference
                                      ------------------------------------------------       ---------------------
                                      ITEM   1115(B)   -   DERIVATIVE    COUNTERPARTY
                                      FINANCIAL INFORMATION
                                      Determining current maximum probable exposure          Trust Administrator
                                      Determining current significance percentage
                                      Obtaining  required  financial  information  or        Trust Administrator
                                      effecting incorporation by reference
                                                                                             Depositor

                                      Item  1119  -  Affiliations  and  relationships
                                      between  the  following   entities,   or  their
                                      respective  affiliates entered into outside the
                                      ordinary  course  of  business  or is on  terms
                                      other  than  would  be  obtained  in  an  arm's
                                      length  transaction  with  an  unrelated  third
                                      party,  apart from the asset-backed  securities
                                      transaction,     that    are     material    to        Seller
                                      Certificateholders:                                    Depositor
                                      Seller                                                 Trustee
                                      Depositor                                              Trust Administrator
                                      Trustee                                                Issuing entity
                                      Trust Administrator                                    Servicer
                                      Issuing entity                                         Originator
                                      Servicer                                               Custodian
                                      Originator                                             Depositor
                                      Custodian                                              Depositor
                                      Credit Enhancer/Support Provider, if any
                                      Significant Obligor, if any
------------------------------------------------------------------------------------------------------------------
                                      ITEM  1122  -  ASSESSMENT  OF  COMPLIANCE  WITH        Each           Party
                                      SERVICING CRITERIA                                     participating     in
                                                                                             the        servicing
                                                                                             function
------------------------------------------------------------------------------------------------------------------
                                      ITEM 1123 - SERVICER COMPLIANCE STATEMENT              Servicer
------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                          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 (Trust Administrator
performs this function)

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

<TABLE>
<CAPTION>
REG AB                                                   PRIMARY          MASTER         TRUST
REFERENCE             SERVICING CRITERIA                 SERVICER         SERVICER       ADMINISTRATOR
---------------       ----------------------------       ----------       --------       -------------
                      GENERAL SERVICING CONSIDERATIONS
------------------------------------------------------------------------------------------------------
<S>                   <C>                                <C>              <C>            <C>
1122(d)(1)(i)         Policies   and   procedures           X                X
                      are  instituted  to monitor
                      any  performance  or  other
                      triggers   and   events  of
                      default in accordance  with
                      the transaction agreements.
---------------       ----------------------------       ---------       ----------       ------------
1122(d)(1)(ii)        If any  material  servicing           X                X
                      activities  are  outsourced
                      to third parties,  policies
                      and      procedures     are
                      instituted  to monitor  the
                      third  party's  performance
                      and  compliance  with  such
                      servicing activities.
---------------       ----------------------------       ---------       ----------       ------------
                      Any   requirements  in  the
                      transaction  agreements  to
                      maintain      a     back-up
                      servicer   for   the   Pool
1122(d)(1)(iii)       Assets are maintained.
---------------       ----------------------------       ---------       ----------       ------------
1122(d)(1)(iv)        A fidelity  bond and errors           X                X
                      and omissions  policy is in
                      effect    on   the    party
                      participating     in    the
                      servicing          function
                      throughout   the  reporting
                      period  in  the  amount  of
                      coverage  required  by  and
                      otherwise   in   accordance
                      with   the   terms  of  the
                      transaction agreements.
---------------       ----------------------------       ---------       ----------       ------------
                      CASH COLLECTION AND
                      ADMINISTRATION
---------------       ----------------------------       ---------       ----------       ------------
1122(d)(2)(i)         Payments   on  pool  assets           X                X                 X
                      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.
---------------       ----------------------------       ---------       ----------       ------------
                      Disbursements    made   via           X                X                 X
                      wire  transfer on behalf of
                      an   obligor   or   to   an
                      investor  are made  only by
1122(d)(2)(ii)        authorized personnel.
---------------       ----------------------------       ---------       ----------       ------------
                      Advances    of   funds   or           X                X
                      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
1122(d)(2)(iii)       agreements.
---------------       ----------------------------       ---------       ----------       ------------
                      The  related  accounts  for                                              X
                      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
1122(d)(2)(iv)        transaction agreements.
---------------       ----------------------------       ---------       ----------       ------------
                      Each  custodial  account is           X                X                 X
                      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
1122(d)(2)(v)         Securities Exchange Act. *
---------------       ----------------------------       ---------       ----------       ------------
                      Unissued     checks     are           X
                      safeguarded    so   as   to
                      prevent        unauthorized
1122(d)(2)(vi)        access.
---------------       ----------------------------       ---------       ----------       ------------
1122(d)(2)(vii)       Reconciliations         are           X                X                 X
                      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.
---------------       ----------------------------       ---------       ----------       ------------
                      INVESTOR REMITTANCES AND
                      REPORTING
---------------       ----------------------------       ---------       ----------       ------------
1122(d)(3)(i)         Reports    to    investors,           X                X                 X
                      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.
---------------       ----------------------------       ---------       ----------       ------------
                      Amounts  due  to  investors           X                X                 X
                      are  allocated and remitted
                      in     accordance      with
                      timeframes,    distribution
                      priority  and  other  terms
                      set     forth     in    the
1122(d)(3)(ii)        transaction agreements.
---------------       ----------------------------       ---------       ----------       ------------
                      Disbursements  made  to  an           X                X                 X
                      investor are posted  within
                      two  business  days  to the
                      Servicer's         investor
                      records,   or  such   other
                      number  of  days  specified
                      in     the      transaction
1122(d)(3)(iii)       agreements.
---------------       ----------------------------       ---------       ----------       ------------
                      Amounts     remitted     to           X                X                 X
                      investors  per the investor
                      reports      agree     with
                      cancelled  checks, or other
                      form   of    payment,    or
1122(d)(3)(iv)        custodial bank statements.
---------------       ----------------------------       ---------       ----------       ------------
                      POOL ASSET ADMINISTRATION
---------------       ----------------------------       ---------       ----------       ------------
1122(d)(4)(i)         Collateral  or  security on           X                X
                      pool  assets is  maintained
                      as    required    by    the
                      transaction  agreements  or
                      related      pool     asset
                      documents.
---------------       ----------------------------       ---------       ----------       ------------
1122(d)(4)(ii)        Pool   assets  and  related           X                X
                      documents  are  safeguarded
                      as    required    by    the
                      transaction agreements
---------------       ----------------------------       ---------       ----------       ------------
1122(d)(4)(iii)       Any additions,  removals or           X                X
                      substitutions  to the asset
                      pool  are  made,   reviewed
                      and approved in  accordance
                      with  any   conditions   or
                      requirements     in     the
                      transaction agreements.
---------------       ----------------------------       ---------       ----------       ------------
1122(d)(4)(iv)        Payments  on  pool  assets,           X
                      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.
---------------       ----------------------------       ---------       ----------       ------------
                      The   Servicer's    records           X
                      regarding  the pool  assets
                      agree  with the  Servicer's
                      records  with respect to an
                      obligor's  unpaid principal
1122(d)(4)(v)         balance.
---------------       ----------------------------       ---------       ----------       ------------
                      Changes   with  respect  to           X                X
                      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
1122(d)(4)(vi)        documents.
---------------       ----------------------------       ---------       ----------       ------------
                      Loss      mitigation     or           X                X
                      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
1122(d)(4)(vii)       agreements.
---------------       ----------------------------       ---------       ----------       ------------
1122(d)(4)(viii)      Records         documenting           X
                      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).
---------------       ----------------------------       ---------       ----------       ------------
1122(d)(4)(ix)        Adjustments   to   interest           X                X
                      rates or  rates  of  return
                      for   pool    assets   with
                      variable      rates     are
                      computed   based   on   the
                      related      pool     asset
                      documents.
---------------       ----------------------------       ---------       ----------       ------------
1122(d)(4)(x)         Regarding  any  funds  held           X
                      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.
---------------       ----------------------------       ---------       ----------       ------------
                      Payments  made on behalf of           X
                      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
1122(d)(4)(xi)        agreements.
---------------       ----------------------------       ---------       ----------       ------------
                      Any late payment  penalties           X
                      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
1122(d)(4)(xii)       omission.
---------------       ----------------------------       ---------       ----------       ------------
               )      Disbursements    made    on           X
                      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
1122(d)(4)(xiii       agreements.
---------------       ----------------------------       ---------       ----------       ------------
                      Delinquencies,  charge-offs                            X
                      and uncollectible  accounts
                      are      recognized     and
                      recorded   in    accordance
                      with    the     transaction
1122(d)(4)(xiv)       agreements.
---------------       ----------------------------       ---------       ----------       ------------
                      Any  external   enhancement                                              X
                      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
1122(d)(4)(xv)        agreements.
---------------       ----------------------------       ---------       ----------       ------------
</TABLE>
------------
* Subject to clarification from the SEC.

<PAGE>

                                    EXHIBIT D

                ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

         This is an Assignment, Assumption and Recognition Agreement (this "AAR
Agreement") made as of February 28, 2006, among Citigroup Global Markets Realty
Corp. (the "Assignor"), Wells Fargo Bank, N.A. (the "Company") and U.S. Bank
National Association, as trustee (the "Assignee") for the benefit of the holders
of Citigroup Mortgage Loan Trust 2006-WFHE1, Asset-Backed Pass-Through
Certificates, Series 2006-WFHE1.

         In consideration of the mutual promises contained herein the parties
hereto agree that (i) the residential mortgage loans (the "Assigned Loans")
listed on Attachment 1 annexed hereto (the "Assigned Loan Schedule") and (ii)
the Master Mortgage Loan Purchase Agreement (the "Agreement"), dated as of
November 1, 2005, between the Assignor and the Company, pursuant to which the
Assigned Loans were purchased by the Assignor from the Company, shall be subject
to the terms of this AAR Agreement. Capitalized terms used herein but not
defined shall have the meanings ascribed to them in the Agreement.

                            Assignment and Assumption

         Except as expressly provided for herein, the Assignor hereby grants,
transfers and assigns to the Assignee all of its right, title and interest as
in, to and under (a) the Assigned Loans and (b) the Agreement with respect to
the Assigned Loans; provided, however, that the Assignor is not assigning to the
Assignee any of its right, title or interest, in, to and under the Agreement
with respect to any mortgage loan other than the Assigned Loans listed on
Attachment 1. Except as is otherwise expressly provided herein, the Assignor
makes no representations, warranties or covenants to the Assignee and the
Assignee acknowledges that the Assignor has no obligations to the Assignee under
the terms of the Agreement or otherwise relating to the transaction contemplated
herein (including, but not limited to, any obligation to indemnify the
Assignee). The rights of the Assignor under Section 4(b) of the Agreement shall
survive the execution and delivery of this AAR Agreement.

                    REPRESENTATIONS, WARRANTIES AND COVENANTS

         1. Assignor warrants and represents to Assignee and Company as of the
date hereof:

         (a) The Agreement is in full force and effect as of the date hereof and
the provisions of which have not been waived, amended or modified in any
respect, nor has any notice of termination been given thereunder;

         (b) Assignor is the lawful owner of the Assigned Loans with full right
to transfer the Assigned Loans and any and all of its interests, rights and
obligations under the Agreement as they relate to the Assigned Loans, free and
clear from any and all claims and encumbrances; and upon the transfer of the
Assigned Loans to Assignee as contemplated herein, Assignee shall have good
title to each and every Assigned Loan, as well as any and all of Assignee's
interests, rights and obligations under the Agreement as they relate to the
Assigned Loans, free and clear of any and all liens, claims and encumbrances;

         (c) There are no offsets, counterclaims or other defenses available to
Company with respect to the Assigned Loans or the Agreement;

         (d) Assignor has no knowledge of, and has not received notice of, any
waivers under, or any modification of, any Assigned Loan;

         (e) Assignor is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its incorporation, and has all requisite
power and authority to acquire, own and sell the Assigned Loans;

         (f) Assignor has full corporate power and authority to execute, deliver
and perform its obligations under this AAR Agreement, and to consummate the
transactions set forth herein. The consummation of the transactions contemplated
by this AAR Agreement is in the ordinary course of Assignor's business and will
not conflict with, or result in a breach of, any of the terms, conditions or
provisions of Assignor's charter or by-laws or any legal restriction, or any
material agreement or instrument to which Assignor is now a party or by which it
is bound, or result in the violation of any law, rule, regulation, order,
judgment or decree to which Assignor or its property is subject. The execution,
delivery and performance by Assignor of this AAR Agreement and the consummation
by it of the transactions contemplated hereby, have been duly authorized by all
necessary corporate action on the part of Assignor. This AAR Agreement has been
duly executed and delivered by Assignor and, upon the due authorization,
execution and delivery by Assignee and Company, will constitute the valid and
legally binding obligation of Assignor enforceable against Assignor in
accordance with its terms except as enforceability may be limited by bankruptcy,
reorganization, insolvency, moratorium or other similar laws now or hereafter in
effect relating to creditors' rights generally, and by general principles of
equity regardless of whether enforceability is considered in a proceeding in
equity or at law;

         (g) No consent, approval, order or authorization of, or declaration,
filing or registration with, any governmental entity is required to be obtained
or made by Assignor in connection with the execution, delivery or performance by
Assignor of this AAR Agreement, or the consummation by it of the transactions
contemplated hereby;

         (h) Neither Assignor nor anyone acting on its behalf has offered,
transferred, pledged, sold or otherwise disposed of the Assigned Loans or any
interest in the Assigned Loans, or solicited any offer to buy or accept a
transfer, pledge or other disposition of the Assigned Loans, or any interest in
the Assigned Loans or otherwise approached or negotiated with respect to the
Assigned Loans, or any interest in the Assigned Loans with any Person in any
manner, or made any general solicitation by means of general advertising or in
any other manner, or taken any other action which would constitute a
distribution of the Assigned Loans under the Securities Act of 1933, as amended
(the "1933 Act") or which would render the disposition of the Assigned Loans a
violation of Section 5 of the 1933 Act or require registration pursuant thereto;

         (i) The Assignor has received from Company, and has delivered to the
Assignee, all documents required to be delivered to Assignor by the Company
prior to the date hereof pursuant to the Agreement with respect to the Assigned
Loans and has not received, and has not requested from the Company, any
additional documents;

         (j) There is no action, suit, proceeding, investigation or litigation
pending or, to Assignor's knowledge, threatened, which either in any instance or
in the aggregate, if determined adversely to Assignor, would adversely affect
Assignor's execution or delivery of, or the enforceability of, this AAR
Agreement, or the Assignor's ability to perform its obligations under this AAR
Agreement;

         (k) The Assignor hereby represents and warrants that to the best of the
Assignor's knowledge, nothing has occurred in the period of time from the
related Closing Date (as defined in the Agreement) to the date hereof which
would cause such representation and warranties referred to in Exhibit A to be
untrue in any material respect as of the date hereof;

         (l) No Mortgage Loan originated on or after October 1, 2002 through
March 6, 2003 is governed by the Georgia Fair Lending Act; and

         (m) No Mortgage Loan is a high cost loan or a covered loan, as
applicable (as such terms are defined in Standard & Poor's LEVELS Version 5.6(c)
Glossary Revised, Appendix E).

         2. Assignee warrants and represents to, and covenants with, Assignor
and Company as of the date hereof:

         (a) Assignee is a national banking association duly organized, validly
existing and in good standing under the laws of the United States and has all
requisite power and authority to hold the Assigned Loans as trustee on behalf of
the holders of the Citigroup Mortgage Loan Trust 2006-WFHE1, Asset-Backed
Pass-Through Certificates, Series 2006-WFHE1;

         (b) Assignee has full power and authority to execute, deliver and
perform its obligations under this AAR Agreement, and to consummate the
transactions set forth herein. The consummation of the transactions contemplated
by this AAR Agreement is in the ordinary course of Assignee's business and will
not conflict with, or result in a breach of, any of the terms, conditions or
provisions of Assignee's charter or by-laws or any legal restriction, or any
material agreement or instrument to which Assignee is now a party or by which it
is bound, or result in the violation of any law, rule, regulation, order,
judgment or decree to which Assignee or its property is subject. The execution,
delivery and performance by Assignee of this AAR Agreement and the consummation
by it of the transactions contemplated hereby, have been duly authorized by all
necessary corporate action on part of Assignee. This AAR Agreement has been duly
executed and delivered by Assignee and, upon the due authorization, execution
and delivery by Assignor and Company, will constitute the valid and legally
binding obligation of Assignee enforceable against Assignee in accordance with
its terms except as enforceability may be limited by bankruptcy, reorganization,
insolvency, moratorium or other similar laws now or hereafter in effect relating
to creditors' rights generally, and by general principles of equity regardless
of whether enforceability is considered in a proceeding in equity or at law;

         (c) No consent, approval, order or authorization of, or declaration,
filing or registration with, any governmental entity is required to be obtained
or made by Assignee in connection with the execution, delivery or performance by
Assignee of this AAR Agreement, or the consummation by it of the transactions
contemplated hereby;

         (d) There is no action, suit, proceeding, investigation or litigation
pending or, to Assignee's knowledge, threatened, which either in any instance or
in the aggregate, if determined adversely to Assignee, would adversely affect
Assignee's execution or delivery of, or the enforceability of, this AAR
Agreement, or the Assignee's ability to perform its obligations under this AAR
Agreement;

         (e) Assignee assumes for the benefit of each of the Assignor and the
Company all of the rights of the Assignor under the Agreement with respect to
the Assigned Loans; and

         (f) The Assignee agrees to be bound, as purchaser, by all of the terms,
covenants and conditions of the Agreement and the Assigned Loans, and from and
after the date hereof, the Assignee assumes for the benefit of each of the
Company and the Assignor all of the Assignor's obligations as purchaser
thereunder, with respect to the Assigned Loans.

         3. Company warrants and represents to, and covenant with, Assignor and
Assignee as of the date hereof:

         (a) The Agreement is in full force and effect as of the date hereof and
the provisions of which have not been waived, amended or modified in any
respect, nor has any notice of termination been given thereunder;

         (b) Company is a national banking association duly organized, validly
existing and in good standing under the laws of the United States, and has all
requisite power and authority to service the Assigned Loans and otherwise to
perform its obligations under the Agreement;

         (c) Company has full power and authority to execute, deliver and
perform its obligations under this AAR Agreement, and to consummate the
transactions set forth herein. The consummation of the transactions contemplated
by this AAR Agreement is in the ordinary course of Company's business and will
not conflict with, or result in a breach of, any of the terms, conditions or
provisions of Company's charter or by-laws or any legal restriction, or any
material agreement or instrument to which Company is now a party or by which it
is bound, or result in the violation of any law, rule, regulation, order,
judgment or decree to which Company or its property is subject. The execution,
delivery and performance by Company of this AAR Agreement and the consummation
by it of the transactions contemplated hereby, have been duly authorized by all
necessary action on the part of Company. This AAR Agreement has been duly
executed and delivered by Company, and, upon the due authorization, execution
and delivery by Assignor and Assignee, will constitute the valid and legally
binding obligation of Company, enforceable against Company in accordance with
its terms except as enforceability may be limited by the effect of insolvency,
liquidation, conservatorship and other similar laws administered by the Federal
Deposit Insurance Corporation affecting the enforcement of contract obligations
of insured banks and subject to the application of the rules of equity,
including those respecting the availability of specific performance;

         (d) No consent, approval, order or authorization of, or declaration,
filing or registration with, any governmental entity is required to be obtained
or made by Company in connection with the execution, delivery or performance by
Company of this AAR Agreement, or the consummation by it of the transactions
contemplated hereby; (e) No event has occurred from the Closing Date to the date
hereof which would render the representations and warranties as to the Company
in Section 6(a) of the Agreement to be untrue in any material respect;

         (f) Each of the representations and warranties regarding the Assigned
Loans set forth in Section 6(b) of the Agreement (and attached hereto as Exhibit
A) are true and correct as of the related Closing Date (as defined in the
Agreement);

         (g) Each prepayment penalty with respect to any Assigned Loan is
permissible, enforceable and collectible under applicable federal, state and
local law and each such prepayment penalty actually charged to the related
borrower is in accordance with the prepayment penalty matrices set forth in
Exhibit B; and

         (h) Neither this AAR Agreement nor any certification, statement, report
or other agreement, document or instrument furnished or to be furnished by the
Company pursuant to this AAR Agreement contains or will contain any materially
untrue statement of fact or omits or will omit to state a fact necessary to make
the statements contained therein not misleading.

         4. Assignor hereby agrees to indemnify and hold the Assignee (and its
successors and assigns) harmless against any and all claims, losses, penalties,
fines, forfeitures, legal fees and related costs, judgments, and any other
costs, fees and expenses that Assignee (and its successors and assigns) may
sustain in any way related to any breach of the representations or warranties of
Assignor set forth in this AAR Agreement or the breach of any covenant or
condition contained herein.

                             Recognition of Assignee

         5. From and after the date hereof, Company shall recognize Assignee as
owner of the Assigned Loans, and acknowledges that the Assigned Loans will be
part of a REMIC, and will service the Assigned Loans in accordance with the
Pooling and Servicing Agreement, dated as of February 1, 2006, among the
Citigroup Mortgage Loan Trust Inc. as depositor (the "Depositor"), Wells Fargo
Bank, N.A. as servicer (the "Servicer"), Citibank, N.A. as trust administrator
(the "Trust Administrator") and U.S. Bank National Association as trustee (the
"Trustee"). It is the intention of Assignor, Company and Assignee that this AAR
Agreement shall be binding upon and for the benefit of the respective successors
and assigns of the parties hereto. Neither Company nor Assignor shall amend or
agree to amend, modify, waive, or otherwise alter any of the terms or provisions
of the Agreement which amendment, modification, waiver or other alteration would
in any way affect the Assigned Loans without the prior written consent of
Assignee.

              Remedies for Breach of Representations and Warranties

         6. The Company hereby acknowledges and agrees that the remedies
available to the Assignor, the Assignee and the Trust (including the Trustee and
the Servicer acting on the Trust's behalf) in connection with any breach of the
representations and warranties made by the Company set forth in Section 3 hereof
shall be as set forth in Section 4(b) of the Agreement as if they were set forth
herein (including without limitation the repurchase and indemnity obligations
set forth therein).

         In addition to the foregoing, in the event that a breach of any
representation of the Company materially and adversely affects the interests of
the Assignor in any prepayment penalty or the collectability of such prepayment
penalty, the Company shall pay the amount of the scheduled prepayment penalty to
the Assignor upon the payoff of any related Assigned Loan.

         The Assignor hereby acknowledges and agrees that the remedies available
to the Assignee and the Trust (including the Trustee and the Servicers acting on
the Trust's behalf) in connection with any breach of the representations and
warranties made by the Assignor set forth in Section 4 hereof shall be as set
forth in Section 2.03 of the Pooling Agreement as if they were set forth herein.

                                  Miscellaneous

         7. All demands, notices and communications related to the Assigned
Loans, the Agreements and this AAR Agreement shall be in writing and shall be
deemed to have been duly given if personally delivered at or mailed by
registered mail, postage prepaid, as follows:

         (a)      In the case of Company:
                  WELLS FARGO BANK, N.A. 1 Home Campus
                  Des Moines, Iowa 50328-0001
                  Attention:  John B. Brown, MAC X2401-042
                  Facsimile:  (515) 213-7121

                  With a copy to :
                  WELLS FARGO BANK, N.A.
                  1 Home Campus
                  Des Moines, Iowa 50328-0001
                  Attention:  General Counsel, MAC X2401-06T
                  Facsimile:  (515) 213-5192

         (b)      In the case of Assignor:
                  CITIGROUP GLOBAL MARKETS REALTY CORP.
                  390 Greenwich Street
                  New York, New York 10013
                  Attention:  Mortgage Finance Group
                  Facsimile:  (212) 723-8604

         (c)      In the case of Assignee:
                  U.S. BANK NATIONAL ASSOCIATION
                  Corporate Trust Services
                  One Federal Street, Third Floor
                  Boston, MA 02110
                  Attention: Daniel Scully, Jr.
                  Facsimile: (617) 603-6637

         8. Each party will pay any commissions it has incurred and the fees of
its attorneys in connection with the negotiations for, documenting of and
closing of the transactions contemplated by this AAR Agreement.

         9. This AAR Agreement shall be construed in accordance with the laws of
the State of New York, without regard to conflicts of law principles, and the
obligations, rights and remedies of the parties hereunder shall be determined in
accordance with such laws.

         10. No term or provision of this AAR Agreement may be waived or
modified unless such waiver or modification is in writing and signed by the
party against whom such waiver or modification is sought to be enforced.

         11. This AAR Agreement shall inure to the benefit of the successors and
assigns of the parties hereto. Any entity into which Assignor, Assignee or
Company may be merged or consolidated shall, without the requirement for any
further writing, be deemed Assignor, Assignee or Company, respectively,
hereunder.

         12. This AAR Agreement shall survive the conveyance of the Assigned
Loans, the assignment of the Agreement to the extent of the Assigned Loans by
Assignor to Assignee and the termination of the Agreement.

         13. This AAR Agreement may be executed simultaneously in any number of
counterparts. Each counterpart shall be deemed to be an original and all such
counterparts shall constitute one and the same instrument.

         14. In the event that any provision of this AAR Agreement conflicts
with any provision of the Agreement with respect to the Assigned Loans, the
terms of this AAR Agreement shall control.

         15. Trustee Capacity: It is expressly understood and agreed by the
parties hereto that insofar as this AAR Agreement is executed by the Trustee:
(i) this AAR Agreement is executed and delivered by U.S. Bank National
Association, not in its individual capacity but solely as Trustee under the
Pooling and Servicing Agreement referred to herein, in the exercise of the
powers and authority conferred and invested in it thereunder, (ii) each of the
representations, undertakings and agreements herein made on the part of the
Trustee is made and intended not as a personal representation, undertaking or
agreement by U.S. Bank National Association, but is made and intended for the
purpose of binding only Citigroup Mortgage Loan Trust 2006-WFHE1 and the Trust
Fund pledged by it to secure its Asset-Backed Pass-Through Certificates, Series
2006-WFHE1, (iii) nothing herein contained shall be construed as creating any
liability on the part of U.S. Bank National Association, individually or
personally, to perform any covenant either expressed or implied contained
herein, all such liability, if any, being expressly waived by the parties hereto
and by any Person claiming by, through or under the parties hereto, and (iv)
under no circumstances shall U.S. Bank National Association, in its individual
capacity be personally liable for the payment of any indebtedness or expenses or
be personally liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken under this AAR
Agreement.

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this AAR Agreement
as of the day and year first above written.

                                        CITIGROUP GLOBAL MARKETS REALTY CORP.

                                        By:  ___________________________________
                                             Name:
                                             Title:

                                        U.S. BANK NATIONAL ASSOCIATION,
                                        as Trustee for the Holders of Citigroup
                                        Mortgage Loan Trust Inc., Asset-Backed
                                        Pass-Through Certificates, Series
                                        2006-WFHE1

                                        By:  ___________________________________
                                             Name:
                                             Title:

                                        WELLS FARGO BANK, N.A.

                                        By:  ___________________________________
                                             Name:
                                             Title:

<PAGE>

                                  ATTACHMENT 1

                             ASSIGNED LOANS SCHEDULE

                             AVAILABLE UPON REQUEST

<PAGE>

                                    EXHIBIT A

                         REPRESENTATIONS AND WARRANTIES

         Capitalized terms used in this Exhibit A but not defined in this
Agreement shall have the meanings given to such terms in the Purchase Agreement.

                  (i)      Mortgage Loans as Described.

                           The information set forth in the respective Mortgage
                           Loan Schedule and the information contained on the
                           Data File, delivered to the Purchaser is true and
                           correct;

                  (ii)     Payments Current.

                           Except as disclosed in the Prospectus Supplement,
                           dated February 15, 2006, all payments required to be
                           made up to the related Cut-off Date for the Mortgage
                           Loan under the terms of the Mortgage Note have been
                           made and credited. No payment under any Mortgage Loan
                           has been 30 days delinquent more than one time within
                           twelve (12) months prior to the related Closing Date;

                  (iii)    No Outstanding Charges.

                           There are no defaults in complying with the terms of
                           the Mortgages, and all taxes, governmental
                           assessments, insurance premiums, leasehold payments,
                           water, sewer and municipal charges, which previously
                           became due and owing have been paid, or an escrow of
                           funds has been established in an amount sufficient to
                           pay for every such item which remains unpaid and
                           which has been assessed but is not yet due and
                           payable. The Seller has not advanced funds, or
                           induced, or solicited directly or indirectly, the
                           payment of any amount required under the Mortgage
                           Loan, except for interest accruing from the date of
                           the Mortgage Note or date of disbursement of the
                           Mortgage Loan proceeds, whichever is later, to the
                           day which precedes by one month the Due Date of the
                           first installment of principal and interest;

                  (iv)     Original Terms Unmodified.

                           The terms of the Mortgage Note and Mortgage have not
                           been impaired, waived, altered or modified in any
                           respect, except by a written instrument which has
                           been recorded or registered with the MERS System, if
                           necessary, to protect the interests of the Purchaser
                           and which has been delivered to the Custodian. The
                           substance of any such waiver, alteration or
                           modification has been approved by the issuer of any
                           related PMI Policy and the title insurer, to the
                           extent required by the policy, and its terms are
                           reflected on the related Mortgage Loan Schedule. No
                           Mortgagor has been released, in whole or in part,
                           except in connection with an assumption agreement
                           approved by the issuer of any related PMI Policy and
                           the title insurer, to the extent required by the
                           policy, and which assumption agreement is part of the
                           Mortgage File delivered to the Custodian and the
                           terms of which are reflected in the related Mortgage
                           Loan Schedule;

                  (v)      No Defenses.

                           The Mortgage Loan is not subject to any right of
                           rescission, set-off, counterclaim or defense,
                           including without limitation the defense of usury,
                           nor will the operation of any of the terms of the
                           Mortgage Note or the Mortgage, or the exercise of any
                           right thereunder, render either the Mortgage Note or
                           the Mortgage unenforceable, in whole or in part, or
                           subject to any right of rescission, set-off,
                           counterclaim or defense, including without limitation
                           the defense of usury, and no such right of
                           rescission, set-off, counterclaim or defense has been
                           asserted with respect thereto;

                  (vi)     No Satisfaction of Mortgage.

                           The Mortgage has not been satisfied, canceled,
                           subordinated or rescinded, in whole or in part, and
                           the Mortgaged Property has not been released from the
                           lien of the Mortgage, in whole or in part, nor has
                           any instrument been executed that would effect any
                           such satisfaction, release, cancellation,
                           subordination or rescission;

                  (vii)    Validity of Mortgage Documents.

                           The Mortgage Note and the Mortgage and related
                           documents are genuine, and each is the legal, valid
                           and binding obligation of the maker thereof
                           enforceable in accordance with its terms. All parties
                           to the Mortgage Note and the Mortgage had legal
                           capacity to enter into the Mortgage Loan and to
                           execute and deliver the Mortgage Note and the
                           Mortgage, and the Mortgage Note and the Mortgage have
                           been duly and properly executed by such parties.

                           With respect to each Cooperative Loan, the Mortgage
                           Note, the Mortgage, the Pledge Agreement, and related
                           documents are genuine, and each is the legal, valid
                           and binding obligation of the maker thereof
                           enforceable in accordance with its terms. All parties
                           to the Mortgage Note, the Mortgage, the Pledge
                           Agreement, the Proprietary Lease, the Stock Power,
                           Recognition Agreement and the Assignment of
                           Proprietary Lease had legal capacity to enter into
                           the Mortgage Loan and to execute and deliver such
                           documents, and such documents have been duly and
                           properly executed by such parties;

                  (viii)   No Fraud.

                           No error, omission, misrepresentation, negligence,
                           fraud or similar occurrence with respect to a
                           Mortgage Loan has taken place on the part of the
                           Seller, or the Mortgagor, or to the best of the
                           Seller's knowledge, any appraiser, any builder, or
                           any developer, or any other party involved in the
                           origination of the Mortgage Loan or in the
                           application of any insurance in relation to such
                           Mortgage Loan;

                  (ix)     Compliance with Applicable Laws.

                           Any and all requirements of any federal, state or
                           local law including, without limitation, usury,
                           truth-in-lending, real estate settlement procedures,
                           consumer credit protection, equal credit opportunity,
                           disclosure or predatory and abusive lending laws
                           applicable to the Mortgage Loan have been complied
                           with. All inspections, licenses and certificates
                           required to be made or issued with respect to all
                           occupied portions of the Mortgaged Property and, with
                           respect to the use and occupancy of the same,
                           including, but not limited to, certificates of
                           occupancy and fire underwriting certificates, have
                           been made or obtained from the appropriate
                           authorities;

                  (x)      Location and Type of Mortgaged Property.

                           The Mortgaged Property is located in the state
                           identified in the related Mortgage Loan Schedule and
                           consists of a contiguous parcel of real property with
                           a detached single family residence erected thereon,
                           or a two- to four-family dwelling, or an individual
                           condominium unit in a condominium project, or an
                           individual unit in a planned unit development, or a
                           townhouse, or a cooperative, provided, however, that
                           any condominium project or planned unit development
                           shall conform with the applicable Fannie Mae or
                           Freddie Mac requirements, or the Underwriting
                           Guidelines, regarding such dwellings, and no
                           residence or dwelling is a mobile home. As of the
                           respective appraisal date for each Mortgaged
                           Property, any Mortgaged Property being used for
                           commercial purposes conforms to the Underwriting
                           Guidelines and, to the best of the Seller's
                           knowledge, since the date of such appraisal, no
                           portion of the Mortgaged Property has been used for
                           commercial purposes outside of the Underwriting
                           Guidelines;

                  (xi)     Valid First Lien.

                           The Mortgage is a valid, subsisting and enforceable
                           first lien on the Mortgaged Property, including all
                           buildings on the Mortgaged Property and all
                           installations and mechanical, electrical, plumbing,
                           heating and air conditioning systems located in or
                           annexed to such buildings, and all additions,
                           alterations and replacements made at any time with
                           respect to the foregoing. The lien of the Mortgage is
                           subject only to:

                           (1)      the lien of current real property taxes and
                                    assessments not yet due and payable;

                           (2)      covenants, conditions and restrictions,
                                    rights of way, easements and other matters
                                    of the public record as of the date of
                                    recording acceptable to mortgage lending
                                    institutions generally and specifically
                                    referred to in the lender's title insurance
                                    policy delivered to the originator of the
                                    Mortgage Loan and (i) referred to or
                                    otherwise considered in the appraisal made
                                    for the originator of the Mortgage Loan and
                                    (ii) which do not adversely affect the
                                    Appraised Value of the Mortgaged Property
                                    set forth in such appraisal; and

                           (3)      other matters to which like properties are
                                    commonly subject which do not materially
                                    interfere with the benefits of the security
                                    intended to be provided by the mortgage or
                                    the use, enjoyment, value or marketability
                                    of the related Mortgaged Property.

                           Any security agreement, chattel mortgage or
                           equivalent document related to and delivered in
                           connection with the Mortgage Loan establishes and
                           creates a valid, subsisting and enforceable first
                           lien and first priority security interest on the
                           property described therein and the Seller has full
                           right to sell and assign the same to the Purchaser.

                           With respect to each Cooperative Loan, each Pledge
                           Agreement creates a valid, enforceable and subsisting
                           first security interest in the Cooperative Shares and
                           Proprietary Lease, subject only to (i) the lien of
                           the related Cooperative for unpaid assessments
                           representing the Mortgagor's pro rata share of the
                           Cooperative's payments for its blanket mortgage,
                           current and future real property taxes, insurance
                           premiums, maintenance fees and other assessments to
                           which like collateral is commonly subject and (ii)
                           other matters to which like collateral is commonly
                           subject which do not materially interfere with the
                           benefits of the security intended to be provided by
                           the Pledge Agreement; provided, however, that the
                           appurtenant Proprietary Lease may be subordinated or
                           otherwise subject to the lien of any mortgage on the
                           Project;

                  (xii)    Full Disbursement of Proceeds.

                           The proceeds of the Mortgage Loan have been fully
                           disbursed, except for escrows established or created
                           due to seasonal weather conditions, and there is no
                           requirement for future advances thereunder. All
                           costs, fees and expenses incurred in making or
                           closing the Mortgage Loan and the recording of the
                           Mortgage were paid, and the Mortgagor is not entitled
                           to any refund of any amounts paid or due under the
                           Mortgage Note or Mortgage;

                  (xiii)   Consolidation of Future Advances.

                           Any future advances made prior to the related Cut-off
                           Date, have been consolidated with the outstanding
                           principal amount secured by the Mortgage, and the
                           secured principal amount, as consolidated, bears a
                           single interest rate and single repayment term
                           reflected on the related Mortgage Loan Schedule. The
                           lien of the Mortgage securing the consolidated
                           principal amount is expressly insured as having first
                           lien priority by a title insurance policy, an
                           endorsement to the policy insuring the mortgagee's
                           consolidated interest or by other title evidence
                           acceptable to Fannie Mae or Freddie Mac; the
                           consolidated principal amount does not exceed the
                           original principal amount of the Mortgage Loan; the
                           Seller shall not make future advances after the
                           related Cut-off Date;

                  (xiv)    Ownership.

                           The Seller is the sole owner of record and holder of
                           the Mortgage Loans and the related Mortgage Note and
                           the Mortgage are not assigned or pledged, and the
                           Seller has good and marketable title thereto and has
                           full right and authority to transfer and sell the
                           Mortgage Loan to the Purchaser. The Seller is
                           transferring the Mortgage Loan free and clear of any
                           and all encumbrances, liens, pledges, equities,
                           participation interests, claims, charges or security
                           interests of any nature encumbering such Mortgage
                           Loan;

                  (xv)     Origination/Doing Business.

                           The Mortgage Loan was originated by a savings and
                           loan association, a savings bank, a commercial bank,
                           a credit union, an insurance company, or similar
                           institution that is supervised and examined by a
                           federal or state authority or by a mortgagee approved
                           by the Secretary of Housing and Urban Development
                           pursuant to Sections 203 and 211 of the National
                           Housing Act. All parties which have had any interest
                           in the Mortgage Loan, whether as mortgagee, assignee,
                           pledgee or otherwise, are (or, during the period in
                           which they held and disposed of such interest, were)
                           (1) in compliance with any and all applicable
                           licensing requirements of the laws of the state
                           wherein the Mortgaged Property is located, and (2)
                           organized under the laws of such state, or (3)
                           qualified to do business in such state, or (4)
                           federal savings and loan associations or national
                           banks having principal offices in such state, or (5)
                           not doing business in such state;

                  (xvi)    LTV, PMI Policy.

                           Each Mortgage Loan has an LTV as specified on the
                           related Mortgage Loan Schedule. Except for Pledged
                           Asset Mortgage Loans, if the LTV of the Mortgage Loan
                           was greater than 80% at the time of origination, a
                           portion of the unpaid principal balance of the
                           Mortgage Loan is and will be insured as to payment
                           defaults by a PMI Policy. If the Mortgage Loan is
                           insured by a PMI Policy for which the Mortgagor pays
                           all premiums, the coverage will remain in place until
                           (i) the LTV decreases to 78% or (ii) the PMI Policy
                           is otherwise terminated pursuant to the Homeowners
                           Protection Act of 1998, 12 USC ss.4901, et seq. All
                           provisions of such PMI Policy or LPMI Policy have
                           been and are being complied with, such policy is in
                           full force and effect, and all premiums due
                           thereunder have been paid. The Qualified Insurer has
                           a claims paying ability acceptable to Fannie Mae or
                           Freddie Mac. Any Mortgage Loan subject to a PMI
                           Policy or LPMI Policy obligates the Mortgagor or the
                           Seller to maintain the PMI Policy or LPMI Policy and
                           to pay all premiums and charges in connection
                           therewith. The Mortgage Interest Rate for the
                           Mortgage Loan as set forth on the related Mortgage
                           Loan Schedule is net of any such insurance premium;

                  (xvii)   Title Insurance.

                           The Mortgage Loan is covered by an ALTA lender's
                           title insurance policy (or in the case of any
                           Mortgage Loan secured by a Mortgaged Property located
                           in a jurisdiction where such policies are generally
                           not available, an opinion of counsel of the type
                           customarily rendered in such jurisdiction in lieu of
                           title insurance) or other generally acceptable form
                           of policy of insurance acceptable to Fannie Mae or
                           Freddie Mac, issued by a title insurer acceptable to
                           Fannie Mae or Freddie Mac and qualified to do
                           business in the jurisdiction where the Mortgaged
                           Property is located, insuring the Seller, its
                           successors and assigns, as to the first priority lien
                           of the Mortgage in the original principal amount of
                           the Mortgage Loan, subject only to the exceptions
                           contained in clauses (1), (2) and (3) of subsection
                           (xi) of this Section 6(b), and against any loss by
                           reason of the invalidity or unenforceability of the
                           lien resulting from the provisions of the Mortgage
                           providing for adjustment to the Mortgage Interest
                           Rate and Monthly Payment. Additionally, such lender's
                           title insurance policy includes no exceptions
                           regarding ingress, egress or encroachments that
                           impact the value or the marketability of the
                           Mortgaged Property. The Seller is the sole insured of
                           such lender's title insurance policy, and such
                           lender's title insurance policy is in full force and
                           effect and will be in force and effect upon the
                           consummation of the transactions contemplated by this
                           Agreement. No claims have been made under such
                           lender's title insurance policy, and no prior holder
                           of the Mortgage, including the Seller, has done, by
                           act or omission, anything which would impair the
                           coverage of such lender's title insurance policy;

                  (xviii)  No Defaults.

                           There is no default, breach, violation or event of
                           acceleration existing under the Mortgage or the
                           Mortgage Note and no event which, with the passage of
                           time or with notice and the expiration of any grace
                           or cure period, would constitute a default, breach,
                           violation or event of acceleration, and neither the
                           Seller nor its predecessors have waived any default,
                           breach, violation or event of acceleration;

                  (xix)    No Mechanics' Liens.

                           There are no mechanics' or similar liens or claims
                           which have been filed for work, labor or material
                           (and no rights are outstanding that under the law
                           could give rise to such liens) affecting the related
                           Mortgaged Property which are or may be liens prior
                           to, or equal or coordinate with, the lien of the
                           related Mortgage which are not insured against by the
                           title insurance policy referenced in Paragraph (q)
                           above;

                  (xx)     Location of Improvements; No Encroachments.

                           Except as insured against by the title insurance
                           policy referenced in subsection (xvii) above, all
                           improvements which were considered in determining the
                           Appraised Value of the Mortgaged Property lay wholly
                           within the boundaries and building restriction lines
                           of the Mortgaged Property and no improvements on
                           adjoining properties encroach upon the Mortgaged
                           Property. No improvement located on or being part of
                           the Mortgaged Property is in violation of any
                           applicable zoning law or regulation;

                  (xxi)    Payment Terms.

                           Except with respect to the Interest Only Mortgage
                           Loans, principal payments commenced no more than 60
                           days after the funds were disbursed to the Mortgagor
                           in connection with the Mortgage Loan. The Mortgage
                           Loans have an original term to maturity of not more
                           than 30 years, with interest payable in arrears on
                           the first day of each month. As to each adjustable
                           rate Mortgage Loan on each applicable Adjustment
                           Date, the Mortgage Interest Rate will be adjusted to
                           equal the sum of the Index plus the applicable Gross
                           Margin, rounded up or down to the nearest multiple of
                           0.125% indicated by the Mortgage Note; provided that
                           the Mortgage Interest Rate will not increase or
                           decrease by more than the Periodic Interest Rate Cap
                           on any Adjustment Date, and will in no event exceed
                           the maximum Mortgage Interest Rate or be lower than
                           the minimum Mortgage Interest Rate listed on the
                           related Mortgage Loan Schedule for such Mortgage
                           Loan. As to each adjustable rate Mortgage Loan that
                           is not an Interest Only Mortgage Loan, each Mortgage
                           Note requires a monthly payment which is sufficient,
                           during the period prior to the first adjustment to
                           the Mortgage Interest Rate, to fully amortize the
                           outstanding principal balance as of the first day of
                           such period over the then remaining term of such
                           Mortgage Note and to pay interest at the related
                           Mortgage Interest Rate. As to each adjustable rate
                           Mortgage Loan, if the related Mortgage Interest Rate
                           changes on an Adjustment Date or, with respect to an
                           Interest Only Mortgage Loan, on an Adjustment Date
                           following the related interest only period, the then
                           outstanding principal balance will be reamortized
                           over the remaining life of such Mortgage Loan. No
                           Mortgage Loan contains terms or provisions which
                           would result in negative amortization;

                  (xxii)   Customary Provisions.

                           The Mortgage and related Mortgage Note contain
                           customary and enforceable provisions such as to
                           render the rights and remedies of the holder thereof
                           adequate for the realization against the Mortgaged
                           Property of the benefits of the security provided
                           thereby, including, (1) in the case of a Mortgage
                           designated as a deed of trust, by trustee's sale, and
                           (2) otherwise by judicial foreclosure. There is no
                           homestead or other exemption available to a Mortgagor
                           which would interfere with the right to sell the
                           Mortgaged Property at a trustee's sale or the right
                           to foreclose the Mortgage;

                  (xxiii)  Occupancy of the Mortgaged Property.

                           As of the date of origination, the Mortgaged Property
                           was in good repair and was lawfully occupied under
                           applicable law;

                  (xxiv)   No Additional Collateral.

                           Except in the case of a Pledged Asset Mortgage Loan
                           and as indicated on the related Data File, the
                           Mortgage Note is not and has not been secured by any
                           collateral, pledged account or other security except
                           the lien of the corresponding Mortgage and the
                           security interest of any applicable security
                           agreement or chattel mortgage referred to in
                           subsection (xi) above;

                  (xxv)    Deeds of Trust.

                           In the event the Mortgage constitutes a deed of
                           trust, a trustee, duly qualified under applicable law
                           to serve as such, has been properly designated and
                           currently so serves and is named in the Mortgage, and
                           no fees or expenses are or will become payable by the
                           Mortgagee to the trustee under the deed of trust,
                           except in connection with a trustee's sale after
                           default by the Mortgagor;

                  (xxvi)   Acceptable Investment.

                           The Seller has no knowledge of any circumstances or
                           conditions with respect to the Mortgage Loan, the
                           Mortgaged Property, the Mortgagor or the Mortgagor's
                           credit standing that can reasonably be expected to
                           cause private institutional investors to regard the
                           Mortgage Loan as an unacceptable investment, cause
                           the Mortgage Loan to become delinquent, or adversely
                           affect the value or marketability of the Mortgage
                           Loan;

                  (xxvii)  Transfer of Mortgage Loans.

                           If the Mortgage Loan is not a MERS Mortgage Loan, the
                           Assignment of Mortgage, upon the insertion of the
                           name of the assignee and recording information, is in
                           recordable form and is acceptable for recording under
                           the laws of the jurisdiction in which the Mortgaged
                           Property is located;

                  (xxviii) Mortgaged Property Undamaged.

                           The Mortgaged Property is undamaged by waste, fire,
                           earthquake or earth movement, windstorm, flood,
                           tornado or other casualty so as to affect adversely
                           the value of the Mortgaged Property as security for
                           the Mortgage Loan or the use for which the premises
                           were intended;

                  (xxix)   Collection Practices; Escrow Deposits.

                           The origination, servicing and collection practices
                           used with respect to the Mortgage Loan have been in
                           accordance with Accepted Servicing Practices, and
                           have been in all material respects legal and proper.
                           With respect to escrow deposits and Escrow Payments,
                           all such payments are in the possession of the Seller
                           and there exist no deficiencies in connection
                           therewith for which customary arrangements for
                           repayment thereof have not been made. All Escrow
                           Payments have been collected in full compliance with
                           state and federal law. No escrow deposits or Escrow
                           Payments or other charges or payments due the Seller
                           have been capitalized under the Mortgage Note;

                  (xxx)    No Condemnation.

                           There is no proceeding pending or to the best of the
                           Seller's knowledge threatened for the total or
                           partial condemnation of the related Mortgaged
                           Property;

                  (xxxi)   The Appraisal.

                           The Servicing File include an appraisal, with the
                           exception of any Time$aver(R) Mortgage Loan (which at
                           the original origination were on form 1004 or form
                           2055 with interior inspections), of the related
                           Mortgaged Property. The appraisal was conducted by an
                           appraiser who had no interest, direct or indirect, in
                           the Mortgaged Property or in any loan made on the
                           security thereof; and whose compensation is not
                           affected by the approval or disapproval of the
                           Mortgage Loan, and the appraisal and the appraiser
                           both satisfy the applicable requirements of Title XI
                           of the Financial Institution Reform, Recovery, and
                           Enforcement Act of 1989 and the regulations
                           promulgated thereunder, all as in effect on the date
                           the Mortgage Loan was originated;

                  (xxxii)  Insurance.

                           The Mortgaged Property securing each Mortgage Loan is
                           insured by an insurer acceptable to Fannie Mae or
                           Freddie Mac against loss by fire and such hazards as
                           are covered under a standard extended coverage
                           endorsement and such other hazards as are customary
                           in the area where the Mortgaged Property is located
                           pursuant to insurance policies conforming to the
                           requirements of Section 4.10 of the Servicing
                           Agreement, in an amount which is at least equal to
                           the lesser of (1) 100% of the insurable value, on a
                           replacement cost basis, of the improvements on the
                           related Mortgaged Property, or (2) the greater of (x)
                           the outstanding principal balance of the Mortgage
                           Loan or (y) an amount such that the proceeds of such
                           insurance shall be sufficient to avoid the
                           application to the Mortgagor or loss payee of any
                           coinsurance clause under the policy. If the Mortgaged
                           Property is a condominium unit, it is included under
                           the coverage afforded by a blanket policy for the
                           project. If the improvements on the Mortgaged
                           Property are in an area identified in the Federal
                           Register by the Federal Emergency Management Agency
                           as having special flood hazards, a flood insurance
                           policy meeting the requirements of the current
                           guidelines of the Federal Insurance Administration is
                           in effect with a generally acceptable insurance
                           carrier, in an amount representing coverage not less
                           than the least of (a) the outstanding principal
                           balance of the Mortgage Loan, (b) the full insurable
                           value and (c) the maximum amount of insurance which
                           was available under the Flood Disaster Protection Act
                           of 1973, as amended. All individual insurance
                           policies contain a standard mortgagee clause naming
                           the Seller and its successors and assigns as
                           mortgagee, and all premiums thereon have been paid.
                           The Mortgage obligates the Mortgagor thereunder to
                           maintain a hazard insurance policy at the Mortgagor's
                           cost and expense, and on the Mortgagor's failure to
                           do so, authorizes the holder of the Mortgage to
                           obtain and maintain such insurance at such
                           Mortgagor's cost and expense, and to seek
                           reimbursement therefor from the Mortgagor. The hazard
                           insurance policy is the valid and binding obligation
                           of the insurer, is in full force and effect, and will
                           be in full force and effect and inure to the benefit
                           of the Purchaser upon the consummation of the
                           transactions contemplated by this Agreement. The
                           Seller has not acted or failed to act so as to impair
                           the coverage of any such insurance policy or the
                           validity, binding effect and enforceability thereof;

                  (xxxiii) Servicemembers Civil Relief Act.

                           The Mortgagor has not notified the Seller, and the
                           Seller has no knowledge of any relief requested or
                           allowed to the Mortgagor under the Servicemembers
                           Civil Relief Act, as amended;

                  (xxxiv)  No Balloon Payments, Graduated Payments or Contingent
                           Interests.

                           The Mortgage Loan is not a graduated payment mortgage
                           loan and the Mortgage Loan does not have a shared
                           appreciation or other contingent interest feature. No
                           Mortgage Loan has a balloon payment feature;

                  (xxxv)   No Construction Loans.

                           No Mortgage Loan was made in connection with (1) the
                           construction or rehabilitation of a Mortgage Property
                           or (2) facilitating the trade-in or exchange of a
                           Mortgaged Property other than a
                           construction-to-permanent loan which has converted to
                           a permanent Mortgage Loan;

                 (xxxvi)   Underwriting.

                           Each Mortgage Loan was underwritten in accordance
                           with the Underwriting Guidelines of the Seller; and
                           the Mortgage Note and Mortgage are on forms
                           acceptable to Freddie Mac or Fannie Mae;

                  (xxxvii) Buydown Mortgage Loans.

                           With respect to each Mortgage Loan that is a Buydown
                           Mortgage Loan:

                           (1)      On or before the date of origination of such
                                    Mortgage Loan, the Seller and the Mortgagor,
                                    or the Seller, the Mortgagor and the seller
                                    of the Mortgaged Property or a third party
                                    entered into a Buydown Agreement. The
                                    Buydown Agreement provides that the seller
                                    of the Mortgaged Property (or third party)
                                    shall deliver to the Seller temporary
                                    Buydown Funds in an amount equal to the
                                    aggregate undiscounted amount of payments
                                    that, when added to the amount the Mortgagor
                                    on such Mortgage Loan is obligated to pay on
                                    each Due Date in accordance with the terms
                                    of the Buydown Agreement, is equal to the
                                    full scheduled Monthly Payment due on such
                                    Mortgage Loan. The temporary Buydown Funds
                                    enable the Mortgagor to qualify for the
                                    Buydown Mortgage Loan. The effective
                                    interest rate of a Buydown Mortgage Loan if
                                    less than the interest rate set forth in the
                                    related Mortgage Note will increase within
                                    the Buydown Period as provided in the
                                    related Buydown Agreement so that the
                                    effective interest rate will be equal to the
                                    interest rate as set forth in the related
                                    Mortgage Note. The Buydown Mortgage Loan
                                    satisfies the requirements of the
                                    Underwriting Guidelines;

                           (2)      The Mortgage and Mortgage Note reflect the
                                    permanent payment terms rather than the
                                    payment terms of the Buydown Agreement. The
                                    Buydown Agreement provides for the payment
                                    by the Mortgagor of the full amount of the
                                    Monthly Payment on any Due Date that the
                                    Buydown Funds are available. The Buydown
                                    Funds were not used to reduce the original
                                    principal balance of the Mortgage Loan or to
                                    increase the Appraised Value of the Mortgage
                                    Property when calculating the Loan-to-Value
                                    Ratios for purposes of the Agreement and, if
                                    the Buydown Funds were provided by the
                                    Seller and if required under Underwriting
                                    Guidelines, the terms of the Buydown
                                    Agreement were disclosed to the appraiser of
                                    the Mortgaged Property;

                           (3)      The Buydown Funds may not be refunded to the
                                    Mortgagor unless the Mortgagor makes a
                                    principal payment for the outstanding
                                    balance of the Mortgage Loan; and

                           (4)      As of the date of origination of the
                                    Mortgage Loan, the provisions of the related
                                    Buydown Agreement complied with the
                                    requirements of Fannie Mae or Freddie Mac
                                    regarding buydown agreements;

                  (xxxviii) Cooperative Loans.

                           With respect to each Cooperative Loan:

                           (1)      The Cooperative Shares are held by a person
                                    as a tenant-stockholder in a Cooperative.
                                    Each original UCC financing statement,
                                    continuation statement or other governmental
                                    filing or recordation necessary to create or
                                    preserve the perfection and priority of the
                                    first lien and security interest in the
                                    Cooperative Loan and Proprietary Lease has
                                    been timely and properly made. Any security
                                    agreement, chattel mortgage or equivalent
                                    document related to the Cooperative Loan and
                                    delivered to Purchaser or its designee
                                    establishes in Purchaser a valid and
                                    subsisting perfected first lien on and
                                    security interest in the Mortgaged Property
                                    described therein, and Purchaser has full
                                    right to sell and assign the same;

                           (2)      A Cooperative Lien Search has been made by a
                                    company competent to make the same which
                                    company is acceptable to Fannie Mae or
                                    Freddie Mac and qualified to do business in
                                    the jurisdiction where the Cooperative is
                                    located;

                           (3)      (i) The term of the related Proprietary
                                    Lease is not less than the terms of the
                                    Cooperative Loan; (ii) there is no provision
                                    in any Proprietary Lease which requires the
                                    Mortgagor to offer for sale the Cooperative
                                    Shares owned by such Mortgagor first to the
                                    Cooperative; (iii) there is no prohibition
                                    in any Proprietary Lease against pledging
                                    the Cooperative Shares or assigning the
                                    Proprietary Lease; (iv) the Cooperative has
                                    been created and exists in full compliance
                                    with the requirements for residential
                                    cooperatives in the jurisdiction in which
                                    the Project is located and qualifies as a
                                    cooperative housing corporation under
                                    Section 210 of the Code; (v) the Recognition
                                    Agreement is on a form published by Aztech
                                    Document Services, Inc. or includes similar
                                    provisions; and (vi) the Cooperative has
                                    good and marketable title to the Project,
                                    and owns the Project either in fee simple;
                                    such title is free and clear of any adverse
                                    liens or encumbrances, except the lien of
                                    any blanket mortgage;

                           (4)      The Seller has the right under the terms of
                                    the Mortgage Note, Pledge Agreement and
                                    Recognition Agreement to pay any maintenance
                                    charges or assessments owed by the
                                    Mortgagor; and

                           (5)      Each Stock Power (i) has all signatures
                                    guaranteed or (ii) if all signatures are not
                                    guaranteed, then such Cooperative Shares
                                    will be transferred by the stock transfer
                                    agent of the Cooperative if the Seller
                                    undertakes to convert the ownership of the
                                    collateral securing the related Cooperative
                                    Loan.;

                  (xxxix)  HOEPA.

                           No Mortgage Loan is a Covered Loan or a High Cost
                           Loan (in the case of state or local law, as
                           determined without giving effect to any available
                           federal preemption, other than any exemptions
                           specifically provided for in the relevant state or
                           local law);

                  (xl)     Anti-Money Laundering Laws.

                           The Seller has complied with all applicable
                           anti-money laundering laws and regulations, (the
                           "Anti-Money Laundering Laws"), and has established an
                           anti-money laundering compliance program as required
                           by the Anti-Money Laundering Laws;

                  (xli)    Bankruptcy.

                           No Mortgagor was a debtor in any state or federal
                           bankruptcy or insolvency proceeding as of the date
                           the Mortgage Loan was closed and the proceeds of the
                           Mortgage Loan were distributed;

                  (xlii)   Due on Sale.

                           The Mortgage or Mortgage Note contains an enforceable
                           provision, to the extent not prohibited by federal
                           law, for the acceleration of the payment of the
                           unpaid principal balance of the Mortgage Loan in the
                           event that the Mortgaged Property is sold or
                           transferred without the prior written consent of the
                           Mortgagee thereunder, provided that, with respect to
                           Mortgage Notes which bear an adjustable rate of
                           interest, such provision shall not be enforceable if
                           the Mortgagor causes to be submitted to the Seller to
                           evaluate the intended transferee as if a new Mortgage
                           Loan were being made to such transferee, and the
                           Seller reasonably determines that the security will
                           not be impaired by such Mortgage Loan assumption and
                           that the risk of breach of any covenant or agreement
                           in such Mortgage is acceptable to the Purchaser;

                  (xliii)  Credit Reporting.

                           With respect to each Mortgage Loan, the Seller has
                           furnished complete information on the related
                           borrower credit files to Equifax, Experian and Trans
                           Union Credit Information Seller, in accordance with
                           the Fair Credit Reporting Act and its implementing
                           regulations;

                  (xliv)   Delivery of Mortgage Files.

                           The Mortgage Loan Documents required to be delivered
                           by the Seller have been delivered to the Custodian.
                           The Seller is in possession of a complete, true and
                           accurate Mortgage File, except for such documents the
                           originals of which have been delivered to the
                           Custodian or for such documents where the originals
                           of which have been sent for recordation;

                  (xlv) Single Premium Credit Life Insurance.

                           No Mortgagor has been offered or required to purchase
                           single premium credit insurance in connection with
                           the origination of the Mortgage Loan;

                  (xlvi) Payment in Full.

                           The Seller had no knowledge, at the time of
                           origination of the Mortgage Loan, of any fact that
                           should have led it to expect that such Mortgage Loan
                           would not be paid in full when due;

                  (xlvii)  MERS Mortgage Loans.

                           With respect to each MERS Mortgage Loan, a MIN has
                           been assigned to the Mortgage Loan, the MIN appears
                           on the Mortgage or related Assignment of Mortgage to
                           MERS, the Mortgage or the related Assignment of
                           Mortgage to MERS has been duly and properly recorded
                           on MERS, and the transfer to the Purchaser has been
                           properly reflected in the MERS System pursuant to the
                           Purchaser's registration instructions;

                  (xlviii) Leasehold Estates.

                           No Mortgage Loan is leasehold Mortgage Loan; and

                  (xlix)   Mixed-Use Property.

                           No Mortgaged Property shall be used solely for
                           commercial purposes. With respect to any Mortgaged
                           Property that is a mixed-use property (i) the
                           Mortgaged Property is a single family dwelling, (ii)
                           any commercial use of the Mortgaged Property
                           represents a legal, permissible use of the Mortgaged
                           Property under federal, state and local laws and
                           ordinances; (iii) the Mortgagor is both the owner and
                           the operator of the business conducted on the
                           Mortgaged Property; and (iv) income from the business
                           use of the Mortgaged Property was not taken into
                           account in determining the Appraised Value of the
                           Mortgaged Property. The Mortgaged Property with
                           respect to each mixed-use property is in material
                           compliance with all applicable environmental laws
                           pertaining to environmental hazards and neither the
                           Company nor, to the Company's knowledge, the related
                           Mortgagor, has received any notice of any violation
                           or potential violation of such law.

                                    EXHIBIT B

                            PREPAYMENT PENALTY MATRIX

<PAGE>

                                   EXHIBIT E

                              REQUEST FOR RELEASE

      TO:   Citibank West
            5280 Corporate Drive
            MS 0052
            Frederick, MD 21703

Re:   Pooling and  Servicing  Agreement  dated as of  February 1, 2006,  among
      Citigroup  Mortgage  Loan Trust Inc.,  as  Depositor,  Wells Fargo Bank,
      N.A. as Servicer,  Citibank,  N.A. as Trust  Administrator and U.S. Bank
      National Association as Trustee

            In connection with the  administration  of the Mortgage Loans held
by you as Trustee for the Owner pursuant to the above-captioned  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:      ______________________________
                                                  Name:
                                                  Title:

Issuer:  ____________________________

                                         Address: ______________________________

Date:    ____________________________   ________________________________________

Trustee

U.S. BANK NATIONAL ASSOCIATION

Please  acknowledge  the execution of the above request by your  signature and
date below:

_____________________________________
Signature                                Date

Documents returned to Trustee:

____________________________________
Trustee                                  Date

<PAGE>

                                   EXHIBIT F-1

                    FORM OF TRANSFEROR REPRESENTATION LETTER

[Date]

Citibank, N.A.
388 Greenwich Street, 14th Floor
New York, NY 10013

      Re:   Citigroup Mortgage Loan Trust Inc., Asset-Backed Pass-Through
            Certificates, Series 2006-WFHE1,  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 February 1, 2006,  among  Citigroup  Mortgage
Loan Trust Inc., as Depositor,  Wells Fargo Bank, N.A. as Servicer,  Citibank,
N.A. as trust  administrator  and U.S.  Bank National  Association  as Trustee
(the  "Pooling  and  Servicing  Agreement"),  pursuant  to which  Pooling  and
Servicing Agreement the Certificates were issued.

<PAGE>

            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:

<PAGE>

                    FORM OF TRANSFEREE REPRESENTATION LETTER

[Date]

Citibank, N.A.
388 Greenwich Street, 14th Floor
New York, NY 10013

      Re:   Citigroup  Mortgage  Loan Trust  Inc.,  Asset-Backed  Pass-Through
            Certificates,   Class,   Series   2006-WFHE1,   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 February 1, 2006,  among  Citigroup  Mortgage Loan Trust
Inc.,  as Depositor,  Wells Fargo Bank,  N.A. as Servicer,  Citibank,  N.A. as
trust administrator and U.S. Bank National Association as Trustee ,   pursuant
to which the Certificates were issued.

                                         [Transferee]

                                         By:      ______________________________
                                                  Name:
                                                  Title:

<PAGE>

                              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
         ___  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.

___   ___     Will the Transferee be purchasing the Certificates  only for the
Yes   No      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.

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

            (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.

Dated:

                                          ______________________________________
                                          Print Name of Transferee

                                         By:      ______________________________
                                                  Name:
                                                  Title:

<PAGE>

                              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

<PAGE>

                    FORM OF TRANSFEREE REPRESENTATION LETTER

 The undersigned hereby certifies on behalf of the purchaser named below (the
                           "Purchaser") as follows:

1.    I am an executive officer of the Purchaser.
2.    The  Purchaser is a "qualified  institutional  buyer",  as defined in Rule
      144A, ("Rule 144A") under the Securities Act of 1933, as amended.
3.    As of the date specified  below (which is not earlier than the last day of
      the  Purchaser's  most recent  fiscal year),  the amount of  "securities",
      computed for purposes of Rule 144A,  owned and invested on a discretionary
      basis by the Purchaser was in excess of $100,000,000.

                                         Name of Purchaser

                                         By:      ______________________________
                                                  Name:
                                                  Title:

                                    Date of this certificate:
                                    Date of information provided in paragraph 3

<PAGE>

                                   EXHIBIT F-2

                 FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT

STATE OF                  )
                          )  ss.:
COUNTY OF                 )

      The undersigned, being first duly sworn, deposes and says as follows:

            1. The undersigned is an officer of, the proposed Transferee of an
Ownership Interest in a Residual Certificate (the "Certificate") issued pursuant
to the Pooling and Servicing Agreement dated as of February 1, 2006 (the
"Agreement"), among Citigroup Mortgage Loan Trust Inc., as depositor (the
"Depositor"), Wells Fargo Bank, N.A. as Servicer, (the "Servicer"), Citibank,
N.A. as trust administrator and U.S. Bank National Association, as trustee (the
"Trustee"). Capitalized terms used, but not defined herein or in Exhibit 1
hereto, shall have the meanings ascribed to such terms in the Agreement. The
Transferee has authorized the undersigned to make this affidavit on behalf of
the Transferee for the benefit of the Depositor and the Trustee.

            2. The Transferee is, as of the date hereof, and will be, as of the
date of the Transfer, a Permitted Transferee. The Transferee is acquiring its
Ownership Interest in the Certificate for its own account. The Transferee has no
knowledge that any such affidavit is false.

            3. The Transferee has been advised of, and understands that (i) a
tax will be imposed on Transfers of the Certificate to Persons that are not
Permitted Transferees; (ii) such tax will be imposed on the transferor, or, if
such Transfer is through an agent (which includes a broker, nominee or
middleman) for a Person that is not a Permitted Transferee, on the agent; and
(iii) the Person otherwise liable for the tax shall be relieved of liability for
the tax if the subsequent Transferee furnished to such Person an affidavit that
such subsequent Transferee is a Permitted Transferee and, at the time of
Transfer, such Person does not have actual knowledge that the affidavit is
false.

            4. The Transferee has been advised of, and understands that a tax
will be imposed on a "pass-through entity" holding the Certificate if at any
time during the taxable year of the pass-through entity a Person that is not a
Permitted Transferee is the record holder of an interest in such entity. The
Transferee understands that such tax will not be imposed for any period with
respect to which the record holder furnishes to the pass-through entity an
affidavit that such record holder is a Permitted Transferee and the pass-through
entity does not have actual knowledge that such affidavit is false. (For this
purpose, a "pass-through entity" includes a regulated investment company, a real
estate investment trust or common trust fund, a partnership, trust or estate,
and certain cooperatives and, except as may be provided in Treasury Regulations,
persons holding interests in pass-through entities as a nominee for another
Person.)

            5. The Transferee has reviewed the provisions of Section 5.02(d) of
the Agreement and understands the legal consequences of the acquisition of an
Ownership Interest in the Certificate including, without limitation, the
restrictions on subsequent Transfers and the provisions regarding voiding the
Transfer and mandatory sales. The Transferee expressly agrees to be bound by and
to abide by the provisions of Section 5.02(d) of the Agreement and the
restrictions noted on the face of the Certificate. The Transferee understands
and agrees that any breach of any of the representations included herein shall
render the Transfer to the Transferee contemplated hereby null and void.

            6. The Transferee agrees to require a Transfer Affidavit from any
Person to whom the Transferee attempts to Transfer its Ownership Interest in the
Certificate, and in connection with any Transfer by a Person for whom the
Transferee is acting as nominee, trustee or agent, and the Transferee will not
Transfer its Ownership Interest or cause any Ownership Interest to be
Transferred to any Person that the Transferee knows is not a Permitted
Transferee. In connection with any such Transfer by the Transferee, the
Transferee agrees to deliver to the Trustee a certificate substantially in the
form set forth as Exhibit L to the Agreement (a "Transferor Certificate") to the
effect that such Transferee has no actual knowledge that the Person to which the
Transfer is to be made is not a Permitted Transferee.

            7. The Transferee has historically paid its debts as they have come
due, intends to pay its debts as they come due in the future, and understands
that the taxes payable with respect to the Certificate may exceed the cash flow
with respect thereto in some or all periods and intends to pay such taxes as
they become due. The Transferee does not have the intention to impede the
assessment or collection of any tax legally required to be paid with respect to
the Certificate.

            8. The Transferee's taxpayer identification number is ___________.

            9. The Transferee is a U.S. Person as defined in Code Section
7701(a)(30).

            10. The Transferee is aware that the Certificate may be a
"noneconomic residual interest" within the meaning of proposed Treasury
regulations promulgated pursuant to the Code and that the transferor of a
noneconomic residual interest will remain liable for any taxes due with respect
to the income on such residual interest, unless no significant purpose of the
transfer was to impede the assessment or collection of tax.

            11. The Transferee will not cause income from the Certificate to be
attributable to a foreign permanent establishment or fixed base, within the
meaning of an applicable income tax treaty, of the Transferee or any other U.S.
person.

            12. Check one of the following:

              The present value of the anticipated tax liabilities  associated
with holding the Certificate, as applicable, does not exceed the sum of:

            (i)   the present value of any consideration given to the Transferee
                  to acquire such Certificate;

            (ii)  the present value of the expected future distributions on such
                  Certificate; and

            (iii) the present value of the anticipated tax savings associated
                  with holding such Certificate as the related REMIC generates
                  losses.

            For purposes of this  calculation,  (i) the  Transferee is assumed
to pay tax at the highest rate  currently  specified  in Section  11(b) of the
Code (but the tax rate in  Section 55(b)(1)(B) of the Code may be used in lieu
of the highest rate  specified in Section 11(b) of the Code if the  Transferee
has been subject to the  alternative  minimum tax under Section 55 of the Code
in the preceding two years and will compute its taxable  income in the current
taxable year using the  alternative  minimum tax rate) and (ii) present values
are  computed  using a discount  rate  equal to the  short-term  Federal  rate
prescribed  by Section  1274(d) of the Code for the month of the  transfer and
the compounding period used by the Transferee.

              The  transfer of the  Certificate  complies  with U.S.  Treasury
Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,

            (i)   the Transferee is an "eligible corporation," as defined in
                  U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to
                  which income from the Certificate will only be taxed in the
                  United States;

            (ii)  at the time of the transfer, and at the close of the
                  Transferee's two fiscal years preceding the year of the
                  transfer, the Transferee had gross assets for financial
                  reporting purposes (excluding any obligation of a person
                  related to the Transferee within the meaning of U.S. Treasury
                  Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100
                  million and net assets in excess of $10 million;

            (iii) the Transferee will transfer the Certificate only to another
                  "eligible corporation," as defined in U.S. Treasury
                  Regulations Section 1.860E-1(c)(6)(i), in a transaction that
                  satisfies the requirements of Sections 1.860E-1(c)(4)(i), (ii)
                  and (iii) and Section 1.860E-1(c)(5) of the U.S. Treasury
                  Regulations; and

            (iv)  the Transferee determined the consideration paid to it to
                  acquire the Certificate based on reasonable market assumptions
                  (including, but not limited to, borrowing and investment
                  rates, prepayment and loss assumptions, expense and
                  reinvestment assumptions, tax rates and other factors specific
                  to the Transferee) that it has determined in good faith.

            None  of the above.

            13. The Transferee is not an employee benefit plan that is subject
to Title I of ERISA or a plan that is subject to Section 4975 of the Code or a
plan subject to any Federal, state or local law that is substantially similar to
Title I of ERISA or Section 4975 of the Code, and the Transferee is not acting
on behalf of or investing plan assets of such a plan.

<PAGE>

            IN WITNESS WHEREOF, the Transferee has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by its
duly authorized officer and its corporate seal to be hereunto affixed, duly
attested, this day of , 20 .

                                        [NAME OF TRANSFEREE]

                                        By:  ___________________________________
                                             Name:
                                             Title:

 [Corporate Seal]

ATTEST:

-----------------------------------------
 [Assistant] Secretary

            Personally  appeared before me the above-named  __________,  known
or proved to me to be the same person who  executed the  foregoing  instrument
and  to be the  ___________  of  the  Transferee,  and  acknowledged  that  he
executed  the  same as his  free act and deed and the free act and deed of the
Transferee.

            Subscribed and sworn before me this      day of          , 20  .

                                                      NOTARY PUBLIC

                                         My Commission expires the __ day
                                         of _________, 20__

<PAGE>

                          FORM OF TRANSFEROR AFFIDAVIT

STATE OF NEW YORK         )
                          )
COUNTY OF NEW YORK        )

            __________________________,  being duly sworn, deposes, represents
and warrants as follows:

1.    I  am  a  ____________________  of   ____________________________   (the
"Owner"),  a  corporation  duly  organized  and  existing  under  the  laws of
______________, on behalf of whom I make this affidavit.

2.    The  Owner is not  transferring  the Class R  Certificates  or Class R-X
Certificates  (the  "Residual  Certificates")  to  impede  the  assessment  or
collection of any tax.

3.    The Owner has no actual  knowledge  that the Person that is the proposed
transferee   (the   "Purchaser")  of  the  Residual   Certificates:   (i)  has
insufficient  assets  to pay any taxes  owed by such  proposed  transferee  as
holder of the Residual  Certificates;  (ii) may become insolvent or subject to
a  bankruptcy  proceeding  for so long  as the  Residual  Certificates  remain
outstanding and (iii) is not a Permitted Transferee.

4.    The Owner  understands that the Purchaser has delivered to the Trustee a
transfer  affidavit  and  agreement  in the form  attached  to the Pooling and
Servicing  Agreement  as Exhibit  F-2. The Owner does not know or believe that
any representation contained therein is false.

5.    At  the  time  of  transfer,   the  Owner  has  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as contemplated by
Treasury  Regulations  Section  1.860E-1(c)(4)(i)  and,  as a  result  of that
investigation,  the Owner has determined  that the Purchaser has  historically
paid its debts as they  became due and has found no  significant  evidence  to
indicate that the Purchaser  will not continue to pay its debts as they become
due in the  future.  The Owner  understands  that the  transfer  of a Residual
Certificate  may not be respected  for United  States income tax purposes (and
the Owner may continue to be liable for United States income taxes  associated
therewith) unless the Owner has conducted such an investigation.

6.    Capitalized  terms not otherwise  defined herein shall have the meanings
ascribed to them in the Pooling and Servicing Agreement.

<PAGE>

            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:

<PAGE>

                                    EXHIBIT G

            FORM OF CERTIFICATION WITH RESPECT TO ERISA AND THE CODE

                                     [Date]

Citibank, N.A.
388 Greenwich Street, 14th Floor
New York, NY 10013

Re:   Citigroup Mortgage Loan Trust Inc.
      Asset-Backed Pass-Through Certificates, Series 2006-WFHE1, Mortgage
Class

Dear Sirs:

      _______________________  (the  "Transferee")  intends  to  acquire  from
_____________________  (the "Transferor")  $____________  Initial  Certificate
Principal  Balance  of  Citigroup  Mortgage  Loan  Trust,  Series  2006-WFHE1,
Mortgage Pass-Through  Certificates,  Class [CE] [P] [R] (the "Certificates"),
issued  pursuant to a Pooling and Servicing  Agreement dated as of February 1,
2006  (the  "Agreement"),   among  Citigroup  Mortgage  Loan  Trust  Inc.,  as
depositor  (the  "Depositor"),  Wells  Fargo  Bank,  N.A.  as  Servicer,  (the
"Servicer"),  Citibank,  N.A. as trust  administrator  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 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.

<PAGE>

                                         Very truly yours,

                                        By:  ___________________________________
                                             Name:
                                             Title:

<PAGE>

                                   EXHIBIT H-1

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

                  Re:    Citigroup Mortgage Loan Trust, Series 2006-WFHE1
                         Asset Backed Pass-Through Certificates, Series
                         2006-WFHE1
                         ----------------------------------------------------

            I, [_____], certify that:

            l.    I have  reviewed  this annual  report on Form 10-K,  and all
reports on Form 10-D required to be filed in respect of the period  covered by
this  report on Form  10-K of  Citigroup  Mortgage  Loan  Trust,  Asset-Backed
Pass-Through  Certificates,  Series  2006-WFHE1  (the  "Exchange  Act periodic
reports");

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

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

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

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

            In giving the  certifications  above, I have reasonably  relied on
information provided to me by the following  unaffiliated parties: Wells Fargo
Bank, N.A. and Citibank, N.A.

                                    Date: [__], 2006

<PAGE>

                                         CITIGROUP MORTGAGE LOAN TRUST, INC.

                                        By:  ___________________________________
                                             Name:
                                             Title:
                                             Date:

<PAGE>

                                   EXHIBIT H-2

                            FORM CERTIFICATION TO BE
                PROVIDED TO DEPOSITOR BY THE TRUST ADMINISTRATOR

                  Re:    Citigroup Mortgage Loan Trust, Series 2006-WFHE1
                         Asset Backed Pass-Through Certificates, Series
                         2006-WFHE1
                         ----------------------------------------------------

            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 [___],  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; and

            3.    The   information   provided  by  the  Trust   Administrator
pursuant to Sections 3.21 and 4.07 (solely with respect to  information  about
the Trust  Administrator)  does not contain any untrue  statement  of material
fact.

            4.    Based   on  the   Trust   Administrator's   knowledge,   the
distribution  information  required to be provided by the Trust  Administrator
under the Pooling and  Servicing  Agreement  is included in the  Exchange  Act
periodic reports.

            Capitalized  terms used but not defined  herein have the  meanings
ascribed to them in the Pooling and  Servicing  Agreement,  dated  February 1,
2006  (the  "Pooling  and  Servicing  Agreement"),   among  the  Depositor  as
depositor,  Wells  Fargo  Bank,  N.A.  as  Servicer,  Citibank,  N.A. as trust
administrator and U.S. Bank National Association as trustee.

                                         CITIBANK, N.A.,

                                         as Trust Administrator

                                        By:  ___________________________________
                                             Name:
                                             Title:
                                             Date:

<PAGE>

                                 EXHIBIT H-3

                           FORM CERTIFICATION TO BE
                    PROVIDED TO DEPOSITOR BY THE SERVICER

                  Re:    Citigroup Mortgage Loan Trust, Series 2006-WFHE1
                         Asset Backed Pass-Through Certificates, Series
                         2006-WFHE1
                         ------------------------------------------------------

            I,  [identify the certifying  individual],  acting of [Wells Fargo
Bank, N.A. ("Wells  Fargo")],  certify to Citigroup  Mortgage Loan Trust, Inc.
(the  "Depositor"),  the Trust  Administrator  and their respective  officers,
directors  and  affiliates,  and with the  knowledge and intent that they will
rely upon this certification, that:

            1.    I have  reviewed  the  information  provided  to  the  Trust
Administrator by the Servicer pursuant to the Pooling and Servicing  Agreement
and included in the annual report on Form 10-K for the fiscal year [___],  and
all  reports  on Form  10-D  required  to be filed in  respect  of the  period
covered by such Form 10-K of the  Depositor  relating to the  above-referenced
trust (the "Exchange Act periodic reports") (the "Servicing Information");

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

            3.    Based on my knowledge,  the Servicing  Information  required
to be provided to the Trust  Administrator  by the Servicer has been  provided
as required under the Pooling and Servicing Agreement;

            4.    I am responsible  for reviewing the activities  performed by
the  Servicer  under the Pooling and  Servicing  Agreement  and based upon the
review  required  under the Pooling  and  Servicing  Agreement,  and except as
disclosed  to the  Depositor  and the Trust  Administrator,  the  Servicer has
fulfilled  in all  material  respects  its  obligations  under the Pooling and
Servicing Agreement; and

            5.    I  have  disclosed  to  the  Servicer's   certified   public
accountants  and the Depositor all  significant  deficiencies  relating to the
Servicer's  compliance with the Servicing Criteria as set forth in the Pooling
and Servicing Agreement.

<PAGE>

      Capitalized  terms  used  but  not  defined  herein  have  the  meanings
      ascribed to them in the
Pooling and  Servicing  Agreement,  dated  February 1, 2006 (the  "Pooling and
Servicing  Agreement"),  among the Depositor as  depositor,  Wells Fargo Bank,
N.A.  as  servicer,  Citibank,  N.A.  as trust  administrator  and  U.S.  Bank
National Association as trustee.

                                         [WELLS FARGO BANK, N.A.]

                                        By:  ___________________________________
                                             Name:
                                             Title:
                                             Date:

<PAGE>

                                    EXHIBIT I

                              FORM OF CAP CONTRACT

                     SWISS RE FINANCIAL PRODUCTS CORPORATION
                               55 East 52nd Street
                            New York, New York 10055
                    Fax: (917) 322-7322/Phone: (212) 407-7322

DATE:             February 28, 2006

TO:               U.S. Bank National Association, not in its individual
                  capacity, but solely as trustee for the Citigroup Mortgage
                  Loan Trust Inc., Asset-Backed Pass-Through Certificates,
                  Series 2006-WFHE1 (the "Trustee") ("Party B")
                  Corporate Trust Services
                  One Federal Street - 3rd floor
                  Boston, Massachusetts 02110
                  Phone: (617) 603-6402
                  Fax: (617) 603-6638

                  With a copy to:

                  c/o Citibank, N.A.
                  Jennifer McCourt
                  388 Greenwich St., 14th Floor
                  New York, NY  10013
                  Phone: (212) 816-5680
                  Fax: (212) 816-5527

FROM:             Swiss Re Financial Products Corporation ("Party A")

RE:               CORRIDOR TRANSACTION

Our Reference Number: 803616

Dear Sir or Madam:

         The purpose of this letter agreement is to confirm the terms and
conditions of the Transaction entered into between U.S. Bank National
Association, not in its individual capacity, but solely as trustee for the
Citigroup Mortgage Loan Trust Inc., Asset Backed Pass-Through Certificates,
Series 2006-WFHE1, and Swiss Re Financial Products Corporation (each a "party"
and together "the parties") on the Trade Date specified below (the
"Transaction").

This letter agreement constitutes a "Confirmation" and the definitions and
provisions contained in the 2000 ISDA Definitions (the "Definitions") as
published by the International Swaps and Derivatives Association, Inc., ("ISDA")
are incorporated into this Confirmation. In the event of any inconsistency
between the Definitions and this Confirmation, this Confirmation will govern.
This Confirmation will be governed by and subject to the terms and conditions
which would be applicable if, prior to the Trade Date, the parties had executed
and delivered an ISDA Master Agreement (Multicurrency-Cross Border), in the form
published by ISDA in 1992 (the "Master Agreement"), with the attached Schedule B
as the Schedule to the Master Agreement and the modifications provided below
(collectively, the "Agreement"). In the event of any inconsistency between the
provisions of the Master Agreement and this Confirmation, this Confirmation and
the attached Schedule B will govern.

Other capitalized terms used herein (but not otherwise defined) shall have the
meaning specified in that certain Pooling and Servicing Agreement, dated as of
February 1, 2006 (the "PSA"), among Citigroup Mortgage Loan Trust Inc., as
depositor, Wells Fargo Bank, N.A., as servicer, Citibank, N.A., as trust
administrator, and U.S. Bank National Association, as trustee.

IN THIS CONFIRMATION "PARTY A" MEANS SWISS RE FINANCIAL PRODUCTS CORPORATION AND
"PARTY B" MEANS U.S. BANK NATIONAL ASSOCIATION, NOT IN ITS INDIVIDUAL CAPACITY,
BUT SOLELY AS TRUSTEE FOR THE CITIGROUP MORTGAGE LOAN TRUST INC., ASSET-BACKED
PASS-THROUGH CERTIFICATES, SERIES 2006-WFHE1.

1.       This Confirmation evidences a complete binding agreement between the
parties as to the terms of the Transaction to which this Confirmation relates.
In addition, each party represents to the other party and will be deemed to
represent to the other party on the date on which it enters into a Transaction
that (absent a written agreement between the parties that expressly imposes
affirmative obligations to the contrary for that Transaction):

(I)      PRINCIPAL. In the case of Party A, it is acting as principal and not as
         agent when entering into the Transaction and in the case of Party B, it
         is acting not in its individual capacity but solely as Trustee of the
         Trust when entering into the Transaction.

(II)     NON-RELIANCE. In the case of Party A, it is acting for its own account
         and, in the case of Party B, it is acting not in its individual
         capacity but solely as Trustee, and in the case of both parties, it has
         made its own independent decisions to enter into that Transaction and
         as to whether that Transaction is appropriate or proper for it based
         upon its own judgment and upon advice from such advisors as it has
         deemed necessary and, with respect to Party B, as directed under the
         PSA. It is not relying on any communication (written or oral) of the
         other party as investment advice or as a recommendation to enter into
         that Transaction; it being understood that information and explanations
         related to the terms and conditions of a Transaction shall not be
         considered investment advice or a recommendation to enter into that
         Transaction. No communication (written or oral) received from the other
         party shall be deemed to be an assurance or guarantee as to the
         expected results of that Transaction.

(III)    EVALUATION AND UNDERSTANDING. It is capable of evaluating and
         understanding (on its own behalf or through independent professional
         advice), and understands and accepts, the terms, conditions and risks
         of the Agreement and the Transaction. It is also capable of assuming,
         and assumes, the financial and other risks of the Agreement and the
         Transaction.

(IV)     STATUS OF PARTIES. The other party is not acting as an agent, fiduciary
         or advisor for it in respect of that Transaction

2.       The terms of the particular Transaction to which this Confirmation
relates are as follows:

      Notional Amount:                  As set forth in the Attached Schedule,
                                        Schedule A

      Trade Date:                       February 14, 2006

      Effective Date:                   February 28, 2006

      Termination Date:                 May 25, 2011, subject to adjustment in
                                        accordance with the Following Business
                                        Day Convention.

FIXED AMOUNTS:

      Fixed Rate Payer:                 Party B

      Fixed Rate Payer Payment Date:    February 28, 2006

      Fixed Amount:                     USD 4,340,000

FLOATING AMOUNTS:

      Floating Rate Payer:              Party A

      Cap Rate:                         4.75%

      Floating                          Rate Payer Period End Dates: The 25th
                                        day of each month of each year,
                                        commencing March 25, 2006, subject to
                                        adjustment in accordance with the
                                        Modified Following Business Day
                                        Convention.

      Floating Rate Payer               Early payment shall be applicable. The
        Payment Dates:                  Floating Rate Payer Payment Date shall
                                        be two (2) Business Days prior to each
                                        Period End Date, commencing on March 23,
                                        2006

      Floating Rate Option:             USD-LIBOR-BBA, provided however, the
                                        rate for a Reset Date will be the rate
                                        for deposits in USD for a period of the
                                        Designated Maturity which appears on the
                                        Telerate Page 3750 as of 11:00 a.m.,
                                        London time, on the day that is two New
                                        York and London Banking Days preceding
                                        that Reset Date. Designated Maturity:
                                        One month

      Spread:                                                  None

      Floating Rate Day                 Actual/360
        Count Fraction:

      Reset Dates:                      The first day of each Calculation
                                        Period.

      Compounding:                      Inapplicable

Business Days for payment:              New York

Calculation Agent:                      Party A

3.       RECORDING OF CONVERSATIONS

Each party (i) consents to the recording of the telephone conversations of
trading and marketing personnel of the parties, (ii) agrees to obtain any
necessary consent of, and give notice of such recording to, such personnel of
it, and (iii) agrees that recordings may be submitted in evidence in any
proceedings relating to this Agreement or any potential Transaction.

4.       ACCOUNT DETAILS:

         Account for payments           JPMorgan Chase Bank
           to Party A:                  SWIFT: CHASUS33
                                        Account of: Swiss Re Financial Products
                                        Account No.: 066-911184
                                        ABA# 021000021

         Account for payments to
           Party B:

5.       OFFICES:

         The Office of Party A for      New York, NY
           this Transaction is:

         The Office of Party B for      Boston, Massachusetts
           this Transaction:

Please promptly confirm that the foregoing correctly sets forth the terms of the
Transaction entered into between us by responding within three (3) Business Days
by executing this Confirmation and returning it to us by facsimile to:

                     SWISS RE FINANCIAL PRODUCTS CORPORATION
                      ATTENTION: DERIVATIVES DOCUMENTATION
                    FAX: (917) 322-7201 PHONE: (212) 407-7322

Failure to respond within such period shall not affect the validity or
enforceability of this Transaction, and shall be deemed to be an affirmation of
the terms and conditions contained herein, absent manifest error.

SWISS RE FINANCIAL PRODUCTS CORPORATION ACCEPTED AND CONFIRMED AS OF THE DATE
FIRST WRITTEN:

                                        U.S. BANK NATIONAL ASSOCIATION, NOT IN
                                        ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
                                        TRUSTEE FOR THE CITIGROUP MORTGAGE LOAN
                                        TRUST INC., ASSET- BACKED PASS-THROUGH
                                        CERTIFICATES, SERIES 2006-WFHE1

By:                                         By:
____________________________________        ____________________________________

Name:                                       Name:
____________________________________                   _________________________

Title:                                      Title:
____________________________________                   _________________________

<PAGE>

SCHEDULE A to the Confirmation dated as February 28, 2006
Re: Reference Number: 803616

Between Swiss Re Financial Products Corporation and U.S. Bank National
Association, not in its individual capacity, but solely as trustee for the
Citigroup Mortgage Loan Trust Inc., Asset-Backed Pass-Through Certificates,
Series 2006-WFHE1.

AMORTIZATION SCHEDULE, subject to adjustment in accordance with the Following
Business Day Convention

<TABLE>
<CAPTION>
         ----------------------------- ------------------------------ ---------------------------
              FROM AND INCLUDING             TO BUT EXCLUDING           NOTIONAL AMOUNT (USD)
         ----------------------------- ------------------------------ ---------------------------
<S>                                    <C>                            <C>
         February 28, 2006             March 25, 2006                       417,400,000.00
         March 25, 2006                April 25, 2006                       411,754,792.19
         April 25, 2006                May 25, 2006                         405,201,032.69
         May 25, 2006                  June 25, 2006                        397,755,858.07
         June 25, 2006                 July 25, 2006                        389,442,143.12
         July 25, 2006                 August 25, 2006                      380,288,791.45
         August 25, 2006               September 25, 2006                   370,330,878.80
         September 25, 2006            October 25, 2006                     359,609,737.48
         October 25, 2006              November 25, 2006                    348,201,526.15
         November 25, 2006             December 25, 2006                    336,481,174.93
         December 25, 2006             January 25, 2007                     325,147,535.76
         January 25, 2007              February 25, 2007                    314,187,825.37
         February 25, 2007             March 25, 2007                       303,589,684.00
         March 25, 2007                April 25, 2007                       293,341,161.26
         April 25, 2007                May 25, 2007                         283,430,702.61
         May 25, 2007                  June 25, 2007                        273,847,136.20
         June 25, 2007                 July 25, 2007                        264,579,660.15
         July 25, 2007                 August 25, 2007                      255,614,872.92
         August 25, 2007               September 25, 2007                   246,937,630.03
         September 25, 2007            October 25, 2007                     238,088,431.02
         October 25, 2007              November 25, 2007                    226,600,580.15
         November 25, 2007             December 25, 2007                    206,091,714.70
         December 25, 2007             January 25, 2008                     187,714,235.93
         January 25, 2008              February 25, 2008                    171,475,195.16
         February 25, 2008             March 25, 2008                       158,621,658.66
         March 25, 2008                April 25, 2008                       152,734,307.21
         April 25, 2008                May 25, 2008                         147,058,628.33
         May 25, 2008                  June 25, 2008                        141,586,910.24
         June 25, 2008                 July 25, 2008                        136,311,726.88
         July 25, 2008                 August 25, 2008                      131,225,922.81
         August 25, 2008               September 25, 2008                   126,322,612.22
         September 25, 2008            October 25, 2008                     121,595,153.54
         October 25, 2008              November 25, 2008                    117,037,154.36
         November 25, 2008             December 25, 2008                    112,642,712.64
         December 25, 2008             January 25, 2009                     108,406,137.50
         January 25, 2009              February 25, 2009                    104,321,164.65
         February 25, 2009             March 25, 2009                       100,382,295.15
         March 25, 2009                April 25, 2009                       100,378,180.65
         April 25, 2009                May 25, 2009                         96,844,000.16
         May 25, 2009                  June 25, 2009                        93,436,027.69
         June 25, 2009                 July 25, 2009                        90,149,694.68
         July 25, 2009                 August 25, 2009                      86,980,597.29
         August 25, 2009               September 25, 2009                   83,924,494.52
         September 25, 2009            October 25, 2009                     80,977,300.72
         October 25, 2009              November 25, 2009                    78,135,079.87
         November 25, 2009             December 25, 2009                    75,394,040.01
         December 25, 2009             January 25, 2010                     72,750,527.95
         January 25, 2010              February 25, 2010                    70,201,024.10
         February 25, 2010             March 25, 2010                       67,742,137.55
         March 25, 2010                April 25, 2010                       65,370,601.30
         April 25, 2010                May 25, 2010                         63,083,267.68
         May 25, 2010                  June 25, 2010                        60,877,103.95
         June 25, 2010                 July 25, 2010                        58,749,188.08
         July 25, 2010                 August 25, 2010                      56,628,887.58
         August 25, 2010               September 25, 2010                   54,577,318.79
         September 25, 2010            October 25, 2010                     52,598,398.38
         October 25, 2010              November 25, 2010                    50,689,355.70
         November 25, 2010             December 25, 2010                    48,847,847.47
         December 25, 2010             January 25, 2011                     47,067,109.04
         January 25, 2011              February 25, 2011                    45,349,443.59
         February 25, 2011             March 25, 2011                       43,692,584.78
         March 25, 2011                April 25, 2011                       42,094,348.78
         April 25, 2011                May 25, 2011                         40,552,631.30
</TABLE>

SCHEDULE B to the Confirmation dated as of February 28, 2006
Re: Reference Number: 803616

Between Swiss Re Financial Products Corporation ("Party A") and U.S. Bank
National Association, not in its individual capacity, but solely as trustee for
the Citigroup Mortgage Loan Trust Inc., Asset Backed Pass-Through Certificates,
Series 2006-WFHE1 ("Party B").

  PART 1. TERMINATION PROVISIONS.

(a)      "SPECIFIED ENTITY" means in relation to Party A for the purpose of the
         Agreement:

         Section 5(a)(v): None.
         Section 5(a)(vi): None.
         Section 5(a)(vii): None.
         Section 5(b)(iv): None.

         and in relation to Party B for the purpose of the Agreement:

         Section 5(a)(v): None.
         Section 5(a)(vi): None.
         Section 5(a)(vii): None.
         Section 5(b)(iv): None.

(b)      "SPECIFIED TRANSACTION" is inapplicable to Party A and Party B for any
         purpose.

(c)      The "BREACH OF AGREEMENT" provisions of Section 5(a)(ii) of the
         Agreement will be inapplicable to Party A and Party B.

(d)      The "CREDIT SUPPORT DEFAULT" provisions of Section 5(a)(iii) of the
         Agreement will be inapplicable to Party B.

(e)      The "MISREPRESENTATION" provisions of Section 5(a)(iv) of the Agreement
         will be inapplicable to Party A and Party B.

(f)      The "DEFAULT UNDER SPECIFIED TRANSACTION" provisions of Section 5(a)(v)
         of the Agreement will be inapplicable to Party A and Party B.

(g)      The "CROSS DEFAULT" provisions of Section 5(a)(vi) of the Agreement
         will be inapplicable to Party A and Party B.

(h)      The "BANKRUPTCY" provision of Section 5(a)(vii)(2) of the Agreement
         will be inapplicable to Party B.

(i)      The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv) of the
         Agreement will be inapplicable to Party A and Party B.

(j)      The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) of the
         Agreement will be inapplicable to Party A and Party B

(k)      PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e) of the
         Agreement:

         (i)      Market Quotation will apply; and
         (ii)     The Second Method will apply.

(l)      "TERMINATION CURRENCY" means United States Dollars.

(m)      "ADDITIONAL TERMINATION EVENT" will not apply, except as provided in
         Part 5(l) hereof or any confirmation.

PART 2.  TAX REPRESENTATIONS.

         PAYER REPRESENTATIONS. For the purpose of Section 3(e) of the
         Agreement, Party A and Party B will make the following representation:

         It is not required by any applicable law, as modified by the practice
         of any relevant governmental revenue authority, of any Relevant
         Jurisdiction to make any deduction or withholding for or on account of
         any Tax from any payment (other than interest under Section 2(e),
         6(d)(ii) or 6(e) of the Agreement) to be made by it to the other party
         under this Agreement. In making this representation, it may rely on (i)
         the accuracy of any representations made by the other party pursuant to
         Section 3(f) of the Agreement, (ii) the satisfaction of the agreement
         contained in Section 4(a)(i) or 4(a)(iii) of the Agreement and the
         accuracy and effectiveness of any document provided by the other party
         pursuant to Section 4(a)(i) or 4(a)(iii) of the Agreement and (iii) the
         satisfaction of the agreement of the other party contained in Section
         4(d) of the Agreement, PROVIDED that it shall not be a breach of this
         representation where reliance is placed on clause (ii) and the other
         party does not deliver a form or document under Section 4(a)(iii) of
         the Agreement by reason of material prejudice to its legal or
         commercial position.

         PAYEE REPRESENTATIONS. For the purpose of Section 3(f) of the
         Agreement, Party A and Party B make the following representations:

         (i) Party A represents that it is a corporation organized under the
laws of the State of Delaware.

         (ii) Party B represents that it is a Trustee under the Pooling and
Servicing Agreement.

PART 3. AGREEMENT TO DELIVER DOCUMENTS.

For the purpose of Sections 4(a)(i) and (ii) of the Agreement, Party A and Party
B agree to deliver the following documents, as applicable:

(a)      Tax forms, documents or certificates to be delivered are:

<TABLE>
<CAPTION>
----------------------------- ---------------------------------------------------------- --------------------------------
  PARTY REQUIRED TO DELIVER     FORM/DOCUMENT/CERTIFICATE                                  DATE BY WHICH
  DOCUMENT                                                                                 TO BE DELIVERED
----------------------------- ---------------------------------------------------------- --------------------------------
<S>                           <C>                                                        <C>
  Party                       A and Party B Any form or document required or
                              reasonably requested to Promptly upon reasonable
                              allow the other party to make payments under the
                              demand by the other party. Agreement without any
                              deduction or withholding for or on account of any
                              Tax, or with such deduction or withholding at a
                              reduced rate.
----------------------------- ---------------------------------------------------------- --------------------------------
</TABLE>

(b)      Other documents to be delivered and covered by the Section 3(d)
         representation are:--

<TABLE>
<CAPTION>
---------------------------- --------------------------------- ---------------------------- -------------------------
PARTY REQUIRED TO DELIVER    FORM/DOCUMENT/OR CERTIFICATE      DATE BY WHICH TO BE          COVERED BY SECTION 3(D)
                                                               DELIVERED                    REPRESENTATION
---------------------------- --------------------------------- ---------------------------- -------------------------
<S>                          <C>                               <C>                          <C>
Party A   and Party B        Certified copy of the Board of    Concurrently with the        Yes
                             Directors resolution (or          execution and delivery of
                             equivalent authorizing            the Confirmation.
                             documentation) which sets forth
                             the authority of each signatory
                             to the Confirmation signing on
                             its behalf and the authority of
                             such party to enter into
                             Transactions contemplated and
                             performance of its obligations
                             hereunder.
---------------------------- --------------------------------- ---------------------------- -------------------------

Party A and Party B          Incumbency Certificate (or, if    Concurrently with the        Yes
                             available the current             execution and delivery of
                             authorized signature book or      the Confirmation unless
                             equivalent authorizing            previously delivered and
                             documentation) specifying the     still in full force and
                             names, titles, authority and      effect.
                             specimen signatures of the
                             persons authorized to execute
                             the Confirmation which sets
                             forth the specimen signatures
                             of each signatory to the
                             Confirmation signing on its
                             behalf.
---------------------------- --------------------------------- ---------------------------- -------------------------

Party A                      The Guaranty of Swiss             Concurrently with the        No
                             Reinsurance Company ("Swiss       execution and delivery of
                             Re"), dated as of the date        the Confirmation.
                             hereof, issued by Swiss Re as
                             Party A's Credit Support
                             Provider (in the form annexed
                             hereto as Exhibit A).
---------------------------- --------------------------------- ---------------------------- -------------------------
Party B                      The PSA.                          Concurrently with the No
                                                               execution and delivery of
                                                               the Confirmation.

---------------------------- --------------------------------- ---------------------------- -------------------------
</TABLE>

PART 4.  MISCELLANEOUS.

(a)      ADDRESSES FOR NOTICES. For the purposes of Section 12(a) of the
         Agreement:

         Addresses for notices or communications to Party A and to Party B shall
         be those set forth on the first page of the Confirmation.

(b)      PROCESS AGENT. For the purpose of Section 13(c) of the Agreement:

         Party A appoints as its Process Agent: None.
         Party B appoints as its Process Agent: None.

(c)      OFFICES. With respect to Party A, the provisions of Section 10(a) of
         the Agreement will apply.

(d)      MULTIBRANCH PARTY. For the purpose of Section 10(c) of the Agreement:

         Party A is not a Multibranch Party. Party B is not a Multibranch Party.

(e)      CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document:
         Guaranty of Swiss Re dated as of the date hereof in the form annexed
         hereto as Exhibit A.

(f)      CREDIT SUPPORT PROVIDER.

         Credit Support Provider means in relation to Party A: Swiss Re.
         Credit Support Provider means in relation to Party B: None.

(g)      GOVERNING LAW. This Agreement will be governed by and construed in
         accordance with the laws of the State of New York (without reference to
         choice of law doctrine other than Sections 5-1401 and 5-1402 of the New
         York General Obligations Law).

(h)      NETTING OF PAYMENTS. Subparagraph (ii) of Section 2(c) of the Agreement
         will apply to the Transaction evidenced by the Confirmation.

(i)      "AFFILIATE" will have the meaning specified in Section 14 of the
         Agreement, provided that Party B shall be deemed not to have any
         Affiliates for purposes of this Agreement.

(j)      JURISDICTION. Section 13(b) of the Agreement is hereby amended by: (i)
         deleting in the second line of subparagraph (i) thereof the word
         "non-": and (ii) deleting the final paragraph thereof.

PART 5.  OTHER PROVISIONS.

(a)      MODIFICATIONS TO THE AGREEMENT. Section 3(a) of the Agreement shall be
         amended to include the following additional representations after
         paragraph 3(a)(v):

         (vi) ELIGIBLE CONTRACT PARTICIPANT ETC. It is an "eligible contract
         participant" as defined in Section 1a(12) of the U.S. Commodity
         Exchange Act (7 U.S.C. 1a), as amended by the Commodity Futures
         Modernization Act of 2000 and the Transaction evidenced hereby has been
         the subject of individual negotiations and is intended to be exempt
         from, or otherwise not subject to regulation thereunder.

(b)      WAIVER OF RIGHT TO TRIAL BY JURY. Each party hereby irrevocably waives
         any and all rights to trial by jury in any legal proceeding arising out
         of or relating to this Agreement or any Transaction hereunder.

(c)      ABSENCE OF LITIGATION. In Section 3(c) of the Agreement the words "or
         any of its Affiliates" shall be deleted.

(d)      TAX EVENT. In Section 5(b)(ii)(y) of the Agreement the words ", or
         there is a substantial likelihood that it will," shall be deleted.

(e)      FULLY-PAID PARTY PROTECTED.

         Notwithstanding the terms of Sections 5 and 6 of the Agreement, if
         Party B has satisfied its payment obligations under Section 2(a)(i) of
         the Agreement, then unless Party A is required pursuant to appropriate
         proceedings to return to (a) Party B or otherwise returns to Party B
         upon demand of Party B any portion of such payment, the occurrence of
         an event described in Section 5(a) of the Agreement with respect to
         Party B with respect to this Transaction shall not constitute an Event
         of Default or Potential Event of Default with respect to Party B as the
         Defaulting Party and (b) Party A shall be entitled to designate an
         Early Termination Event pursuant to Section 6 of the Agreement only as
         a result of a Termination Event set forth in either Section 5(b)(i) or
         Section 5(b)(ii) of the Agreement with respect to Party A as the
         Affected Party or Section 5(b)(iii) of the Agreement with respect to
         Party A as the Burdened Party. For purposes of the Transaction to which
         this Confirmation relates, Party B's only payment obligation under
         Section 2(a)(i) of the Agreement is to pay the Fixed Amount on the
         Fixed Rate Payer Payment Date.

(f)      TRUSTEE CAPACITY.

         It is expressly understood and agreed by the parties hereto that: (a)
         the sole recourse in respect of the obligations of Party B hereunder
         shall be to the Trust Fund (as defined in the Pooling and Servicing
         Agreement); (b) U.S. Bank National Association ("US Bank") is entering
         into this Confirmation solely in its capacity as trustee under the
         Pooling and Servicing Agreement and not in its individual capacity; (c)
         in no case shall US Bank (or any person acting as successor trustee
         under the Pooling and Servicing Agreement) be personally liable for or
         on account of any of the statements, representations, warranties,
         covenants or obligations stated to be those of Party B under the terms
         of this Confirmation, all such liability, if any, being expressly
         waived by Party A and any person claiming by, through or under Party A;
         and (d) and (d) the parties hereto acknowledge and agree that under the
         Pooling and Servicing Agreement and in connection with this Agreement,
         Citibank, N.A., as Trust Administrator under the Pooling and Servicing
         Agreement (in such capacity, the "Trust Administrator") may act for
         Party B hereunder, and Party A hereby acknowledges and agrees that it
         will, unless otherwise directed by the Trustee under the Pooling and
         Servicing Agreement, make all payments hereunder to, and otherwise deal
         directly with, the Trust Administrator on behalf of Party B. Any and
         all payments made by Party A to the Trust Administrator pursuant to
         this provision shall discharge in full Party A's obligations to make
         payments to Party B under this Agreement.

(g)      TRANSFER, AMENDMENT AND ASSIGNMENT

         No transfer, amendment, waiver, supplement, assignment or other
         modification of this Transaction shall be permitted by either party
         unless (i) each party has given prior written consent to the other
         party, and (ii) each of Moody's Investors Service, Inc. ("Moody's") and
         Standard & Poor's, a division of The McGraw-Hill Companies, Inc.
         ("S&P") have been provided prior notice of such modification and
         confirms in writing (including by facsimile transmission) after such
         notice is given that it will not downgrade, withdraw or modify its
         then-current rating of the Citigroup Mortgage Loan Trust Inc.,
         Asset-Backed Pass-Through Certificates, Series 2006-WFHE1 (the
         "Securities").

(h)      PROCEEDINGS.

         Party A shall not institute against or cause any other person to
         institute against, or join any other person in instituting against,
         Party B, any bankruptcy, reorganization, arrangement, insolvency or
         liquidation proceedings, or other proceedings under any federal or
         state bankruptcy, dissolution or similar law, for a period of one year
         and one day (or, if longer, the applicable preference period) following
         indefeasible payment in full of the Securities.

(i)      SET-OFF.

         Notwithstanding any provision of this Agreement or any other existing
         or future agreement, each party irrevocably waives any and all rights
         it may have to set off, net, recoup or otherwise withhold or suspend or
         condition payment or performance of any obligation between it and the
         other party hereunder against any obligation between it and the other
         party under any other agreements. The provisions for Set-off set forth
         in Section 6(e) of the Agreement shall not apply for purposes of this
         Transaction.

(j)      SECTION 1(C)

         For purposes of Section 1(c) of the Agreement, this Transaction shall
         be the sole Transaction under the Agreement.

(k)      DOWNGRADE OF PARTY A.

         (i) In the event (any such event, a "COLLATERALIZATION EVENT") that the
         long-term senior unsecured debt rating and the short-term obligations
         ratings of Party A's guarantor (or, if there is no guarantor, Party A)
         is reduced below A and A-1 by S&P, or A1 and P-1 by Moody's,
         respectively, to the extent such obligations are rated by S&P and
         Moody's (such ratings thresholds, the "APPROVED RATINGS THRESHOLDS "),
         then within 30 days after such rating downgrade, Party A, at its own
         expense and subject to the Rating Agency Condition, shall either (i)
         cause another entity to replace Party A as party to this Agreement that
         meets or exceeds the Approved Rating Thresholds on terms substantially
         similar to this Agreement, or (ii) deliver collateral in the form of
         cash or U.S. treasury obligations equal to the amount required pursuant
         to the then-current published criteria of the applicable Rating Agency
         (or, if there is no such criteria, an amount equal to Party B's
         "Exposure" (as such term is defined in the CSA) of the Transaction)
         pursuant to the form of the 1994 ISDA Credit Support Annex (New York
         law) (the "CSA") the terms of which are hereby incorporated by
         reference herein, or (iii) obtain a guaranty in a form reasonably
         acceptable to S&P and Moody's, as applicable, of, or a contingent
         agreement of, another person with the Approved Rating Thresholds to
         honor Party A's obligation under this Agreement, or (iv) take such
         other action as Party A may agree in writing with S&P and Moody's,. For
         purposes of this provision, "Rating Agency Condition" means, with
         respect to any particular proposed act or omission to act hereunder
         that the party acting or failing to act must consult with each of the
         Swap Rating Agencies then providing a rating of the Certificates and
         receive from each of the Swap Rating Agencies a prior written
         confirmation that the proposed action or inaction would not cause a
         downgrade or withdrawal of the then-current rating of the Certificates.

         (ii) In the event (any such event, a "SUBSTITUTION EVENT") that the
         long-term senior unsecured debt rating of Party A's guarantor (or, if
         there is no guarantor, Party A) is withdrawn or reduced below BBB- by
         S&P, then within 10 days after such rating withdrawal or downgrade,
         Party A, at its own expense and subject to the Rating Agency Condition,
         shall either (i) cause another entity to replace Party A as party to
         this Agreement that meets or exceeds the Approved Rating thresholds on
         terms substantially similar to this Agreement, or (ii) obtain a
         guaranty in a form reasonably acceptable to S&P of, or a contingent
         agreement of, another person with the Approved Rating Thresholds to
         honor Party A's obligation under this Agreement.

         (iii) Upon successful consummation of any replacement or of any
         guaranty pursuant to Part 5(k)(i) or (ii) above, Party A's obligations
         to post collateral as contemplated by this Part 5(k) shall terminate
         and Party B shall release its security interest in, and promptly return
         to Party A, any then-posted collateral (which return shall not be
         subject to the application of any priority of payments or similar
         provision).

(l)      ADDITIONAL TERMINATION EVENTS.

         (i) If, upon the occurrence of a Swap Disclosure Event (as defined in
         Part 5(m) below) Party A has not, within 10 days after such Swap
         Disclosure Event complied with any of the provisions set forth in Part
         5(m)(iii) below, then an Additional Termination Event shall have
         occurred with respect to Party A and Party A shall be the sole Affected
         Party with respect to such Additional Termination Event.

         (ii) If either a Collateralization Event has occurred and Party A has
         not complied with Part 5(k)(i) above or a Substitution Event has
         occurred and Party A has not complied with Part 5(k)(ii) above, then an
         Additional Termination Event shall have occurred with respect to Party
         A and Party A shall be the sole Affected Party with respect to such an
         Additional Termination Event.

(m)      COMPLIANCE WITH REGULATION AB.

         (i) Party A agrees and acknowledges that Citigroup Mortgage Loan Trust
         Inc. ("CMLTI") is required under Regulation AB under the Securities Act
         of 1933, as amended, and the Securities Exchange Act of 1934, as
         amended (the "EXCHANGE ACT") (" REGULATION AB"), to disclose certain
         financial information regarding Party A or its group of affiliated
         entities, if applicable, depending on the aggregate "significance
         percentage" of this Agreement and any other derivative contracts
         between Party A or its group of affiliated entities, if applicable, and
         Party B, as calculated from time to time in accordance with Item 1115
         of Regulation AB.

         (ii) It shall be a swap disclosure event ("SWAP DISCLOSURE EVENT") if,
         on any Business Day after the date hereof, CMLTI requests from Party A
         the applicable financial information described in Item 1115 of
         Regulation AB (such request to be based on a reasonable determination
         by CMLTI, in good faith, that such information is required under
         Regulation AB) (the "SWAP FINANCIAL DISCLOSURE").

         (iii) Upon the occurrence of a Swap Disclosure Event, Party A, at its
         own expense, shall (a) provide to CMLTI the Swap Financial Disclosure,
         (b) secure another entity (which may be an affiliate of Party A) to
         replace Party A as party to this Agreement on terms substantially
         similar to this Agreement and subject to prior notification to the Swap
         Rating Agencies, which entity (or a guarantor therefor) meets or
         exceeds the Approved Rating Thresholds and which entity is able to
         comply with the requirements of Item 1115 of Regulation AB or (c)
         obtain a guaranty, subject to Rating Agency Condition, in a form
         reasonably acceptable to S&P, Moody's, and Fitch, as applicable, of, or
         a contingent agreement of, another person with the Approved Rating
         Thresholds to honor Party A's obligation under this Agreement; provided
         that such person is an affiliate of Party A that is able to comply with
         the financial information disclosure requirements of Item 1115 of
         Regulation AB, such that disclosure provided in respect of such
         affiliate will satisfy any disclosure requirements applicable to Party
         A, and provided, further, that Party A will cause such affiliate to
         provide Swap Financial Disclosure to CMLTI. If permitted by Regulation
         AB, any required Swap Financial Disclosure may be provided by
         incorporation by reference from reports filed pursuant to the Exchange
         Act.

         (iv) Party A agrees that, in the event that Party A provides Swap
         Financial Disclosure to CMLTI in accordance with Part 5(m)(iii)(a) or
         causes its affiliate to provide Swap Financial Disclosure to CMLTI in
         accordance with Part 5(m)(iii)(c), it or the guarantor, if applicable,
         will indemnify and hold harmless CMLTI, its respective directors or
         officers and any person controlling CMLTI, from and against any and all
         losses, claims, damages and liabilities caused by any untrue statement
         or alleged untrue statement of a material fact contained in such Swap
         Financial Disclosure or caused by any omission or alleged omission to
         state in such Swap Financial Disclosure a material fact required to be
         stated therein or necessary to make the statements therein, in light of
         the circumstances under which they were made, not misleading.

(n)      AMENDMENT TO ISDA FORM.

         The "Failure to Pay or Deliver" provision in Section 5(a)(i) of the
         Agreement is hereby amended by deleting the word "third" in the third
         line thereof and inserting the word "first" in place thereof.

(o)      SEVERABILITY.

         If any term, provision, covenant, or condition of this Agreement, or
         the application thereof to any party or circumstance, shall be held to
         be invalid or unenforceable (in whole or in part) for any reason, the
         remaining terms, provisions, covenants, and conditions hereof shall
         continue in full force and effect as if this Agreement had been
         executed with the invalid or unenforceable portion eliminated, so long
         as this Agreement as so modified continues to express, without material
         change, the original intentions of the parties as to the subject matter
         of this Agreement and the deletion of such portion of this Agreement
         will not substantially impair the respective benefits or expectations
         of the parties. The parties shall endeavor to engage in good faith
         negotiations to replace any invalid or unenforceable term, provision,
         covenant or condition with a valid or enforceable term, provision,
         covenant or condition, the economic effect of which comes as close as
         possible to that of the invalid or unenforceable term, provision,
         covenant or condition.

<PAGE>

                                                                       Exhibit A

                                    GUARANTY

To: U.S. Bank National Association, not in its individual capacity, but solely
as trustee for the Citigroup Mortgage Loan Trust Inc., Asset Backed Pass-Through
Certificates, Series 2006-WFHE1 (the "Rated Securities") pursuant to the Pooling
and Servicing Agreement, dated as of February 1, 2006, among Citicorp Mortgage
Loan Trust Inc. as depositor, Wells Fargo Bank, N.A., as servicer, Citibank,
N.A., as trust administrator and U.S. Bank National Association, as trustee

1.       The undersigned, SWISS REINSURANCE COMPANY, a Swiss company (the
"Guarantor"), hereby absolutely and unconditionally guarantees the prompt
payment as and when due of all obligations of its indirect, wholly-owned
subsidiary SWISS RE FINANCIAL PRODUCTS CORPORATION, a Delaware corporation ("THE
GUARANTEED SUBSIDIARY") under, in connection with or ancillary to a long form
confirmation dated as of February 28, 2006 between the Beneficiary and THE
GUARANTEED SUBSIDIARY as amended or restated from time to time (the
"Agreements") which support the issuance of the Rated Securities. In this
Guarantee these obligations are referred to as the "Guaranteed Obligations".
This Guarantee is given solely for the benefit of, and is enforceable only by,
the Beneficiary or any trustee as assignee of the Beneficiary to which this
Guarantee has been validly assigned in accordance with applicable law and who is
acting as trustee for the investors in the Rated Securities.

2.       This Guarantee constitutes a Guarantee of payment and not of collection
and is not conditional or contingent upon any attempts to collect from, or
pursue or exhaust any rights or remedies against, THE GUARANTEED SUBSIDIARY. A
demand for payment hereunder may at the Beneficiary's option be made in writing
addressed to the Chief Financial Officer of the Guarantor. This Guarantee is not
however dependent in any way on the manner of the demand for payment. Delay in
making a claim will not affect the Guarantor's obligations under this Guarantee
unless the relevant legal limitation period has expired.

3.       This Guarantee constitutes, and is intended by the Guarantor to
constitute, an unlimited non-accessory undertaking (,,unbeschrankte, nicht
akzessorische Verpflichtung") within the meaning of Article 111 of the Swiss
Code of Obligations (,CO`) and is not a mere surety (,,Burgschaft") within the
meaning of Article 492 et seq of the CO.

4.       Notwithstanding any reference to the obligations of THE GUARANTEED
SUBSIDIARY, the Guarantor's obligations under this Guarantee are its absolute
and independent obligations as a primary obligor. Payment of a claim hereunder
is required as soon as the Guaranteed Obligations are due and payable.

5.       To the extent that any event or circumstance would give rise to any
legal or equitable discharge, defence or other rights of the Guarantor under
this Guarantee, but which event or circumstance would not give rise to any
discharge, defence or other rights of THE GUARANTEED SUBSIDIARY under the
Agreements, the Guarantor hereby fully waives, subject to paragraph 7 below,
such discharge, defence, or other rights and the Guarantor's liability hereunder
shall continue as if such event or circumstance had not arisen.

6.       The Guarantor further agrees, subject to paragraph 7 below, that to the
extent that any event or circumstance gives rise to any legal or equitable
discharge, defence or other rights available to both the Guarantor under the
Guarantee and THE GUARANTEED SUBSIDIARY under the Agreements, the Guarantor
hereby agrees to waive such discharge, defense or other rights against the
Beneficiary, until such time as all the Guaranteed Obligations in relation to
the same event or circumstance have been fully met as required to protect
investors in the Rated Securities.

7.       Notwithstanding any other provision of this Guarantee, the Guarantor
will have the right, prior to making any payment under this Guarantee, to (a)
assert such rights of offset as are set forth in the Agreements to the extent
that such rights relate to amounts due and payable by the Beneficiary to THE
GUARANTEED SUBSIDIARY and not to amounts which are subject to dispute; and (b)
defend manifestly fraudulent claims under this Guarantee made by the
Beneficiary.

8.       This Guarantee will continue in full force and effect in relation to
all Guaranteed Obligations until all the Guaranteed Obligations have been
satisfied in full. For the avoidance of doubt, all Guaranteed Obligations
entered into by THE GUARANTEED SUBSIDIARY during the term of this Guarantee
shall be honoured in accordance with this Guarantee and shall be binding on the
Guarantor and its successors and assigns. This Guarantee may be amended only as
necessary to reflect changes to the Guaranteed Obligations which are validly
agreed to by the Beneficiary (or the trustee as assignee of the Beneficiary) in
accordance with the terms of the Rated Securities, including any requirement to
obtain the consent of some or all of the investors in the Rated Securities.

9.       If any payment by THE GUARANTEED SUBSIDIARY is avoided, recaptured or
reduced as a result of insolvency or any similar event affecting creditors
rights generally having occurred in respect of THE GUARANTEED SUBSIDIARY, the
Guarantor's liability under this Guarantee shall continue as if the avoided,
recaptured or reduced payment had not occurred.

10.      Upon payment by the Guarantor to the Beneficiary of any amount due
under this Guarantee, the Guarantor shall be entitled to require the assignment
to it of the rights of the Beneficiary against THE GUARANTEED SUBSIDIARY to the
extent satisfied by such payment, and the Beneficiary will take at the
Guarantor's expense such steps as the Guarantor may reasonably require to
implement such assignment. The Guarantor shall not exercise any rights against
THE GUARANTEED SUBSIDIARY which it may acquire in consequence of such payment
and assignment unless and until all the Guaranteed Obligations to the
Beneficiary shall have been paid in full.

11.      This Guarantee is governed and will be construed in accordance with
Swiss law. The exclusive place of jurisdiction for any legal proceeding
hereunder shall be Zurich, Switzerland.

IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be executed in
its name as of the 28th day of February, 2006.

                                        SWISS REINSURANCE COMPANY

<PAGE>

                                  EXHIBIT J

                          CAP ADMINISTRATION AGREEMENT

                  This Cap Administration Agreement, dated February 28, 2006
(this "Agreement"), among Citibank, N.A., a national banking association
("Citibank"), as cap administrator (in such capacity, the "Cap Administrator")
and as trust administrator under the Pooling and Servicing Agreement, as
hereinafter defined (in such capacity, the "Trust Administrator"), and Citigroup
Global Markets Realty Corp. ("CGMRC").

                  WHEREAS, the U.S. Bank National Association as trustee under
the Pooling and Servicing Agreement (the "Trustee"), on behalf of the holders of
the Citigroup Mortgage Loan Trust Inc., Asset-Backed Pass-Through Certificates,
Series 2006-WFHE1 is counterparty to a Cap Contract (the "Cap Contract"), a copy
of which is attached hereto as Exhibit A, between the Trustee and Citibank, N.A.
(the "Cap Provider"); and

                  WHEREAS, it is desirable to irrevocably appoint the Cap
Administrator, and the Cap Administrator desires to accept such appointment, to
receive and distribute funds payable by Cap Provider under the Cap Contract as
provided herein;

                  NOW, THEREFORE, in consideration of the mutual covenants
contained herein, and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties agree as follows:

1.       Definitions. Capitalized terms used but not otherwise defined herein
shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement, dated as of February 1, 2006 (the "Pooling and Servicing Agreement"),
among Citigroup Mortgage Loan Trust Inc., as depositor, Wells Fargo Bank, N.A.,
as servicer, the Trustee and the Trust Administrator relating to the Citigroup
Mortgage Loan Trust 2006-WFHE1, Asset-Backed Pass-Through Certificates, Series
2006-WFHE1 (the "Certificates"), or in the related Indenture, as the case may
be, as in effect on the date hereof.

2.       Cap Administrator.

         (a) The Cap Administrator is hereby irrevocably appointed to receive
all funds paid by Cap Provider, or its successors in interest under the Cap
Contract and the Cap Administrator hereby accepts such appointment and hereby
agrees to receive such amounts on each Distribution Date and distribute such
amounts in the following order of priority:

                  (i) first, to the Trust Administrator for deposit into the Cap
         Account, an amount equal to the sum of the following amounts remaining
         outstanding after distribution of the Net Monthly Excess Cashflow: (A)
         Unpaid Interest Carry Forward Amounts; (B) Net WAC Rate Carryover
         Amounts; (C) an amount necessary to maintain or restore the
         Overcollateralization Target Amount; and (D) any Allocated Realized
         Loss Amounts;

                  (ii) second, to CGMRC, any amounts remaining after payment of
         (i) above, PROVIDED, HOWEVER, upon the issuance of notes by an issuer
         (the "Trust"), secured by all or a portion of the Class CE Certificates
         and the Class P Certificates (the "NIM Notes"), CGMRC hereby instructs
         the Cap Administrator to make any payments under this clause 2(a)(ii)
         in the following order of priority:

                           (A) to the Indenture Trustee Administrator for the
                  Trust, for deposit into the Note Account (each as to defined
                  in the related Indenture), and until satisfaction and
                  discharge of the Indenture, the Floating Amount (as defined in
                  Annex I); and

                           (B) concurrently, to the Holders of the Class CE
                  Certificates, PRO RATA based on the outstanding Notional
                  Amount of each such Certificate.

         (b) The Cap Administrator agrees to hold any amounts under the Cap
Contract in trust upon the terms and conditions and for the exclusive use and
benefit of the Trustee, the Trust Administrator and the Indenture Trustee
Administrator, as applicable (in turn for the benefit of the Certificateholders,
the Noteholders and the NIMS Insurer, if any) as set forth herein. The rights,
duties and liabilities of the Cap Administrator in respect of this Agreement
shall be as follows:

                  (i) The Cap Administrator shall have the full power and
         authority to do all things not inconsistent with the provisions of this
         Agreement that it may deem advisable in order to enforce the provisions
         hereof. The Cap Administrator shall not be answerable or accountable
         except for its own bad faith, willful misconduct or negligence. The Cap
         Administrator shall not be required to take any action to exercise or
         enforce any of its rights or powers hereunder which, in the opinion of
         the Cap Administrator, shall be likely to involve expense or liability
         to the Cap Administrator, unless the Cap Administrator shall have
         received an agreement satisfactory to it in its sole discretion to
         indemnify it against such liability and expense.

                  (ii) The Cap Administrator shall not be liable with respect to
         any action taken or omitted to be taken by it in good faith in
         accordance with the direction of any party hereto or the NIMS Insurer,
         if any, or otherwise as provided herein, relating to the time, method
         and place of conducting any proceeding for any remedy available to the
         Cap Administrator or exercising any right or power conferred upon the
         Cap Administrator under this Agreement.

                  (iii) The Cap Administrator may perform any duties hereunder
         either directly or by or through agents or attorneys of the Cap
         Administrator. The Cap Administrator shall not be liable for the acts
         or omissions of its agents or attorneys so long as the Cap
         Administrator chose such Persons with due care.

         3. Cap Account. The Cap Administrator shall segregate and hold all
funds received from Cap Provider pursuant to the Cap Contract (including any Cap
Termination Payment) separate and apart from any of its own funds and general
assets and shall establish and maintain in the name of the Cap Administrator one
or more segregated accounts (such account or accounts, the "Cap Account"), held
in trust for the benefit of the Trustee, the Trust Administrator, the Indenture
Trustee Administrator and the parties to this Agreement. All amounts on deposit
in the Cap Account shall remain uninvested unless the Cap Administrator receives
instructions to the contrary from any party hereto, with the consent of the NIMS
Insurer, if any. The Cap Administrator hereby agrees that it holds and shall
hold the Cap Account and all amounts deposited therein in trust for the
exclusive use and benefit of the Trustee, the Trust Administrator and the
Indenture Trustee Administrator as their interests may appear.

         4. Replacement Cap Contracts.

                  The Trust Administrator shall, at the direction of the NIMS
Insurer, if any, or, with the consent of the NIMS Insurer, if any, at the
direction of CGMRC, enforce all of its rights and exercise any remedies under
the Cap Contract. In the event the Cap Contract is terminated as a result of the
designation by either party thereto of an Early Termination Date (as defined
therein), the Trust Administrator shall, at the direction of CGMRC, find a
replacement counterparty to enter into a replacement cap contract.

                  Any Cap Termination Payment received by the Cap Administrator
shall be deposited in the Cap Account and shall be used to make any upfront
payment required under a replacement cap contract.

         5. Representations and Warranties of Citibank. Citibank represents and
warrants as follows:

         (a) Citibank is duly organized and validly existing as a national
banking association under the laws of the United States and has all requisite
power and authority to execute and deliver this Agreement, to perform its
obligations as Cap Administrator hereunder.

         (b) The execution, delivery and performance of this Agreement by
Citibank as Trust Administrator have been duly authorized in the Pooling and
Servicing Agreement.

         (c) This Agreement has been duly executed and delivered by Citibank as
Cap Administrator and Trust Administrator and is enforceable against Citibank in
such capacities in accordance with its terms, except as enforceability may be
affected by bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other similar laws relating to or affecting creditors' rights
generally, general equitable principles (whether considered in a proceeding in
equity or at law).

         6. Replacement of Cap Administrator.

                  Any corporation, bank, trust company or association into which
the Cap Administrator may be merged or converted or with which it may be
consolidated, or any corporation, bank, trust company or association resulting
from any merger, conversion or consolidation to which the Cap Administrator
shall be a party, or any corporation, bank, trust company or association
succeeding to all or substantially all the corporate trust business of the Cap
Administrator, shall be the successor of the Cap Administrator hereunder,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto, except to the extent that assumption of its duties
and obligations, as such, is not effected by operation of law.

                  No resignation or removal of the Cap Administrator and no
appointment of a successor Cap Administrator shall become effective until the
appointment by CGMRC of a successor cap administrator acceptable to the NIMS
Insurer, if any. Any successor cap administrator shall execute such documents or
instruments necessary or appropriate to vest in and confirm to such successor
cap administrator all such rights and powers conferred by this Agreement.

                  The Cap Administrator may resign at any time by giving written
notice thereof to the other parties hereto with a copy to the NIMS Insurer, if
any. If a successor cap administrator shall not have accepted the appointment
hereunder within 30 days after the giving by the resigning cap administrator of
such notice of resignation, the resigning cap administrator may petition any
court of competent jurisdiction for the appointment of a successor cap
administrator acceptable to the NIMS Insurer, if any.

                  In the event of a resignation or removal of the Cap
Administrator, CGMRC shall promptly appoint a successor Cap Administrator
acceptable to the NIMS Insurer, if any. If no such appointment has been made
within 10 days of the resignation or removal, the NIMS Insurer, if any, may
appoint a successor Cap Administrator.

         7. Trustee or Trust Administrator Obligations.

                  Whenever the Trustee or the Trust Administrator, has the
option or is requested in such capacity, whether such request is by the
counterparty to such agreement, to take any action or to give any consent,
approval or waiver that it is entitled to take or give in such capacity,
including, without limitation, in connection with an amendment of such agreement
or the occurrence of a default or termination event thereunder, the Trustee
shall cause the Trust Administrator to promptly notify the parties hereto and
the NIMS Insurer, if any, of such request in such detail as is available to it
and, shall, on behalf of the parties hereto and the NIMS Insurer, if any, take
such action in connection with the exercise and/or enforcement of any rights
and/or remedies available to it in such capacity with respect to such request as
the NIMS Insurer, if any, shall direct in writing; provided that if no such
direction is received prior to the date that is established for taking such
action or giving such consent, approval or waiver (notice of which date shall be
given by the Trust Administrator to the parties hereto and the NIMS Insurer, if
any), Trust Administrator may abstain from taking such action or giving such
consent, approval or waiver.

                  The Trustee shall cause the Trust Administrator to forward to
the parties hereto and the NIMS Insurer, if any, on the Payment Date following
its receipt thereof copies of any and all notices, statements, reports and/or
other material communications and information (collectively, the "Cap Reports")
that it receives in connection with the Cap Contract or from the counterparty
thereto.

         8. Miscellaneous.

         (a) This Agreement shall be governed by and construed in accordance
with the laws of the State of New York.

         (b) Any action or proceeding against any of the parties hereto relating
in any way to this Agreement may be brought and enforced in the courts of the
State of New York sitting in the borough of Manhattan or of the United States
District Court for the Southern District of New York and the Cap Administrator
irrevocably submits to the jurisdiction of each such court in respect of any
such action or proceeding. The Cap Administrator waives, to the fullest extent
permitted by law, any right to remove any such action or proceeding by reason of
improper venue or inconvenient forum.

         (c) This Agreement may be amended, supplemented or modified in writing
by the parties hereto, but only with the consent of the NIMS Insurer, if any.

         (d) This Agreement may not be assigned or transferred without the prior
written consent of the NIMS Insurer, if any; provided, however, the parties
hereto acknowledge and agree to the assignment of the rights of CGMRC as
provided under this Agreement pursuant to the Sale Agreement, the Trust
Agreement and the Indenture.

         (e) This Agreement may be executed by one or more of the parties to
this Agreement on any number of separate counterparts (including by facsimile
transmission), and all such counterparts taken together shall be deemed to
constitute one and the same instrument.

         (f) Any provision of this Agreement which is prohibited 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 shall not invalidate or render unenforceable such provision in any
other jurisdiction.

         (g) The representations and warranties made by the parties to this
Agreement shall survive the execution and delivery of this Agreement. No act or
omission on the part of any party hereto shall constitute a waiver of any such
representation or warranty.

         (h) The article and section headings herein are for convenience of
reference only, and shall not limit or otherwise affect the meaning hereof.

         (i) The representations and warranties made by the parties to this
Agreement shall survive the execution and delivery of this Agreement. No act or
omission on the part of any party hereto shall constitute a waiver of any such
representation or warranty.

         9. Third-Party Beneficiary. Each of the Note Insurer, the Backup Note
Insurer and the Indenture Trustee Administrator, if any, shall be deemed a
third-party beneficiary of this Agreement to the same extent as if it were a
party hereto, and shall have the right to enforce the provisions of this
Agreement.

         10. Cap Administrator and Trust Administrator Rights. The Cap
Administrator shall be entitled to the same rights, protections and indemnities
afforded to the Trust Administrator under the Pooling and Servicing Agreement
and the Indenture Trustee Administrator under the Indenture, in each case, as if
specifically set forth herein with respect to the Cap Administrator.

         11. Limited Recourse. It is expressly understood and agreed by the
parties hereto that this Agreement is executed and delivered by the Trust
Administrator, not in its individual capacity but solely as trust administrator
under the Pooling and Servicing Agreement. Notwithstanding any other provisions
of this Agreement, the obligations of the Trust Administrator under this
Agreement are non-recourse to the Trust Administrator, its assets and its
property, and shall be payable solely from the assets of the Trust Fund, and
following realization of such assets, any claims of any party hereto shall be
extinguished and shall not thereafter be reinstated. No recourse shall be had
against any principal, director, officer, employee, beneficiary, shareholder,
partner, member, trustee, agent or affiliate of the Trust Administrator or any
person owning, directly or indirectly, any legal or beneficial interest in the
Trust Administrator, or any successors or assigns of any of the foregoing (the
"Exculpated Parties") for the payment of any amount payable under this
Agreement. The parties hereto shall not enforce the liability and obligations of
the Trust Administrator to perform and observe the obligations contained in this
Agreement by any action or proceeding wherein a money judgment establishing any
personal liability shall be sought against the Trust Administrator, subject to
the following sentence, or the Exculpated Parties. The agreements in this
paragraph shall survive termination of this Agreement and the performance of all
obligations hereunder.

<PAGE>

                  IN WITNESS WHEREOF, the parties have caused this Agreement to
be duly executed and delivered as of the day and year first above written.

                                        CITIBANK, N.A.
                                        as Cap Administrator

                                        By:  ___________________________________
                                             Name:
                                             Title:

                                        CITIBANK, N.A.,
                                        not in its individual capacity but
                                        solely as Trust Administrator under the
                                        Pooling and Servicing Agreement

                                        By:  ___________________________________
                                             Name:
                                             Title:

                                        CITIGROUP GLOBAL MARKETS REALTY CORP.

                                        By:  ___________________________________
                                             Name:
                                             Title:

Agreed and Confirmed by:
U.S. BANK NATIONAL ASSOCIATION,
not in its individual capacity but solely as
Trustee

By:  ___________________________________
     Name:
     Title:

<PAGE>

                                    EXHIBIT A

                                  CAP CONTRACT

<PAGE>

                                     ANNEX I

The amounts paid under clause 2(a)(ii) of the Cap Administration Agreement shall
be calculated as follows:

FLOATING AMOUNT:

      Floating Rate Payer:              Citibank, N.A.

      Cap Rate:                         4.6000%

      Floating                          Amount To be determined in accordance
                                        with the following formula:

                                        The product of: (i) LIBOR minus the Cap
                                        Rate, (ii) the Notional Amount; and
                                        (iii) the Floating Rate Day Count
                                        Fraction;

                                        PROVIDED, HOWEVER, the Cap Administrator
                                        will only be obligated to pay the
                                        Floating Amount up to the amount
                                        remaining after payments are made under
                                        clause 2(a)(i) of the Cap Administration
                                        Agreement.

                                        The Floating Amount shall be paid to the
                                        Indenture Trustee for payment in
                                        accordance with Section 2.09(e) of the
                                        Indenture.

      Floating Rate Day                 Actual/360.
        Count Fraction:

     Notional Amount:                   The amount set forth for such period in
                                        the Amortization Schedule A.

<PAGE>

                              SCHEDULE A TO ANNEX I

                                  CAP SCHEDULE

------------ ---------------------- -------- ----------------------
  PERIOD     NOTIONAL BALANCE ($)   PERIOD   NOTIONAL BALANCE ($)
------------ ---------------------- -------- ----------------------
     1                                33
             417,400,000.00                     117,037,154.36

     2       411,754,792.19           34        112,642,712.64

     3       405,201,032.69           35        108,406,137.50

     4       397,755,858.07           36        104,321,164.65

     5       389,442,143.12           37        100,382,295.15

     6       380,288,791.45           38        100,378,180.65

     7       370,330,878.80           39         96,844,000.16

     8       359,609,737.48           40         93,436,027.69

     9       348,201,526.15           41         90,149,694.68

    10       336,481,174.93           42         86,980,597.29

    11       325,147,535.76           43         83,924,494.52

    12       314,187,825.37           44         80,977,300.72

    13       303,589,684.00           45         78,135,079.87

    14       293,341,161.26           46         75,394,040.01

    15       283,430,702.61           47         72,750,527.95

    16       273,847,136.20           48         70,201,024.10

    17       264,579,660.15           49         67,742,137.55

    18       255,614,872.92           50         65,370,601.30

    19       246,937,630.03           51         63,083,267.68

    20       238,088,431.02           52         60,877,103.95

    21       226,600,580.15           53         58,749,188.08

    22       206,091,714.70           54         56,628,887.58

    23       187,714,235.93           55         54,577,318.79

    24       171,475,195.16           56         52,598,398.38

    25       158,621,658.66           57         50,689,355.70

    26       152,734,307.21           58         48,847,847.47

    27       147,058,628.33           59         47,067,109.04

    28       141,586,910.24           60         45,349,443.59

    29       136,311,726.88           61         43,692,584.78

    30       131,225,922.81           62         42,094,348.78

    31       126,322,612.22           63         40,552,631.30

    32       121,595,153.54           64                  0.00
------------ ---------------------- -------- ----------------------

<PAGE>

                                   SCHEDULE 1

                             MORTGAGE LOAN SCHEDULE

                            (Available upon request)

<PAGE>

                                  SCHEDULE 2

                          PREPAYMENT CHARGE SCHEDULE

             * Subject to clarification from the SEC.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 August 1, 2005

_________________________________________

Mortgage Pass-Through Certificates

Series 2005-5

 

 

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
 	
            Independent Public Accountants’ Servicing Report.
 
	
            SECTION 3.22
 	
            Access to Certain Documentation.
 
	
            SECTION 3.23
 	
            Title, Management and Disposition of REO Property.
 
	
            SECTION 3.24
 	
            Obligations of the Master Servicer in Respect of Prepayment Interest Shortfalls.
 
	
            SECTION 3.25
 	
            Obligations of the Master Servicer in Respect of Monthly Payments.
 
	
            SECTION 3.26
 	
            Tax Reserve Account..
 
	
            SECTION 3.27
 	
            PMI Policies; Claims Under the PMI Policies.
 
	
            SECTION 3.28
 	
            Administration of Buydown Funds.
 
	
             
 	
             
 

 

	
            ARTICLE IV PAYMENTS TO CERTIFICATEHOLDERS

 
 
	
            SECTION 4.01
 	
            Distributions.
 
	
            SECTION 4.02
 	
            Statements to Certificateholders.
 
	
            SECTION 4.03
 	
            Remittance Reports; P&I Advances.
 
	
            SECTION 4.04
 	
            Allocation of Extraordinary Trust Fund Expenses and Realized Losses.
 
	
            SECTION 4.05
 	
            Compliance with Withholding Requirements.
 
	
            SECTION 4.06
 	
            Commission Reporting.
 
	
            SECTION 4.07
 	
            Distributions and Allocations of Realized Losses on the REMIC Regular Interests.
 

 

	
            ARTICLE V THE CERTIFICATES

 
 
	
            SECTION 5.01
 	
            The Certificates.
 
	
            SECTION 5.02
 	
            Registration of Transfer and Exchange of Certificates.
 
	
            SECTION 5.03
 	
            Mutilated, Destroyed, Lost or Stolen Certificates.
 
	
            SECTION 5.04
 	
            Persons Deemed Owners.
 
	
            SECTION 5.05
 	
            Certain Available Information.
 

 

	
            ARTICLE VI THE DEPOSITOR AND THE MASTER SERVICER

 
 
	
            SECTION 6.01
 	
            Liability of the Depositor and the Master Servicer.
 
	
            SECTION 6.02
 	
            Merger or Consolidation of the Depositor or the Master Servicer.
 
	
            SECTION 6.03
 	
            Limitation on Liability of the Depositor, the Master Servicer and Others.
 
	
            SECTION 6.04
 	
            Limitation on Resignation of the Master Servicer.
 
	
            SECTION 6.05
 	
            Rights of the Depositor in Respect of the Master Servicer.
 

 

	
            ARTICLE VII DEFAULT

 
 
	
            SECTION 7.01
 	
            Master Servicer Events of Default.
 
	
            SECTION 7.02
 	
            Trustee to Act; Appointment of Successor.
 
	
            SECTION 7.03
 	
            Notification to Certificateholders.
 
	
            SECTION 7.04
 	
            Waiver of Master Servicer Events of Default.
 

 

 

 

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

 
 
	
            SECTION 8.01
 	
            Duties of Trustee, Trust Administrator and Others.
 
	
            SECTION 8.02
 	
            Certain Matters Affecting the Trustee, the Trust Administrator and Others.
 
	
            SECTION 8.03
 	
            Trustee, Trust Administrator and Others not Liable for Certificates or Mortgage Loans.
 
	
            SECTION 8.04
 	
            Trustee, Trust Administrator and Others May Own Certificates.
 
	
            SECTION 8.05
 	
            Trustee’s, Trust Administrator’s, Paying Agent’s, Authenticating Agent’s, Certificate Registrar’s and Custodians’ Fees and Expenses.
 
	
            SECTION 8.06
 	
            Eligibility Requirements for Trustee and Trust Administrator.
 
	
            SECTION 8.07
 	
            Resignation and Removal of the Trustee and the Trust Administrator.
 
	
            SECTION 8.08
 	
            Successor Trustee or Trust Administrator.
 
	
            SECTION 8.09
 	
            Merger or Consolidation of Trustee or Trust Administrator.
 
	
            SECTION 8.10
 	
            Appointment of Co-Trustee or Separate Trustee.
 
	
            SECTION 8.11
 	
            [intentionally omitted]
 
	
            SECTION 8.12
 	
            Appointment of Office or Agency.
 
	
            SECTION 8.13
 	
            Representations and Warranties.
 
	
            SECTION 8.14
 	
            Appointment and Removal of Paying Agent, Authenticating Agent and Certificate Registrar.
 
	
            SECTION 8.15
 	
            No Trustee Liability for Actions or Inactions of Custodians.
 

 

	
            ARTICLE IX TERMINATION

 
 
	
            SECTION 9.01
 	
            Termination Upon Repurchase or Liquidation of the Mortgage Loans.
 
	
            SECTION 9.02
 	
            Additional Termination Requirements.
 

 

	
            ARTICLE X REMIC PROVISIONS

 
 
	
            SECTION 10.01
 	
            REMIC Administration.
 
	
            SECTION 10.02
 	
            Prohibited Transactions and Activities.
 
	
            SECTION 10.03
 	
            Master Servicer and Trust Administrator Indemnification.
 

 

	
            ARTICLE XI MISCELLANEOUS PROVISIONS

 

 
 
	
            SECTION 11.01
 	
            Amendment.
 
	
            SECTION 11.02
 	
            Recordation of Agreement; Counterparts.
 
	
            SECTION 11.03
 	
            Limitation on Rights of Certificateholders.
 
	
            SECTION 11.04
 	
            Governing Law.
 
	
            SECTION 11.05
 	
            Notices.
 
	
            SECTION 11.06
 	
            Severability of Provisions.
 
	
            SECTION 11.07
 	
            Notice to Rating Agencies.
 
	
            SECTION 11.08
 	
            Article and Section References.
 
	
            SECTION 11.09
 	
            Grant of Security Interest.
 

 

 

 

Exhibits

	
            Exhibit A-1
 	
            Form of Class I-A1 Certificate
 
	
            Exhibit A-2
 	
            Form of Class I-A2 Certificate
 
	
            Exhibit A-3
 	
            Form of Class I-A3 Certificate
 
	
            Exhibit A-4
 	
            Form of Class I-A4 Certificate 
 
	
            Exhibit A-5
 	
            Form of Class I-A5 Certificate 
 
	
            Exhibit A-6
 	
            Form of Class I-P Certificate
 
	
            Exhibit A-7
 	
            Form of Class I-F Certificate
 
	
            Exhibit A-8
 	
            Form of Class I-B1 Certificate 
 
	
            Exhibit A-9
 	
            Form of Class I-B2 Certificate 
 
	
            Exhibit A-10
 	
            Form of Class I-B3 Certificate 
 
	
            Exhibit A-11
 	
            Form of Class I-B4 Certificate
 
	
            Exhibit A-12
 	
            Form of Class I-B5 Certificate
 
	
            Exhibit A-13
 	
            Form of Class I-B6 Certificate
 
	
            Exhibit A-14
 	
            Form of Class I-R Certificate
 
	
            Exhibit A-15
 	
            Form of Class II-1-1A1 Certificate
 
	
            Exhibit A-16
 	
            Form of Class II-1-1A2 Certificate
 
	
            Exhibit A-17
 	
            Form of Class II-1-1A3 Certificate
 
	
            Exhibit A-18
 	
            Form of Class II-1-1A4 Certificate
 
	
            Exhibit A-19
 	
            Form of Class II-1-1A5 Certificate
 
	
            Exhibit A-20
 	
            Form of Class II-1-1A6 Certificate
 
	
            Exhibit A-21
 	
            Form of Class II-1-2A1 Certificate
 
	
            Exhibit A-22
 	
            Form of Class II-1-2A2 Certificate
 
	
            Exhibit A-23
 	
            Form of Class II-1-2A3 Certificate
 
	
            Exhibit A-24
 	
            Form of Class II-1-2A4 Certificate
 
	
            Exhibit A-25
 	
            Form of Class II-1-2A5 Certificate
 
	
            Exhibit A-26
 	
            Form of Class II-1-2A6 Certificate
 
	
            Exhibit A-27
 	
            Form of Class II-1-2A7 Certificate
 
	
            Exhibit A-28
 	
            Form of Class II-A2 Certificate
 
	
            Exhibit A-39
 	
            Form of Class II-A3 Certificate
 
	
            Exhibit A-30
 	
            Form of Class II-P Certificate
 
	
            Exhibit A-31
 	
            Form of Class II-XS1 Certificate 
 
	
            Exhibit A-32
 	
            Form of Class II-XS2 Certificate
 
	
            Exhibit A-33
 	
            Form of Class II-XS3 Certificate
 
	
            Exhibit A-34
 	
            Form of Class II-PO1 Certificate 
 
	
            Exhibit A-35
 	
            Form of Class II-PO2 Certificate
 
	
            Exhibit A-36
 	
            Form of Class II-PO3 Certificate
 
	
            Exhibit A-37
 	
            Form of Class II-B1 Certificate
 
	
            Exhibit A-38
 	
            Form of Class II-B2 Certificate 
 
	
            Exhibit A-39
 	
            Form of Class II-B3 Certificate
 
	
            Exhibit A-40
 	
            Form of Class II-B4 Certificate
 
	
            Exhibit A-41
 	
            Form of Class II-B5 Certificate
 
	
            Exhibit A-42
 	
            Form of Class II-B6 Certificate
 
	
            Exhibit A-43
 	
            Form of Class II-R Certificate
 
	
            Exhibit A-44
 	
            Form of Class III-A1A Certificate
 
	
            Exhibit A-45
 	
            Form of Class III-A1B Certificate
 

 

 

 

 

	
            Exhibit A-46
 	
            Form of Class III-A2A Certificate
 
	
            Exhibit A-47
 	
            Form of Class III-A2B Certificate
 
	
            Exhibit A-48
 	
            Form of Class III-A3A Certificate 
 
	
            Exhibit A-49
 	
            Form of Class III-A3B Certificate 
 
	
            Exhibit A-50
 	
            Form of Class III-A4A Certificate 
 
	
            Exhibit A-51
 	
            Form of Class III-A4B Certificate 
 
	
            Exhibit A-52
 	
            Form of Class III-A5 Certificate 
 
	
            Exhibit A-53
 	
            Form of Class III-P Certificate 
 
	
            Exhibit A-54
 	
            Form of Class III-B1 Certificate 
 
	
            Exhibit A-55
 	
            Form of Class III-B2 Certificate 
 
	
            Exhibit A-56
 	
            Form of Class III-B3 Certificate 
 
	
            Exhibit A-57
 	
            Form of Class III-B4 Certificate
 
	
            Exhibit A-58
 	
            Form of Class III-B5 Certificate
 
	
            Exhibit A-59
 	
            Form of Class III-B6 Certificate
 
	
            Exhibit A-60
 	
            Form of Class III-R Certificate
 
	
            Exhibit B
 	
            [Reserved]
 
	
            Exhibit C
 	
            [Reserved]
 
	
            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
 
	
            Schedule 1
 	
            Mortgage Loan Schedule
 

 

 

 

This Pooling and Servicing Agreement, is dated and effective as of August 1, 2005, among CITIGROUP MORTGAGE LOAN TRUST INC., as Depositor, CITIMORTGAGE, INC., as Master Servicer and Trust Administrator, CITIBANK, N.A. as Paying Agent, Certificate Registrar and Authenticating Agent and U.S. BANK NATIONAL ASSOCIATION, as Trustee.

PRELIMINARY STATEMENT:

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

REMIC I-A

As provided herein, the Trust Administrator will elect to treat the segregated pool of assets consisting of the Group I Mortgage Loans and certain other related assets (other than the Tax Reserve Account) subject to this Agreement as a REMIC (as defined herein) for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC I-A”. The Class R-IA Residual Interest will be the sole class of “residual interests” in REMIC I-A for purposes of the REMIC Provisions (as defined herein). The REMIC I-A Regular Interests will consist of two REMIC I-A Regular Interests for each Group I Mortgage Loan, each with an Uncertificated Principal Balance equal to 50.00% of the stated principal balance of such Group I-A Mortgage Loan (one of which will be referred to as a “REMIC I-A A Regular Interest” and one of which will be referred to as a
“REMIC I-A B Regular Interest”), and an interest rate calculated in accordance with the definition of “REMIC I-A Remittance Rate” herein. For purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC I-A Regular Interests (as defined herein). None of the REMIC I-A Regular Interests will be certificated.

 

 

REMIC I-B

As provided herein, the Trust Administrator will elect to treat the segregated pool of assets consisting of the REMIC I-A Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC I-B”. The Class R-IB Residual Interest will be the sole class of “residual interests” in REMIC I-B for purposes of the REMIC Provisions (as defined herein). The following table irrevocably sets forth the designation, the REMIC I-B Remittance Rate, the initial Uncertificated Balance or Uncertificated Notional Amount 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-B Regular Interests (as defined herein). None of the REMIC I-A Regular Interests will be certificated.

	
            Designation
 	
             
 	
            REMIC I-B Remittance Rate
 	
             
 	
            Initial Uncertificated Balance
 	
             
 	
            Latest Possible Maturity Date(1)
 
	
            LT-1A
 	
             
 	
            (2)
 	
             
 	
            $
 	
            153,982.68
 	
             
 	
            July 2035
 
	
            LT-1B
 	
             
 	
            (2)
 	
             
 	
            $
 	
            2,298,002.68
 	
             
 	
            July 2035
 
	
            LT-2A
 	
             
 	
            (2)
 	
             
 	
            $
 	
            617,160.28
 	
             
 	
            July 2035
 
	
            LT-2B
 	
             
 	
            (2)
 	
             
 	
            $
 	
            9,212,060.28
 	
             
 	
            July 2035
 
	
            LT-3A
 	
             
 	
            (2)
 	
             
 	
            $
 	
            214,211.91
 	
             
 	
            July 2035
 
	
            LT-3B
 	
             
 	
            (2)
 	
             
 	
            $
 	
            3,196,911.91
 	
             
 	
            July 2035
 
	
            LT-4A
 	
             
 	
            (2)
 	
             
 	
            $
 	
            648,103.79
 	
             
 	
            July 2035
 
	
            LT-4B
 	
             
 	
            (2)
 	
             
 	
            $
 	
            9,673,103.79
 	
             
 	
            July 2035
 
	
            LT-5A
 	
             
 	
            (2)
 	
             
 	
            $
 	
            128,286.94
 	
             
 	
            July 2035
 
	
            LT-5B
 	
             
 	
            (2)
 	
             
 	
            $
 	
            1,914,186.94
 	
             
 	
            July 2035
 
	
            LT-ZZZ
 	
             
 	
            (2)
 	
             
 	
            $
 	
            234,886,443.83
 	
             
 	
            July 2035
 
	
            LT-1F
 	
             
 	
            (2)
 	
             
 	
            $
 	
            (3)
 	
             
 	
            July 2035
 
	
            LT-P
 	
             
 	
            0.00%
 	
             
 	
            $
 	
            100.00
 	
             
 	
            July 2035
 
	
            LT-R
 	
             
 	
            (2)
 	
             
 	
            $
 	
            100.83
 	
             
 	
            July 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 I Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC I-B Regular Interest.

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

	
            (3)
 	
            Calculated in accordance with the definition of “Uncertificated Notional Amount” herein.
 

 

 

REMIC I-C

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

	
            Designation
 	
             
 	
            Pass-Through Rate(2)
 	
            Initial Aggregate
 Certificate Balance
 	
             
 	
            Latest Possible Maturity Date(1)
 
	
            Class I-A1
 	
             
 	
            Variable
 	
            $
 	
            21,440,000
 	
             
 	
             
 	
            July 2035
 
	
            Class I-A2
 	
             
 	
            Variable
 	
            $
 	
            85,949,000
 	
             
 	
             
 	
            July 2035
 
	
            Class I-A3
 	
             
 	
            Variable
 	
            $
 	
            29,827,000
 	
             
 	
             
 	
            July 2035
 
	
            Class I-A4
 	
             
 	
            Variable
 	
            $
 	
            90,250,000
 	
             
 	
             
 	
            July 2035
 
	
            Class I-A5
 	
             
 	
            Variable
 	
            $
 	
            17,859,000
 	
             
 	
             
 	
            July 2035
 
	
            Class I-F
 	
             
 	
            Variable
 	
             
 	
            (3)
 	
             
 	
             
 	
            July 2035
 
	
            Class I-B1
 	
             
 	
            Variable
 	
            $
 	
            9,729,000
 	
             
 	
             
 	
            July 2035
 
	
            Class I-B2
 	
             
 	
            Variable
 	
            $
 	
            3,418,000
 	
             
 	
             
 	
            July 2035
 
	
            Class I-B3
 	
             
 	
            Variable
 	
            $
 	
            1,841,000
 	
             
 	
             
 	
            July 2035
 
	
            Class I-B4
 	
             
 	
            Variable
 	
            $
 	
            1,052,000
 	
             
 	
             
 	
            July 2035
 
	
            Class I-B5
 	
             
 	
            Variable
 	
            $
 	
            920,000
 	
             
 	
             
 	
            July 2035
 
	
            Class I-B6
 	
             
 	
            Variable
 	
            $
 	
            657,455.00
 	
             
 	
             
 	
            July 2035
 
	
            Class I-R
 	
             
 	
            Variable
 	
            $
 	
            100.83
 	
             
 	
             
 	
            July 2035
 
	
            Class I-P
 	
             
 	
            0.00%
 	
            $
 	
            100.00
 	
             
 	
             
 	
            July 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 I 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 I-F Certificates are interest only certificates and will not have certificate principal balances.  These certificates accrue interest on the notional amount thereof.  For federal income tax purposes, the Class 1-F Certificates will not have a notional amount, but will be entitled to 100% of amounts distributed on REMIC I-B Regular Interest LT-1F.

 

 

REMIC II-A

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

	
             Designation
 	
             
 	
            REMIC II-A
 Remittance Rate
 	
            Initial Uncertificated
 Balance
 	
             
 	
            Latest Possible Maturity Date(1)
 
	
            LT-1-1
 	
             
 	
            5.50
 	
            %
 	
            $
 	
            133,845,510.07
 	
             
 	
            July 2035
 
	
            LT-1-2
 	
             
 	
            6.00
 	
            %
 	
            $
 	
            124,119,464.12
 	
             
 	
            July 2035
 
	
            LT-2
 	
             
 	
            5.70
 	
            %
 	
            $
 	
            30,000,116.79
 	
             
 	
            July 2035
 
	
            LT-3
 	
             
 	
            5.00
 	
            %
 	
            $
 	
            65,208,728.02
 	
             
 	
            July 2035
 
	
            LT-IO1
 	
             
 	
            (2
 	
            )
 	
             
 	
            (3)
 	
             
 	
            July 2035
 
	
            LT-IO2
 	
             
 	
            (2
 	
            )
 	
             
 	
            (3)
 	
             
 	
            July 2035
 
	
            LT-IO3
 	
             
 	
            (2
 	
            )
 	
             
 	
            (3)
 	
             
 	
            July 2035
 
	
            LT-PO1
 	
             
 	
            0.00
 	
            %
 	
            $
 	
            1,960,841.00
 	
             
 	
            July 2035
 
	
            LT-PO2
 	
             
 	
            0.00
 	
            %
 	
            $
 	
            753,637.00
 	
             
 	
            July 2035
 
	
            LT-PO3
 	
             
 	
            0.00
 	
            %
 	
            $
 	
            162,496.00
 	
             
 	
            July 2035
 
	
            LT-R
 	
             
 	
            5.00
 	
            %
 	
            $
 	
            101.87
 	
             
 	
            July 2035
 
	
            LT-P
 	
             
 	
            0.00
 	
            %
 	
            $
 	
            100.00
 	
             
 	
            July 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 II Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC II-A Regular Interest.

	
            (2)
 	
            Calculated in accordance with the definition of “REMIC II-A Remittance Rate” herein.
 

(3)           REMIC II-A Regular Interest LT-IO1, REMIC II-A Regular Interest LT-IO2 and REMIC II-A Regular Interest LT-IO3 will not have uncertificated balances, but will be entitled to distributions of interest on their respective Uncertificated Notional Amounts, as defined herein.

 

 

REMIC II-B

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

	
            Designation
 	
             
 	
            REMIC II-B
 Remittance Rate
 	
            Initial Uncertificated
 Balance
 	
             
 	
            Latest Possible Maturity Date(1)
 
	
            LT-1-1A
 	
             
 	
            5.50
 	
            %
 	
            $
 	
            6,111.51
 	
             
 	
            July 2035
 
	
            LT-1-1B
 	
             
 	
            5.50
 	
            %
 	
            $
 	
            133,839,398.56
 	
             
 	
            July 2035
 
	
            LT-1-2A
 	
             
 	
            6.00
 	
            %
 	
            $
 	
            5,585.46
 	
             
 	
            July 2035
 
	
            LT-1-2B
 	
             
 	
            6.00
 	
            %
 	
            $
 	
            124,113,878.66
 	
             
 	
            July 2035
 
	
            LT-2A
 	
             
 	
            5.75
 	
            %
 	
            $
 	
            1,384.12
 	
             
 	
            July 2035
 
	
            LT-2B
 	
             
 	
            5.75
 	
            %
 	
            $
 	
            29,998,732.67
 	
             
 	
            July 2035
 
	
            LT-3A
 	
             
 	
            5.00
 	
            %
 	
            $
 	
            2,941.73
 	
             
 	
            July 2035
 
	
            LT-3B
 	
             
 	
            5.00
 	
            %
 	
            $
 	
            65,205,786.29
 	
             
 	
            July 2035
 
	
            LT-IO1
 	
             
 	
            (2
 	
            )
 	
             
 	
            (3)
 	
             
 	
            July 2035
 
	
            LT-IO2
 	
             
 	
            (2
 	
            )
 	
             
 	
            (3)
 	
             
 	
            July 2035
 
	
            LT-IO3
 	
             
 	
            (2
 	
            )
 	
             
 	
            (3)
 	
             
 	
            July 2035
 
	
            LT-PO1
 	
             
 	
            0.00
 	
            %
 	
            $
 	
            1,960,841.00
 	
             
 	
            July 2035
 
	
            LT-PO2
 	
             
 	
            0.00
 	
            %
 	
            $
 	
            753,637.00
 	
             
 	
            July 2035
 
	
            LT-PO3
 	
             
 	
            0.00
 	
            %
 	
            $
 	
            162,496.00
 	
             
 	
            July 2035
 
	
            LT-R
 	
             
 	
            5.00
 	
            %
 	
            $
 	
            101.87
 	
             
 	
            July 2035
 
	
            LT-P
 	
             
 	
            0.00
 	
            %
 	
            $
 	
            100.00
 	
             
 	
            July 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 II Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC II-B Regular Interest.

	
            (2)
 	
            Calculated in accordance with the definition of “REMIC II-B Remittance Rate” herein.
 

(3)           REMIC II-B Regular Interest LT-IO1, REMIC II-B Regular Interest LT-IO2 and REMIC II-B Regular Interest LT-IO3 will not have uncertificated balances, but will be entitled to 100% of amounts distributed on REMIC II-A Regular Interest LT-IO1, REMIC II-A Regular Interest LT-IO2 and REMIC II-A Regular Interest LT-IO3, respectively.

 

 

REMIC II-C

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

	
            Designation
 	
             
 	
            REMIC II-C
 Remittance Rate
 	
            Initial Uncertificated
 Balance
 	
             
 	
            Latest Possible Maturity Date(1)
 
	
            LT-1-1A1
 	
             
 	
            5.50
 	
            %
 	
            $
 	
            70,233,000.00
 	
             
 	
            July 2035
 
	
            LT-1-1A2
 	
             
 	
            5.50
 	
            %
 	
            $
 	
            6,384,818.00
 	
             
 	
            July 2035
 
	
            LT-1-1A3
 	
             
 	
            5.50
 	
            %
 	
            $
 	
            34,342,000.00
 	
             
 	
            July 2035
 
	
            LT-1-1A4
 	
             
 	
            5.50
 	
            %
 	
            $
 	
            10,927,000.00
 	
             
 	
            July 2035
 
	
            LT-1-1A5
 	
             
 	
            5.50
 	
            %
 	
            $
 	
            5,143,182.00
 	
             
 	
            July 2035
 
	
            LT-1-1A6
 	
             
 	
            5.50
 	
            %
 	
            $
 	
            704,000.00
 	
             
 	
            July 2035
 
	
            LT-1-2A1
 	
             
 	
            6.00
 	
            %
 	
            $
 	
            62,159,000.00
 	
             
 	
            July 2035
 
	
            LT-1-2A2
 	
             
 	
            6.00
 	
            %
 	
            $
 	
            5,179,916.00
 	
             
 	
            July 2035
 
	
            LT-1-2A3
 	
             
 	
            6.00
 	
            %
 	
            $
 	
            36,864,000.00
 	
             
 	
            July 2035
 
	
            LT-1-2A4
 	
             
 	
            6.00
 	
            %
 	
            $
 	
            7,680,000.00
 	
             
 	
            July 2035
 
	
            LT-1-2A5
 	
             
 	
            6.00
 	
            %
 	
            $
 	
            5,970,084.00
 	
             
 	
            July 2035
 
	
            LT-1-2A6
 	
             
 	
            6.00
 	
            %
 	
            $
 	
            11,150,000.00
 	
             
 	
            July 2035
 
	
            LT-1-2A7
 	
             
 	
            6.00
 	
            %
 	
            $
 	
            681,000.00
 	
             
 	
            July 2035
 
	
            LT-A2
 	
             
 	
            5.75
 	
            %
 	
            $
 	
            28,616,000.00
 	
             
 	
            July 2035
 
	
            LT-A3
 	
             
 	
            5.00
 	
            %
 	
            $
 	
            62,267,000.00
 	
             
 	
            July 2035
 
	
            LT-IO1
 	
             
 	
            (2
 	
            )
 	
             
 	
            (3)
 	
             
 	
            July 2035
 
	
            LT-IO2
 	
             
 	
            (2
 	
            )
 	
             
 	
            (3)
 	
             
 	
            July 2035
 
	
            LT-IO3
 	
             
 	
            (2
 	
            )
 	
             
 	
            (3)
 	
             
 	
            July 2035
 
	
            LT-PO1
 	
             
 	
            0.00
 	
            %
 	
            $
 	
            1,960,841.00
 	
             
 	
            July 2035
 
	
            LT-PO2
 	
             
 	
            0.00
 	
            %
 	
            $
 	
            753,637.00
 	
             
 	
            July 2035
 
	
            LT-PO3
 	
             
 	
            0.00
 	
            %
 	
            $
 	
            162,496.00
 	
             
 	
            July 2035
 
	
            LT-B1
 	
             
 	
            (2
 	
            )
 	
            $
 	
            8,901,000.00
 	
             
 	
            July 2035
 
	
            LT-B2
 	
             
 	
            (2
 	
            )
 	
            $
 	
            3,204,000.00
 	
             
 	
            July 2035
 
	
            LT-B3
 	
             
 	
            (2
 	
            )
 	
            $
 	
            1,424,000.00
 	
             
 	
            July 2035
 
	
            LT-B4
 	
             
 	
            (2
 	
            )
 	
            $
 	
            1,068,000.00
 	
             
 	
            July 2035
 
	
            LT-B5
 	
             
 	
            (2
 	
            )
 	
            $
 	
            890,000.00
 	
             
 	
            July 2035
 
	
            LT-B6
 	
             
 	
            (2
 	
            )
 	
            $
 	
            535,819.00
 	
             
 	
            July 2035
 
	
            LT-R
 	
             
 	
            5.00
 	
            %
 	
            $
 	
            101.87
 	
             
 	
            July 2035
 
	
            LT-P
 	
             
 	
            0.00
 	
            %
 	
            $
 	
            100.00
 	
             
 	
            July 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 II Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC II-C Regular Interest.

	
            (2)
 	
            Calculated in accordance with the definition of “REMIC II-C Remittance Rate” herein.
 

(3)           REMIC II-C Regular Interest LT-IO1, REMIC II-C Regular Interest LT-IO2 and REMIC II-C Regular Interest LT-IO3 will not have uncertificated balances, but will be entitled to 100% of amounts distributed on REMIC II-B Regular Interest LT-IO1, REMIC II-B Regular Interest LT-IO2 and REMIC II-B Regular Interest LT-IO3, respectively.

 

 

REMIC II-D

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

	
            Designation
 	
             
 	
            Pass-Through
 Rate
 	
             
 	
            Initial Aggregate
 Certificate Balance
 	
             
 	
            Latest Possible
 Maturity Date(1)
 

 

	
            Class II-1-1A1
 	
             
 	
            5.00
 	
            %
 	
            $
 	
            70,233,000
 	
             
 	
             
 	
            July 2035
 
	
            Class II-1-1A2
 	
             
 	
            5.50
 	
            %
 	
             
 	
            (4)
 	
             
 	
             
 	
            July 2035
 
	
            Class II-1-1A3
 	
             
 	
            Variable(2)
 	
             
 	
            $
 	
            34,342,000
 	
             
 	
             
 	
            July 2035
 
	
            Class II-1-1A4
 	
             
 	
            Variable(2)
 	
             
 	
            $
 	
            10,927,000
 	
             
 	
             
 	
            July 2035
 
	
            Class II-1-1A5
 	
             
 	
            5.50
 	
            %
 	
            $
 	
            11,528,000
 	
             
 	
             
 	
            July 2035
 
	
            Class II-1-1A6
 	
             
 	
            5.50
 	
            %
 	
            $
 	
            704,000
 	
             
 	
             
 	
            July 2035
 
	
            Class II-1-2A1
 	
             
 	
            5.50
 	
            %
 	
            $
 	
            62,159,000
 	
             
 	
             
 	
            July 2035
 
	
            Class II-1-2A2
 	
             
 	
            6.00
 	
            %
 	
             
 	
            (4)
 	
             
 	
             
 	
            July 2035
 
	
            Class II-1-2A3
 	
             
 	
            Variable(2)
 	
             
 	
            $
 	
            36,864,000
 	
             
 	
             
 	
            July 2035
 
	
            Class II-1-2A4
 	
             
 	
            Variable(2)
 	
             
 	
            $
 	
            7,680,000
 	
             
 	
             
 	
            July 2035
 
	
            Class II-1-2A5
 	
             
 	
            Variable(2)
 	
             
 	
             
 	
            (4)
 	
             
 	
             
 	
            July 2035
 
	
            Class II-1-2A6
 	
             
 	
            6.00
 	
            %
 	
            $
 	
            11,150,000
 	
             
 	
             
 	
            July 2035
 
	
            Class II-1-2A7
 	
             
 	
            6.00
 	
            %
 	
            $
 	
            681,000
 	
             
 	
             
 	
            July 2035
 
	
            Class II-A2
 	
             
 	
            5.75
 	
            %
 	
            $
 	
            28,616,000
 	
             
 	
             
 	
            July 2035
 
	
            Class II-A3
 	
             
 	
            5.00
 	
            %
 	
            $
 	
            62,267,000
 	
             
 	
             
 	
            July 2035
 
	
            Class II-PO1
 	
             
 	
            (3
 	
            )
 	
            $
 	
            1,960,841
 	
             
 	
             
 	
            July 2035
 
	
            Class II-PO2
 	
             
 	
            (3
 	
            )
 	
            $
 	
            753,637
 	
             
 	
             
 	
            July 2035
 
	
            Class II-PO3
 	
             
 	
            (3
 	
            )
 	
            $
 	
            162,496
 	
             
 	
             
 	
            July 2035
 

	
            Class II-XS1
 	
             
 	
            6.00%
 	
             
 	
            (4)
 	
             
 	
             
 	
            July 2035
 
	
            Class II-XS2
 	
             
 	
            5.75%
 	
             
 	
            (4)
 	
             
 	
             
 	
            July 2035
 
	
            Class II-XS3
 	
             
 	
            5.00%
 	
             
 	
            (4)
 	
             
 	
             
 	
            July 2035
 
	
            Class II-B1
 	
             
 	
            Variable(2)
 	
            $
 	
            8,901,000
 	
             
 	
             
 	
            July 2035
 
	
            Class II-B2
 	
             
 	
            Variable(2)
 	
            $
 	
            3,204,000
 	
             
 	
             
 	
            July 2035
 
	
            Class II-B3
 	
             
 	
            Variable(2)
 	
            $
 	
            1,424,000
 	
             
 	
             
 	
            July 2035
 
	
            Class II-B4
 	
             
 	
            Variable(2)
 	
            $
 	
            1,068,000
 	
             
 	
             
 	
            July 2035
 
	
            Class II-B5
 	
             
 	
            Variable(2)
 	
            $
 	
            890,000
 	
             
 	
             
 	
            July 2035
 
	
            Class II-B6
 	
             
 	
            Variable(2)
 	
            $
 	
            535,819
 	
             
 	
             
 	
            July 2035
 

	
            Class II-R
 	
             
 	
            5.00
 	
            %
 	
            $
 	
            101.87
 	
             
 	
            July 2035
 	
             

	
            Class II-P
 	
             
 	
            0.00
 	
            %
 	
            $
 	
            100
 	
             
 	
             
 	
            July 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 II 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 II-PO1 Certificates, Class II-PO2 Certificates and Class II-PO3 Certificates are principal only certificates and will not have a pass-through rate or accrue interest.

 

 

(4)           The Class II-1-1A2 Certificates, Class II-1-2A2 Certificates and Class II-1-2A5 Certificates will not have certificate principal balances, but will be entitled to distributions of interest on their respective Notional Amounts, as defined herein.  The Class II-XS1 Certificates, Class II-XS2 Certificates and Class II-XS3 Certificates will not have certificate principal balances, but will be entitled to distributions of interest on their respective Notional Amounts, as defined herein, which interest, for federal income tax purposes, will consist of 100% of amounts distributed on REMIC II-B Regular Interest LT-IO1, REMIC II-B Regular Interest LT-IO2 and REMIC II-B Regular Interest LT-IO3, respectively.

REMIC III-A

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

	
            Designation
 	
             
 	
            REMIC III-A Remittance Rate
 	
             
 	
            Initial Uncertificated Balance
 	
             
 	
            Latest Possible Maturity Date(1)
 
	
            LT-1A
 	
             
 	
            (2)
 	
             
 	
            $
 	
            811,315.91
 	
             
 	
            September 2035
 
	
            LT-1B
 	
             
 	
            (2)
 	
             
 	
            $
 	
            14,751,735.93
 	
             
 	
            September 2035
 
	
            LT-2A
 	
             
 	
            (2)
 	
             
 	
            $
 	
            355,666.38
 	
             
 	
            September 2035
 
	
            LT-2B
 	
             
 	
            (2)
 	
             
 	
            $
 	
            6,466,966.38
 	
             
 	
            September 2035
 
	
            LT-3A
 	
             
 	
            (2)
 	
             
 	
            $
 	
            898,241.26
 	
             
 	
            September 2035
 
	
            LT-3B
 	
             
 	
            (2)
 	
             
 	
            $
 	
            16,331,441.26
 	
             
 	
            September 2035
 
	
            LT-4A
 	
             
 	
            (2)
 	
             
 	
            $
 	
            487,261.13
 	
             
 	
            September 2035
 
	
            LT-4B
 	
             
 	
            (2)
 	
             
 	
            $
 	
            8,859,461.13
 	
             
 	
            September 2035
 
	
            LT-5A
 	
             
 	
            (2)
 	
             
 	
            $
 	
            465,120.02
 	
             
 	
            September 2035
 
	
            LT-5B
 	
             
 	
            (2)
 	
             
 	
            $
 	
            8,456,020.02
 	
             
 	
            September 2035
 
	
            LT-ZZZ
 	
             
 	
            (2)
 	
             
 	
            $
 	
            490,772,817.58
 	
             
 	
            September 2035
 
	
            LT-R
 	
             
 	
            (2)
 	
             
 	
            $
 	
            100.20
 	
             
 	
            September 2035
 
	
            LT-P
 	
             
 	
            0.00%
 	
             
 	
            $
 	
            100.00
 	
             
 	
            September 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 III Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC III-A Regular Interest.

	
            (2)
 	
            Calculated in accordance with the definition of “REMIC III-A Remittance Rate” herein.
 

 

 

REMIC III-B

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

	
            Designation
 	
             
 	
            Pass-Through Rate(2)
 	
             
 	
            Initial Aggregate Certificate Balance
 	
             
 	
            Latest Possible Maturity Date(1)
 
	
            Class III-A1A
 	
             
 	
            Variable
 	
             
 	
             
 	
            $
 	
            131,290,000
 	
             
 	
            September 2035
 	
             

	
            Class III-A1B
 	
             
 	
            Variable
 	
             
 	
             
 	
            $
 	
            8,114,000
 	
             
 	
            September 2035
 	
             

	
            Class III-A2A
 	
             
 	
            Variable
 	
             
 	
             
 	
            $
 	
            57,556,000
 	
             
 	
            September 2035
 	
             

	
            Class III-A2B
 	
             
 	
            Variable
 	
             
 	
             
 	
            $
 	
            3,557,000
 	
             
 	
            September 2035
 	
             

	
            Class III-A3A
 	
             
 	
            Variable
 	
             
 	
             
 	
            $
 	
            145,349,000
 	
             
 	
            September 2035
 	
             

	
            Class III-A3B
 	
             
 	
            Variable
 	
             
 	
             
 	
            $
 	
            8,983,000
 	
             
 	
            September 2035
 	
             

	
            Class III-A4A
 	
             
 	
            Variable
 	
             
 	
             
 	
            $
 	
            78,849,000
 	
             
 	
            September 2035
 	
             

	
            Class III-A4B
 	
             
 	
            Variable
 	
             
 	
             
 	
            $
 	
            4,873,000
 	
             
 	
            September 2035
 	
             

	
            Class III-A5
 	
             
 	
            Variable
 	
             
 	
             
 	
            $
 	
            79,909,000
 	
             
 	
            September 2035
 	
             

	
            Class III-B1
 	
             
 	
            Variable
 	
             
 	
             
 	
            $
 	
            14,265,000
 	
             
 	
            September 2035
 	
             

	
            Class III-B2
 	
             
 	
            Variable
 	
             
 	
             
 	
            $
 	
            5,212,000
 	
             
 	
            September 2035
 	
             

	
            Class III-B3
 	
             
 	
            Variable
 	
             
 	
             
 	
            $
 	
            4,115,000
 	
             
 	
            September 2035
 	
             

	
            Class III-B4
 	
             
 	
            Variable
 	
             
 	
             
 	
            $
 	
            2,469,000
 	
             
 	
            September 2035
 	
             

	
            Class III-B5
 	
             
 	
            Variable
 	
             
 	
             
 	
            $
 	
            2,195,000
 	
             
 	
            September 2035
 	
             

	
            Class III-B6
 	
             
 	
            Variable
 	
             
 	
             
 	
            $
 	
            1,920,047
 	
             
 	
            September 2035
 	
             

	
            Class III-R
 	
             
 	
            Variable
 	
             
 	
             
 	
            $
 	
            100.20
 	
             
 	
            September 2035
 	
             

	
            Class III-P
 	
             
 	
            0.00
 	
            %
 	
             
 	
            $
 	
            100
 	
             
 	
            September 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 I 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.
 

As of the Cut-off Date, the Group I Mortgage Loans had an aggregate Scheduled Principal Balance equal to $262,942,655.83. As of the Cut-off Date, the Group I-1 Mortgage Loans had an aggregate Scheduled Principal Balance equal to $22,980,026.75. As of the Cut-off Date, the Group I-2 Mortgage Loans had an aggregate Scheduled Principal Balance equal to $92,120,602.77. As of the Cut-off Date, the Group I-3 Mortgage Loans had an aggregate Scheduled Principal Balance equal to $31,969,119.07. As of the Cut-off Date, the Group I-4 Mortgage Loans had an aggregate Scheduled Principal Balance equal to $96,731,037.88. As of the Cut-off Date, the Group I-5 Mortgage Loans had an aggregate Scheduled Principal Balance equal to $19,141,869.36. As of the Cut-off Date, the Group II Mortgage Loans had an aggregate Scheduled Principal Balance equal to $356,050,994.87. As of the Cut-off Date, the Group II-1
Mortgage Loans had an aggregate Scheduled Principal Balance equal to $259,925,815.19.   As of the Cut-off Date, the Subgroup II-1-1 Mortgage Loans had an aggregate Scheduled Principal Balance equal to $135,806,351.07.   As of the Cut-off Date, the Subgroup II-1-2 Mortgage Loans had an aggregate Scheduled Principal Balance equal to $124,119,464.12.  As of the Cut-off Date, 

 

the Group II-2 Mortgage Loans had an aggregate Scheduled Principal Balance equal to $30,753,753.79.  As of the Cut-off Date, the Group II-3 Mortgage Loans had an aggregate Scheduled Principal Balance equal to $65,371,425.89.  As of the Cut-off Date, the Group III Mortgage Loans had an aggregate Scheduled Principal Balance equal to $548,656,247.20.  As of the Cut-off Date, the Group III-1 Mortgage Loans had an aggregate Scheduled Principal Balance equal to $147,517,359.26.  As of the Cut-off Date, the Group III-2 Mortgage Loans had an aggregate Scheduled Principal Balance equal to $64,669,663.83. As of the Cut-off Date, the Group III-3 Mortgage Loans had an aggregate Scheduled Principal Balance equal to $163,314,412.59. As of the Cut-off Date, the Group III-4 Mortgage Loans had an aggregate Scheduled Principal Balance equal to $88,594,611.32.  As of the Cut-off Date, the Group III-5 Mortgage Loans had an
aggregate Scheduled Principal Balance equal to $84,560,200.20.

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

 

 

ARTICLE I

 

DEFINITIONS

	
             
  	
            SECTION 1.01
 	
            Defined Terms.
 

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

“Adjustable-Rate Mortgage Loan”:  Each Group I Mortgage Loan and Group III Mortgage Loan.

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

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

“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 I Mortgage Loans, 0.0050% per annum.  With respect to the Group II Mortgage Loans, 0.0050% per annum.  With respect to the Group III Mortgage Loans, 0.0025% 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 Group I Senior Certificates, the lesser of (a) 100% and (b) a fraction, expressed as a percentage, the numerator of which is the aggregate Certificate Principal Balance of the Group I Senior Certificates for such Distribution Date and the denominator of which is the sum of (i) the aggregate Scheduled Principal Balance of the Group I Mortgage Loans, plus (ii) the aggregate Scheduled Principal Balance of the REO Properties in Collateral Pool I, in each case before reduction for any Realized Losses on such Distribution Date. With respect to any Distribution Date and the Group II Senior Certificates, the lesser of (a) 100% and (b) a fraction, expressed as a percentage, the numerator of which is the aggregate Certificate Principal Balance of the Group II Senior Certificates for such Distribution Date and the
denominator of which is the sum of (i) the aggregate Scheduled Principal Balance of the Group II Mortgage Loans, plus (ii) the aggregate Scheduled Principal Balance of the REO Properties in Collateral Pool II, in each case before reduction for any Realized Losses on such Distribution Date. With respect to any Distribution Date and the Group III Senior Certificates, the lesser of (a) 100% and (b) a fraction, expressed as a percentage, the numerator of which is the aggregate Certificate Principal Balance of the Group III Senior Certificates for such Distribution Date and the denominator of which is the sum of (i) the aggregate Scheduled Principal Balance of the Group III Mortgage Loans, plus (ii) the aggregate Scheduled Principal Balance of the REO Properties in Collateral Pool III, in each case before reduction for any Realized Losses on such Distribution Date. 

“Aggregate Subordinate Percentage”:  With respect to any Distribution Date and any collateral pool, the percentage equal to the aggregate Certificate Principal Balance of the related Subordinate Certificates immediately prior to such Distribution Date divided by the aggregate Scheduled Principal Balance of all of the related mortgage loans as of the close of business on the first day of the calendar month immediately preceding such Distribution Date.  

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

“Ameriquest”: Ameriquest Mortgage Company or its affiliate Town & Country Credit Corporation.

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

 “Applicable Fraction”:  For each Group II-1 Mortgage Loan that does not have Mortgage Loan Components, 100%. For each Group II-1 Mortgage Loan that has Mortgage Loan Components is as follows:  (i) for each Group II-1 Mortgage Loan with an Expense Adjusted Mortgage Rate greater than 5.500% per annum and less than 6.000% per annum and Subgroup II-1-1, a fraction the numerator of which is (x) 6.000% less the applicable Expense Adjusted Mortgage Rate on such Mortgage Loan and the denominator of which is (y) 0.500%;  and (ii) for each Group II-1 Mortgage Loan with an Expense Adjusted Mortgage Rate greater than 5.500% per annum and less than 6.000% per annum and Subgroup II-1-2, 100.00% less a fraction the numerator of which is (x) 6.000% less the applicable Expense Adjusted Mortgage Rate on such Mortgage Loan and the denominator of which is (y) 0.500%.

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

 

 

“Available Distribution Amount”: With respect to any loan group within Collateral Pool I, the related Group I Available Distribution Amount. With respect to any loan group within Collateral Pool II, the related Group II Available Distribution Amount. With respect to any loan group within Collateral Pool III, the related Group III Available Distribution Amount. 

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

“Bankruptcy Amount”: As of any date of determination, with respect to Collateral Pool I, an amount equal to the excess, if any, of (A) $118,051 over (B) the aggregate amount of Bankruptcy Losses allocated solely to the related Subordinate Certificates in accordance with Section 4.04.  As of any date of determination, with respect to Collateral Pool II, an amount equal to the excess, if any, of (A) $124,762 over (B) the aggregate amount of Bankruptcy Losses allocated solely to the related Subordinate Certificates in accordance with Section 4.04.  As of any date of determination, with respect to Collateral Pool III, an amount equal to the excess, if any, of (A) $211,886 over (B) the aggregate amount of Bankruptcy Losses allocated solely to the related Subordinate Certificates in accordance with Section 4.04.

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

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

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

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

“Business Day”: Any day other than a Saturday, a Sunday or a day on which banking or savings and loan institutions in the State of New York, the State of California, the State of Iowa, the State of Maryland, the State of Mississippi, the State of Missouri, the Commonwealth of Pennsylvania, the State of Texas or in the city in which the Corporate Trust Office of the Trustee or the Corporate Trust Office of the Paying Agent is located are authorized or obligated by law or executive order to be closed.

“Buydown Account”: The custodial account or accounts created and maintained pursuant to Section 3.28.

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

“Buydown Funds”: In respect of any Buydown Mortgage Loan, any amount contributed by the related originator or the employer of a relocated borrower in order to enable 

 

the Mortgagor to reduce the payments required to be made from the Mortgagor’s funds during the Buydown Period. The Buydown Funds are not part of the Trust Fund prior to deposit into the Collection Account or the Distribution Account.

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

“Buydown Period”: The period during which Buydown Funds are required to be applied to the related Buydown Mortgage Loans as provided in Section 3.28.

 “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 2005-5, issued under this Agreement.

“Certificate Factor”: With respect to any Class of Certificates (other than the Class II-XS1 Certificates, the Class II-XS2 Certificates, the Class II-XS3 Certificates, the Class II-1-1A2 Certificates and the Class II-1-2A2 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.
With respect to the Class II-XS1 Certificates as of any Distribution Date, a fraction, expressed as a decimal carried to six places, the numerator of which is the aggregate Scheduled Principal Balance of the Group II-1-2 Mortgage Loans with Expense Adjusted Mortgage Rates equal to or in excess of 6.00% per annum, and the denominator of which is the aggregate Scheduled Principal Balance of the Group II-1-2 Mortgage Loans with Expense Adjusted Mortgage Rates equal to or in excess of 6.00% per annum as of the Cut-off Date. With respect to the Class II-XS2 Certificates as of any Distribution Date, a fraction, expressed as a decimal carried to six places, the numerator of which is the aggregate Scheduled Principal Balance of the Group II-2 Mortgage Loans with Expense Adjusted Mortgage Rates equal to or in excess of 5.75% per annum, and the denominator of which is the aggregate Scheduled Principal Balance of the Group II-2 Mortgage Loans with Expense Adjusted Mortgage Rates equal to or in
excess of 5.75% per annum as of the Cut-off Date. With respect to the Class II-XS3 Certificates as of any Distribution Date, a fraction, expressed as a decimal carried to six places, the numerator of which is the aggregate Scheduled Principal Balance of the Group II-3 Mortgage Loans with Expense Adjusted Mortgage Rates equal to or in excess of 5.00% per annum, and the denominator of which is the aggregate Scheduled Principal Balance of the Group II-2 Mortgage Loans with Expense Adjusted Mortgage Rates equal to or in excess of 5.00% per annum as of the Cut-off Date.  With respect 

 

to the Class II-1-1A2 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 of the Class II-1-1A1 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 of the Class II-1-1A1 Certificates as of the Closing Date.  With respect to the Class II-1-2A2 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 of the Class II-1-2A1 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 of the Class II-1-2A1 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 the Class II-XS1 Certificates, the Class II-XS2 Certificates, the Class II-XS3 Certificates, the Class II-1-1A2 Certificates and the Class II-1-2A2 Certificates) 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 relating to a Collateral Pool outstanding with the highest numerical designation at any given time shall not be greater than the Percentage Interest evidenced by such Certificate multiplied by the excess, if any, of (A) the then aggregate Stated Principal Balance of the Mortgage Loans in such related Collateral Pool over (B) the then aggregate Certificate Principal Balances of all other Classes of Certificates relating to that Collateral Pool then outstanding.

“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.

“CitiMortgage”: CitiMortgage, Inc. in its capacity as an Initial Sub-Servicer with respect to the CitiMortgage Mortgage Loans.  

“CitiMortgage Mortgage Loans”: The Mortgage Loans with respect to which CitiMortgage is the applicable Initial Sub-Servicer.  

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

“Class I-A1 Certificate”: Any one of the Class I-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 I-C for purposes of the REMIC Provisions.

“Class I-A2 Certificate”: Any one of the Class I-A2 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular Interest in REMIC I-C for purposes of the REMIC Provisions.

 “Class I-A3 Certificate”: Any one of the Class I-A3 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-3 and evidencing a Regular Interest in REMIC I-C for purposes of the REMIC Provisions. 

 “Class I-A4 Certificate”: Any one of the Class I-A4 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-4 and evidencing a Regular Interest in REMIC I-C for purposes of the REMIC Provisions. 

“Class I-A5 Certificate”: Any one of the Class I-A5 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-5 and evidencing a Regular Interest in REMIC I-C for purposes of the REMIC Provisions.

 

 

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

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

“Class I-B1 Certificate”: Any one of the Class I-B1 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-8 and evidencing a Regular Interest in REMIC I-C for purposes of the REMIC Provisions.

“Class I-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 I-B1 Certificates immediately prior to such date over the aggregate amount, if any, payable to the Holders of the Class I-B1 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and the denominator of which is the aggregate of the Scheduled Principal Balance of the Group I Subordinate Certificates immediately prior to such date.

“Class I-B2 Certificate”: Any one of the Class I-B2 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-9 and evidencing a Regular Interest in REMIC I-C for purposes of the REMIC Provisions.

“Class I-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 I-B2 Certificates immediately prior to such date over the aggregate amount, if any, payable to the Holders of the Class I-B2 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and the denominator of which is the aggregate of the Scheduled Principal Balance of the Group I Subordinate Certificates immediately prior to such date.

“Class I-B3 Certificate”: Any one of the Class I-B3 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-10 and evidencing a Regular Interest in REMIC I-C for purposes of the REMIC Provisions.

“Class I-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 I-B3 Certificates immediately prior to such date over the aggregate amount, if any, payable to the Holders of the Class I-B3 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and the denominator of which is the aggregate of the Scheduled Principal Balance of the Group I Subordinate Certificates immediately prior to such date.

 

 

“Class I-B4 Certificate”: Any one of the Class I-B4 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 I-C for purposes of the REMIC Provisions.

“Class I-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 I-B4 Certificates immediately prior to such date over the aggregate amount, if any, payable to the Holders of the Class I-B4 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and the denominator of which is the aggregate of the Scheduled Principal Balance of the Group I Subordinate Certificates immediately prior to such date.

“Class I-B5 Certificate”: Any one of the Class I-B5 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 I-C for purposes of the REMIC Provisions.

“Class I-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 I-B5 Certificates immediately prior to such date over the aggregate amount, if any, payable to the Holders of the Class I-B5 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and the denominator of which is the aggregate of the Scheduled Principal Balance of the Group I Subordinate Certificates immediately prior to such date.

“Class I-B6 Certificate”: Any one of the Class I-B6 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 I-C for purposes of the REMIC Provisions.

“Class I-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 I-B6 Certificates immediately prior to such date over the aggregate amount, if any, payable to the Holders of the Class I-B6 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and the denominator of which is the aggregate of the Scheduled Principal Balance of the Group I Subordinate Certificates immediately prior to such date.

“Class I-R Certificate”: Any one of the Class I-R 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 ownership of the Class R-IA Residual Interest, Class R-IB Residual Interest and Class R-IC Residual Interest.

“Class II-1-1A Certificates”:  The Class II-1-1A1 Certificates, the Class II-1-1A2 Certificates, the Class II-1-1A3 Certificates, the Class II-1-1A4 Certificates, the Class II-1-1A5 Certificates and the Class II-1-1A6 Certificates. 

 

 

“Class II-1-1A1 Certificate”: Any one of the Class II-1-1A1 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-D for purposes of the REMIC Provisions.

“Class II-1-1A2 Certificate”: Any one of the Class II-1-1A2 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-16 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions.

 “Class II-1-1A3 Certificate”: Any one of the Class II-1-1A3 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-17 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions.

 “Class II-1-1A4 Certificate”: Any one of the Class II-1-1A4 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-18 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions.

 “Class II-1-1A5 Certificate”: Any one of the Class II-1-1A5 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-19 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions.

“Class II-1-1A6 Certificate”: Any one of the Class II-1-1A6 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-20 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions.

“Class II-1-2A Certificates”: The Class II-1-2A1 Certificates, the Class II-1-2A2 Certificates, the Class II-1-2A3 Certificates, the Class II-1-2A4 Certificates, the Class II-1-2A5 Certificates, the Class II-1-2A6 Certificates and the Class II-1-2A7 Certificates. 

“Class II-1-2A1 Certificate”: Any one of the Class II-1-2A1 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-21 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions. 

“Class II-1-2A2 Certificate”: Any one of the Class II-1-2A2 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-22 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions. 

 “Class II-1-2A3 Certificate”: Any one of the Class II-1-2A3 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, 

 

substantially in the form annexed hereto as Exhibit A-23 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions. 

 “Class II-1-2A4 Certificate”: Any one of the Class II-1-2A4 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-24 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions. 

 “Class II-1-2A5 Certificate”: Any one of the Class II-1-2A5 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-25 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions. 

 “Class II-1-2A6 Certificate”: Any one of the Class II-1-2A6 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-26 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions. 

“Class II-1-2A7 Certificate”: Any one of the Class II-1-2A7 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-27 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions. 

 “Class II-A2 Certificate”: Any one of the Class II-A2 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-28 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions. 

 “Class II-A3 Certificate”: Any one of the Class II-A3 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-29 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions. 

 “Class II-P Certificate”: Any one of the Class II-P Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-30 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions. 

“Class II-XS1 Certificate”: Any one of the Class II-XS1 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-31 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions. 

“Class II-XS2 Certificate”: Any one of the Class II-XS2 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-32 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions. 

 

 

“Class II-XS3 Certificate”: Any one of the Class II-XS3 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-33 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions. 

“Class II-PO1 Certificate”: Any one of the Class II-PO1 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-34 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions. 

“Class II-PO2 Certificate”: Any one of the Class II-PO2 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-35 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions. 

“Class II-PO3 Certificate”: Any one of the Class II-PO3 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-36 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions. 

 “Class II-B1 Certificate”: Any one of the Class II-B1 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-37 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions.

“Class II-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 II-B1 Certificates immediately prior to such date over the aggregate amount, if any, payable to the Holders of the Class II-B1 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and the denominator of which is the aggregate of the Scheduled Principal Balance of the Group II Subordinate Certificates immediately prior to such date.

“Class II-B2 Certificate”: Any one of the Class II-B2 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-38 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions.

“Class II-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 II-B2 Certificates immediately prior to such date over the aggregate amount, if any, payable to the Holders of the Class II-B2 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and the denominator of which is the aggregate of the Scheduled Principal Balance of the Group II Subordinate Certificates immediately prior to such date.

“Class II-B3 Certificate”: Any one of the Class II-B3 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the 

 

form annexed hereto as Exhibit A-39 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions.

“Class II-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 II-B3 Certificates immediately prior to such date over the aggregate amount, if any, payable to the Holders of the Class II-B3 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and the denominator of which is the aggregate of the Scheduled Principal Balance of the Group II Subordinate Certificates immediately prior to such date.

“Class II-B4 Certificate”: Any one of the Class II-B4 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-40 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions.

“Class II-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 II-B4 Certificates immediately prior to such date over the aggregate amount, if any, payable to the Holders of the Class II-B4 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and the denominator of which is the aggregate of the Scheduled Principal Balance of the Group II Subordinate Certificates immediately prior to such date.

“Class II-B5 Certificate”: Any one of the Class II-B5 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-41 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions.

“Class II-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 II-B5 Certificates immediately prior to such date over the aggregate amount, if any, payable to the Holders of the Class II-B5 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and the denominator of which is the aggregate of the Scheduled Principal Balance of the Group II Subordinate Certificates immediately prior to such date.

“Class II-B6 Certificate”: Any one of the Class II-B6 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-42 and evidencing a Regular Interest in REMIC II-D for purposes of the REMIC Provisions.

“Class II-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 II-B6 Certificates immediately prior to such date over the aggregate amount, if any, payable to the Holders of the Class II-B6 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and the denominator of which is the aggregate of the 

 

Scheduled Principal Balance of the Group II Subordinate Certificates immediately prior to such date.

 “Class II-R Certificate”: Any one of the Class II-R Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-43 and evidencing ownership of the Class R-IIA Residual Interest, Class R-IIB Residual Interest, the Class R-IIC Residual Interest and the Class R-IID Residual Interest. 

“Class III-A1A Certificate”: Any one of the Class III-A1A Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-44 and evidencing a Regular Interest in REMIC III-B for purposes of the REMIC Provisions.

“Class III-A1B Certificate”: Any one of the Class III-A1B Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-45 and evidencing a Regular Interest in REMIC III-B for purposes of the REMIC Provisions.

 “Class III-A2A Certificate”: Any one of the Class III-A2A Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-46 and evidencing a Regular Interest in REMIC III-B for purposes of the REMIC Provisions.

 “Class III-A2B Certificate”: Any one of the Class III-A2B Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-47 and evidencing a Regular Interest in REMIC III-B for purposes of the REMIC Provisions.

 “Class III-A3A Certificate”: Any one of the Class III-A3A Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-48 and evidencing a Regular Interest in REMIC III-B for purposes of the REMIC Provisions. 

“Class III-A3B Certificate”: Any one of the Class III-A3B Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-49 and evidencing a Regular Interest in REMIC III-B for purposes of the REMIC Provisions. 

 “Class III-A4A Certificate”: Any one of the Class III-A4A Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-50 and evidencing a Regular Interest in REMIC III-B for purposes of the REMIC Provisions. 

“Class III-A4B Certificate”: Any one of the Class III-A4B Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-51 and evidencing a Regular Interest in REMIC III-B for purposes of the REMIC Provisions. 

 

 

 “Class III-A5 Certificate”: Any one of the Class III-A5 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-52 and evidencing a Regular Interest in REMIC III-B for purposes of the REMIC Provisions.

“Class III-P Certificate”: Any one of the Class III-P Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-53 and evidencing a Regular Interest in REMIC III-A for purposes of the REMIC Provisions. 

“Class III-B1 Certificate”: Any one of the Class III-B1 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-54 and evidencing a Regular Interest in REMIC III-B for purposes of the REMIC Provisions.

“Class III-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 III-B1 Certificates immediately prior to such date over the aggregate amount, if any, payable to the Holders of the Class III-B1 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and the denominator of which is the aggregate of the Scheduled Principal Balance of the Group III Subordinate Certificates immediately prior to such date.

“Class III-B2 Certificate”: Any one of the Class III-B2 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-55 and evidencing a Regular Interest in REMIC III-B for purposes of the REMIC Provisions.

“Class III-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 III-B2 Certificates immediately prior to such date over the aggregate amount, if any, payable to the Holders of the Class III-B2 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and the denominator of which is the aggregate of the Scheduled Principal Balance of the Group III Subordinate Certificates immediately prior to such date.

“Class III-B3 Certificate”: Any one of the Class III-B3 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-56 and evidencing a Regular Interest in REMIC III-B for purposes of the REMIC Provisions.

“Class III-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 III-B3 Certificates immediately prior to such date over the aggregate amount, if any, payable to the Holders of the Class III-B3 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and the denominator of which is the aggregate of the Scheduled Principal Balance of the Group III Subordinate Certificates immediately prior to such date.

 

 

“Class III-B4 Certificate”: Any one of the Class III-B4 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-57 and evidencing a Regular Interest in REMIC III-B for purposes of the REMIC Provisions.

“Class III-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 III-B4 Certificates immediately prior to such date over the aggregate amount, if any, payable to the Holders of the Class III-B4 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and the denominator of which is the aggregate of the Scheduled Principal Balance of the Group III Subordinate Certificates immediately prior to such date.

“Class III-B5 Certificate”: Any one of the Class III-B5 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-58 and evidencing a Regular Interest in REMIC III-B for purposes of the REMIC Provisions.

“Class III-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 III-B5 Certificates immediately prior to such date over the aggregate amount, if any, payable to the Holders of the Class III-B5 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and the denominator of which is the aggregate of the Scheduled Principal Balance of the Group III Subordinate Certificates immediately prior to such date.

“Class III-B6 Certificate”: Any one of the Class III-B6 Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-59 and evidencing a Regular Interest in REMIC III-B for purposes of the REMIC Provisions.

“Class III-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 III-B6 Certificates immediately prior to such date over the aggregate amount, if any, payable to the Holders of the Class III-B6 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and the denominator of which is the aggregate of the Scheduled Principal Balance of the Group III Subordinate Certificates immediately prior to such date.

“Class III-R Certificate”: Any one of the Class I-R Certificates executed by the Paying Agent and authenticated and delivered by the Authenticating Agent, substantially in the form annexed hereto as Exhibit A-60 and evidencing ownership of the Class R-IIIA Residual Interest and Class R-IIIB Residual Interest.

 “Class A Certificates”: The Group I Class A Certificates,  the Group II Class A Certificates and the Group III Class A Certificates. 

 

 

“Class A Principal Adjustment Amount”: With respect to Collateral Pool I, as to any Distribution Date on which the Certificate Principal Balance of all of the Class A Certificates related to a Loan Group have been reduced to zero, any remaining Principal Prepayments, Liquidation Proceeds or other unscheduled payments of principal collected in respect of the related Mortgage Loans in such Loan Group (and, with respect to any Distribution Date on which the aggregate Certificate Principal Balance of the Group I Subordinate Certificates has been reduced to zero, any remaining scheduled payments of principal in respect of the Mortgage Loans in the related Loan Group). With respect to Collateral Pool II, as to any Distribution Date on which the Certificate Principal Balance of all of the Class A Certificates related to a Subgroup have been reduced to zero, any remaining Principal
Prepayments, Liquidation Proceeds or other unscheduled payments of principal collected in respect of the related Mortgage Loan Components or the related Mortgage Loans in such Subgroup (and, with respect to any Distribution Date on which the aggregate Certificate Principal Balance of the Group II Subordinate Certificates has been reduced to zero, any remaining scheduled payments of principal in respect of the Mortgage Loan Components or Mortgage Loans in the related Subgroup).  With respect to Collateral Pool III, as to any Distribution Date on which the Certificate Principal Balance of all of the Class A Certificates related to a Loan Group have been reduced to zero, any remaining Principal Prepayments, Liquidation Proceeds or other unscheduled payments of principal collected in respect of the related Mortgage Loans in such Loan Group (and, with respect to any Distribution Date on which the aggregate Certificate Principal Balance of the Group III Subordinate Certificates has been
reduced to zero, any remaining scheduled payments of principal in respect of the Mortgage Loans in the related Loan Group).

“Class B Percentage”: Any one of the Class I-B1 Percentage, the Class I-B2 Percentage, the Class I-B3 Percentage, the Class I-B4 Percentage, the Class I-B5 Percentage, the Class I-B6 Percentage, the Class II-B1 Percentage, the Class II-B2 Percentage, the Class II-B3 Percentage, the Class II-B4 Percentage, the Class II-B5 Percentage, the Class II-B6 Percentage, the Class III-B1 Percentage, the Class III-B2 Percentage, the Class III-B3 Percentage, the Class III-B4 Percentage, the Class III-B5 Percentage, the Class III-B6 Percentage.

“Class P Certificates”:  The Class I-P Certificates, the Class II-P Certificates and the Class III-P Certificates.  

“Class PO Certificates”: The Class II-PO1 Certificates, the Class II-PO2 Certificates and the Class II-PO3 Certificates. 

“Class PO Mortgage Loan”: Any Group II Mortgage Loan in Subgroup II-1-1 with an Expense Adjusted Mortgage Rate below 5.50% per annum, any Group II-2 Mortgage Loan with an Expense Adjusted Mortgage Rate below 5.75% per annum and any Group II-3 Mortgage Loan with an Expense Adjusted Mortgage Rate below 5.00% per annum.

“Class PO Percentage”: With respect to (a) a Class PO Mortgage Loan in Subgroup II-1-1, the quotient of (i) 5.50% per annum minus the related Expense Adjusted Mortgage Rate divided by (ii) 5.50% per annum, (b) a Class PO Mortgage Loan in Group II-2, the quotient of (i) 5.75% per annum minus the related Expense Adjusted Mortgage Rate divided by (ii) 5.75% per annum, (c) a Class PO Mortgage Loan in Group II-3, the quotient of (i) 5.00% 

 

per annum minus the related Expense Adjusted Mortgage Rate divided by (ii) 5.00% 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 Subgroup II-1-1 Available Distribution Amount (in the case of the Class II-PO1 Certificates) or the Group II-2 Available Distribution Amount (in the case of the Class II-PO2 Certificates) or the Group II-3 Available Distribution Amount (in the case of the Class II-PO3 Certificates), as applicable, remaining after distribution of the related Senior Interest Distribution Amounts 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 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 related 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 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 related  Servicer and distributed pursuant to Section 4.01 on the Distribution Date in the related Prepayment Period) in respect of each such Deleted Mortgage Loan that
was replaced prior to the Distribution Date in the related Prepayment Period, over (B) the 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-IA Residual Interest”: The uncertificated Residual Interest in REMIC I-A.

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

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

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

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

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

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

 “Class R-IIIA Residual Interest”: The uncertificated Residual Interest in REMIC III-A.

“Class R-IIIB Residual Interest”: The uncertificated Residual Interest in REMIC III-B.

 “Class XS Certificates”: The Class II-XS1 Certificates, the Class II-XS2 Certificates and the Class II-XS3 Certificates. 

 

 

“Closing Date”: August 31, 2005.

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

“Collateral Pool”: Either Collateral Pool I, Collateral Pool II or Collateral Pool III.

“Collateral Pool I”: The Mortgage Loans in Loan Group I-1, Loan Group I-2, Loan Group I-3, Loan Group I-4 and Loan Group I-5.

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

“Collateral Pool III”: The Mortgage Loans in Loan Group III-1, Loan Group III-2, Loan Group III-3, Loan Group III-4 and Loan Group III-5.

“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 2005-5.” The Collection Account must be an Eligible Account.

“Commission”: The Securities and Exchange Commission.  

“Compensating Interest Payment”: With respect to each Collateral Pool and the Countrywide Mortgage Loans in such Collateral Pool, an amount equal to the lesser of one half of (a) one-twelfth of the product of (i) the weighted average servicing fee rate percentage for such Mortgage Loans as set forth in the applicable Initial Sub-Servicing Agreement 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 pursuant to the applicable Initial Sub Servicing Agreement. With respect to each Collateral Pool and the GMAC Mortgage Loans in such Collateral Pool, an amount equal to the lesser of (a) one-twelfth of the product of (i) the weighted average servicing fee rate percentage for such Mortgage Loans as set forth in the applicable Initial Sub-Servicing Agreement 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 pursuant to the applicable Initial Sub-Servicing Agreement. With respect to each Collateral Pool and the Wells Mortgage Loans in such Collateral Pool, 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 (each as set forth in the applicable Initial Sub-Servicing Agreement). With respect to each Collateral Pool and the GreenPoint Mortgage Loans in such Collateral Pool and any prepayment in full or in part 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 (each 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 the mortgage loans in such Collateral Pool for the applicable calendar month. With respect to each Collateral Pool and the National City Mortgage Loans in such 

 

Collateral Pool and any prepayment in full or in part, an amount equal to the amount of interest (net of the related servicing fee rate, each 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.

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

“Corresponding Certificate”: With respect to each REMIC II-C Regular Interest listed below, the Certificate listed below:

 

	
            
REMIC II-C Regular Interest
 
 	
            
Certificate
 
 
	
            LT-1-1A1
 	
            Class II-1-1A1
 
	
            LT-1-1A2
 	
            Class II-1-1A5
 
	
            LT-1-1A3
 	
            Class II-1-1A3
 
	
            LT-1-1A4
 	
            Class II-1-1A4
 
	
            LT-1-1A5
 	
            Class II-1-1A5
 
	
            LT-1-1A6
 	
            Class II-1-1A6
 
	
            LT-1-2A1
 	
            Class II-1-2A1
 
	
            LT-1-2A6
 	
            Class II-1-2A2
 
	
            LT-1-2A3
 	
            Class II-1-2A3
 
	
            LT-1-2A4
 	
            Class II-1-2A4
 
	
            LT-1-2A6
 	
            Class II-1-2A6
 
	
            LT-1-2A7
 	
            Class II-1-2A7
 
	
            LT-A2
 	
            Class II-A2
 
	
            LT-A3
 	
            Class II-A3
 
	
            LT-PO1
 	
            Class II-PO1
 
	
            LT-PO2
 	
            Class II-PO2
 
	
            LT-PO3
 	
            Class II-PO3
 
	
            LT-IO1
 	
            Class II-XS1
 
	
            LT-IO2
 	
            Class II-XS2
 
	
            LT-IO3
 	
            Class II-XS3
 
	
            LT-B1
 	
            Class II-B1
 
	
            LT-B2
 	
            Class II-B2
 
	
            LT-B3
 	
            Class II-B3
 
	
            LT-B4
 	
            Class II-B4
 
	
            LT-B5
 	
            Class II-B5
 

 

 

 

 

	
            LT-B6
 	
            Class II-B6
 
	
            II-R
 	
            Class II-R
 
	
            II-P
 	
            Class II-P
 

 

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

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

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

“Custodian”: A document custodian appointed by the Trustee to perform (or in the case of the initial Custodian otherwise engaged to perform) custodial duties with respect to the Mortgage Files.  The initial Custodian is Citibank West, FSB. 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, August 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 S&P, Fitch and Moody’s are not the Rating Agencies).

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

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

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

“Disqualified Organization”: Any of the following: (i) the United States, any State or political subdivision thereof, any possession of the United States, or any agency or instrumentality of any of the foregoing (other than an instrumentality which is a corporation if all of its activities are subject to tax and, except for Freddie Mac, a majority of its board of directors is not selected by such governmental unit), (ii) any foreign government, any international organization, or any agency or instrumentality of any of the foregoing, (iii) any organization (other than certain farmers’ cooperatives described in Section 521 of the Code) which is exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed by Section 511 of the 

 

Code on unrelated business taxable income), (iv) rural electric and telephone cooperatives described in Section 1381(a)(2)(C) of the Code, (v) an “electing large partnership” within the meaning of Section 775 of the Code and (vi) any other Person so designated by the Trustee based upon an Opinion of Counsel that the holding of an Ownership Interest in a Residual Certificate by such Person may cause any REMIC or any Person having an Ownership Interest in any Class of Certificates (other than such Person) to incur a liability for any federal tax imposed under the Code that would not otherwise be imposed but for the Transfer of an Ownership Interest in a Residual Certificate to such Person. The terms “United States,” “State” and “international organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions.

“Distribution Account”: The trust account or accounts created and maintained by the Paying Agent pursuant to Section 3.10(b) which shall be entitled “Citibank, N.A., as Paying Agent, in trust for the registered holders of Citigroup Mortgage Loan Trust Inc., Mortgage Pass- Through Certificates, Series 2005-5.” 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 September 2005.

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

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

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

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

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

 

 

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

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

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

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

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

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

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

“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 the (i) the applicable Servicing Fee Rate, (ii) the Administration Fee Rate and (iii) the PMI Insurer Fee Rate, if applicable.  

“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 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.

“Floater Certificates”:  The Class II-1-1A3 Certificates and the Class II-1-2A3 Certificates.

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

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

 

determination. On and after the fifth anniversary of the Cut-off Date, the Fraud Loss Amount with respect to Collateral Pool I shall be zero. In addition, after the Certificate Principal Balances of the related Subordinate Certificates are reduced to zero, the Fraud Loss Amount with respect to Collateral Pool I shall be zero.

With respect to Collateral Pool II, 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 Group II Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud Losses on the Group II Mortgage Loans allocated solely to the related Subordinate Certificates in accordance with Section 4.04 since the Cut-off Date up to such date of determination and (Y) from the third anniversary of the Cut-off Date and prior to the fifth anniversary of the Cut-off Date, (1) the lesser of (a) the related Fraud Loss Amount as of the most recent anniversary of the Cut-off Date and (b) 0.50% of the aggregate outstanding principal balance of the Group II Mortgage Loans as of the most recent anniversary of the Cut-off Date minus (2) the Fraud Losses on the Group II
Mortgage Loans allocated solely to the related Subordinate Certificates in accordance with Section 4.04 since the most recent anniversary of the Cut-off Date up to such date of determination. On and after the fifth anniversary of the Cut-off Date, the Fraud Loss Amount with respect to Collateral Pool II shall be zero. In addition, after the Certificate Principal Balances of the related Subordinate Certificates are reduced to zero, the Fraud Loss Amount with respect to Collateral Pool II shall be zero.

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

“Greenpoint”: GreenPoint Mortgage Funding, Inc. 

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

 

 

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

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

Notwithstanding the foregoing, the Group I 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 or Class A Principal Adjustment Amount, in each case for such Distribution Date.

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

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

“Group I Class A Certificates”: The Class I-A1 Certificates, the Class I-A2 Certificates, the Class I-A3 Certificates, the Class I-A4 Certificates and the Class I-A5 Certificates.

 

 

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

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

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

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

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

 “Group I-5 Mortgage Loans”:  Each Loan identified as such on the Mortgage Loan Schedule.

 “Group I Senior Certificates”: The Class I-A1 Certificates, the Class I-A2 Certificates, the Class I-A3 Certificates, the Class I-A4 Certificates,  the Class I-A5 Certificates, the Class I-P Certificates and the Class I-R Certificates.

“Group I Senior Percentage”: With respect to any Distribution Date and a loan group included in Collateral Pool I, the lesser of (a) 100% and (b) a fraction, expressed as a percentage, the numerator of which is the excess, if any, of the aggregate Certificate Principal Balance of the related Group I Class A Certificates for such Distribution Date over the aggregate amount, if any, payable to the Holders of the related Group I 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 related Group I Mortgage Loans, plus (ii) the aggregate Scheduled Principal Balance of the REO Properties in related loan group, in each case before reduction for any Realized Losses on such Distribution Date. 

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

 

Scheduled Principal Balance of the REO Properties in related loan group, in each case before reduction for any Realized Losses on such Distribution Date. On any Distribution Date after the reduction of the Certificate Principal Balances of all but one of the related Group I Class A Certificates to zero, the Group I Senior Percentage for that loan group will be the lesser of (a) 100% and (b) a fraction, expressed as a percentage, the numerator of which is the excess, if any, of the Certificate Principal Balance of the related Group I Class A Certificates for such Distribution Date over the aggregate amount, if any, payable to the Holders of the related Group I Class A Certificates on such date pursuant to clause (d) of the definition of “Senior Principal Distribution Amount,” and the denominator of which is the sum of (i) the aggregate Scheduled Principal Balance of the Group I Mortgage Loans,
plus (ii) the aggregate Scheduled Principal Balance of the REO Properties in Collateral Pool I, in each case before reduction for any Realized Losses on such Distribution Date.

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

	
            
Distribution Date
 
 	
            
Group I Senior Prepayment Percentage
 
 
	
            September 2005 through August 2012
 	
            100%
 
	
            September 2012 through August 2013
 	
            Group I Senior Percentage, plus 70% of the Group I Subordinate Percentage
 
	
            September 2013 through August 2014
 	
            Group I Senior Percentage, plus 60% of the Group I Subordinate Percentage
 
	
            September 2014 through August 2015
 	
            Group I Senior Percentage, plus 40% of the Group I Subordinate Percentage
 
	
            September 2015 through August 2016
 	
            Group I Senior Percentage, plus 20% of the Group I Subordinate Percentage
 
	
            September 2017 and thereafter
 	
            Group I Senior Percentage;
 

 

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

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

Notwithstanding the above, if on any Distribution Date (a) the Aggregate Subordinate Percentage, prior to giving effect to any distributions on such Distribution Date, equals or exceeds two times the initial Aggregate Subordinate Percentage for Collateral Pool I, (b) the provisions of clause (i) of the second preceding paragraph are met and (c) (i) on or prior to the Distribution Date occurring in August 2008, cumulative Realized Losses on the Group I 

 

Mortgage Loans as of the end of the related Prepayment Period do not exceed 20% of the initial aggregate Certificate Principal Balance of the Group I Subordinate Certificates and (ii) after the Distribution Date occurring in August 2008, cumulative Realized Losses on the Group I Mortgage Loans as of the end of the Prepayment Period do not exceed 30% of the initial aggregate Certificate Principal Balance of the Group I Subordinate Certificates, then the Group I Senior Prepayment Percentage for such Distribution Date and each loan group within Collateral Pool I will equal the related Group I Senior Percentage plus 50% of the Group I Subordinate Percentage for such Distribution Date, if such Distribution Date is prior to September 2008, and will equal the related Group I Senior Percentage for such Distribution Date, if such Distribution Date occurs on or after September 2008.

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

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

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

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

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

 “Group II Available Distribution Amount”:  With respect to any Distribution Date and any loan group or subgroup within Collateral Pool II, an amount equal to the excess of (i) the sum attributable to the related Group II Mortgage Loans of (a) the aggregate of the Monthly Payments due on or before the Due Date relating to such Distribution Date and received by the Master Servicer (or a Sub-Servicer on its behalf) on or prior to the related Determination Date, after deduction of the applicable Servicing Fee, the Administration Fee and the PMI Insurer Fee, if applicable (b) Liquidation Proceeds, Insurance Proceeds, Principal Prepayments, proceeds from repurchases of and substitutions for the related Group II Mortgage Loans, Subsequent Recoveries and other unscheduled collections of principal and interest in respect of the related Group II Mortgage Loans or REO Properties
received by the Servicer during the related Prepayment Period (exclusive of any prepayment charges, penalties or premiums), (c) the aggregate of any amounts on deposit in the Distribution Account representing Compensating Interest Payment paid by the Master Servicer in respect of related Prepayment Interest Shortfalls relating to Principal Prepayments that occurred during the related Prepayment Period and (d) the aggregate of any P&I Advances made by the Master Servicer for such Distribution Date over (ii) the sum attributable to or allocable to the related Group II Mortgage Loans of (a) amounts reimbursable to the Depositor, the Master Servicer, the Trustee, the Trust Administrator, 

 

Citibank or a Custodian pursuant to Section 6.03 or Section 8.05 or otherwise payable in respect of Extraordinary Trust Fund Expenses, (b) amounts in respect of the items set forth in clauses (i)(a) through (i)(d) above deposited in the Collection Account or the Distribution Account in respect of the items set forth in clauses (i)(a) through (i)(d) above in error, (c) without duplication, any amounts in respect of the items set forth in clauses (i)(a) and (i)(b) permitted hereunder to be retained by the Master Servicer or to be withdrawn by the Master Servicer from the Collection Account pursuant to Section 3.18. 

Notwithstanding the foregoing, the Group II Available Distribution Amount for any Distribution Date shall be increased (in the case of an Undercollateralized Loan Group or Subgroup) or decreased (in the case of an Overcollateralized Loan Group or Subgroup) by any applicable Diverted Interest Amount or Class A Principal Adjustment Amount, in each case for such Distribution Date. 

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

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

“Group II Class A Certificates”: The Class II-1-1A1 Certificates, Class II-1-1A2 Certificates, Class II-1-1A3 Certificates, Class II-1-1A4 Certificates, Class II-1-1A5 Certificates, Class II-1-1A6 Certificates, the Class II-1-2A1 Certificates, the Class II-1-2A2 Certificates, the Class II-1-2A3 Certificates, the Class II-1-2A4 Certificates, the Class II-1-2A5 Certificates, the Class II-1-2A6 Certificates, the Class II-1-2A7 Certificates, the Class II-A2 Certificates and the Class II-A3 Certificates. 

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

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

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

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

 “Group II Senior Certificates”: The Class II-1-1A1 Certificates, Class II-1-1A2 Certificates, Class II-1-1A3 Certificates, Class II-1-1A4 Certificates, Class II-1-1A5 Certificates, Class II-1-1A6 Certificates, the Class II-1-2A1 Certificates, the Class II-1-2A2 Certificates, the Class II-1-2A3 Certificates, the Class II-1-2A4 Certificates, the Class II-1-2A5 Certificates, the Class II-1-2A6 Certificates, the Class II-1-2A7 Certificates, the Class II-A2 Certificates, the Class II-A3 Certificates, the Class II-P Certificates, the Class II-XS1 Certificates, the Class II-

 

XS2 Certificates, the Class II-XS3 Certificates, the Class II-PO1 Certificates, the Class II-PO2 Certificates, the Class II-PO3 Certificates and the Class II-R Certificates.   

 

 “Group II Senior Percentage”: With respect to any Distribution Date and a loan group or subgroup in Collateral Pool II, the lesser of (a) 100% and (b) a fraction, expressed as a percentage, the numerator of which is the excess, if any, of the aggregate Certificate Principal Balance of the related Group II Class A Certificates for such Distribution Date over the aggregate amount, if any, payable to the Holders of the related Group II 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 Group II 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 or Subgroup, in
each case before reduction for any Realized Losses on such Distribution Date.

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

	
            
Distribution Date
 
 	
            
Group II Senior Prepayment Percentage
 
 
	
            September 2005 through August 2010
 	
            100%
 
	
            September 2011 through August 2012
 	
            Group II Senior Percentage, plus 70% of the Group II Subordinate Percentage
 
	
            September 2012 through August 2013
 	
            Group II Senior Percentage, plus 60% of the Group II Subordinate Percentage
 
	
            September 2013 through August 2014
 	
            Group II Senior Percentage, plus 40% of the Group II Subordinate Percentage
 
	
            September 2014 through August 2015
 	
            Group II Senior Percentage, plus 20% of the Group II Subordinate Percentage
 
	
            September 2016 and thereafter
 	
            Group II Senior Percentage;
 
			

 

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

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

On any Distribution Date on which the Aggregate Senior Percentage for Collateral Pool II exceeds the initial Aggregate Senior Percentage for Collateral Pool II, the Group II Senior Prepayment Percentage for each Group II loan group or subgroup shall be 100%.

 

 

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

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

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

“Group II Subordinate Prepayment Percentage”: With respect to any Loan Group or Subgroup within Collateral Pool II and any Distribution Date, 100% minus the related Group II Senior Prepayment Percentage for such Loan Group or Subgroup and Distribution Date.

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

Notwithstanding the foregoing, the Group III 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 or Class A Principal Adjustment Amount, in each case for such Distribution Date.

Provided, that, on any Distribution Date on which there are Group III Class A Certificates relating to only one Loan Group remaining outstanding, the Group III Available 

 

Distribution Amount for that Distribution Date will be calculated on an aggregate Collateral Pool III basis, without regard to the related Loan Group. 

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

“Group III Class A Certificates”: The Class III-A1 Certificates, the Class III-A2A Certificates, the Class III-A2B Certificates, the Class III-A3A Certificates, the Class III-A3B Certificates, the Class III-A4A Certificates, the Class III-A4B Certificates and the Class III-A5 Certificates.

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

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

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

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

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

“Group III-5 Mortgage Loans”:  Each Loan identified as such on the Mortgage Loan Schedule.

“Group III Senior Certificates”: The Class III-A1 Certificates, the Class III-A2A Certificates, the Class III-A2B Certificates, the Class III-A3A Certificates, the Class III-A3B Certificates, the Class III-A4A Certificates, the Class III-A4B Certificates, the Class III-A5 Certificates, the Class III-P Certificates and the Class III-R Certificates.

“Group III Senior Percentage”: With respect to any Distribution Date and a loan group included in Collateral Pool III, the lesser of (a) 100% and (b) a fraction, expressed as a percentage, the numerator of which is the excess, if any, of the aggregate Certificate Principal Balance of the related Group III Class A Certificates for such Distribution Date over the aggregate amount, if any, payable to the Holders of the related Group III 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 related Group III Mortgage Loans, plus (ii) the aggregate Scheduled Principal Balance of the REO Properties in related loan group, in each case before reduction for any Realized Losses on such Distribution Date. 

Notwithstanding the foregoing, on any Cross-Collateralization Date on which (x) the sum of (i) the aggregate Scheduled Principal Balance of the related Group III Mortgage Loans, plus (ii) the aggregate Scheduled Principal Balance of the REO Properties in the related loan group, in each case before reduction for any Realized Losses on such Distribution Date 

 

 

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

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

       	
                   
       Distribution Date
 
 	
                   
       Group III Senior Prepayment Percentage
 
 
	
                   September 2005 through August 2012
 	
                   100%
 
	
                   September 2012 through August 2013
 	
                   Group III Senior Percentage, plus 70% of the Group III Subordinate Percentage
 
	
                   September 2013 through August 2014
 	
                   Group III Senior Percentage, plus 60% of the Group III Subordinate Percentage
 
	
                   September 2014 through August 2015
 	
                   Group III Senior Percentage, plus 40% of the Group III Subordinate Percentage
 
	
                   September 2015 through August 2016
 	
                   Group III Senior Percentage, plus 20% of the Group III Subordinate Percentage
 
	
                   September 2016 and thereafter
 	
                   Group III Senior Percentage;
 
			

        

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

        

        

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

       Notwithstanding the above, if on any Distribution Date (a) the Aggregate Subordinate Percentage, prior to giving effect to any distributions on such Distribution Date, equals or exceeds two times the initial Aggregate Subordinate Percentage for Collateral Pool III, (b) the provisions of clause (i) of the second preceding paragraph are met and (c) (i) on or prior to the Distribution Date occurring in August 2008, cumulative Realized Losses on the Group III Mortgage Loans as of the end of the related Prepayment Period do not exceed 20% of the initial aggregate Certificate Principal Balance of the Group III Subordinate Certificates and (ii) after the Distribution Date occurring in August 2008, cumulative Realized Losses on the Group III Mortgage Loans as of the end of the Prepayment Period do not exceed 30% of the initial aggregate Certificate Principal Balance of the Group III Subordinate
       Certificates, then the Group III Senior Prepayment Percentage for such Distribution Date and each loan group within Collateral Pool III will equal the related Group III Senior Percentage plus 50% of the Group III Subordinate Percentage for such Distribution Date, if such Distribution Date is prior to September 2008, and will equal the related Group III Senior Percentage for such Distribution Date, if such Distribution Date occurs on or after September 2008.

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

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

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

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

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

        “Independent”: When used with respect to any specified Person, any such Person who (a) is in fact independent of the Depositor, the Master Servicer and their respective Affiliates, (b) does not have any direct financial interest in or any material indirect financial interest in the Depositor, the Master Servicer or any Affiliate thereof, and (c) is not connected with the Depositor, the Master Servicer or any Affiliate thereof as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions; 

        

       provided, however, that a Person shall not fail to be Independent of the Depositor, the Master Servicer or any Affiliate thereof merely because such Person is the beneficial owner of 1% or less of any class of securities issued by the Depositor or the Master Servicer or any Affiliate thereof, as the case may be.

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

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

       “Initial Sub-Servicing Agreement”: With respect to the Countrywide Mortgage Loans, the Amended and Restated Master Mortgage Loan Purchase and Servicing Agreement, dated December 15, 2003, between Countrywide and the Seller, as modified as of the date hereof with respect to the Countrywide Mortgage Loans in the Trust Fund. With respect to the Ameriquest Mortgage Loans, the Mortgage Loan Purchase and Interim Servicing Agreement dated as of July 27, 2005, between Ameriquest and GMAC Mortgage Co. as assigned to the Seller by the Assignment and Recognition Agreement dated as of July 27, 2005, as modified as of the date hereof with respect to the Ameriquest Mortgage Loans in the Trust Fund.  With respect to the Quicken Mortgage Loans, the Master Mortgage Loan Purchase and Interim Servicing Agreement dated as of November 1, 2004, between Quicken and GMAC, as modified as of the date
       hereof with respect to the Quicken Mortgage Loans in the Trust Fund, or, if such servicing agreement is superseded by a permanent servicing agreement, the applicable permanent servicing agreement (provided that such permanent servicing agreement does not result in the withdrawal, qualification or downgrade of the rating of any Certificates rated by any Rating Agency as of the Closing Date). With respect to the MortgageIT Mortgage Loans, the Master Mortgage Loan Purchase and Interim Servicing Agreement, dated November 1, 2004, between MortgageIT and GMAC, as modified as of the date hereof with respect to the MortgageIT Mortgage Loans in the Trust Fund, or, if such servicing agreement is superseded by a permanent servicing agreement, the applicable permanent servicing agreement (provided that such permanent servicing agreement does not result in the withdrawal, qualification or downgrade of the rating of any Certificates rated by any Rating Agency as of the Closing Date). With respect
       to the Wells Mortgage Loans, the Seller’s Warranties and Servicing Agreement, dated as of August 1, 2005, relating to the WFHM 2005-W57 Mortgage Loans, as modified as of the date hereof with respect to the applicable Wells Mortgage Loans in the Trust Fund, as applicable.  With 

        

       respect to the Greenpoint Mortgage Loans, Master Mortgage Loan Purchase and Servicing Agreement dated as of April 1, 2005, between GreenPoint and the Seller, as modified as of the date hereof with respect to the Greenpoint Mortgage Loans in the Trust Fund. With respect to the National City Mortgage Loans, 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, as modified as of the date hereof with respect to the National City 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, including the PMI Policy, 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 (other than the Floater Certificates and the Inverse Floater Certificates), the calendar month preceding the month in which the Distribution Date occurs, and each such Interest Accrual Period will be deemed to be 30 days regardless of its actual length. The Interest Accrual Period for any Distribution Date and each class of the Floater Certificates and Inverse Floater Certificates is the one-month period commencing on the 25th day of the calendar month immediately preceding the month in which such Distribution Date occurs and ending on the 24th day of the calendar month in which such Distribution Date occurs and each such Interest Accrual Period will 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 Determination Date”: With respect to the Class A Certificates and any Interest Accrual Period therefor, the second London Business Day preceding the commencement of such Interest Accrual Period. 

       “Interest Distribution Amount”: With respect to any Class of Certificates (other than the Class II-PO1 Certificates, the Class II-PO2 Certificates and the Class II-PO3 Certificates and each class of Class P 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 Class II-XS1 Certificates, the Class II-XS2 Certificates, the Class II-XS3 Certificates, the Class II-1-1A2 Certificates and the Class II-1-2A2 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 Certificates for the immediately preceding Distribution Date, over the aggregate distributions of interest made in respect of such Certificates 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 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 I-F Certificates, the Class II-1-1A2 Certificates, the Class II-1-2A2 Certificates, the Class II-1-2A5 Certificates and the Class XS Certificates.

        “Inverse Floater Certificates”:  The Class II-1-1A4 Certificates, the Class II-1-2A4 Certificates and the Class II-1-2A5 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 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 3.23 or Section 9.01.

       “Loan Group”: Any of Loan Group I-1, Loan Group I-2, Loan Group I-3, Loan Group I-4,  Loan Group I-5, Loan Group II-1, Loan Group II-2, Loan Group II-3, Loan Group III-1, Loan Group III-2, Loan Group III-3, Loan Group III-4 or  Loan Group III-5. 

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

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

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

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

       “Loan Group I-5”: The Loan Group consisting of the Group I-5 Mortgage Loans.

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

        

        

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

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

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

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

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

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

       “Loan Group III-5”: The Loan Group consisting of the Group III-5 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 Percentage”:  With respect to the Class II-1-1A5 Certificates and the Class II-1-1A6 Certificates and any distribution date occurring prior to the distribution date in  September 2010, 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%.
 	
                    

							

        

       With respect to the Class II-1-2A6 Certificates and the Class II-1-2A7 Certificates and any distribution date occurring prior to the distribution date in September 2010, 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%.
 

        

        

        

       “London Business Day”: Any day on which banks in the City of London and New York are open and conducting transactions in United States dollars. 

       “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, covering servicing of the Mortgage Loans by the Servicer and signed by an officer of the Master Servicer that complies with (i) the Sarbanes-Oxley Act of 2002, as amended from time to time, and (ii) the February 21, 2003 Statement by the Staff of the Division of Corporation Finance of the Securities and Exchange Commission Regarding Compliance by Asset-Backed Issuers with Exchange Act Rules 13a-14 and 15d-14, as in effect from time to time; provided that if, after the Closing Date (a) the Sarbanes-Oxley Act of 2002 is amended, (b) the Statement referred to in clause (ii) is modified or superseded by any subsequent statement, rule or regulation of the Securities and Exchange Commission or any statement of a division thereof, or (c) any future releases, rules and
       regulations are published by the Securities and Exchange Commission from time to time pursuant to the Sarbanes-Oxley Act of 2002, which in any such case affects the form or substance of the required certification and results in the required certification being, in the reasonable judgment of the Master Servicer, materially more onerous than the form of the required certification as of the Closing Date, the Master Servicer Certification shall be as agreed to by the Master Servicer and the Depositor following a negotiation in good faith to determine how to comply with any such new requirements.

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

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

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

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

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

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

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

        

        

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

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

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

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

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

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

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

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

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

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

       “Mortgage Loan Schedule”: As of any date, the list of Mortgage Loans included in REMIC I-A, REMIC II-A or REMIC III-A on such date, attached hereto as Schedule 1. The Mortgage Loan Schedule shall set forth the following information with respect to each Mortgage Loan:

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

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

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

        

        

        

       	
                    
 	
                   (iv)
 	
                   the original months to maturity;
 	
                    

	
                    
 	
                   (v)
 	
                   the original date of the mortgage;
 	
                    

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

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

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

       	
                    
 	
                   (ix)
 	
                   the stated maturity date;
 	
                    

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

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

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

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

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

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

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

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

       	
                    
 	
                   (xviii)
 	
                   the Value of the Mortgaged Property;
 	
                    

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

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

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

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

        

        

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

       	
                    
 	
                   (xxiv)
 	
                   the Loan Group in which such Mortgage Loan shall reside;
 

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

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

       	
                    
 	
                   (xxvii)
 	
                   whether the Mortgage Loan is covered under the PMI Policy. 
 

       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 by National City. 

        

        

       “Net WAC Rate”:  The Net WAC Rate for any Distribution Date and the Group I-1 Mortgage Loans is a rate per annum equal to the weighted average of the Expense Adjusted Mortgage Rates of the Group I-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 I-2 Mortgage Loans is a rate per annum equal to the weighted average of the Expense Adjusted Mortgage Rates of the Group I-2 Mortgage Loans, weighted based on their principal balances as of the first day of the related Due Period. The Net WAC Rate for any Distribution Date and the Group I-3 Mortgage Loans is a rate per annum equal to the weighted average of the Expense Adjusted Mortgage Rates of the Group I-3 Mortgage Loans, weighted based on their principal balances as of the first day of the related Due Period. The Net WAC
       Rate for any Distribution Date and the Group I-4 Mortgage Loans is a rate per annum equal to the weighted average of the Expense Adjusted Mortgage Rates of the Group I-4 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 I-5 Mortgage Loans is a rate per annum equal to the weighted average of the Expense Adjusted Mortgage Rates of the Group I-5 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 III-1 Mortgage Loans is a rate per annum equal to the weighted average of the Expense Adjusted Mortgage Rates of the Group III-1 Mortgage Loans, weighted based on their principal balances as of the first day of the related Due Period. For federal income tax purposes, the equivalent of the foregoing shall be expressed as the weighted average of the REMIC III-A Remittance Rate on REMIC III-A Regular Interest LT-1B, weighted on the basis of the Uncertificated Balance of such REMIC III-A Regular Interest.  The Net WAC Rate for any Distribution Date and the Group III-2 Mortgage Loans is a rate per annum equal to the weighted average of the Expense Adjusted Mortgage Rates of the Group III-2 Mortgage Loans, weighted based on their principal balances as of the first day of the related Due Period. For federal income tax purposes, the equivalent of the
       foregoing shall be expressed as the weighted average of the REMIC III-A Remittance Rate on REMIC III-A Regular Interest LT-2B, weighted on the basis of the Uncertificated Balance of such REMIC III-A Regular Interest.  The Net WAC Rate for any Distribution Date and the Group III-3 Mortgage Loans is a rate per annum equal to the weighted average of the Expense Adjusted Mortgage Rates of the Group III-3 Mortgage Loans, weighted based on their principal balances as of the first day of the related Due Period.   For federal income tax purposes, the equivalent of the foregoing shall be expressed as the weighted average of the REMIC III-A Remittance Rate on REMIC III-A Regular Interest LT-3B, weighted on the basis of the Uncertificated Balance of such REMIC III-A Regular Interest.  The Net WAC Rate for any Distribution Date and the Group III-4 Mortgage Loans is a rate per annum equal to the weighted average of the Expense Adjusted Mortgage Rates of the Group III-4 Mortgage Loans, weighted
       based on their principal balances as of the first day of the related Due Period. For federal income tax purposes, the equivalent of the foregoing shall be expressed as the weighted average of the REMIC III-A Remittance Rate on REMIC III-A Regular Interest LT-4B, weighted on the basis of the Uncertificated Balance of such REMIC III-A Regular Interest.  The Net WAC Rate for any Distribution Date and the Group III-5 Mortgage Loans is a rate per annum equal to the weighted average of the Expense Adjusted Mortgage Rates of the Group III-5 Mortgage Loans, weighted based on their principal balances as of the first day of the related Due Period.   For federal income tax purposes, the equivalent of the foregoing shall be expressed as the weighted average 

        

       of the REMIC III-A Remittance Rate on REMIC III-A Regular Interest LT-5B, weighted on the basis of the Uncertificated Balance of such REMIC III-A Regular Interest.

        

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

       “Non-Class PO Percentage”: With respect to each Mortgage Loan, 100% less the related Class PO Percentage.  With respect to each Mortgage Loan Component, 100%.

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

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

       “Notional Amount”: For any date of determination and the Class I-F Certificates, an amount equal to the aggregate Scheduled Principal Balance as of the first day of the related Due Period of the Group I Mortgage Loans.  For federal income tax purposes, the Class I-F Certificates will not have a Notional Amount, but will be entitled to 100% of amounts distributed on REMIC I-B Regular Interest LT-1F.  For any date of determination and the Class II-1-1A2 Certificates, an amount equal to the Certificate Principal Balance of the Class II-1-1A1 Certificates immediately prior to such date of determination times a fraction, the numerator of which is 0.50 and the denominator of which is 5.50.  For federal income tax purposes, the Class II-1-1A2 Certificates will have a Notional Amount equal to the Uncertificated Balance of REMIC II-C Regular Interest LT-1-1A2.  For any date of
       determination and the Class II-1-2A2 Certificates, an amount equal to the Certificate Principal Balance of the Class II-1-2A1 Certificates immediately prior to such date of determination times a fraction, the numerator of which is 0.50 and the denominator of which is 6.00.    For federal income tax purposes, the Class II-1-2A2 Certificates will have a Notional Amount equal to the Uncertificated Balance of REMIC II-C Regular Interest LT-1-2A2.  For any date of determination and the Class II-1-2A5 Certificates, an amount equal to the Certificate Principal Balance of the Class II-1-2A4 Certificates immediately prior to such date of determination.  For federal income tax purposes, the Class II-1-2A5 Certificates will have a Notional Amount equal to the Uncertificated Balance of REMIC II-C Regular Interest LT-1-2A4.  For any date of determination and the Class II-XS1 Certificates, an amount equal to the product of the aggregate Scheduled Principal Balance of the
       Subgroup II-1-2 Mortgage Loans that have Expense Adjusted Mortgage Rates equal to or greater than 6.000% per annum times a fraction, the numerator of which is (x) the excess of (A) the Net WAC Rate for the Class XS Mortgage Loans in Subgroup II-1-1 over (B) 6.000% per annum, and the denominator of which is (y) 6.000% per annum. For federal income tax purposes, the Class II-XS1 Certificates will not have a Notional Amount, but will be entitled to 100% of amounts distributed on REMIC II-C Regular Interest LT-IO1. For any date of determination and the Class II-XS2 Certificates, an amount equal to the product of the aggregate Scheduled Principal Balance of the Group II-2 Mortgage Loans that have Expense Adjusted Mortgage Rates equal to or greater than 5.750% per annum times a fraction, the numerator of which is (x) 

        

       the excess of (A) the Net WAC Rate for the Class XS Mortgage Loans in loan group II-2 over (B) 5.750% per annum, and the denominator of which is (y) 5.750% per annum. For federal income tax purposes, the Class II-XS2 Certificates will not have a Notional Amount, but will be entitled to 100% of amounts distributed on REMIC II-C Regular Interest LT-IO2.  For any date of determination and the Class II-XS3 Certificates, an amount equal to the product of the aggregate Scheduled Principal Balance of the Group II-3 Mortgage Loans that have Expense Adjusted Mortgage Rates equal to or greater than 5.000% per annum times a fraction, the numerator of which is (x) the excess of (A) the Net WAC Rate for the Class XS Mortgage Loans in loan group II-3 over (B) 5.000% per annum, and the denominator of which is (y) 5.000% per annum. For federal income tax purposes, the Class
       II-XS3 Certificates will not have a Notional Amount, but will be entitled to 100% of amounts distributed on REMIC II-C Regular Interest LT-IO3.

       “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.

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

       “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”:  Countrywide, Quicken, Mortgage IT, Wells Fargo, Ameriquest, Greenpoint or National City, as applicable. 

       “Overcollateralized Amount”: As to any Distribution Date and the Group I Class A Certificates, the Group II Class A Certificates or the Group III Class A Certificates, as applicable, an amount equal to the sum of the Undercollateralized Amounts for the Classes of Class A Certificates relating to the same Collateral Pool.

        

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

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

       “Pass-Through Rate”:  With respect to each class of Group I Class A Certificates and any Distribution Date, the Net WAC Rate for the related Group I Mortgage Loans for such Distribution Date minus the Pass-Through Rate for the Class I-F Certificates for such Distribution Date. For federal income tax purposes, the equivalent of the foregoing shall be expressed as the weighted average of the REMIC I-B Remittance Rate on REMIC I-B Regular Interest LT-1B, weighted on the basis of the Uncertificated Balance of such REMIC I-B Regular Interest.

       With respect to the Group I-R Certificates and the first Distribution Date, the Net WAC Rate for the Group I-1 Mortgage Loans for such Distribution Date minus the Pass-Through Rate for the Class I-F Certificates.  For federal income tax purposes, the equivalent of the foregoing shall be expressed as the weighted average of the REMIC I-B Remittance Rate on REMIC I-B Regular Interest LT-R, weighted on the basis of the Uncertificated Balance of such REMIC I-B Regular Interest.

       With respect to the Class I-F Certificates and any Distribution Date, a per annum rate equal to the excess, if any, of (i) the weighted average minimum mortgage rate for all of the Group I Mortgage Loans over (ii) the sum of (x) Six-Month LIBOR for such Distribution Date and (y) the weighted average gross margin for all of the Group I Mortgage Loans.   For federal income tax purposes, the Class I-F Certificates will not have a Pass-Through Rate, but will be entitled to 100% of amounts distributed on REMIC I-B Regular Interest LT-1F.

       With respect to each class of Group I Subordinate Certificates and any Distribution Date, the related Subordinate Net WAC Rate for such Distribution Date minus the Pass-Through Rate for the Class I-F Certificates for such Distribution Date.  For federal income 

        

       tax purposes, the equivalent of the foregoing shall be expressed as the weighted average of the REMIC I-B Remittance Rate on REMIC I-B Regular Interest LT-1A, REMIC I-B Regular Interest LT-2A, REMIC I-B Regular Interest LT-3A, REMIC I-B Regular Interest LT-4A and REMIC I-B Regular Interest LT-5A (subject to a cap and a floor equal to the REMIC I-B Remittance Rate on REMIC I-B Regular Interest LT-1A, REMIC I-B Regular Interest LT-2A, REMIC I-B Regular Interest LT-3A, REMIC I-B Regular Interest LT-4A and REMIC I-B Regular Interest LT-5A, respectively) weighted on the basis of the Uncertificated Balance of each such REMIC I-B Regular Interest.

       With respect to the Class II-1-1A1 Certificates and any Distribution Date, 5.00% per annum. 

       With respect to the Class II-1-1A2 Certificates and any Distribution Date, 5.50% per annum. 

       With respect to the Class II-1-1A3 Certificates and any Distribution Date, a per annum rate equal to One-Month LIBOR plus 0.55% per annum, subject to a cap equal to 7.25% per annum and a floor equal to 0.55% per annum.

       With respect to the Class II-1-1A4 Certificates and any Distribution Date, a per annum rate equal to 21.05714286% per annum minus the product of (i) One-Month LIBOR and (ii) 3.14285714, subject to a cap equal to 21.05714286% per annum and a floor equal to 0.00% per annum.

       With respect to the Class II-1-1A5 Certificates and any Distribution Date, 5.50% per annum. 

       With respect to the Class II-1-1A6 Certificates and any Distribution Date, 5.50% per annum. 

       With respect to the Class II-1-2A1 Certificates and any Distribution Date, 5.50% per annum. 

       With respect to the Class II-1-2A2 Certificates and any Distribution Date, 6.00% per annum. 

       With respect to the Class II-1-2A3 Certificates and any Distribution Date, a per annum rate equal to One-Month LIBOR plus 0.55% per annum, subject to a cap equal to 7.50% per annum and a floor equal to 0.55% per annum.  

       With respect to the Class II-1-2A4 Certificates and any Distribution Date, a per annum rate equal to 25.46% per annum minus the product of (i) One-Month LIBOR and (ii) 3.80, subject to a cap equal to 21.46% per annum and a floor equal to 0.00% per annum.  

       With respect to the Class II-1-2A5 Certificates and any Distribution Date, a per annum rate equal to 6.70% per annum minus One-Month LIBOR, subject to a cap equal to 6.70% per annum and a floor equal to 0.00% per annum.  

        

        

       With respect to the Class II-1-2A6 Certificates and any Distribution Date, 6.00% per annum. 

       With respect to the Class II-1-2A7 Certificates and any Distribution Date, 6.00% per annum. 

       With respect to the Class II-A2 Certificates and any Distribution Date, 5.75% per annum. 

       With respect to the Class II-A3 Certificates and any Distribution Date, 5.00% per annum. 

       With respect to the Class II-R Certificates and any Distribution Date, 5.00% per annum. 

       With respect to the Class II-XS1 Certificates and any Distribution Date, 6.00% per annum. For federal income tax purposes, the Class II-XS1 Certificates will not have a Pass-Through Rate, but will be entitled to 100% of amounts distributed on REMIC II-C Regular Interest LT-IO1.

       With respect to the Class II-XS2 Certificates and any Distribution Date, 5.75% per annum. For federal income tax purposes, the Class II-XS2 Certificates will not have a Pass-Through Rate, but will be entitled to 100% of amounts distributed on REMIC II-C Regular Interest LT-IO2.

       With respect to the Class II-XS3 Certificates and any Distribution Date, 5.00% per annum. For federal income tax purposes, the Class II-XS2 Certificates will not have a Pass-Through Rate, but will be entitled to 100% of amounts distributed on REMIC II-C Regular Interest LT-IO2.

       The Class II-PO1 Certificates, Class II-PO2 Certificates and Class II-PO3 Certificates and each class of Class P Certificates shall have a Pass-Through Rate of 0.00% per annum and shall not be entitled to any distributions of interest.

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

       With respect to each class of Group III Class A Certificates and any Distribution Date, the Net WAC Rate for the related Group III Mortgage Loans for such Distribution Date. 

       With respect to the Group III-R Certificates and the first Distribution Date, the Net WAC Rate for the Group III-1 Mortgage Loans for such Distribution Date.

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

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

        

        

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

       “Percentage Interest”: With respect to any Class of Certificates, the portion of the respective Class evidenced by such Certificate, expressed as a percentage, the numerator of which is the initial Certificate Principal Balance or Notional Amount represented by such Certificate, and the denominator of which is the initial aggregate Certificate Principal Balance or Notional Amount of all of the Certificates of such Class. The Book-Entry Certificates are issuable only in Percentage Interests corresponding to initial Certificate Principal Balances or Notional Amounts of $100,000 and integral multiples of $1.00 in excess thereof. The Private Certificates are issuable only in Percentage Interests corresponding to the initial Certificate Principal Balances of $100,000 and integral multiples of $1.00 in excess thereof; provided, however, that a single Certificate of each such Class of
       Certificates may be issued having a Percentage Interest corresponding to the remainder of the aggregate initial Certificate Principal Balance of such Class or to an otherwise authorized denomination for such Class plus such remainder. 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 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 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 S&P and “Aaa” by Moody’s and in the highest rating category by Fitch if rated by Fitch; and

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

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

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

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

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

       “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.

       “PMI Insurer”: Republic Mortgage Insurance Company, a North Carolina corporation, or its successor in interest.

       “PMI Insurer Fee”:  The premium payable to each PMI Insurer on each Distribution Date  pursuant to Section 3.27, which amount shall equal one twelfth of the product of (i) the related PMI Insurer Fee Rate (without regard to the words “per annum”), multiplied by (ii) the aggregate Stated Principal Balance of the related PMI Mortgage Loans and any related REO Properties as of the first day of the related Due Period (after giving effect to scheduled payments of principal due during the Due Period relating to the previous Distribution Date, to the extent received or advanced).

        

        

       “PMI Insurer Fee Rate”: With respect to any Distribution Date and any mortgage loan covered by the Primary Mortgage Insurance Policy, 0.585% per annum.

       “PMI Insurer Tax Amount”:  Any applicable premium taxes on related PMI Mortgage Loans located in West Virginia and Kentucky or other applicable state taxes. 

        “PMI Mortgage Loans”:  The list of Mortgage Loans insured by the PMI Insurer attached hereto as Schedule 2.

       “PMI Policy”:  The primary mortgage insurance policy (policy reference number: #27138-24 with respect to the related PMI Mortgage Loans, including all endorsements thereto dated the Closing Date, issued by the PMI Insurer.

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

       “Prepayment Interest Shortfall”: With respect to any Distribution Date, for each Mortgage Loan that was during the related Prepayment Period the subject of a Principal Prepayment in full or in part 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 any Distribution Date, the calendar month preceding 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”: Any Class I-B4 Certificate, Class I-B5 Certificate, Class I- B6 Certificate, Class II-B4 Certificate, Class II-B5 Certificate, Class II-B6 Certificate, Class III-B4 Certificate, Class III-B5 Certificate or Class III-B6 Certificate.

       “Purchase Price”: With respect to any Mortgage Loan or REO Property to be purchased pursuant to or as contemplated by Section 2.03 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 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) have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (v) have a Gross Margin equal to the
       Gross Margin of the Deleted Mortgage Loan, (vi) have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, (vii) be covered under a Primary Mortgage Insurance Policy if such Qualified Substitute Mortgage Loan has a 

        

       Loan-to-Value Ratio in excess of 80% and the Deleted Mortgage Loan was covered by a Primary Mortgage Insurance Policy or be covered by the PMI Policy if the Deleted Mortgage Loan was covered by the PMI Policy, (viii) have a remaining term to maturity not greater than (and not more than one year less than) that of the Deleted Mortgage Loan, (ix) have the same Due Date as the Due Date on the Deleted Mortgage Loan, (x) have a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) [intentionally omitted]; and (xii) conform to each representation and warranty set forth in Section 6 of the Mortgage Loan Purchase Agreement applicable to the Deleted Mortgage Loan. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be
       determined on the basis of aggregate principal balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the terms described in clause (viii) shall be determined on the basis of weighted average remaining terms to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xii) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

       “Quicken”: Quicken Loans Inc. or its successor in interest.

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

       “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”: S&P, 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.

       “Reference Banks”: Deutsche Bank AG, Barclays’ Bank PLC, The Tokyo Mitsubishi Bank and National Westminster Bank PLC and their successors in interest; provided, however, that if any of the foregoing banks are not suitable to serve as a Reference Bank, then any leading banks selected by the Trustee which are engaged in transactions in Eurodollar deposits in the international Eurocurrency market (i) with an established place of business in London and (ii) not controlling, under the control of or under common control with the Depositor or any Affiliate thereof. 

        

        

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

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

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

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

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

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

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

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

       “REMIC I-A Regular Interest”:  The REMIC I-A A Regular Interests and REMIC I-A B Regular Interests, as defined in the Preliminary Statement.

       “REMIC I-A Remittance Rate”:  With respect to each REMIC I-A A Regular Interest, two times the Minimum Mortgage Rate for the related Mortgage Loan. With respect to each REMIC I-A B Regular Interest, the excess, if any, of (a) two times the Expense Adjusted Net Mortgage Rate for the related Mortgage Loan over (b) two times the Minimum Mortgage Rate for the related Mortgage Loan. 

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

        “REMIC I-B Remittance Rate”: With respect to REMIC I-B Regular Interest LT-1A, REMIC I-B Regular Interest LT-2A, REMIC I-B Regular Interest LT-3A, REMIC I-B Regular Interest LT-4A, REMIC I-B Regular Interest LT-5A and REMIC I-B Regular Interest LT-ZZZ, the weighted average of (a) the REMIC I-A Remittance Rates on each REMIC I-A B Regular Interest, weighted on the basis of the Uncertificated Balance of each such REMIC I-A B Regular Interest and (b) the excess, if any, of (i) the REMIC I-A Remittance Rate on each REMIC I-A A Regular Interest over (ii) the sum of (x) Six-Month LIBOR for such Distribution Date and (y) the gross margin for such Mortgage Loan. With respect to REMIC I-B Regular Interest LT-1B and REMIC I-B Regular Interest LT-R, the weighted average of (a) the REMIC I-A Remittance Rates on each REMIC I-A B Regular Interest which is related to a Group I-1 Mortgage
       Loan, weighted on the basis of the Uncertificated Balance of each such REMIC I-A B Regular Interest and (b) the excess, if any, of (i) the REMIC I-A Remittance Rate on each REMIC I-A A Regular Interest which is related to a Group I-1 Mortgage Loan over (ii) the sum of (x) Six-Month LIBOR for such Distribution Date and (y) the gross margin for such Mortgage Loan. With respect to REMIC I-B Regular Interest LT-2B, the weighted average of (a) the REMIC I-A Remittance Rates on each REMIC I-A B Regular Interest which is related to a 

        

       Group I-2 Mortgage Loan, weighted on the basis of the Uncertificated Balance of each such REMIC I-A B Regular Interest and (b) the excess, if any, of (i) the REMIC I-A Remittance Rate on each REMIC I-A A Regular Interest which is related to a Group I-2 Mortgage Loan over (ii) the sum of (x) Six-Month LIBOR for such Distribution Date and (y) the gross margin for such Mortgage Loan. With respect to REMIC I-B Regular Interest LT-3B, the weighted average of (a) the REMIC I-A Remittance Rates on each REMIC I-A B Regular Interest which is related to a Group I-3 Mortgage Loan, weighted on the basis of the Uncertificated Balance of each such REMIC I-A B Regular Interest and (b) the excess, if any, of (i) the REMIC I-A Remittance Rate on each REMIC I-A A Regular Interest which is related to a Group I-3 Mortgage Loan over (ii) the sum of (x) Six-Month LIBOR for such Distribution Date and (y) the gross margin for
       such Mortgage Loan. With respect to REMIC I-B Regular Interest LT-4B, the weighted average of (a) the REMIC I-A Remittance Rates on each REMIC I-A B Regular Interest which is related to a Group I-4 Mortgage Loan, weighted on the basis of the Uncertificated Balance of each such REMIC I-A B Regular Interest and (b) the excess, if any, of (i) the REMIC I-A Remittance Rate on each REMIC I-A A Regular Interest which is related to a Group I-4 Mortgage Loan over (ii) the sum of (x) Six-Month LIBOR for such Distribution Date and (y) the gross margin for such Mortgage Loan. With respect to REMIC I-B Regular Interest LT-5B, the weighted average of (a) the REMIC I-A Remittance Rates on each REMIC I-A B Regular Interest which is related to a Group I-5 Mortgage Loan, weighted on the basis of the Uncertificated Balance of each such REMIC I-A B Regular Interest and (b) the excess, if any, of (i) the REMIC I-A Remittance Rate on each REMIC I-A A Regular Interest which is related to a Group I-5
       Mortgage Loan over (ii) the sum of (x) Six-Month LIBOR for such Distribution Date and (y) the gross margin for such Mortgage Loan. With respect to REMIC I-A Regular Interest LT-1F, weighted average of the excess, if any, of (a) the REMIC I-A Remittance Rate on each REMIC I-A A Regular Interest over (b) the sum of (x) Six-Month LIBOR for such Distribution Date and (y) the gross margin for such Mortgage Loan.

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

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

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

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

       “REMIC II-A Remittance Rate”: With respect to REMIC II-A Regular Interest LT-1-1, REMIC II-A Regular Interest LT-1-2, REMIC II-A Regular Interest LT-2,  REMIC II-A Regular Interest LT-3, REMIC II-A Regular Interest LT-PO1, REMIC II-A Regular Interest LT-PO2, REMIC II-A Regular Interest LT-PO3 and REMIC II-A Regular Interest LT-R, the rate set forth in the Preliminary Statement. With respect to REMIC II-A Regular Interest LT-IO1, the weighted average of the Stripped Interest Rates for the Group II-1 Mortgage Loans, weighted on the basis of the aggregate Stated Principal Balances of the Group II-1 Mortgage Loans. With respect to REMIC II-A Regular Interest LT-IO2, the weighted average of the Stripped Interest 

        

       Rates for the Group II-2 Mortgage Loans, weighted on the basis of the aggregate Stated Principal Balances of the Group II-2 Mortgage Loans. With respect to REMIC II-A Regular Interest LT-IO3, the weighted average of the Stripped Interest Rates for the Group II-3 Mortgage Loans, weighted on the basis of the aggregate Stated Principal Balances of the Group II-3 Mortgage Loans.

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

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

       “REMIC II-B Remittance Rate”: With respect to REMIC II-B Regular Interest LT-1-1A, REMIC II-B Regular Interest LT-1-1B, REMIC II-B Regular Interest LT-1-2A, REMIC II-B Regular Interest LT-1-2B, REMIC II-B Regular Interest LT-2A, REMIC II-B Regular Interest LT-2B, REMIC II-B Regular Interest LT-3A, REMIC II-B Regular Interest LT-3B, REMIC II-B Regular Interest LT-PO1, REMIC II-B Regular Interest LT-PO2, and REMIC II-B Regular Interest LT-R, the rate set forth in the Preliminary Statement. REMIC II-B Regular Interest LT-IO1, REMIC II-B Regular Interest LT-IO2 and REMIC II-B Regular Interest LT-IO3 will not have REMIC II-B Remittance Rates, but will be entitled to 100% of amounts distributed on REMIC II-A Regular Interest LT-IO1, REMIC II-A Regular Interest LT-IO2 and REMIC II-A Regular Interest LT-IO3, respectively. 

       “REMIC II-B Subordinated Balance Ratio”: The ratio among the Uncertificated Balances of each REMIC II-B Regular Interest ending with the designation “A”, equal to the ratio between, with respect to each such REMIC II-B Regular Interest, the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of Senior Certificates in the related Loan Group. the aggregate Stated Principal Balance of each Mortgage Loan and Mortgage Loan Component (other than any Class PO Mortgage Loan) in the related Subgroup over (y) the current Certificate Principal Balance of Class A Certificates relating to such Subgroup.

       “REMIC II-C”: as defined in the Preliminary Statement.

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

       “REMIC II-C Remittance Rate”: With respect to each REMIC II-C Regular Interest (other than REMIC II-C Regular Interest LT-IO1, REMIC II-C Regular Interest LT-IO2 and REMIC II-C Regular Interest LT-IO3), the rate set forth in the Preliminary Statement. REMIC II-C Regular Interest LT-IO1, REMIC II-C Regular Interest LT-IO2 and REMIC II-C Regular Interest LT-IO3 will not have REMIC II-C Remittance Rates, but will be entitled to 100% of amounts distributed on REMIC II-B Regular Interest LT-IO1, REMIC II-B Regular Interest LT-IO2 and REMIC II-B Regular Interest LT-IO3, respectively. 

       “REMIC II-D”: as defined in the Preliminary Statement.

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

        

        

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

       “REMIC III-A Remittance Rate”: With respect to REMIC III-A Regular Interest LT-1A, REMIC III-A Regular Interest LT-2A, REMIC III-A Regular Interest LT-3A, REMIC III-A Regular Interest LT-4A, REMIC III-A Regular Interest LT-5A and REMIC III-A Regular Interest LT-ZZZ, the weighted average of the Expense Adjusted Mortgage Rates of the Group I Mortgage Loans, weighted based on their principal balances as of the first day of the related Due Period. With respect to REMIC III-A Regular Interest LT-1B and REMIC III-A Regular Interest LT-R, the weighted average of the Expense Adjusted Mortgage Rates of the Group III-1 Mortgage Loans, weighted based on their principal balances as of the first day of the related Due Period. With respect to REMIC III-A Regular Interest LT-2B, the weighted average of the Expense Adjusted Mortgage Rates of the Group III-2 Mortgage Loans, weighted based on
       their principal balances as of the first day of the related Due Period. With respect to REMIC III-A Regular Interest LT-3B, the weighted average of the Expense Adjusted Mortgage Rates of the Group III-3 Mortgage Loans, weighted based on their principal balances as of the first day of the related Due Period. With respect to REMIC III-A Regular Interest LT-4B, the weighted average of the Expense Adjusted Mortgage Rates of the Group III-4 Mortgage Loans, weighted based on their principal balances as of the first day of the related Due Period. With respect to REMIC III-A Regular Interest LT-5B, the weighted average of the Expense Adjusted Mortgage Rates of the Group III-5 Mortgage Loans, weighted based on their principal balances as of the first day of the related Due Period.

       “REMIC III-A Subordinated Balance Ratio”: The ratio among the Uncertificated Balances of each REMIC III-A Regular Interest ending with the designation “A”, equal to the ratio between, with respect to each such REMIC III-A Regular Interest, the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of Senior Certificates relating to such Loan Group.

       “REMIC III-B”: As defined in the Preliminary Statement.

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

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

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

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

       “REO Imputed Interest”: As to any REO Property, for any calendar month during which such REO Property was at any time part of REMIC I-A, REMIC II-A or REMIC III-A, 

        

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

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

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

       “Reserve Interest Rate”: With respect to any Interest Determination Date, the rate per annum that the Trustee determines to be either (i) the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 1/16%) of the one-month U.S. dollar lending rates which New York City banks selected by the Trustee are quoting on the relevant Interest Determination Date to the principal London offices of leading banks in the London interbank market or (ii) in the event that the Trustee can determine no such arithmetic mean, the lowest one-month U.S. dollar lending rate which New York City banks selected by the Trustee are quoting on such Interest Determination Date to leading European banks.

       “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 I-R Certificates, Class II-R Certificates or Class III-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 I Senior Certificate, Group II Senior Certificate or Group III Senior Certificate.

       “Senior Percentage”: A Group I Senior Percentage, a Group II Senior Percentage or a Group III Senior Percentage, as applicable. 

       “Senior Prepayment Percentage”: A Group I Senior Prepayment Percentage, a Group II Senior Prepayment Percentage or a Group III Senior Prepayment Percentage, as applicable.

       “Senior Principal Distribution Amount”:  For any Distribution Date and the Class A Certificates relating to any Loan Group and/or Subgroup, as applicable, an amount equal to the lesser of (i) the applicable Group I Available Distribution Amount, the applicable Group II Available Distribution Amount, or the applicable Group III Available Distribution Amount, remaining after distribution of the related Senior Interest Distribution Amount and, in the case of the Group II Available Distribution Amount, 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-Class 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 or Mortgage Loan Components, as applicable, whether or not received; 

        

       (ii)         the related Non-Class 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 or Mortgage Loan Components, as applicable, during the related Prepayment Period (other than any related Mortgage Loan or Mortgage Loan Component that was purchased, sold or replaced pursuant to or as contemplated by Section 2.03 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-Class PO Percentage of the Stated Principal Balance (calculated immediately prior to such Distribution Date) of each related Mortgage Loan or Mortgage Loan Component, as applicable, that was purchased, sold or replaced pursuant to or as contemplated by Section 2.03 or Section 9.01 during the related Prepayment Period; 

        

       	
                    
 	
                   (iv)
 	
                   [reserved];
 

        

       (v)         in connection with the substitution of one or more Qualified Substitute Mortgage Loans for one or more Deleted Mortgage Loans in the related Loan Group or Subgroup pursuant to Section 2.03 during the related Prepayment Period, the excess, if any, of (A) the aggregate of the related Non-Class 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-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 related Servicer and distributed pursuant to Section 4.01 on the Distribution Date in the related Prepayment Period) in respect of each such Deleted Mortgage Loan that was
       replaced prior to the Distribution Date in the related Prepayment Period, over (B) the aggregate of the related Non-Class 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-Class PO Percentage of all Principal Prepayments received in respect of the related Mortgage Loans or Mortgage Loan Components, as applicable, during the related Prepayment Period; 

        

        

        

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

        

       (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 related Subordinate Certificates pursuant to Section 4.04; and

        

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

        

       “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”: With respect to each Group I Mortgage Loan, 0.250% per annum. With respect to each Group II Mortgage Loan, 0.250% per annum. The Servicing Fee Rate on the Group III Mortgage Loans will be 0.250% per annum and Mortgage Loans serviced by Countrywide Home Loans Servicing LP will step up from 0.250% to 0.375% on the initial Adjustment Date.  

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

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

       “Six-Month LIBOR”:  With respect to the Group II Class A Certificates and any Interest Accrual Period therefor, the rate determined by the Trust Administrator on the related Interest Determination Date on the basis of the offered rate for six-month U.S. dollar deposits, as such rate appears on Telerate Page 3750 as of 11:00 a.m. (London time) on such Interest Determination Date; provided that if such rate does not appear on Telerate Page 3750, the rate for such date will be determined on the basis of the offered rates of the Reference Banks for six-month U.S. dollar deposits, as of 11:00 a.m. (London time) on such Interest Determination Date.  In such event, the Trust Administrator will request the principal London office of each of the Reference Banks to provide a quotation of its rate.  If on such Interest Determination Date, two or more Reference Banks provide such offered
       quotations, Six-Month LIBOR for the related Interest Accrual Period shall be the arithmetic mean of such offered quotations (rounded upwards if necessary to the nearest whole multiple of 1/16%).  If on such Interest Determination Date, fewer than two Reference Banks provide such offered quotations, Six-Month LIBOR for the related Interest Accrual Period shall be the higher of (i) Six-Month LIBOR as determined on the previous Interest Determination Date and (ii) the Reserve Interest Rate.  Notwithstanding the foregoing, if, under the priorities described above, Six-Month LIBOR for an Interest Determination Date would be based on Six-Month LIBOR for the previous Interest Determination Date for the third consecutive Interest Determination Date, the Trust Administrator shall select an alternative comparable index (over which the Trust Administrator has no control), used for determining six-month Eurodollar lending rates that is calculated and published (or otherwise made available) by an
       independent party. 

       “Special Hazard Amount”:  For Collateral Pool I, initially an amount equal to $2,629,427. For Collateral Pool II, initially an amount equal to $3,560,510. For Collateral Pool 

        

       III, initially an amount equal to $5,486,562. As of each anniversary of the Cut-off Date, for any Collateral Pool the Special Hazard Amount shall equal the lesser of (i) the Special Hazard Amount on the immediately preceding anniversary of the Cut-off Date less the sum of all amounts allocated to the related Subordinate Certificates in respect of Special Hazard Losses on the related Mortgage Loans during such year and (ii) the related Adjustment Amount for such anniversary.  After the Certificate Principal Balances of the related Subordinate Certificates are reduced to zero, the Special Hazard Amount for a Collateral Pool will be zero.

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

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

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

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

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

       “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 Subgroup II-1-1 Mortgage Loan, the excess, if any, of the Expense Adjusted Mortgage Rate over 6.000% per annum. With respect to any Subgroup II-1-2 Mortgage Loan, the excess, if any, of the Expense Adjusted Mortgage Rate over 5.750% per annum.  With respect to any Group II-3 Mortgage Loan, the excess, if any, of the Expense Adjusted Mortgage Rate over 5.000% per annum.

       “Subgroup”: Any of Subgroup II-1-1,  Subgroup II-1-2, Loan Group II-2 or Loan Group II-3, as the context requires.

        

       “Subgroup II-1-1”: The subgroup within Group II that includes all Group II-1 Mortgage Loans with an Expense Adjusted Mortgage Rate less than or equal to 5.500% and Mortgage Loan Components representing a portion of all Group II-1 Mortgage Loans, based on the Applicable Fractions of such Mortgage Loans, with an Expense Adjusted Mortgage Rate greater than 5.500% per annum and less than 6.000% per annum. 

        

       “Subgroup II-1-1 Lockout Distribution Amount”: For any Distribution Date and the Class II-1-1A5 Certificates and Class II-1-1A6 Certificates, an amount equal to the related Lockout Percentage of the II-1-1A5 Certificates’ pro rata share (based on the aggregate Certificate Principal Balance of the Class II-1-1A Certificates other than the Class II-1-1A2 Certificates) of the Senior Principal Distribution Amount for Subgroup II-1-1. 

        “Subgroup II-1-2”: The subgroup within Loan Group II-1 that includes all Group II-1 Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 6.000% and Mortgage Loan Components representing a portion of all Group II-1 Mortgage Loans, based on the Applicable Fractions of such Mortgage Loans, with an Expense Adjusted Mortgage Rate greater than 5.500% per annum and less than 6.000% per annum.  

        

        

        

       “Subgroup II-1-2 Lockout Distribution Amount”: For any Distribution Date and the Class II-1-2A6 Certificates and the Class II-1-2A7 Certificates, an amount equal to the related Lockout Percentage of the II-1-2A6 Certificates’ pro rata share (based on the aggregate Certificate Principal Balance of the Class II-1-2A Certificates other than the Class II-1-2A2 Certificates and the Class II-1-2A5) of the Senior Principal Distribution Amount for Subgroup II-1-2. 

        “Subordinate Certificates”: The Group I Subordinate Certificates, the Group II Subordinate Certificates and the Group III Subordinate Certificates. 

       “Subordinate Net WAC Rate”:  For any Distribution Date and the Group I Subordinate Certificates, a rate per annum equal to the weighted average, weighted in proportion to the results of subtracting from the aggregate principal balance of each of Loan Group I-1, Loan Group I-2, Loan Group I-3, Loan Group I-4 and Loan Group I-5, respectively, the aggregate Certificate Principal Balance of the related Class A Certificates and Residual Certificates, of the weighted average of the Expense Adjusted Mortgage Rates of the Group I-1 Mortgage Loans, the Group I-2 Mortgage Loans, the Group I-3 Mortgage Loans, the Group I-4 Mortgage Loans and the Group I-5 Mortgage Loans. 

       For any Distribution Date and the Group II Subordinate Certificates, a rate per annum equal to the weighted average, weighted in proportion to the results of subtracting from the aggregate principal balance of the Mortgage Loans and Mortgage Loan Components in each of Subgroup II-1-1, Subgroup II-1-2, Loan Group II-2 and Loan Group II-3, respectively, the aggregate Certificate Principal Balance of the related Class A Certificates and Residual Certificates, of 5.50% per annum, 6.00% per annum, 5.75% per annum and 5.00% per annum. For federal income tax purposes, the equivalent of the foregoing shall be expressed as the weighted average of the REMIC II-C Remittance Rates on each REMIC II-C Regular Interest ending with the designation “A”, weighted on the basis of the Uncertificated Balance of each such REMIC II-C Regular Interest.

        

       For any Distribution Date and the Group III Subordinate Certificates, a rate per annum equal to the weighted average, weighted in proportion to the results of subtracting from the aggregate principal balance of each of Loan Group III-1, Loan Group III-2, Loan Group III-3, Loan Group III-4 and Loan Group III-5, respectively, the aggregate Certificate Principal Balance of the related Class A Certificates and Residual Certificates, of the weighted average of the Expense Adjusted Mortgage Rates of the Group III-1 Mortgage Loans, the Group III-2 Mortgage Loans, the Group III-3 Mortgage Loans, the Group III-4 Mortgage Loans and the Group III-5 Mortgage Loans. For federal income tax purposes, the equivalent of the foregoing shall be expressed as the weighted average of the REMIC III-A Remittance Rate on REMIC III-A Regular Interest LT-1A (subject to a cap and a floor equal to the weighted average
       of the Expense Adjusted Mortgage Rates of the Group III-1 Mortgage Loans), the REMIC III-A Remittance Rate on REMIC III-A Regular Interest LT-2A (subject to a cap and a floor equal to the weighted average of the Expense Adjusted Mortgage Rates of the Group III-2 Mortgage Loans), the REMIC III-A Remittance Rate on REMIC III-A Regular Interest LT-3A (subject to a cap and a floor equal to the weighted average of the Expense Adjusted Mortgage Rates of the Group III-3 Mortgage Loans), the REMIC III-A Remittance Rate on REMIC III-A Regular Interest LT-4A (subject to a cap and a floor equal to the weighted average of the Expense Adjusted Mortgage Rates of the Group III-4 Mortgage Loans) and the REMIC III-A Remittance 

        

       Rate on REMIC III-A Regular Interest LT-5A (subject to a cap and a floor equal to the weighted average of the Expense Adjusted Mortgage Rates of the Group III-5 Mortgage Loans), weighted on the basis of the Uncertificated Balance of each such REMIC III-A Regular Interest. 

        

       “Subordinate Percentage”: A Group I Subordinate Percentage, Group II Subordinate Percentage or Group III Subordinate Percentage, as applicable.

        

       “Subordinate Prepayment Percentage”: A Group I Subordinate Prepayment Percentage, Group II Subordinate Prepayment Percentage or Group III Subordinate Prepayment Percentage, as applicable. 

        

       “Subordinate Principal Distribution Amount”: With respect to any Collateral Pool and for any Distribution Date, an amount equal to the lesser of (i) the Available Distribution Amounts remaining after distribution of the Interest Distribution Amounts to the related Classes of Senior Certificates, the Class PO Principal Distribution Amounts to the Class II-PO1 Certificates, the Class II-PO2 Certificates, the Class II-PO3 (in the case of Collateral Pool II) and the Interest Distribution Amounts to the related Classes of Subordinate Certificates and (ii) the aggregate of the sum of:

        

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

        

       (i)          the related Non-Class 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 or Mortgage Loan Components, as applicable, whether or not received; 

        

       (ii)         the related Non-Class 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 or Mortgage Loan Components, as applicable, during the related Prepayment Period (other than any related Mortgage Loan or Mortgage Loan Component that was purchased, sold or replaced pursuant to or as contemplated by Section 2.03 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-Class PO Percentage of the Stated Principal Balance (calculated immediately prior to such Distribution Date) of each related Mortgage Loan or Mortgage Loan Component, as applicable, that was purchased, sold or replaced pursuant to or as contemplated by Section 2.03 or Section 9.01 during the related Prepayment Period; 

        

       	
                    
 	
                   (iv)
 	
                   [reserved];
 

        

        

        

       (v)         in connection with the substitution of one or more Qualified Substitute Mortgage Loans for one or more Deleted Mortgage Loans in the related Loan Group or Subgroup pursuant to Section 2.03 during the related Prepayment Period, the excess, if any, of (A) the aggregate of the related Non-Class 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-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 related Servicer and distributed pursuant to Section 4.01 on the Distribution Date in the related Prepayment Period) in respect of each such Deleted Mortgage Loan that was
       replaced prior to the Distribution Date in the related Prepayment Period, over (B) the aggregate of the related Non-Class 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 Subordinate Prepayment Percentage and (y) the related Non-Class PO Percentage of all Principal Prepayments received in respect of the related Mortgage Loans or Mortgage Loan Components, as applicable, during the related Prepayment Period;

       (c)          with respect to any related Mortgage Loans or Mortgage Loan Components, as applicable, 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 or Mortgage Loan Components exceed the amount distributable to the related Class A Certificates and the related Class PO Certificates pursuant to clause (c) of the definition of “Senior Principal Distribution Amount” and clause (c) of the definition of “Class PO Principal Distribution Amount” 

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

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

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

        

       be met if the Group III Subordinate Percentage is equal to or greater than two times the initial Group III Subordinate Percentage.  

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

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

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

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

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

       “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.

       “Tax Reserve Account”: The Tax Reserve Account established and maintained pursuant to Section 3.26.

        “Termination Price”:  As defined in Section 9.01.

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

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

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

        

        

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

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

       The Trigger Amount for Collateral Pool II and 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 related 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 related 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 related 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 related 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 related Subordinate Certificates.

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

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

        

        

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

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

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

       “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 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 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-B Regular Interest LT-1F, the aggregate Uncertificated Balances of the REMIC I-A A Regular Interests. With respect to REMIC II-A Regular Interest LT-IO1, the aggregate Scheduled Principal Balance of the Group II-1 Mortgage Loans. With respect to REMIC II-A Regular Interest LT-IO2, the aggregate Scheduled Principal Balance of the Group II-2 Mortgage Loans.  With respect to REMIC II-A Regular Interest LT-IO3, the aggregate Scheduled Principal Balance of the Group II-3 Mortgage Loans. 

        “Undercollateralized Amount”: As to any Distribution Date and any loan group within Collateral Pool I or Collateral Pool III, 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 Scheduled Principal Balance of the related Mortgage Loans plus (ii) the aggregate Scheduled Principal Balance of the REO Properties in the related loan group, in each case before reduction for any Realized Losses on such Distribution Date.   As to any Distribution Date and any subgroup within Collateral Pool II, the excess, if any, of the Certificate Principal Balance of the related Class A Certificates immediately after payments of the related Senior Principal Distribution Amount over the sum of (i) the aggregate Scheduled Principal Balance of the related Mortgage Loans and Mortgage
       Loan Components plus (ii) the aggregate Scheduled Principal Balance of the REO Properties and related mortgage loan components in the related loan group or subgroup, as of the last day of the related Due Period. 

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

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

        

        

       “United States Person”: A citizen or resident of the United States, a corporation, partnership or other entity created or organized in, or under the laws of, the United States, any State thereof or the District of Columbia (except, in the case of a partnership, to the extent provided in regulations); provided that, for purposes solely of the restrictions on the transfer of the 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 relating to Collateral Pool I shall be allocated to the Holders of the Classes of Regular Certificates (other than the related Residual Certificates and the related Interest Only Certificates) in proportion to their then outstanding Certificate Principal Balances, (ii) 1% of all Voting Rights relating to such Collateral Pool will be allocated among the Holders of the Class I-F Certificates and (iii) 1% of all Voting Rights relating to such Collateral Pool will be allocated among the Holders of the 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.  

       At all times during the term of this Agreement, (i) 95% of all of the Voting Rights relating to Collateral Pool II shall be allocated to the Holders of the Classes of Regular Certificates (other than the related Residual Certificates and the related Interest Only Certificates) in proportion to their then outstanding Certificate Principal Balances, (ii) 1% of all Voting Rights relating to such collateral pool will be allocated among the Holders of the Class I-1-1-A2 Certificates, (iii) 1% of all Voting Rights relating to such collateral pool will be allocated among the Holders of the Class I-1-2A2 Certificates, (iv) 1% of all Voting Rights relating to such collateral pool will be allocated among the Holders of the Class I-1-2A5 Certificates, (v) 1% of all Voting Rights relating to such collateral pool will be allocated among the Holders of the Class XS Certificates on a pro rata basis based on their respective Notional Amounts and (vi) 1% of all Voting Rights relating to such collateral pool will be allocated among the Holders of the 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.

        

        

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

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

       “Wells Mortgage Loans”: The Mortgage Loans originated by Wells Fargo.

       	
                    
  	
                   SECTION 1.02
 	
                   Allocation of Certain Interest Shortfalls.
 

       The aggregate amount of any Prepayment Interest Shortfalls (to the extent not covered by payments by the Master Servicer pursuant to Section 3.24) and any Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans in a Collateral Pool for any Distribution Date shall be allocated among the related Certificates (other than the Class II-PO1 Certificates, the Class II-PO2 Certificates and the Class II-PO3 Certificates), pro rata in accordance with, and to the extent of one month’s interest at the Pass Through Rate on the respective Certificate Principal Balance or Notional Amount of such Certificate immediately prior to such Distribution Date.

        

        

       ARTICLE II

        

       CONVEYANCE OF MORTGAGE LOANS;

       ORIGINAL ISSUANCE OF CERTIFICATES

       	
                    
  	
                   SECTION 2.01
 	
                   Conveyance of Mortgage Loans.
 

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

       (v)         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 the 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 the 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 the 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 the 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, FSB is appointed as Custodian with respect to the Mortgage Files of all the Mortgage Loans and, notwithstanding anything to the contrary herein, it is understood that such initial Custodian shall be responsible for the review contemplated in the second paragraph of this Section 2.02 and for all other functions relating to the receipt, review, reporting and certification provided
       for herein with respect to the Mortgage Files (other than ownership thereof for the benefit of the Certificateholders and related duties and obligations set forth herein).  

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

       (a)          Upon discovery or receipt of notice by the Depositor, the Master Servicer, the Trust Administrator or the Trustee of any materially defective document in, or that a document is missing from, a Mortgage File or of the breach by the Seller of any representation, warranty or covenant under the Mortgage Loan Purchase Agreement in respect of any Mortgage 

        

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

       	
                    
  	
                   (b)
 	
                   Reserved.
 

       (c)          Within 90 days of the earlier of discovery by the Master Servicer or receipt of notice by the Master Servicer of the breach of any representation, warranty or covenant of the Master Servicer set forth in Section 2.05 which materially and adversely affects the 

        

       interests of the Certificateholders in any Mortgage Loan, the Master Servicer shall cure such breach in all material respects.

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

       As to any Deleted Mortgage Loan for which the Seller substitutes a Qualified Substitute Mortgage Loan or Loans, such substitution shall be effected by the Seller delivering to the Trustee (or to the 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. The 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 the 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 the 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 the 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 (iii) 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 the 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 the 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-B and REMIC II-C.

        

        

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

       The rights of the Class I-R Certificateholders, of the Class II-R Certificateholders, and of the Class III-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 I-R Certificates, the Class II-R Certificates, the Class III-R Certificates and the Regular Certificates, shall be as set forth in this Agreement.

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

       The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey to the Trustee, without recourse all the right, title and interest of the Depositor in and to the REMIC II-A Regular Interests for the benefit of the Class II-R Certificateholders (as holder of the Class R-IIA Interest) and REMIC II-B (as holder of the REMIC II-A Regular Interests). The Trustee acknowledges receipt of the REMIC II-A Regular Interests and declares that it holds and will hold the same in trust for the exclusive use and benefit of all present and future Class II-R Certificateholders (as holder of the Class R-IIA Interest) and REMIC II-B (as holder of the REMIC II-A Regular Interests).  The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey to the Trustee, without recourse all
       the right, title and interest of the Depositor in and to the REMIC II-B Regular Interests for the benefit of the Class II-R Certificateholders (as holder of the Class R-IIB Interest) and REMIC II-C (as holder of the REMIC II-B Regular Interests). The Trustee acknowledges receipt of the REMIC II-B Regular Interests and declares that it holds and will hold the same in trust for the exclusive use and benefit of all present and future Class II-R Certificateholders (as holder of the Class R-IIB Interest) and REMIC II-C (as 

        

       holder of the REMIC II-B Regular Interests).  The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey to the Trustee, without recourse all the right, title and interest of the Depositor in and to the REMIC II-C Regular Interests for the benefit of the Class II-R Certificateholders (as holder of the Class R-IIC Interest) and REMIC II-D (as holder of the REMIC II-C Regular Interests). The Trustee acknowledges receipt of the REMIC II-C 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 II-R Certificateholders (as holder of the Class R-IIC Interest) and REMIC II-D (as holder of the REMIC II-C Regular Interests).  The rights of the Class II-R Certificateholders (as holder of the Class R-IIA Interest) and of REMIC II-B (as holder of the REMIC II-A
       Regular Interests) to receive distributions from the proceeds of REMIC II-A, the rights of the Class II-R Certificateholders (as holder of the Class R-IIB Interest) and of REMIC II-C (as holder of the REMIC II-B Regular Interests) to receive distributions from the proceeds of REMIC II-B, the rights of the Class II-R Certificateholders (as holder of the Class R-IIC Interest) and of REMIC II-D (as holder of the REMIC II-C Regular Interests) to receive distributions from the proceeds of REMIC II-C, and all ownership interests evidenced or constituted by the Class II-R Certificates and the Regular Certificates evidencing interests in REMIC II-D, 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 III-A Regular Interests for the benefit of the Class III-R Certificateholders (as holder of the Class R-IIIA Interest) and REMIC III-B (as holder of the REMIC III-A Regular Interests). The Trustee acknowledges receipt of the REMIC III-A Regular Interests and declares that it holds and will hold the same in trust for the exclusive use and benefit of all present and future Class III-R Certificateholders (as holder of the Class R-IIIA Interest) and REMIC III-B (as holder of the REMIC III-A Regular Interests).  The rights of the Class III-R Certificateholders (as holder of the Class R-IIIA Interest) and of REMIC III-B (as holder of the REMIC III-A Regular Interests)
       to receive distributions from the proceeds of REMIC III-A, and all ownership interests evidenced or constituted by the Class III-R Certificates and the Regular Certificates evidencing interests in REMIC III-B, 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, GMAC is the Sub-Servicer with respect to the Mortgage Loans originated by Quicken and with respect to the Mortgage Loans originated by MortgageIT and with respect to the Mortgage Loans originated by Ameriquest and in such capacity GMAC will be primarily responsible for the servicing of such Mortgage Loans. As of the Cut-Off Date, Countrywide Home Loans Servicing LP is the Sub-Servicer with respect to the Mortgage Loans originated by Countrywide and in such capacity Countrywide Home Loans Servicing LP
       will be primarily responsible for the servicing of such Mortgage Loans. As of the Cut-Off Date, Wells Fargo is the Sub-Servicer with respect to the Mortgage Loans originated by Wells Fargo and in such capacity Wells Fargo will be primarily responsible for the servicing of such Mortgage Loans. As of the Cut-Off Date, National City is the Sub-Servicer with respect to the National City Mortgage Loans and in such capacity National City will be primarily responsible for the servicing of such Mortgage Loans.  As of the Cut-Off Date, GreenPoint is the Sub-Servicer with respect to the GreenPoint Mortgage Loans and in such capacity GreenPoint will be primarily responsible for the servicing of such Mortgage Loans.

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

        

       Servicing Agreements, and any amendments or modifications thereof, promptly upon the Master Servicer’s execution and delivery of such instruments.

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

       	
                    
  	
                   SECTION 3.03
 	
                   Successor Sub-Servicers.
 

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

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

       	
                    
  	
                   SECTION 3.04
 	
                   Liability of the Master Servicer.
 

       Notwithstanding any Sub-Servicing Agreement, any of the provisions of this Agreement relating to agreements or arrangements between the Master Servicer and a Sub-Servicer or reference to actions taken through a Sub-Servicer or otherwise, the Master Servicer shall remain obligated and primarily liable to the Trustee and the Certificateholders for the servicing and administering of the Mortgage Loans in accordance with the provisions of Section 3.01 without diminution of such obligation or liability by virtue of such Sub-Servicing Agreements or arrangements or by virtue of indemnification from the Sub-Servicer and to the same extent and under the same terms and conditions as if the Master Servicer alone were servicing and administering the Mortgage Loans. The Master Servicer shall be entitled to enter 

        

       into any agreement with a Sub- Servicer for indemnification of the Master Servicer by such Sub-Servicer and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

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

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

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

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

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

       	
                    
  	
                   SECTION 3.07
 	
                   Collection of Certain Mortgage Loan Payments.
 

       The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans, and shall, to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Primary Mortgage Insurance Policy and any other applicable insurance policies (including the PMI Policy), 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 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)     without duplication, all payments of claims under the PMI Policy; 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 plus the amount of the PMI Insurer Fee for the
       related Distribution 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 (upon the Trustee’s
       reasonable request) with copies of any such insurance policies and fidelity bond. The Master Servicer shall be deemed to have complied with this provision if an Affiliate of the Master Servicer has such errors and omissions and fidelity bond coverage and, by the terms of such insurance policy or fidelity bond, the coverage afforded thereunder extends to the Master Servicer. Any such errors and omissions policy and fidelity bond shall by its terms not be cancelable without thirty days’ prior written notice to the Trustee. The Master Servicer shall also cause each Sub-Servicer to maintain a policy of insurance covering errors and omissions and a fidelity bond which would meet such requirements.

        

        

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

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

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

        

        

       	
                    
  	
                   SECTION 3.16
 	
                   Realization Upon Defaulted Mortgage Loans.
 

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

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

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

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

       The cost of the environmental audit report contemplated by this Section 3.23 shall be advanced by the Master Servicer, subject to the Master Servicer’s right to be reimbursed therefor from the Collection Account as provided in Section 3.11(a)(ix), such right of 

        

       reimbursement being prior to the rights of Certificateholders to receive any amount in the Collection Account received in respect of the affected Mortgage Loan or other Mortgage Loans.

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

       	
                    
  	
                   (c)
 	
                   [Reserved].
 

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

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

       	
                    
  	
                   SECTION 3.18
 	
                   Servicing Compensation.
 

       As compensation for the activities of the Master Servicer hereunder, the Master Servicer shall be entitled to the Servicing Fee and 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 Trustee, the Trust Administrator, the Depositor and the Rating Agencies on or before March 15 of each year, commencing in 2006, an Officer’s Certificate, certifying that with respect to the period ending December 31 of the prior year: (i) such Servicing Officer has reviewed the activities of such Master Servicer during the 

        

       preceding calendar year or portion thereof and its performance under this Agreement, (ii) to the best of such Servicing Officer’s knowledge, based on such review, such Master Servicer has performed and fulfilled its duties, responsibilities and obligations under this Agreement in all material respects throughout such year, or, if there has been a default in the fulfillment of any such duties, responsibilities or obligations, specifying each such default known to such Servicing Officer and the nature and status thereof, (iii) nothing has come to the attention of such Servicing Officer to lead such Servicing Officer to believe that any Servicer has failed to perform any of its duties, responsibilities and obligations under its Servicing Agreement in all material respects throughout such year, or, if there has been a material default in the performance or fulfillment of any such duties, responsibilities
       or obligations, specifying each such default known to such Servicing Officer and the nature and status thereof. Copies of such statements shall be provided to any Certificateholder upon request, by the Trust Administrator at the Master Servicer’s expense.

       	
                    
  	
                   SECTION 3.21
 	
                   Independent Public Accountants’ Servicing Report.
 

       The Master Servicer at its expense shall cause a nationally recognized firm of independent certified public accountants to furnish a statement to the Trustee, the Trust Administrator, the Depositor and the Rating Agencies on or before March 15 of each year, commencing in 2006 to the effect that, with respect to the most recently ended fiscal year, such firm has examined certain records and documents relating to the Master Servicer’s performance of its servicing obligations under this Agreement and pooling and servicing and trust agreements in material respects similar to this Agreement and to each other and that, on the basis of such examination conducted substantially in compliance with the audit program for mortgages serviced for Freddie Mac or the Uniform Single Attestation Program for Mortgage Bankers, such firm is of the opinion that the Master Servicer’s activities have
       been conducted in compliance with this Agreement, or that such examination has disclosed no material items of noncompliance except for (i) such exceptions as such firm believes to be immaterial, (ii) such other exceptions as are set forth in such statement and (iii) such exceptions that the Uniform Single Attestation Program for Mortgage Bankers or the Audit Program for Mortgages Serviced by Freddie Mac requires it to report. Copies of such statements shall be provided to any Certificateholder upon request by the Trust Administrator at the expense of the Master Servicer. If such report discloses exceptions that are material, the Master Servicer shall advise the Trustee whether such exceptions have been or are susceptible of cure, and if susceptible of cure will take prompt action to cure.

       	
                    
  	
                   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.
 

       With respect to each Collateral Pool, the Master Servicer shall deliver to the Paying Agent for deposit into the Distribution Account on or before 12:00 p.m. New York time on the Master Servicer Remittance Date from its own funds (or from a Sub-Servicer’s own funds received by the Master Servicer in respect of Compensating Interest) an amount equal to the lesser of (i) the aggregate of the Prepayment Interest Shortfalls for the related Distribution Date resulting from full or partial Principal Prepayments during the related Prepayment Period and (ii) the applicable Compensating Interest Payment for that Collateral Pool.

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

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

       	
                    
  	
                   SECTION 3.26
 	
                   Tax Reserve Account.
 

       (a)          No later than the Closing Date, the Paying Agent shall establish and maintain with itself, on behalf of the Trustee, a separate, segregated trust account titled, “Tax Reserve Account, Citibank, N.A., as Paying Agent, 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 2005-5.”  

        

        

       (b)          On the Closing Date and on each Distribution Date as to which there is a PMI Insurer Tax Amount payable to PMI Insurer (as evidenced by an invoice for the same received by the Paying Agent), the Paying Agent will cause to be paid from the Tax Reserve Account the amount of any such PMI Insurer Tax Amount (to the extent of amounts on deposit in such account).  

       (c)          For federal and state income tax purposes, the Master Servicer will be deemed to be the owner of the Tax Reserve Account.  Upon the termination of the Trust Fund, or the payment in full of the Class A Certificates and Subordinate Certificates, all amounts remaining on deposit in the Tax Reserve Account will be released by the Trust Fund and distributed to the Master Servicer or its designee.  The Tax Reserve Account will be part of the Trust Fund but not part of any Trust REMIC.  

       (d)         The Paying Agent at the direction of the Master Servicer shall direct any depository institution maintaining the Tax Reserve Account to invest the funds in such account in one or more Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Paying Agent or an Affiliate manages or advises such investment, 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 or an Affiliate manages or advises such investment. All income and gain earned upon such investment shall be deposited into the Tax Reserve Account.<

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                   SECTION 3.27
 	
                   PMI Policies; Claims Under the PMI Policies.
 

       
Notwithstanding anything to the contrary elsewhere in this Agreement, the Master Servicer shall not agree to any modification or assumption of a PMI Mortgage Loan or take any other action with respect to a PMI Mortgage Loan that could result in denial of coverage under the PMI Policy.  The Master Servicer shall notify the PMI Insurer that the Trustee, on behalf of the Certificateholders, is the Insured, as that term is defined in the PMI Policy, of each PMI Mortgage Loan.  The Master Servicer shall, on behalf of the Trustee,  prepare and file on a timely basis with the PMI Insurer, with a copy to the Trustee, all claims which may be made under the PMI Policy with respect to the PMI Mortgage Loans.  Consistent with all rights and obligations hereunder, the Master Servicer shall take all actions required under the PMI Policy as a condition to the payment of any such claim.  Any amount
       received from the PMI Insurer with respect to any such PMI Mortgage Loan shall be deposited by the Master Servicer into the Collection Account in accordance with Section 3.10(a).  The Paying Agent shall withdraw from the Distribution Account on each Distribution Date and pay to the PMI Insurer the PMI Insurer Fee in accordance with the terms of the PMI Policy.

       	
                    
  	
                   SECTION 3.28
 	
                   Administration of Buydown Funds.
 

       The Buydown Account established and maintained by the Master Servicer with respect to each Buydown Mortgage Loan shall be an Eligible Account. Upon receipt from the Mortgagor of the amount due on a Due Date for each Buydown Mortgage Loan, the Master Servicer will withdraw from the related Buydown Account the predetermined amount that, when added to the amount due on such date from the Mortgagor, equals the Monthly Payment and will 

        

       deposit that amount together with the related payment made by the Mortgagor in the Collection Account. The Buydown Account shall not be an asset of any REMIC and for federal income tax purposes shall be owned by the Master Servicer or the applicable Sub-Servicer.

       If any Mortgagor on a Buydown Mortgage Loan prepays such Mortgage Loan in its entirety during the Buydown Period, when Buydown Funds are required to be applied to such Buydown Mortgage Loan, the Master Servicer will withdraw from the related Buydown Account and remit to such Mortgagor or any other Person in accordance with the related Buydown Agreement any Buydown Funds remaining in the Buydown Account. If a Principal Prepayment by a Mortgagor during the Buydown Period, together with any Buydown Funds in the related Buydown Account, will result in a Principal Prepayment in full, the Master Servicer will withdraw from the related Buydown Account for deposit in the Collection Account the Buydown Funds, which together with such Principal Prepayment, will result in a Principal Prepayment in Full. If a Mortgagor defaults during the Buydown Period with respect to a Buydown Mortgage Loan and
       the Mortgaged Property is sold at foreclosure or title thereto is acquired on behalf of the Certificateholders, the Master Servicer will withdraw from the Buydown Account the Buydown Funds (which shall thereupon constitute “Liquidation Proceeds” for purposes of this Agreement) for deposit in the Collection Account.

        

        

       ARTICLE IV

        

       PAYMENTS TO CERTIFICATEHOLDERS

       	
                    
  	
                   SECTION 4.01
 	
                   Distributions.
 

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

       	
                    
 	
                   (i)
 	
                   from the Available Distribution Amount for each Loan Group, concurrently (x) to the Holders of the related Senior Certificates, the Interest Distribution Amount for each Class of the related Senior Certificates, on a pro rata basis based on their respective entitlements to interest pursuant to this clause, and (y) to the Holders of the Class I-F Certificates, that portion of the Interest Distribution Amount for the Class I-F Certificates for such Distribution Date attributable to the related Group I Mortgage Loans;
 

       	
                    
 	
                   (ii)
 	
                   from the remaining Available Distribution Amount for each Loan Group, concurrently to the Holders of the related Class A Certificates, and on the first Distribution Date, in the case of the remaining Available Distribution Amount relating to Loan Group I-1, to the Holders of the Class I-R Certificates, to the extent of the related Senior Principal Distribution Amount for such Certificates, in reduction of the Certificate Principal Balances of such Certificates, distributable first to the Holders of any related Class of Residual Certificates until the Certificate Principal Balance thereof has been reduced to zero, and then to the Holders of each Class of the related Class A Certificates, on a pro rata basis based on the respective Certificate Principal Balances, until the
       Certificate Principal Balances thereof have been reduced to zero;
 

       	
                    
 	
                   (iii)
 	
                   from the remaining Available Distribution Amounts for all Loan Groups within Collateral Pool I, to the Holders of the related Subordinate Certificates, the related Interest Distribution Amount for each Class of the related Subordinate Certificates for such Distribution Date, distributable to the Holders of the Subordinate Certificates related to such Collateral Pool in the order of priority from the Class of such Subordinate Certificates with the lowest numerical designation to the Class of such Subordinate Certificates with the highest numerical designation;
 

       	
                    
 	
                   (iv)
 	
                   from the remaining Available Distribution Amounts for all Loan Groups within Collateral Pool I, to the Holders of the related Subordinate Certificates, an aggregate amount equal to the related Subordinate Principal Distribution Amount for such Distribution Date, allocable among the related Classes of Subordinate Certificates in reduction of the Certificate Principal Balances thereof in accordance with the 
 

        

       respective amounts payable as to each Class pursuant to the priorities and amounts set forth in Section 4.01(b)(i);

       	
                    
 	
                   (v)
 	
                   from the remaining Available Distribution Amounts for all Loan Groups within Collateral Pool I, if such Distribution Date follows the expiration of the latest expiring prepayment charge, penalty or premium on any Mortgage Loan remaining such Collateral Pool, to the Class I-P Certificates, until the Certificate Principal Balances thereof has been reduced to zero; and 
 

       	
                    
 	
                   (vi)
 	
                   from the remaining Available Distribution Amounts for all Loan Groups within Collateral Pool I, to the Holders of the Class I-R Certificates, any remaining amounts.
 

       (2)  On each Distribution Date, the Paying Agent, in accordance with calculations and determinations made by the Trust Administrator as reflected in the statement to Certificateholders prepared by the Trust Administrator pursuant to Section 4.02, shall withdraw from the Distribution Account an amount equal to the Group II Available Distribution Amount for each Loan Group or Subgroup within Collateral Pool II.  Distributions on each Distribution Date with respect to the Group II Certificates will be made in the following amounts and order of priority, from the related Available Distribution Amount or related Available Distribution Amounts:

       	
                    
 	
                   (i)
 	
                   from the Available Distribution Amount for each Loan Group or Subgroup, concurrently, to the Holders of the related Senior Certificates, the Interest Distribution Amount for each Class of the related Senior Certificates, on a pro rata basis based on their respective entitlements to interest pursuant to this clause;
 

       	
                    
 	
                   (ii)
 	
                   from the remaining Available Distribution Amount relating to Subgroup II-1-1, to the Holders of the Class II-PO1 Certificates, to the extent of the Class PO Principal Distribution Amount for such Class of Certificates, and from the remaining Available Distribution Amount relating to the Group II-2 Mortgage Loans, to the Holders of the Class II-PO2 Certificates, to the extent of the Class PO Principal Distribution Amount for such Class of Certificates, and from the remaining Available Distribution Amount relating to the Group II-3 Mortgage Loans, to the Holders of the Class II-PO3 Certificates, to the extent of the Class PO Principal Distribution Amount for such Class of Certificates, in each case in reduction of the Certificate Principal Balance of such Class, until the Certificate Principal Balance thereof has been reduced to
       zero;
 

       	
                    
 	
                   (iii)
 	
                   from the remaining Available Distribution Amount for each Loan Group or Subgroup, concurrently, to the Holders of the Group II Class A Certificates (other than the Interest Only Certificates), and on the first Distribution Date, in the case of the remaining Available Distribution Amount relating to Loan Group II-3, to the Holders of the Class II-R Certificates, to the extent of the related Senior Principal Distribution Amount for such Certificates, in reduction of the Certificate Principal Balances of such Certificates, distributable first to the Holders of any related Class of Residual Certificates until the Certificate Principal Balance thereof has been reduced to zero, and then to the Holders of each Class of the Group II Class A Certificates (other than the Interest Only Certificates), in the order of priority set forth in
       Section 4.01(a)(4), until the Certificate Principal Balances thereof have been reduced to zero;
 

        

        

       	
                    
 	
                   (iv)
 	
                   from the remaining Available Distribution Amount for each Loan Group or Subgroup, concurrently, to the Holders of the Group II Class A Certificates (other than the Interest Only Certificates) related to an Undercollateralized Loan Group, an amount in respect of principal equal to the portion allocable to such Undercollateralized Loan Group pursuant to Section 4.01(a)(7) below of the Overcollateralized Amount relating to Collateral Pool II for such Distribution Date, allocated to such Group II Class A Certificates, in the order of priority set forth in Section 4.01(a)(4) below;
 

       	
                    
 	
                   (v)
 	
                   from the remaining Available Distribution Amounts for all Loan Groups or Subgroups within Collateral Pool II, to the Holders of the Group II Subordinate Certificates (other than the Class of Group II Subordinate Certificates then outstanding with the lowest payment priority), the related Interest Distribution Amount for each Class of the Group II Subordinate Certificates for such Distribution Date, distributable to the Holders of the Group II Subordinate Certificates in the order of priority from the Class of such Subordinate Certificates with the lowest numerical designation to the Class of such Subordinate Certificates with the highest numerical designation;
 

       	
                    
 	
                   (vi)
 	
                   from the remaining Available Distribution Amount for each Loan Group or Subgroup, to the Holders of the related Class of Class PO Certificates, in reduction of the Certificate Principal Balance of such Class, in an amount with respect to such Class equal to the excess, if any, of (x) the Class PO Percentage of the Stated Principal Balance of each related Class PO Mortgage Loan as to which a Final Liquidation has occurred over (y) the amount distributed in respect of such Class PO Mortgage Loan to such Class pursuant to clause (ii) above on such Distribution Date or on any prior Distribution Dates, until paid in full to the Holders of such Class of Class PO Certificates;
 

       	
                    
 	
                   (vii)
 	
                   from the remaining Available Distribution Amounts for all Loan Groups or Subgroups within Collateral Pool II, to the Holders of the Class of Group II Subordinate Certificates then outstanding with the lowest payment priority, the Interest Distribution Amount for such Class for such Distribution Date;
 

       	
                    
 	
                   (viii)
 	
                   from the remaining Available Distribution Amounts for all Loan Groups or Subgroups within Collateral Pool II, to the Holders of the Group II Subordinate Certificates, an aggregate amount equal to the related Subordinate Principal Distribution Amount for such Distribution Date, allocable among the related Classes of Subordinate Certificates in reduction of the Certificate Principal Balances thereof in accordance with the respective amounts payable as to each Class pursuant to the priorities and amounts set forth in Section 4.01(b)(i);
 

       	
                    
 	
                   (ix)
 	
                   from the remaining Available Distribution Amounts for all Loan Groups or Subgroups within Collateral Pool II, if such Distribution Date follows the expiration of the latest expiring prepayment charge, penalty or premium on any Mortgage Loan remaining such Collateral Pool, to the Class II-P Certificates, until the Certificate Principal Balances thereof has been reduced to zero; and 
 

        

        

       	
                    
 	
                   (x)
 	
                   from the remaining Available Distribution Amounts for all Loan Groups or Subgroups within Collateral Pool II, to the Holders of the Class II-R Certificates, any remaining amounts.
 

       (3)  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 Group III Available Distribution Amount for each Loan Group within Collateral Pool III.  Distributions on each Distribution Date with respect to the Group III Certificates will be made in the following amounts and order of priority, from the related Available Distribution Amount or related Available Distribution Amounts:

       	
                    
 	
                   (i)
 	
                   from the Available Distribution Amount for each Loan Group, concurrently to the Holders of the related Senior Certificates, the Interest Distribution Amount for each Class of the related Senior Certificates, on a pro rata basis based on their respective entitlements to interest pursuant to this clause;
 

       	
                    
 	
                   (ii)
 	
                   from the remaining Available Distribution Amount for each Loan Group, concurrently to the Holders of the related Class A Certificates, and on the first Distribution Date, in the case of the remaining Available Distribution Amount relating to Loan Group III-1, to the Holders of the Class III-R Certificates, to the extent of the related Senior Principal Distribution Amount for such Certificates, in reduction of the Certificate Principal Balances of such Certificates, distributable first to the Holders of any related Class of Residual Certificates until the Certificate Principal Balance thereof has been reduced to zero, and then concurrently to the Holders of each Class of the related Class A Certificates, on a pro rata basis based on the respective Certificate Principal Balances,
       until the Certificate Principal Balances thereof have been reduced to zero;
 

       	
                    
 	
                   (iii)
 	
                   from the remaining Available Distribution Amounts for all Loan Groups within Collateral Pool III, to the Holders of the related Subordinate Certificates, the related Interest Distribution Amount for each Class of the related Subordinate Certificates for such Distribution Date, distributable to the Holders of the Subordinate Certificates related to such Collateral Pool in the order of priority from the Class of such Subordinate Certificates with the lowest numerical designation to the Class of such Subordinate Certificates with the highest numerical designation;
 

       	
                    
 	
                   (iv)
 	
                   from the remaining Available Distribution Amounts for all Loan Groups within Collateral Pool III, to the Holders of the related Subordinate Certificates, an aggregate amount equal to the related Subordinate Principal Distribution Amount for such Distribution Date, allocable among the related Classes of Subordinate Certificates in reduction of the Certificate Principal Balances thereof in accordance with the respective amounts payable as to each Class pursuant to the priorities and amounts set forth in Section 4.01(b)(i);
 

       	
                    
 	
                   (v)
 	
                   from the remaining Available Distribution Amounts for all Loan Groups within Collateral Pool III, if such Distribution Date follows the expiration of the latest expiring prepayment charge, penalty or premium on any Mortgage Loan remaining 
 

        

       such Collateral Pool, to the Class III-P Certificates, until the Certificate Principal Balances thereof has been reduced to zero; and 

       	
                    
 	
                   (vi)
 	
                   from the remaining Available Distribution Amounts for all Loan Groups within Collateral Pool III, to the Holders of the Class III-R Certificates, any remaining amounts.
 

       (4)        On each Distribution Date, all distributions to the Class II-1-1A Certificates made pursuant to Section 4.01(a)(2)(iii) shall be distributed among the Classes of Class II-1-1A Certificates in the following amounts and order of priority:

       i.            first, an amount up to $100, concurrently, to the Class II-1-1A3 Certificates and the Class II-1-1A4 Certificates, on a pro rata basis based on the Certificate Principal Balance of each such class, until the Certificate Principal Balances thereof have been reduced to zero;

       ii.           second, concurrently, to the Class II-1-1A5 Certificates and the Class II-1-1A6 Certificates,  on a pro rata basis based on the Certificate Principal Balance of each such class, the Subgroup II-1-1 Lockout Distribution Amount, until the Certificate Principal Balances thereof have been reduced to zero; 

       iii.          third, an amount up to $1,000,000, to the Class II-1-1A1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;

       iv.          fourth, concurrently, to the Class II-1-1A3 Certificates and the Class II-1-1A4 Certificates, on a pro rata basis based on the Certificate Principal Balance of each such class, until the Certificate Principal Balances thereof have  been reduced to zero; 

       v.           fifth, to the Class II-1-1A1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and

       vi.          sixth, concurrently, to the Class II-1-1A5 Certificates and the Class II-1-1A6 Certificates, on a pro rata basis based on the Certificate Principal Balance of each such class, until the Certificate Principal Balances thereof have been reduced to zero. 

       On each Distribution Date, all distributions to the Class II-1-2A Certificates made pursuant to Section 4.01(a)(2)(iii) shall be distributed among the Classes of Class II-1-2A Certificates in the following amounts and order of priority:

       i.            first, an amount up to $100, concurrently, to the Class II-1-2A3 Certificates and the Class II-1-2A4 Certificates, on a pro rata basis based on the Certificate Principal Balance of each such class, until the Certificate Principal Balances thereof have been reduced to zero;

       ii.           second, concurrently, to the Class II-1-2A6 Certificates and the Class II-1-2A7 Certificates, on a pro rata basis based on the Certificate Principal Balance of each such class, the Subgroup II-1-2 Lockout Distribution Amount, until the Certificate Principal Balances thereof have been reduced to zero; 

       iii.          third, an amount up to $1,000,000, to the Class II-1-2A1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;

        

        

       iv.          fourth, concurrently, to the Class II-1-2A3 Certificates and the Class II-1-2A4 Certificates, on a pro rata basis based on the Certificate Principal Balance of each such class, until the Certificate Principal Balances thereof have been reduced to zero; 

       v.          fifth, to the Class II-1-2A1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and

       vi.          sixth, concurrently, to the Class II-1-2A6 Certificates and the Class II-1-1A7 Certificates, on a pro rata basis based on the Certificate Principal Balance of each such class, until the Certificate Principal Balances thereof have been reduced to zero. 

       (5)          On each Distribution Date, all amounts representing prepayment charges, penalties or premiums in respect of the Group I Mortgage Loans, Group II Mortgage Loans or the Group III Mortgage Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Paying Agent to the Holders of the Class I-P Certificates, Class II-P Certificates and the Class III-P Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.  The payment of the foregoing amounts to the Holders of the Class I-P Certificates, the Class II-P Certificates and the Class III-P Certificates shall not reduce the Certificate Principal Balance thereof.  

       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 required by this paragraph shall be made. For each Collateral Pool, an amount equal to the lesser of (x) the amount of related Subsequent Recoveries included in the available funds for such Distribution Date and (y) the aggregate amount of related Realized Losses, other than Excess Bankruptcy Losses, Excess Fraud Losses, Excess Special Hazard Losses and Extraordinary Losses, previously allocated to the Certificates and that remain “outstanding” as set forth below shall be applied as follows: first, to increase the Certificate Principal Balance 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 and remaining “outstanding” second, to increase the Certificate Principal Balance 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 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 Balance as provided above shall be deemed no longer “outstanding” but not by more than the amount of Realized Losses previously allocated to that Class of Certificates pursuant to Section 4.04. Holders of any Class of Certificates with respect to which there shall have been a Certificate Principal Balance increase pursuant to this paragraph will not be entitled to any distribution in respect of interest
       on the amount of such increase for any Interest Accrual Period preceding the Distribution Date on which such increase occurs. Any such increases shall be applied to the Certificate Principal Balance of each Certificate of such Class in accordance with its respective Percentage Interest.

       (6)         All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class 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.

        

        

       (7)         If, on any Distribution Date, there is an Undercollateralized Loan Group or Subgroup within Collateral Pool II, all interest and principal collected or advanced on the Group II Mortgage Loans and remaining after all distributions of interest and principal are made to the related Group II Senior Certificates will be available to make payments in respect of principal to those Classes of Group II Class A Certificates related to an Undercollateralized Loan Group or Subgroup prior to making any distributions of interest and principal to the Group II Subordinate Certificates.  Such remaining Group II Available Distribution Amounts will be allocated among the Undercollateralized Loan Groups or Subgroups, pro rata, based on their respective Undercollateralization Amounts and
       among the Class A Certificates related to such Undercollateralized Loan Groups or Subgroups, based on the Certificate Principal Balances of such Classes.  

       (b)         (i)          On each Distribution Date, the aggregate distributions of principal made on such date in respect of the Group I Subordinate Certificates pursuant to Section 4.01(a)(1)(iv) above,  the aggregate distributions of principal made on such date in respect of the Group II Subordinate Certificates pursuant to Section 4.01(a)(1)(viii) above and the aggregate distributions of principal made on such date in respect of the Group III Subordinate Certificates pursuant to Section 4.01(a)(1)(iv) above shall be applied among the various Classes thereof, in the order of priority within each Collateral Pool from the Class of related Subordinate Certificates with the lowest numerical designation to the Class of related Subordinate Certificates with the
       highest numerical designation, in each case to the extent of remaining available funds up to the amount allocable to such Class for such Distribution Date and in each case until the aggregate Certificate Principal Balance of each such Class is reduced to zero, in an amount with respect to each such Class equal to the sum of (X) the related Class B Percentage of the amounts described in clauses (i) through (v) of clause (a) of the definition of Subordinate Principal Distribution Amount, (Y) the portion of the amounts described in clauses (b), (c) and (e) of the definition of Subordinate Principal Distribution Amount allocable to such Class pursuant to Section 4.01(b)(ii) below and (Z) the excess, if any, of the amount required to be distributed to such Class pursuant to this Section  4.01(b)(i) for the immediately preceding Distribution Date, over the aggregate distributions of principal made in respect of such Class of Certificates on such immediately preceding Distribution Date
       pursuant to Section 4.01 to the extent that any such excess is not attributable to Realized Losses which were allocated to 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 I 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 I Mortgage Loans in the related Prepayment Period, allocable to principal and not included in the related Senior Principal Distribution Amount, will be allocated on a pro rata basis among the following Classes of Group I Subordinate Certificates (each, an “Eligible Class”) in proportion to the respective outstanding Certificate Principal Balances thereof: (i) the Class I-B1 Certificates, (ii) the Class I-B2 Certificates, if on such Distribution Date the aggregate
       percentage interest in Collateral Pool I evidenced by the Class I-B2 Certificates, the Class I-B3 Certificates, the Class I-B4 Certificates, the Class I-B5 Certificates and the Class I-B6 Certificates equals or exceeds 3.00% before giving effect to distributions on such Distribution Date, (iii) the Class I-B3 Certificates, if on such Distribution Date the aggregate percentage interest in Collateral Pool I evidenced by the Class I-

        

       B3 Certificates, the Class I-B4 Certificates, the Class I-B5 Certificates and the Class I-B6 Certificates equals or exceeds 1.70% before giving effect to distributions on such Distribution Date, (iv) the Class I-B4 Certificates, if on such  Distribution Date the aggregate percentage interest in Collateral Pool I evidenced by the Class I-B4 Certificates, the Class I-B5 Certificates and the Class I-B6 Certificates equals or exceeds 1.00% before giving effect to distributions on such Distribution Date, (v) the Class I-B5 Certificates, if on such Distribution Date the aggregate percentage interest in Collateral Pool I evidenced by the Class I-B5 Certificates and the Class I-B6 Certificates equals or exceeds 0.60% before giving effect to distributions on such Distribution Date and (vi) the Class I-B6 Certificates, if on such Distribution Date the percentage interest in Collateral Pool I evidenced by the Class
       I-B6 Certificates equals or exceeds 0.25% before  giving effect to distributions on such Distribution Date. If  any of the foregoing Certificates is not an Eligible Class, any amounts allocable to principal and distributable pursuant to this Section 4.01(b)(ii) will be distributed among the Certificates that are Eligible Classes in the manner set forth above.

       On any Distribution Date, the portion of (a) all net Liquidation Proceeds and Insurance Proceeds with respect to any Group II 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 II Mortgage Loans in the related Prepayment Period, allocable to principal and not included in the related Senior Principal Distribution Amounts, will be allocated on a pro rata basis among the following Classes of Group II Subordinate Certificates (each, an “Eligible Class”) in proportion to the respective outstanding Certificate Principal Balances thereof: (i) the Class II-B1 Certificates, (ii) the Class II-B2 Certificates, if on such Distribution Date the aggregate percentage interest in Collateral Pool II evidenced by the Class II-B2
       Certificates, the Class II-B3 Certificates, the Class II-B4 Certificates, the Class II-B5 Certificates and the Class II-B6 Certificates equals or exceeds 2.00% before giving effect to distributions on such Distribution Date, (iii) the Class II-B3 Certificates, if on such Distribution Date the aggregate percentage interest in Collateral Pool II evidenced by the Class II-B3 Certificates, the Class II-B4 Certificates, the Class II-B5 Certificates and the Class II-B6 Certificates equals or exceeds 1.10% before giving effect to distributions on such Distribution Date, (iv) the Class II-B4 Certificates, if on such  Distribution Date the aggregate percentage interest in Collateral Pool II evidenced by the Class II-B4 Certificates, the Class II-B5 Certificates and the Class II-B6 Certificates equals or exceeds 0.70% before giving effect to distributions on such Distribution Date, (v) the Class II-B5 Certificates, if on such Distribution Date the aggregate percentage interest in Collateral
       Pool II evidenced by the Class II-B5 Certificates and the Class II-B6 Certificates equals or exceeds 0.40% before giving effect to distributions on such Distribution Date and (vi) the Class II-B6 Certificates, if on such Distribution Date the percentage interest in Collateral Pool II evidenced by the Class II-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.

       On any Distribution Date, the portion of (a) all net Liquidation Proceeds and Insurance Proceeds with respect to any Group III 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 III Mortgage Loans in the related Prepayment 

        

       Period, allocable to principal and not included in the related Senior Principal Distribution Amounts, will be allocated on a pro rata basis among the following Classes of Group III Subordinate Certificates (each, an “Eligible Class”) in proportion to the respective outstanding Certificate Principal Balances thereof: (i) the Class III-B1 Certificates, (ii) the Class III-B2 Certificates, if on such Distribution Date the aggregate percentage interest in Collateral Pool III evidenced by the Class III-B2 Certificates, the Class III-B3 Certificates, the Class III-B4 Certificates, the Class III-B5 Certificates and the Class III-B6 Certificates equals or exceeds 2.90% before giving effect to distributions on such Distribution Date, (iii) the Class III-B3 Certificates, if on such Distribution Date the aggregate percentage interest in Collateral Pool II
       evidenced by the Class III-B3 Certificates, the Class III-B4 Certificates, the Class III-B5 Certificates and the Class III-B6 Certificates equals or exceeds 1.95% before giving effect to distributions on such Distribution Date, (iv) the Class III-B4 Certificates, if on such  Distribution Date the aggregate percentage interest in Collateral Pool III evidenced by the Class III-B4 Certificates, the Class III-B5 Certificates and the Class III-B6 Certificates equals or exceeds 1.20% before giving effect to distributions on such Distribution Date, (v) the Class III-B5 Certificates, if on such Distribution Date the aggregate percentage interest in Collateral Pool III evidenced by the Class III-B5 Certificates and the Class III-B6 Certificates equals or exceeds 0.75% before giving effect to distributions on such Distribution Date and (vi) the Class III-B6 Certificates, if on such Distribution Date the percentage interest in Collateral Pool III evidenced by the Class III-B6 Certificates equals
       or exceeds 0.35% 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 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)        with respect to each Collateral Pool, the aggregate amount of servicing compensation received by the Master Servicer during the related Due Period and such other customary information as the Trust Administrator deems necessary or desirable, or which a  Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;

       (iv)        with respect to each Collateral Pool, the aggregate amount of P&I Advances for such Distribution Date;

       (v)         with respect to each Collateral Pool, the aggregate Stated Principal Balance of the related Mortgage Loans and any related REO Properties at the close of business on such Distribution Date;

       (vi)        with respect to each Collateral Pool, the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the related Mortgage Loans as of the related Due Date;

       (vii)       with respect to each Collateral Pool, the number and aggregate unpaid principal balance of related Mortgage Loans that are (a) delinquent 30 to 59 days, (b) delinquent 60 to 89 days, (c) delinquent 90 or more days in each case, as of the last day of the preceding calendar month, (d) as  to which foreclosure 

        

       proceedings have been commenced and (e) with respect to which the related Mortgagor has filed for protection under applicable bankruptcy laws, with respect to whom bankruptcy proceedings are pending or with respect to whom bankruptcy protection is in force;

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

       (ix)        with respect to each Collateral Pool, the book value and the Stated Principal Balance of any related REO Property as of the close of business on the last Business Day of the calendar month preceding the Distribution Date;

       (x)         with respect to each Collateral Pool, the aggregate amount of Principal Prepayments made during the related Prepayment Period;

       (xi)        with respect to each Collateral Pool, the aggregate amount of Realized Losses incurred during the related Prepayment Period (or, in the case of Bankruptcy Losses allocable to interest, during the related Due Period), separately identifying whether such Realized Losses  constituted Fraud Losses, Special Hazard Losses or Bankruptcy Losses;

       (xii)       with respect to each Collateral Pool, the aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the Collection Account or the Distribution Account for such Distribution Date;

       (xiii)     the aggregate Certificate Principal Balance of each such Class of Certificates (other than the Class II-XS1 Certificates, the Class II-XS2 Certificates, the Class II-XS3 Certificates, the Class II-1-1A2 Certificates and the Class II-1-2A2 Certificates), 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 Certificate Factor for each such Class of Certificates applicable to such Distribution Date;

       (xv)       the Interest Distribution Amount in respect of each such Class of Certificates (other than the Class II-PO1 Certificates and the Class II-PO2 Certificates ) for such Distribution Date (separately identifying any reductions in the case of Subordinate Certificates resulting from the allocation of Realized Losses allocable to interest and Extraordinary Trust Fund Expenses on such Distribution Date) and the respective portions thereof, if any, remaining unpaid following the distributions made in respect of such Certificates on such Distribution Date;

        

        

       (xvi)      with respect to each Collateral Pool, the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Master Servicer pursuant to Section 3.24;

       (xvii)    with respect to each Collateral Pool, the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;

       (xviii)   with respect to each Collateral Pool, the then-applicable Bankruptcy Amount, Fraud Loss Amount, and Special Hazard Amount;

       (xix)      with respect to Collateral Pool II, the weighted average of the Stripped Interest Rates of the related Mortgage Loans as of the first day of the related Due Period for such Distribution Date; 

       (xx)       with respect to each Collateral Pool, for any related Mortgage Loan as to which foreclosure proceedings have been concluded, the unpaid principal balance of such Mortgage Loan as of the date of such conclusion of foreclosure proceedings;

       (xxi)      with respect to each Collateral Pool, for related Mortgage Loans as to which a Final Liquidation has occurred, the number of Mortgage Loans, the unpaid principal balance of such Mortgage Loans as of the date of such Final Liquidation and the amount of proceeds (including Liquidation Proceeds and Insurance Proceeds) collected in respect of such Mortgage Loans; 

       (xxii)    with respect to the Class XS Certificates, the related Notional Amount for such Distribution Date; 

       (xxiii)  (A) the amount of payments received from the Master Servicer related to claims under each PMI Policy during the related Prepayment Period (and the number of Mortgage Loans to which such payments related) and (B) the cumulative amount of payments received related to claims under each PMI Policy since the Closing Date (and the number of Mortgage Loans to which such payments related); and

       (xxiii)  (A) the dollar amount of claims made under each PMI Policy that were denied (as identified by the Master Servicer) during the Prepayment Period (and the number of Mortgage Loans to which such denials related) and (B) the dollar amount of the cumulative claims made under each PMI Policy that were denied since the Closing Date (and the number of Mortgage Loans to which such denials related).

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

       Thereafter, (i) with respect to Collateral Pool I, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated to the Class I-A1 Certificates (if such Realized Loss is on a Group I-1 Mortgage Loan), to the Class I-A2 Certificates (if such Realized Loss is on a Group I-2 Mortgage Loan), to the Class I-A3 Certificates (if such Realized Loss is on a Group I-3 Mortgage Loan), to the Class I-A4 Certificates (if such Realized Loss is on a Group I-4 Mortgage Loan) and to the Class I-A5 Certificates (if such Realized Loss is on a Group I-5 Mortgage Loan); (ii) with respect to Collateral Pool II, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, (A) all Realized Losses on the
       Mortgage Loans (other than Class PO Mortgage Loans) and Mortgage Loan Components related to such Collateral Pool (other than Excess Losses) shall be allocated to the Class II-1-1A Certificates as described below (if the Excess Loss is on a Subgroup II-1-1 Mortgage Loan or Mortgage Loan Component), to the Class II-1-2A Certificates as described below (if the Excess Loss is on a Subgroup II-1-2 Mortgage Loan or Mortgage Loan Component), to the Class II-A2 Certificates (if the Excess Loss is on a Group II-2 Mortgage Loan or Mortgage Loan Component) and to the Class II-A3 Certificates (if the Excess Loss is on a Group II-3 Mortgage Loan or Mortgage Loan Component),  and (B) all Realized Losses on the Class PO Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated first, to the Class II-PO1 Certificates in an amount equal to the Class PO Percentage of each such Realized Loss and second, to the Class II-1-1 Certificates (if such Realized Loss is on a
       Mortgage Loan or Mortgage Loan Component in Subgroup II-1-1) or first, to the Class II-PO2 Certificates in an amount equal to the Class PO Percentage of each such Realized Loss and second, to the Class II-A2 Certificates (if such Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Loan Group II-2) or first, to the Class II-PO3 Certificates in an amount equal to the Class PO Percentage of each such Realized Loss and second, to the Class II-A3 Certificates (if such Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Loan Group II-3); and with respect to Collateral Pool III, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated to the Class III-A1A Certificates and Class III-A1B Certificates as described below (if such Realized Loss is on a Group III-1 Mortgage Loan), to the Class III-A2A
       Certificates and Class I-A2B Certificates as described below (if such Realized Loss is on a Group III-2 Mortgage Loan), to the Class III-A3A Certificates and Class III-A3B Certificates as described below (if such Realized Loss is on a Group III-3 Mortgage Loan), to the Class III-A4A Certificates and Class III-A4B Certificates as described below (if such Realized Loss is on a Group III-4 Mortgage Loan) and to the Class III-A5 Certificates (if such Realized Loss is on a Group III-5 Mortgage Loan);

       Excess Losses on the Group I Mortgage Loans will be allocated on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Class I-A1 Certificates (if such Excess Loss is on a Group I-1 Mortgage Loan), to the Class I-A2 Certificates (if such Excess Loss is on a Group I-2 Mortgage Loan), to the Class I-A3 

        

       Certificates (if such Excess Loss is on a Group I-3 Mortgage Loan), to the Class I-A4 Certificates (if such Excess Loss is on a Group I-4 Mortgage Loan) and to the Class I-A5 Certificates (if such Excess Loss is on a Group I-5 Mortgage Loan) and (ii) the related Group I Subordinate Percentage of the Excess Loss to the Group I Subordinate Certificates on a pro rata basis based on their Certificate Principal Balances.

       Excess Losses on the Mortgage Loans (other than Class PO Mortgage Loans) and Mortgage Loan Components in Collateral Pool II will be allocated on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Class II-1-1A Certificates as described below (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-1), to the Class II-1-2A Certificates as described below (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-2) and to the Class II-A2 Certificates (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Loan Group II-2) and to the Class II-A3 Certificates (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Loan Group II-3) and (ii) the related Group II Subordinate Percentage of the Excess Loss to the Group II Subordinate Certificates on a
       pro rata basis based on their Certificate Principal Balances. Excess Losses on the Class PO Mortgage Loans in Collateral Pool II 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 Group II Senior Percentage of the remainder of such Excess Loss to the Class II-1-1A Certificates as described below (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-1), to the Class II-1-2A Certificates as described below (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-2) and to the Class II-A2 Certificates (if such Excess Loss is on a Mortgage Loan in Loan Group II-2) and to the Class II-A3 Certificates (if such Excess Loss is on a Mortgage Loan in Loan Group II-3), as applicable and (ii) the Subgroup II-1-1 Subordinate
       Percentage of the Excess Loss to the Group II Subordinate Certificates on a pro rata basis (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-1), to the Class II-1-2A Certificates as described below (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-2) and to the Class II-A2 Certificates (if such Excess Loss is on a Mortgage Loan in Loan Group II-2) and to the Class II-A3 Certificates (if such Excess Loss is on a Mortgage Loan in Loan Group II-3) on a pro rata basis based on their Certificate Principal Balances (if such Excess Loss is on a Mortgage Loan in Loan Group II-2).

       Excess Losses on the Group III Mortgage Loans will be allocated on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Class III-A1A Certificates and the Class III-A2B Certificates as described below (if the Excess Loss is on a Group III-1 Mortgage Loan), to the Class III-A2A Certificates and the Class III-A2B Certificates as described below (if the Excess Loss is on a Group III-2 Mortgage Loan), to the Class III-A3A Certificates and the Class III-A3B Certificates as described below (if the Excess Loss is on a Group III-3 Mortgage Loan), to the Class III-A4A Certificates and the Class III-A4B Certificates as described below (if the Excess Loss is on Group III-4 Mortgage Loan) or to the Class III-A5 Certificates (if the Excess Loss is on a Group III-5 Mortgage Loan); and (ii) the related Group III Subordinate Percentage of the Excess Loss to the
       Group III Subordinate Certificates on a pro rata basis based on their Certificate Principal Balances.  

       Extraordinary Trust Fund Expenses relating to Collateral Pool I will be allocated on any Distribution Date as follows: first, to the Class I-B6 Certificates; second, to the Class I-

        

       B5 Certificates; third, to the Class I-B4 Certificates; fourth, to the Class I-B3 Certificates; fifth, to the Class I-B2 Certificates; and sixth, to the Class I-B1 Certificates, in each case until the Certificate Principal Balance of such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool I will be allocated on any Distribution Date among the Group I Class A Certificates on a pro rata basis based on their respective Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool II will be allocated on any Distribution Date as follows: first, to the Class II-B6 Certificates; second, to the Class II-B5 Certificates; third, to the Class II-B4 Certificates; fourth, to the Class II-B3 Certificates; fifth, to the Class II-B2 Certificates; and sixth, to the Class II-B1
       Certificates, in each case until the Certificate Principal Balance of such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool II will be allocated on any Distribution Date among the Group II Class A Certificates (other than the Class II-XS1 Certificates, the Class II-XS2 Certificates, the Class II-XS3 Certificates, the Class II-1-1A2 Certificates and the Class II-1-2A2 Certificates) and the Class PO Certificates on a pro rata basis based on their respective Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool III will be allocated on any Distribution Date as follows: first, to the Class III-B6 Certificates; second, to the Class III-B5 Certificates; third, to the Class III-B4 Certificates; fourth, to the Class III-B3 Certificates; fifth, to the Class III-B2 Certificates; and sixth, to the Class III-B1 Certificates, in each case until the
       Certificate Principal Balance of such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool III will be allocated on any Distribution Date among the Group III Class A Certificates on a pro rata basis based on their respective Certificate Principal Balances.

       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.

       Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class II-1-1A Certificates will be allocated among the classes of Class II-1-1A Certificates (other than the Class II-1-1A2 Certificates) on a pro rata basis; provided that any Realized Losses so allocated to the Class II-1-1A5 Certificates and Class II-1-1A6 Certificates will be allocated first to the Class II-1-1A6 Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class II-1-1A5 Certificates. 

       Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class II-1-2A Certificates will be allocated among the classes of Class II-1-2A Certificates (other than the Class II-1-2A2 Certificates and the Class II-1-2A5 Certificates) on a pro rata basis; provided that any Realized Losses so allocated to the Class II-1-2A6 Certificates and Class II-1-2A7 Certificates will be allocated first to the Class II-1-2A7 Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class II-1-2A6 Certificates. 

       Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class III-A1A Certificates and Class III-A1B Certificates shall be allocated first to the Class III-A1B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class III-A1A Certificates. Any allocation of a Realized Loss or Extraordinary Trust Fund 

        

       Expense to the Class III-A2A Certificates and Class III-A2B Certificates shall be allocated first to the Class III-A2B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class III-A2A Certificates. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class III-A3A Certificates and Class III-A3B Certificates shall be allocated first to the Class III-A3B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class III-A3A Certificates. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class III-A4A Certificates and Class III-A4B Certificates shall be allocated first to the Class III-A4B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class III-A4A Certificates.

       As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a “pro rata basis” among two or more specified Classes of Certificates means an allocation on a pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. Any allocation of a Realized Loss of Extraordinary Trust Fund Expense to a Certificate shall be made by reducing the Certificate Principal Balance thereof by the amount so
       allocated as of the Distribution Date following the Prepayment Period in which such Realized Loss was incurred.

       (c)          Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

       	
                    
  	
                   SECTION 4.05
 	
                   Compliance with Withholding Requirements.
 

       Notwithstanding any other provision of this Agreement, the Paying Agent shall comply with all federal withholding requirements respecting payments to Certificateholders of interest or original issue discount that the Paying Agent reasonably believes are applicable under the Code. The consent of Certificateholders shall not be required for such withholding. In the event the Paying Agent does withhold any amount from interest or original issue discount payments or advances thereof to any Certificateholder pursuant to federal withholding requirements, the Paying Agent shall indicate the amount withheld to such Certificateholders.

       	
                    
  	
                   SECTION 4.06
 	
                   Commission Reporting.
 

       The Depositor shall prepare or cause to be prepared the initial current report on Form 8-K. Within 15 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 Form 8-K with a copy of the statement to be furnished to the Certificateholders for such Distribution Date as an exhibit thereto. Prior to January 30, 2006, the Trust Administrator shall, in accordance with industry standards, file a Form 15 Suspension Notice with respect to the Trust Fund, if applicable. Prior to (i) March 31, 2006 and (ii) unless 

        

        

and until a Form 15 Suspension Notice shall have been filed, March 31st of each year thereafter, the Trust Administrator, in its capacity as trust administrator hereunder, shall execute and file a Form 10-K, in substance conforming to industry standards, with respect to the Trust. Such Form 10-K shall include the Master Servicer Certification, the annual independent accountant’s servicing report and annual statement of compliance to be delivered by the Master Servicer pursuant to Sections 3.20 and 3.21. The Depositor hereby grants to the Trust Administrator a limited power of attorney to execute and file the Forms 8-K and the Form 10-K on behalf of the Depositor. Such power of attorney shall continue until either the earlier of (i) receipt by the Trust Administrator from the Depositor of written termination of such power of attorney and (ii) the termination of the Trust Fund. The Depositor agrees to
promptly furnish to the Trust Administrator and the Master Servicer, 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 or the Master Servicer reasonably deems appropriate to prepare and file all necessary reports with the Commission. Neither the Trust Administrator nor the Master Servicer shall have any responsibility to file any items other than those specified in this Section 4.06; provided, however, the Trust Administrator and the Master Servicer will cooperate with the Depositor in connection with any additional filings with respect to the Trust Fund as the Depositor deems necessary under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Fees and expenses incurred by the Trust Administrator or the Master Servicer in connection with this Section 4.06 shall not be reimbursable from the Trust Fund.

	
             
  	
            SECTION 4.07
 	
            Distributions and Allocations of Realized Losses on the REMIC Regular Interests.
 

With respect to the Group I Mortgage Loans:

 

REMIC I-A

 

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

(b)          to the extent of amounts remaining after the distributions made pursuant to clause (a) above, payments of principal and Prepayment Charges from each Mortgage Loan shall be allocated, pro rata, between the related REMIC I-A A Regular Interest and the related REMIC I-A B Regular Interest until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero; and

 

(c)          Realized Losses on each Group I Mortgage Loan shall be applied after all distributions have been made on each Distribution Date, pro rata, between the related REMIC I-A A Regular Interest and the related REMIC I-A B Regular Interest until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero.

 

REMIC I-B

 

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

 

 

(b)          Distributions of principal shall be deemed to be made from amounts received on the Group I Mortgage Loans to the REMIC I-B Regular Interests, first, so as to keep the Uncertificated Balance of each REMIC I-B Regular Interest ending with the designation “B” equal to 1.0% of the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I-B Regular Interest ending with the designation “A,” so that the Uncertificated Balance of each such REMIC I-A Regular Interest is equal to 1.0% of the excess of (x) the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group over (y) the Certificate Principal Balance of the related Senior Certificates (except that if any such excess is a larger number than in the preceding
distribution period, the least amount of principal shall be distributed to such REMIC I-B Regular Interests such that the REMIC I-B Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I-B Regular Interest LT-ZZZ.

(c)          On each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Group I Mortgage Loans shall be paid to REMIC I-B Regular Interest LT-P and on the Distribution Date immediately following the expiration of the latest Prepayment Charge on a Group I Mortgage Loan, as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, $100 shall be distributed to REMIC I-B Regular Interest LT-P pursuant to this clause. 

(d)          Realized Losses on the Group I Mortgage Loans shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Balance of each REMIC I-B Regular Interest ending with the designation “B” equal to 1.0% of the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I-B Regular Interest ending with the designation “A,” so that the Uncertificated Principal Balance of each such REMIC I-B Regular Interest is equal to 1.0% of the excess of (x) the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group over (y) the Certificate Principal Balance of the related Senior Certificates (except that if any such excess is a larger number than in the preceding
distribution period, the least amount of Realized Losses shall be applied to such REMIC I-B Regular Interests such that the REMIC I-B Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses on the Mortgage Loans shall be allocated to REMIC I-B Regular Interest LT-ZZZ. Interest shall be payable to the REMIC I-B Regular Interests at the REMIC I-B Remittance Rate for each such REMIC I-B Regular Interest on the related Uncertificated Balance.

With respect to the Group II  Mortgage Loans:

 

REMIC II-A

 

Interest shall be payable to the REMIC II-A Regular Interests (other than REMIC II-A Regular Interest LT-PO1, REMIC II-A Regular Interest LT-PO2 and REMIC II-A Regular Interest LT-PO3) at the REMIC II-A Remittance Rate for each such REMIC II-A Regular Interest on the related Uncertificated Balance.

With respect to the Group II-1 Mortgage Loans:

 

 

 

(a)          Principal received on Class PO Mortgage Loans in Loan Group II-1 shall be allocated to REMIC II-A Regular Interest LT-1-1 and REMIC II-A Regular Interest LT-PO1, in the same proportion as the Non-Class PO Percentage and the Class PO-Percentage, respectively;

(b)          Principal received on Group II-1 Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 5.50% per annum and less than 6.00% per annum shall be allocated to REMIC II-A Regular Interest LT-1-1 and REMIC II-A Regular Interest LT-1-2, in the same proportion as the Applicable Fractions divide such Mortgage Loans; and

(c)          Principal received on Group II-1 Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 6.00% per annum shall be allocated to REMIC II-A Regular Interest LT-1-2.

(d)          Realized Losses on Class PO Mortgage Loans in Loan Group II-1 shall be allocated to REMIC II-A Regular Interest LT-1-1 and REMIC II-A Regular Interest LT-PO1, in the same proportion as the Non-Class PO Percentage and the Class PO-Percentage, respectively;

(e)          Realized Losses on Group II-1 Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 5.50% per annum and less than 6.00% per annum shall be allocated to REMIC II-A Regular Interest LT-1-1 and REMIC II-A Regular Interest LT-1-2, in the same proportion as the Applicable Fractions divide such Mortgage Loans; and

(f)           Realized Losses Group II-1 Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 6.00% per annum shall be allocated to REMIC II-A Regular Interest LT-1-2.

With respect to the Group II-2 Mortgage Loans:

 

(a)          Principal received on Class PO Mortgage Loans in Loan Group II-2 shall be allocated to REMIC II-A Regular Interest LT-2 and REMIC II-A Regular Interest LT-PO2, in the same proportion as the Non-Class PO Percentage and the Class PO-Percentage, respectively.

(b)          Principal received on Group II-2 Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 5.75% per annum shall be allocated to REMIC II-A Regular Interest LT-2.

(c)          Realized Losses on Class PO Mortgage Loans in Loan Group II-2 shall be allocated to REMIC II-A Regular Interest LT-2 and REMIC II-A Regular Interest LT-PO2, in the same proportion as the Non-Class PO Percentage and the Class PO-Percentage, respectively.

(d)          Realized Losses Group II-2 Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 5.75% per annum shall be allocated to REMIC II-A Regular Interest LT-2.

With respect to the Group II-3 Mortgage Loans:

 

 

 

(a)          Principal received on Class PO Mortgage Loans in Loan Group II-3 shall be allocated to REMIC II-A Regular Interest LT-3 and REMIC II-A Regular Interest LT-PO3, in the same proportion as the Non-Class PO Percentage and the Class PO-Percentage, respectively.

(b)          Principal received on Group II-3 Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 5.00% per annum shall be allocated to REMIC II-A Regular Interest LT-3.

(c)          Realized Losses on Class PO Mortgage Loans in Loan Group II-3 shall be allocated to REMIC II-A Regular Interest LT-3 and REMIC II-A Regular Interest LT-PO3, in the same proportion as the Non-Class PO Percentage and the Class PO-Percentage, respectively.

 (d)         Realized Losses Group II-3 Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 5.00% per annum shall be allocated to REMIC II-A Regular Interest LT-3.

On each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Group II Mortgage Loans shall be paid to REMIC II-A Regular Interest LT-P and on the Distribution Date immediately following the expiration of the latest Prepayment Charge on a Group II Mortgage Loan, as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, $100 shall be distributed to REMIC II-A Regular Interest LT-P pursuant to this clause. 

REMIC II-B

(a)          Interest shall be payable to the REMIC II-B Regular Interests (other than REMIC II-B Regular Interest LT-PO1, REMIC II-B Regular Interest LT-PO2 and REMIC II-B Regular Interest LT-PO3) at the REMIC II-B Remittance Rate for each such REMIC II-B Regular Interest on the related Uncertificated Balance.

(b)          Distributions of principal shall be deemed to be made to the REMIC II-B Regular Interests, in each case from the related Loan Group or Subgroup, first, to each REMIC II Regular Interest ending with the designation “A”, as applicable, so that the Uncertificated Balance of each such REMIC II-B Regular Interest is equal to 1.00% of the excess of (x) the aggregate Scheduled Principal Balance of the Mortgage Loans and Mortgage Loan Components in the Corresponding Subgroup over (y) the current Certificate Principal Balance of the Class A Certificate and Class R Certificate in the Corresponding Subgroup (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 II-B Regular Interests such that the REMIC
II-B Subordinated Balance Ratio is maintained); and second, any remaining principal in each Loan Group or Subgroup in Collateral Pool II to each REMIC II Regular Interest ending with the designation “B”, as applicable (provided that a portion of the remaining principal equal to the Class PO Principal Distribution Amount attributable to the Group II-1 Mortgage Loans, the Class PO  Principal Distribution Amount attributable to the Group II-2 Mortgage Loans and the Class PO  Principal Distribution Amount attributable to the Group II-3 Mortgage Loans will be distributed to REMIC II-B Regular Interest LT-PO1, REMIC II-B Regular Interest LT-PO2 and REMIC II-B Regular Interest LT-PO3, respectively).

 

 

(c)            On each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Group II Mortgage Loans shall be paid to REMIC II-B Regular Interest LT-P and on the Distribution Date immediately following the expiration of the latest Prepayment Charge on a Group II Mortgage Loan, as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, $100 shall be distributed to REMIC II-B Regular Interest LT-P pursuant to this clause.

(d)          Realized Losses shall be deemed to be made to the REMIC II-B Regular Interests, in each case from the related Loan Group or Subgroup, first, to each REMIC II-B Regular Interest ending with the designation “A”, as applicable, so that the Uncertificated Balance of each such REMIC II-B Regular Interest is equal to 1.00% of the excess of (x) the aggregate Scheduled Principal Balance of the Mortgage Loans and Mortgage Loan Components in the Corresponding Subgroup over (y) the current Certificate Principal Balance of the Class A Certificate and Class R Certificate in the Corresponding Subgroup (except that if any such excess is a larger number than in the preceding distribution period, the least amount of realized losses shall be allocated to such REMIC II-B Regular Interests such that the REMIC II-B
Subordinated Balance Ratio is maintained); and second, any remaining Realized Losses in each Loan Group or Subgroup in Collateral Pool II to each REMIC II-B Regular Interest ending with the designation “B”, as applicable (provided that a portion of the remaining principal equal to the Realized Losses allocated to the Class PO-1 Certificates, the Realized Losses allocated to the Class PO-2 Certificates and the Realized Losses allocated to the Class PO-3 Certificates will be distributed to REMIC II-B Regular Interest LT-PO1, REMIC II Regular Interest LT-PO2 and REMIC II Regular Interest LT-PO3, respectively).

REMIC II-C

(a)          Interest shall be payable to the REMIC II-C Regular Interests (other than REMIC II-C Regular Interest LT-PO1, REMIC II-C Regular Interest LT-PO2 and REMIC II-C Regular Interest LT-PO3) at the REMIC II-C Remittance Rate for each such REMIC II-C Regular Interest on the related Uncertificated Balance.

(b)          Distributions of principal shall be deemed to be made to the REMIC II-C Regular Interests in the same manner and priority as such distributions are made to the Corresponding Certificates, provided, however, that distributions to REMIC II-C Regular Interest LT-1-1A2 and REMIC II-C Regular Interest LT-1-1A5 shall be made pro rata and distributions to REMIC II-C Regular Interest LT-1-2A2 and REMIC II-C Regular Interest LT-1-2A6 shall be made pro rata.

(c)            On each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Group II Mortgage Loans shall be paid to REMIC II-C Regular Interest LT-P and on the Distribution Date immediately following the expiration of the latest Prepayment Charge on a Group II Mortgage Loan, as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, $100 shall be distributed to REMIC II-C Regular Interest LT-P pursuant to this clause.

(d)          Realized Losses on the Group II Mortgage Loans shall be applied to the REMIC II-C Regular Interests in the same manner and priority as such Realized Losses are applied to the Corresponding Certificates, provided, however, that such Realized Losses applied 

 

to REMIC II-C Regular Interest LT-1-1A2 and REMIC II-C Regular Interest LT-1-1A5 shall be applied pro rata and Realized Losses applied to REMIC II-C Regular Interest LT-1-2A2 and REMIC II-C Regular Interest LT-1-2A6 shall be made pro rata.

With respect to the Group III Mortgage Loans:

 

REMIC III-A

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

(b)          Distributions of principal shall be deemed to be made from amounts received on the Group III Mortgage Loans to the REMIC III-A Regular Interests, first, so as to keep the Uncertificated Balance of each REMIC III-A Regular Interest ending with the designation “B” equal to 1.00% of the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC III-A Regular Interest ending with the designation “A,” so that the Uncertificated Balance of each such REMIC III-A Regular Interest is equal to 1.00% of the excess of (x) the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group over (y) the Certificate Principal Balance of the related Senior Certificates (except that if any such excess is a larger number than in the
preceding distribution period, the least amount of principal shall be distributed to such REMIC III-A Regular Interests such that the REMIC III-A Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I Regular Interest LT-ZZZ. 

(c)          On each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Group II Mortgage Loans shall be paid to REMIC II-C Regular Interest LT-P and on the Distribution Date immediately following the expiration of the latest Prepayment Charge on a Group II Mortgage Loan, as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, $100 shall be distributed to REMIC II-C Regular Interest LT-P pursuant to this clause.

(d)          Realized Losses on the Group III Mortgage Loans shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Balance of each REMIC III-A Regular Interest ending with the designation “B” equal to 1.00% of the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC III-A Regular Interest ending with the designation “A,” so that the Uncertificated Principal Balance of each such REMIC III-A Regular Interest is equal to 1.00% of the excess of (x) the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group over (y) the Certificate Principal Balance of the related Senior Certificates (except that if any such excess is a larger number than in the
preceding distribution period, the least amount of Realized Losses shall be applied to such REMIC III-A Regular Interests such that the REMIC III-A Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses on the Mortgage Loans shall be allocated to REMIC III-A Regular Interest LT-ZZZ. Interest shall be payable to the REMIC III-A Regular Interests at the REMIC III-A Remittance Rate for each such REMIC III-A Regular Interest on the related Uncertificated Balance.

 

 

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-30. 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 Private Certificate, Class I-B1 Certificate, Class I-B2 Certificate, Class I-B3 Certificate, Class II-B1 Certificate, Class II-B2 Certificate, Class II-B3 Certificate, Class III-B1 Certificate, Class III-B2 Certificate or Class III-B3 Certificate or any interest therein shall be deemed to have represented, by virtue of its acquisition and holding of such Certificate or interest therein, that either (A) it is not a Plan or investing with Plan Assets, (B) other than with respect to a Private 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, 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 the 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)           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

(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.

(c)          The Trustee is authorized to accept delivery of the PMI Policy on behalf of the Trust Fund and to acknowledge the related Confirmation, dated August 31, 2005.  Every provision of this Agreement relating to the conduct or affecting the liability of or affording protection to the Trustee shall apply to the Trustee’s administration of the PMI Policy.

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

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

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

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

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

(a)          The compensation to be paid to the Trustee, the Trust Administrator, the Paying Agent, the Authenticating Agent and the Certificate Registrar in respect of each of its obligations under this Agreement or of a Custodian’s obligations under the applicable Custodial Agreement will be the amounts paid by the Master Servicer from its own funds or from a portion of the compensation paid to the Master Servicer hereunder pursuant to letter agreements between 

 

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

(b)          The Master Servicer agrees to indemnify the Trustee, the Trust Administrator, the Paying Agent, the Certificate Registrar, the Authenticating Agent and any Custodian from, and hold each harmless against, any loss, liability or expense resulting from a breach of the Master Servicer’s obligations and duties under this Agreement. Such indemnity shall survive the termination or discharge of this Agreement and the resignation or removal of the Trustee, the Trust Administrator, the Paying Agent, the Certificate Registrar, the Authenticating Agent or such Custodian, as the case may be. Any payment hereunder made by the Master Servicer to the Trustee, the Trust Administrator, the Paying Agent, the Certificate 

 

Registrar, the Authenticating Agent or such Custodian shall be from the Master Servicer’s own funds, without reimbursement from the Trust Fund therefor.

	
             
  	
            SECTION 8.06
 	
            Eligibility Requirements for Trustee and Trust Administrator.
 

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

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

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

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

 

 

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

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

 

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

	
             
  	
            SECTION 8.08
 	
            Successor Trustee or Trust Administrator.
 

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

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

 

 

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

	
             
  	
            SECTION 8.09
 	
            Merger or Consolidation of Trustee or Trust Administrator.
 

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

	
             
  	
            SECTION 8.10
 	
            Appointment of Co-Trustee or Separate Trustee.
 

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

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

 

 

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

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

	
             
  	
            SECTION 8.11
 	
            [intentionally omitted]
 

	
             
  	
            SECTION 8.12
 	
            Appointment of Office or Agency.
 

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

	
             
  	
            SECTION 8.13
 	
            Representations and Warranties.
 

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

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

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

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

 

 

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

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

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

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

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

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

The Paying Agent may resign at any time by giving written notice thereof to the Trustee and the Trust Administrator. The Trust Administrator may at any time terminate the Paying Agent by giving written notice thereof to the Paying Agent and to the Trustee. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Paying Agent shall cease to be eligible in accordance with the provisions of this section 8.14(a), the Trust Administrator shall appoint a successor and shall mail written notice of such appointment by first-class mail, postage prepaid to all Certificateholders as their names and 

 

addresses appear in the Certificate Register and to the Rating Agencies. Following the termination or resignation of the Paying Agent and prior to the appointment of a successor Paying Agent, the Trust Administrator shall act as Paying Agent hereunder. Any successor Paying Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as the Paying Agent herein. No successor Paying Agent shall be appointed unless eligible under the provisions of this section 8.14(a).

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

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

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

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

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

 

 

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

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

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

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

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

Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Certificate Registrar shall cease to be eligible in accordance with the provisions of this section 8.14(c), the Trust Administrator shall appoint a successor and shall mail written notice of such appointment by first-class mail, postage prepaid to all Certificateholders as their names and addresses appear in the Certificate Register. Following the termination or resignation of the Certificate Registrar and prior to the appointment of a successor Certificate Registrar, the Trust Administrator shall act as Certificate Registrar hereunder. Any successor Certificate Registrar upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as the 

 

Certificate Registrar herein. No successor Certificate Registrar shall be appointed unless eligible under the provisions of this section 8.14(c).

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

	
             
 	
            (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 Group I Mortgage Loans (other than the obligations of the Master Servicer to the Trustee and the Trust Administrator pursuant to Section 8.05 and of the Master Servicer and the Trust Administrator to provide for and the Paying Agent to make payments to the Holders of the Group I Certificates as hereinafter set forth) shall terminate upon payment to the Holders of the Group I Certificates and the deposit of all amounts held by or on behalf of the Trustee or the Trust Administrator and required hereunder to be so paid or deposited on the Distribution
Date coinciding with or following the earlier to occur of (i) the purchase by the applicable Terminator of all Group I Mortgage Loans and each related REO Property remaining in REMIC I-A and (ii) the final payment or other liquidation (or any advance with respect thereto) of the last Group I Mortgage Loan or related REO Property remaining in REMIC I-A. The purchase by the applicable Terminator of all Group I Mortgage Loans and each related REO Property remaining in REMIC I-A shall be at a price (the “Group I Termination Price”) equal to the Purchase Price of the Group I Mortgage Loans included in REMIC I-A, plus the appraised value of each related REO Property, if any, included in REMIC I-A, such appraisal to be conducted by an appraiser mutually agreed upon by the Master Servicer and the Trustee in their reasonable discretion (as determined by the Master Servicer, with the consent of the Trustee, as of the close of business on the third Business Day next preceding the date
upon which notice of any such termination is furnished to Holders of the Group I Certificates pursuant to Section 9.01 (e)).

(b)          Subject to Section 9.02, the respective obligations and responsibilities under this Agreement of the Depositor, the Master Servicer, the Trustee, the Paying Agent, the Certificate Registrar, the Authenticating Agent and the Trust Administrator with respect to the Group II Mortgage Loans (other than the obligations of the Master Servicer to the Trustee and the Trust Administrator pursuant to Section 8.05 and of the Master Servicer and the Trust Administrator to provide for and the Paying Agent to make payments to the Holders of the Group II Certificates as hereinafter set forth) shall terminate upon payment to the Holders of the Group II Certificates and the deposit of all amounts held by or on behalf of the Trustee or the Trust Administrator and required hereunder to be so paid or deposited on the
Distribution Date coinciding with or following the earlier to occur of (i) the purchase by the applicable Terminator of all Group II Mortgage Loans and each related REO Property remaining in REMIC II-A and (ii) the final payment or other liquidation (or any advance with respect thereto) of the last Group II Mortgage Loan or related REO Property remaining in REMIC II-A. The purchase by the applicable Terminator of all Group II Mortgage Loans and each related REO Property remaining in REMIC II-A shall be at a price (the “Group II Termination Price”) equal to the Purchase Price of the Group II Mortgage Loans included in REMIC II-A, plus the appraised value of each related REO Property, if any, included in REMIC II-A, such appraisal to be conducted by an appraiser mutually agreed upon by the Master Servicer and the Trustee in their reasonable discretion (as determined by the Master Servicer, with the consent of the Trustee, as of the close 

 

of business on the third Business Day next preceding the date upon which notice of any such termination is furnished to Holders of the Group II Certificates pursuant to Section 9.01 (e)).

(c)          Subject to Section 9.02, the respective obligations and responsibilities under this Agreement of the Depositor, the Master Servicer, the Trustee, the Paying Agent, the Certificate Registrar, the Authenticating Agent and the Trust Administrator with respect to the Group III Mortgage Loans (other than the obligations of the Master Servicer to the Trustee and the Trust Administrator pursuant to Section 8.05 and of the Master Servicer and the Trust Administrator to provide for and the Paying Agent to make payments to the Holders of the Group III Certificates as hereinafter set forth) shall terminate upon payment to the Holders of the Group III Certificates and the deposit of all amounts held by or on behalf of the Trustee or the Trust Administrator and required hereunder to be so paid or deposited on the
Distribution Date coinciding with or following the earlier to occur of (i) the purchase by the applicable Terminator of all Group III Mortgage Loans and each related REO Property remaining in REMIC III-A and (ii) the final payment or other liquidation (or any advance with respect thereto) of the last Group III Mortgage Loan or related REO Property remaining in REMIC III-A. The purchase by the applicable Terminator of all Group III Mortgage Loans and each related REO Property remaining in REMIC III-A shall be at a price (the “Group III Termination Price”) equal to the Purchase Price of the Group III Mortgage Loans included in REMIC III-A, plus the appraised value of each related REO Property, if any, included in REMIC III-A, such appraisal to be conducted by an appraiser mutually agreed upon by the Master Servicer and the Trustee in their reasonable discretion (as determined by the Master Servicer, with the consent of the Trustee, as of the close of business on the third
Business Day next preceding the date upon which notice of any such termination is furnished to Holders of the Group III Certificates pursuant to Section 9.01 (e)).

(d)          The related Terminator shall have the right to purchase all of the Group I Mortgage Loans and each REO Property remaining in REMIC I-A and all of the Group II Mortgage Loans and each REO Property remaining in REMIC II-A and all of the Group III Mortgage Loans and each REO Property remaining in REMIC III-A pursuant to Section 9.01(a)(i) or Section 9.01(b)(i) or Section 9.01(c)(i), as applicable, no later than the Determination Date in the month immediately preceding the Distribution Date on which the Group I Certificates or the Group II Certificates or the Group III Certificates, as applicable, will be retired; provided, however, that the related Terminator, as provided above, may elect to purchase (i) all of the Group I Mortgage Loans and each REO Property remaining in REMIC I-A pursuant to Section
9.01(a)(i) only if the aggregate Stated Principal Balance of the Group I Mortgage Loans and each REO Property remaining in REMIC I-A at the time of such election is reduced to less than 10% of the aggregate Stated Principal Balance of the Group I Mortgage Loans at the Cut-off Date, (ii) all of the Group II Mortgage Loans and each REO Property remaining in REMIC II-A pursuant to Section 9.01(b)(i) only if the aggregate Stated Principal Balance of the Group II Mortgage Loans and each REO Property remaining in REMIC II-A at the time of such election is reduced to less than 10% of the aggregate Stated Principal Balance of the Group II Mortgage Loans at the Cut-off Date and (iii) all of the Group III Mortgage Loans and each REO Property remaining in REMIC III-A pursuant to Section 9.01(c)(i) only if the aggregate Stated Principal Balance of the Group III Mortgage Loans and each REO Property remaining in REMIC III-A at the time of such election is reduced to less than 1% of the aggregate
Stated Principal Balance of the Group III Mortgage Loans at the Cut-off Date. For 

 

federal income tax purposes, the purchase by the related Terminator of the Mortgage Loans and the REO Properties underlying the Certificates is intended to facilitate a redemption of such Certificates pursuant to a “cleanup call” within the meaning of Treasury regulation section 1.860G-2(j). Notwithstanding the foregoing, the applicable Terminator shall have the right to transfer, sell or assign its rights to purchase the Mortgage Loans and each REO Property remaining in REMIC I-A or REMIC II-A or REMIC III-A.

(e)          Notice of the liquidation of any Certificates shall be given promptly by the Paying Agent by letter to the related Certificateholders (with a copy to the Trustee and the Trust Administrator mailed (a) in the event such notice is given in connection with the purchase of either the Group I Mortgage Loans or the Group II Mortgage Loans or the Group III Mortgage Loans and each related REO Property remaining in REMIC I-A or REMIC II-A or REMIC III-A, as applicable, by the related Terminator, not earlier than the 15th day and not later than the 25th day of the month next preceding the month of the final distribution on the related Certificates or (b) otherwise during the month of such final distribution on or before the Determination Date in such month, in each case specifying (i) the Distribution Date upon which
REMIC I-A or REMIC II-A or REMIC III-A, as applicable, will terminate and final payment of the Group I Certificates or the Group II Certificates or the Group III Certificates, as applicable, will be made upon presentation and surrender of the Certificates at the office of the Certificate Registrar therein designated, (ii) the amount of any such final payment, (iii) that no interest shall accrue in respect of the Certificates from and after the Interest Accrual Period relating to the final Distribution Date therefor and (iv) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the Certificates at the office of the Certificate Registrar. In the event such notice is given in connection with the purchase of all of the Group I Mortgage Loans or the Group II Mortgage Loans or the Group III Mortgage Loans and each related REO Property remaining in REMIC I-A or REMIC II-A or REMIC III-A, as
applicable, by the related Terminator, the related Terminator shall deliver to the Paying Agent for deposit in the Distribution Account (with notice to the Trustee and the Trust Administrator) not later than the last Business Day of the month next preceding the month in which such distribution will be made an amount in immediately available funds equal to the Group I Termination Price or the Group II Termination Price or the Group III Termination Price, as applicable. Upon certification to the Trustee by a Servicing Officer of the making of such final deposit, the Trustee shall promptly release or cause to be released to the related Terminator the Mortgage Files for the remaining Group I Mortgage Loans or Group II Mortgage Loans or Group III Mortgage Loans, as applicable, and the Trustee shall execute all assignments, endorsements and other instruments delivered to it which are necessary to effectuate such transfer.

(f)           Upon receipt of notice by the Paying Agent of the presentation of the Certificates by the Certificateholders on the related final Distribution Date to the Certificate Registrar, the Paying Agent shall distribute to each Certificateholder so presenting and surrendering its Certificates the amount otherwise distributable on such Distribution Date in accordance with Section 4.01 in respect of the Certificates so presented and surrendered. Any funds not distributed to any Holder or Holders of Certificates being retired on such Distribution Date because of the failure of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held in trust by the Paying Agent and credited to the account of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been 

 

given pursuant to this Section 9.01 shall not have been surrendered for cancellation within six months after the time specified in such notice, the Paying Agent shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Paying Agent shall, directly or through an agent, mail a final notice to remaining related non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining the funds in trust and of contacting such Certificateholders shall be paid out of the assets remaining in the trust funds. If within one year after the final notice any such Certificates shall not have been surrendered for cancellation, the
Paying Agent shall pay to Citigroup Global Markets Inc. all such amounts, and all rights of non-tendering Certificateholders in or to such amounts shall thereupon cease. No interest shall accrue or be payable to any Certificateholder on any amount held in trust by the Paying Agent as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with this Section 9.01.

Immediately following the deposit of funds in trust hereunder in respect of each of the Group I Certificates and the Group II Certificates, the Trust Fund shall terminate. In no event shall the trust created hereby continue beyond the earlier of (a) the Latest Possible Maturity Date and (b) expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James, living on the date hereof.

	
             
  	
            SECTION 9.02
 	
            Additional Termination Requirements.
 

(a)          In the event that the related Terminator purchases all the Group I Mortgage Loans and each related REO Property or all the Group II Mortgage Loans and each related REO Property or all the Group III Mortgage Loans and each related REO Property, REMIC I-A (in the case of a purchase of all the Group I Mortgage Loans and each related REO Property) or REMIC II-A (in the case of a purchase of all the Group II Mortgage Loans and each related REO Property) or REMIC III-A (in the case of a purchase of all the Group III Mortgage Loans and each related REO Property) shall be terminated, in each case in accordance with the following additional requirements (or in connection with the final payment on or other liquidation of the last Group I Mortgage Loan or related REO Property remaining in REMIC I-A or the last Group II
Mortgage Loan or related REO Property remaining in REMIC II-A or the last Group III Mortgage Loan or related REO Property remaining in REMIC III-A, the additional requirement specified in clause (i) below):

(i)           The Trust Administrator shall specify the first day in the 90-day liquidation period in a statement attached to REMIC I-A’s or REMIC II-A’s or REMIC III-A’s, as applicable, final Tax Return pursuant to Treasury regulation Section 1.860F-1, and such termination shall satisfy all requirements of a qualified liquidation under Section 860F of the Code and any regulations thereunder, as evidenced by an Opinion of Counsel obtained at the expense of the Master Servicer;

(ii)          During such 90-day liquidation period, and at or prior to the time of making of the final payment on the Certificates, the Trust Administrator on 

 

behalf of the Trustee shall sell all of the assets of REMIC I-A or REMIC II-A or REMIC III-A, as applicable, to the related Terminator for cash; and

(iii)        At the time of the making of the final payment on the related Certificates, the Paying Agent shall distribute or credit, or cause to be distributed or credited, to the Holders of the Class I-R Certificates all cash on hand in REMIC I-A and  to the Holders of the Class II-R Certificates all cash on hand in REMIC II-A and  to the Holders of the Class III-R Certificates all cash on hand in REMIC III-A (in each case other than cash retained to meet claims), and either REMIC I-A or REMIC II-A or REMIC III-A, as applicable, shall terminate at that time.

(b)          At the expense of the related Terminator (or in the event of termination under Section 9.01(a)(ii) or Section 9.01(b)(ii), at the expense of the Trust Administrator), the Trust Administrator shall prepare or cause to be prepared the documentation required in connection with the adoption of a plan of liquidation of REMIC I-A or REMIC II-A or REMIC III-A, 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 REMIC I-A or REMIC II-A or REMIC III-A, as applicable, which authorization shall be binding upon all successor Certificateholders.

 

 

ARTICLE X

 

REMIC PROVISIONS

	
             
  	
            SECTION 10.01
 	
            REMIC Administration.
 

(a)          The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Trust Administrator on behalf of the Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I-A, the REMIC I-A Regular Interests shall be designated as the Regular Interests in REMIC I-A and the Class R-IA Interest shall be designated as the Residual Interests in REMIC I-A. For the purposes of the REMIC election in respect of REMIC I-B, the REMIC I-B Regular Interests shall be designated as the Regular Interests in REMIC I-B and
the Class R-IB Interest shall be designated as the Residual Interest in REMIC I-B. For the purposes of the REMIC election in respect of REMIC I-C, the Group I Certificates (other than the Class I-R Certificates) shall be designated as the Regular Interests in REMIC I-C and the Class R-IC Interest shall be designated as the Residual Interest in REMIC I-C. Neither the Trustee nor the Trust Administrator shall permit the creation of any “interests” in REMIC I-A, REMIC I-B or REMIC I-C (within the meaning of Section 860G of the Code) other than the REMIC I-A Regular Interests, the REMIC I-B Regular Interests and the Group I Certificates. For the purposes of the REMIC election in respect of REMIC II-A, the REMIC II-A Regular Interests shall be designated as the Regular Interests in REMIC II-A and the Class R-IIA Interest shall be designated as the Residual Interests in REMIC II-A. For the purposes of the REMIC election in respect of REMIC II-B, the REMIC II-B Regular Interests
shall be designated as the Regular Interests in REMIC II-B and the Class R-IIB Interest shall be designated as the Residual Interests in REMIC II-B. For the purposes of the REMIC election in respect of REMIC II-C, the REMIC II-C Regular Interests shall be designated as the Regular Interests in REMIC II-C and the Class R-IIC Interest shall be designated as the Residual Interests in REMIC II-C. For the purposes of the REMIC election in respect of REMIC II-D, the Group II Certificates (other than the Class II-R Certificates) shall be designated as the Regular Interests in REMIC II-D and the Class R-IID Interest shall be designated as the Residual Interest in REMIC II-D. Neither the Trustee nor the Trust Administrator shall permit the creation of any “interests” in REMIC II-A, REMIC II-B, REMIC II-C or REMIC II-D (within the meaning of Section 860G of the Code) other than the REMIC II-A Regular Interests, the REMIC II-B Regular Interests, the REMIC I-C Regular Interests and the
Group II 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. For the purposes of the REMIC election in respect of REMIC III-A, the REMIC III-A Regular Interests shall be designated as the Regular Interests in REMIC III-A and the Class R-IIIA Interest shall be designated as the Residual Interests in REMIC III-A. For the purposes of the REMIC election in respect of REMIC III-B, the Group III Certificates (other than the Class III-R Certificates) shall be designated as the Regular Interests in REMIC III-B and the Class R-IIIB Interest shall be designated as the Residual Interest in REMIC III-B. Neither the Trustee
nor the Trust 

 

Administrator shall permit the creation of any “interests” in REMIC III-A or REMIC III-B (within the meaning of Section 860G of the Code) other than the REMIC III-A Regular Interests and the Group III Certificates.

(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, 14651 Dallas Parkway, Suite 210, Dallas, TX 75104, Attention: Compliance Manager (telecopy number
972-770-3705) (with a copy to, 1000 Technology Drive, O’Fallon, MO 63304, Attention: Chief Legal Counsel (telecopy number 636-261-6518)) 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, (c) in the case of the Trust Administrator, 1000 Technology Drive, M.S. 337, O’Fallon, Missouri  63304, 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 2005-5,
(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, as required pursuant to Section 3.20 and Section 3.21, shall promptly furnish to the Rating Agencies copies of the following:

1.            Each annual statement as to compliance described in Section 3.20; and

2.            Each annual independent public accountants’ servicing 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.

 

 

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

 

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            CITIGROUP MORTGAGE LOAN TRUST INC.,
 as Depositor
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
/s/ Peter D. Steinmetz
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name:
 	
            Peter D. Steinmetz
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:
 	
            Vice President
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            CITIMORTGAGE, INC.,
 as Master Servicer and Trust Administrator
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
/s/ Tommy R. Harris
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name:
 	
            Tommy R. Harris
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:
 	
            Senior Vice President
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            CITIBANK, N.A.,
 as Paying Agent, Certificate Registrar and Authenticating Agent
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
/s/ Nancy Forte
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name:
 	
            Nancy Forte
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:
 	
            Assistant 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 August 2005, 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 August 2005, 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 August 2005, 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 August, 2005, 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 I-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 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class I-A1 Certificates as of the Issue Date: $21,440,000

Denomination: $21,440,000

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: August 31, 2005

CUSIP: 17307GXT0
 

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

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class I-A1 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class I-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 I-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 in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

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

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

 

 

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

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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 I-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 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class I-A2 Certificates as of the Issue Date: $85,949,000

Denomination: $85,949,000

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: August 31, 2005

CUSIP: 17307GXU7
 

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

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class I-A2 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class I-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 I-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 in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

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

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

 

 

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

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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 I-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 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class I-A3 Certificates as of the Issue Date: $29,827,000

Denomination: $29,827,000

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: August 31, 2005

CUSIP: 17307GXV5
 

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

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class I-A3 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class I-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 I-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 in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

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

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

 

 

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

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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 I-A4 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 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class I-A4 Certificates as of the Issue Date: $90,250,000

Denomination: $90,250,000

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: August 31, 2005

CUSIP: 17307GXW3
 

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

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class I-A4 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class I-A4 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 I-A4 Certificates on such Distribution Date pursuant to the Agreement.

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

 

 

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

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

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

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

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

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

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

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

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

 

 

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

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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 I-A5 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 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class I-A5 Certificates as of the Issue Date: $17,859,000

Denomination: $17,859,000

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: August 31, 2005

CUSIP: 17307GXX1
 

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

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class I-A5 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class I-A5 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 I-A5 Certificates on such Distribution Date pursuant to the Agreement.

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

 

 

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

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

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

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

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

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

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

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

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

 

 

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

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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 I-P CERTIFICATE

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

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF 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 2005-5

Pass-Through Rate: None

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class I-P Certificates as of the Issue Date: $100

Denomination: $100

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: August 31, 2005

CUSIP: 17307H9L2
 

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

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate, 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 Citigroup Global Markets Inc. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class I-P Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class I-P Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the 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 I-P Certificates on such Distribution Date pursuant to the Agreement.

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

 

surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

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

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

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

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

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

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the 

 

owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, nor any such agent shall be affected by notice to the contrary.

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

No transfer of this Certificate shall be made unless the transfer is made 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: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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 I-F 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 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Notional Amount of the Class I-F Certificates as of the Issue Date: $262,942,655

Denomination: $262,942,655

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: August 31, 2005

CUSIP: 17307GXY9
 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE WILL VARY MONTHLY. ACCORDINGLY, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY VARY FROM THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

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

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

 

 

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

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

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

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

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

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

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

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

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

 

 

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

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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 I-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 GROUP I SENIOR CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

               

              	
                          Series 2005-5

              Pass-Through Rate: Variable

              Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

              First Distribution Date: September 26, 2005

              No.1 
 	
                          Aggregate Certificate Principal Balance of the Class I-B1 Certificates as of the Issue Date: $9,729,000

              Denomination: $9,729,000

              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: August 31, 2005

              CUSIP: 17307GXZ6
 

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

               

              AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

              MORTGAGE PASS-THROUGH CERTIFICATE

              evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

              CITIGROUP MORTGAGE LOAN TRUST INC.

              THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

              This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class I-B1 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class I-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 I-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 in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
              price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

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

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

               

               

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

              Dated: August___, 2005

              	
                           
 	
                           
 	
                           
 	
                           
 	
                           
 	
                           
 	
                           
 	
                          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 2005-5

               

              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 I-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 GROUP I SENIOR CERTIFICATES AND THE CLASS I-B1 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

               

              	
                          Series 2005-5

              Pass-Through Rate: Variable

              Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

              First Distribution Date: September 26, 2005

              No.1 
 	
                          Aggregate Certificate Principal Balance of the Class I-B2 Certificates as of the Issue Date: $3,418,000

              Denomination: $3,418,000

              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: August 31, 2005

              CUSIP: 17307GYA0
 

               

              DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET 

               

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

              MORTGAGE PASS-THROUGH CERTIFICATE

              evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

              CITIGROUP MORTGAGE LOAN TRUST INC.

              THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

              This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class I-B2 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class I-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 I-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 in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
              price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

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

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

               

               

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

              Dated: August___, 2005

              	
                           
 	
                           
 	
                           
 	
                           
 	
                           
 	
                           
 	
                           
 	
                          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 2005-5

               

              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 I-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 GROUP I SENIOR CERTIFICATES, THE CLASS I-B1 CERTIFICATES AND THE CLASS I-B2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

               

              	
                          Series 2005-5

              Pass-Through Rate: Variable

              Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

              First Distribution Date: September 26, 2005

              No.1 
 	
                          Aggregate Certificate Principal Balance of the Class I-B3 Certificates as of the Issue Date: $1,841,000

              Denomination: $1,841,000

              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: August 31, 2005

              CUSIP: 17307GYB8
 

              DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE 

               

              PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

              MORTGAGE PASS-THROUGH CERTIFICATE

              evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

              CITIGROUP MORTGAGE LOAN TRUST INC.

              THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

              This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class I-B3 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class I-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 I-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 in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
              price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

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

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

               

               

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

              Dated: August___, 2005

              	
                           
 	
                           
 	
                           
 	
                           
 	
                           
 	
                           
 	
                           
 	
                          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 2005-5

               

              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 I-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 GROUP I SENIOR CERTIFICATES, THE CLASS I-B1 CERTIFICATES, THE CLASS I-B2 CERTIFICATES AND THE CLASS I-B3 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

               

              	
                          Series 2005-5

              Pass-Through Rate: Variable

              Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

              First Distribution Date: September 26, 2005

              No. 1
 	
                          Aggregate Certificate Principal Balance of the Class I-B4 Certificates as of the Issue Date: $1,052,000

              Denomination: $1,052,000

              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: August 31, 2005

              CUSIP: 17307GZS0
 
	
                           
 	
                           
 

               

               

               

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

              MORTGAGE PASS-THROUGH CERTIFICATE

              evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

              CITIGROUP MORTGAGE LOAN TRUST INC.

              THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

              This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class I-B4 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class I-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 I-B4 Certificates on such Distribution Date pursuant to the Agreement.

              All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person 

               

              entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

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

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

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

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

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

               

               

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

              The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
              price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

              No transfer of this Certificate shall be made unless the transfer is made to a “qualified institutional buyer” as defined under Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from the registration requirements of the 1933 Act and that does not require registration or qualification under applicable state securities laws. In the event that a transfer of this Certificate is to be made, the Certificate Registrar shall require receipt of written certifications from the Holder of the Certificate desiring to effect the transfer, and from such Holder's prospective transferee, substantially in the forms attached to the Agreement as Exhibit F-1. None of the Depositor or the Trustee is obligated to register or qualify the Class of Certificates specified on the face hereof under the 1933 Act or any other securities law or to
              take any action not otherwise required under the Agreement to permit the transfer of such Certificates without registration or qualification. Any Holder desiring to effect a transfer of this Certificate shall be required to indemnify the Trustee, the Depositor, the Trust Administrator, the Certificate Registrar, the Paying Agent, the Authenticating Agent and the Master Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

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

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

               

               

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

               

               

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

              Dated: August___, 2005

              	
                           
 	
                           
 	
                           
 	
                           
 	
                           
 	
                           
 	
                           
 	
                          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 2005-5

               

              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 I-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 GROUP I SENIOR CERTIFICATES, THE CLASS I-B1 CERTIFICATES, THE CLASS I-B2 CERTIFICATES, THE CLASS 1-B3 CERTIFICATES AND THE CLASS I-B4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

               

              	
                          Series 2005-5

              Pass-Through Rate: Variable

              Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

              First Distribution Date: September 26, 2005

              No. 1
 	
                          Aggregate Certificate Principal Balance of the Class I-B5 Certificates as of the Issue Date: $920,000

              Denomination: $920,000

              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: August 31, 2005

              CUSIP: 17307GZT8
 

               

               

               

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

              MORTGAGE PASS-THROUGH CERTIFICATE

              evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

              CITIGROUP MORTGAGE LOAN TRUST INC.

              THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

              This certifies that Cede & Co.. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class I-B5 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class I-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 I-B5 Certificates on such Distribution Date pursuant to the Agreement.

              All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person 

               

              entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

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

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

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

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

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

               

               

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

              The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
              price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

              No transfer of this Certificate shall be made unless the transfer is made to a “qualified institutional buyer” as defined under Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from the registration requirements of the 1933 Act and that does not require registration or qualification under applicable state securities laws. In the event that a transfer of this Certificate is to be made, the Certificate Registrar shall require receipt of written certifications from the Holder of the Certificate desiring to effect the transfer, and from such Holder's prospective transferee, substantially in the forms attached to the Agreement as Exhibit F-1. None of the Depositor or the Trustee is obligated to register or qualify the Class of Certificates specified on the face hereof under the 1933 Act or any other securities law or to
              take any action not otherwise required under the Agreement to permit the transfer of such Certificates without registration or qualification. Any Holder desiring to effect a transfer of this Certificate shall be required to indemnify the Trustee, the Depositor, the Trust Administrator, the Certificate Registrar, the Paying Agent, the Authenticating Agent and the Master Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

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

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

               

               

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

               

               

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

              Dated: August___, 2005

              	
                           
 	
                           
 	
                           
 	
                           
 	
                           
 	
                           
 	
                           
 	
                          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 2005-5

               

              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 I-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 GROUP I SENIOR CERTIFICATES, THE CLASS I-B1 CERTIFICATES, THE CLASS I-B2 CERTIFICATES, THE CLASS 1-B3 CERTIFICATES, THE CLASS 1-B4 CERTIFICATES AND THE CLASS 1-B5 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

               

              	
                          Series 2005-5

              Pass-Through Rate: Variable

              Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

              First Distribution Date: September 26, 2005

              No. 1
 	
                          Aggregate Certificate Principal Balance of the Class I-B6 Certificates as of the Issue Date: $657,455

              Denomination: $657,455

              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: August 31, 2005

              CUSIP: 17307GZU5
 

               

               

               

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

              MORTGAGE PASS-THROUGH CERTIFICATE

              evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

              CITIGROUP MORTGAGE LOAN TRUST INC.

              THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A. THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

              This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class I-B6 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class I-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 I-B6 Certificates on such Distribution Date pursuant to the Agreement.

              All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person 

               

              entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

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

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

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

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

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

               

               

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

              The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
              price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

              No transfer of this Certificate shall be made unless the transfer is made to a “qualified institutional buyer” as defined under Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from the registration requirements of the 1933 Act and that does not require registration or qualification under applicable state securities laws. In the event that a transfer of this Certificate is to be made, the Certificate Registrar shall require receipt of written certifications from the Holder of the Certificate desiring to effect the transfer, and from such Holder's prospective transferee, substantially in the forms attached to the Agreement as Exhibit F-1. None of the Depositor or the Trustee is obligated to register or qualify the Class of Certificates specified on the face hereof under the 1933 Act or any other securities law or to
              take any action not otherwise required under the Agreement to permit the transfer of such Certificates without registration or qualification. Any Holder desiring to effect a transfer of this Certificate shall be required to indemnify the Trustee, the Depositor, the Trust Administrator, the Certificate Registrar, the Paying Agent, the Authenticating Agent and the Master Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

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

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

               

               

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

               

               

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

              Dated: August___, 2005

              	
                           
 	
                           
 	
                           
 	
                           
 	
                           
 	
                           
 	
                           
 	
                          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 2005-5

               

              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 I-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 2005-5

              Pass-Through Rate: Variable

              Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

              First Distribution Date: September 26, 2005

              No.1 
 	
                          Aggregate Certificate Principal Balance of the Class I-R Certificates as of the Issue Date: $100.83

              Denomination: $100.83

              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: August 31, 2005

              CUSIP: 17307GYC6
 

               

               

               

              
MORTGAGE PASS-THROUGH CERTIFICATE

              evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

              CITIGROUP MORTGAGE LOAN TRUST INC.

              THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUSTEE, THE TRUST ADMINSITRATOR, CITIBANK, N.A. OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

              This certifies that Citigroup Global Markets, Inc. is the registered owner of the Percentage Interest evidenced by this Certificate specified above in that certain beneficial ownership interest evidenced by all the Class I-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 I-R Certificates on such Distribution Date pursuant to the Agreement.

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

              This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the 

               

              “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

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

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

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

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

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

               

              Prior to registration of any transfer, sale or other disposition of this Certificate, the proposed transferee shall provide to the Certificate Registrar (i) an affidavit to the effect that such transferee is any Person other than a Disqualified Organization or the agent (including a 

               

              broker, nominee or middleman) of a Disqualified Organization, and (ii) a certificate that acknowledges that (A) the Class R Certificates have been designated as a residual interest in a REMIC, (B) it will include in its income a pro rata share of the net income of the Trust Fund and that such income may be an “excess inclusion,” as defined in the Code, that, with certain exceptions, cannot be offset by other losses or benefits from any tax exemption, and (C) it expects to have the financial means to satisfy all of its tax obligations including those relating to holding the Class R Certificates. Notwithstanding the registration in the Certificate Register of any transfer, sale or other disposition of this Certificate to a Disqualified Organization or an agent (including a broker, nominee or middleman) of a Disqualified Organization, such registration
              shall be deemed to be of no legal force or effect whatsoever and such Person shall not be deemed to be a Certificateholder for any purpose, including, but not limited to, the receipt of distributions in respect of this Certificate.

              The Holder of this Certificate, by its acceptance hereof, shall be deemed to have consented to the provisions of Section 5.02 of the Agreement and to any amendment of the Agreement deemed necessary by counsel of the Depositor to ensure that the transfer of this Certificate to any Person other than a Permitted Transferee or any other Person will not cause any Trust Fund to cease to qualify as a REMIC or cause the imposition of a tax upon the REMIC.

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

              The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
              price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

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

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

               

               

              

 

 

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

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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 II-1-1A1 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 2005-5

Pass-Through Rate: 5.00%

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class II-1-1A1 Certificates as of the Issue Date: $70,233,000

Denomination: $70,233,000

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: August 31, 2005

CUSIP: 17307GYD4
 

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

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class II-1-1A1 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-1-1A1 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 II-1-1A1 Certificates on such Distribution Date pursuant to the Agreement.

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

 

 

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

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

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

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

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

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

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

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

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

 

 

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

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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 II-1-1A2 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 2005-5

Pass-Through Rate: 5.50%

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1

 
 	
            Aggregate Notional Amount of the Class II-1-1A2 Certificates as of the Issue Date: $6,384,818

Denomination: $6,384,818

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: August 31, 2005

CUSIP: 17307GYE2
 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE WILL VARY MONTHLY. ACCORDINGLY, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY VARY FROM THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Notional Amount of the Class II-1-1A2 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-1-1A2 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 II-1-1A2 Certificates on such Distribution Date pursuant to the Agreement.

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

 

 

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

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

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

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

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

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

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

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

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

 

 

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

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

CITIBANK, N.A., not in its individual
 capacity, but solely as Authenticating Agent
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

 

 

ABBREVIATIONS

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

	
            TEN COM
 	
            -
 	
            as tenants in common
 	
            UNIF GIFT MIN ACT - Custodian
 
	
             
 	
             
 	
             
 	
             
 	
             
 
	
            TEN ENT
 	
            -
 	
            as tenants by the entireties
 	
            (Cust) (Minor) under

Uniform Gifts to Minors Act
 
	
             
 	
             
 	
             
 	
             
 	
            
 
 
 
	
            JT TEN
 	
            -
 	
            as joint tenants with right of survivorship and not as tenants in common
 	
             
 	
            State
 

 

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

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

(Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) a Percentage Interest equal to ____% evidenced by the within Mortgage Pass-Through Certificates and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

I (we) further direct the Trustee to issue a new Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Certificate to the following address: 

_____________________________________________________________________________

_____________________________________________________________________________.

 

Dated:

	
             
 	
            
 
 
 
	
             
 	
            Signature by or on behalf of assignor
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            
 
 
 
	
             
 	
            Signature Guaranteed
 

 

 

 

 

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds 

	
            to
 	
            
 
 
 	
            ,
 
	
            for the account of
 	
            
 
 
 	
            ,
 
	
            account number___________, or, if mailed by check, to
 	
            
 
 
 	
            ,
 
	
            Applicable statements should be mailed to
 	
            
 
 
 	
            ,
 
	
            
 
 
 	
            .
 
						

 

	
            This information is provided by
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

 

EXHIBIT A-17

FORM OF CLASS II-1-1A3 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 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class II-1-1A3 Certificates as of the Issue Date: $34,342,000

Denomination: $34,342,000

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: August 31, 2005

CUSIP: 17307GYF9
 

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

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class II-1-1A3 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-1-1A3 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 II-1-1A3 Certificates on such Distribution Date pursuant to the Agreement.

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

 

 

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

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

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

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

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

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

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

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

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

 

 

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

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

CITIBANK, N.A., not in its individual
 capacity, but solely as Authenticating Agent
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

 

 

ABBREVIATIONS

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

	
            TEN COM
 	
            -
 	
            as tenants in common
 	
            UNIF GIFT MIN ACT - Custodian
 
	
             
 	
             
 	
             
 	
             
 	
             
 
	
            TEN ENT
 	
            -
 	
            as tenants by the entireties
 	
            (Cust) (Minor) under

Uniform Gifts to Minors Act
 
	
             
 	
             
 	
             
 	
             
 	
            
 
 
 
	
            JT TEN
 	
            -
 	
            as joint tenants with right of survivorship and not as tenants in common
 	
             
 	
            State
 

 

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

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

(Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) a Percentage Interest equal to ____% evidenced by the within Mortgage Pass-Through Certificates and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

I (we) further direct the Trustee to issue a new Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Certificate to the following address: 

_____________________________________________________________________________

_____________________________________________________________________________.

 

Dated:

	
             
 	
            
 
 
 
	
             
 	
            Signature by or on behalf of assignor
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            
 
 
 
	
             
 	
            Signature Guaranteed
 

 

 

 

 

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds 

	
            to
 	
            
 
 
 	
            ,
 
	
            for the account of
 	
            
 
 
 	
            ,
 
	
            account number___________, or, if mailed by check, to
 	
            
 
 
 	
            ,
 
	
            Applicable statements should be mailed to
 	
            
 
 
 	
            ,
 
	
            
 
 
 	
            .
 
						

 

	
            This information is provided by
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

 

EXHIBIT A-18

FORM OF CLASS II-1-1A4 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 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class II-1-1A4 Certificates as of the Issue Date: $10,927,000

Denomination: $10,927,000

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: August 31, 2005

CUSIP: 17307GYG7
 

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

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class II-1-1A4 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-1-1A4 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 II-1-1A4 Certificates on such Distribution Date pursuant to the Agreement.

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

 

 

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

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

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

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

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

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

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

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

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

 

 

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

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

CITIBANK, N.A., not in its individual
 capacity, but solely as Authenticating Agent
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

 

 

ABBREVIATIONS

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

	
            TEN COM
 	
            -
 	
            as tenants in common
 	
            UNIF GIFT MIN ACT - Custodian
 
	
             
 	
             
 	
             
 	
             
 	
             
 
	
            TEN ENT
 	
            -
 	
            as tenants by the entireties
 	
            (Cust) (Minor) under

Uniform Gifts to Minors Act
 
	
             
 	
             
 	
             
 	
             
 	
            
 
 
 
	
            JT TEN
 	
            -
 	
            as joint tenants with right of survivorship and not as tenants in common
 	
             
 	
            State
 

 

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

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

(Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) a Percentage Interest equal to ____% evidenced by the within Mortgage Pass-Through Certificates and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

I (we) further direct the Trustee to issue a new Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Certificate to the following address: 

_____________________________________________________________________________

_____________________________________________________________________________.

 

Dated:

	
             
 	
            
 
 
 
	
             
 	
            Signature by or on behalf of assignor
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            
 
 
 
	
             
 	
            Signature Guaranteed
 

 

 

 

 

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds 

	
            to
 	
            
 
 
 	
            ,
 
	
            for the account of
 	
            
 
 
 	
            ,
 
	
            account number___________, or, if mailed by check, to
 	
            
 
 
 	
            ,
 
	
            Applicable statements should be mailed to
 	
            
 
 
 	
            ,
 
	
            
 
 
 	
            .
 
						

 

	
            This information is provided by
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

 

EXHIBIT A-19

FORM OF CLASS II-1-1A5 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 2005-5

Pass-Through Rate: 5.50%

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class II-1-1A5 Certificates as of the Issue Date: $11,528,000

Denomination: $11,528,000

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: August 31, 2005

CUSIP: 17307GYH5
 

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

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class II-1-1A5 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-1-1A5 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 II-1-1A5 Certificates on such Distribution Date pursuant to the Agreement.

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

 

 

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

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

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

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

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

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

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

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

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

 

 

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

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

CITIBANK, N.A., not in its individual
 capacity, but solely as Authenticating Agent
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

 

 

ABBREVIATIONS

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

	
            TEN COM
 	
            -
 	
            as tenants in common
 	
            UNIF GIFT MIN ACT - Custodian
 
	
             
 	
             
 	
             
 	
             
 	
             
 
	
            TEN ENT
 	
            -
 	
            as tenants by the entireties
 	
            (Cust) (Minor) under

Uniform Gifts to Minors Act
 
	
             
 	
             
 	
             
 	
             
 	
            
 
 
 
	
            JT TEN
 	
            -
 	
            as joint tenants with right of survivorship and not as tenants in common
 	
             
 	
            State
 

 

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

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

(Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) a Percentage Interest equal to ____% evidenced by the within Mortgage Pass-Through Certificates and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

I (we) further direct the Trustee to issue a new Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Certificate to the following address: 

_____________________________________________________________________________

_____________________________________________________________________________.

 

Dated:

	
             
 	
            
 
 
 
	
             
 	
            Signature by or on behalf of assignor
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            
 
 
 
	
             
 	
            Signature Guaranteed
 

 

 

 

 

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds 

	
            to
 	
            
 
 
 	
            ,
 
	
            for the account of
 	
            
 
 
 	
            ,
 
	
            account number___________, or, if mailed by check, to
 	
            
 
 
 	
            ,
 
	
            Applicable statements should be mailed to
 	
            
 
 
 	
            ,
 
	
            
 
 
 	
            .
 
						

 

	
            This information is provided by
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

 

EXHIBIT A-20

FORM OF CLASS II-1-1A6 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 2005-5

Pass-Through Rate: 5.50%

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class II-1-1A6 Certificates as of the Issue Date: $704,000

Denomination: $704,000

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: August 31, 2005

CUSIP: 17307GYJ1
 

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

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class II-1-1A6 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-1-1A6 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 II-1-1A6 Certificates on such Distribution Date pursuant to the Agreement.

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

 

 

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

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

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

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

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

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

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

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

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

 

 

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

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

CITIBANK, N.A., not in its individual
 capacity, but solely as Authenticating Agent
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

 

 

ABBREVIATIONS

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

	
            TEN COM
 	
            -
 	
            as tenants in common
 	
            UNIF GIFT MIN ACT - Custodian
 
	
             
 	
             
 	
             
 	
             
 	
             
 
	
            TEN ENT
 	
            -
 	
            as tenants by the entireties
 	
            (Cust) (Minor) under

Uniform Gifts to Minors Act
 
	
             
 	
             
 	
             
 	
             
 	
            
 
 
 
	
            JT TEN
 	
            -
 	
            as joint tenants with right of survivorship and not as tenants in common
 	
             
 	
            State
 

 

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

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

(Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) a Percentage Interest equal to ____% evidenced by the within Mortgage Pass-Through Certificates and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

I (we) further direct the Trustee to issue a new Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Certificate to the following address: 

_____________________________________________________________________________

_____________________________________________________________________________.

 

Dated:

	
             
 	
            
 
 
 
	
             
 	
            Signature by or on behalf of assignor
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            
 
 
 
	
             
 	
            Signature Guaranteed
 

 

 

 

 

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds 

	
            to
 	
            
 
 
 	
            ,
 
	
            for the account of
 	
            
 
 
 	
            ,
 
	
            account number___________, or, if mailed by check, to
 	
            
 
 
 	
            ,
 
	
            Applicable statements should be mailed to
 	
            
 
 
 	
            ,
 
	
            
 
 
 	
            .
 
						

 

	
            This information is provided by
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

 

EXHIBIT A-21

FORM OF CLASS II-1-2A1 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 2005-5

Pass-Through Rate: 5.50%

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class II-1-2A1 Certificates as of the Issue Date: $62,159,000

Denomination: $62,159,000

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: August 31, 2005

CUSIP: 17307GYK8
 

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

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class II-1-2A1 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-1-2A1 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 II-1-2A1 Certificates on such Distribution Date pursuant to the Agreement.

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

 

 

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

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

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

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

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

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

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

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

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

 

 

 

 

 

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

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

CITIBANK, N.A., not in its individual
 capacity, but solely as Authenticating Agent
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

 

 

ABBREVIATIONS

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

	
            TEN COM
 	
            -
 	
            as tenants in common
 	
            UNIF GIFT MIN ACT - Custodian
 
	
             
 	
             
 	
             
 	
             
 	
             
 
	
            TEN ENT
 	
            -
 	
            as tenants by the entireties
 	
            (Cust) (Minor) under

Uniform Gifts to Minors Act
 
	
             
 	
             
 	
             
 	
             
 	
            
 
 
 
	
            JT TEN
 	
            -
 	
            as joint tenants with right of survivorship and not as tenants in common
 	
             
 	
            State
 

 

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

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

(Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) a Percentage Interest equal to ____% evidenced by the within Mortgage Pass-Through Certificates and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

I (we) further direct the Trustee to issue a new Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Certificate to the following address: 

_____________________________________________________________________________

_____________________________________________________________________________.

 

Dated:

	
             
 	
            
 
 
 
	
             
 	
            Signature by or on behalf of assignor
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            
 
 
 
	
             
 	
            Signature Guaranteed
 

 

 

 

 

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds 

	
            to
 	
            
 
 
 	
            ,
 
	
            for the account of
 	
            
 
 
 	
            ,
 
	
            account number___________, or, if mailed by check, to
 	
            
 
 
 	
            ,
 
	
            Applicable statements should be mailed to
 	
            
 
 
 	
            ,
 
	
            
 
 
 	
            .
 
						

 

	
            This information is provided by
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

EXHIBIT A-22

FORM OF CLASS II-1-2A2 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 2005-5

Pass-Through Rate: 6.00%

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Notional Amount of the Class II-1-2A2 Certificates as of the Issue Date: $5,179,916

Denomination: $5,179,916

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: August 31, 2005

CUSIP: 17307GYL6
 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE WILL VARY MONTHLY. ACCORDINGLY, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY VARY FROM THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Notional Amount of the Class II-1-2A2 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-1-2A2 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 II-1-2A2 Certificates on such Distribution Date pursuant to the Agreement.

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

 

 

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

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

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

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

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

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

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

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

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

 

 

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

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

CITIBANK, N.A., not in its individual
 capacity, but solely as Authenticating Agent
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

 

 

ABBREVIATIONS

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

	
            TEN COM
 	
            -
 	
            as tenants in common
 	
            UNIF GIFT MIN ACT - Custodian
 
	
             
 	
             
 	
             
 	
             
 	
             
 
	
            TEN ENT
 	
            -
 	
            as tenants by the entireties
 	
            (Cust) (Minor) under

Uniform Gifts to Minors Act
 
	
             
 	
             
 	
             
 	
             
 	
            
 
 
 
	
            JT TEN
 	
            -
 	
            as joint tenants with right of survivorship and not as tenants in common
 	
             
 	
            State
 

 

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

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

(Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) a Percentage Interest equal to ____% evidenced by the within Mortgage Pass-Through Certificates and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

I (we) further direct the Trustee to issue a new Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Certificate to the following address: 

_____________________________________________________________________________

_____________________________________________________________________________.

 

Dated:

	
             
 	
            
 
 
 
	
             
 	
            Signature by or on behalf of assignor
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            
 
 
 
	
             
 	
            Signature Guaranteed
 

 

 

 

 

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds 

	
            to
 	
            
 
 
 	
            ,
 
	
            for the account of
 	
            
 
 
 	
            ,
 
	
            account number___________, or, if mailed by check, to
 	
            
 
 
 	
            ,
 
	
            Applicable statements should be mailed to
 	
            
 
 
 	
            ,
 
	
            
 
 
 	
            .
 
						

 

	
            This information is provided by
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

 

EXHIBIT A-23

FORM OF CLASS II-1-2A3 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 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class II-1-2A3 Certificates as of the Issue Date: $36,864,000

Denomination: $36,864,000

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: August 31, 2005

CUSIP: 17307GYM4
 

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

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class II-1-2A3 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-1-2A3 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 II-1-2A3 Certificates on such Distribution Date pursuant to the Agreement.

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

 

 

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

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

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

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

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

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly executed.

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

CITIBANK, N.A., not in its individual
 capacity, but solely as Authenticating Agent
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

 

 

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

	
            TEN COM
 	
            -
 	
            as tenants in common
 	
            UNIF GIFT MIN ACT - Custodian
 
	
             
 	
             
 	
             
 	
             
 	
             
 
	
            TEN ENT
 	
            -
 	
            as tenants by the entireties
 	
            (Cust) (Minor) under

Uniform Gifts to Minors Act
 
	
             
 	
             
 	
             
 	
             
 	
            
 
 
 
	
            JT TEN
 	
            -
 	
            as joint tenants with right of survivorship and not as tenants in common
 	
             
 	
            State
 

 

Additional abbreviations may also be used though not in the above list.

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

(Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) a Percentage Interest equal to ____% evidenced by the within Mortgage Pass-Through Certificates and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

I (we) further direct the Trustee to issue a new Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Certificate to the following address: 

_____________________________________________________________________________

_____________________________________________________________________________.

 

Dated:

	
             
 	
            
 
 
 
	
             
 	
            Signature by or on behalf of assignor
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            
 
 
 
	
             
 	
            Signature Guaranteed
 

 

 

 

 

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds 

	
            to
 	
            
 
 
 	
            ,
 
	
            for the account of
 	
            
 
 
 	
            ,
 
	
            account number___________, or, if mailed by check, to
 	
            
 
 
 	
            ,
 
	
            Applicable statements should be mailed to
 	
            
 
 
 	
            ,
 
	
            
 
 
 	
            .
 
						

 

	
            This information is provided by
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

 

EXHIBIT A-24

FORM OF CLASS II-1-2A4 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 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class II-1-2A4 Certificates as of the Issue Date: $7,680,000

Denomination: $7,680,000

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: August 31, 2005

CUSIP: 17307GYN2
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class II-1-2A4 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-1-2A4 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 II-1-2A4 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

 

 

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly executed.

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

CITIBANK, N.A., not in its individual
 capacity, but solely as Authenticating Agent
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

 

 

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

	
            TEN COM
 	
            -
 	
            as tenants in common
 	
            UNIF GIFT MIN ACT - Custodian
 
	
             
 	
             
 	
             
 	
             
 	
             
 
	
            TEN ENT
 	
            -
 	
            as tenants by the entireties
 	
            (Cust) (Minor) under

Uniform Gifts to Minors Act
 
	
             
 	
             
 	
             
 	
             
 	
            
 
 
 
	
            JT TEN
 	
            -
 	
            as joint tenants with right of survivorship and not as tenants in common
 	
             
 	
            State
 

 

Additional abbreviations may also be used though not in the above list.

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

(Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) a Percentage Interest equal to ____% evidenced by the within Mortgage Pass-Through Certificates and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

I (we) further direct the Trustee to issue a new Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Certificate to the following address: 

_____________________________________________________________________________

_____________________________________________________________________________.

 

Dated:

	
             
 	
            
 
 
 
	
             
 	
            Signature by or on behalf of assignor
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            
 
 
 
	
             
 	
            Signature Guaranteed
 

 

 

 

 

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds 

	
            to
 	
            
 
 
 	
            ,
 
	
            for the account of
 	
            
 
 
 	
            ,
 
	
            account number___________, or, if mailed by check, to
 	
            
 
 
 	
            ,
 
	
            Applicable statements should be mailed to
 	
            
 
 
 	
            ,
 
	
            
 
 
 	
            .
 
						

 

	
            This information is provided by
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

EXHIBIT A-25

FORM OF CLASS II-1-2A5 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 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Notional Amount of the Class II-1-2A5 Certificates as of the Issue Date: $7,680,000

Denomination: $7,680,000

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: August 31, 2005

CUSIP: 17307GYP7
 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE WILL VARY MONTHLY. ACCORDINGLY, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY VARY FROM THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Notional Amount of the Class II-1-2A5 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-1-2A5 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 II-1-2A5 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

 

 

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly executed.

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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-28

FORM OF CLASS II-1-2A6 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 2005-5

Pass-Through Rate: 6.00%

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class II-1-2A6 Certificates as of the Issue Date: $11,150,000

Denomination: $11,150,000

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: August 31, 2005

CUSIP: 17307GYQ5
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class II-1-2A6 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-1-2A6 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 II-1-2A6 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

 

 

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly executed.

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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-27

FORM OF CLASS II-1-2A7 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 2005-5

Pass-Through Rate: 6.00%

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class II-1-2A7 Certificates as of the Issue Date: $681,000

Denomination: $681,000

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: August 31, 2005

CUSIP: 17307GYR3
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class II-1-2A7 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-1-2A7 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 II-1-2A7 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

 

 

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly executed.

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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-28

CLASS II-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 2005-5

Pass-Through Rate: 5.75%

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class II-A2 Certificates as of the Issue Date: $28,616,000

Denomination: $28,616,000

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: August 31, 2005

CUSIP: 17307GYS1
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class II-A2 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-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 II-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 in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase
is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly executed.

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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-29

CLASS II-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 2005-5

Pass-Through Rate: 5.00%

Cut-off Date and date of Pooling and Servicing Agreement: August, 2005

First Distribution Date: September 26 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class II-A3 Certificates as of the Issue Date: $62,267,000

Denomination: $62,267,000

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: August 31, 2005

CUSIP: 17307GYT9
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate, 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 II-A3 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-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 II-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 in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly executed.

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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-30

FORM OF CLASS II-P CERTIFICATE

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF 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 2005-5

Pass-Through Rate: None

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class II-P Certificates as of the Issue Date: $100

Denomination: $100

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: August 31, 2005

CUSIP: 17307H9M0
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate, 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 Citigroup Global Markets Inc. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class II-P Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-P Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the 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 II-P Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

 

 

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without
the consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

No transfer of this Certificate shall be made unless the transfer is made 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: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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-31

FORM OF CLASS II-XS1 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 2005-5

Pass-Through Rate: 6.00%

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Notional Amount of the Class II-XS1 Certificates as of the Issue Date: $2,364,677

Denomination: $2,364,677

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: August 31, 2005

CUSIP: 17307GYU6
 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE WILL VARY MONTHLY. ACCORDINGLY, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY VARY FROM THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Notional Amount of the Class II-XS1 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-XS1 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 II-XS1 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the 

 

“Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and 

 

required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase
is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly executed.

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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-32

FORM OF CLASS II-XS2 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 2005-5

Pass-Through Rate: 5.75%

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Notional Amount of the Class II-XS2 Certificates as of the Issue Date: $617,638

Denomination: $617,638

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: August 31, 2005

CUSIP: 17307GYV4
 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE WILL VARY MONTHLY. ACCORDINGLY, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY VARY FROM THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate, 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 II-XS2 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-XS2 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 II-XS2 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

 

 

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly executed.

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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-33

FORM OF CLASS II-XS3 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 2005-5

Pass-Through Rate: 5.00%

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Notional Amount of the Class II-XS3 Certificates as of the Issue Date: $5,648,488

Denomination: $5,648,488

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: August 31, 2005

CUSIP: 17307GYW2
 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE WILL VARY MONTHLY. ACCORDINGLY, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY VARY FROM THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate, 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 II-XS3 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-XS3 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 II-XS3 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

 

 

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly executed.

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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-34

FORM OF CLASS II-PO1 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 2005-5

Pass-Through Rate: None

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class II-PO1 Certificates as of the Issue Date: $1,960,841

Denomination: $1,960,841

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: August 31, 2005

CUSIP: 17307GYX0
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate, 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 II-PO1 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-PO1 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 II-PO1 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

 

 

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly executed.

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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-35

FORM OF CLASS II-PO2 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 2005-5

Pass-Through Rate: None

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class II-PO2 Certificates as of the Issue Date: $753,637

Denomination: $753,637

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: August 31, 2005

CUSIP: 17307GYY8
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate, 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 II-PO2 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-PO2 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 II-PO2 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

 

 

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be duly executed.

Dated: August___, 2005

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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 2005-5

 

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-36

FORM OF CLASS II-PO3 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 2005-5

Pass-Through Rate: None

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class II-PO3 Certificates as of the Issue Date: $162,496

Denomination: $162,496

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: August 31, 2005

CUSIP: 17307GYZ5
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate, 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 II-PO3 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-PO3 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 II-PO3 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

 

 

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-37

FORM OF CLASS II-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 GROUP I SENIOR CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

	
            Series 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No.1 
 	
            Aggregate Certificate Principal Balance of the Class II-B1 Certificates as of the Issue Date: $8,901,000

Denomination: $8,901,000

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: August 31, 2005

CUSIP: 17307GZA9
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE 

 

AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class II-B1 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-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 II-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 in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-38

FORM OF CLASS II-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 GROUP II SENIOR CERTIFICATES AND THE CLASS II-B1 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

	
            Series 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No.1 
 	
            Aggregate Certificate Principal Balance of the Class II-B2 Certificates as of the Issue Date: $3,204,000

Denomination: $3,204,000

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: August 31, 2005

CUSIP: 17307GZB7
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE 

 

PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class II-B2 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-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 II-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 in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-39

FORM OF CLASS II-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 GROUP II SENIOR CERTIFICATES, THE CLASS II-B1 CERTIFICATES AND THE CLASS II-B2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

	
            Series 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No.1 
 	
            Aggregate Certificate Principal Balance of the Class II-B3 Certificates as of the Issue Date: $1,424,000

Denomination: $1,424,000

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: August 31, 2005

CUSIP: 17307GZC5
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE 

 

PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class II-B3 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-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 II-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 in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-40

FORM OF CLASS II-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 GROUP II SENIOR CERTIFICATES, THE GROUP II-B1 CERTIFICATES, THE GROUP II-B3 CERTIFICATES AND THE GROUP II-B3 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

	
            Series 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class II-B4 Certificates as of the Issue Date: $1,068,000

Denomination: $1,068,000

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: August 31, 2005

CUSIP: 17307GZV3
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET 

 

FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class II-B4 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-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 II-B4 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice 

 

by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without
the consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, 

 

N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, nor any such agent shall be affected by notice to the contrary.

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

No transfer of this Certificate shall be made unless the transfer is made to a “qualified institutional buyer” as defined under Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from the registration requirements of the 1933 Act and that does not require registration or qualification under applicable state securities laws. In the event that a transfer of this Certificate is to be made, the Certificate Registrar shall require receipt of written certifications from the Holder of the Certificate desiring to effect the transfer, and from such Holder's prospective transferee, substantially in the forms attached to the Agreement as Exhibit F-1. None of the Depositor or the Trustee is obligated to register or qualify the Class of Certificates specified on the face hereof under the 1933 Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the transfer of such Certificates without registration or qualification. Any Holder desiring to effect a transfer of this Certificate shall be required to indemnify the Trustee, the Depositor, the Trust Administrator, the Certificate Registrar, the Paying Agent, the Authenticating Agent and the Master Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

No transfer of this Certificate to a Plan subject to ERISA or Section 4975 of the Code, any Person acting, directly or indirectly, on behalf of any such Plan or any person using Plan Assets to acquire this Certificate shall be made except in accordance with Section 5.02(c) of the Agreement.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-41

FORM OF CLASS II-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 GROUP II SENIOR CERTIFICATES, THE GROUP II-B1 CERTIFICATES, THE GROUP II-B2 CERTIFICATES, THE GROUP II-B3 CERTIFICATES AND THE GROUP II-B4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

	
            Series 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class II-B5 Certificates as of the Issue Date: $890,000

Denomination: $890,000

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: August 31, 2005

CUSIP: 17307GZW1
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE 

 

PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class II-B5 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-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 II-B5 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and 

 

surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without
the consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., or the Trustee may treat the Person in whose name this Certificate is registered as the 

 

owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

No transfer of this Certificate shall be made unless the transfer is made to a “qualified institutional buyer” as defined under Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from the registration requirements of the 1933 Act and that does not require registration or qualification under applicable state securities laws. In the event that a transfer of this Certificate is to be made, the Certificate Registrar shall require receipt of written certifications from the Holder of the Certificate desiring to effect the transfer, and from such Holder's prospective transferee, substantially in the forms attached to the Agreement as Exhibit F-1. None of the Depositor or the Trustee is obligated to register or qualify the Class of Certificates specified on the face hereof under the 1933 Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the transfer of such Certificates without registration or qualification. Any Holder desiring to effect a transfer of this Certificate shall be required to indemnify the Trustee, the Depositor, the Trust Administrator, the Certificate Registrar, the Paying Agent, the Authenticating Agent and the Master Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

No transfer of this Certificate to a Plan subject to ERISA or Section 4975 of the Code, any Person acting, directly or indirectly, on behalf of any such Plan or any person using Plan Assets to acquire this Certificate shall be made except in accordance with Section 5.02(c) of the Agreement.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-42

FORM OF CLASS II-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 GROUP II SENIOR CERTIFICATES, THE GROUP II-B1 CERTIFICATES, THE GROUP II-B2 CERTIFICATES, THE GROUP II-B3 CERTIFICATES, THE GROUP II-B4 CERTIFICATES AND THE GROUP II-B5 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

	
            Series 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class II-B6 Certificates as of the Issue Date: $535,819

Denomination: $535,819

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: August 31, 2005

 

CUSIP: 17307GZX9
 

 

 

 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A. THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class II-B6 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class II-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 II-B6 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person 

 

entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without
the consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

 

 

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

No transfer of this Certificate shall be made unless the transfer is made to a “qualified institutional buyer” as defined under Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from the registration requirements of the 1933 Act and that does not require registration or qualification under applicable state securities laws. In the event that a transfer of this Certificate is to be made, the Certificate Registrar shall require receipt of written certifications from the Holder of the Certificate desiring to effect the transfer, and from such Holder's prospective transferee, substantially in the forms attached to the Agreement as Exhibit F-1. None of the Depositor or the Trustee is obligated to register or qualify the Class of Certificates specified on the face hereof under the 1933 Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the transfer of such Certificates without registration or qualification. Any Holder desiring to effect a transfer of this Certificate shall be required to indemnify the Trustee, the Depositor, the Trust Administrator, the Certificate Registrar, the Paying Agent, the Authenticating Agent and the Master Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

No transfer of this Certificate to a Plan subject to ERISA or Section 4975 of the Code, any Person acting, directly or indirectly, on behalf of any such Plan or any person using Plan Assets to acquire this Certificate shall be made except in accordance with Section 5.02(c) of the Agreement.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

 

 

 

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-43

FORM OF CLASS II-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 2005-5

Pass-Through Rate: 5.00%

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No.1 
 	
            Aggregate Certificate Principal Balance of the Class II-R Certificates as of the Issue Date: $101.87

Denomination: $101.87

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: August 31, 2005

CUSIP: 17307GZD3
 

 

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUSTEE, THE TRUST ADMINSITRATOR, CITIBANK, N.A. OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Citigroup Global Markets, Inc. is the registered owner of the Percentage Interest evidenced by this Certificate specified above in that certain beneficial ownership interest evidenced by all the Class II-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 II-R Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the 

 

“Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without
the consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

No transfer of this Certificate to a Plan subject to ERISA or Section 4975 of the Code, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate shall be made except in accordance with Section 5.02(c) of the Agreement.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

 

Prior to registration of any transfer, sale or other disposition of this Certificate, the proposed transferee shall provide to the Certificate Registrar (i) an affidavit to the effect that such transferee is any Person other than a Disqualified Organization or the agent (including a 

 

broker, nominee or middleman) of a Disqualified Organization, and (ii) a certificate that acknowledges that (A) the Class R Certificates have been designated as a residual interest in a REMIC, (B) it will include in its income a pro rata share of the net income of the Trust Fund and that such income may be an “excess inclusion,” as defined in the Code, that, with certain exceptions, cannot be offset by other losses or benefits from any tax exemption, and (C) it expects to have the financial means to satisfy all of its tax obligations including those relating to holding the Class R Certificates. Notwithstanding the registration in the Certificate Register of any transfer, sale or other disposition of this Certificate to a Disqualified Organization or an agent (including a broker, nominee or middleman) of a Disqualified Organization, such registration
shall be deemed to be of no legal force or effect whatsoever and such Person shall not be deemed to be a Certificateholder for any purpose, including, but not limited to, the receipt of distributions in respect of this Certificate.

The Holder of this Certificate, by its acceptance hereof, shall be deemed to have consented to the provisions of Section 5.02 of the Agreement and to any amendment of the Agreement deemed necessary by counsel of the Depositor to ensure that the transfer of this Certificate to any Person other than a Permitted Transferee or any other Person will not cause any Trust Fund to cease to qualify as a REMIC or cause the imposition of a tax upon the REMIC.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, nor any such agent shall be affected by notice to the contrary.

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-44

FORM OF CLASS III-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 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class III-A1A Certificates as of the Issue Date: $131,290,000

Denomination: $131,290,000

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: August 31, 2005

CUSIP: 17307GZE1
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class III-A1A Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class III-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 III-A1A Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

 

 

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 1% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-45

FORM OF CLASS III-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 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class III-A1B Certificates as of the Issue Date: $8,114,000

Denomination: $8,114,000

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: August 31, 2005

CUSIP: 17307GZF8
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE. 

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class III-A1B Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class III-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 IIII-A1B Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

 

 

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 1% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-46

FORM OF CLASS III-A2A CERTIFICATE

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

	
            Series 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class III-A2A Certificates as of the Issue Date: $57,556,000

Denomination: $57,556,000

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: August 31, 2005

CUSIP: 17307GZG6
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class III-A2A Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class III-A2A Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the Record Date, in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class III-A2A Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

 

 

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 1% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-47

FORM OF CLASS III-A2B CERTIFICATE

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

 

	
            Series 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class III-A2B Certificates as of the Issue Date: $3,557,000

Denomination: $3,557,000

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: August 31, 2005

CUSIP: 17307GZH4
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE. 

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class III-A2B Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class III-A2B Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the Record Date, in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class IIII-A2B Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

 

 

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 1% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-48

FORM OF CLASS III-A3A CERTIFICATE

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

	
            Series 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class III-A3A Certificates as of the Issue Date: $145,349,000

Denomination: $145,349,000

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: August 31, 2005

CUSIP: 17307GZJ0
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class III-A3A Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class III-A3A Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the Record Date, in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class III-A3A Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

 

 

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 1% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-49

FORM OF CLASS III-A3B 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 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class III-A3B Certificates as of the Issue Date: $8,983,000

Denomination: $8,983,000

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: August 31, 2005

CUSIP: 17307GA32
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE. 

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class III-A3B Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class III-A3B 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 IIII-A3B Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

 

 

 

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 1% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-50

FORM OF CLASS III-A4A CERTIFICATE

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

	
            Series 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class III-A4A Certificates as of the Issue Date: $78,849,000

Denomination: $78,849,000

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: August 31, 2005

CUSIP: 17307GZK7
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class III-A4A Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class III-A4A Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the Record Date, in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class III-A4A Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

 

 

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 1% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-51

FORM OF CLASS III-A4B 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 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class III-A4B Certificates as of the Issue Date: $4,873,000

Denomination: $4,873,000

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: August 31, 2005

CUSIP: 17307GZL5
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE. 

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class III-A4B Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class III-A4B 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 IIII-A4B Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

 

 

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 1% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-52

FORM OF CLASS III-A5 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 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class III-A5 Certificates as of the Issue Date: $79,909,000

Denomination: $79,909,000

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: August 31, 2005

CUSIP: 17307GZM3
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class III-A5A Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class III-A5A 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 III-A5A Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

 

 

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 1% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-53

FORM OF CLASS III-P CERTIFICATE

 

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF 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 2005-5

Pass-Through Rate: None

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class III-P Certificates as of the Issue Date: $100

Denomination: $100

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: August 31, 2005

CUSIP: 17307H9N8
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE 

 

AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate, 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 Citigroup Global Markets Inc. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class III-P Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class III-P Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the 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 III-P Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice 

 

by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without
the consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, 

 

N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, nor any such agent shall be affected by notice to the contrary.

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 1% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

No transfer of this Certificate shall be made unless the transfer is made 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.

 

 

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-54

 

FORM OF CLASS III-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 GROUP III SENIOR CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

	
            Series 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No.1 
 	
            Aggregate Certificate Principal Balance of the Class III-B1 Certificates as of the Issue Date: $14,265,000

Denomination: $14,265,000

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: August 31, 2005

CUSIP: 17307GZN1
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE 

 

PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class III-B1 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class III-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 III-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 in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 1% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-55

FORM OF CLASS III-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 GROUP III SENIOR CERTIFICATES AND THE CLASS III-B1 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

	
            Series 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No.1 
 	
            Aggregate Certificate Principal Balance of the Class III-B2 Certificates as of the Issue Date: $5,212,000

Denomination: $5,212,000

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: August 31, 2005

CUSIP: 17307GZP6
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE 

 

PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class III-B2 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class III-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 III-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 in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 1% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-56

FORM OF CLASS III-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 GROUP III SENIOR CERTIFICATES, THE CLASS III-B1 CERTIFICATES AND THE CLASS III-B2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

	
            Series 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No.1 
 	
            Aggregate Certificate Principal Balance of the Class III-B3 Certificates as of the Issue Date: $4,115,000

Denomination: $4,115,000

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: August 31, 2005

CUSIP: 17307GZQ4
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE 

 

PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class III-B3 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class III-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 III-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 in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 1% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-57

FORM OF CLASS III-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 GROUP III SENIOR CERTIFICATES, THE GROUP III-B1 CERTIFICATES, THE GROUP III-B2 AND THE GROUP II-B3 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

	
            Series 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class III-B4 Certificates as of the Issue Date: $2,469,000

Denomination: $2,469,000

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: August 31, 2005

CUSIP: 17307GZY7
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE 

 

PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class III-B4 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class III-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 III-B4 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and 

 

surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without
the consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the 

 

owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, nor any such agent shall be affected by notice to the contrary.

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 1% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

No transfer of this Certificate shall be made unless the transfer is made to a “qualified institutional buyer” as defined under Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from the registration requirements of the 1933 Act and that does not require registration or qualification under applicable state securities laws. In the event that a transfer of this Certificate is to be made, the Certificate Registrar shall require receipt of written certifications from the Holder of the Certificate desiring to effect the transfer, and from such Holder's prospective transferee, substantially in the forms attached to the Agreement as Exhibit F-1. None of the Depositor or the Trustee is obligated to register or qualify the Class of Certificates specified on the face hereof under the 1933 Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the transfer of such Certificates without registration or qualification. Any Holder desiring to effect a transfer of this Certificate shall be required to indemnify the Trustee, the Depositor, the Trust Administrator, the Certificate Registrar, the Paying Agent, the Authenticating Agent and the Master Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

No transfer of this Certificate to a Plan subject to ERISA or Section 4975 of the Code, any Person acting, directly or indirectly, on behalf of any such Plan or any person using Plan Assets to acquire this Certificate shall be made except in accordance with Section 5.02(c) of the Agreement.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-58

FORM OF CLASS III-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 GROUP III SENIOR CERTIFICATES, THE GROUP III-B1 CERTIFICATES, THE GROUP III-B2 CERTIFICATES, THE GROUP III-B3 CERTIFICATES AND THE GROUP III=B4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

	
            Series 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class III-B5 Certificates as of the Issue Date: $2,195,000

Denomination: $2,195,000

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: August 31, 2005

CUSIP: 17307GZZ4
 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE 

 

PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A., THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class III-B5 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class III-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 III-B5 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and 

 

surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without
the consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., or the Trustee may treat the Person in whose name this Certificate is registered as the 

 

owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 1% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

No transfer of this Certificate shall be made unless the transfer is made to a “qualified institutional buyer” as defined under Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from the registration requirements of the 1933 Act and that does not require registration or qualification under applicable state securities laws. In the event that a transfer of this Certificate is to be made, the Certificate Registrar shall require receipt of written certifications from the Holder of the Certificate desiring to effect the transfer, and from such Holder's prospective transferee, substantially in the forms attached to the Agreement as Exhibit F-1. None of the Depositor or the Trustee is obligated to register or qualify the Class of Certificates specified on the face hereof under the 1933 Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the transfer of such Certificates without registration or qualification. Any Holder desiring to effect a transfer of this Certificate shall be required to indemnify the Trustee, the Depositor, the Trust Administrator, the Certificate Registrar, the Paying Agent, the Authenticating Agent and the Master Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

No transfer of this Certificate to a Plan subject to ERISA or Section 4975 of the Code, any Person acting, directly or indirectly, on behalf of any such Plan or any person using Plan Assets to acquire this Certificate shall be made except in accordance with Section 5.02(c) of the Agreement.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-59

FORM OF CLASS III-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 GROUP III SENIOR CERTIFICATES, THE GROUP III-B1 CERTIFICATES, THE GROUP III-B2 CERTIFICATES, THE GROUP III-B3 CERTIFICATES, THE GROUP III-B4 CERTIFICATES AND THE GROUP III-B5 CERTIFICATS TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

	
            Series 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No. 1
 	
            Aggregate Certificate Principal Balance of the Class III-B6 Certificates as of the Issue Date: $1,920,147

Denomination: $1,920,147

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: August 31, 2005

 

CUSIP: 17307GA24
 

 

 

 

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR, CITIBANK, N.A. THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class III-B6 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class III-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 III-B6 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person 

 

entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without
the consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

 

 

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee nor any such agent shall be affected by notice to the contrary.

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 1% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

No transfer of this Certificate shall be made unless the transfer is made to a “qualified institutional buyer” as defined under Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from the registration requirements of the 1933 Act and that does not require registration or qualification under applicable state securities laws. In the event that a transfer of this Certificate is to be made, the Certificate Registrar shall require receipt of written certifications from the Holder of the Certificate desiring to effect the transfer, and from such Holder's prospective transferee, substantially in the forms attached to the Agreement as Exhibit F-1. None of the Depositor or the Trustee is obligated to register or qualify the Class of Certificates specified on the face hereof under the 1933 Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the transfer of such Certificates without registration or qualification. Any Holder desiring to effect a transfer of this Certificate shall be required to indemnify the Trustee, the Depositor, the Trust Administrator, the Certificate Registrar, the Paying Agent, the Authenticating Agent and the Master Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

No transfer of this Certificate to a Plan subject to ERISA or Section 4975 of the Code, any Person acting, directly or indirectly, on behalf of any such Plan or any person using Plan Assets to acquire this Certificate shall be made except in accordance with Section 5.02(c) of the Agreement.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

 

 

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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-60

FORM OF CLASS III-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 2005-5

Pass-Through Rate: Variable

Cut-off Date and date of Pooling and Servicing Agreement: August 1, 2005

First Distribution Date: September 26, 2005

No.1 
 	
            Aggregate Certificate Principal Balance of the Class III-R Certificates as of the Issue Date: $100.20

Denomination: $100.20

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: August 31, 2005

CUSIP: 17307GZR2
 

 

 

 

MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting primarily of a pool of conventional one- to four-family, adjustable-rate and fixed-rate, first lien mortgage loans (the “Mortgage Loans”) formed and sold by

CITIGROUP MORTGAGE LOAN TRUST INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP MORTGAGE LOAN TRUST INC., THE MASTER SERVICER, THE TRUSTEE, THE TRUST ADMINSITRATOR, CITIBANK, N.A. OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that Citigroup Global Markets, Inc. is the registered owner of the Percentage Interest evidenced by this Certificate specified above in that certain beneficial ownership interest evidenced by all the Class III-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 III-R Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by the Paying Agent by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Paying Agent in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date or otherwise by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Paying Agent for that purpose as provided in the Agreement.

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Pass-Through Certificates of the Series specified on the face hereof (herein called the 

 

“Certificates”) and representing the Percentage Interest specified above in the Class of Certificates to which this Certificate belongs.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee and the rights of the Certificateholders, under the Agreement at any time by the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without
the consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Certificate Registrar as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

No transfer of this Certificate to a Plan subject to ERISA or Section 4975 of the Code, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate shall be made except in accordance with Section 5.02(c) of the Agreement.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

 

Prior to registration of any transfer, sale or other disposition of this Certificate, the proposed transferee shall provide to the Certificate Registrar (i) an affidavit to the effect that such transferee is any Person other than a Disqualified Organization or the agent (including a 

 

broker, nominee or middleman) of a Disqualified Organization, and (ii) a certificate that acknowledges that (A) the Class R Certificates have been designated as a residual interest in a REMIC, (B) it will include in its income a pro rata share of the net income of the Trust Fund and that such income may be an “excess inclusion,” as defined in the Code, that, with certain exceptions, cannot be offset by other losses or benefits from any tax exemption, and (C) it expects to have the financial means to satisfy all of its tax obligations including those relating to holding the Class R Certificates. Notwithstanding the registration in the Certificate Register of any transfer, sale or other disposition of this Certificate to a Disqualified Organization or an agent (including a broker, nominee or middleman) of a Disqualified Organization, such registration
shall be deemed to be of no legal force or effect whatsoever and such Person shall not be deemed to be a Certificateholder for any purpose, including, but not limited to, the receipt of distributions in respect of this Certificate.

The Holder of this Certificate, by its acceptance hereof, shall be deemed to have consented to the provisions of Section 5.02 of the Agreement and to any amendment of the Agreement deemed necessary by counsel of the Depositor to ensure that the transfer of this Certificate to any Person other than a Permitted Transferee or any other Person will not cause any Trust Fund to cease to qualify as a REMIC or cause the imposition of a tax upon the REMIC.

The Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, nor any such agent shall be affected by notice to the contrary.

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by the Trustee and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan and REO Property remaining in the Trust Fund and (ii) the purchase by the party designated in the Agreement at a price determined as provided in the Agreement from the Trust Fund of all the Mortgage Loans and all property acquired in respect of such Mortgage Loans. The Agreement permits, but does not require, the party designated in the Agreement to purchase from the Trust Fund all the Mortgage Loans in the Collateral Pool relating to this Certificate and all property acquired in respect of any Mortgage Loan in such Collateral Pool at a
price determined as provided in the Agreement. The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 1% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

The recitals contained herein shall be taken as statements of the Depositor, and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

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

[Reserved]

 

 

 

EXHIBIT C

[RESERVED]

 

 

 

EXHIBIT D

FORM OF MORTGAGE LOAN PURCHASE AGREEMENT

 

 

MORTGAGE LOAN PURCHASE AGREEMENT

This is a Mortgage Loan Purchase Agreement (the “Agreement”), dated August 30, 2005, 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 2005-5 (the “Certificates”). The Certificates will consist of sixty classes of certificates. The Certificates will be issued pursuant to a Pooling and Servicing Agreement, dated as of August 1, 2005 (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 August 31, 2005 (the “Closing Date”), certain adjustable-rate, conventional residential mortgage loans (the “Mortgage Loans”) originated by Countrywide Home Loans, Inc. (“Countrywide”), National City Mortgage Co. (“National City”), Quicken Loans Inc. (“Quicken”), MortgageIT, Inc. (“MortgageIT”), GreenPoint Mortgage Funding, Inc. (“GreenPoint”), Ameriquest Mortgage Company (“Ameriquest”) and Wells Fargo Bank, N.A. (“Wells Fargo”) (each, an “Originator”, and collectively, the “Originators”), having an aggregate principal balance as of the close
of business on August 1, 2005 (the “Cut-off Date”) of $1,167,649,898 (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 the 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 Amended and Restated Master Mortgage Loan Purchase and Servicing Agreement dated as of December 15, 2003, between Countrywide and the Seller (the “Countrywide Servicing Agreement”), 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 between the Seller and National City (the “National City Servicing Agreement”), the Master Mortgage Loan Purchase and Interim Servicing Agreement dated as of November 1, 2004, between Quicken and the Seller (the “Quicken Servicing Agreement”), Master Mortgage Loan Purchase and Servicing Agreement dated as of April 1, 2005, between GreenPoint and the Seller (the “GreenPoint Servicing Agreement”), Mortgage Loan Purchase and Interim Servicing Agreement dated as of July 27, 2005, between
Ameriquest and GMAC Mortgage Co. as assigned to the Seller by the Assignment and Recognition Agreement dated as of July 27, 2005 (the “Ameriquest Servicing Agreement”), the Master Mortgage Loan Purchase and Interim Servicing Agreement dated as of November 1, 2004 between MortgageIT and the Seller (the “MortgageIT Servicing Agreement”) and the Seller’s Warranties and Servicing Agreement, dated as of August 1, 2005, relating to the WFHM 2005-W57 Mortgage Loans, (the “Wells Servicing Agreement” and collectively with the Countrywide Servicing Agreement, the National City Servicing Agreement, the Quicken Servicing Agreement, the GreenPoint Servicing Agreement, the Ameriquest Servicing Agreement and the MortgageIT Servicing Agreement, the “Servicing Agreements”), the Seller hereby assigns to the Purchaser all of its right, title and interest under the Servicing Agreements to the extent of the Mortgage Loans set forth on the Mortgage Loan
Schedule, including, but not limited to, any representations and warranties of the Originators concerning the Mortgage Loans.

(a)          The Seller hereby represents and warrants, as to each Mortgage Loan, to the Purchaser, as of the date hereof and as of the Closing Date, and covenants, that:

(i)               To the best of the Seller’s knowledge, nothing has occurred in the period of time from the date each representation and warranty was made by each Originator pursuant to the respective Servicing Agreement to the Closing Date which would cause such representation and warranty to be untrue in any material respect on the Closing Date.

(ii)             Each Mortgage Loan at the time it was made complied in all material respects with applicable local, state and federal laws, including, but not limited to, all applicable predatory and abusive lending laws.

 

 

(iii)            None of the mortgage loans are (i) “High Cost” as such term is defined in the Home Ownership Protection Act of 1994 (“HOEPA”) or (ii) a reasonably equivalent provision as defined by the applicable predatory and abusive lending laws.

(iv)            With respect to the Group III Mortgage Loans, an appraisal form 1004 or Form 2055 with an interior inspection for first lien mortgage loans has been obtained.

(v)              No Mortgage Loan is a high cost loan or a covered loan, as applicable (as such terms are defined in Standard & Poor's LEVELS Version 5.6b Glossary Revised, Appendix E).

(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 Countrywide 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 and as of the date hereof and as of the Closing Date.

(d)          With respect to the Quicken 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 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 C hereto are true and correct as of the date hereof and as of the Closing Date  (in the case of a representation or warranty as to the mortgaged property being free of damage and waste, without regard to knowledge or lack of knowledge thereof by National City).  

(f)           With respect to the Wells 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 MortgageIT Mortgage Loan, 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 GreenPoint 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 and 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 and as of the date hereof and as of the Closing Date.

	
             
  	
            SECTION 6.
 	
            Repurchase Obligation for Defective Documentation and for Breach of Representation and Warranty.
 

It is understood and agreed that the representations and warranties set forth in Section 5 shall survive the sale of the Mortgage Loans to the Purchaser and shall inure to the benefit of the Purchaser and any assignee, transferee or designee of the Purchaser, including the Trustee for the benefit of holders of the Mortgage Pass-Through Certificates evidencing an interest in all or a portion of the Mortgage Loans, notwithstanding any restrictive or qualified endorsement on any Mortgage Note or Assignment or the examination or lack of examination of any Mortgage File.  With respect to the representations and warranties contained herein that are made to the knowledge or the best knowledge of the Seller, or as to which the Seller has no knowledge, if it is discovered that the substance of any such representation and warranty is inaccurate and the inaccuracy materially and adversely affects the
value of the related Mortgage Loan, or the interest therein of the Purchaser or the Purchaser’s assignee, designee or transferee, then notwithstanding the Seller’s lack of knowledge with respect to the substance of such representation and warranty being inaccurate at the time the representation and warranty was made, such inaccuracy shall be deemed a breach of the applicable representation and warranty and the Seller shall take such action described in the following paragraphs of this Section 6 in respect of such Mortgage Loan.  Upon discovery by either the Seller or the Purchaser of a breach of any of the foregoing representations and warranties made by the Seller that materially and adversely affects the value of the Mortgage Loans or the interest of the Purchaser (or which materially and adversely affects the interests of the Purchaser in the related Mortgage Loan in the case of a representation and warranty relating to a particular Mortgage Loan), the party discovering
such breach shall give prompt written notice to the other.

Within 90 days of the earlier of either discovery by or notice to the Seller of any breach of a representation or warranty made by the Seller that materially and adversely affects the value of a Mortgage Loan or the Mortgage Loans or the interest therein of the Purchaser, the Seller shall use its best efforts promptly to cure such breach in all material respects and, if such breach cannot be cured, the Seller shall, at the Purchaser’s option, repurchase such Mortgage Loan at the Purchase Price. The Seller may, at the request of the Purchaser and assuming the Seller has a Qualified Substitute Mortgage Loan, rather than repurchase a deficient Mortgage Loan as provided above, remove such Mortgage Loan and substitute in its place a Qualified 

 

Substitute Mortgage Loan or Loans. If the Seller does not provide a Qualified Substitute Mortgage Loan or Loans, it shall repurchase the deficient Mortgage Loan. Any repurchase of a Mortgage Loan(s) pursuant to the foregoing provisions of this Section 6 shall occur on a date designated by the Purchaser and shall be accomplished by deposit in accordance with Section 2.03 of the Pooling and Servicing Agreement. Any repurchase or substitution required by this Section shall be made in a manner consistent with Section 2.03 of the Pooling and Servicing Agreement.

At the time of substitution or repurchase by the Seller of any deficient Mortgage Loan, the Purchaser and the Seller shall arrange for the reassignment of the repurchased or substituted Mortgage Loan to the Seller and the delivery to the Seller of any documents held by the Trustee relating to the deficient or repurchased Mortgage Loan. In the event the Purchase Price is deposited in the Collection Account. The Seller shall, simultaneously with such deposit, give written notice to the Purchaser that such deposit has taken place. Upon such repurchase, the Mortgage Loan Schedule shall be amended to reflect the withdrawal of the repurchased Mortgage Loan from this Agreement.

As to any Deleted Mortgage Loan for which the Seller substitutes a Qualified Substitute Mortgage Loan or Loans, the Seller shall effect such substitution by delivering to the Purchaser or its designee for such Qualified Substitute Mortgage Loan or Loans the Mortgage Note, the Mortgage, the Assignment and such other documents and agreements as are required by the Pooling and Servicing Agreement, with the Mortgage Note endorsed as required therein. The Seller shall remit for deposit in the Collection Account the Monthly Payment due on such Qualified Substitute Mortgage Loan or Loans in the month following the date of such substitution. Monthly payments due with respect to Qualified Substitute Mortgage Loans in the month of substitution will be retained by the Seller. For the month of substitution, distributions to the Purchaser will include the Monthly Payment due on such Deleted Mortgage
Loan in the month of substitution, and the Seller shall thereafter be entitled to retain all amounts subsequently received by the Seller in respect of such Deleted Mortgage Loan. Upon such substitution, the Qualified Substitute Mortgage Loans shall be subject to the terms of this Agreement in all respects, and the Seller shall be deemed to have made with respect to such Qualified Substitute Mortgage Loan or Loans as of the date of substitution, the covenants, representations and warranties set forth in Section 5.

It is understood and agreed that the representations and warranties set forth in Section 5 shall survive delivery of the respective Mortgage Files to the Trustee on behalf of the Purchaser.

It is understood and agreed that (i) the obligations of the Seller set forth in this Section 6 to cure, repurchase and substitute for a defective Mortgage Loan and (ii) the obligations of the Seller as provided in the next sentence constitute the sole remedies of the Purchaser respecting a missing or defective document or a breach of the representations and warranties contained in Section 5.   The Seller shall indemnify the Purchaser and hold it harmless against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and other costs and expenses resulting from any claim, demand, defense or assertion based on or grounded upon, or resulting from, a breach of the representations and warranties contained in Sections 5(a), (c), (d) and (e) this Agreement.  

 

 

SECTION 7.            Closing; Payment for the Mortgage Loans. The closing of the purchase and sale of the Mortgage Loans shall be held at the New York City office of Thacher Proffitt & Wood LLP at 10:00 AM New York City time on the Closing Date.

The closing shall be subject to each of the following conditions:

(a)          All of the representations and warranties of the Seller under this Agreement shall be true and correct in all material respects as of the date as of which they are made and no event shall have occurred which, with notice or the passage of time, would constitute a default under this Agreement;

(b)          The Purchaser shall have received, or the attorneys of the Purchaser shall have received in escrow (to be released from escrow at the time of closing), all Closing Documents as specified in Section 8 of this Agreement, in such forms as are agreed upon and acceptable to the Purchaser, duly executed by all signatories other than the Purchaser as required pursuant to the respective terms thereof;

(c)          The Seller shall have delivered or caused to be delivered and released to the Purchaser or to its designee, all documents (including without limitation, the Mortgage Loans) required to be so delivered by the Purchaser; and

(d)          All other terms and conditions of this Agreement shall have been complied with.

Subject to the foregoing conditions, the Purchaser shall deliver or cause to be delivered to the Seller on the Closing Date, against delivery and release by the Seller to the Trustee of all documents required pursuant to the Pooling and Servicing Agreement, the consideration for the Mortgage Loans as specified in Section 3 of this Agreement, by delivery to the Seller of the Mortgage Loan Purchase Price.

SECTION 8.            Closing Documents. Without limiting the generality of Section 7 hereof, the closing shall be subject to delivery of each of the following documents:

(a)          An Officers’ Certificate of the Seller, dated the Closing Date, upon which the Purchaser and Citigroup Global Markets Inc. (the “Underwriter”) may rely, in a form acceptable to the Purchaser;

(b)          A Secretary’s Certificate of the Seller, dated the Closing Date, upon which the Purchaser and the Underwriter may rely, in a form acceptable to the Purchaser, and attached thereto copies of the certificate of incorporation, by-laws and certificate of good standing of the Seller;

(c)          An Opinion of Counsel of the Seller, dated the Closing Date and addressed to the Purchaser and the Underwriter, in a form acceptable to the Purchaser;

(d)          An Officers’ Certificate of each Originator, dated the Closing Date, upon which the Purchaser and the Underwriter may rely, in a form acceptable to the Purchaser;

 

 

(e)          A Secretary’s Certificate of each Originator, dated the Closing Date, upon which the Purchaser and the Underwriter may rely, in a form acceptable to the Purchaser, and attached thereto copies of the certificate of incorporation, by-laws and certificate of good standing of the Originator;

(f)           Such opinions of counsel as the Rating Agencies or the Trustee may request in connection with the sale of the Mortgage Loans by the Seller to the Purchaser or the Seller’s execution and delivery of, or performance under, this Agreement;

(g)          A letter from Deloitte & Touche L.L.P., certified public accountants, dated the date hereof and to the effect that they have performed certain specified procedures as a result of which they determined that certain information of an accounting, financial or statistical nature set forth in the Purchaser’s Prospectus Supplement, dated August 30, 2005, agrees with the records of the Seller;

(h)          Letters from certified public accountants for each Originator, dated the date hereof and to the effect that they have performed certain specified procedures as a result of which they determined that certain information of an accounting, financial or statistical nature set forth in the Purchaser’s Prospectus Supplement, dated August 30, 2005 under the subheading “The Master Servicer and the Servicers—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.
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
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            CITIGROUP GLOBAL MARKETS REALTY
 CORP.
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
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EXHIBIT A

 

Representation and Warranties with Respect to the Countrywide Mortgage Loans 

 

Except for “Mortgage Loans”, which shall mean the Countywide 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 Countrywide Servicing Agreement.

 

a)                   Mortgage Loan Schedule.  The information contained in the Mortgage Loan Schedule is complete, true and correct in all material respects;

b)                   No Delinquencies or Advances.  All payments required to be made prior to the related Cut-off Date for such Mortgage Loan under the terms of the Mortgage Note have been made; Countrywide has not advanced funds, or induced, solicited or knowingly received any advance of funds from a party other than the owner of the Mortgaged Property subject to the Mortgage, directly or indirectly, for the payment of any amount required by the Mortgage Loan; and there has been no delinquency of more than thirty (30) days in any payment by the Mortgagor thereunder during the last twelve (12) months;

c)                   Taxes, Assessments, Insurance Premiums and Other Charges.  There are no delinquent taxes, ground rents, or insurance premiums, and Countrywide has no knowledge of any delinquent water charges, sewer rents, assessments, leasehold payments, including assessments payable in future installments or other outstanding charges affecting the related Mortgaged Property;

d)                   No Modifications.  The terms of the Mortgage Note and the Mortgage have not been impaired, waived, altered or modified in any respect, except by written instruments that have been or will be recorded or registered with the MERS System, if necessary to protect the interests of the Purchaser, and that have been or will be delivered to the Purchaser, all in accordance with this Agreement.  The substance of any such waiver, alteration or modification has been approved by the primary mortgage guaranty insurer, if any, and by the title insurer, to the extent required by the related policy and its terms are reflected on the Mortgage Loan Schedule.  No Mortgagor has been released, in whole or in part, except in
connection with an assumption agreement approved by the primary mortgage insurer, if any, and the title insurer, to the extent required by the policy, and which assumption agreement is part of the Collateral File and the terms of which are reflected in the Mortgage Loan Schedule if executed prior to the Closing Date;

e)                   No Defenses.  The Mortgage Note and the Mortgage are not subject to any right of rescission, set-off, counterclaim or defense, including the defense of usury, nor will the operation of any of the terms of the Mortgage Note and the Mortgage, or the exercise of any right thereunder, render the Mortgage unenforceable, in whole or in part, or subject to any right of rescission, set-off, counterclaim or defense, including the defense of usury, and no such right of rescission, set-off, counterclaim or defense has been asserted with respect thereto;

 

 

f)                    Hazard and Flood Insurance.  All buildings upon the Mortgaged Property are insured by an insurer acceptable to an Agency against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, and such insurer is licensed to do business in the state where the Mortgaged Property is located.  All such insurance policies contain a standard mortgagee clause naming Countrywide, its successors and assigns as mortgagee, and all premiums thereon have been paid.  If, upon the origination of the Mortgage Loan, the Mortgaged Property was, or was subsequently deemed to be, in an area identified in the Federal Register by the Federal Emergency
Management Agency as having special flood hazards (and such flood insurance has been made available), a flood insurance policy that meets the requirements of the current guidelines of the Federal Insurance Administration (or any successor thereto) and conforms to the requirements of an Agency is in effect.  The Mortgage obligates the Mortgagor thereunder to maintain all such insurance at the Mortgagor’s expense and, upon the failure of the Mortgagor to do so, the holder of the Mortgage is authorized to maintain such insurance at the Mortgagor’s expense and to seek reimbursement therefor from the Mortgagor;

g)                   Compliance with Applicable Law.  Each Mortgage Loan, including any Prepayment Charge or penalty in connection therewith, at the time of origination complied in all material respects with applicable local, state and federal laws, and any applicable ordinances, including truth in lending, real estate settlement procedures, consumer credit protection, equal credit opportunity, predatory and abusive lending and disclosure laws applicable to the Mortgage Loan;

h)                   No Release of Mortgage.  The Mortgage has not been satisfied, canceled, subordinated, or rescinded, in whole or in part, and the Mortgaged Property has not been released from the lien of the Mortgage, in whole or in part, nor has any instrument been executed that would effect any such release, cancellation, subordination or rescission;

i)                    Enforceability of Mortgage Documents.  The Mortgage Note and the related Mortgage are genuine and each is the legal, valid and binding obligation of the maker thereof, enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization or similar laws;

j)                    Valid First or Second Lien.  Each related Mortgage is a valid, subsisting and enforceable First Lien (with respect to a First Lien Mortgage Loan) or Second Lien (with respect to a Second Lien Mortgage Loan) on the related Mortgaged Property, including all improvements on the Mortgaged Property.  The lien of the Mortgage is subject only to:

k)                   the lien of current real property taxes and assessments not yet due and payable;

l)                    covenants, conditions and restrictions, rights of way, easements and other matters of public record as of the date of recording that are acceptable to mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to the originator of the Mortgage Loan and that do not adversely affect the Appraised 

 

Value (as evidenced by an appraisal referred to in such definition) of the Mortgaged Property set forth in such appraisal; 

m)                 with respect to a Second Lien Mortgage Loan only, the lien of the first mortgage on the Mortgaged Property; and

n)                   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;

o)                   Disbursements of Proceeds.  The proceeds of the Mortgage Loan have been fully disbursed, and there is no requirement for future advances thereunder, and any and all requirements as to completion of any on-site or off-site improvement and as to disbursements of any escrow funds therefor have been complied with.  All costs, fees and expenses incurred in making or closing the Mortgage Loan and recording the Mortgage were paid, and the Mortgagor is not entitled to any refund of any amounts paid or due under the Mortgage Note or Mortgage;

p)                   Sole Owner.  Countrywide is the sole owner and holder of the Mortgage Loan.  The Mortgage Loan is not assigned or pledged, and Countrywide has good and marketable title thereto, and has full right to transfer and sell the Mortgage Loan to the Purchaser free and clear of any encumbrance, equity, lien, pledge, charge, claim or security interest and has full right and authority subject to no interest or participation of, or agreement with, any other party, to sell and assign each Mortgage Loan pursuant to the terms of this Agreement;

q)                   Title Insurance.  Each Mortgage Loan that is a First Lien Mortgage Loan and each Mortgage Loan that is a Second Lien Mortgage Loan with an original principal balance greater than $100,000, in either case, is covered by a lender’s title insurance policy acceptable to an Agency, issued by a title insurer acceptable to an Agency and qualified to do business in the jurisdiction where the related Mortgaged Property is located, insuring (subject to the exceptions contained in Section 3.02(j)(i), (ii) and (iii) above) Countrywide, its successors and assigns as to the first or second priority lien of the Mortgage, as applicable.  Additionally, such lender’s title insurance policy affirmatively insures
ingress and egress, and against encroachments by or upon the Mortgaged Property or any interest therein.  With respect to any Adjustable Rate Mortgage Loan, such title insurance policy insures against any loss by reason of the invalidity or unenforceability of the lien resulting from the provisions of the Mortgage Note providing for adjustment of the Mortgage Interest Rate and Monthly Payment.  Countrywide is the sole insured of such lender’s title insurance policy, and such lender’s title insurance policy is in full force and effect and will be in full force and effect upon the consummation of the transactions contemplated by this Agreement.  No claims have been made under such lender’s title insurance policy, and no prior holder of the related Mortgage, including Countrywide, has done, by act or omission, anything which would impair the coverage of such lender’s title insurance policy;

r)                    No Default.  There is no default, breach, violation or event of acceleration existing under the Mortgage or the Mortgage Note and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a 

 

default, breach, violation or event of acceleration, and Countrywide has not waived any default, breach, violation or event of acceleration, and with respect to any Second Lien Mortgage Loan, Countrywide has not received a written notice of default of any senior mortgage loan related to the Mortgaged Property which has not been cured;

s)                   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;

t)                    Origination, Servicing and Collection Practices.  The origination, servicing and collection practices used by Countrywide with respect to each Mortgage Note and Mortgage have been in all respects legal, proper, prudent and customary in the mortgage origination and servicing business.  With respect to escrow deposits and Escrow Payments, if any, all such payments are in the possession of, or under the control of, Countrywide and there exist no deficiencies in connection therewith for which customary arrangements for repayment thereof have not been made.  No escrow deposits or Escrow Payments or other charges or payments due Countrywide have been capitalized under any Mortgage or the related Mortgage
Note.  With respect to Adjustable Rate Mortgage Loans, all Mortgage Interest Rate adjustments have been made in strict compliance with state and federal law and the terms of the related Mortgage Note.  Any interest required to be paid pursuant to state and local law has been properly paid and credited;

u)                   No Condemnation or Damage.  The Mortgaged Property is free of material damage and waste and there is no proceeding pending for the total or partial condemnation thereof;

v)                   Customary and Enforceable Provisions.  The Mortgage contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof adequate for the realization against the Mortgaged Property of the benefits of the security provided thereby including (a) in the case of a Mortgage designated as a deed of trust, by trustee’s sale, and (b) otherwise by judicial foreclosure;

w)                  Collateral.  The Mortgage Note is not and has not been secured by any collateral except the lien of the corresponding Mortgage;

x)                   Appraisal.  Unless the Mortgage Loan was underwritten pursuant to one of Countrywide’s streamline documentation programs, the Credit File contains an appraisal of the related Mortgaged Property signed prior to the approval of the Mortgage Loan application by an appraiser who meets the minimum requisite qualifications of an Agency for appraisers, duly appointed by the originator, that had no interest, direct or indirect in the Mortgaged Property, and whose compensation is not affected by the approval or disapproval of the Mortgage Loan; the appraisal is in a form acceptable to an Agency, with such riders as are acceptable to such Agency.  All improvements which were considered in determining the
Appraised Value of the related Mortgaged Property lay wholly within the boundaries and building restriction lines of the Mortgaged Property, and no improvements on adjoining properties encroach upon the Mortgaged Property. Each appraisal of the Mortgage Loan was 

 

made in accordance with the relevant provisions of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989;

y)                   Trustee for Deed of Trust.  In the event the Mortgage constitutes a deed of trust, a trustee, duly qualified under applicable law to serve as such, has been properly designated and currently so serves and is named in the Mortgage, and no fees or expenses are or will become payable by the Purchaser to the trustee under the deed of trust, except in connection with a trustee’s sale after default by the Mortgagor;

z)                   Private Mortgage Insurance, FHA Insurance and VA Guarantees.  Each Mortgage Loan, except a Second Lien Mortgage Loan or a Mortgage Loan underwritten in accordance with sub-prime credit underwriting guidelines (as any such Mortgage Loans may be identified in the Mortgage Loan Schedule), with an LTV at origination in excess of eighty percent (80%) is and will be subject to a PMI Policy, which insures that portion of the Mortgage Loan over seventy-five percent (75%) of the Appraised Value of the related Mortgaged Property.  All provisions of such PMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid.  Any Mortgage subject to any
such PMI Policy obligates the Mortgagor thereunder to maintain such insurance and to pay all premiums and charges in connection therewith or, in the case of a lender paid mortgage insurance policy, the premiums and charges are included in the Mortgage Interest Rate for the Mortgage Loan.  Each Government Mortgage Loan either has, or will have in due course, a valid and enforceable MIC or LGC, as applicable and, in each case, all premiums due thereunder have been paid;

aa)                 Lawfully Occupied.  At origination, to the best of Countrywide’s knowledge as of the Closing Date, the Mortgaged Property is lawfully occupied under applicable law.  All inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the same including certificates of occupancy, have been made or obtained from the appropriate authorities;

bb)                Assignment of Mortgage.  Except for the absence of recording information, the Assignment of Mortgage is in recordable form and is acceptable for recording under the laws of the jurisdiction in which the Mortgaged Property is located.  The original Mortgage was or is being recorded and, unless the Mortgage Loan is subject to the MERS System, all subsequent assignments of the original Mortgage (other than the assignment to Purchaser) have been recorded in the appropriate jurisdiction wherein such recordation is necessary to perfect the lien thereof against creditors of Countrywide, or is in the process of being recorded;

cc)                 Consolidation of Future Advances.  Any future advances made to the Mortgagor prior to the Cut-off Date have been consolidated with the outstanding principal amount secured by the Mortgage, and the secured principal amount, as consolidated, bears a single interest rate and single repayment term. The consolidated principal amount does not exceed the original principal amount of the Mortgage Loan;

 

 

dd)                 Form of Mortgage Note and Mortgage.  The Mortgage Note and Mortgage are on forms acceptable to an Agency; 

ee)                 Section 32 Loans.  No Mortgage Loan is (a) subject to the provisions of the Homeownership and Equity Protection Act of 1994 as amended (“HOEPA”), (b) a “high cost” mortgage loan, “high risk” mortgage loan; “covered” mortgage loan or “predatory” mortgage loan or a similarly classified mortgage loan using different terminology under a law imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and /or fees, no matter how defined, under any federal, state or local law or ordinance, including, without limitation, Section 6-L of the New York Banking Law or (c) subject to any comparable federal,
state or local statutes or regulations, including, without limitation, the provisions of the Georgia Fair Lending Act or any other statute or regulation providing assignee liability to holders of such mortgage loans;

ff)                  Originator Supervision.  The Mortgage Loan was originated by Countrywide or by a savings bank, a commercial bank or similar banking institution which is supervised and examined by a federal or state authority, or by a mortgagee approved as such by the Secretary of HUD;

gg)                 Foreclosure; Bankruptcy.  The Mortgaged Property has not been subject to any bankruptcy proceeding or foreclosure proceeding and the Mortgagor has not filed for protection under applicable bankruptcy laws.  There is no homestead or other exemption available to the Mortgagor which would interfere with the right to sell the Mortgaged Property at a trustee’s sale or the right to foreclose the Mortgage.  Countrywide has no knowledge of any relief requested or allowed to the Mortgagor under the Soldiers and Sailors Civil Relief Act of 1940;  

hh)                 Payment Source; Buydown.  No Mortgage contains provisions pursuant to which Monthly Payments are (a) paid or partially paid with funds deposited in any separate account established by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (b) paid by any source other than the Mortgagor or (c) contains any other similar provisions which may constitute a “buydown” provision.  The Mortgage Loan is not a graduated payment mortgage loan and the Mortgage Loan does not have a shared appreciation or other contingent interest feature;

ii)                   Construction; Exchange.  No Mortgage Loan was made solely in connection with (a) the construction or rehabilitation of a Mortgaged Property or (b) facilitating the trade-in or exchange of a Mortgaged Property.

jj)                   Investment.  Countrywide has no knowledge of any circumstances or condition with respect to the Mortgage, the Mortgaged Property, the Mortgagor, or the Mortgagor’s credit standing that can reasonably be expected to cause the Mortgage Loan to be an unacceptable investment, cause the Mortgage Loan to become delinquent, or materially and adversely affect the value of the Mortgage Loan.

kk)                Accrual Method.  Interest on each Mortgage Loan is calculated on the basis of a 360-day year consisting of twelve 30-day months; and

 

 

ll)                  Lending Practices.  No predatory, abusive or deceptive lending practices, including, but not limited to, the extension of credit to the Mortgagor without regard for the Mortgagor’s ability to repay the Mortgage Loan and the extension of credit to the Mortgagor which has no apparent benefit to the Mortgagor, were employed by the originator of the Mortgage Loan in connection with the origination of the Mortgage Loan;

mm)              Prepayment Charges.  Each Prepayment Charge or penalty with respect to any Mortgage Loan is permissible, enforceable and collectible under applicable federal, state and local law;

nn)                 No Adverse Selection.  The Mortgage Loans were not selected from the outstanding one to four-family mortgage loans in Countrywide’s portfolio at the related Closing Date as to which the representations and warranties set forth in this Agreement could be made in a manner so as to affect adversely the interests of the Purchaser;

oo)                Due on Sale.  The Mortgage contains an enforceable provision for the acceleration of the payment of the unpaid principal balance of the Mortgage Loan in the event that the Mortgaged Property is sold or transferred without the prior written consent of the Mortgagee thereunder;

pp)                Legal Capacity.  To the best of Countrywide’s knowledge, all parties to the Mortgage Note and the Mortgage had legal capacity to enter into the Mortgage Loan and to execute and deliver the Mortgage Note and the Mortgage, and the Mortgage Note and the Mortgage have been duly and properly executed by such parties.  The Mortgagor is a natural person;

qq)                Doing Business.  Countrywide is, and to the best of Countrywide’s knowledge, all parties which have had any interest in the Mortgage Loans, whether as mortgagee, assignee, thereof 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;

rr)                  Interest Rates; Amortization.  Except for a Mortgage Loan, the Monthly Payment of which consists of interest only for a specified period of time (and which Mortgage Loan is identified on the Mortgage Loan Schedule), principal payments on the Mortgage Loan commenced no more than sixty days after the proceeds of the Mortgage Loan were disbursed.  The Mortgage Loan bears interest at the Mortgage Interest Rate.  With respect to each Mortgage Loan other than an interest-only Mortgage Loan or Balloon Mortgage Loan, the Mortgage Note is payable on the first day of each month in Monthly Payments, which, in the case of a Fixed Rate Mortgage Loan, is sufficient to fully amortize the original principal balance over the
original term thereof and to pay interest at the related Mortgage Interest Rate, and, in the case of an Adjustable Rate Mortgage Loan, is changed on each Adjustment Date and is sufficient to fully amortize the original principal balance over the original term thereof and to pay interest at the related Mortgage Interest Rate. With respect to each Mortgage Loan identified on the Mortgage Loan Schedule as an interest-only Mortgage Loan, the interest-only period shall not exceed the period specified on the Mortgage Loan Schedule and, following the expiration of 

 

such interest-only period, the remaining Monthly Payments shall be sufficient to fully amortize the original principal balance over the remaining term of the Mortgage Loan.  With respect to each Balloon Mortgage Loan, the Mortgage Note requires Monthly Payments sufficient to fully amortize the original principal balance over the original term thereof and to pay interest at the related Mortgage Interest Rate but requires a final Monthly Payment which is substantially greater than the penultimate Monthly Payment and sufficient to repay the remaining unpaid principal balance of the Balloon Mortgage Loan on the Due Date of such final Monthly Payment;

ss)                 Underwriting Standards.  The Mortgage Loan was underwritten in accordance with the underwriting standards of Countrywide in effect at the time the Mortgage Loan was originated;

tt)                   Disclosures.  The Mortgagor has received all disclosure materials required by applicable law with respect to the making of fixed rate mortgage loans in the case of Fixed Rate Mortgage Loans, and adjustable rate mortgage loans in the case of Adjustable Rate Mortgage Loans and rescission materials with respect to Refinanced Mortgage Loans, and such statement is and will remain in the Mortgage File;

uu)                 No Fraud.  No error, omission, misrepresentation, fraud or similar occurrence with respect to a Mortgage Loan has taken place on the part of Countrywide or, to the best of Countrywide’s knowledge, any other person, including without limitation the Mortgagor, any appraiser, any builder or developer, or any other party involved in the origination of the Mortgage Loan or in the application of any insurance in relation to such Mortgage Loan;

vv)                 Condominiums; Planned Unit Developments.  If the Residential Dwelling on the Mortgaged Property is a condominium unit or a unit in a planned unit development (other than a de minimis planned unit development) such condominium or planned unit development project meets the eligibility requirements of FNMA and FHLMC;

ww)              No Credit Life.  No Mortgagor was required to purchase any credit life, disability, accident or health insurance product as a condition of obtaining the extension of credit.  No proceeds from any Mortgage Loan were used to purchase single premium credit insurance policies as a condition to closing such Mortgage Loan;

xx)                Disclosure of Fees and Charges.  All fees and charges (including finance charges), whether or not financed, assessed, collected or to be collected in connection with the origination and servicing of a Mortgage Loan, have been disclosed in writing to the Mortgagor in accordance with applicable state and federal law and regulation;

yy)                 Compliance with Consumer Credit Statutes.  The Mortgage Loan complies with all applicable consumer credit statutes and regulations, including, without limitation, the respective Uniform Consumer Credit Code laws in effect in Colorado, Idaho, Indiana, Iowa, Kansas, Maine, Oklahoma, South Carolina, Utah and Wyoming, has been originated by a properly licensed entity, and in all other respects, complies with all of the material requirements of any such applicable laws;

 

 

zz)                 No Coops, Commercial Property or Mobile Homes.  No Mortgage Loan is secured by cooperative housing, commercial property or mixed use property, and no Mortgage Loan is a manufactured or mobile home;

aaa)               Fair Credit Reporting.  Countrywide has fully furnished and will continue to furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations (the “FCRA”), accurate and complete information (i.e., favorable and unfavorable) on its Mortgagor credit files to Equifax, Experian, and Trans Union Credit Information Company (three of the credit repositories), on a monthly basis, and will fully furnish, in accordance with the FCRA, accurate and complete information (i.e., favorable and unfavorable) on its mortgagor credit files to Equifax, Experian, and Trans Union Credit Information Company, on a monthly basis;

bbb)              Privacy.  With regard to each Mortgagor, Countrywide shall at all times comply with all laws and regulations regarding use, disclosure and safeguarding of any and all customer information, including without limitation the Gramm Leach Bliley Act, the Fair Credit Reporting Act and Regulation P.  Countrywide has implemented or will implement appropriate measures designed to meet the objectives of the Interagency Guidelines Establishing Standards for Safeguarding Customer Information, 12 CFR Part 30 Appendix B, and has been and continues to be engaged in reviewing its information security program, training of staff, and testing of controls, systems and procedures as required by those guidelines;

ccc)               Anti-Money Laundering Laws.  Countrywide has complied with all applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 (collectively, the “Anti-Money Laundering Laws”); Countrywide has established an anti-money laundering compliance program as required by the Anti-Money Laundering Laws, has conducted the requisite due diligence in connection with the origination of each Mortgage Loan for purposes of the Anti-Money Laundering Laws, including with respect to the legitimacy of the applicable Mortgagor and the origin of the assets used by the said Mortgagor to purchase the property in question, and maintains, and will maintain, sufficient information to identify the
applicable Mortgagor for purposes of the Anti-Money Laundering Laws;

ddd)              OFAC.  No Mortgage Loan is subject to nullification pursuant to Executive Order 13224, an no Mortgagor is subject to the provisions of such Executive Order;

eee)               MOM Loans; Assignments.  With respect to each MOM Loan, a MIN has been assigned by MERS and such MIN is accurately provided on the Mortgage Loan Schedule.  The related Assignment of Mortgage to MERS has been duly and properly recorded, or has been delivered for recording to the applicable recording office;

fff)                MOM Loans; No Notices of Liens.  With respect to each MOM Loan, Countrywide has not received any notice of liens or legal actions with respect to such Mortgage Loan and no such notices have been electronically posted by MERS;

ggg)              The Mortgage Note (or lost note affidavit with market standard indemnification), the Mortgage, the assignment of Mortgage and any other documents required 

 

to be delivered with respect to each Mortgage Loan have been delivered to the Purchaser all in compliance with the specific requirements of this Agreement. With respect to each Mortgage Loan, Countrywide is in possession of a complete Credit File except for such documents as have been delivered to the Purchaser or as otherwise permitted under this Agreement.  No more than 2% of the related Mortgage Loan Package may consist of lost note affidavits in lieu of Mortgage Notes; and

hhh)              Immediately prior to the payment of the Purchase Price for each Mortgage Loan, Countrywide was the owner of the related Mortgage and the indebtedness evidenced by the related Mortgage Note and upon the payment of the Purchase Price by the Purchaser, in the event that Countrywide or one of its affiliates retains record title, Countrywide or such affiliate shall retain such record title to each Mortgage, each related Mortgage Note and the related Mortgage Files with respect thereto in trust for the Purchaser as the owner thereof and only for the purpose of servicing and supervising or facilitating the servicing of each Mortgage Loan.

 

 

EXHIBIT B

Representation and Warranties with Respect to the Quicken Mortgage Loans 

 

Except for “Mortgage Loans”, which shall mean the Quicken 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 Quicken Servicing Agreement.

 

a)                   The information set forth in the related Mortgage Loan Schedule is complete, true and correct;

b)                   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;

c)                   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;

d)                   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;

e)                   The terms of the Mortgage Note and the Mortgage have not been impaired, waived, altered or modified in any respect, except by written instruments, recorded in the applicable public recording office  or registered with the MERS System if necessary to maintain the lien priority of the Mortgage, and which have been delivered to the Purchaser or its designee; the substance of any such waiver, alteration or modification has been approved by the title insurer, to the extent required by the related policy, and is reflected on the related Mortgage Loan Schedule. No instrument of waiver, alteration or modification has been executed, and no Mortgagor has been released, in whole or in part, except in connection with an
assumption agreement approved by the title insurer, to the extent required by the policy, and which assumption agreement has been delivered to the Purchaser or its designee and the terms of which are reflected in the related Mortgage Loan Schedule;

f)                    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;

g)                   All buildings upon the Mortgaged Property are insured by an insurer acceptable to FNMA or FHLMC against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, pursuant to insurance policies conforming to the requirements of FNMA or FHLMC. All such insurance policies contain a standard mortgagee clause naming the Seller, its successors and assigns as mortgagee and all premiums thereon have been paid.  If the Mortgaged Property is in an area identified on a Flood Hazard Map or Flood Insurance Rate Map issued by the Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) a
flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect which policy conforms to the requirements of FNMA or FHLMC. The Mortgage obligates the Mortgagor thereunder to maintain all such insurance at the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to maintain such insurance at Mortgagor’s cost and expense and to seek reimbursement therefor from the Mortgagor;

h)                   Any and all requirements of any federal, state or local law including, without limitation, usury, truth in lending, real estate settlement procedures, predatory and abusive lending, consumer credit protection, equal credit opportunity, fair housing or disclosure laws applicable to the origination and servicing of mortgage loans of a type similar to the Mortgage Loans have been complied with;

i)                    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;

j)                    The Mortgage is a valid, existing and enforceable first or second (as indicated on the Mortgage Loan Schedule) lien on the Mortgaged Property, including all improvements on the Mortgaged Property subject only to (a) the lien of current real property taxes and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to the originator of the Mortgage Loan and which do not adversely affect the Appraised Value of the Mortgaged Property, (c) to the extent
the Mortgage Loan is a second lien Mortgage Loan, the related first lien on the Mortgaged Property; and (d) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, existing and enforceable first or second (as indicated on the Mortgage Loan Schedule) lien and first or second (as indicated on the Mortgage Loan Schedule) priority security interest on the property described therein and the Seller has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage 

 

Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;

k)                   The Mortgage Note and the related Mortgage are genuine and each is the legal, valid and binding obligation of the maker thereof, enforceable in accordance with its terms except as such enforcement may be limited by bankruptcy;

l)                    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;

m)                 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;

n)                   The Seller is the sole legal, beneficial and equitable owner of the Mortgage Note and the Mortgage and has full right to transfer and sell the Mortgage Loan to the Purchaser free and clear of any encumbrance, equity, lien, pledge, charge, claim or security interest;

o)                   All parties which have had any interest in the Mortgage Loan, whether as mortgagee, assignee, pledgee or otherwise, are (or, during the period in which they held and disposed of such interest, were) in material compliance with any and all applicable “doing business” and licensing requirements of the laws of the state wherein the Mortgaged Property is located (or were otherwise exempt from such requirements under applicable law);

p)                   The Mortgage Loan is covered by an American Land Title Association (“ALTA”) lender’s title insurance policy (which, in the case of an Adjustable Rate Mortgage Loan has an adjustable rate mortgage endorsement in the form of ALTA 6.0 or 6.1) acceptable to FNMA or FHLMC, issued by a title insurer acceptable to FNMA or FHLMC and qualified to do business in the jurisdiction where the Mortgaged Property is located, insuring (subject to the exceptions contained in (x)(a) and (b) above) the Seller, its successors and assigns as to the first or second (as indicated on the Mortgage Loan Schedule) priority lien of the Mortgage in the original principal amount of the Mortgage Loan and, with respect to any
Adjustable Rate Mortgage Loan, against any loss by reason of the invalidity or unenforceability of the lien resulting from the provisions of the Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly Payment.  Additionally, such lender’s title insurance policy affirmatively insures ingress and egress to and from the Mortgaged Property, and against encroachments by or upon the Mortgaged Property or any interest therein. The Seller is the sole insured of such lender’s title insurance policy, and such lender’s title insurance policy is in full force and effect and will be in full force and effect upon the consummation of the transactions contemplated by this Agreement. No claims have been made under such lender’s title insurance 

 

policy, and no prior holder of the related Mortgage, including the Seller, has done, by act or omission, anything which would impair the coverage of such lender’s title insurance policy;

q)                   There is no default, breach, violation or event of acceleration existing under the Mortgage or the Mortgage Note and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration, and the Seller has not waived any default, breach, violation or event of acceleration.  With respect to each second lien mortgage loan (i) the first lien mortgage loan is in full force and effect, (ii) 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;

r)                    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;

s)                   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;

t)                    As of the origination of the Mortgage Loan, no improvement located on the Mortgaged Property was in violation of any applicable zoning or subdivision laws or ordinances;

u)                   The Mortgage Loan was originated by the Seller or by a savings and loan association, a savings bank, a commercial bank, credit union, insurance company or similar institution which is supervised and examined by a federal or state authority, or by a mortgagee approved as such by the Secretary of HUD pursuant to Section 203 and 211 of the National Housing Act;

v)                   Principal payments on the Mortgage Loan commenced no more than sixty days after the proceeds of the Mortgage Loan were disbursed.  The Mortgage Loan bears interest at the Mortgage Interest Rate.  With respect to each Mortgage Loan, the Mortgage Note is payable on the first day of each month in Monthly Payments, which, other than with respect to a Balloon Mortgage Loan, in the case of a Fixed Rate Mortgage Loans, are sufficient to fully amortize the original principal balance over the original term thereof and to pay interest at the related Mortgage Interest Rate, and, in the case of an Adjustable Rate Mortgage Loan, are changed on each Adjustment Date, and in any case, are sufficient to fully amortize the
original principal balance over the original term thereof and to pay interest at the related Mortgage Interest Rate.  The Index for each Adjustable Rate Mortgage Loan is as defined in the related Confirmation.  With respect to each Balloon Mortgage Loan, the Mortgage Note requires a 

 

monthly payment which is sufficient to fully amortize the original principal balance over the original term thereof and to pay interest at the related Mortgage Interest Rate and requires a final Monthly Payment substantially greater than the preceding monthly payment which is sufficient to repay the remained unpaid principal balance of the Balloon Mortgage Loan as of the Due Date of such monthly payment.  The Mortgage Note does not permit negative amortization.  No Mortgage Loan is a Convertible Mortgage Loan;

w)                  The origination and collection practices used by the Seller with respect to each Mortgage Note and Mortgage have been in all respects legal, proper, prudent and customary in the mortgage origination and servicing industry.  The Mortgage Loan has been serviced by the Seller and any predecessor servicer in accordance with the terms of the Mortgage Note.  With respect to escrow deposits and Escrow Payments, if any, all such payments are in the possession of, or under the control of, the Seller and there exist no deficiencies in connection therewith for which customary arrangements for repayment thereof have not been made. No escrow deposits or Escrow Payments or other charges or payments due the Seller have been
capitalized under any Mortgage or the related Mortgage Note and no such escrow deposits or Escrow Payments are being held by the Seller for any work on a Mortgaged Property which has not been completed;

x)                   The Mortgaged Property is in good repair and is free of damage and waste and there is no proceeding pending for the total or partial condemnation thereof;

y)                   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;

z)                   The Mortgage Loan was underwritten in accordance with the underwriting standards of the Seller in effect at the time the Mortgage Loan was originated which underwriting standards satisfy the standards of FNMA or FHLMC; and the Mortgage Note and Mortgage are on forms acceptable to FNMA or FHLMC; 

aa)                 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;

bb)                The Mortgage File contains an appraisal of the related Mortgaged Property which satisfied the standards of FNMA or FHLMC, was on appraisal form 

 

1004 or form 2055 with an interior inspection with respect to each first lien Mortgage Loan, and on appraisal form 704, 2065 or 2055 with an exterior inspection with respect to each second lien Mortgage Loan, and was made and signed, prior to the approval of the Mortgage Loan application, by a qualified appraiser, duly appointed by the Seller, who had no interest, direct or indirect in the Mortgaged Property or in any loan made on the security thereof, whose compensation is not affected by the approval or disapproval of the Mortgage Loan and who met the minimum qualifications of FNMA or FHLMC.  Each appraisal of the Mortgage Loan was made in accordance with the relevant provisions of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989;

cc)                 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;

dd)                 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;

ee)                 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;

ff)                  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;

gg)                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;

hh)                 No Mortgage Loan had an LTV or a CLTV at origination in excess of 100%. Each Mortgage Loan with an LTV or CLTV at origination in excess of 80% is and will be subject to a Primary Insurance Policy, issued by a Qualified Insurer, which insures that portion of the Mortgage Loan in excess of the portion of the Appraised Value of the Mortgaged Property required by FNMA. All provisions of such Primary Insurance Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any Mortgage subject to any such Primary Insurance Policy obligates 

 

the Mortgagor thereunder to maintain such insurance and to pay all premiums and charges in connection therewith. The Mortgage Interest Rate for the Mortgage Loan does not include any such insurance premium;

ii)                  The Mortgaged Property is, to the best of the Seller’s knowledge, lawfully occupied under applicable law; all inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the same, including but not limited to certificates of occupancy, have been made or obtained from the appropriate authorities;

jj)                   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;

kk)                 For each Mortgage Loan that is not a MOM Loan, the Assignment of Mortgage is in recordable form except for the name of the assignee which is blank and is acceptable for recording under the laws of the jurisdiction in which the Mortgaged Property is located.  The original Mortgage was or is being recorded and, unless the Mortgage Loan is subject to the MERS System, all subsequent assignments of the original Mortgage (other than the assignment to Purchaser) have been recorded in the appropriate jurisdiction wherein such recordation is necessary to perfect the lien thereof against creditors of Seller, or is in the process of being recorded.

ll)                   Any principal advances made to the Mortgagor prior to the Cut-off Date have been consolidated with the outstanding principal amount secured by the Mortgage, and the secured principal amount, as consolidated, bears a single interest rate and single repayment term. The lien of the Mortgage securing the consolidated principal amount is expressly insured as having first or second lien priority by a title insurance policy or an endorsement to the policy insuring the mortgagee’s consolidated interest. The consolidated principal amount does not exceed the original principal amount of the Mortgage Loan;

mm)              Unless otherwise set forth on the related Mortgage Loan Schedule, no Mortgage Loan has a balloon payment feature;

nn)                If the Residential Dwelling on the Mortgaged Property is a condominium unit or a unit in a planned unit development (other than a de minimis planned unit development) such condominium or planned unit development project meets the eligibility requirements of FNMA or FHLMC;

oo)                The source of the down payment with respect to each Mortgage Loan has been fully verified by the Seller;

pp)                Interest on each Mortgage Loan is calculated on the basis of a 360 day year consisting of twelve 30 day months;

 

 

qq)                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;

rr)                  Seller shall, at its own expense, cause each Mortgage Loan to be covered by a Tax Service Contract which is assignable to the Purchaser or its designee; provided however, that if the Seller fails to purchase such Tax Service Contract, the Seller shall be required to reimburse the Purchaser for all costs and expenses incurred by the Purchaser in connection with the purchase of any such Tax Service Contract;

ss)                 Each Mortgage Loan is covered by a Flood Zone Service Contract which is assignable to the Purchaser or its designee or, for each Mortgage Loan not covered by such Flood Zone Service Contract, the Seller agrees to purchase such Flood Zone Service Contract;

tt)                   No Mortgage Loan is (a) subject to the provisions of the Homeownership and Equity Protection Act of 1994 as amended (“HOEPA”), (b) a “high cost” mortgage loan, “covered” mortgage loan or “predatory” mortgage loan or any other comparable term, no matter how defined under any federal, state or local law, (c) subject to any comparable federal, state or local statutes or regulations, or any other statute or regulation providing for heightened regulatory scrutiny or assignee liability to holders of such mortgage loans, or (d) a High Cost Loan or Covered Loan, as applicable (as such terms are defined in the current Standard & Poor’s LEVELS® Glossary Revised, Appendix E);

uu)                 No predatory or deceptive lending practices, including but not limited to, the extension of credit to a mortgagor without regard for the mortgagor’s ability to repay the Mortgage Loan and the extension of credit to a mortgagor which has no apparent benefit to the mortgagor, were employed in connection with the origination of the Mortgage Loan.  Each Mortgage Loan is in compliance with the anti-predatory lending eligibility for purchase requirements of the FNMA Guides;

vv)                The debt-to-income ratio of the related Mortgagor was not greater than 60% at the origination of the related Mortgage Loan; 

ww)              No Mortgagor was required to purchase any single premium credit insurance policy (e.g., life, disability, accident, unemployment, or health insurance product) or debt cancellation agreement as a condition of obtaining the extension of credit.  No Mortgagor obtained a prepaid single premium credit insurance policy (e.g., life, disability, accident, unemployment, mortgage, or health insurance) in connection with the origination of the Mortgage Loan. No proceeds from any Mortgage Loan were used to purchase single premium credit insurance policies or debt cancellation agreements as part of the origination of, or as a condition to closing, such Mortgage Loan;

xx)                The Mortgage Loans were not selected from the outstanding one to four-family mortgage loans in the Seller’s portfolio at the related Closing Date as to which 

 

the representations and warranties set forth in this Agreement could be made in a manner so as to affect adversely the interests of the Purchaser;

yy)                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;

zz)                 The Mortgage Loan complies with all applicable consumer credit statutes and regulations, including, without limitation, the respective Uniform Consumer Credit Code laws in effect in Colorado, Idaho, Indiana, Iowa, Kansas, Maine, Oklahoma, South Carolina, Utah and Wyoming (to the extent that the related Mortgaged Property is located in such state), has been originated by a properly licensed entity, and in all other respects, complies with all of the material requirements of any such applicable laws;

aaa)               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;

bbb)              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; 

ccc)               No Mortgage Loan is secured by cooperative housing, commercial property, mobile homes, manufactured housing or mixed use property;

ddd)              Except as set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans are subject to a Prepayment Charge.  For any Mortgage Loan originated prior to October 1, 2002 that is subject to a Prepayment Charge, such Prepayment Charge does not extend beyond five years after the date of origination.  For any Mortgage Loan originated on or following October 1, 2002 that is subject to a Prepayment Charge, such Prepayment Charge does not extend beyond three years after the date of origination.  With respect to any Mortgage Loan that contains a provision permitting imposition of a Prepayment Charge upon a prepayment prior to maturity: (i) prior to the Mortgage Loan’s origination, the Mortgagor agreed to such Prepayment Charge in
exchange for a monetary benefit, including but not limited to a rate or fee reduction, (ii) prior to the Mortgage Loan’s origination, the Mortgagor was offered the option of obtaining a Mortgage Loan that did not require payment of such a Prepayment Charge, (iii) the Prepayment Charge is disclosed to the Mortgagor in the loan documents pursuant to applicable state and federal law, (v) for Mortgage Loans originated on or after September 1, 2004, the duration of the Prepayment Period shall not exceed three (3) years from the date of the Mortgage Note, unless the Mortgage Loan was modified to reduce the prepayment period to no more than three years from the date of the Mortgage Note and the Mortgagor was notified in writing of such reduction in prepayment period, and (v) notwithstanding any state or federal law to the contrary, the Seller shall not impose such Prepayment Charge in any instance when the mortgage debt is accelerated as the result of the Mortgagor’s default in
making the loan payments;

 

 

eee)               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;

fff)                 No Mortgage Loan is secured by real property or secured  by a manufactured home located in the state of Georgia unless (x) such Mortgage Loan was originated prior to October 1, 2002 or after March 6, 2003, or (y) the property securing the Mortgage Loan is not, nor will be, occupied by the Mortgagor as the Mortgagor’s principal dwelling.  No Mortgage Loan is a “High Cost Home Loan” as defined in the Georgia Fair Lending Act, as amended (the “Georgia Act”) or  the New York Banking Law 6-1.   Each Mortgage Loan that is a “Home Loan” under the Georgia Act complies with all applicable provisions of the Georgia Act. No Mortgage Loan secured by owner occupied real property or an owner occupied
manufactured home located in the State of Georgia was originated (or modified) on or after October 1, 2002 through and including March 6, 2003;

ggg)              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;

hhh)              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;

iii)                 With respect to each Mortgage Loan, the Seller has fully and accurately furnished complete information on the related borrower credit files to Equifax, Experian and Trans Union Credit Information Company, in accordance with the Fair Credit 

 

Reporting Act and its implementing regulations, on a monthly basis and the Seller for each Loan will furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information on its borrower credit files to Equifax, Experian, and Trans Union Credit  Information Company, on a monthly basis;

jjj)                 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;

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 has been disclosed in writing to the Mortgagor in accordance with applicable state and federal law and regulation;

lll)                 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;

mmm)          No Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan Protection Act effective October 16, 2003 (Act 1340 or 2003);

nnn)              No Mortgage Loan is a “High Cost Home Loan” as defined in the Kentucky high-cost loan statute effective June 24, 2003 (Ky. Rev. Stat. Section 360.100); 

ooo)              No Mortgage Loan secured by property located in the State of Nevada is a “home loan” as defined in the Nevada Assembly Bill No. 284;

ppp)              No Mortgage Loan is a “manufactured housing loan” or “home improvement home loan” pursuant to the New Jersey Home Ownership Act.  No Mortgage Loan is a “High-Cost Home Loan” or a refinanced “Covered Home Loan,” in each case, as defined in the New Jersey Home Ownership Act effective November 27, 2003 (N.J.S.A. 46;10B-22 et seq.);

qqq)              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); 

rrr)                 No Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership and Equity protection Act;

sss)                No Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et seq.); 

 

 

ttt)                 No Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et seq.);

uuu)              No Mortgage Loan originated in the City of Los Angeles is subject to the City of Los Angeles California Ordinance 175008 as a “home loan” 

vvv)              No Mortgage Loan originated in the City of Oakland is subject to the City of Oakland, California Ordinance 12361 as a “home loan”

www)           No Mortgage Loan is a “High-Cost Home Loan” as defined under the Maine House Bill 383 L.D. 494, effective as of September 13, 2003;

xxx)              No Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act, effective November 5, 2004 (Mass. Ann. Laws Ch. 183C);

yyy)              With respect to any Mortgage Loan for which a mortgage loan application was submitted by the Mortgagor after April 1, 2004, no such Mortgage Loan secured by Mortgaged Property in the State of Illinois which has a Mortgage Interest Rate in excess of 8.0% per annum has lender-imposed fees (or other charges) in excess of 3.0% of the original principal balance of the Mortgage Loan.   

zzz)               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; 

aaaa)             With respect to each MERS Mortgage Loan, Seller has not received any notice of liens or legal actions with respect to such Mortgage Loan and no such notices have been electronically posted by MERS;

bbbb)            No Mortgagor agreed to submit to arbitration to resolve any dispute arising out of or relating in any way to the Mortgage Loan transaction, and with respect to any Mortgage Loan originated on or after August 1, 2004, neither the Mortgage nor the Mortgage Note requires the Mortgagor to submit to arbitration to resolve any dispute arising out of or relating in any way to the origination of the Mortgage Loan;

cccc)             Each Mortgage Loan is eligible for sale in the secondary market or for inclusion in a Pass-Through Transfer without unreasonable credit enhancement;

dddd)            With respect to each Mortgage Loan, (i) if the related first lien provides for negative amortization, the CLTV was calculated at the maximum principal balance of such first lien that could result upon application of such negative amortization feature, and (ii) either no consent for the Mortgage Loan is required by the holder of the first lien or such consent has been obtained and is contained in the Mortgage File; 

 

 

eeee)             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; 

ffff)               The destruction of any Original Document or the inability of the Seller to produce a copy of such Original Document upon request shall not cause (i) any delay in the enforcement of the Mortgage Loan, (ii) any inability to collect all amounts due under the Mortgage Loan, including without limitation, in connection with a foreclosure or other sale of the Mortgaged Property, (iii) private institutional investors to regard the Mortgage Loan as an unacceptable investment or adversely affect the value or marketability of the Mortgage Loan, or (iv) any claims from holders of mortgage-backed securities collateralized by the Mortgage Loan.;

gggg)            With respect to each Mortgage Loan that is secured in whole or in part by the interest of the Mortgagor as a lessee under a ground lease of the related Mortgaged Property (a “Ground Lease”) and not by a fee interest in such Mortgaged Property:

hhhh)            The Mortgagor is the owner of a valid and subsisting interest as tenant under the Ground Lease;

iiii)                The Ground Lease is in full force and effect, unmodified and not supplemented by any writing or otherwise;

jjjj)                The Mortgagor is not in default under any of the terms thereof and there are no circumstances which, with the passage of time or the giving of notice or both, would constitute an event of default thereunder;

kkkk)            The lessor under the Ground Lease is not in default under any of the terms or provisions thereof on the part of the lessor to be observed or performed;

llll)                The term of the Ground Lease exceeds the maturity date of the related Mortgage Loan by at least ten years;

mmmm)      The Ground Lease or a memorandum thereof has been recorded and by its terms permits the leasehold estate to be mortgaged.  The Ground Lease grants any leasehold mortgagee standard protection necessary to protect the security of a leasehold mortgagee;

nnnn)            The Ground Lease does not contain any default provisions that could give rise to forfeiture or termination of the Ground Lease except for the non-payment of the Ground Lease rents;

oooo)            The execution, delivery and performance of the Mortgage do not require the consent (other than those consents which have been obtained and are in full force and effect) under, and will not contravene any provision of or cause a default under, the Ground Lease; 

 

 

pppp)            The Ground Lease provides that the leasehold can be transferred, mortgaged and sublet an unlimited number of times either without restriction or on payment of a reasonable fee and delivery of reasonable documentation to the lessor;

qqqq)            The Mortgagor has not commenced any action or given or received any notice for the purpose of terminating the Ground Lease;

rrrr)               No lessor, as debtor in possession or by a trustee for such lessor has give any notice of, and the Mortgagor has not consented to, any attempt to transfer the related Mortgaged Property free and clear of such Ground Lease under section 363(f) of the Bankruptcy Code; and

ssss)              No lessor is subject to any voluntary or involuntary bankruptcy, reorganization or insolvency proceeding and no Mortgaged Property is an asset in any voluntary or involuntary bankruptcy, reorganization or insolvency proceeding.

tttt)                No Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act, effective November 7, 2004 (Mass. Ann. Laws Ch. 183C);

uuuu)            No Mortgage Loan is a balloon mortgage loan that has an original stated maturity of less than seven (7) years; and

vvvv)            No Mortgage Loan is subject to mandatory arbitration except when the terms of the arbitration also contain a waiver provision that provides that in the event of a sale or transfer of the Mortgage Loan or interest in the Mortgage Loan to Fannie Mae, the terms of the arbitration are null and void.  The Seller hereby covenants that the Seller or the servicer of the Mortgage Loan, as applicable, will notify the Mortgagor in writing within 60 days of the sale or transfer of the Mortgage Loan to Fannie Mae that the terms of the arbitration are null and void.

 

 

EXHIBIT C

 

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 C shall have the meanings ascribed to them in the National City Servicing Agreement.

 

	
             
  	
            (a)
 	
            Mortgage Loans as Described.  The information set forth in the related Mortgage Loan Schedule is complete, true and correct;
 

	
             
  	
            (b)
 	
            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;
 

	
             
  	
            (c)
 	
            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; 
 

	
             
  	
            (d)
 	
            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;

	
             
  	
            (e)
 	
            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;
 

	
             
  	
            (f)
 	
            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;
 

 

 

	
             
  	
            (g)
 	
            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;
 

	
             
  	
            (h)
 	
            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;
 

	
             
  	
            (i)
 	
            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; 
 

	
             
  	
            (j)
 	
            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:
 

	
             
  	
            (k)
 	
            the lien of current real property taxes and assessments not yet due and payable;
 

	
             
  	
            (l)
 	
            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
 

 

 

	
             
  	
            (m)
 	
            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.
 

	
             
  	
            (n)
 	
            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;
 

	
             
  	
            (o)
 	
            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; 
 

	
             
  	
            (p)
 	
            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.
 

	
             
  	
            (q)
 	
            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;
 

 

 

	
             
  	
            (r)
 	
            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;
 

	
             
  	
            (s)
 	
            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;
 

	
             
  	
            (t)
 	
            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;
 

	
             
  	
            (u)
 	
            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;

	
             
  	
            (v)
 	
            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;
 

	
             
  	
            (w)
 	
            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;
 

	
             
  	
            (x)
 	
            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;
 

	
             
  	
            (y)
 	
            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; 

	
             
  	
            (z)
 	
            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;
 

	
             
  	
            (aa)
 	
            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;
 

	
             
  	
            (bb)
 	
            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;
 

	
             
  	
            (cc)
 	
            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; 
 

	
             
  	
            (dd)
 	
            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;
 

 

 

	
             
  	
            (ee)
 	
            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;
 

	
             
  	
            (ff)
 	
            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;
 

	
             
  	
            (gg)
 	
            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.
 

	
             
  	
            (hh)
 	
            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;
 

	
             
  	
            (ii)
 	
            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;
 

	
             
  	
            (jj)
 	
            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;
 

	
             
  	
            (kk)
 	
            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

	
             
  	
            (ll)
 	
            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; 
 

	
             
  	
            (mm)
 	
            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;
 

	
             
  	
            (nn)
 	
            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;
 

	
             
  	
            (oo)
 	
            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; 
 

 

 

	
             
  	
            (pp)
 	
            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;
 

	
             
  	
            (qq)
 	
            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;
 

	
             
  	
            (rr)
 	
            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;
 

	
             
  	
            (ss)
 	
            Simple Interest Mortgage Loans.  None of the Mortgage Loans are simple interest Mortgage Loans;
 

	
             
  	
            (tt)
 	
            Single Premium Credit Life Insurance.  None of the proceeds of the Mortgage Loan were used to finance single-premium credit life insurance policies;
 

	
             
  	
            (uu)
 	
            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;
 

 

 

	
             
  	
            (vv)
 	
            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;
 

	
             
  	
            (ww)
 	
            FICO Scores. Each Mortgage Loan has a non-zero FICO score;
 

	
             
  	
            (xx)
 	
            [Reserved]
 

	
             
  	
            (yy)
 	
            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; 
 

	
             
  	
            (zz)
 	
            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;
 

	
             
  	
            (aaa)
 	
            Payment in Full:  No Mortgage Loan will be paid in full on or prior to the related Closing Date;
 

	
             
  	
            (bbb)
 	
            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;
 

 

 

	
             
  	
            (ccc)
 	
            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;
 

	
             
  	
            (ddd)
 	
            Interest Rate.  Interest on each Mortgage Loan is calculated on the basis of a 360-day year consisting of twelve 30-day months;
 

	
             
  	
            (eee)
 	
            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;
 

	
             
  	
            (fff)
 	
            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;
 

	
             
  	
            (ggg)
 	
            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;
 

	
             
  	
            (hhh)
 	
            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;
 

	
             
  	
            (iii)
 	
            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;
 

	
             
  	
            (jjj)
 	
            [Reserved];
 

 

 

	
             
  	
            (kkk)
 	
            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;
 

	
             
  	
            (lll)
 	
            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;
 

	
             
  	
            (mmm)
 	
            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;
 

	
             
  	
            (nnn)
 	
            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;

	
             
  	
            (ooo)
 	
            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; 
 

	
             
  	
            (ppp)
 	
            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;
 

	
             
  	
            (qqq)
 	
            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;
 

	
             
  	
            (rrr)
 	
            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
 

	
             
  	
            (sss)
 	
            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 D

 

Representation and Warranties with Respect to the Wells Mortgage Loans

 

Except for “Mortgage Loans”, which shall mean the Wells 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 Wells Servicing Agreement.

 

	
       
 	
      (a)
 	
      Mortgage Loans as Described.
 

 

The information set forth in the Mortgage Loan Schedule attached hereto as Exhibit A and the information contained on the electronic Data File attached hereto as Exhibit A-1, delivered to the Purchaser is true and correct;

 

	
       
 	
      (b)
 	
      Payments Current.
 

 

All payments required to be made up to the Cut-off Date for the Mortgage Loan under the terms of the Mortgage Note have been made and credited.  No payment under any Mortgage Loan has been 30 days delinquent more than one time within twelve months prior to the Closing Date;

 

	
       
 	
      (c)
 	
      No Outstanding Charges.
 

 

There are no defaults in complying with the terms of the Mortgages, and all taxes, governmental assessments, insurance premiums, leasehold payments, water, sewer and municipal charges, which previously became due and owing have been paid, or an escrow of funds has been established in an amount sufficient to pay for every such item which remains unpaid and which has been assessed but is not yet due and payable.  The Company has not advanced funds, or induced, or solicited directly or indirectly, the payment of any amount required under the Mortgage Loan, except for interest accruing from the date of the Mortgage Note or date of disbursement of the Mortgage Loan proceeds, whichever is later, to the day which precedes by one month the Due Date of the first installment of principal and interest;

 

	
       
 	
      (d)
 	
      Original Terms Unmodified.
 

 

The terms of the Mortgage Note and Mortgage have not been impaired, waived, altered or modified in any respect, except by a written instrument which has been recorded or registered with the MERS System, if necessary, to protect the interests of the Purchaser and which has been delivered to the Custodian.  The substance of any such waiver, alteration or modification has been approved by the issuer of any related PMI Policy and the title insurer, to the extent required by the policy, and its terms are 

 

reflected on the Mortgage Loan Schedule.  No Mortgagor has been released, in whole or in part, except in connection with an assumption agreement approved by the issuer of any related PMI Policy and the title insurer, to the extent required by the policy, and which assumption agreement is part of the Mortgage File delivered to the Custodian and the terms of which are reflected in the Mortgage Loan Schedule;

 

	
             
 	
            (e)
 	
            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;

 

	
             
 	
            (f)
 	
            No Satisfaction of Mortgage.
 

 

The Mortgage has not been satisfied, canceled, subordinated or rescinded, in whole or in part, and the Mortgaged Property has not been released from the lien of the Mortgage, in whole or in part, nor has any instrument been executed that would effect any such satisfaction, release, cancellation, subordination or rescission;

 

	
             
 	
            (g)
 	
            Validity of Mortgage Documents.
 

 

The Mortgage Note and the Mortgage and related documents are genuine, and each is the legal, valid and binding obligation of the maker thereof enforceable in accordance with its terms.  All parties to the Mortgage Note and the Mortgage had legal capacity to enter into the Mortgage Loan and to execute and deliver the Mortgage Note and the Mortgage, and the Mortgage Note and the Mortgage have been duly and properly executed by such parties.

 

With respect to each Cooperative Loan, the Mortgage Note, the Mortgage, the Pledge Agreement, and related documents are genuine, and each is the legal, valid and binding obligation of the maker thereof enforceable in accordance with its terms.  All parties to the Mortgage Note, the Mortgage, the Pledge Agreement, the Proprietary Lease, the Stock Power, Recognition Agreement and the Assignment of Proprietary Lease had legal capacity to enter into the Mortgage Loan and to execute and deliver such documents, and such documents have been duly and properly executed by such parties;

 

 

	
             
 	
            (h)
 	
            No Fraud.
 

 

No error, omission, misrepresentation, negligence, fraud or similar occurrence with respect to a Mortgage Loan has taken place on the part of the Company, or the Mortgagor, or to the best of the Company’s knowledge, any appraiser, any builder, or any developer, or any other party involved in the origination of the Mortgage Loan or in the application of any insurance in relation to such Mortgage Loan;

 

	
             
 	
            (i)
 	
            Compliance with Applicable Laws.
 

 

Any and all requirements of any federal, state or local law including, without limitation, usury, truth-in-lending, real estate settlement procedures, consumer credit protection, equal credit opportunity, disclosure or predatory and abusive lending laws applicable to the Mortgage Loan have been complied with.  All inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the same, including, but not limited to, certificates of occupancy and fire underwriting certificates, have been made or obtained from the appropriate authorities;

 

	
             
 	
            (j)
 	
            Location and Type of Mortgaged Property.
 

 

The Mortgaged Property is located in the state identified in the Mortgage Loan Schedule and consists of a contiguous parcel of real property with a detached single family residence erected thereon, or a two- to four-family dwelling, or an individual condominium unit in a condominium project, or a Cooperative Apartment, or an individual unit in a planned unit development or a townhouse, provided, however, that any condominium project or planned unit development shall conform with the applicable Fannie Mae or Freddie Mac requirements, or the Underwriting Guidelines, regarding such dwellings, and no residence or dwelling is a leasehold, mobile home.  As of the respective appraisal date for each Mortgaged Property, any Mortgaged Property being used for commercial purposes conforms to the Underwriting Guidelines and, to the best of the Company’s knowledge, since the date of such
appraisal, no portion of the Mortgaged Property has been used for commercial purposes outside of the Underwriting Guidelines;

 

	
             
 	
            (k)
 	
            Valid First Lien.
 

 

The Mortgage is a valid, subsisting and enforceable first lien on the Mortgaged Property, including all buildings on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air 

 

conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing.  The lien of the Mortgage is subject only to:

 

	
             
 	
            (1)
 	
            the lien of current real property taxes and assessments not yet due and payable;
 

 

	
             
 	
            (2)
 	
            covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally and specifically referred to in the lender's title insurance policy delivered to the originator of the Mortgage Loan and (i) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan and (ii) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
 

 

	
             
 	
            (3)
 	
            other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property.
 

 

Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company has full right to sell and assign the same to the Purchaser.

 

With respect to each Cooperative Loan, each Pledge Agreement creates a valid, enforceable and subsisting first security interest in the Cooperative Shares and Proprietary Lease, subject only to (i) the lien of the related Cooperative for unpaid assessments representing the Mortgagor’s pro rata share of the Cooperative’s payments for its blanket mortgage, current and future real property taxes, insurance premiums, maintenance fees and other assessments to which like collateral is commonly subject and (ii) other matters to which like collateral is commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Pledge Agreement; provided, however, that the appurtenant Proprietary Lease may be subordinated or otherwise subject to the lien of any mortgage on the Project;  

 

	
             
 	
            (l)
 	
            Full Disbursement of Proceeds.
 

 

The proceeds of the Mortgage Loan have been fully disbursed, except for escrows established or created due to seasonal weather conditions,  and there is no requirement for future advances thereunder.  All costs, fees and 

 

expenses incurred in making or closing the Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor is not entitled to any refund of any amounts paid or due under the Mortgage Note or Mortgage;

 

	
             
 	
            (m)
 	
            Consolidation of Future Advances.
 

 

Any future advances made 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 first lien priority by a title insurance policy, an endorsement to the policy insuring the mortgagee’s consolidated interest or by other title evidence acceptable to Fannie Mae or Freddie Mac; the consolidated principal amount does not exceed the original principal amount of the Mortgage Loan; the Company shall not make future advances after the Cut-off Date;

 

	
             
 	
            (n)
 	
            Ownership.
 

 

The Company is the sole owner of record and holder of the Mortgage Loans and the related Mortgage Note and the Mortgage are not assigned or pledged, and the Company has good and marketable title thereto and has full right and authority to transfer and sell the Mortgage Loan to the Purchaser.  The Company is transferring the Mortgage Loan free and clear of any and all encumbrances, liens, pledges, equities, participation interests, claims, charges or security interests of any nature encumbering such Mortgage Loan;

 

	
             
 	
            (o)
 	
            Origination/Doing Business.
 

 

The Mortgage Loan was originated by a savings and loan association, a savings bank, a commercial bank, a credit union, an insurance company, or similar institution that is supervised and examined by a federal or state authority or by a mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. All parties which have had any interest in the Mortgage Loan, whether as mortgagee, assignee, pledgee or otherwise, are (or, during the period in which they held and disposed of such interest, were)  (1) in compliance with any and all applicable licensing requirements of the laws of the state wherein the Mortgaged Property is located, and (2) organized under the laws of such state, or (3) qualified to do business in such state, or (4) federal savings and loan associations or national banks having principal offices in such state,
or (5) not doing business in such state;

 

 

	
             
 	
            (p)
 	
            LTV, PMI Policy.
 

 

No Mortgage Loan has a LTV greater than 95%.  If the original LTV of the Mortgage Loan was greater than 80%, the excess over 78% is and will be insured as to payment defaults by a PMI Policy or LPMI Policy until terminated, in the case of a PMI Policy, pursuant to the Homeowners Protection Act of 1998, 12 USC §4901, et seq.  All provisions of such PMI Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid.  The Qualified Insurer has a claims paying ability acceptable to Fannie Mae or Freddie Mac.  Any Mortgage Loan subject to a PMI Policy or LPMI Policy obligates the Mortgagor or the Company to maintain the PMI Policy or LPMI Policy and to pay all premiums and charges in connection therewith.  The Mortgage Interest Rate for the Mortgage Loan as set forth on the Mortgage Loan Schedule is net
of any such insurance premium; 

 

	
             
 	
            (q)
 	
            Title Insurance.
 

 

The Mortgage Loan is covered by an ALTA lender's title insurance policy (or in the case of any Mortgage Loan secured by a Mortgaged Property located in a jurisdiction where such policies are generally not available, an opinion of counsel of the type customarily rendered in such jurisdiction in lieu of title insurance) or other generally acceptable form of policy of insurance acceptable to Fannie Mae or Freddie Mac, issued by a title insurer acceptable to Fannie Mae or Freddie Mac and qualified to do business in the jurisdiction where the Mortgaged Property is located, insuring the Company, its successors and assigns, as to the first priority lien of the Mortgage in the original principal amount of the Mortgage Loan, subject only to the exceptions contained in clauses (1), (2) and (3) of Paragraph (k) of this Section 3.02, and against any loss by reason of the invalidity or
unenforceability of the lien resulting from the provisions of the Mortgage providing for adjustment to the Mortgage Interest Rate and Monthly Payment.  Additionally, such lender’s title insurance policy includes no exceptions regarding ingress, egress or encroachments that impact the value or the marketability of the Mortgaged Property.  The 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;

 

 

 

	
             
 	
            (r)
 	
            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; 

 

	
             
 	
            (s)
 	
            No Mechanics' Liens.
 

 

There are no mechanics' or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under the law could give rise to such liens) affecting the related Mortgaged Property which are or may be liens prior to, or equal or coordinate with, the lien of the related Mortgage which are not insured against by the title insurance policy referenced in Paragraph (q) above;

 

	
             
 	
            (t)
 	
            Location of Improvements; No Encroachments.
 

 

Except as insured against by the title insurance policy referenced in Paragraph (q) above, all improvements which were considered in determining the Appraised Value of the Mortgaged Property lay wholly within the boundaries and building restriction lines of the Mortgaged Property and no improvements on adjoining properties encroach upon the Mortgaged Property.  No improvement located on or being part of the Mortgaged Property is in violation of any applicable zoning law or regulation;

 

	
             
 	
            (u)
 	
            Payment Terms.
 

 

Except with respect to the Interest Only Mortgage Loans, principal payments commenced no more than 60 days after the funds were disbursed to the Mortgagor in connection with the Mortgage Loan.  The Mortgage Loans have an original term to maturity of not more than 30 years, with interest payable in arrears on the first day of each month.  As to each adjustable rate Mortgage Loan on each applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to equal the sum of the Index plus the applicable Gross Margin, rounded up or down to the nearest multiple of 0.125% indicated by the Mortgage Note; provided that the Mortgage Interest Rate will not increase or decrease by more than the Periodic Interest Rate Cap on any Adjustment Date, and will in no event exceed the maximum Mortgage Interest Rate or be lower than the minimum Mortgage Interest Rate listed on the Mortgage Loan Schedule
for such Mortgage Loan.  As to each adjustable rate Mortgage Loan that is not an Interest Only Mortgage Loan, each Mortgage Note requires a 

 

monthly payment which is sufficient, during the period prior to the first adjustment to the Mortgage Interest Rate, to fully amortize the outstanding principal balance as of the first day of such period over the then remaining term of such Mortgage Note and to pay interest at the related Mortgage Interest Rate.  As to each adjustable rate Mortgage Loan, if the related Mortgage Interest Rate changes on an Adjustment Date or, with respect to an Interest Only Mortgage Loan, on an Adjustment Date following the related interest only period, the then outstanding principal balance will be reamortized over the remaining life of such Mortgage Loan.  No Mortgage Loan contains terms or provisions which would result in negative amortization; 

 

	
             
 	
            (v)
 	
            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, (i) in the case of a Mortgage designated as a deed of trust, by trustee's sale, and (ii) otherwise by judicial foreclosure.  There is no homestead or other exemption available to a Mortgagor which would interfere with the right to sell the Mortgaged Property at a trustee's sale or the right to foreclose the Mortgage;

 

	
             
 	
            (w)
 	
            Occupancy of the Mortgaged Property.
 

 

As of the date of origination, the Mortgaged Property was in good repair and was lawfully occupied under applicable law;

 

	
             
 	
            (x)
 	
            No Additional Collateral.
 

 

The Mortgage Note is not and has not been secured by any collateral, pledged account or other security except the lien of the corresponding Mortgage and the security interest of any applicable security agreement or chattel mortgage referred to in Paragraph (k) above;

 

	
             
 	
            (y)
 	
            Deeds of Trust.
 

 

In the event the Mortgage constitutes a deed of trust, a trustee, duly qualified under applicable law to serve as such, has been properly designated and currently so serves and is named in the Mortgage, and no fees or expenses are or will become payable by the Mortgagee to the trustee under the deed of trust, except in connection with a trustee's sale after default by the Mortgagor;

 

	
             
 	
            (z)
 	
            Acceptable Investment.
 

 

 

The Company has no knowledge of any circumstances or conditions with respect to the Mortgage Loan, the Mortgaged Property, the Mortgagor or the Mortgagor's credit standing that can reasonably be expected to cause private institutional investors to regard the Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become delinquent, or adversely affect the value or marketability of the Mortgage Loan;

 

	
             
 	
            (aa)
 	
            Transfer of Mortgage Loans.
 

 

If the Mortgage Loan is not a MERS Mortgage Loan, the Assignment of Mortgage, upon the insertion of the name of the assignee and recording information, is in recordable form and is acceptable for recording under the laws of the jurisdiction in which the Mortgaged Property is located;

 

	
             
 	
            (bb)
 	
            Mortgaged Property Undamaged.
 

 

The Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended;

 

	
             
 	
            (cc)
 	
            Collection Practices; Escrow Deposits.
 

 

The origination, servicing and collection practices used with respect to the Mortgage Loan have been in accordance with Accepted Servicing Practices, and have been in all material respects legal and proper.  With respect to escrow deposits and Escrow Payments, all such payments are in the possession of the 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.  No escrow deposits or Escrow Payments or other charges or payments due the Company have been capitalized under the Mortgage Note;

 

	
             
 	
            (dd)
 	
            No Condemnation.
 

 

There is no proceeding pending or to the best of the Company’s knowledge threatened for the total or partial condemnation of the related Mortgaged Property;

 

	
             
 	
            (ee)
 	
            The Appraisal.
 

 

The Mortgage Loan Documents include an appraisal, with the exception of any Time$aver® Mortgage Loan (which at the original origination were on form 1004 or form 2055 with interior inspections), of the related 

 

Mortgaged Property.  The appraisal was conducted by an appraiser who had no interest, direct or indirect, in the Mortgaged Property or in any loan made on the security thereof; and whose compensation is not affected by the approval or disapproval of the Mortgage Loan, and the appraisal and the appraiser both satisfy the applicable requirements of Title XI of the Financial Institution Reform, Recovery, and Enforcement Act of 1989 and the regulations promulgated thereunder, all as in effect on the date the Mortgage Loan was originated;

 

	
             
 	
            (ff)
 	
            Insurance.
 

 

The Mortgaged Property securing each Mortgage Loan is insured by an insurer acceptable to Fannie Mae or Freddie Mac against loss by fire and such hazards as are covered under a standard extended coverage endorsement and such other hazards as are customary in the area where the Mortgaged Property is located pursuant to insurance policies conforming to the requirements of Section 4.10, in an amount which is not less than the lesser of 100% of the insurable value of the Mortgaged Property and the outstanding principal balance of the Mortgage Loan, but in no event less than the minimum amount necessary to fully compensate for any damage or loss on a replacement cost basis. If the Mortgaged Property is a condominium unit, it is included under the coverage afforded by a blanket policy for the project.  If the improvements on the Mortgaged Property are in an area identified in the Federal
Register by the Federal Emergency Management Agency as having special flood hazards, a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier, in an amount representing coverage not less than the least of (A) the outstanding principal balance of the Mortgage Loan, (B) the full insurable value and (C) the maximum amount of insurance which was available under the Flood Disaster Protection Act of 1973, as amended. All individual insurance policies contain a standard mortgagee clause naming the Company and its successors and assigns as mortgagee, and all premiums thereon have been paid.  The Mortgage obligates the Mortgagor thereunder to maintain a hazard insurance policy at the Mortgagor's cost and expense, and on the Mortgagor's failure to do so, authorizes the holder of the Mortgage to obtain and maintain such insurance at such Mortgagor's cost and
expense, and to seek reimbursement therefor from the Mortgagor.  The hazard insurance policy is the valid and binding obligation of the insurer, is in full force and effect, and will be in full force and effect and inure to the benefit of the Purchaser upon the consummation of the transactions contemplated by this Agreement.  The Company has not acted or failed to act so as to impair the coverage of any such insurance policy or the validity, binding effect and enforceability thereof;

 

 

 

	
             
 	
            (gg)
 	
            Servicemembers Civil 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 Servicemembers Civil Relief Act, as amended;

 

	
             
 	
            (hh)
 	
            No Balloon Payments, Graduated Payments or Contingent Interests.
 

 

The Mortgage Loan is not a graduated payment mortgage loan and the Mortgage Loan does not have a shared appreciation or other contingent interest feature.  No Mortgage Loan has a balloon payment feature;

 

	
             
 	
            (ii)
 	
            No Construction Loans.
 

 

No Mortgage Loan was made in connection with (i) the construction or rehabilitation of a Mortgage Property or (ii) facilitating the trade-in or exchange of a Mortgaged Property other than a construction-to-permanent loan which has converted to a permanent Mortgage Loan;

 

	
             
 	
            (jj)
 	
            Underwriting.
 

 

Each Mortgage Loan was underwritten in accordance with the underwriting guidelines of the Company; and the Mortgage Note and Mortgage are on forms acceptable to Freddie Mac or Fannie Mae;

 

	
             
 	
            (kk)
 	
            Buydown Mortgage Loans.
 

 

With respect to each Mortgage Loan that is a Buydown Mortgage Loan:

 

	
             
 	
            (i)
 	
            On or before the date of origination of such Mortgage Loan, the Company and the Mortgagor, or the Company, 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 Company temporary Buydown Funds in an amount equal to the aggregate undiscounted amount of payments that, when added to the amount the Mortgagor on such Mortgage Loan is obligated to pay on each Due Date in accordance with the terms of the Buydown Agreement, is equal to the full scheduled Monthly Payment due on such Mortgage Loan.  The temporary Buydown Funds enable the Mortgagor to qualify for the Buydown Mortgage Loan.  The effective interest rate of a Buydown Mortgage Loan if less than the interest rate set
forth in the related Mortgage Note will increase within the Buydown Period as provided in the related Buydown Agreement so that the effective interest rate will be equal to the interest rate as set forth in the related Mortgage Note.  The Buydown Mortgage Loan satisfies the requirements of Fannie Mae guidelines;
 

 

 

	
             
 	
            (ii)
 	
            The Mortgage and Mortgage Note reflect the permanent payment terms rather than the payment terms of the Buydown Agreement.  The Buydown Agreement provides for the payment by the Mortgagor of the full amount of the Monthly Payment on any Due Date that the Buydown Funds are available.  The Buydown Funds were not used to reduce the original principal balance of the Mortgage Loan or to increase the Appraised Value of the Mortgage Property when calculating the Loan-to-Value Ratios for purposes of the Agreement and, if the Buydown Funds were provided by the Company and if required under Fannie Mae and Freddie Mac guidelines, the terms of the Buydown Agreement were disclosed to the appraiser of the Mortgaged Property;
 

 

	
             
 	
            (iii)
 	
            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;
 

 

	
             
 	
            (iv)
 	
            As of the date of origination of the Mortgage Loan, the provisions of the related Buydown Agreement complied with the requirements of Fannie Mae and Freddie Mac regarding buydown agreements;
 

 

	
             
 	
            (ll)
 	
            Cooperative Loans.
 

 

With respect to each Cooperative Loan:

 

	
             
 	
            (i)
 	
            The Cooperative Shares are held by a person as a tenant-stockholder in a Cooperative.  Each original UCC financing statement, continuation statement or other governmental filing or recordation necessary to create or preserve the perfection and priority of the first lien and security interest in the Cooperative Loan and Proprietary Lease has been timely and properly made.  Any security agreement, chattel mortgage or equivalent document related to the Cooperative Loan and delivered to Purchaser or its designee establishes in Purchaser a valid and subsisting perfected first lien on and security interest in the Mortgaged Property described therein, and Purchaser has full right to sell and assign the same.  The Proprietary Lease term expires no less than five years after the Mortgage Loan term or such other term acceptable to Fannie
Mae or Freddie Mac;
 

 

	
             
 	
            (ii)
 	
            A Cooperative Lien Search has been made by a company competent to make the same which company is acceptable to Fannie Mae and qualified to do business in the jurisdiction where the Cooperative is located;
 

 

 

 

	
             
 	
            (iii)
 	
            (a) The term of the related Proprietary Lease is not less than the terms of the Cooperative Loan; (b) 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; (c) there is no prohibition in any Proprietary Lease against pledging the Cooperative Shares or assigning the Proprietary Lease; (d) the Cooperative has been created and exists in full compliance with the requirements for residential cooperatives in the jurisdiction in which the Project is located and qualifies as a cooperative housing corporation under Section 210 of the Code; (e) the Recognition Agreement is on a form published by Aztech Document Services, Inc. or includes similar provisions; and (f) the Cooperative has good and marketable title to the Project, and
owns the Project either in fee simple or under a leasehold that complies with the requirements of the Fannie Mae Guidelines; such title is free and clear of any adverse liens or encumbrances, except the lien of any blanket mortgage;
 

 

	
             
 	
            (iv)
 	
            The Company 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;
 

 

	
             
 	
            (v)
 	
            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 Company undertakes to convert the ownership of the collateral securing the related Cooperative Loan.
 

 

	
             
 	
            (mm)
 	
            HOEPA.
 

 

No Mortgage Loan is a Covered Loan or a High Cost Loan;

 

	
             
 	
            (nn)
 	
            Anti-Money Laundering Laws.
 

 

The Company has complied with all applicable anti-money laundering laws and regulations, (the "Anti-Money Laundering Laws"), and has established an anti-money laundering compliance program as required by the Anti-Money Laundering Laws;

 

	
             
 	
            (oo)
 	
            Bankruptcy.
 

 

No Mortgagor was a debtor in any state or federal bankruptcy or insolvency proceeding as of the date the Mortgage Loan was closed and the proceeds of the Mortgage Loan were distributed; 

 

	
             
 	
            (pp)
 	
            Due on Sale.
 

 

 

The Mortgage or Mortgage Note contains an enforceable provision, to the extent not prohibited by federal law, for the acceleration of the payment of the unpaid principal balance of the Mortgage Loan in the event that the Mortgaged Property is sold or transferred without the prior written consent of the Mortgagee thereunder, provided that, with respect to Mortgage Notes which bear an adjustable rate of interest, such provision shall not be enforceable if the Mortgagor causes to be submitted to the Company to evaluate the intended transferee as if a new Mortgage Loan were being made to such transferee, and the Company reasonably determines that the security will not be impaired by such Mortgage Loan assumption and that the risk of breach of any covenant or agreement in such Mortgage is acceptable to the Purchaser;

 

	
             
 	
            (qq)
 	
            Credit Reporting.
 

 

With respect to each Mortgage Loan, the Company has furnished complete information on the related borrower credit files to Equifax, Experian and Trans Union Credit Information Company, in accordance with the Fair Credit Reporting Act and its implementing regulations; 

 

	
             
 	
            (rr)
 	
            Delivery of Mortgage Files.
 

 

The Mortgage Loan Documents required to be delivered by the Company 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 or for such documents where the originals of which have been sent for recordation;

 

	
             
 	
            (ss)
 	
            Single Premium Credit Life Insurance.
 

 

No Mortgagor has been offered or required to purchase single premium credit insurance in connection with the origination of the Mortgage Loan;

 

	
             
 	
            (tt)
 	
            Payment in Full.
 

 

The Company had no knowledge, at the time of origination of the Mortgage Loan, of any fact that should have led it to expect that such Mortgage Loan would not be paid in full when due; and 

 

	
             
 	
            (uu)
 	
            MERS Mortgage Loans.
 

 

With respect to each MERS Mortgage Loan, a MIN has been assigned to the Mortgage Loan, the MIN appears on the Mortgage or related Assignment of Mortgage to MERS, the Mortgage or the related 

 

Assignment of Mortgage to MERS has been duly and properly recorded on MERS, and the transfer to the Purchaser has been properly reflected in the MERS System pursuant to the Purchaser’s registration instructions.

 

 

EXHIBIT E

 

Representation and Warranties with Respect to the MortgageIT Mortgage Loans

 

Except for “Mortgage Loans”, which shall mean the MortgageIT Mortgage Loans sold by the Seller to the Purchaser, all capitalized terms in this Exhibit E shall have the meanings ascribed to them in the MortgageIT Servicing Agreement.

 

a)                   The information set forth in the related Mortgage Loan Schedule is complete, true and correct;

b)                   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;

c)                   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;

d)                   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;

e)                   The terms of the Mortgage Note and the Mortgage have not been impaired, waived, altered or modified in any respect, except by written instruments, recorded in the applicable public recording office  or registered with the MERS System if necessary to maintain the lien priority of the Mortgage, and which have been delivered to the Purchaser or its designee; the substance of any such waiver, alteration or modification has been approved by the title insurer, to the extent required by the related policy, and is reflected on the related Mortgage Loan Schedule. No instrument of waiver, alteration or modification has been executed, and no Mortgagor has been released, in whole or in part, except in connection with an assumption agreement
approved by the title insurer, to the extent required by the policy, and which assumption agreement has been delivered to the Purchaser or its designee and the terms of which are reflected in the related Mortgage Loan Schedule;

f)                    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;

 

 

g)                   All buildings upon the Mortgaged Property are insured by an insurer acceptable to FNMA or FHLMC against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, pursuant to insurance policies conforming to the requirements of FNMA or FHLMC. All such insurance policies contain a standard mortgagee clause naming the Seller, its successors and assigns as mortgagee and all premiums thereon have been paid.  If the Mortgaged Property is in an area identified on a Flood Hazard Map or Flood Insurance Rate Map issued by the Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) a flood insurance policy
meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect which policy conforms to the requirements of FNMA or FHLMC. The Mortgage obligates the Mortgagor thereunder to maintain all such insurance at the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to maintain such insurance at Mortgagor’s cost and expense and to seek reimbursement therefor from the Mortgagor;

h)                   Any and all requirements of any federal, state or local law including, without limitation, usury, truth in lending, real estate settlement procedures, predatory and abusive lending, consumer credit protection, equal credit opportunity, fair housing or disclosure laws applicable to the origination and servicing of mortgage loans of a type similar to the Mortgage Loans have been complied with;

i)                    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;

j)                    The Mortgage is a valid, existing and enforceable first or second (as indicated on the Mortgage Loan Schedule) lien on the Mortgaged Property, including all improvements on the Mortgaged Property subject only to (a) the lien of current real property taxes and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to the originator of the Mortgage Loan and which do not adversely affect the Appraised Value of the Mortgaged Property, (c) to the extent the Mortgage Loan is a
second lien Mortgage Loan, the related first lien on the Mortgaged Property; and (d) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, existing and enforceable first or second (as indicated on the Mortgage Loan Schedule) lien and first or second (as indicated on the Mortgage Loan Schedule) priority security interest on the property described therein and the Seller has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of
the Mortgage;

 

 

k)                   The Mortgage Note and the related Mortgage are genuine and each is the legal, valid and binding obligation of the maker thereof, enforceable in accordance with its terms except as such enforcement may be limited by bankruptcy;

l)                    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;

m)                 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;

n)                   The Seller is the sole legal, beneficial and equitable owner of the Mortgage Note and the Mortgage and has full right to transfer and sell the Mortgage Loan to the Purchaser free and clear of any encumbrance, equity, lien, pledge, charge, claim or security interest;

o)                   All parties which have had any interest in the Mortgage Loan, whether as mortgagee, assignee, pledgee or otherwise, are (or, during the period in which they held and disposed of such interest, were) in material compliance with any and all applicable “doing business” and licensing requirements of the laws of the state wherein the Mortgaged Property is located (or were otherwise exempt from such requirements under applicable law);

p)                   The Mortgage Loan is covered by an American Land Title Association (“ALTA”) lender’s title insurance policy (which, in the case of an Adjustable Rate Mortgage Loan has an adjustable rate mortgage endorsement in the form of ALTA 6.0 or 6.1) acceptable to FNMA or FHLMC, issued by a title insurer acceptable to FNMA or FHLMC and qualified to do business in the jurisdiction where the Mortgaged Property is located, insuring (subject to the exceptions contained in (x)(a) and (b) above) the Seller, its successors and assigns as to the first or second (as indicated on the Mortgage Loan Schedule) priority lien of the Mortgage in the original principal amount of the Mortgage Loan and, with respect to any Adjustable Rate Mortgage
Loan, against any loss by reason of the invalidity or unenforceability of the lien resulting from the provisions of the Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly Payment.  Additionally, such lender’s title insurance policy affirmatively insures ingress and egress to and from the Mortgaged Property, and against encroachments by or upon the Mortgaged Property or any interest therein. The Seller is the sole insured of such lender’s title insurance policy, and such lender’s title insurance policy is in full force and effect and will be in full force and effect upon the consummation of the transactions contemplated by this Agreement. No claims have been made under such lender’s title insurance policy, and no prior holder of the related Mortgage, including the Seller, has done, by act or omission, anything which would impair the coverage of such lender’s title insurance policy;

 

 

q)                   There is no default, breach, violation or event of acceleration existing under the Mortgage or the Mortgage Note and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration, and the Seller has not waived any default, breach, violation or event of acceleration.  With respect to each second lien mortgage loan (i) the first lien mortgage loan is in full force and effect, (ii) 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;

r)                    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;

s)                   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;

t)                    As of the origination of the Mortgage Loan, no improvement located on the Mortgaged Property was in violation of any applicable zoning or subdivision laws or ordinances;

u)                   The Mortgage Loan was originated by the Seller or by a savings and loan association, a savings bank, a commercial bank, credit union, insurance company or similar institution which is supervised and examined by a federal or state authority, or by a mortgagee approved as such by the Secretary of HUD pursuant to Section 203 and 211 of the National Housing Act;

v)                   Principal payments on the Mortgage Loan commenced no more than sixty days after the proceeds of the Mortgage Loan were disbursed.  The Mortgage Loan bears interest at the Mortgage Interest Rate.  With respect to each Mortgage Loan, the Mortgage Note is payable on the first day of each month in Monthly Payments, which, other than with respect to a Balloon Mortgage Loan, in the case of a Fixed Rate Mortgage Loans, are sufficient to fully amortize the original principal balance over the original term thereof and to pay interest at the related Mortgage Interest Rate, and, in the case of an Adjustable Rate Mortgage Loan, are changed on each Adjustment Date, and in any case, are sufficient to fully amortize the original principal balance
over the original term thereof and to pay interest at the related Mortgage Interest Rate.  The Index for each Adjustable Rate Mortgage Loan is as defined in the related Confirmation.  With respect to each Balloon Mortgage Loan, the Mortgage Note requires a monthly payment which is sufficient to fully amortize the original principal balance over the original term thereof and to pay interest at the related Mortgage Interest Rate and requires a final Monthly Payment substantially greater than the preceding monthly payment which is sufficient to repay the remained unpaid principal balance of the Balloon Mortgage Loan as of the Due Date 

 

of such monthly payment.  The Mortgage Note does not permit negative amortization.  No Mortgage Loan is a Convertible Mortgage Loan;

w)                  The origination and collection practices used by the Seller with respect to each Mortgage Note and Mortgage have been in all respects legal, proper, prudent and customary in the mortgage origination and servicing industry.  The Mortgage Loan has been serviced by the Seller and any predecessor servicer in accordance with the terms of the Mortgage Note.  With respect to escrow deposits and Escrow Payments, if any, all such payments are in the possession of, or under the control of, the Seller and there exist no deficiencies in connection therewith for which customary arrangements for repayment thereof have not been made. No escrow deposits or Escrow Payments or other charges or payments due the Seller have been capitalized under any Mortgage
or the related Mortgage Note and no such escrow deposits or Escrow Payments are being held by the Seller for any work on a Mortgaged Property which has not been completed;

x)                   The Mortgaged Property is in good repair and is free of damage and waste and there is no proceeding pending for the total or partial condemnation thereof;

y)                   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;

z)                   The Mortgage Loan was underwritten in accordance with the underwriting standards of the Seller in effect at the time the Mortgage Loan was originated which underwriting standards satisfy the standards of FNMA or FHLMC; and the Mortgage Note and Mortgage are on forms acceptable to FNMA or FHLMC; 

aa)                 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;

bb)                The Mortgage File contains an appraisal of the related Mortgaged Property which satisfied the standards of FNMA or FHLMC, was on appraisal form 1004 or form 2055 with an interior inspection with respect to each first lien Mortgage Loan, and on appraisal form 704, 2065 or 2055 with an exterior inspection with respect to each second lien Mortgage Loan, and was made and signed, prior to the approval of the Mortgage Loan application, by a qualified appraiser, duly appointed by the Seller, who had no interest, direct or indirect in the Mortgaged Property or in any loan made on the security thereof, whose compensation is not affected by the approval or disapproval of the Mortgage Loan and who met the minimum qualifications of FNMA or FHLMC.  Each appraisal
of the Mortgage Loan was made in accordance with the 

 

relevant provisions of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989;

cc)                 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;

dd)                 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;

ee)                 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;

ff)                  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;

gg)                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;

hh)                 No Mortgage Loan had an LTV or a CLTV at origination in excess of 100%. Each Mortgage Loan with an LTV or CLTV at origination in excess of 80% is and will be subject to a Primary Insurance Policy, issued by a Qualified Insurer, which insures that portion of the Mortgage Loan in excess of the portion of the Appraised Value of the Mortgaged Property required by FNMA. All provisions of such Primary Insurance Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any Mortgage subject to any such Primary Insurance Policy obligates the Mortgagor thereunder to maintain such insurance and to pay all premiums and charges in connection therewith. The Mortgage Interest Rate for
the Mortgage Loan does not include any such insurance premium;

ii)                  The Mortgaged Property is, to the best of the Seller’s knowledge, lawfully occupied under applicable law; all inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the same, including but not limited to certificates of occupancy, have been made or obtained from the appropriate authorities;

 

 

jj)                   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;

kk)                 For each Mortgage Loan that is not a MOM Loan, the Assignment of Mortgage is in recordable form except for the name of the assignee which is blank and is acceptable for recording under the laws of the jurisdiction in which the Mortgaged Property is located.  The original Mortgage was or is being recorded and, unless the Mortgage Loan is subject to the MERS System, all subsequent assignments of the original Mortgage (other than the assignment to Purchaser) have been recorded in the appropriate jurisdiction wherein such recordation is necessary to perfect the lien thereof against creditors of Seller, or is in the process of being recorded.

ll)                   Any principal advances made to the Mortgagor prior to the Cut-off Date have been consolidated with the outstanding principal amount secured by the Mortgage, and the secured principal amount, as consolidated, bears a single interest rate and single repayment term. The lien of the Mortgage securing the consolidated principal amount is expressly insured as having first or second lien priority by a title insurance policy or an endorsement to the policy insuring the mortgagee’s consolidated interest. The consolidated principal amount does not exceed the original principal amount of the Mortgage Loan;

mm)              Unless otherwise set forth on the related Mortgage Loan Schedule, no Mortgage Loan has a balloon payment feature;

nn)                If the Residential Dwelling on the Mortgaged Property is a condominium unit or a unit in a planned unit development (other than a de minimis planned unit development) such condominium or planned unit development project meets the eligibility requirements of FNMA or FHLMC;

oo)                The source of the down payment with respect to each Mortgage Loan has been fully verified by the Seller;

pp)                Interest on each Mortgage Loan is calculated on the basis of a 360 day year consisting of twelve 30 day months;

qq)                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;

rr)                  Seller shall, at its own expense, cause each Mortgage Loan to be covered by a Tax Service Contract which is assignable to the Purchaser or its designee; provided however, that if the Seller fails to purchase such Tax Service Contract, the Seller shall be required to reimburse the Purchaser for all costs and expenses incurred by the Purchaser in connection with the purchase of any such Tax Service Contract;

 

 

ss)                 Each Mortgage Loan is covered by a Flood Zone Service Contract which is assignable to the Purchaser or its designee or, for each Mortgage Loan not covered by such Flood Zone Service Contract, the Seller agrees to purchase such Flood Zone Service Contract;

tt)                   No Mortgage Loan is (a) subject to the provisions of the Homeownership and Equity Protection Act of 1994 as amended (“HOEPA”), (b) a “high cost” mortgage loan, “covered” mortgage loan or “predatory” mortgage loan or any other comparable term, no matter how defined under any federal, state or local law, (c) subject to any comparable federal, state or local statutes or regulations, or any other statute or regulation providing for heightened regulatory scrutiny or assignee liability to holders of such mortgage loans, or (d) a High Cost Loan or Covered Loan, as applicable (as such terms are defined in the current Standard & Poor’s LEVELS® Glossary Revised, Appendix E);

uu)                 No predatory or deceptive lending practices, including but not limited to, the extension of credit to a mortgagor without regard for the mortgagor’s ability to repay the Mortgage Loan and the extension of credit to a mortgagor which has no apparent benefit to the mortgagor, were employed in connection with the origination of the Mortgage Loan.  Each Mortgage Loan is in compliance with the anti-predatory lending eligibility for purchase requirements of the FNMA Guides;

vv)                The debt-to-income ratio of the related Mortgagor was not greater than 60% at the origination of the related Mortgage Loan; 

ww)              No Mortgagor was required to purchase any single premium credit insurance policy (e.g., life, disability, accident, unemployment, or health insurance product) or debt cancellation agreement as a condition of obtaining the extension of credit.  No Mortgagor obtained a prepaid single premium credit insurance policy (e.g., life, disability, accident, unemployment, mortgage, or health insurance) in connection with the origination of the Mortgage Loan. No proceeds from any Mortgage Loan were used to purchase single premium credit insurance policies or debt cancellation agreements as part of the origination of, or as a condition to closing, such Mortgage Loan;

xx)                The Mortgage Loans were not selected from the outstanding one to four-family mortgage loans in the Seller’s portfolio at the related Closing Date as to which the representations and warranties set forth in this Agreement could be made in a manner so as to affect adversely the interests of the Purchaser;

yy)                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;

zz)                 The Mortgage Loan complies with all applicable consumer credit statutes and regulations, including, without limitation, the respective Uniform Consumer Credit Code laws in effect in Colorado, Idaho, Indiana, Iowa, Kansas, Maine, Oklahoma, South Carolina, Utah and Wyoming (to the extent that the related Mortgaged Property is located in such state), has been originated by a properly licensed entity, and in all other respects, complies with all of the material requirements of any such applicable laws;

 

 

aaa)               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;

bbb)              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; 

ccc)               No Mortgage Loan is secured by cooperative housing, commercial property, mobile homes, manufactured housing or mixed use property;

ddd)              Except as set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans are subject to a Prepayment Charge.  For any Mortgage Loan originated prior to October 1, 2002 that is subject to a Prepayment Charge, such Prepayment Charge does not extend beyond five years after the date of origination.  For any Mortgage Loan originated on or following October 1, 2002 that is subject to a Prepayment Charge, such Prepayment Charge does not extend beyond three years after the date of origination.  With respect to any Mortgage Loan that contains a provision permitting imposition of a Prepayment Charge upon a prepayment prior to maturity: (i) prior to the Mortgage Loan’s origination, the Mortgagor agreed to such Prepayment Charge in exchange for a monetary
benefit, including but not limited to a rate or fee reduction, (ii) prior to the Mortgage Loan’s origination, the Mortgagor was offered the option of obtaining a Mortgage Loan that did not require payment of such a Prepayment Charge, (iii) the Prepayment Charge is disclosed to the Mortgagor in the loan documents pursuant to applicable state and federal law, (v) for Mortgage Loans originated on or after September 1, 2004, the duration of the Prepayment Period shall not exceed three (3) years from the date of the Mortgage Note, unless the Mortgage Loan was modified to reduce the prepayment period to no more than three years from the date of the Mortgage Note and the Mortgagor was notified in writing of such reduction in prepayment period, and (v) notwithstanding any state or federal law to the contrary, the Seller shall not impose such Prepayment Charge in any instance when the mortgage debt is accelerated as the result of the Mortgagor’s default in making the loan
payments;

eee)               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;

 

 

fff)                 No Mortgage Loan is secured by real property or secured  by a manufactured home located in the state of Georgia unless (x) such Mortgage Loan was originated prior to October 1, 2002 or after March 6, 2003, or (y) the property securing the Mortgage Loan is not, nor will be, occupied by the Mortgagor as the Mortgagor’s principal dwelling.  No Mortgage Loan is a “High Cost Home Loan” as defined in the Georgia Fair Lending Act, as amended (the “Georgia Act”) or  the New York Banking Law 6-1.   Each Mortgage Loan that is a “Home Loan” under the Georgia Act complies with all applicable provisions of the Georgia Act. No Mortgage Loan secured by owner occupied real property or an owner occupied manufactured home
located in the State of Georgia was originated (or modified) on or after October 1, 2002 through and including March 6, 2003;

ggg)              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;

hhh)              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;

iii)                 With respect to each Mortgage Loan, the Seller has fully and accurately furnished complete information on the related borrower credit files to Equifax, Experian and Trans Union Credit Information Company, in accordance with the Fair Credit Reporting Act and its implementing regulations, on a monthly basis and the Seller for each Loan will furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information on its borrower credit files to Equifax, Experian, and Trans Union Credit  Information Company, on a monthly basis;

jjj)                 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;

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 has been disclosed in writing to the Mortgagor in accordance with applicable state and federal law and regulation;

lll)                 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;

mmm)          No Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan Protection Act effective October 16, 2003 (Act 1340 or 2003);

nnn)              No Mortgage Loan is a “High Cost Home Loan” as defined in the Kentucky high-cost loan statute effective June 24, 2003 (Ky. Rev. Stat. Section 360.100); 

ooo)              No Mortgage Loan secured by property located in the State of Nevada is a “home loan” as defined in the Nevada Assembly Bill No. 284;

ppp)              No Mortgage Loan is a “manufactured housing loan” or “home improvement home loan” pursuant to the New Jersey Home Ownership Act.  No Mortgage Loan is a “High-Cost Home Loan” or a refinanced “Covered Home Loan,” in each case, as defined in the New Jersey Home Ownership Act effective November 27, 2003 (N.J.S.A. 46;10B-22 et seq.);

qqq)              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); 

rrr)                 No Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership and Equity protection Act;

sss)                No Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et seq.); 

ttt)                 No Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et seq.);

uuu)              No Mortgage Loan originated in the City of Los Angeles is subject to the City of Los Angeles California Ordinance 175008 as a “home loan” 

vvv)              No Mortgage Loan originated in the City of Oakland is subject to the City of Oakland, California Ordinance 12361 as a “home loan”

www)           No Mortgage Loan is a “High-Cost Home Loan” as defined under the Maine House Bill 383 L.D. 494, effective as of September 13, 2003;

xxx)              No Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act, effective November 5, 2004 (Mass. Ann. Laws Ch. 183C);

 

 

yyy)              With respect to any Mortgage Loan for which a mortgage loan application was submitted by the Mortgagor after April 1, 2004, no such Mortgage Loan secured by Mortgaged Property in the State of Illinois which has a Mortgage Interest Rate in excess of 8.0% per annum has lender-imposed fees (or other charges) in excess of 3.0% of the original principal balance of the Mortgage Loan.   

zzz)               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; 

aaaa)             With respect to each MERS Mortgage Loan, Seller has not received any notice of liens or legal actions with respect to such Mortgage Loan and no such notices have been electronically posted by MERS;

bbbb)            No Mortgagor agreed to submit to arbitration to resolve any dispute arising out of or relating in any way to the Mortgage Loan transaction, and with respect to any Mortgage Loan originated on or after August 1, 2004, neither the Mortgage nor the Mortgage Note requires the Mortgagor to submit to arbitration to resolve any dispute arising out of or relating in any way to the origination of the Mortgage Loan;

cccc)             Each Mortgage Loan is eligible for sale in the secondary market or for inclusion in a Pass-Through Transfer without unreasonable credit enhancement;

dddd)            With respect to each Mortgage Loan, (i) if the related first lien provides for negative amortization, the CLTV was calculated at the maximum principal balance of such first lien that could result upon application of such negative amortization feature, and (ii) either no consent for the Mortgage Loan is required by the holder of the first lien or such consent has been obtained and is contained in the Mortgage File; 

eeee)             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; 

ffff)               The destruction of any Original Document or the inability of the Seller to produce a copy of such Original Document upon request shall not cause (i) any delay in the enforcement of the Mortgage Loan, (ii) any inability to collect all amounts due under the Mortgage Loan, including without limitation, in connection with a foreclosure or other sale of the Mortgaged Property, (iii) private institutional investors to regard the Mortgage Loan as an unacceptable investment or adversely affect the value or marketability of the Mortgage Loan, or (iv) any claims from holders of mortgage-backed securities collateralized by the Mortgage Loan.;

 

 

gggg)            With respect to each Mortgage Loan that is secured in whole or in part by the interest of the Mortgagor as a lessee under a ground lease of the related Mortgaged Property (a “Ground Lease”) and not by a fee interest in such Mortgaged Property:

hhhh)            The Mortgagor is the owner of a valid and subsisting interest as tenant under the Ground Lease;

iiii)                The Ground Lease is in full force and effect, unmodified and not supplemented by any writing or otherwise;

jjjj)                The Mortgagor is not in default under any of the terms thereof and there are no circumstances which, with the passage of time or the giving of notice or both, would constitute an event of default thereunder;

kkkk)            The lessor under the Ground Lease is not in default under any of the terms or provisions thereof on the part of the lessor to be observed or performed;

llll)                The term of the Ground Lease exceeds the maturity date of the related Mortgage Loan by at least ten years;

mmmm)      The Ground Lease or a memorandum thereof has been recorded and by its terms permits the leasehold estate to be mortgaged.  The Ground Lease grants any leasehold mortgagee standard protection necessary to protect the security of a leasehold mortgagee;

nnnn)            The Ground Lease does not contain any default provisions that could give rise to forfeiture or termination of the Ground Lease except for the non-payment of the Ground Lease rents;

oooo)            The execution, delivery and performance of the Mortgage do not require the consent (other than those consents which have been obtained and are in full force and effect) under, and will not contravene any provision of or cause a default under, the Ground Lease; 

pppp)            The Ground Lease provides that the leasehold can be transferred, mortgaged and sublet an unlimited number of times either without restriction or on payment of a reasonable fee and delivery of reasonable documentation to the lessor;

qqqq)            The Mortgagor has not commenced any action or given or received any notice for the purpose of terminating the Ground Lease;

rrrr)               No lessor, as debtor in possession or by a trustee for such lessor has give any notice of, and the Mortgagor has not consented to, any attempt to transfer the related Mortgaged Property free and clear of such Ground Lease under section 363(f) of the Bankruptcy Code; and

ssss)              No lessor is subject to any voluntary or involuntary bankruptcy, reorganization or insolvency proceeding and no Mortgaged Property is an asset in any voluntary or involuntary bankruptcy, reorganization or insolvency proceeding.

 

 

tttt)                No Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act, effective November 7, 2004 (Mass. Ann. Laws Ch. 183C);

uuuu)            No Mortgage Loan is a balloon mortgage loan that has an original stated maturity of less than seven (7) years; and

vvvv)            No Mortgage Loan is subject to mandatory arbitration except when the terms of the arbitration also contain a waiver provision that provides that in the event of a sale or transfer of the Mortgage Loan or interest in the Mortgage Loan to Fannie Mae, the terms of the arbitration are null and void.  The Seller hereby covenants that the Seller or the servicer of the Mortgage Loan, as applicable, will notify the Mortgagor in writing within 60 days of the sale or transfer of the Mortgage Loan to Fannie Mae that the terms of the arbitration are null and void.

 

 

EXHIBIT F

Representation and Warranties with Respect to the GreenPoint Mortgage Loans

 

Except for “Mortgage Loans”, which shall mean the GreenPoint Mortgage Loans sold by the Seller to the Purchaser, all capitalized terms in this Exhibit F shall have the meanings ascribed to them in the GreenPoint Servicing Agreement.

 

(i)                  The information set forth in the related Mortgage Loan Schedule and the Mortgage  Loan data delivered to the Purchaser on the Data Tape is complete, true and correct in all material respects;

 

(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. No payment under the Mortgage Loan has been delinquent at any time 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 Mortgaged Property is located in the state identified in the related Mortgage Loan Schedule and is improved by a Residential Dwelling;

 

(vi)                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;

 

(vii)              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;

 

(viii)             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;

 

(ix)                Any and all requirements of any federal, state or local law including, without limitation, usury, truth in lending, real estate settlement procedures, consumer credit protection, equal credit opportunity, fair housing, disclosure laws or all predatory and abusive lending laws applicable to the origination and servicing of mortgage loans of a type similar to the Mortgage Loans have been complied with and the consummation of the transactions contemplated hereby will not involve the violation of any such laws, and the Seller shall maintain in its possession, available for the inspection of the Purchaser or its designee, and shall upon two Business Days’ request, evidence of compliance with such requirements;

 

(x)                 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;

 

(xi)                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;

 

(xii)              The Mortgage Note and the related Mortgage are genuine and each is the legal, valid and binding obligation of the maker thereof, enforceable in accordance with its terms except as enforceability is limited by bankruptcy, insolvency or reorganization or other similar laws affecting the enforcement of the rights of creditors and general principals of equity, whether

enforcement is sought in a proceeding in equity or at law;

 

(xiii)             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;

 

(xiv)             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;

 

(xv)               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;

 

(xvi)             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;

 

(xvii)            The Mortgage Loan is covered by an American Land Title Association (“ALTA”) ALTA lender’s title insurance policy (which, in the case of an Adjustable Rate Mortgage Loan has an adjustable rate mortgage endorsement in the form of ALTA 6.0 or 6.1), issued by a title insurer acceptable to FNMA and FHLMC and qualified to do business in the jurisdiction where the Mortgaged Property is located, insuring (subject to the exceptions contained above in (xi)(a) and (b) and, with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) clause (d)) the Seller, its successors and assigns as to the first priority lien of the Mortgage in the original principal amount of the Mortgage Loan and, with respect to
any Adjustable Rate Mortgage Loan, against any loss by reason of the invalidity or unenforceability of the lien resulting from the provisions of the Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly Payment. Additionally, such lender’s title insurance policy affirmatively insures ingress and egress to and from the Mortgaged Property, and against encroachments by or upon the Mortgaged Property or any interest therein. The Seller is the sole insured of such  lender’s title insurance policy, and such lender’s title insurance policy is in full force and effect and will be in full force and effect upon the consummation of the transactions contemplated by this Agreement. No claims have been made under such lender’s title insurance policy, and no prior holder of the related Mortgage, including the Seller, has done, by act or omission, anything which would impair the coverage of such lender’s title insurance policy;

 

(xviii)           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;

 

(xix)             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;

 

(xx)               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;

 

(xxi)             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;

 

(xxii)            Payments on the Mortgage Loan shall commence (with respect to any newly originated Mortgage Loans) or commenced no more than sixty days after the proceeds of the Mortgage Loan were disbursed. The Mortgage Loan bears interest at the Mortgage Interest Rate. With respect to each Mortgage Loan, the Mortgage Note is payable on the first day of each month in Monthly Payments, which, (A) in the case of a Fixed Rate Mortgage Loan, are sufficient to fully amortize the original principal balance over the original term thereof and to pay interest at the related Mortgage Interest Rate, and (B) in the case of an Adjustable Rate Mortgage Loan, are changed on each Adjustment Date, and in any case, are sufficient to fully amortize the original principal balance over the original term thereof and to pay
interest at the related Mortgage Interest Rate. The Index for each Adjustable Rate Mortgage Loan is as defined in the related Mortgage Loan Schedule. With respect to each Mortgage Loan identified on the Mortgage Loan Schedule as an interest-only Mortgage Loan, the interest-only period shall not exceed the period specified on the Mortgage Loan Schedule and following the expiration of such  interest-only period, the remaining Monthly Payments shall be sufficient to fully amortize the original principal balance over the remaining term of the Mortgage Loan. The Mortgage Note does not permit negative amortization. No Mortgage Loan is a Convertible Mortgage Loan;

 

(xxiii)           The origination and collection practices used by the Seller with respect to each Mortgage Note and Mortgage have been in all respects legal, proper, prudent and customary in the mortgage origination and servicing industry. The Mortgage Loan has been serviced by the Seller and any predecessor servicer in accordance with all applicable laws, rules and regulations, the terms of the Mortgage Note and Mortgage, and the FNMA and FHLMC servicing guides.  With respect to escrow deposits and Escrow Payments (other than with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan and for which the mortgagee under the First Lien is collecting Escrow Payments (as reflected on the Mortgage Loan Schedule)), if any, all such payments are in the possession of, or under
the control of, the Seller and there exist no deficiencies in connection therewith for which customary arrangements for repayment thereof have not been made. No escrow deposits or Escrow Payments or other charges or payments due the Seller have been capitalized under any Mortgage or the related Mortgage Note and no such escrow deposits or Escrow Payments are being held by the Seller for

any work on a Mortgaged Property which has not been completed;

 

(xxiv)           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; 

 

(xxv)            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;

 

(xxvi)           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;

 

(xxvii)          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;

 

(xxviii)        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;

 

(xxix)           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;

 

(xxx)            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;

 

(xxxi)           With respect to each Buydown Mortgage Loan: (a) On or before the date of origination of such Mortgage Loan, the Seller and the Mortgagor, or the Seller, the Mortgagor and the seller of the Mortgaged Property or a third party entered into a Buydown Agreement. The Buydown Agreement provides that the seller of the Mortgaged Property (or third party) shall deliver to the Seller temporary Buydown Funds in an amount equal to the aggregate undiscounted amount of payments that, when added to the amount the Mortgagor on such Mortgage Loan is obligated to pay on each Due Date in accordance with the terms of the Buydown Agreement, is equal to the full scheduled Monthly Payment due on such Mortgage Loan. The temporary Buydown Funds enable the Mortgagor to qualify for the Buydown 

 

Mortgage Loan for the first six months of the term of such Mortgage Loan at an interest rate of not more than 1.0% less per annum than the Mortgage Interest Rate. The effective interest rate will increase in the seventh month of the Buydown Mortgage Loan so that the effective interest rate will be equal to the interest rate as set forth in the related Mortgage Note. (b) The Mortgage and Mortgage Note reflect the permanent payment terms rather than the payment terms of the Buydown Agreement. The Buydown Agreement provides for the payment by the Mortgagor of the full amount of the Monthly Payment on any Due Date that the Buydown Funds are not available. The Buydown Funds were not used to reduce the original principal balance of the Mortgage Loan or to increase the Appraised Value of the Mortgaged Property when calculating the Loan-to-Value Ratios for purposes of this Agreement and, if the Buydown Funds were
provided by the Seller and if required under Agency Guidelines, the terms of the Buydown Agreement were disclosed to the appraiser of the Mortgaged Property; (c) The Buydown Funds may not be refunded to the Mortgagor unless the Mortgagor makes a principal payment for the outstanding balance of the Mortgage Loan;  (d) No more than ___% of the Mortgage Loans, measured by unpaid principal balance as of the Cut-off Date, are Buydown Mortgage Loans; (e) As of the Cut-off Date, the Buydown Funds are 5% or less of the aggregate Stated Principal Balance of the  Mortgage Loans. Each of the Buydown Mortgage Loans provide that the amount of the Buydown Funds is determined through a discounting process using a discount rate of __% and at   origination the aggregate Buydown Funds were 20% or less of the aggregate original principal balances of the Mortgage Loans; (f) As of the date of origination of the Mortgage Loan, the provisions of the related Buydown Agreement complied with the requirements
of FNMA and FHLMC regarding buydown agreements;]

 

(xxxii)          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;

 

(xxxiii)        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;

 

(xxxiv)         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;

 

(xxxv)          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;

 

(xxxvi)         With respect to any Mortgage Loan with an original Loan-to-Value Ratio greater than 80%, the Mortgage Loan will be insured by a Primary Insurance Policy, issued by a Qualified Insurer, which insures that portion of the Mortgage Loan in excess of the portion of the Appraised Value of the Mortgaged Property required by FNMA. All provisions of such Primary 

 

Insurance Policy have been and are being complied with, such policy is in full force and effect, and all premiums due there under have been paid. Any Mortgage subject to any such Primary

Insurance Policy obligates the Mortgagor there under to maintain such insurance and to pay all premiums and charges in connection therewith. The Mortgage Interest Rate for the Mortgage Loan does not include any such insurance premium. If a Mortgage Loan is identified on the

Mortgage Loan Schedule as subject to a Lender Paid Mortgage Insurance Policy, such policy insures that portion of the Mortgage Loan set forth in the LPMI Policy. All provisions of any such LPMI Policy have been and are being complied with, such policy is in full force and effect,  and all premiums due there under have been paid. The Mortgage Interest Rate for the Mortgage Loan does not include the insurance premium for any LPMI Policy; 

 

(xxxvii)       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;

 

(xxxviii)      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  imitation 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;

 

(xxxix)         Each original Mortgage was recorded and all subsequent assignments of the original Mortgage (other than the assignment to the Purchaser) have been recorded, or are in the process of being recorded, in the appropriate jurisdictions wherein such recordation is necessary to perfect the lien thereof as against creditors of the Seller. As to any Mortgage Loan which is not a MERS Mortgage Loan, the Assignment of Mortgage is in recordable form and is acceptable for recording under the laws of the jurisdiction in which the Mortgaged Property is located;

 

(xl)                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;

 

(xli)               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;

 

(xlii)             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;

 

(xliii)            Interest on each Mortgage Loan is calculated on the basis of a 360-day year consisting of twelve 30-day months;

 

(xliv)            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;

 

(xlv)             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;

 

(xlvi)            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;

 

(xlvii)           None of the Adjustable Rate Mortgage Loans include an option to convert to a Fixed Rate Mortgage Loan; 

 

(xlviii)          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;

 

(xlix)            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%;

 

(l)                  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);

 

(li)                 No Mortgage Loan is (a) subject to, covered by or in violation of the provisions of the Homeownership and Equity Protection Act of 1994, as amended (“HOEPA”), (b) a “high cost”, 

 

“covered”, “abusive”, “predatory”, “home loan”, “Section 10” or “high risk” mortgage loan (or a similarly designated loan using different terminology) under any federal, state or local law, or any other statute or regulation providing assignee liability to holders of such mortgage loans, or (c) subject to or in violation of any such or comparable federal, state or local statutes or regulations. No Mortgage Loan is a high cost loan or a covered loan, as applicable (as such terms are defined in Standard & Poor’s LEVELS Version 5.6 Glossary Revised, Appendix E as of the related Closing Date).

 

(lii)                Each Mortgage Loan has a valid and original Credit Score, with a minimum Credit Score as set forth in the related Commitment Letter;

 

	
            (liii)
 	
            No Mortgage Loan had an original term to maturity of more than thirty (30) years;
 

 

	
            (liv)
 	
            No Mortgagor is the obligor on more than two Mortgage Notes;
 

 

(lv)                Each Mortgage contains a provision for the acceleration of the payment of the unpaid principal balance of the related Mortgage Loan in the event the related Mortgaged Property is sold without the prior consent of the mortgagee thereunder;

 

(lvi)               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;

 

(lvii)             No Mortgage Loan originated prior to October 1, 2002 has a Prepayment Charge longer than five years after its origination;

 

(lviii)            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;

 

(lix)               With respect to any Mortgage Loan that contains a provision permitting imposition of a Prepayment Charge upon a Principal Prepayment prior to maturity: (i) prior to the Mortgage Loan’s origination, the Mortgagor agreed to such Prepayment Charge in exchange for a monetary benefit, including but not limited to a Mortgage Interest Rate or fee reduction, (ii) prior to the Mortgage Loan’s origination, the Mortgagor was offered the option of obtaining a Mortgage Loan that did not require payment of a Prepayment Charge, (iii) the Prepayment

Charge is disclosed to the Mortgagor in the Mortgage Loan Documents pursuant to applicable state and federal law, (iv) for Mortgage Loans originated on or after September 1, 2004, the

duration of the prepayment period shall not exceed three (3) years from the date of the Mortgage Note, unless the Mortgage Loan was modified to reduce the prepayment period to no more than

 

 

five years from the date of the Mortgage Note and the Mortgagor was notified in writing of such reduction in the prepayment period, and (v) notwithstanding any state or federal law to the contrary, the Seller shall not impose such Prepayment Charge in any instance when the Mortgage debt is accelerated as the result of the Mortgagor’s default in making the Monthly Payments;

 

(lx)                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;

 

(lxi)               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;

 

(lxii)             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;

 

(lxiii)            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;

 

(lxiv)            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;

 

 

(lxv)              No Mortgagor was encouraged or required to select a Mortgage Loan product offered by the Seller which is a higher cost product designed for less creditworthy borrowers, unless at the time of the related Mortgage Loan’s origination, such Mortgagor did not qualify taking into account credit history and debt to income ratios for a lower cost credit product then offered by the Seller or any affiliate of the Seller. If, at the time of the related loan application, the Mortgagor may have qualified for a lower cost credit product then offered by any mortgage lending affiliate of the Seller, the Seller referred the Mortgagor’s application to such affiliate for underwriting consideration;

 

(lxvi)            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;

 

(lxvii)           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;

 

(lxviii)         The Seller will transmit full-file credit reporting data for each Mortgage Loan pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan, Company agrees it shall report one of the following statuses each month as follows: new origination, current, delinquent (30-, 60-, 90-days, etc.), foreclosed, or charged-off; 

 

(lxix)            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;

 

(lxx)              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;

 

(lxxi)            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;

 

 

 

(lxxii)           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;

 

(lxxiii)          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;

 

(lxxiv)          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;

 

(lxxv)           No Mortgage Loan originated on or after November 7, 2004 secured by a Mortgaged Property located in the State of Massachusetts is a Refinanced Mortgage Loan, or such Mortgage Loan is in the "borrower's interest," as documented by a "borrower's interest worksheet" for the particular Mortgage Loan, which worksheet incorporates the factors set forth in Massachusetts House Bill 4880 (2004) and the regulations promulgated thereunder for determining "borrower's interest," and otherwise complies in all material respects with the laws of the Commonwealth of Massachusetts;

 

(lxxvi)          The Mortgage Loan Documents and any other documents required to be delivered with respect to each Mortgage Loan have been delivered to the Purchaser all in compliance with the specific requirements of this Agreement.

 

 

EXHIBIT 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 G shall have the meanings ascribed to them in the Ameriquest Servicing Agreement.

 

a)                       The information set forth in the Mortgage Loan Schedule is complete, true and correct as of the related Cut-off Date;

 

b)                      As of the Closing Date, the Mortgage Loan is in compliance with all requirements set forth in the Confirmation;

 

c)                       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;

 

d)                      As of the related Closing Date, there are no delinquent taxes or insurance premiums affecting the related Mortgaged Property;

 

e)                       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;

 

f)                       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;

 

g)                      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;

 

h)                      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;

 

i)                       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;

 

j)                       The Mortgage creates a valid first lien, in the related Mortgaged Property as reflected on the Mortgage Loan Schedule; 

 

k)                      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

l)                        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;

 

m)                     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;

 

n)                      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;

 

o)                      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; 

 

p)                      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;

 

q)                      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;

 

 

 

r)                       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.

 

s)                       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;

 

t)                       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.

 

u)                      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; 

 

v)                      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;

 

w)                     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;

 

x)                       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;

 

y)                      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;

 

z)                       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;

 

aa)                    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;

 

bb)                    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;

 

cc)                    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;

 

dd)                    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;

 

ee)                     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;

 

ff)                      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;

 

gg)                    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;

 

hh)                    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;

 

 

ii)                      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;

 

jj)                      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;

 

kk)                    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;

 

	
             
 	
            ll)
 	
            No Mortgage Loan has a balloon payment feature;
 

 

mm)                 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;

 

nn)                    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;

 

oo)                    Each Mortgage Loan constitutes a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code;

 

pp)                    As of the related Closing Date, no Mortgage Loan has an LTV of more than 95%;

 

qq)                    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;

 

 

rr)                      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;

 

ss)                     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;

 

tt)                      All cash-out Mortgage Loans secured by real property in the state of Texas shall be made in accordance with Texas law; 

 

uu)                    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);

 

vv)                    No Mortgage Loan is a “covered home loan” pursuant to the New Jersey Home Ownership Security Act of 2002;

 

ww)                  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;

 

 

xx)                    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;

 

yy)                    As of the related Closing Date, the Mortgaged Property is being primarily used as a Residential Dwelling for residential purposes;

 

zz)                    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;

 

aaa)                  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;

 

bbb)                  The Mortgage Loans conform in all material respects to the Underwriting Guidelines;

 

ccc)                   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;

 

ddd)                  No proceeds from any Mortgage Loan were used to finance single premium credit insurance policies;

 

eee)                   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;

 

fff)                    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;

 

ggg)                  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);

 

hhh)                  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;

 

iii)                     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; 

jjj)                     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;

 

kkk)                  The Company has materially complied with all applicable antimony laundering laws and regulations, including without limitation the USA Patriot Act of 2001;

 

lll)                     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; 

 

mmm)              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;

 

nnn)                  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.

 

ooo)                  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;

 

ppp)                  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

 

Representation and Warranties with Respect to the MortgageIT Mortgage Loans

 

Except for “Mortgage Loans”, which shall mean the MortgageIT Mortgage Loans sold by the Seller to the Purchaser, all capitalized terms in this Exhibit E shall have the meanings ascribed to them in the MortgageIT Servicing Agreement.

 

a)                The information set forth in the related Mortgage Loan Schedule is complete, true and correct;

b)               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;

c)                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;

d)               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;

e)                The terms of the Mortgage Note and the Mortgage have not been impaired, waived, altered or modified in any respect, except by written instruments, recorded in the applicable public recording office  or registered with the MERS System if necessary to maintain the lien priority of the Mortgage, and which have been delivered to the Purchaser or its designee; the substance of any such waiver, alteration or modification has been approved by the title insurer, to the extent required by the related policy, and is reflected on the related Mortgage Loan Schedule. No instrument of waiver, alteration or modification has been executed, and no Mortgagor has been released, in whole or in part, except in connection with an assumption agreement approved by the title insurer, to the extent required by the
policy, and which assumption agreement has been delivered to the Purchaser or its designee and the terms of which are reflected in the related Mortgage Loan Schedule;

f)                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;

 

 

g)                All buildings upon the Mortgaged Property are insured by an insurer acceptable to FNMA or FHLMC against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, pursuant to insurance policies conforming to the requirements of FNMA or FHLMC. All such insurance policies contain a standard mortgagee clause naming the Seller, its successors and assigns as mortgagee and all premiums thereon have been paid.  If the Mortgaged Property is in an area identified on a Flood Hazard Map or Flood Insurance Rate Map issued by the Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the
Federal Insurance Administration is in effect which policy conforms to the requirements of FNMA or FHLMC. The Mortgage obligates the Mortgagor thereunder to maintain all such insurance at the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to maintain such insurance at Mortgagor’s cost and expense and to seek reimbursement therefor from the Mortgagor;

h)                Any and all requirements of any federal, state or local law including, without limitation, usury, truth in lending, real estate settlement procedures, predatory and abusive lending, consumer credit protection, equal credit opportunity, fair housing or disclosure laws applicable to the origination and servicing of mortgage loans of a type similar to the Mortgage Loans have been complied with;

i)                 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;

j)                The Mortgage is a valid, existing and enforceable first or second (as indicated on the Mortgage Loan Schedule) lien on the Mortgaged Property, including all improvements on the Mortgaged Property subject only to (a) the lien of current real property taxes and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to the originator of the Mortgage Loan and which do not adversely affect the Appraised Value of the Mortgaged Property, (c) to the extent the Mortgage Loan is a second lien Mortgage Loan, the related first lien on the
Mortgaged Property; and (d) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, existing and enforceable first or second (as indicated on the Mortgage Loan Schedule) lien and first or second (as indicated on the Mortgage Loan Schedule) priority security interest on the property described therein and the Seller has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;

 

 

k)               The Mortgage Note and the related Mortgage are genuine and each is the legal, valid and binding obligation of the maker thereof, enforceable in accordance with its terms except as such enforcement may be limited by bankruptcy;

l)                 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;

m)               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;

n)                The Seller is the sole legal, beneficial and equitable owner of the Mortgage Note and the Mortgage and has full right to transfer and sell the Mortgage Loan to the Purchaser free and clear of any encumbrance, equity, lien, pledge, charge, claim or security interest;

o)               All parties which have had any interest in the Mortgage Loan, whether as mortgagee, assignee, pledgee or otherwise, are (or, during the period in which they held and disposed of such interest, were) in material compliance with any and all applicable “doing business” and licensing requirements of the laws of the state wherein the Mortgaged Property is located (or were otherwise exempt from such requirements under applicable law);

p)               The Mortgage Loan is covered by an American Land Title Association (“ALTA”) lender’s title insurance policy (which, in the case of an Adjustable Rate Mortgage Loan has an adjustable rate mortgage endorsement in the form of ALTA 6.0 or 6.1) acceptable to FNMA or FHLMC, issued by a title insurer acceptable to FNMA or FHLMC and qualified to do business in the jurisdiction where the Mortgaged Property is located, insuring (subject to the exceptions contained in (x)(a) and (b) above) the Seller, its successors and assigns as to the first or second (as indicated on the Mortgage Loan Schedule) priority lien of the Mortgage in the original principal amount of the Mortgage Loan and, with respect to any Adjustable Rate Mortgage Loan, against any loss by reason of the invalidity or
unenforceability of the lien resulting from the provisions of the Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly Payment.  Additionally, such lender’s title insurance policy affirmatively insures ingress and egress to and from the Mortgaged Property, and against encroachments by or upon the Mortgaged Property or any interest therein. The Seller is the sole insured of such lender’s title insurance policy, and such lender’s title insurance policy is in full force and effect and will be in full force and effect upon the consummation of the transactions contemplated by this Agreement. No claims have been made under such lender’s title insurance policy, and no prior holder of the related Mortgage, including the Seller, has done, by act or omission, anything which would impair the coverage of such lender’s title insurance policy;

 

 

q)               There is no default, breach, violation or event of acceleration existing under the Mortgage or the Mortgage Note and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration, and the Seller has not waived any default, breach, violation or event of acceleration.  With respect to each second lien mortgage loan (i) the first lien mortgage loan is in full force and effect, (ii) 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;

r)                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;

s)                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;

t)                As of the origination of the Mortgage Loan, no improvement located on the Mortgaged Property was in violation of any applicable zoning or subdivision laws or ordinances;

u)                The Mortgage Loan was originated by the Seller or by a savings and loan association, a savings bank, a commercial bank, credit union, insurance company or similar institution which is supervised and examined by a federal or state authority, or by a mortgagee approved as such by the Secretary of HUD pursuant to Section 203 and 211 of the National Housing Act;

v)                Principal payments on the Mortgage Loan commenced no more than sixty days after the proceeds of the Mortgage Loan were disbursed.  The Mortgage Loan bears interest at the Mortgage Interest Rate.  With respect to each Mortgage Loan, the Mortgage Note is payable on the first day of each month in Monthly Payments, which, other than with respect to a Balloon Mortgage Loan, in the case of a Fixed Rate Mortgage Loans, are sufficient to fully amortize the original principal balance over the original term thereof and to pay interest at the related Mortgage Interest Rate, and, in the case of an Adjustable Rate Mortgage Loan, are changed on each Adjustment Date, and in any case, are sufficient to fully amortize the original principal balance over the original term thereof and to pay interest at the
related Mortgage Interest Rate.  The Index for each Adjustable Rate Mortgage Loan is as defined in the related Confirmation.  With respect to each Balloon Mortgage Loan, the Mortgage Note requires a monthly payment which is sufficient to fully amortize the original principal balance over the original term thereof and to pay interest at the related Mortgage Interest Rate and requires a final Monthly Payment substantially greater than the preceding monthly payment which is sufficient to repay the remained unpaid principal balance of the Balloon Mortgage Loan as of the Due Date 

 

of such monthly payment.  The Mortgage Note does not permit negative amortization.  No Mortgage Loan is a Convertible Mortgage Loan;

w)               The origination and collection practices used by the Seller with respect to each Mortgage Note and Mortgage have been in all respects legal, proper, prudent and customary in the mortgage origination and servicing industry.  The Mortgage Loan has been serviced by the Seller and any predecessor servicer in accordance with the terms of the Mortgage Note.  With respect to escrow deposits and Escrow Payments, if any, all such payments are in the possession of, or under the control of, the Seller and there exist no deficiencies in connection therewith for which customary arrangements for repayment thereof have not been made. No escrow deposits or Escrow Payments or other charges or payments due the Seller have been capitalized under any Mortgage or the related Mortgage Note and no such escrow deposits
or Escrow Payments are being held by the Seller for any work on a Mortgaged Property which has not been completed;

x)                The Mortgaged Property is in good repair and is free of damage and waste and there is no proceeding pending for the total or partial condemnation thereof;

y)                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;

z)                The Mortgage Loan was underwritten in accordance with the underwriting standards of the Seller in effect at the time the Mortgage Loan was originated which underwriting standards satisfy the standards of FNMA or FHLMC; and the Mortgage Note and Mortgage are on forms acceptable to FNMA or FHLMC; 

aa)              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;

bb)             The Mortgage File contains an appraisal of the related Mortgaged Property which satisfied the standards of FNMA or FHLMC, was on appraisal form 1004 or form 2055 with an interior inspection with respect to each first lien Mortgage Loan, and on appraisal form 704, 2065 or 2055 with an exterior inspection with respect to each second lien Mortgage Loan, and was made and signed, prior to the approval of the Mortgage Loan application, by a qualified appraiser, duly appointed by the Seller, who had no interest, direct or indirect in the Mortgaged Property or in any loan made on the security thereof, whose compensation is not affected by the approval or disapproval of the Mortgage Loan and who met the minimum qualifications of FNMA or FHLMC.  Each appraisal of the Mortgage Loan was made in accordance with the 

 

relevant provisions of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989;

cc)              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;

dd)             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;

ee)              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;

ff)               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;

gg)              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;

hh)              No Mortgage Loan had an LTV or a CLTV at origination in excess of 100%. Each Mortgage Loan with an LTV or CLTV at origination in excess of 80% is and will be subject to a Primary Insurance Policy, issued by a Qualified Insurer, which insures that portion of the Mortgage Loan in excess of the portion of the Appraised Value of the Mortgaged Property required by FNMA. All provisions of such Primary Insurance Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any Mortgage subject to any such Primary Insurance Policy obligates the Mortgagor thereunder to maintain such insurance and to pay all premiums and charges in connection therewith. The Mortgage Interest Rate for the Mortgage Loan does not include any such insurance premium;

ii)                The Mortgaged Property is, to the best of the Seller’s knowledge, lawfully occupied under applicable law; all inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the same, including but not limited to certificates of occupancy, have been made or obtained from the appropriate authorities;

 

 

jj)               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;

kk)             For each Mortgage Loan that is not a MOM Loan, the Assignment of Mortgage is in recordable form except for the name of the assignee which is blank and is acceptable for recording under the laws of the jurisdiction in which the Mortgaged Property is located.  The original Mortgage was or is being recorded and, unless the Mortgage Loan is subject to the MERS System, all subsequent assignments of the original Mortgage (other than the assignment to Purchaser) have been recorded in the appropriate jurisdiction wherein such recordation is necessary to perfect the lien thereof against creditors of Seller, or is in the process of being recorded.

ll)                Any principal advances made to the Mortgagor prior to the Cut-off Date have been consolidated with the outstanding principal amount secured by the Mortgage, and the secured principal amount, as consolidated, bears a single interest rate and single repayment term. The lien of the Mortgage securing the consolidated principal amount is expressly insured as having first or second lien priority by a title insurance policy or an endorsement to the policy insuring the mortgagee’s consolidated interest. The consolidated principal amount does not exceed the original principal amount of the Mortgage Loan;

mm)            Unless otherwise set forth on the related Mortgage Loan Schedule, no Mortgage Loan has a balloon payment feature;

nn)              If the Residential Dwelling on the Mortgaged Property is a condominium unit or a unit in a planned unit development (other than a de minimis planned unit development) such condominium or planned unit development project meets the eligibility requirements of FNMA or FHLMC;

oo)             The source of the down payment with respect to each Mortgage Loan has been fully verified by the Seller;

pp)             Interest on each Mortgage Loan is calculated on the basis of a 360 day year consisting of twelve 30 day months;

qq)             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;

rr)               Seller shall, at its own expense, cause each Mortgage Loan to be covered by a Tax Service Contract which is assignable to the Purchaser or its designee; provided however, that if the Seller fails to purchase such Tax Service Contract, the Seller shall be required to reimburse the Purchaser for all costs and expenses incurred by the Purchaser in connection with the purchase of any such Tax Service Contract;

 

 

ss)              Each Mortgage Loan is covered by a Flood Zone Service Contract which is assignable to the Purchaser or its designee or, for each Mortgage Loan not covered by such Flood Zone Service Contract, the Seller agrees to purchase such Flood Zone Service Contract;

tt)               No Mortgage Loan is (a) subject to the provisions of the Homeownership and Equity Protection Act of 1994 as amended (“HOEPA”), (b) a “high cost” mortgage loan, “covered” mortgage loan or “predatory” mortgage loan or any other comparable term, no matter how defined under any federal, state or local law, (c) subject to any comparable federal, state or local statutes or regulations, or any other statute or regulation providing for heightened regulatory scrutiny or assignee liability to holders of such mortgage loans, or (d) a High Cost Loan or Covered Loan, as applicable (as such terms are defined in the current Standard & Poor’s LEVELS® Glossary Revised, Appendix E);

uu)              No predatory or deceptive lending practices, including but not limited to, the extension of credit to a mortgagor without regard for the mortgagor’s ability to repay the Mortgage Loan and the extension of credit to a mortgagor which has no apparent benefit to the mortgagor, were employed in connection with the origination of the Mortgage Loan.  Each Mortgage Loan is in compliance with the anti-predatory lending eligibility for purchase requirements of the FNMA Guides;

vv)              The debt-to-income ratio of the related Mortgagor was not greater than 60% at the origination of the related Mortgage Loan; 

ww)            No Mortgagor was required to purchase any single premium credit insurance policy (e.g., life, disability, accident, unemployment, or health insurance product) or debt cancellation agreement as a condition of obtaining the extension of credit.  No Mortgagor obtained a prepaid single premium credit insurance policy (e.g., life, disability, accident, unemployment, mortgage, or health insurance) in connection with the origination of the Mortgage Loan. No proceeds from any Mortgage Loan were used to purchase single premium credit insurance policies or debt cancellation agreements as part of the origination of, or as a condition to closing, such Mortgage Loan;

xx)              The Mortgage Loans were not selected from the outstanding one to four-family mortgage loans in the Seller’s portfolio at the related Closing Date as to which the representations and warranties set forth in this Agreement could be made in a manner so as to affect adversely the interests of the Purchaser;

yy)              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;

zz)              The Mortgage Loan complies with all applicable consumer credit statutes and regulations, including, without limitation, the respective Uniform Consumer Credit Code laws in effect in Colorado, Idaho, Indiana, Iowa, Kansas, Maine, Oklahoma, South Carolina, Utah and Wyoming (to the extent that the related Mortgaged Property is located in such state), has been originated by a properly licensed entity, and in all other respects, complies with all of the material requirements of any such applicable laws;

 

 

aaa)            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;

bbb)           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; 

ccc)            No Mortgage Loan is secured by cooperative housing, commercial property, mobile homes, manufactured housing or mixed use property;

ddd)           Except as set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans are subject to a Prepayment Charge.  For any Mortgage Loan originated prior to October 1, 2002 that is subject to a Prepayment Charge, such Prepayment Charge does not extend beyond five years after the date of origination.  For any Mortgage Loan originated on or following October 1, 2002 that is subject to a Prepayment Charge, such Prepayment Charge does not extend beyond three years after the date of origination.  With respect to any Mortgage Loan that contains a provision permitting imposition of a Prepayment Charge upon a prepayment prior to maturity: (i) prior to the Mortgage Loan’s origination, the Mortgagor agreed to such Prepayment Charge in exchange for a monetary benefit, including but not limited to a rate or fee
reduction, (ii) prior to the Mortgage Loan’s origination, the Mortgagor was offered the option of obtaining a Mortgage Loan that did not require payment of such a Prepayment Charge, (iii) the Prepayment Charge is disclosed to the Mortgagor in the loan documents pursuant to applicable state and federal law, (v) for Mortgage Loans originated on or after September 1, 2004, the duration of the Prepayment Period shall not exceed three (3) years from the date of the Mortgage Note, unless the Mortgage Loan was modified to reduce the prepayment period to no more than three years from the date of the Mortgage Note and the Mortgagor was notified in writing of such reduction in prepayment period, and (v) notwithstanding any state or federal law to the contrary, the Seller shall not impose such Prepayment Charge in any instance when the mortgage debt is accelerated as the result of the Mortgagor’s default in making the loan payments;

eee)            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;

 

 

fff)              No Mortgage Loan is secured by real property or secured  by a manufactured home located in the state of Georgia unless (x) such Mortgage Loan was originated prior to October 1, 2002 or after March 6, 2003, or (y) the property securing the Mortgage Loan is not, nor will be, occupied by the Mortgagor as the Mortgagor’s principal dwelling.  No Mortgage Loan is a “High Cost Home Loan” as defined in the Georgia Fair Lending Act, as amended (the “Georgia Act”) or  the New York Banking Law 6-1.   Each Mortgage Loan that is a “Home Loan” under the Georgia Act complies with all applicable provisions of the Georgia Act. No Mortgage Loan secured by owner occupied real property or an owner occupied manufactured home located in the State of Georgia was originated (or modified) on
or after October 1, 2002 through and including March 6, 2003;

ggg)            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;

hhh)            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;

iii)               With respect to each Mortgage Loan, the Seller has fully and accurately furnished complete information on the related borrower credit files to Equifax, Experian and Trans Union Credit Information Company, in accordance with the Fair Credit Reporting Act and its implementing regulations, on a monthly basis and the Seller for each Loan will furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information on its borrower credit files to Equifax, Experian, and Trans Union Credit  Information Company, on a monthly basis;

jjj)              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;

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 has been disclosed in writing to the Mortgagor in accordance with applicable state and federal law and regulation;

lll)               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;

mmm)         No Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan Protection Act effective October 16, 2003 (Act 1340 or 2003);

nnn)            No Mortgage Loan is a “High Cost Home Loan” as defined in the Kentucky high-cost loan statute effective June 24, 2003 (Ky. Rev. Stat. Section 360.100); 

ooo)           No Mortgage Loan secured by property located in the State of Nevada is a “home loan” as defined in the Nevada Assembly Bill No. 284;

ppp)           No Mortgage Loan is a “manufactured housing loan” or “home improvement home loan” pursuant to the New Jersey Home Ownership Act.  No Mortgage Loan is a “High-Cost Home Loan” or a refinanced “Covered Home Loan,” in each case, as defined in the New Jersey Home Ownership Act effective November 27, 2003 (N.J.S.A. 46;10B-22 et seq.);

qqq)           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); 

rrr)              No Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership and Equity protection Act;

sss)             No Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et seq.); 

ttt)              No Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et seq.);

uuu)            No Mortgage Loan originated in the City of Los Angeles is subject to the City of Los Angeles California Ordinance 175008 as a “home loan” 

vvv)            No Mortgage Loan originated in the City of Oakland is subject to the City of Oakland, California Ordinance 12361 as a “home loan”

www)         No Mortgage Loan is a “High-Cost Home Loan” as defined under the Maine House Bill 383 L.D. 494, effective as of September 13, 2003;

xxx)            No Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act, effective November 5, 2004 (Mass. Ann. Laws Ch. 183C);

 

 

yyy)            With respect to any Mortgage Loan for which a mortgage loan application was submitted by the Mortgagor after April 1, 2004, no such Mortgage Loan secured by Mortgaged Property in the State of Illinois which has a Mortgage Interest Rate in excess of 8.0% per annum has lender-imposed fees (or other charges) in excess of 3.0% of the original principal balance of the Mortgage Loan.   

zzz)             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; 

aaaa)          With respect to each MERS Mortgage Loan, Seller has not received any notice of liens or legal actions with respect to such Mortgage Loan and no such notices have been electronically posted by MERS;

bbbb)         No Mortgagor agreed to submit to arbitration to resolve any dispute arising out of or relating in any way to the Mortgage Loan transaction, and with respect to any Mortgage Loan originated on or after August 1, 2004, neither the Mortgage nor the Mortgage Note requires the Mortgagor to submit to arbitration to resolve any dispute arising out of or relating in any way to the origination of the Mortgage Loan;

cccc)          Each Mortgage Loan is eligible for sale in the secondary market or for inclusion in a Pass-Through Transfer without unreasonable credit enhancement;

dddd)         With respect to each Mortgage Loan, (i) if the related first lien provides for negative amortization, the CLTV was calculated at the maximum principal balance of such first lien that could result upon application of such negative amortization feature, and (ii) either no consent for the Mortgage Loan is required by the holder of the first lien or such consent has been obtained and is contained in the Mortgage File; 

eeee)          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; 

ffff)             The destruction of any Original Document or the inability of the Seller to produce a copy of such Original Document upon request shall not cause (i) any delay in the enforcement of the Mortgage Loan, (ii) any inability to collect all amounts due under the Mortgage Loan, including without limitation, in connection with a foreclosure or other sale of the Mortgaged Property, (iii) private institutional investors to regard the Mortgage Loan as an unacceptable investment or adversely affect the value or marketability of the Mortgage Loan, or (iv) any claims from holders of mortgage-backed securities collateralized by the Mortgage Loan.;

 

 

gggg)          With respect to each Mortgage Loan that is secured in whole or in part by the interest of the Mortgagor as a lessee under a ground lease of the related Mortgaged Property (a “Ground Lease”) and not by a fee interest in such Mortgaged Property:

hhhh)          The Mortgagor is the owner of a valid and subsisting interest as tenant under the Ground Lease;

iiii)              The Ground Lease is in full force and effect, unmodified and not supplemented by any writing or otherwise;

jjjj)             The Mortgagor is not in default under any of the terms thereof and there are no circumstances which, with the passage of time or the giving of notice or both, would constitute an event of default thereunder;

kkkk)         The lessor under the Ground Lease is not in default under any of the terms or provisions thereof on the part of the lessor to be observed or performed;

llll)              The term of the Ground Lease exceeds the maturity date of the related Mortgage Loan by at least ten years;

mmmm)      The Ground Lease or a memorandum thereof has been recorded and by its terms permits the leasehold estate to be mortgaged.  The Ground Lease grants any leasehold mortgagee standard protection necessary to protect the security of a leasehold mortgagee;

nnnn)          The Ground Lease does not contain any default provisions that could give rise to forfeiture or termination of the Ground Lease except for the non-payment of the Ground Lease rents;

oooo)         The execution, delivery and performance of the Mortgage do not require the consent (other than those consents which have been obtained and are in full force and effect) under, and will not contravene any provision of or cause a default under, the Ground Lease; 

pppp)         The Ground Lease provides that the leasehold can be transferred, mortgaged and sublet an unlimited number of times either without restriction or on payment of a reasonable fee and delivery of reasonable documentation to the lessor;

qqqq)         The Mortgagor has not commenced any action or given or received any notice for the purpose of terminating the Ground Lease;

rrrr)            No lessor, as debtor in possession or by a trustee for such lessor has give any notice of, and the Mortgagor has not consented to, any attempt to transfer the related Mortgaged Property free and clear of such Ground Lease under section 363(f) of the Bankruptcy Code; and

ssss)           No lessor is subject to any voluntary or involuntary bankruptcy, reorganization or insolvency proceeding and no Mortgaged Property is an asset in any voluntary or involuntary bankruptcy, reorganization or insolvency proceeding.

 

 

tttt)             No Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act, effective November 7, 2004 (Mass. Ann. Laws Ch. 183C);

uuuu)          No Mortgage Loan is a balloon mortgage loan that has an original stated maturity of less than seven (7) years; and

vvvv)          No Mortgage Loan is subject to mandatory arbitration except when the terms of the arbitration also contain a waiver provision that provides that in the event of a sale or transfer of the Mortgage Loan or interest in the Mortgage Loan to Fannie Mae, the terms of the arbitration are null and void.  The Seller hereby covenants that the Seller or the servicer of the Mortgage Loan, as applicable, will notify the Mortgagor in writing within 60 days of the sale or transfer of the Mortgage Loan to Fannie Mae that the terms of the arbitration are null and void.

 

 

EXHIBIT F

Representation and Warranties with Respect to the GreenPoint Mortgage Loans

 

Except for “Mortgage Loans”, which shall mean the GreenPoint Mortgage Loans sold by the Seller to the Purchaser, all capitalized terms in this Exhibit F shall have the meanings ascribed to them in the GreenPoint Servicing Agreement.

 

(i)               The information set forth in the related Mortgage Loan Schedule and the Mortgage  Loan data delivered to the Purchaser on the Data Tape is complete, true and correct in all material respects;

 

(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. No payment under the Mortgage Loan has been delinquent at any time 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 Mortgaged Property is located in the state identified in the related Mortgage Loan Schedule and is improved by a Residential Dwelling;

 

(vi)              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;

 

(vii)             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;

 

(viii)            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;

 

(ix)              Any and all requirements of any federal, state or local law including, without limitation, usury, truth in lending, real estate settlement procedures, consumer credit protection, equal credit opportunity, fair housing, disclosure laws or all predatory and abusive lending laws applicable to the origination and servicing of mortgage loans of a type similar to the Mortgage Loans have been complied with and the consummation of the transactions contemplated hereby will not involve the violation of any such laws, and the Seller shall maintain in its possession, available for the inspection of the Purchaser or its designee, and shall upon two Business Days’ request, evidence of compliance with such requirements;

 

(x)              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;

 

(xi)              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;

 

(xii)             The Mortgage Note and the related Mortgage are genuine and each is the legal, valid and binding obligation of the maker thereof, enforceable in accordance with its terms except as enforceability is limited by bankruptcy, insolvency or reorganization or other similar laws affecting the enforcement of the rights of creditors and general principals of equity, whether

enforcement is sought in a proceeding in equity or at law;

 

(xiii)            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;

 

(xiv)            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;

 

(xv)             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;

 

(xvi)            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;

 

(xvii)           The Mortgage Loan is covered by an American Land Title Association (“ALTA”) ALTA lender’s title insurance policy (which, in the case of an Adjustable Rate Mortgage Loan has an adjustable rate mortgage endorsement in the form of ALTA 6.0 or 6.1), issued by a title insurer acceptable to FNMA and FHLMC and qualified to do business in the jurisdiction where the Mortgaged Property is located, insuring (subject to the exceptions contained above in (xi)(a) and (b) and, with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) clause (d)) the Seller, its successors and assigns as to the first priority lien of the Mortgage in the original principal amount of the Mortgage Loan and, with respect to any Adjustable Rate Mortgage Loan, against any
loss by reason of the invalidity or unenforceability of the lien resulting from the provisions of the Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly Payment. Additionally, such lender’s title insurance policy affirmatively insures ingress and egress to and from the Mortgaged Property, and against encroachments by or upon the Mortgaged Property or any interest therein. The Seller is the sole insured of such  lender’s title insurance policy, and such lender’s title insurance policy is in full force and effect and will be in full force and effect upon the consummation of the transactions contemplated by this Agreement. No claims have been made under such lender’s title insurance policy, and no prior holder of the related Mortgage, including the Seller, has done, by act or omission, anything which would impair the coverage of such lender’s title insurance policy;

 

(xviii)          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;

 

(xix)            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;

 

(xx)             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;

 

(xxi)            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;

 

(xxii)           Payments on the Mortgage Loan shall commence (with respect to any newly originated Mortgage Loans) or commenced no more than sixty days after the proceeds of the Mortgage Loan were disbursed. The Mortgage Loan bears interest at the Mortgage Interest Rate. With respect to each Mortgage Loan, the Mortgage Note is payable on the first day of each month in Monthly Payments, which, (A) in the case of a Fixed Rate Mortgage Loan, are sufficient to fully amortize the original principal balance over the original term thereof and to pay interest at the related Mortgage Interest Rate, and (B) in the case of an Adjustable Rate Mortgage Loan, are changed on each Adjustment Date, and in any case, are sufficient to fully amortize the original principal balance over the original term thereof and to pay interest at the related Mortgage Interest Rate.
The Index for each Adjustable Rate Mortgage Loan is as defined in the related Mortgage Loan Schedule. With respect to each Mortgage Loan identified on the Mortgage Loan Schedule as an interest-only Mortgage Loan, the interest-only period shall not exceed the period specified on the Mortgage Loan Schedule and following the expiration of such  interest-only period, the remaining Monthly Payments shall be sufficient to fully amortize the original principal balance over the remaining term of the Mortgage Loan. The Mortgage Note does not permit negative amortization. No Mortgage Loan is a Convertible Mortgage Loan;

 

(xxiii)          The origination and collection practices used by the Seller with respect to each Mortgage Note and Mortgage have been in all respects legal, proper, prudent and customary in the mortgage origination and servicing industry. The Mortgage Loan has been serviced by the Seller and any predecessor servicer in accordance with all applicable laws, rules and regulations, the terms of the Mortgage Note and Mortgage, and the FNMA and FHLMC servicing guides.  With respect to escrow deposits and Escrow Payments (other than with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan and for which the mortgagee under the First Lien is collecting Escrow Payments (as reflected on the Mortgage Loan Schedule)), if any, all such payments are in the possession of, or under the control of, the Seller and there exist no
deficiencies in connection therewith for which customary arrangements for repayment thereof have not been made. No escrow deposits or Escrow Payments or other charges or payments due the Seller have been capitalized under any Mortgage or the related Mortgage Note and no such escrow deposits or Escrow Payments are being held by the Seller for

any work on a Mortgaged Property which has not been completed;

 

(xxiv)          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; 

 

(xxv)           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;

 

(xxvi)          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;

 

(xxvii)         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;

 

(xxviii)         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;

 

(xxix)          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;

 

(xxx)           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;

 

(xxxi)          With respect to each Buydown Mortgage Loan: (a) On or before the date of origination of such Mortgage Loan, the Seller and the Mortgagor, or the Seller, the Mortgagor and the seller of the Mortgaged Property or a third party entered into a Buydown Agreement. The Buydown Agreement provides that the seller of the Mortgaged Property (or third party) shall deliver to the Seller temporary Buydown Funds in an amount equal to the aggregate undiscounted amount of payments that, when added to the amount the Mortgagor on such Mortgage Loan is obligated to pay on each Due Date in accordance with the terms of the Buydown Agreement, is equal to the full scheduled Monthly Payment due on such Mortgage Loan. The temporary Buydown Funds enable the Mortgagor to qualify for the Buydown 

 

Mortgage Loan for the first six months of the term of such Mortgage Loan at an interest rate of not more than 1.0% less per annum than the Mortgage Interest Rate. The effective interest rate will increase in the seventh month of the Buydown Mortgage Loan so that the effective interest rate will be equal to the interest rate as set forth in the related Mortgage Note. (b) The Mortgage and Mortgage Note reflect the permanent payment terms rather than the payment terms of the Buydown Agreement. The Buydown Agreement provides for the payment by the Mortgagor of the full amount of the Monthly Payment on any Due Date that the Buydown Funds are not available. The Buydown Funds were not used to reduce the original principal balance of the Mortgage Loan or to increase the Appraised Value of the Mortgaged Property when calculating the Loan-to-Value Ratios for purposes of this Agreement and, if the Buydown Funds were
provided by the Seller and if required under Agency Guidelines, the terms of the Buydown Agreement were disclosed to the appraiser of the Mortgaged Property; (c) The Buydown Funds may not be refunded to the Mortgagor unless the Mortgagor makes a principal payment for the outstanding balance of the Mortgage Loan;  (d) No more than ___% of the Mortgage Loans, measured by unpaid principal balance as of the Cut-off Date, are Buydown Mortgage Loans; (e) As of the Cut-off Date, the Buydown Funds are 5% or less of the aggregate Stated Principal Balance of the  ortgage Loans. Each of the Buydown Mortgage Loans provide that the amount of the Buydown Funds is determined through a discounting process using a discount rate of __% and at   origination the aggregate Buydown Funds were 20% or less of the aggregate original principal balances of the Mortgage Loans; (f) As of the date of origination of the Mortgage Loan, the provisions of the related Buydown Agreement complied with the requirements of
FNMA and FHLMC regarding buydown agreements;]

 

(xxxii)         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;

 

(xxxiii)         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;

 

(xxxiv)        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;

 

(xxxv)         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;

 

(xxxvi)        With respect to any Mortgage Loan with an original Loan-to-Value Ratio greater than 80%, the Mortgage Loan will be insured by a Primary Insurance Policy, issued by a Qualified Insurer, which insures that portion of the Mortgage Loan in excess of the portion of the Appraised Value of the Mortgaged Property required by FNMA. All provisions of such Primary 

 

Insurance Policy have been and are being complied with, such policy is in full force and effect, and all premiums due there under have been paid. Any Mortgage subject to any such Primary

Insurance Policy obligates the Mortgagor there under to maintain such insurance and to pay all premiums and charges in connection therewith. The Mortgage Interest Rate for the Mortgage Loan does not include any such insurance premium. If a Mortgage Loan is identified on the

Mortgage Loan Schedule as subject to a Lender Paid Mortgage Insurance Policy, such policy insures that portion of the Mortgage Loan set forth in the LPMI Policy. All provisions of any such LPMI Policy have been and are being complied with, such policy is in full force and effect,  and all premiums due there under have been paid. The Mortgage Interest Rate for the Mortgage Loan does not include the insurance premium for any LPMI Policy; 

 

(xxxvii)        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;

 

(xxxviii)       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  imitation 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;

 

(xxxix)        Each original Mortgage was recorded and all subsequent assignments of the original Mortgage (other than the assignment to the Purchaser) have been recorded, or are in the process of being recorded, in the appropriate jurisdictions wherein such recordation is necessary to perfect the lien thereof as against creditors of the Seller. As to any Mortgage Loan which is not a MERS Mortgage Loan, the Assignment of Mortgage is in recordable form and is acceptable for recording under the laws of the jurisdiction in which the Mortgaged Property is located;

 

(xl)              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;

 

(xli)             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;

 

(xlii)            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;

 

(xliii)           Interest on each Mortgage Loan is calculated on the basis of a 360-day year consisting of twelve 30-day months;

 

(xliv)           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;

 

(xlv)            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;

 

(xlvi)           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;

 

(xlvii)          None of the Adjustable Rate Mortgage Loans include an option to convert to a Fixed Rate Mortgage Loan; 

 

(xlviii)          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;

 

(xlix)           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%;

 

(l)               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);

 

(li)               No Mortgage Loan is (a) subject to, covered by or in violation of the provisions of the Homeownership and Equity Protection Act of 1994, as amended (“HOEPA”), (b) a “high cost”, 

 

“covered”, “abusive”, “predatory”, “home loan”, “Section 10” or “high risk” mortgage loan (or a similarly designated loan using different terminology) under any federal, state or local law, or any other statute or regulation providing assignee liability to holders of such mortgage loans, or (c) subject to or in violation of any such or comparable federal, state or local statutes or regulations. No Mortgage Loan is a high cost loan or a covered loan, as applicable (as such terms are defined in Standard & Poor’s LEVELS Version 5.6 Glossary Revised, Appendix E as of the related Closing Date).

 

(lii)              Each Mortgage Loan has a valid and original Credit Score, with a minimum Credit Score as set forth in the related Commitment Letter;

 

	
            (liii)
 	
            No Mortgage Loan had an original term to maturity of more than thirty (30) years;
 

 

	
            (liv)
 	
            No Mortgagor is the obligor on more than two Mortgage Notes;
 

 

(lv)              Each Mortgage contains a provision for the acceleration of the payment of the unpaid principal balance of the related Mortgage Loan in the event the related Mortgaged Property is sold without the prior consent of the mortgagee thereunder;

 

(lvi)             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;

 

(lvii)            No Mortgage Loan originated prior to October 1, 2002 has a Prepayment Charge longer than five years after its origination;

 

(lviii)           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;

 

(lix)             With respect to any Mortgage Loan that contains a provision permitting imposition of a Prepayment Charge upon a Principal Prepayment prior to maturity: (i) prior to the Mortgage Loan’s origination, the Mortgagor agreed to such Prepayment Charge in exchange for a monetary benefit, including but not limited to a Mortgage Interest Rate or fee reduction, (ii) prior to the Mortgage Loan’s origination, the Mortgagor was offered the option of obtaining a Mortgage Loan that did not require payment of a Prepayment Charge, (iii) the Prepayment

Charge is disclosed to the Mortgagor in the Mortgage Loan Documents pursuant to applicable state and federal law, (iv) for Mortgage Loans originated on or after September 1, 2004, the

duration of the prepayment period shall not exceed three (3) years from the date of the Mortgage Note, unless the Mortgage Loan was modified to reduce the prepayment period to no more than

 

 

five years from the date of the Mortgage Note and the Mortgagor was notified in writing of such reduction in the prepayment period, and (v) notwithstanding any state or federal law to the contrary, the Seller shall not impose such Prepayment Charge in any instance when the Mortgage debt is accelerated as the result of the Mortgagor’s default in making the Monthly Payments;

 

(lx)              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;

 

(lxi)             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;

 

(lxii)            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;

 

(lxiii)           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;

 

(lxiv)           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;

 

 

(lxv)            No Mortgagor was encouraged or required to select a Mortgage Loan product offered by the Seller which is a higher cost product designed for less creditworthy borrowers, unless at the time of the related Mortgage Loan’s origination, such Mortgagor did not qualify taking into account credit history and debt to income ratios for a lower cost credit product then offered by the Seller or any affiliate of the Seller. If, at the time of the related loan application, the Mortgagor may have qualified for a lower cost credit product then offered by any mortgage lending affiliate of the Seller, the Seller referred the Mortgagor’s application to such affiliate for underwriting consideration;

 

(lxvi)           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;

 

(lxvii)          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;

 

(lxviii)          The Seller will transmit full-file credit reporting data for each Mortgage Loan pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan, Company agrees it shall report one of the following statuses each month as follows: new origination, current, delinquent (30-, 60-, 90-days, etc.), foreclosed, or charged-off; 

 

(lxix)           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;

 

(lxx)            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;

 

(lxxi)           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;

 

 

 

(lxxii)          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;

 

(lxxiii)          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;

 

(lxxiv)         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;

 

(lxxv)          No Mortgage Loan originated on or after November 7, 2004 secured by a Mortgaged Property located in the State of Massachusetts is a Refinanced Mortgage Loan, or such Mortgage Loan is in the "borrower's interest," as documented by a "borrower's interest worksheet" for the particular Mortgage Loan, which worksheet incorporates the factors set forth in Massachusetts House Bill 4880 (2004) and the regulations promulgated thereunder for determining "borrower's interest," and otherwise complies in all material respects with the laws of the Commonwealth of Massachusetts;

 

(lxxvi)         The Mortgage Loan Documents and any other documents required to be delivered with respect to each Mortgage Loan have been delivered to the Purchaser all in compliance with the specific requirements of this Agreement.

 

 

EXHIBIT 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 G shall have the meanings ascribed to them in the Ameriquest Servicing Agreement.

 

a)                  The information set forth in the Mortgage Loan Schedule is complete, true and correct as of the related Cut-off Date;

 

b)                  As of the Closing Date, the Mortgage Loan is in compliance with all requirements set forth in the Confirmation;

 

c)                  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;

 

d)                  As of the related Closing Date, there are no delinquent taxes or insurance premiums affecting the related Mortgaged Property;

 

e)                  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;

 

f)                   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;

 

g)                  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;

 

h)                  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;

 

i)                   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;

 

j)                   The Mortgage creates a valid first lien, in the related Mortgaged Property as reflected on the Mortgage Loan Schedule; 

 

k)                  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

l)                   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;

 

m)                 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;

 

n)                  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;

 

o)                  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; 

 

p)                  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;

 

q)                  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;

 

 

 

r)                   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.

 

s)                   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;

 

t)                   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.

 

u)                  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; 

 

v)                  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;

 

w)                 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;

 

x)                  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;

 

y)                  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;

 

z)                   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;

 

aa)                 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;

 

bb)                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;

 

cc)                 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;

 

dd)                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;

 

ee)                 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;

 

ff)                  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;

 

gg)                 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;

 

hh)                 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;

 

 

ii)                   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;

 

jj)                  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;

 

kk)                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;

 

	
            ll)
 	
            No Mortgage Loan has a balloon payment feature;
 

 

mm)               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;

 

nn)                 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;

 

oo)                Each Mortgage Loan constitutes a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code;

 

pp)                As of the related Closing Date, no Mortgage Loan has an LTV of more than 95%;

 

qq)                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;

 

 

rr)                  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;

 

ss)                 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;

 

tt)                  All cash-out Mortgage Loans secured by real property in the state of Texas shall be made in accordance with Texas law; 

 

uu)                 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);

 

vv)                 No Mortgage Loan is a “covered home loan” pursuant to the New Jersey Home Ownership Security Act of 2002;

 

ww)               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;

 

 

xx)                 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;

 

yy)                 As of the related Closing Date, the Mortgaged Property is being primarily used as a Residential Dwelling for residential purposes;

 

zz)                 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;

 

aaa)               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;

 

bbb)              The Mortgage Loans conform in all material respects to the Underwriting Guidelines;

 

ccc)               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;

 

ddd)              No proceeds from any Mortgage Loan were used to finance single premium credit insurance policies;

 

eee)               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;

 

fff)                 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;

 

ggg)               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);

 

hhh)               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;

 

iii)                  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; 

jjj)                 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;

 

kkk)              The Company has materially complied with all applicable antimony laundering laws and regulations, including without limitation the USA Patriot Act of 2001;

 

lll)                  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; 

 

mmm)            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;

 

nnn)               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.

 

ooo)              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;

 

ppp)              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 August 1, 2005, 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 2005-5

	
             
 	
            Re:
 	
            
Citigroup Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates, Series 2005-5, 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 August 1, 2005, 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 2005-5

	
             
 	
            Re:
 	
            
Citigroup Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates, Series 2005-5, 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 August 1, 2005, among Citigroup Mortgage Loan Trust Inc. as depositor, CitiMortgage, Inc. as master servicer and trust administrator, Citibank, N.A. as paying agent, certificate registrar and authenticating agent and U.S. Bank National Association as Trustee, pursuant to which the Certificates were issued.

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            [TRANSFEREE]
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name:
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:
 	
             
 
															

 

 

 

 

ANNEX 1 TO EXHIBIT F

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees Other Than Registered Investment Companies]

The undersigned hereby certifies as follows to [name of Transferor] (the “Transferor”) and U.S. Bank National Association, as Trustee, with respect to the mortgage pass-through certificates (the “Certificates”) described in the Transferee Certificate to which this certification relates and to which this certification is an Annex:

	
             
 	
            1.
 	
            As indicated below, the undersigned is the President, Chief Financial Officer, Senior Vice President or other executive officer of the entity purchasing the Certificates (the “Transferee”).
 
	
             
 	
             
 	
             
 
	
             
 	
            2.
 	
            In connection with purchases by the Transferee, the Transferee is a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933 (“Rule 144A”) because (i) the Transferee owned and/or invested on a discretionary basis $______________________1 in securities (except for the excluded securities referred to below) as of the end of the Transferee's most recent fiscal year (such amount being calculated in accordance with Rule 144A) and (ii) the Transferee satisfies the criteria in the category marked below.
 
	
             
 	
             
 	
             
 
	
             
 	
            ___
 	
            CORPORATION, ETC. The Transferee is a corporation (other than a bank, savings and loan association or similar institution), Massachusetts or similar business trust, partnership, or any organization described in Section 501(c)(3) of the Internal Revenue Code of 1986.
 
	
             
 	
             
 	
             
 
	
             
 	
            ___
 	
            BANK. The Transferee (a) is a national bank or banking institution organized under the laws of any State, territory or the District of Columbia, the business of which is substantially confined to banking and is supervised by the State or territorial banking commission or similar official or is a foreign bank or equivalent institution, and (b) has an audited net worth of at least $25,000,000 as demonstrated in its latest annual financial statements, a copy of which is attached hereto.
 
	
             
 	
             
 	
             
 
	
             
 	
            ___
 	
            SAVINGS AND LOAN. The Transferee (a) is a savings and loan association, building and loan association, cooperative bank, homestead association or similar institution, which is supervised and examined by a State or Federal authority having supervision over any such institutions or is a foreign savings and loan association or equivalent institution and (b) has an audited net worth of at least
 
	
             
 	
             
 	
             
 

 

 

_________________________

1           Transferee must own and/or invest on a discretionary basis at least $100,000,000 in securities unless Transferee is a dealer, and, in that case, Transferee must own and/or invest on a discretionary basis at least $10,000,000 in securities. $25,000,000 as demonstrated in its latest annual financial statements, A COPY OF WHICH IS ATTACHED HERETO.

 

 

 

 

	
             
 	
            ___
 	
            BROKER-DEALER. The Transferee is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934.
 
	
             
 	
             
 	
             
 
	
             
 	
            ___
 	
            INSURANCE COMPANY. The Transferee is an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a State, territory or the District of Columbia.
 
	
             
 	
             
 	
             
 
	
             
 	
            ___
 	
            STATE OR LOCAL PLAN. The Transferee is a plan established and maintained by a State, its political subdivisions, or any agency or instrumentality of the State or its political subdivisions, for the benefit of its employees.
 
	
             
 	
             
 	
             
 
	
             
 	
            ___
 	
            ERISA PLAN. The Transferee is an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974.
 
	
             
 	
             
 	
             
 
	
             
 	
            ___
 	
            INVESTMENT ADVISOR. The Transferee is an investment advisor registered under the Investment Advisers Act of 1940.
 
	
             
 	
             
 	
             
 
	
             
 	
            3.
 	
            The term “SECURITIES” as used herein DOES NOT INCLUDE (i) securities of issuers that are affiliated with the Transferee, (ii) securities that are part of an unsold allotment to or subscription by the Transferee, if the Transferee is a dealer, (iii) securities issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank deposit notes and certificates of deposit, (v) loan participations, (vi) repurchase agreements, (vii) securities owned but subject to a repurchase agreement and (viii) currency, interest rate and commodity swaps.
 
	
             
 	
             
 	
             
 
	
             
 	
            4.
 	
            For purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Transferee, the Transferee used the cost of such securities to the Transferee and did not include any of the securities referred to in the preceding paragraph. Further, in determining such aggregate amount, the Transferee may have included securities owned by subsidiaries of the Transferee, but only if such subsidiaries are consolidated with the Transferee in its financial statements prepared in accordance with generally accepted accounting principles and if the investments of such subsidiaries are managed under the Transferee's direction. However, such securities were not included if the Transferee is a majority-owned, consolidated subsidiary of another enterprise and the Transferee is not itself a
reporting company under the Securities Exchange Act of 1934.
 
	
             
 	
             
 	
             
 
	
             
 	
            5.
 	
            The Transferee acknowledges that it is familiar with Rule 144A and understands that the Transferor and other parties related to the Certificates are relying and will continue to rely on the statements made herein because one or more sales to the Transferee may be in reliance on Rule 144A.
 

 

	
            ___
 Yes
 	
            ___
 No
 	
            Will the Transferee be purchasing the Certificates only for the Transferee's own account?
 

 

 

 

 

	
             
 	
            6.
 	
            If the answer to the foregoing question is “no”, the Transferee agrees that, in connection with any purchase of securities sold to the Transferee for the account of a third party (including any separate account) in reliance on Rule 144A, the Transferee will only purchase for the account of a third party that at the time is a “qualified institutional buyer” within the meaning of Rule 144A. In addition, the Transferee agrees that the Transferee will not purchase securities for a third party unless the Transferee has obtained a current representation letter from such third party or taken other appropriate steps contemplated by Rule 144A to conclude that such third party independently meets the definition of “qualified institutional buyer” set forth in Rule 144A.
 
	
             
 	
             
 	
             
 
	
             
 	
            7.
 	
            The Transferee will notify each of the parties to which this certification is made of any changes in the information and conclusions herein. Until such notice is given, the Transferee's purchase of the Certificates will constitute a reaffirmation of this certification as of the date of such purchase. In addition, if the Transferee is a bank or savings and loan as provided above, the Transferee agrees that it will furnish to such parties updated annual financial statements promptly after they become available.
 

 

Dated:

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Print Name of Transferee
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name:
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:
 	
             
 
												

 

 

 

 

 

ANNEX 2 TO EXHIBIT F

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees That Are Registered Investment Companies]

The undersigned hereby certifies as follows to [name of Transferor] (the “Transferor”) and U.S. Bank National Association, as Trustee, with respect to the mortgage pass- through certificates (the “Certificates”) described in the Transferee Certificate to which this certification relates and to which this certification is an Annex:

1.          As indicated below, the undersigned is the President, Chief Financial Officer or Senior Vice President of the entity purchasing the Certificates (the “Transferee”) or, if the Transferee is a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933 (“Rule 144A”) because the Transferee is part of a Family of Investment Companies (as defined below), is such an officer of the investment adviser (the “Adviser”).

2.          In connection with purchases by the Transferee, the Transferee is a “qualified institutional buyer” as defined in Rule 144A because (i) the Transferee is an investment company registered under the Investment Company Act of 1940, and (ii) as marked below, the Transferee alone, or the Transferee's Family of Investment Companies, owned at least $100,000,000 in securities (other than the excluded securities referred to below) as of the end of the Transferee's most recent fiscal year. For purposes of determining the amount of securities owned by the Transferee or the Transferee's Family of Investment Companies, the cost of such securities was used.

____     The Transferee owned $___________________ in securities (other than the excluded securities referred to below) as of the end of the Transferee's most recent fiscal year (such amount being calculated in accordance with Rule 144A).

____     The Transferee is part of a Family of Investment Companies which owned in the aggregate $______________ in securities (other than the excluded securities referred to below) as of the end of the Transferee's most recent fiscal year (such amount being calculated in accordance with Rule 144A).

3.          The term “FAMILY OF INVESTMENT COMPANIES” as used herein means two or more registered investment companies (or series thereof) that have the same investment adviser or investment advisers that are affiliated (by virtue of being majority owned subsidiaries of the same parent or because one investment adviser is a majority owned subsidiary of the other).

4.          The term “SECURITIES” as used herein does not include (i) securities of issuers that are affiliated with the Transferee or are part of the Transferee's Family of Investment Companies, (ii) securities issued or guaranteed by the U.S. or any instrumentality thereof, (iii) bank deposit notes and certificates of deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities owned but subject to a repurchase agreement and (vii) currency, interest rate and commodity swaps.

5.          The Transferee is familiar with Rule 144A and understands that the parties to which this certification is being made are relying and will continue to rely on the statements made herein 

 

because one or more sales to the Transferee will be in reliance on Rule 144A. In addition, the Transferee will only purchase for the Transferee's own account.

6.          The undersigned will notify the parties to which this certification is made of any changes in the information and conclusions herein. Until such notice, the Transferee's purchase of the Certificates will constitute a reaffirmation of this certification by the undersigned as of the date of such purchase.

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Dated:
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Print Name of Transferee or Advisor
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name:
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            IF AN ADVISER:
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Print Name of Transferee
 
										

 

 

 

 

FORM OF TRANSFEREE REPRESENTATION LETTER

The undersigned hereby certifies on behalf of the purchaser named below (the “Purchaser”) as follows:

	
            1.
 	
            I am an executive officer of the Purchaser.
 

	
            2.
 	
            The Purchaser is a “qualified institutional buyer”, as defined in Rule 144A, (“Rule 144A”) under the Securities Act of 1933, as amended.
 
	
            3.
 	
            As of the date specified below (which is not earlier than the last day of the Purchaser's most recent fiscal year), the amount of “securities”, computed for purposes of Rule 144A, owned and invested on a discretionary basis by the Purchaser was in excess of $100,000,000.
 

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name of Purchaser
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name:
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Date of this certificate:
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Date of information provided in paragraph 3
 
										

 

 

 

 

 

 

 

EXHIBIT F-2

 

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 2005-5,  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 remains 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:

1.          I am a ____________________ of ____________________________ (the “Owner”), a corporation duly organized and existing under the laws of ______________, on behalf of whom I make this affidavit.

2.          The Owner is not transferring the Class R Certificates (the “Residual Certificates”) to impede the assessment or collection of any tax.

3.          The Owner has no actual knowledge that the Person that is the proposed transferee (the “Purchaser”) of the Residual Certificates: (i) has insufficient assets to pay any taxes owed by such proposed transferee as holder of the Residual Certificates; (ii) may become insolvent or subject to a bankruptcy proceeding for so long as the Residual Certificates remain outstanding and (iii) is not a Permitted Transferee.

4.          The Owner understands that the Purchaser has delivered to the Trustee a transfer affidavit and agreement in the form attached to the Pooling and Servicing Agreement as Exhibit F-2.  The Owner does not know or believe that any representation contained therein is false.

5.          At the time of transfer, the Owner has conducted a reasonable investigation of the financial condition of the Purchaser as contemplated by Treasury Regulations Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Owner has determined that the Purchaser has historically paid its debts as they became due and has found no significant evidence to indicate that the Purchaser will not continue to pay its debts as they become due in the future. The Owner understands that the transfer of a Residual Certificate may not be respected for United States income tax purposes (and the Owner may continue to be liable for United States income taxes associated therewith) unless the Owner has conducted such an investigation.

6.          Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Pooling and Servicing Agreement.

 

 

IN WITNESS WHEREOF, the Owner has caused this instrument to be executed on its behalf, pursuant to the authority of its Board of Directors, by its [Vice] President, attested by its [Assistant] Secretary, this ____ day of ___________, 20__.

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            [OWNER]
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name:        
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:    [Vice] President
 

 

 

ATTEST:

By:______________________________

Name:

	
            Title:
 	
            [Assistant] Secretary
 

 

Personally appeared before me the above-named , known or proved to me to be the same person who executed the foregoing instrument and to be a [Vice] President of the Owner, and acknowledged to me that [he/she] executed the same as [his/her] free act and deed and the free act and deed of the Owner.

Subscribed and sworn before me this ____ day of __________, 20___.

	
             
 	
            
 
 
 
	
             
 	
            Notary Public
 
	
             
 	
             
 
	
             
 	
            County of __________________
 
	
             
 	
             
 
	
             
 	
            State of ___________________
 
	
             
 	
             
 
	
             
 	
            My Commission expires:
 

 

 

 

 

EXHIBIT G

FORM OF CERTIFICATION WITH RESPECT TO ERISA AND THE CODE

[Date]

Citigroup, N.A.

388 Greenwich St

New York, NY 10013

Attention: CMLTI, Series 2005-5

	
             
 	
            Re:
 	
            
Citigroup Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates, Series 2005-5, Class ___
 
 

 

Dear Sirs:

_______________________ (the “Transferee”) intends to acquire from _____________________ (the “Transferor”) $____________ Initial Certificate Principal Balance of Citigroup Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates, Series 2005-5, Class I- [B-4] [B-5] [B-6] [R], II-[B-4] [B-5] [B-6] [R] or III-[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 [___], 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,
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
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            Name:
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:
 

 

 

 

 

EXHIBIT H

FORM OF MASTER SERVICER CERTIFICATION

	
             
 	
            Re:
 	
            
Citigroup Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates, Series 2005-5
 
 

 

I, [identify the certifying individual], certify that:

1.          I have reviewed the information required to be provided to the Trustee by the Master Servicer pursuant to the Pooling and Servicing Agreement (the “Servicing Information”);

2.          Based on my knowledge, the Servicing Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;

3.          Based on my knowledge, the Servicing Information required to be provided to the Trustee by the Master Servicer has been provided as required under the Pooling and Servicing Agreement;

4.          I am responsible for reviewing the activities performed by the Master Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance review required under the Pooling and Servicing Agreement, and except as disclosed by written notice to the Trustee or in the annual compliance statement or certified public accountant's report required to be delivered to the Trustee in accordance with the terms of the Pooling and Servicing Agreement (which has been so delivered to the Trustee), the Master Servicer has, for the period covered by the Form 10-K Annual Report, fulfilled its obligations under the Pooling and Servicing Agreement; and

5.          The Master Servicer has disclosed to its certified public accountants and the Depositor all significant deficiencies relating to the Master Servicer's compliance with the minimum servicing standards in accordance with a review conducted in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the Pooling and Servicing Agreement.

 

 

Capitalized terms used but not defined herein have the meanings ascribed to them in the Pooling and Servicing Agreement, dated [___] (the “Pooling and Servicing Agreement”), among the Depositor as depositor, CitiMortgage, Inc. as master servicer and trust administrator, Citibank, N.A. as paying agent, certificate registrar and authenticating agent and U.S. Bank National Association as trustee.

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            CITIMORTGAGE, INC.
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
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            Name:        
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:                   
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Date:                
 

 

 

 

 

SCHEDULE 1

MORTGAGE LOAN SCHEDULE

[FILED BY PAPER]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}]]