Document:

Unassociated Document

    Exhibit
      4.1

     

     

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    Depositor

     

    

    WELLS
      FARGO BANK, N.A.

    JPMORGAN
      CHASE BANK, NATIONAL ASSOCIATION

    OCWEN
      LOAN SERVICING, LLC 

    COUNTRYWIDE
      HOME LOANS SERVICING LP

    Servicers

    

    CITIBANK,
      N.A.

    Trust
      Administrator

    

     

    and

    

     

    U.S.
      BANK
      NATIONAL ASSOCIATION

    Trustee

     

    _________________________________________

    

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of December 1, 2006

     

    _________________________________________

     

    Asset-Backed
      Pass-Through Certificates

     

    Series
      2006-HE3

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    

    TABLE
      OF CONTENTS

     

    
      	
              ARTICLE
                I 

            	
              DEFINITIONS

            
	
              SECTION
                1.01

            	
              Defined
                Terms.

            
	
              SECTION
                1.02

            	
              Allocation
                of Certain Interest Shortfalls.

            
	 	 
	
              ARTICLE
                II 

            	
              CONVEYANCE
                OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

            
	
              SECTION
                2.01

            	
              Conveyance
                of Mortgage Loans.

            
	
              SECTION
                2.02

            	
              Acceptance
                of the Trust Fund by the Trustee.

            
	
              SECTION
                2.03

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

            
	
              SECTION
                2.04

            	
              [Reserved].

            
	
              SECTION
                2.05

            	
              Representations,
                Warranties and Covenants of the Servicers.

            
	
              SECTION
                2.06

            	
              Issuance
                of the Certificates.

            
	
              SECTION
                2.07

            	
              Authorization
                to Enter into Interest Rate Cap Agreement

            
	
              SECTION
                2.08

            	
              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

            	
              Servicer
                to Act as Servicer.

            
	
              SECTION
                3.02

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

            
	
              SECTION
                3.03

            	
              Successor
                Sub-Servicers.

            
	
              SECTION
                3.04

            	
              Liability
                of the 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 Trust
                Administrator.

            
	
              SECTION
                3.07

            	
              Collection
                of Certain Mortgage Loan Payments.

            
	
              SECTION
                3.08

            	
              Sub-Servicing
                Accounts.

            
	
              SECTION
                3.09

            	
              Collection
                of Taxes 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

            	
              [Reserved].

            
	
              SECTION
                3.14

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

            
	
              SECTION
                3.15

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

            
	
              SECTION
                3.16

            	
              Realization
                Upon Defaulted Mortgage Loans.

            
	
              SECTION
                3.17

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            
	
              SECTION
                3.18

            	
              Servicing
                Compensation.

            
	
              SECTION
                3.19

            	
              Reports
                to the Trust Administrator; Collection Account
                Statements.

            
	
              SECTION
                3.20

            	
              Statement
                as to Compliance.

            
	
              SECTION
                3.21

            	
              Assessments
                of Compliance and Attestation Reports.

            
	
              SECTION
                3.22

            	
              Access
                to Certain Documentation.

            
	
              SECTION
                3.23

            	
              Title,
                Management and Disposition of REO Property.

            
	
              SECTION
                3.24

            	
              Obligations
                of the Servicer in Respect of Prepayment Interest
                Shortfalls.

            
	
              SECTION
                3.25

            	
              Obligations
                of the Servicer in Respect of Monthly Payments.

            
	
              SECTION
                3.26

            	
              Advance
                Facility.

            
	
              SECTION
                3.27

            	
              Transfer
                of Servicing for Certain Mortgage Loans.

            
	
              SECTION
                3.28

            	
              PMI
                Policy; Claims Under the PMI Policy.

            
	 	 
	
              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

            	
              Net
                WAC Rate Carryover Reserve Account.

            
	
              SECTION
                4.07

            	
              Commission
                Reporting.

            
	
              SECTION
                4.08

            	
              Cap
                Account.

            
	
              SECTION
                4.09

            	
              Collateral
                Account.

            
	
              SECTION
                4.10

            	
              Rights
                and Obligations Under the Interest Rate Cap Agreement.

            
	 	 
	
              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 SERVICERS

            
	
              SECTION
                6.01

            	
              Liability
                of the Depositor and the Servicers.

            
	
              SECTION
                6.02

            	
              Merger
                or Consolidation of the Depositor or the Servicers.

            
	
              SECTION
                6.03

            	
              Limitation
                on Liability of the Depositor, the Servicers and
                Others.

            
	
              SECTION
                6.04

            	
              Limitation
                on Resignation of the Servicers.

            
	
              SECTION
                6.05

            	
              Rights
                of the Depositor in Respect of the Servicers.

            
	
              SECTION
                6.06

            	
              Duties
                of the Credit Risk Manager.

            
	
              SECTION
                6.07

            	
              Limitation
                Upon Liability of the Credit Risk Manager.

            
	
              SECTION
                6.08

            	
              Removal
                of the Credit Risk Manager.

            
	 	 
	
              ARTICLE
                VII 

            	
              DEFAULT

            
	
              SECTION
                7.01

            	
              Servicer
                Events of Default.

            
	
              SECTION
                7.02

            	
              Trust
                Administrator or Trustee to Act; Appointment of
                Successor.

            
	
              SECTION
                7.03

            	
              Notification
                to Certificateholders.

            
	
              SECTION
                7.04

            	
              Waiver
                of Servicer Events of Default.

            
	 	 
	
              ARTICLE
                VIII 

            	
              CONCERNING
                THE TRUSTEE aND THE TRUST ADMINISTRATOR

            
	
              SECTION
                8.01

            	
              Duties
                of Trustee and Trust Administrator.

            
	
              SECTION
                8.02

            	
              Certain
                Matters Affecting the Trustee and the Trust
                Administrator.

            
	
              SECTION
                8.03

            	
              Neither
                the Trustee nor Trust Administrator Liable for Certificates or Mortgage
                Loans.

            
	
              SECTION
                8.04

            	
              Trustee
                and Trust Administrator May Own Certificates.

            
	
              SECTION
                8.05

            	
              Trustee’s,
                Trust Administrator’s and Custodians’ Fees and
                Expenses.

            
	
              SECTION
                8.06

            	
              Eligibility
                Requirements for Trustee and Trust Administrator.

            
	
              SECTION
                8.07

            	
              Resignation
                and Removal of the Trustee and the Trust Administrator.

            
	
              SECTION
                8.08

            	
              Successor
                Trustee or Trust Administrator.

            
	
              SECTION
                8.09

            	
              Merger
                or Consolidation of Trustee or Trust Administrator.

            
	
              SECTION
                8.10

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            
	
              SECTION
                8.11

            	
              [Reserved].

            
	
              SECTION
                8.12

            	
              Appointment
                of Office or Agency.

            
	
              SECTION
                8.13

            	
              Representations
                and Warranties.

            
	
              SECTION
                8.14

            	
              [Reserved].

            
	
              SECTION
                8.15

            	
              No
                Trustee or Trust Administrator Liability for Actions or Inactions
                of
                Custodians.

            
	
              SECTION
                8.16

            	
              Email
                Communications.

            
	 	 
	
              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

            	
              Servicer,
                Trustee and Trust Administrator Indemnification.

            
	 	 
	
              ARTICLE
                XI 

            	
              MISCELLANEOUS
                PROVISIONS

            
	
              SECTION
                11.01

            	
              Amendment.

            
	
              SECTION
                11.02

            	
              Recordation
                of Agreement; Counterparts.

            
	
              SECTION
                11.03

            	
              Limitation
                on Rights of Certificateholders.

            
	
              SECTION
                11.04

            	
              Governing
                Law.

            
	
              SECTION
                11.05

            	
              Notices.

            
	
              SECTION
                11.06

            	
              Severability
                of Provisions.

            
	
              SECTION
                11.07

            	
              Notice
                to Rating Agencies.

            
	
              SECTION
                11.08

            	
              Article
                and Section References.

            
	
              SECTION
                11.09

            	
              Grant
                of Security Interest.

            
	
              SECTION
                11.10

            	
              Third
                Party Rights.

            
	
              SECTION
                11.11

            	
              Intention
                of the Parties and Interpretation.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Exhibits

            	 
	
              Exhibit
                A-1

            	
              Form
                of Class A-1 Certificate

            
	
              Exhibit
                A-2 

            	
              Form
                of Class A-2A Certificate

            
	
              Exhibit
                A-3 

            	
              Form
                of Class A-2B Certificate

            
	
              Exhibit
                A-4 

            	
              Form
                of Class A-2C Certificate

            
	
              Exhibit
                A-5 

            	
              Form
                of Class A-2D Certificate

            
	
              Exhibit
                A-6

            	
              Form
                of Class M-1 Certificate

            
	
              Exhibit
                A-7

            	
              Form
                of Class M-2 Certificate

            
	
              Exhibit
                A-8

            	
              Form
                of Class M-3 Certificate

            
	
              Exhibit
                A-9

            	
              Form
                of Class M-4 Certificate

            
	
              Exhibit
                A-10

            	
              Form
                of Class M-5 Certificate

            
	
              Exhibit
                A-11

            	
              Form
                of Class M-6 Certificate

            
	
              Exhibit
                A-12

            	
              Form
                of Class M-7 Certificate

            
	
              Exhibit
                A-13

            	
              Form
                of Class M-8 Certificate

            
	
              Exhibit
                A-14

            	
              Form
                of Class M-9 Certificate

            
	
              Exhibit
                A-15

            	
              Form
                of Class M-10 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 and 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-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
                (other
                than JP Morgan and Countrywide)

            
	
              Exhibit
                H-4

            	
              Form
                of Certification to be provided to the Depositor by
                JPMorgan

            
	
              Exhibit
                H-5

            	
              Form
                of Certification to be provided to the Depositor by
                Countrywide

            
	
              Exhibit
                I

            	
              Form
                of Interest Rate Cap Agreement

            
	
              Exhibit
                J

            	
              Form
                of Cap Administration Agreement

            
	
              Exhibit
                K

            	
              Form
                of PMI Policy

            
	 	 
	
              Schedule
                1

            	
              Mortgage
                Loan Schedule

            
	
              Schedule
                2

            	
              Prepayment
                Charge Schedule

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    This
      Pooling and Servicing Agreement, is dated and effective as of December 1, 2006,
      among CITIGROUP MORTGAGE LOAN TRUST INC., as Depositor, WELLS FARGO BANK, N.A.,
      JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, OCWEN
      LOAN SERVICING, LLC
      and
      COUNTRYWIDE HOME LOANS SERVICING LP as Servicers, 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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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, the Cap Administration Agreement
      and
      the Interest Rate Cap Agreement) 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.

     

    
      	
              Designation

            	
              REMIC
                I

              Remittance
                Rate

            	
              Initial

              Uncertificated
                Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              I-LTAA

            	
              (2)

            	
              $362,053,614.41

            	
              December
                2036

            
	
              I-LTA1

            	
              (2)

            	
              $   
                1,106,355.00

            	
              December
                2036

            
	
              I-LTA2A

            	
              (2)

            	
              $      
                949,710.00

            	
              December
                2036

            
	
              I-LTA2B

            	
              (2)

            	
              $      
                383,935.00

            	
              December
                2036

            
	
              I-LTA2C

            	
              (2)

            	
              $      
                290,795.00

            	
              December
                2036

            
	
              I-LTA2D

            	
              (2)

            	
              $      
                206,270.00

            	
              December
                2036

            
	
              I-LTM1

            	
              (2)

            	
              $      
                134,845.00

            	
              December
                2036

            
	
              I-LTM2

            	
              (2)

            	
              $      
                127,455.00

            	
              December
                2036

            
	
              I-LTM3

            	
              (2)

            	
              $        
                70,195.00

            	
              December
                2036

            
	
              I-LTM4

            	
              (2)

            	
              $        
                66,500.00

            	
              December
                2036

            
	
              I-LTM5

            	
              (2)

            	
              $        
                59,110.00

            	
              December
                2036

            
	
              I-LTM6

            	
              (2)

            	
              $        
                49,875.00

            	
              December
                2036

            
	
              I-LTM7

            	
              (2)

            	
              $        
                48,030.00

            	
              December
                2036

            
	
              I-LTM8

            	
              (2)

            	
              $        
                27,705.00

            	
              December
                2036

            
	
              I-LTM9

            	
              (2)

            	
              $        
                48,030.00

            	
              December
                2036

            
	
              I-LTM10

            	
              (2)

            	
              $        
                44,335.00

            	
              December
                2036

            
	
              I-LTZZ

            	
              (2)

            	
              $   
                3,775,704.27

            	
              December
                2036

            
	
              I-LTP

            	
              (2)

            	
              $             
                100.00

            	
              December
                2036

            
	
              I-LT1SUB

            	
              (2)

            	
              $          
                5,705.77

            	
              December
                2036

            
	
              I-LT1GRP

            	
              (2)

            	
              $         27,832.88

            	
              December
                2036

            
	
              I-LT2SUB

            	
              (2)

            	
              $          
                9,441.42

            	
              December
                2036

            
	
              I-LT2GRP

            	
              (2)

            	
              $        
                46,055.62

            	
              December
                2036

            
	
              I-LTXX

            	
              (2)

            	
              $369,353,427.99

            	
              December
                2036

            

    

    _______________

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

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      II

    

    As
      provided herein, the Trust Administrator will elect to treat the segregated
      pool
      of assets consisting of the REMIC I Regular Interests 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.

     

    
      	
              Designation

            	
              Pass-Through
                Rate

            	
              Initial
                Aggregate Certificate Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                A-1

            	
              Variable(2)

            	
              $221,271,000.00

            	
              December
                2036

            
	
              Class
                A-2A

            	
              Variable(2)

            	
              $189,942,000.00

            	
              December
                2036

            
	
              Class
                A-2B

            	
              Variable(2)

            	
              $ 
                76,787,000.00

            	
              December
                2036

            
	
              Class
                A-2C

            	
              Variable(2)

            	
              $ 
                58,159,000.00

            	
              December
                2036

            
	
              Class
                A-2D

            	
              Variable(2)

            	
              $ 
                41,254,000.00

            	
              December
                2036

            
	
              Class
                M-1

            	
              Variable(2)

            	
              $ 
                26,969,000.00

            	
              December
                2036

            
	
              Class
                M-2

            	
              Variable(2)

            	
              $ 
                25,491,000.00

            	
              December
                2036

            
	
              Class
                M-3

            	
              Variable(2)

            	
              $ 
                14,039,000.00

            	
              December
                2036

            
	
              Class
                M-4

            	
              Variable(2)

            	
              $ 
                13,300,000.00

            	
              December
                2036

            
	
              Class
                M-5

            	
              Variable(2)

            	
              $ 
                11,822,000.00

            	
              December
                2036

            
	
              Class
                M-6

            	
              Variable(2)

            	
              $   
                9,975,000.00

            	
              December
                2036

            
	
              Class
                M-7

            	
              Variable(2)

            	
              $   
                9,606,000.00

            	
              December
                2036

            
	
              Class
                M-8

            	
              Variable(2)

            	
              $   
                5,541,000.00

            	
              December
                2036

            
	
              Class
                M-9

            	
              Variable(2)

            	
              $    9,606,000.00

            	
              December
                2036

            
	
              Class
                M-10

            	
              Variable(2)

            	
              $   
                8,867,000.00

            	
              December
                2036

            
	
              Class
                CE Interest

            	
              Variable(3)

            	
              $ 
                16,255,927.37

            	
              December
                2036

            
	
              Class
                P Interest

            	
              N/A(4)

            	
              $             
                100.00

            	
              December
                2036

            

    

    _______________

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

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

    (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.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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.

     

    

    
      	
              Designation

            	
              Pass-Through
                Rate

            	
              Initial
                Aggregate Certificate Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                CE Certificates

            	
              Variable(2)

            	
              $16,255,927.37

            	
              December
                2036

            

    

    _______________

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

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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.

     

    

    
      	
              Designation

            	
              Pass-Through
                Rate

            	
              Initial
                Aggregate Certificate Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                P Certificates

            	
              Variable(2)

            	
              $100.00

            	
              December
                2036

            

    

    _______________

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

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

     

    As
      of the
      Cut-off Date, the Group I Mortgage Loans had an aggregate Stated Principal
      Balance equal to $278,328,784.18 and the Group II Mortgage Loans had an
      aggregate Stated Principal Balance equal to $460,556,243.19.

     

    In
      consideration of the mutual agreements herein contained, the Depositor, the
      Servicers, the Trust Administrator 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 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 (excepting therefrom, if applicable, recording information
      which
      has not been returned by the applicable recording office), 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
      related 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
      during the Due Period relating to such Distribution Date and received by each
      Servicer (or by a Sub-Servicer on their behalf) on or prior to the related
      Determination Date, after deduction of the Servicing Fee, the Credit Risk
      Manager Fee and the PMI Insurer 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 each Servicer during the related Prepayment Period
      (exclusive of any Prepayment Interest Excess), (c) the aggregate of any amounts
      on deposit in the Distribution Account representing Compensating Interest
      Payments paid by each 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 each 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 each
      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 Servicers or to be withdrawn by the Servicers from the related 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, 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
      Trust”: A separate trust, the sole asset of which is the Interest Rate Cap
      Agreement.

     

    “Cap
      Trustee”: Citibank, N.A.

     

    “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-HE3, Asset-Backed Pass-Through
      Certificates, Series 2006-HE3, 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:

     

    
      	
              Class

            	
              REMIC
                I Regular Interest

            	
              Certificate
                Margin

            
	 	 	
              (1)
                (%)

            	
              (2)
                (%)

            
	
              A-1

            	
              I-LTA1

            	
              0.140%

            	
              0.280%

            
	
              A-2A

            	
              I-LTA2A

            	
              0.070%

            	
              0.140%

            
	
              A-2B

            	
              I-LTA2B

            	
              0.100%

            	
              0.200%

            
	
              A-2C

            	
              I-LTA2C

            	
              0.160%

            	
              0.320%

            
	
              A-2D

            	
              I-LTA2D

            	
              0.230%

            	
              0.460%

            
	
              M-1

            	
              I-LTM1

            	
              0.270%

            	
              0.405%

            
	
              M-2

            	
              I-LTM1

            	
              0.290%

            	
              0.435%

            
	
              M-3

            	
              I-LTM3

            	
              0.310%

            	
              0.465%

            
	
              M-4

            	
              I-LTM4

            	
              0.380%

            	
              0.570%

            
	
              M-5

            	
              I-LTM5

            	
              0.400%

            	
              0.600%

            
	
              M-6

            	
              I-LTM6

            	
              0.460%

            	
              0.690%

            
	
              M-7

            	
              I-LTM7

            	
              0.850%

            	
              1.275%

            
	
              M-8

            	
              I-LTM8

            	
              1.500%

            	
              2.250%

            
	
              M-9

            	
              I-LTM9

            	
              2.500%

            	
              3.750%

            
	
              M-10

            	
              I-LTM10

            	
              2.500%

            	
              3.750%

            

    

    __________

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

    (2) For
      each
      other Interest Accrual Period.

     

    “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 a 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 a 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.

     

    “Citibank”:
      Citibank, N.A. 

     

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

     

    “Class
      A-1 Certificates”: Any one of the Class A-1 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-2A Certificates”: Any one of the Class A-2A Certificates executed,
      authenticated and delivered by the Trust Administrator, substantially in the
      form annexed hereto as Exhibit A-2 and evidencing a Regular Interest in REMIC
      II
      for purposes of the REMIC Provisions.

     

    “Class
      A-2B Certificates”: Any one of the Class A-2B 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-2C Certificates”: Any one of the Class A-2C 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-2D Certificates”: Any one of the Class A-2D 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-1 Certificates, the Class A-2A
      Certificates, the Class A-2B Certificates, the Class A-2C Certificates and
      the
      Class A-2D 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-16 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 66.30% 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 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 73.20% 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 77.00% 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-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 80.60% 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 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 83.80% 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-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 86.50% 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-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 89.10% 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.

     

    “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 90.60% 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-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 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 93.20% 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
      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 95.60% 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
      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-17 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-18 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-19 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”: December 29, 2006.

     

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

     

    “Collection
      Account”: The account or accounts created and maintained, or caused to be
      created and maintained, by each Servicer pursuant to Section 3.10(a), which
      shall be entitled (i) “Chase Home Finance, LLC as subservicer for JPMorgan Chase
      Bank, National Association, as a Servicer for U.S. Bank National Association,
      as
      Trustee, in trust for the registered holders of Citigroup Mortgage Loan Trust
      2006-HE3, Asset-Backed Pass-Through Certificates, Series 2006-HE3, Mortgage
      Pass-Through Certificates”, (ii) “Ocwen Loan Servicing, LLC, as a Servicer for
      U.S. Bank National Association, as Trustee, in trust for the registered holders
      of Citigroup Mortgage Loan Trust 2006-HE3, Asset-Backed Pass-Through
      Certificates, Series 2006-HE3, Mortgage Pass-Through Certificates”, (iii)
“Countrywide Home Loans Servicing LP, as a Servicer for U.S. Bank National
      Association, as Trustee, in trust for the registered holders of Citigroup
      Mortgage Loan Trust 2006-HE3, Asset-Backed Pass-Through Certificates, Series
      2006-HE3, Mortgage Pass-Through Certificates” and (iv) “Wells Fargo Bank, N.A.,
      as a Servicer for U.S. Bank National Association, as Trustee, in trust for
      the
      registered holders of Citigroup
      Mortgage Loan Trust 2006-HE3, Asset-Backed Pass-Through Certificates, Series
      2006-HE3, Mortgage Pass-Through Certificates.”
      Each
      Collection Account must be an Eligible Account.

     

    “Commission”:
      The Securities and Exchange Commission.

     

    “Compensating
      Interest Payment”: With respect to any Distribution Date and the Mortgage Loans
      (other than the Countrywide 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 actually received by the related Servicer for such
      month
      in which Prepayment Interest Shortfalls were incurred.
      With respect to any Distribution Date and the Countrywide 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) one-twelfth of the
      product of (i) 0.25% and (ii) the Stated Principal Balance of such Mortgage
      Loans or (b) the aggregate Servicing Fee actually
      received for such month for
      such
      Mortgage Loans.

     

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

     

    
      	
              REMIC
                I Regular Interest

            	
              Class

            
	
              I-LTA1

            	
              Class
                A-1

            
	
              I-LTA2A

            	
              Class
                A-2A

            
	
              I-LTA2B

            	
              Class
                A-2B

            
	
              I-LTA2C

            	
              Class
                A-2C

            
	
              I-LTA2D

            	
              Class
                A-2D

            
	
              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-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,
      each 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-HE3, or such
      other
      address as the Trustee may designate from time to time by notice to the
      Certificateholders, the Depositor, each Servicer and the Trust
      Administrator.

     

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

     

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

     

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

     

    “Credit
      Risk Management Agreement”: The respective agreements between the Credit Risk
      Manager and a 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 Custodians are Citibank, NA. and
      Wells Fargo Bank, N.A., as applicable. 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, December 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.

     

    “DBRS”:
      Dominion Bond Ratings Service, or its successor in interest.

     

    “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.

     

    “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 and A-1 by S&P) by the Rating
      Agencies (or a comparable rating if S&P 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 JPMorgan, Ocwen and Countrywide and each
      Distribution Date, the 15th
      day of
      the calendar month in which such Distribution Date occurs or, if such
      15th
      day is
      not a Business Day, the Business Day immediately preceding such 15th
      day.
      With
      respect to Wells Fargo and 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 a Servicer on behalf of
      the
      Trustee) shall not be considered to Directly Operate an REO Property solely
      because the Trustee (or a 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 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-HE3,
      Asset-Backed Pass-Through Certificates, Series 2006-HE3.” 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 January
      2007.

     

    “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 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, (ii) the Credit Risk Manager Fee Rate
      and
      (iii) the PMI Insurer Fee Rate, if applicable..

     

    “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, (ii) the Credit Risk Manager Fee Rate and (iii)
      the
      PMI Insurer Fee Rate, if applicable..

     

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

     

    “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 related Maximum Cap Rate.

     

    “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.

     

    “Group
      I
      Allocation Percentage”: With respect to the Group I Certificates and any
      Distribution Date, the percentage equivalent of a fraction, the numerator of
      which is (x) the Group I Principal Remittance Amount for such Distribution
      Date
      and the denominator of which is (y) the Principal Remittance Amount for such
      Distribution Date.

     

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

     

    “Group
      I
      Interest Remittance Amount”: For any Distribution Date, that portion of the
      Available Distribution Amount for the related Distribution Date that represents
      interest received or advanced on the Group I Mortgage Loans and Compensating
      Interest Payments on the Group I Mortgage Loans (net of Servicing Fees, Credit
      Risk Manager Fees and PMI Insurer Fees).

     

    “Group
      I
      Mortgage Loan”: A Mortgage Loan assigned to Loan Group I. All Group I Mortgage
      Loans have a principal balance at origination that conforms to Fannie Mae loan
      limits.

     

    “Group
      I
      Principal Distribution Amount”: With respect to any Distribution Date, the sum
      of (i) the principal portion of each Monthly Payment due on the Group I Mortgage
      Loans during the related Due Period, whether or not received on or prior to
      the
      related Determination Date; (ii) the Stated Principal Balance of any Group
      I
      Mortgage Loan that was purchased during the related Prepayment Period pursuant
      to or as contemplated by Section 2.03 or Section 9.01 and the amount of any
      shortfall deposited in the Collection Account in connection with the
      substitution of a Deleted Mortgage Loan pursuant to Section 2.03 during the
      related Prepayment Period; (iii) the principal portion of all other unscheduled
      collections (including, without limitation, Principal Prepayments, Insurance
      Proceeds (including proceeds from the PMI Policy), Liquidation Proceeds,
      Subsequent Recoveries and REO Principal Amortization) received on the Group
      I
      Mortgage Loans during the related Prepayment Period, net of any portion thereof
      that represents a recovery of principal for which an Advance was made by the
      Servicer pursuant to Section 4.03 in respect of a preceding Distribution Date
      and (iv) the Group I Allocation Percentage of any Overcollateralization Increase
      Amount for such Distribution Date minus (v) the Group I Allocation Percentage
      of
      any Overcollateralization Reduction Amount for such Distribution Date. In no
      event will the Principal Distribution Amount with respect to any Distribution
      Date be (x) less than zero or (y) greater than the then outstanding aggregate
      Certificate Principal Balance of the Floating Rate Certificates.

     

    “Group
      I
      Principal Remittance Amount”: For any Distribution Date, that portion of the
      Available Distribution Amount equal to the sum of the amounts set forth in
      (i)
      through (iii) of the definition of Group I Principal Distribution
      Amount.

     

    “Group
      I
      Senior Principal Distribution Amount”: With respect to any Distribution Date,
      the excess of (x) the aggregate Certificate Principal Balance of the Group
      I
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) approximately 59.00% and (ii) the aggregate Stated
      Principal Balance of the Group I 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 Group I 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 Group I Mortgage Loans as of the
      Cut-off Date.

     

    “Group
      II
      Allocation Percentage”: With respect to the Group II Certificates and any
      Distribution Date, the percentage equivalent of a fraction, the numerator of
      which is (x) the Group II Principal Remittance Amount for such Distribution
      Date
      and the denominator of which is (y) the Principal Remittance Amount for such
      Distribution Date.

     

    “Group
      II
      Certificates”: The Class A-2A, Class A-2B, Class A-2C and Class A-2D
      Certificates. 

     

    “Group
      II
      Interest Remittance Amount”: For any Distribution Date, that portion of the
      Available Distribution Amount for the related Distribution Date that represents
      interest received or advanced on the Group II Mortgage Loans and Compensating
      Interest Payments on the Group II Mortgage Loans (net of Servicing Fees, Credit
      Risk Manager Fees and PMI Insurer Fees).

     

    “Group
      II
      Mortgage Loan”: A Mortgage Loan assigned to Loan Group II. All Group II Mortgage
      Loans have a principal balance at origination that may or may not conform to
      Fannie Mae loan limits.

     

    “Group
      II
      Principal Distribution Amount”: With respect to any Distribution Date, the sum
      of (i) the principal portion of each Monthly Payment due on the Group II
      Mortgage Loans during the related Due Period, whether or not received on or
      prior to the related Determination Date; (ii) the Stated Principal Balance
      of
      any Group II Mortgage Loan that was purchased during the related Prepayment
      Period pursuant to or as contemplated by Section 2.03 or Section 9.01 and the
      amount of any shortfall deposited in the Collection Account in connection with
      the substitution of a Deleted Mortgage Loan pursuant to Section 2.03 during
      the
      related Prepayment Period; (iii) the principal portion of all other unscheduled
      collections (including, without limitation, Principal Prepayments, Insurance
      Proceeds (including proceeds from the PMI Policy), Liquidation Proceeds,
      Subsequent Recoveries and REO Principal Amortization) received on the Group
      II
      Mortgage Loans during the related Prepayment Period, net of any portion thereof
      that represents a recovery of principal for which an Advance was made by the
      Servicer pursuant to Section 4.03 in respect of a preceding Distribution Date
      and (iv) the Group II Allocation Percentage of any Overcollateralization
      Increase Amount for such Distribution Date minus (v) the Group II Allocation
      Percentage of any Overcollateralization Reduction Amount for such Distribution
      Date. In no event will the Principal Distribution Amount with respect to any
      Distribution Date be (x) less than zero or (y) greater than the then outstanding
      aggregate Certificate Principal Balance of the Floating Rate
      Certificates.

     

    “Group
      II
      Principal Remittance Amount”: For any Distribution Date, that portion of the
      Available Distribution Amount equal to the sum of the amounts set forth in
      (i)
      through (iii) of the definition of Group II Principal Distribution
      Amount.

     

    “Group
      II
      Senior Principal Distribution Amount”: With respect to any Distribution Date,
      the excess of (x) the aggregate Certificate Principal Balance of the Group
      II
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) approximately 59.00% and (ii) the aggregate Stated
      Principal Balance of the Group II 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 Group II 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 Group II Mortgage Loans as of the
      Cut-off Date.

     

    “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 and Class M-10 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 Servicers and their respective
      Affiliates, (b) does not have any direct financial interest in or any material
      indirect financial interest in the Depositor, the Servicers or any Affiliate
      thereof, and (c) is not connected with the Depositor, the Servicers 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 Servicers
      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 Servicers
      or any Affiliate thereof, as the case may be.

     

    “Independent
      Contractor”: Either (i) any Person (other than a 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 a 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.

     

    “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 related 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 immediately 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-LTA1, REMIC I Regular
      Interest I-LTA2A, REMIC I Regular Interest I-LTA2B, REMIC I Regular Interest
      I-LTA2C, REMIC I Regular Interest I-LTA2D, 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 and REMIC I Regular Interest I-LTM10,
      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 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
      Rate Cap Agreement”: The interest rate cap agreement, dated the Closing Date
      between the Cap Trustee and the Interest Rate Cap Provider, including any
      schedule, confirmations, credit support annex or other credit support document
      relating thereto, and attached hereto as Exhibit I.

     

    “Interest
      Rate Cap Credit Support Annex”: The credit support annex, dated the Closing
      Date, between the Cap Trustee and the Interest Rate Cap Provider, which is
      annexed to and forms part of the Interest Rate Cap Agreement.

     

    “Interest
      Rate Cap Provider”: The cap provider under the Interest Rate Cap Agreement.
      Initially, the Interest Rate Cap Provider shall be Swiss Re Financial Products
      Corporation.

     

    “JPMorgan”:
      JPMorgan Chase Bank, National Association.

     

    “JPMorgan
      Mortgage Loans”: The Mortgage Loans serviced by JPMorgan.

     

    “JPMorgan
      Servicing Standard”: The servicing and administration of the JPMorgan Mortgage
      Loans (a) in the same manner in which, and with the same care, skill, prudence
      and diligence with which, JPMorgan services and administers similar mortgage
      loans with similar mortgagors (i) for other third-parties, giving due
      consideration to customary and usual standards of practice of prudent
      institutional residential mortgage lenders servicing their own loans or (ii)
      held in JPMorgan’s own portfolio, whichever standard is higher, and, in either
      case, giving due consideration to customary and usual standards or practice
      of
      mortgage lenders and loan servicers servicing and administering similar mortgage
      loans, (b) with a view to the maximization of the recovery of the JPMorgan
      Mortgage Loans on a net present value basis and the best interests of the
      Certificateholders, (c) without regard to (i) any relationship that JPMorgan
      or
      any Affiliate may have with the related Mortgagor or any other party to the
      transaction; (ii) the right of JPMorgan to receive compensation or other fees
      for its services rendered pursuant to this Agreement; (iii) the obligation
      of
      JPMorgan to make Servicing Advances; (iv) the ownership, servicing or management
      by JPMorgan or any Affiliate thereof for others of any other mortgage loans
      or
      mortgage properties; and (v) any debt that JPMorgan or any Affiliate of JPMorgan
      has extended to any Mortgagor or any Affiliate of such Mortgagor and (d) in
      accordance with all applicable state, local and federal laws, rules and
      regulations.

     

    “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,
      Subsequent Recoveries 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 related 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.

     

    “Loan
      Group”: Loan Group I or Loan Group II, as the context requires.

     

    “Loan
      Group I”: The group of Mortgage Loans identified in the Mortgage Loan Schedule
      as having been assigned to Loan Group I.

     

    “Loan
      Group II”: The group of Mortgage Loans identified in the Mortgage Loan Schedule
      as having been assigned to Loan Group II.

     

    “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 Interest 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-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I Regular
      Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular Interest
      I-LTA2D, 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-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
      related 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 related Originator and the Sponsor.

     

    “Maximum
      Cap Rate”: For any Distribution Date with respect to the Group I Certificates,
      the sum of (A) a per annum rate equal to the product of (x) the weighted average
      of the Expense Adjusted Maximum Mortgage Rates of the Group I Mortgage Loans,
      weighted on the basis of the outstanding Stated Principal Balances of the Group
      I Mortgage Loans as of the first day of the month preceding the month of such
      Distribution Date (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 (y) a fraction, the numerator of which is 30 and the denominator
      of
      which is the actual number of days elapsed in the related Interest Accrual
      Period and (B) a per annum rate equal to the product of (x) the payment made
      by
      the Interest Rate Cap Provider divided by the aggregate Stated Principal Balance
      of the Mortgage Loans and (y) 12.

     

    For
      any
      Distribution Date with respect to the Group II Certificates, the sum of (A)
      a
      per annum rate equal to the product of (x) the weighted average of the Expense
      Adjusted Maximum Mortgage Rates of the Group II Mortgage Loans, weighted on
      the
      basis of the outstanding Stated Principal Balances of the Group II Mortgage
      Loans as of the first day of the month preceding the month of such Distribution
      Date (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
      (y)
      a fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days elapsed in the related Interest Accrual Period and (B)
      a
      per annum rate equal to the product of (x) the payment made by the Interest
      Rate
      Cap Provider divided by the aggregate Stated Principal Balance of the Mortgage
      Loans and (y) 12.

     

    For
      any
      Distribution Date with respect to the Mezzanine Certificates, a per annum rate
      equal to the weighted average (weighted on the basis of the results of
      subtracting from the aggregate Stated Principal Balance of the applicable Loan
      Group, the current Certificate Principal Balance of the related Class A
      Certificates) of the Maximum Cap Rate for the Group I Mortgage Loans and the
      Maximum Cap Rate for the Group II Mortgage Loans, in each case, weighted on
      the
      basis of the outstanding Stated Principal Balances of the related Mortgage
      Loans
      as of the first day of the month preceding the month of such Distribution Date
      (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).

     

    “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-LTA1,
      REMIC I Regular Interest I-LTA2A, REMIC I Regular Interest I-LTA2B, REMIC I
      Regular Interest I-LTA2C, REMIC I Regular Interest I-LTA2D, 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 and REMIC I Regular Interest
      I-LTM10 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 related 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.

     

    “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 and the Class M-10
      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®
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/or 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 Purchase Agreement”: The Mortgage Loan Purchase Agreement, dated as of
      December 8, 2006 between the Depositor and the Sponsor, a form of which is
      attached hereto as part of Exhibit D.

     

    “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.

     

    “Mortgage
      Loan Schedule”: As of any date, the list of Mortgage Loans included in REMIC I
      on such date, separately identifying the Group I Mortgage Loans and the Group
      II
      Mortgage Loans, 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;

     

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

     

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

     

    (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%);

     

    (xxiv)  a
      code
      indicating whether such Mortgage Loan is covered under the PMI Policy;
      and

     

    (xxv)  the
      PMI
      Insurer Fee Rate of such Mortgage Loan.

     

    The
      Mortgage Loan Schedule shall set forth the following information with respect
      to
      the Mortgage Loans by Loan Group 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 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”: For any Distribution Date with respect to the Group I
      Certificates, a per annum rate equal to the product of (x) the weighted average
      of the Expense Adjusted Mortgage Rates of the Group I Mortgage Loans, weighted
      on the basis of the outstanding Stated Principal Balances of the Group I
      Mortgage Loans as of the first day of the month preceding the month of such
      Distribution Date (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 (y) a fraction, the numerator of which is 30 and the denominator
      of
      which is the actual number of days elapsed in the related Interest Accrual
      Period. For federal income tax purposes, the economic equivalent of such rate
      shall be expressed as a per annum rate equal to the product of (x) the weighted
      average of the REMIC I Remittance Rate on REMIC I Regular Interest I-LT1GRP,
      weighted on the basis of the Uncertificated Balance of such REMIC I Regular
      Interest and (y) a fraction, the numerator of which is 30 and the denominator
      of
      which is the actual number of days elapsed in the related Interest Accrual
      Period.

     

    For
      any
      Distribution Date with respect to the Group II Certificates, a per annum rate
      equal to the product of (x) the weighted average of the Expense Adjusted
      Mortgage Rates of the Group II Mortgage Loans, weighted on the basis of the
      outstanding Stated Principal Balances of the Group II Mortgage Loans as of
      the
      first day of the month preceding the month of such Distribution Date (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 (y) a fraction,
      the
      numerator of which is 30 and the denominator of which is the actual number
      of
      days elapsed in the related Interest Accrual Period. For federal income tax
      purposes, the economic equivalent of such rate shall be expressed as a per
      annum
      rate equal to the product of (x) the weighted average of the REMIC I Remittance
      Rate on REMIC I Regular Interest I-LT2GRP, weighted on the basis of the
      Uncertificated Balance of such REMIC I Regular Interest and (y) a fraction,
      the
      numerator of which is 30 and the denominator of which is the actual number
      of
      days elapsed in the related Interest Accrual Period.

     

    For
      any
      Distribution Date with respect to the Mezzanine Certificates, a per annum rate
      equal to the weighted average (weighted on the basis of the results of
      subtracting from the aggregate Stated Principal Balance of the applicable Loan
      Group, the Certificate Principal Balance of the related Class A Certificates)
      of
      (i) the weighted average of the Net WAC Pass-Through Rate for the Group I
      Mortgage Loans as of the first day of the month preceding the month of such
      Distribution Date (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 (ii) the weighted average of the Net WAC Pass-Through Rate for
      the
      Group II Mortgage Loans as of the first day of the month preceding the month
      of
      such Distribution Date (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). For federal income tax purposes, the economic equivalent of such rate
      shall be expressed as a per annum rate equal to the product of (x) the weighted
      average of the REMIC I Remittance Rates on (a) REMIC I Regular Interest
      I-LT1SUB, subject to a cap and a floor equal to the weighted average of the
      Expense Adjusted Mortgage Rates of the Group I Mortgage Loans and (b) REMIC
      I
      Regular Interest I-LT2SUB, subject to a cap and a floor equal to the weighted
      average of the Expense Adjusted Mortgage Rates of the Group II Mortgage Loans,
      weighted on the basis of the Uncertificated Balance of each such REMIC I Regular
      Interest and (y) a fraction, the numerator of which is 30 and the denominator
      of
      which is the actual number of days elapsed in the related Interest Accrual
      Period.

     

    “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 related
      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 related Servicer (or, with respect to JPMorgan, in
      accordance with the JPMorgan Servicing Standard) 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.

     

    “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.

     

    “Ocwen”:
      Ocwen
      Loan Servicing, LLC,
      or its
      successor in interest.

     

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

     

    “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 a 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-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I Regular
      Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular Interest
      I-LTA2D, 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
      and
      REMIC I Regular Interest I-LTM10, 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, a 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.

     

    “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”:
      Each of New Century Mortgage Corporation, LIME Financial Services, Ltd., Quick
      Loan Funding, Inc., Master Financial, Inc., Meritage Mortgage Corporation,
      Wells
      Fargo Bank, N.A., WMC Mortgage Corp., National City Mortgage Co. and MortgageIT,
      Inc.

     

    “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 Interest Rate Cap Agreement 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 2.20% 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)
      4.40% 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
      Floating Rate 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.

     

    “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-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I Regular
      Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular Interest
      I-LTA2D, 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-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 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, a 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 and “Aaa” by Moody’s; and

     

    (vii)  if
      previously confirmed in writing to the Servicers, 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.

     

    “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 a
      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”: Mortgage Guaranty Insurance Corporation, a Wisconsin stock insurance
      corporation, or its successors in interest.

    

    “PMI
      Insurer Fee”: The premium payable to the PMI Insurer on each Distribution Date
      pursuant to Section 3.28, which amount shall equal one twelfth of the product
      of
      (i) the PMI Insurer Fee Rate (without regard to the words “per annum”),
      multiplied by (ii) the aggregate Stated Principal Balance of the 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) plus any applicable premium taxes on PMI Mortgage Loans located in
      West Virginia and Kentucky.

     

    “PMI
      Insurer Fee Rate”: With respect to any Distribution Date and any PMI Mortgage
      Loan covered by the PMI Policy, 1.21% per annum.

     

    “PMI
      Mortgage Loans”: The list of Mortgage Loans insured by the PMI Insurer attached
      hereto on the Mortgage Loan Schedule.

    

    “PMI
      Policy”: The Mortgage Guaranty Master Policy (#22-590-4-3708)
      with
      respect to the PMI Mortgage Loans, including all endorsements thereto dated
      the
      Closing Date, issued by the PMI Insurer and the Terms Letter, dated December
      14,
      2006, among the PMI Insurer, the Servicer and the Trust
      Administrator.

     

    “Prepayment
      Assumption”: As defined in the Prospectus Supplement.

     

    “Prepayment
      Charge”: With respect to any Prepayment Period, any prepayment premium, fee or
      charge payable by a Mortgagor in connection with any voluntary 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 (provided by the Depositor), 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 Excess”: With respect to any Distribution Date, for each Mortgage Loan
      that was the subject of a Principal Prepayment in full during the portion of
      the
      related Prepayment Period commencing on the first day of the calendar month
      in
      which the Distribution Date occurs and ending at the end of the related
      Prepayment Period, an amount equal to interest (to the extent received) at
      the
      applicable Mortgage Rate on the amount of such Principal Prepayment for the
      number of days commencing on the first day of the calendar month in which such
      Distribution Date occurs and ending on the last date through which interest
      is
      collected from the related Mortgagor. The Servicer may withdraw such Prepayment
      Interest Excess from the Collection Account.

     

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

     

    “Prepayment
      Period”: With respect to the Wells Fargo Mortgage
      Loans originated by an Originator other than Wells Fargo, the
      Prepayment Period for any Distribution Date with respect to (i) voluntary
      Principal Prepayments in full, the period commencing on the 14th
      day of
      the month preceding the month in which such Distribution Date occurs (or in
      the
      case of the first Distribution Date, commencing on December 1, 2006) and ending
      on the 13th
      day of
      the calendar month in which such Distribution Date occurs and (ii) Principal
      Prepayments in part, the calendar month preceding the month in which such
      Distribution Date occurs. With
      respect to the Wells Fargo Mortgage Loans originated by Wells Fargo and any
      Distribution Date, with respect to any prepayment in full, prepayments in part,
      liquidations and other unscheduled collections on the mortgage loans serviced
      by
      Wells Fargo, the calendar month immediately preceding the month in which such
      distribution date occurs. 

     

    With
      respect to the JPMorgan Mortgage Loans and Ocwen Mortgage Loans, the Prepayment
      Period for any Distribution Date with respect to (i) voluntary Principal
      Prepayments in full, the period commencing on the 16th
      day of
      the month preceding the month in which such Distribution Date occurs (or in
      the
      case of the first Distribution Date, commencing on December 1, 2006) and ending
      on the 15th
      day of
      the calendar month in which such Distribution Date occurs and (ii) Principal
      Prepayments in part, the calendar month preceding the month in which such
      Distribution Date occurs. 

     

    With
      respect to the Countrywide Mortgage Loans, the Prepayment Period for any
      Distribution Date with respect to any voluntary principal payments in full,
      principal prepayments in part, liquidations and other unscheduled collections,
      the calendar month immediately 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
      Prepayment”: Any payment of principal made by the Mortgagor on a Mortgage Loan
      which is received in advance of its scheduled Due Date and which is not
      accompanied by an amount of interest representing the full amount of scheduled
      interest due on any Due Date in any month or months subsequent to the month
      of
      prepayment.

     

    “Principal
      Remittance Amount”: With respect to any Distribution Date, the sum of (i) the
      Group I Principal Remittance Amount and (ii) the Group II Principal Remittance
      Amount.

     

    “Private
      Certificates”: Any of the Class A-1, Class M-10, Class CE, Class P or Residual
      Certificates.

     

    “Prospectus
      Supplement”: The Prospectus Supplement, dated December 8, 2006, relating to the
      public offering of the Group II Certificates and the Mezzanine Certificates
      (other than the Class M-10 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 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 a 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 related Originator or the Sponsor 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 PMI 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 PMI 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, (vi) 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 (vii) conform to each representation and warranty set forth
      in
      the related Assignment Agreement or 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 (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 each 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 DBRS 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 Servicers.

     

    “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 related 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 related 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 related 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.

     

    “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 and Mortgage Loan Purchase
      Agreement (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 Interest Rate
      Cap
      Agreement, the Cap Administration Agreement, 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
      Marker Allocation Percentage”: 0.50% of any amount payable or loss attributable
      from the Mortgage Loans, which shall be allocated to REMIC I Regular Interest
      I-LTAA, REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A,
      REMIC
      I Regular Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular
      Interest I-LTA2D, 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 and REMIC I Regular Interest I-LTM10, REMIC I Regular Interest I-LTZZ
      and
      REMIC I Regular Interest I-LTP.

     

    “REMIC
      I
      Overcollateralized Amount”: With respect to any date of determination, (i) 0.50%
      of the aggregate Uncertificated Balance of the REMIC I Regular Interests (other
      than REMIC I Regular Interest I-LTP) minus (ii) the aggregate Uncertificated
      Balance of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A,
      REMIC I Regular Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I
      Regular Interest I-LTA2D, 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 and REMIC I Regular Interest I-LTM10, 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-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I
      Regular Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular
      Interest I-LTA2D, 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 the denominator of which is the
      aggregate Uncertificated Balance of REMIC I Regular Interest I-LTA1, REMIC
      I
      Regular Interest I-LTA2A, REMIC I Regular Interest I-LTA2B, REMIC I Regular
      Interest I-LTA2C, REMIC I Regular Interest I-LTA2D, 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-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-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I Regular
      Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular Interest
      I-LTA2D, 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-LTZZ, REMIC I Regular
      Interest I-LT1SUB and REMIC I Regular Interest I-LT2SUB, the weighted average
      of
      the Expense Adjusted Mortgage Rates of the Mortgage Loans. With respect to
      REMIC
      I Regular Interest I-LT1GRP, the weighted average of the Expense Adjusted
      Mortgage Rates of the Group I Mortgage Loans and with respect REMIC I Regular
      Interest I-LT2GRP, the weighted average of the Expense Adjusted Mortgage Rates
      of the Group II Mortgage Loans. 

     

    “REMIC
      I
      Required Overcollateralized Amount”: 0.50% 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 in the related
      Loan Group over (y) the current Certificate Principal Balance of Class A
      Certificates in the related Loan Group.

     

    “REMIC
      I
      Sub WAC Allocation Percentage”: 50% of any amount payable from or loss
      attributable to the Mortgage Loans, which shall be allocated to REMIC I Regular
      Interest I-LT1SUB, REMIC I Regular Interest I-LT1GRP, REMIC I Regular Interest
      I-LT2SUB, REMIC I Regular Interest I-LT2GRP and REMIC I Regular Interest
      I-LTXX.

     

    “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.

     

    “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 each related Servicer in an electronic data file or tape prepared by each
      Servicer pursuant to Section 4.03 with such additions, deletions and
      modifications as agreed to by the Trust Administrator and the related
      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 each 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 a 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.

     

    “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
      Principal Balance of the Mezzanine Certificates and the Class CE Certificates,
      calculated after taking into account distribution of the Group I Principal
      Distribution Amount and the Group II Principal Distribution Amount to holders
      of
      the certificates then entitled to distributions thereof on the related
      distribution date by (y) 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). 

     

    “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 sum of (i) the Group I Senior Principal Distribution Amount and
      (ii) the Group II Senior Principal Distribution Amount.

     

    “Servicer”:
      Each of Ocwen, with respect to the Ocwen Mortgage Loans, Countrywide, with
      respect to Countrywide Mortgage Loans, JPMorgan, with respect to the JPMorgan
      Mortgage Loans, and Wells Fargo, with respect to the Wells Fargo Mortgage Loans,
      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 related Servicer
      in respect of any waived Prepayment Charges pursuant to Section
      3.01.

     

    “Servicer
      Remittance Date”: With respect to Wells Fargo, JPMorgan and Countrywide and 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.
      With
      respect to Ocwen and any Distribution Date, the 22nd
      day of
      the calendar month in which such Distribution Date occurs or, if such
      22nd
      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 a
      Servicer in connection with a default, delinquency or other unanticipated event
      by a Servicer in the performance of its servicing obligations, including, but
      not limited to, the cost of (i) the preservation, restoration, inspection and
      protection of a Mortgaged Property, (ii) any enforcement, administration 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, (iv) taxes, assessments, water rates,
      sewer
      rents and other charges which are or may become a lien upon the Mortgage
      Property, (v) 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 and (vi) with
      respect to Ocwen, obtaining any legal documentation required to be included
      in
      the Mortgage File and/or correcting any outstanding title issues (i.e. any
      lien
      or encumberance on the Mortgaged Property that prevents the effective
      enforcement of the intended lien position) reasonably necessary for Ocwen to
      perform its obligations under this Agreement. Servicing
      Advances shall also include any reasonable “out-of-pocket” costs and expenses
      (including legal fees) incurred by a 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.
      A
      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
      related Servicer (or, with respect to JPMorgan, in accordance with the JPMorgan
      Servicing Standard), would not be ultimately recoverable from related Insurance
      Proceeds or Liquidation Proceeds on such Mortgage Loan or REO Property as
      provided herein. Each 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 related
      Servicer, which shall, for a period of one full month (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), 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 related Servicer, or as otherwise provided under Section
      3.11.

     

    “Servicing
      Fee Rate”: With respect to each Mortgage Loan (other than the Wells Fargo
      Mortgage Loans originated by Wells Fargo), the rate of 0.500% per annum. With
      respect to the Wells Fargo Mortgage Loans originated by Wells Fargo, the rate
      of
      0.375% per annum.

     

    “Servicing
      Officer”: Any employee of a 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 each Servicer to the Trust Administrator,
      the
      Trustee and the Depositor, upon request, as such list may from time to time
      be
      amended.

     

    “Significance
      Percentage”: With
      respect to the Interest Rate Cap Agreement, 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 Interest
      Rate
      Cap Agreement (assuming that one-month LIBOR for each remaining Calculation
      Period (as defined in the Interest Rate Cap Agreement) 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 taking the following
      steps: (1) typing in the following keystrokes: fwcv <go>, us <go>, 3
<go>; (2) the Forwards shall be set to “1-Mo”; (3) the Intervals shall be
      set to “1-Mo”; and (4) the Points shall be set to equal the remaining term of
      the Interest Rate Cap Agreement in months and the Trust Administrator shall
      click <go> (provided that the Depositor shall notify the Trust
      Administrator in writing of any changes to such keystrokes), (b) the percentage
      equivalent of a fraction, the numerator of which is 2.00% and the denominator
      of
      which is the initial number of Distribution Dates on which the Trust
      Administrator is entitled to receive payments under the Interest Rate Cap
      Agreement (the “Add-On Amount”) and (c) the Add-On Amount for each previous
      period) 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).

     

    “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 related 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 related 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 a 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 related 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 January 2010 and (b) the first 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 Group I Principal Distribution Amount and the Group II
      Principal Distribution Amount to the Certificates then entitled to distributions
      of principal on such Distribution Date) is equal to or greater than
      41.00%.

     

    “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 related
      Servicer.

     

    “Sub-Servicing
      Agreement”: The written contract between the related 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 related 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.

     

    “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 38.00% 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

            
	
              January
                2010 through December 2010

            	
              1.60%

            
	
              January
                2011 through December 2011

            	
              3.60%

            
	
              January
                2012 through December 2012

            	
              5.60%

            
	
              January
                2013 through December 2013

            	
              7.20%

            
	
              January
                2014 and thereafter

            	
              8.05%

            

    

    

    “Trust”:
      Citigroup Mortgage Loan Trust 2006-HE3.

     

    “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 Interest Rate Cap Agreement, 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)
      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 related 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 the value determined
      by an appraisal made for the related 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.

     

    “Wells
      Fargo”: Wells Fargo Bank, N.A.

     

    “Wells
      Fargo Mortgage Loans”: The Mortgage Loans serviced by Wells Fargo.

     

    
      	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 Servicers 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
      REMIC
      I Marker Allocation Percentage of the aggregate amount of any Prepayment
      Interest Shortfalls (to the extent not covered by payments by the Servicer
      pursuant to Section 3.24) and the REMIC I Marker Allocation Percentage of 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-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I
      Regular Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular
      Interest I-LTA2D, 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-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; and

     

    (B) The
      REMIC
      I Sub WAC Allocation Percentage of the aggregate amount of any Prepayment
      Interest Shortfalls (to the extent not covered by payments by the Servicer
      pursuant to Section 3.24) and the REMIC I Sub WAC Allocation Percentage of
      any
      Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans for
      any
      Distribution Date shall be allocated first, to Uncertificated Interest payable
      to REMIC I Regular Interest I-LT1SUB, REMIC I Regular Interest I-LT1GRP, REMIC
      I
      Regular Interest I-LT2SUB, REMIC I Regular Interest I-LT2GRP and REMIC I Regular
      Interest I-LTXX, 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.

     

     

    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 and the
      Mortgage Loan Purchase Agreement, 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
      related 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 and the Trust
      Administrator executed copies of the Assignment Agreements, the Mortgage Loan
      Purchase Agreement and the PMI Policy, 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® System, an assignment from the
      related Originator or an Affiliate of the related Originator to the Trustee
      in
      blank or 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; and

     

    (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; or in the event such original or copy of the title
      insurance policy is unavailable, a written commitment or uniform binder or
      preliminary report of title issued by the title insurance or escrow
      company.

     

    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
      related
      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 related 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 related
      Servicer, at 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 related 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 related
      Servicer shall submit each Assignment for recording, at no expense to the Trust
      Fund or the related 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 related Servicer and such
      Servicer shall be reimbursed for such expenses by the Trust as Servicing
      Advances. In the event an Assignment of Mortgage is not recorded with respect
      to
      a Mortgage Loan, neither the Trustee nor the related Servicer will have any
      obligation for its failure to receive or act on notices with respect to such
      Mortgage Loan that the Trustee or such Servicer would have received had such
      Assignment of Mortgage been recorded.

     

    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 related Servicer to,
      and the related 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.
      The Depositor shall deliver or cause the Seller to deliver to the related
      Servicer copies of all trailing documents required to be included in the
      servicing file at the same time the originals or certified copies thereof are
      delivered to the Trustee or related Custodian, such documents including but
      not
      limited to the mortgagee policy of title insurance and any mortgage loan
      documents upon return from the recording office. The Servicer shall not be
      responsible for any custodian fees or other costs incurred in obtaining such
      documents and the Depositor shall cause the Servicer to be reimbursed for any
      such costs it may incur in connection with performing its obligations under
      this
      Agreement. 

     

    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 related 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 related 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.

     

    
      	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
      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
      related 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 related 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 or by the Sponsor 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 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, N.A. and Wells
      Fargo Bank, N.A. are appointed as Custodians 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 related 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, a 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 or 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 related Originator and the
      Sponsor of such defect, missing document or breach and request that the related
      Originator or the Sponsor deliver such missing document or cure such defect
      or
      that the 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 or Mortgage
      Loan
      Purchase Agreement (i) to repurchase such Mortgage Loan from REMIC I at the
      Purchase Price within 90 days after the date on which the 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 or the Mortgage Loan Purchase 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
      related Servicer for deposit into the related Collection Account, and the Trust
      Administrator, upon receipt of written notice from the related 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 or 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 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 or the Mortgage Loan Purchase 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 or the Mortgage Loan Purchase Agreement to
      perform any applicable indemnification obligations with respect to any such
      omission, defect or breach, as provided in such Assignment Agreement or 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)  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 Assignment
      Agreement or the Mortgage Loan Purchase 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 related Servicer or receipt of notice
      by
      the Depositor of the breach of any representation, warranty or covenant of
      the
      related Servicer set forth in Section 2.05 which materially and adversely
      affects the interests of the Certificateholders in any Mortgage Loan, the
      related 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
      related 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 related 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 or the Mortgage Loan Purchase
      Agreement (including all applicable representations and warranties thereof
      included in such Assignment Agreement or the Mortgage Loan Purchase 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 related 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 related Servicer for deposit in the related
      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 related 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. If such Opinion of Counsel cannot 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, a 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 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 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 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). 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 related
      Originator or the Sponsor for breach of a representation or
      warranty.

     

    
      	SECTION
              2.04  	
              [Reserved].

            

    

     

    
      	SECTION
              2.05  	
              Representations,
                Warranties and Covenants of the
                Servicers.

            

    

     

    (a)  Each
      of
      Ocwen and Countrywide 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)  Such
      Servicer is duly organized, validly existing, and in good standing under the
      laws of the jurisdiction of its formation and is duly authorized and qualified
      to transact any and all business contemplated by this Agreement to be conducted
      by such 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)  Such
      Servicer has the full 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 action
      on the part of such 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 such Servicer, enforceable against such 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 such Servicer, the servicing of
      the
      Mortgage Loans by such 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 such Servicer and will
      not (A) result in a breach of any term or provision of the charter or by-laws
      of
      such 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 such Servicer is a party or by which it may
      be
      bound, or any statute, order or regulation applicable to such Servicer of any
      court, regulatory body, administrative agency or governmental body having
      jurisdiction over such Servicer; and such 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 such Servicer’s
      knowledge, would in the future materially and adversely affect, (x) the ability
      of such Servicer to perform its obligations under this Agreement or (y) the
      business, operations, financial condition, properties or assets of such Servicer
      taken as a whole;

     

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

     

    (v)  No
      litigation is pending against such Servicer that would materially and adversely
      affect the execution, delivery or enforceability of this Agreement or the
      ability of such 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 such Servicer
      of, or compliance by such 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)  Such
      Servicer covenants that its computer and other systems used in servicing the
      Mortgage Loans operate in a manner such that such Servicer can service the
      Mortgage Loans in accordance with the terms of this Agreement; 

     

    (viii)  Such
      Servicer has fully furnished and will continue to fully furnish, in accordance
      with the Fair Credit Reporting Act and its implementing regulations, accurate
      and complete information (e.g., favorable and unfavorable) on its borrower
      credit files to Equifax, Experian and Trans Union Credit Information Company
      or
      their successors (the “Credit Repositories”) in a timely manner;
      and

     

    (ix)  Such
      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(a) 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 Servicers,
      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 to the Trustee and the Trust Administrator. Subject to Section 7.01,
      the
      obligation of related Servicer set forth in Section 2.03(c) to cure breaches
      shall constitute the sole remedies against the related 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.

     

    (b)  Each
      of
      JPMorgan and Wells Fargo 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)  Such
      Servicer is a national banking association or corporation, as applicable, duly
      formed, validly existing and in good standing under the laws of the United
      States of America or the state of its incorporation, as applicable, and is
      duly
      authorized and qualified to transact any and all business contemplated by this
      Agreement to be conducted by such Servicer;

     

    (ii)  Such
      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. Such 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
      such Servicer, enforceable against such 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 such Servicer, the servicing of
      the
      Mortgage Loans by such Servicer hereunder, the consummation by such 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
      such
      Servicer and will not (A) result in a breach of any term or provision of the
      charter or by-laws of such 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 such Servicer is a party or
      by
      which it may be bound, or any statute, order or regulation applicable to such
      Servicer of any court, regulatory body, administrative agency or governmental
      body having jurisdiction over such Servicer; and such 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 such
      Servicer's knowledge, would in the future materially and adversely affect,
      (x)
      the ability of such Servicer to perform its obligations under this Agreement
      or
      (y) the business, operations, financial condition, properties or assets of
      such
      Servicer taken as a whole;

     

    (iv)  Such
      Servicer is an approved seller/servicer for Fannie Mae or Freddie Mac in good
      standing;

     

    (v)  Such
      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 such Servicer that would materially and adversely
      affect the execution, delivery or enforceability of this Agreement or the
      ability of such 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, such
      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 such
      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 such Servicer
      of, or compliance by such 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)  Such
      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(b) 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 Servicers,
      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 related Servicer set forth in Section 2.03(c) to cure breaches
      shall constitute the sole remedies against the related 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  	
              Authorization
                to Enter into Interest Rate Cap
                Agreement

            

    

     

    The
      Trust
      Administrator (in its capacity as Cap Trustee) is hereby directed to execute
      and
      deliver the Interest Rate Cap Agreement on behalf of Party B (as defined
      therein) and to exercise the rights, perform the obligations, and make the
      representations of Party B thereunder, solely in its capacity as Cap Trustee
      on
      behalf of Party B (as defined therein) and not in its individual capacity.
      The
      Depositor and the Certificateholders (by acceptance of their Certificates)
      acknowledge and agree that (i) the Trust Administrator (in its capacity as
      Cap
      Trustee) shall execute and deliver the Interest Rate Cap Agreement on behalf
      of
      Party B (as defined therein), and make the representations of Party B
      thereunder, solely in its capacity as Cap Trustee on behalf of Party B as
      defined therein) and not in its individual capacity, and (iii) the Trust
      Administrator (in its capacity as Cap Trustee) shall be entitled to exercise
      the
      rights and obligated to perform the obligations of Party B under the Interest
      Rate Cap Agreement.

     

    
      	SECTION
              2.08  	
              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 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 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.

     

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    
      	SECTION
              3.01  	
              Servicer
                to Act as Servicer.

            

    

     

    Unless
      otherwise specified, all references to actions to be taken by “the Servicer”
under this Article III or any other provision of this Agreement with respect
      to
      a Mortgage Loan or Mortgage Loans or with respect to an REO Property or REO
      Properties shall be to actions to be taken or previously taken by the related
      Servicer with respect to a Mortgage Loan or Mortgage Loans serviced thereby
      or
      with respect to an REO Property or REO Properties administered
      thereby.
      Furthermore, unless otherwise specified, all references to actions to be taken
      or previously taken by “the Servicer” under this Article III or any other
      provision of this Agreement with respect to “the Collection Account” or “the
      Servicing Account” shall be to actions to be taken or previously taken by each
      Servicer with respect to the Collection Account or an escrow account to be
      established and maintained thereby. Consistent with the foregoing, but only
      insofar as the context so permits, this Article III is to be read with respect
      to each Servicer as if such Servicer alone was servicing and administering
      its
      respective Mortgage Loans hereunder.

     

    Each
      of
      the Servicers (other than JPMorgan) shall service and administer its respective
      Mortgage Loans on behalf of the Trust Fund 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.

     

    JPMorgan
      shall service and administer the JPMorgan Mortgage Loans on behalf of the Trust
      Fund and in the best interests of and for the benefit of the Certificateholders
      (as determined by JPMorgan in its reasonable judgment) in accordance with the
      JPMorgan Servicing Standard and the respective Mortgage Loans.

     

    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) (a) 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 or (b) the enforceability
      thereof shall have been limited by bankruptcy, insolvency, moratorium,
      receivership and other similar laws relating to creditors’ rights generally or
      the collectability thereof shall have been limited due to acceleration in
      connection with a foreclosure or other involuntary payment, (ii) the collection
      of such Prepayment Charge would be in violation of applicable laws, (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,
      (iv) the Servicer has not received information and documentation sufficient
      to
      confirm the existence or amount of such Prepayment Charge or (v) the collection
      of such Prepayment Charge would be considered “predatory” pursuant to written
      guidance published or issued by any applicable federal, state or local
      regulatory authority acting in its official capacity and having jurisdiction
      over such matters. If a Prepayment Charge is waived as permitted by meeting
      the
      standard described in clauses (ii), (iii), (iv) or (v) above and a
      representation or warranty regarding such Prepayment Charge has been breached,
      then, the Trustee shall make commercially reasonable efforts to attempt to
      enforce the obligations of the related Originator under the related 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 or the Mortgage Loan Purchase
      Agreement. 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. If a Prepayment Charge is waived other than in accordance with
      (i) through (v) above, the Servicer shall pay the amount of such waived
      Prepayment Charge to the Trust Administrator for deposit in the Distribution
      Account for the benefit of the Holders of the Class P Certificates (the
“Servicer Prepayment Charge Payment Amount”). 

     

    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 (with respect
      to
      Wells Fargo, Ocwen and Countrywide) or to the JPMorgan Servicing Standard (with
      respect to JPMorgan) 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 (with respect to Wells Fargo, Ocwen and Countrywide) or to the
      JPMorgan Servicing Standard (with respect to JPMorgan), 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.

     

    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.

     

    The
      Servicer (or a Sub-Servicer servicing the Mortgage Loans on its behalf) has
      fully furnished and will continue to fully furnish, in accordance with the
      Fair
      Credit Reporting Act and its implementing regulations, accurate and complete
      information (e.g., favorable and unfavorable) on its borrower credit files
      to
      Equifax, Experian and Trans Union Credit Information Company or their successors
      on a monthly basis.

     

    
      	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-Servicing Agreement must provide for the servicing of Mortgage Loans in
      a
      manner consistent with the servicing arrangement contemplated hereunder.

     

    As
      of the
      Closing Date, JPMorgan has engaged CHF to act as a Sub-Servicer with respect
      to
      JPMorgan’s servicing obligations under this Agreement. So long as JPMorgan is
      not a ranked servicer by the Rating Agencies, JPMorgan agrees that prior to
      replacing CHF as a Sub-Servicer, other than with an Affiliate of JPMorgan that
      is a ranked servicer, it will obtain written confirmation from each Rating
      Agency that such replacement of CHF as Sub-Servicer with respect to JPMorgan’s
      servicing obligations related to the JPMorgan Mortgage Loans will not cause
      the
      current rating on the Certificates to be withdrawn or lowered by the Rating
      Agencies and any replacement Sub-Servicer shall sub-service in accordance with
      the terms of this Agreement, including but not limited to the consideration
      of
      whether to waive a Prepayment Charge 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 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
      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.

            

    

     

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

     

    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.

     

    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 (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 (with
      respect to Wells Fargo, Ocwen and Countrywide) and with the JPMorgan Servicing
      Standard (with respect to JPMorgan), the Servicer may in its discretion (i)
      waive any late payment charge or, if applicable, penalty interest, (ii) waive
      any provision of any Mortgage Loan requiring the related Mortgagor to submit
      to
      mandatory arbitration with respect to disputes arising thereunder or (iii)
      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 (iii)
      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 (iii) 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 (with respect to Wells
      Fargo, Ocwen and Countrywide) and with the JPMorgan Servicing Standard (with
      respect to JPMorgan), may waive,
      modify or vary any term of such Mortgage Loan (including, but not limited to,
      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, Wells Fargo 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 Wells Fargo 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 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 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, 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, 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 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 (net of the related Servicing Fee and any
      Prepayment Interest Excess) on each Mortgage Loan; 

     

    (iii)  all
      Insurance Proceeds (including any amounts received under the PMI Policy),
      Subsequent Recoveries and Liquidation Proceeds (other than (a) proceeds to
      be
      held in an escrow account and applied to the restoration or repair of the
      Mortgaged Property or released to the Mortgagor in accordance with the terms
      of
      this Agreement or (b) 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.

     

    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, Prepayment
      Interest Excess 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 Servicers 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 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
      and
      the PMI Insurer 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. 

     

    (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 Trust Administrator (who shall give notice
      to
      the Trustee 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 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 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)  to
      pay
      itself any Prepayment Interest Excess (to the extent not otherwise
      retained);

     

    (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);

     

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

     

    (xii)  to
      withdraw any amounts deposited in the Collection Account in error.

     

    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:

     

    (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 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);

     

    (vii)  to
      pay
      the Credit Risk Manager the Credit Risk Manager Fee and to pay the PMI Insurer
      the PMI Insurer Fee; and

     

    (viii)  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:

     

    (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 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 which
      are a part of such property on a replacement cost basis and (iii) in the case
      of
      JPMorgan, 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 Servicer shall also cause to be maintained
      fire and hazard insurance on each REO Property with extended coverage as is
      customary in the area where the Mortgaged Property is located in an amount
      which
      is at least equal to the lesser of (i) the 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. With respect to
      JPMorgan, such flood insurance shall be in an amount equal to the least of
      (i)
      the unpaid principal balance of the related Mortgage Loan, (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) and (iii) the maximum
      insurable value of the improvements which are a part of such Mortgaged Property.
      With respect to Wells Fargo, Ocwen and Countrywide, 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); provided, that, such flood insurance must also
      be equal to the replacement value or the maximum payable amount under the Flood
      Disaster Protection Act (FDPA).

     

    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 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.

     

    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
      (with respect to Wells Fargo, Ocwen and Countrywide) and with the JPMorgan
      Servicing Standard (with respect to JPMorgan), 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 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 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® 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.

     

    (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, Subsequent Recoveries 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.

            

    

     

    Upon
      reasonable request by the Trust Administrator (such request to be made by the
      related Distribution Date), the Servicer shall forward to the Trust
      Administrator no later than 10 calendar days after such request, 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 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 or such other format as mutually agreed to
      between the Servicer and the Trust Administrator. 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.

            

    

     

    Wells
      Fargo and JPMorgan shall deliver to the Trust Administrator, on or before March
      1st
      of each
      calendar year beginning in 2007 and Ocwen 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. Wells Fargo,
      JPMorgan and Ocwen shall deliver, or cause any entity determined by such
      Servicer to be a Sub-Servicer to deliver, a similar Annual Statement of
      Compliance by any Sub-Servicer to which such Servicer has delegated any
      servicing responsibilities with respect to the Mortgage Loans, to the Trust
      Administrator as described above as and when required with respect to such
      Servicer. 

     

    If
      Wells
      Fargo or JPMorgan does not deliver the Annual Statement of Compliance by March
      1st
      of any
      year, either the Trust Administrator or the Depositor shall provide the related
      Servicer with written notice of its failure to deliver such Annual Statement
      of
      Compliance and such Servicer shall have 10 calendar days from the date its
      receipt of such written notice to cure such failure to deliver. 

     

    Failure
      of Wells Fargo, JPMorgan or Ocwen to timely comply with this Section 3.20,
      and
      with respect to Wells Fargo and JPMorgan, such compliance continues unremedied
      for ten (10) calendar days after the date on which written notice of its failure
      to deliver the Annual Statement of Compliance 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 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 such
      Servicer under this Agreement and in and to the Mortgage Loans and the proceeds
      thereof without compensating the related 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 related
      Servicer, such provision shall be given effect. This paragraph shall supercede
      any other provision in this Agreement or any other agreement to the
      contrary.

     

    Wells
      Fargo, JPMorgan and Ocwen 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 solely and directly upon a breach
      of
      the related Servicer’s obligations under this Section 3.20. Such indemnification
      shall not cover any damages that are indirect, consequential, punitive or
      special in nature.

     

    
      	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). Wells Fargo and JPMorgan shall deliver to the Trust Administrator
      on or
      before March 1st
      of each
      calendar year beginning in 2007 and Ocwen shall deliver to the Trust
      Administrator on or before March 15th
      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 applicable 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)  Wells
      Fargo, JPMorgan and Ocwen shall, or shall cause any Sub-Servicer and each
      subcontractor determined by such 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
      Wells
      Fargo or JPMorgan does
      not
      deliver the Assessment of Compliance or Attestation Report by March
      1st
      of any
      year, either the Trust Administrator or the Depositor shall provide the related
      Servicer with written notice of its failure to deliver such Assessment of
      Compliance or Attestation Report and such Servicer shall have 10 calendar days
      from the date of its receipt of such written notice to cure such failure to
      deliver. 

     

    Failure
      of Wells Fargo, JPMorgan or Ocwen to timely comply with this Section 3.21
      (including the expiration of the applicable cure period with respect to Wells
      Fargo and JPMorgan) 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
      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 related Servicer
      under this Agreement and in and to the Mortgage Loans and the proceeds thereof
      without compensating such Servicer for the same (other than the Servicer’s right
      to reimbursement of unreimbursed P&I Advances and Servicing Advances and
      accrued and unpaid Servicing Fees in the manner provided in this Agreement);
      provided, however, the Depositor shall not be entitled to instruct the Trustee
      to terminate the rights and obligations of such Servicer pursuant to clause
      (iii) above if a failure of the related 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.”

     

    Wells
      Fargo, JPMorgan and Ocwen 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 solely and directly upon a breach
      of
      such 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. Such indemnification shall not cover any damages that are
      indirect, consequential, punitive or special in nature.

     

    
      	SECTION
              3.22  	
              Access
                to Certain Documentation.

            

    

     

    The
      Servicer shall provide to the Depositor, the Trust Administrator and the Trustee
      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 the Trustee or the Trust Administrator on behalf of, and for purposes of
      providing such documentation to, any Person identified as
      a Certificateholder or any federal or state banking or insurance
      regulatory authority that may exercise authority over any Certificateholder
      or 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 Trustee or Trust Administrator.
      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. In each case, access to any documentation regarding
      the Mortgage Loans may be conditioned upon the requesting party’s acknowledgment
      in writing of a confidentiality agreement regarding any information that is
      required to remain confidential under the Gramm-Leach-Bliley Act of
      1999.

     

    
      	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;

     

    (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 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. With
      respect to JPMorgan, the
      fees
      of such Independent Contractor may be reimbursable as a Servicing Advance and,
      to the extent that any payments made by such Independent Contractor would
      constitute Servicing Advances if made by JPMorgan, such amounts shall also
      be
      reimbursable as Servicing Advances made by JPMorgan.

     

    (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 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
      Servicers shall deliver to the Trust Administrator for deposit into the
      Distribution Account on or before 4:00 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)  The
      Servicer and/or the Trustee on behalf of the Trust Fund is hereby authorized
      to
      enter into a facility (an “Advance Facility”) with any Person (an “Advancing
      Person”) (1) under which the Servicer sells, assigns or pledges to the Advancing
      Person the Servicer’s rights under this Agreement to be reimbursed for any
      P&I Advances and/or Servicing Advances or (2) which provides that the
      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 existence of such Advance Facility. To the extent
      that
      an Advancing Person funds any P&I Advance or any Servicing Advance or is
      assigned the right to be reimbursed for any P&I Advance or Servicing Advance
      and provides the Trust Administrator with notice acknowledged by the Servicer
      that such Advancing Person is entitled to reimbursement directly from the Trust
      Administrator pursuant to the terms of the Advance Facility, 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 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 shall not be deemed to be a Sub-Servicer under this Agreement.

     

    (b)  If,
      pursuant to the terms of the Advance Facility, an Advancing Person is entitled
      to reimbursement directly from the Trust Administrator, then the Servicer shall
      not reimburse itself therefor under Section 3.11(a)(ii), Section 3.11(a)(iii)
      or
      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 3.10 to the extent of amounts on deposit
      in the Collection Account on the related Servicer Remittance Date. The Trust
      Administrator is hereby authorized to pay to the Advancing Person reimbursements
      for Advances and Servicing Advances from the Distribution Account, to the extent
      permitted under the terms of the Advance Facility, to the same extent the
      Servicer would have been permitted to reimburse itself for such Advances and/or
      Servicing Advances in accordance with Section 3.11(a)(ii), Section 3.11(a)(iii)
      or Section 3.11(a)(vi), as the case may be, had the Servicer itself funded
      such
      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 Advance Facility agree to in writing delivered to the Trust
      Administrator. An Advance Facility may provide that the Servicer will otherwise
      cause the remittance of P&I Advance and/or Servicing Advance reimbursement
      amounts to the Advancing Person, in which case the foregoing sentences in this
      Section 3.26(b) shall not apply.

     

    (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)  None
      of
      the Trust Fund, any party to this Agreement or any other Person shall have
      any
      right or claim (including without limitation any right of offset or recoupment)
      to any amounts allocable under this Agreement to the reimbursement of P&I
      Advances or Servicing Advances that have been assigned, conveyed or pledged
      to
      an Advancing Person, or that relate to P&I Advances or Servicing Advances
      that were funded by an Advancing Person.

     

    (e)  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 master servicer, may be entered into by the parties
      to
      this Agreement without the consent of any Certificateholder but with written
      confirmation from each Rating Agency that the amendment shall not result in
      the
      reduction or withdrawal of the then-current ratings of any outstanding Class
      of
      Certificates or any other notes secured by collateral which includes all or
      a
      portion of the Class CE Certificates, the Class P Certificates and/or the
      Residual Certificates, notwithstanding anything to the contrary in this
      Agreement.

     

    
      	SECTION
              3.27  	
              Transfer
                of Servicing for Certain Mortgage
                Loans.

            

    

     

    New
      Century Mortgage Corporation shall be the Servicer through and including
      February 1, 2007 and shall service the Mortgage Loans originated by New Century
      Mortgage Corporation in accordance with the terms of this Agreement, including,
      but not limited to, the obligation to pay amounts in respect of Prepayment
      Interest Shortfalls (as set forth in Section 3.24) and to make Advances and
      Servicing Advances (as set forth in Sections 3.26 and 4.03) and in accordance
      with customary industry procedures and all reporting requirements applicable
      to
      the Servicer (as set forth in Sections 3.20, 3.21 and 4.07).

     

    
      	SECTION
              3.28  	
              PMI
                Policy; Claims Under the PMI
                Policy.

            

    

     

    Notwithstanding
      anything to the contrary elsewhere in this Agreement, the Servicer shall not
      take any action with respect to a PMI Mortgage Loan that could result in denial
      of coverage under the PMI Policy. The Servicer shall, on behalf of the Trust
      Administrator, prepare and file on a timely basis with the PMI Insurer, all
      claims which may be made under the PMI Policy with respect to the PMI Mortgage
      Loans. Copies of any such claims will be provided to the Trustee and/or the
      Trust Administrator if reasonably requested. Consistent with all rights and
      obligations hereunder, the 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 related Servicer into the Collection Account in
      accordance with Section 3.10(a). The
      Trust
      Administrator 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.

     

    

     

    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
      withdraw from the Distribution Account an amount equal to the PMI Insurer Fee
      for such Distribution Date and shall pay such amount to the PMI Insurer 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 Group I Interest Remittance Amount shall be distributed
      to the Certificateholders in the following order of priority:

     

    (i)  to
      the
      Holders of the Group I Certificates, the Senior Interest Distribution Amount
      related to such Certificates; and

     

    (ii)  concurrently,
      to the Holders of each Class of Group II Certificates, on a pro
      rata
      basis
      based on the entitlement of each such Class, the Senior Interest Distribution
      Amount for each such Class, remaining undistributed after the distribution
      of
      the Group II Interest Remittance Amount, as set forth in Section
      4.01(a)(1)(II)(i) below.

     

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

     

    (i)  concurrently,
      to the Holders of each Class of Group II Certificates, on a pro
      rata
      basis
      based on the entitlement of each such Class, the Senior Interest Distribution
      Amount related to such Certificates; and

     

    (ii)  to
      the
      Holders of the Group I Certificates, the Senior Interest Distribution Amount
      related to such Certificates, remaining undistributed after the distribution
      of
      the Group I Interest Remittance Amount, as set forth in Section 4.01(a)(1)(I)(i)
      above.

     

    (III) On
      each
      Distribution Date, following the distributions made pursuant to Section
      4.01(a)(1)(I) and (II) above, any remaining Group I Interest Remittance Amount
      and Group II Interest Remittance Amount will 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 and Class M-10 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 Group I Principal Distribution Amount shall be distributed
      in
      the following order of priority:

     

    (i)  to
      the
      Holders of the Group I Certificates, until the Certificate Principal Balance
      of
      such Class has been reduced to zero; and

     

    (ii)  to
      the
      Holders of the Group II Certificates (allocated among the Classes of Group
      II
      Certificates in the priority described in Section 4.01(a)(4) below), after
      taking into account the distribution of the Group II Principal Distribution
      Amount, as described in Section 4.01(a)(2)(II)(i) below, until the Certificate
      Principal Balances of such Classes have been reduced to zero.

     

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

     

    (i)  to
      the
      Holders of the Group II Certificates (allocated among the Classes of Group
      II
      Certificates in the priority described in Section 4.01(a)(4) below), until
      the
      Certificate Principal Balances of such Classes have been reduced to zero;
      and

     

    (ii)  to
      the
      Holders of the Group I Certificates, after taking into account the distribution
      of the Group I Principal Distribution Amount, as described in Section
      4.01(a)(2)(I)(i) above, until the Certificate Principal Balance of 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 sum of the Group I Principal Distribution Amount and the
      Group
      II 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 and Class
      M-10
      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 Group I Principal Distribution Amount shall be
      distributed in the following order of priority:

     

    (i)  to
      the
      Holders of the Group I Certificates, the Group I Senior Principal Distribution
      Amount, until the Certificate Principal Balance of such Class has been reduced
      to zero; and

     

    (ii)  to
      the
      Holders of the Group II Certificates (allocated among the Classes of Group
      II
      Certificates in the priority described in Section 4.01(a)(4) below), after
      taking into account the distribution of the Group II Principal Distribution
      Amount, as described in Section 4.01(a)(2)(V)(i) below, up to an amount equal
      to
      the Group II Senior Principal Distribution Amount remaining undistributed,
      until
      the Certificate Principal Balances of such Classes have been reduced to
      zero.

     

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

     

    (i)  to
      the
      Holders of the Group II Certificates (allocated among the Classes of Group
      II
      Certificates in the priority described in Section 4.01(a)(4) below), the Group
      II Senior Principal Distribution Amount, until the Certificate Principal
      Balances of such Classes have been reduced to zero; and

     

    (ii)  to
      the
      Holders of the Group I Certificates, after taking into account the distribution
      of the Group I Principal Distribution Amount, as described in Section
      4.01(a)(2)(IV)(i) above, up to an amount equal to the Group I Senior Principal
      Distribution Amount remaining undistributed, until the Certificate Principal
      Balance of such Class has been reduced to zero.

     

    (VI) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, the sum of the Group I Principal Distribution Amount
      and
      the Group II Principal Distribution Amount remaining undistributed for such
      Distribution Date shall be distributed in the following order of
      priority:

     

    (i)  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;

     

    (ii)  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;

     

    (iii)  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;

     

    (iv)  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;

     

    (v)  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;

     

    (vi)  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;

     

    (vii)  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;

     

    (viii)  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;

     

    (ix)  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; and

     

    (x)  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.

     

    (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, distributable as part of the Group I Principal Distribution Amount
      and the Group II 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 and Class M-10 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 and Class M-10 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;

     

    (v)  to
      reimburse the related 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.

     

    (4) With
      respect to the Group II Certificates, all principal distributions will be
      distributed sequentially, to the Class A-2A, Class A-2B, Class A-2C and Class
      A-2D Certificates, in that order, until the respective Certificate Principal
      Balance of each such Class has been reduced to zero, with the exception that
      on
      any Distribution Date on which the aggregate Certificate Principal Balance
      of
      the Mezzanine Certificates and the Class CE Certificates has been reduced to
      zero, principal distributions will be allocated concurrently, to the Class
      A-2A,
      Class A-2B, Class A-2C and Class A-2D Certificates, on a pro rata basis based
      on
      the Certificate Principal Balances of each such Class, until their respective
      Certificate Principal Balances have been reduced to zero.

     

    (5) 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 and Class M-10 Certificates, in that order, the
      related Net WAC Rate Carryover Amount.

     

    (6) On
      each
      Distribution Date, after making the distributions of the Available Distribution
      Amount, Net Monthly Excess Cashflow and amounts on the deposit in the Net WAC
      Rate Carryover Reserve Account as set forth above, the Trust Administrator
      shall
      distribute the amount on deposit in the Cap Account (other than any termination
      payments received under the Interest Rate Cap Agreement not related to an
      optional termination of the Trust) as follows:

     

    (i)  concurrently,
      to each Class of Class A Certificates, the related Senior Interest Distribution
      Amount remaining undistributed, 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 and Class M-10 Certificates, in that order, the
      related Interest Distribution Amount and Interest Carry Forward Amount, to
      the
      extent remaining undistributed;

     

    (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 and Class M-10 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;

     

    (v)  concurrently,
      to each Class of Class A Certificates, the related Net WAC Rate Carryover Amount
      remaining undistributed, 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 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 and Class M-10 Certificates, in that order, the
      related Net WAC Rate Carryover Amount remaining undistributed.

     

    (7)
      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 I Regular Interest I-LTAA, REMIC I Regular Interest I-LTA1,
      REMIC I Regular Interest I-LTA2A, REMIC I Regular Interest I-LTA2B, REMIC I
      Regular Interest I-LTA2C, REMIC I Regular Interest I-LTA2D, 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-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-LTA1, REMIC I Regular Interest
      I-LTA2A, REMIC I Regular Interest I-LTA2B, REMIC I Regular Interest I-LTA2C,
      REMIC I Regular Interest I-LTA2D, 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 and REMIC I Regular Interest I-LTM10, 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
      Holders of REMIC I Regular Interest I-LT1SUB, REMIC I Regular Interest I-LT1GRP,
      REMIC I Regular Interest I-LT2SUB, REMIC I Regular Interest I-LT2GRP and REMIC
      I
      Regular Interest I-LTXX, pro
      rata,
      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;

     

    (iii)  to
      the
      Holders of REMIC I Regular Interests, in an amount equal to the remainder of
      the
      REMIC I Marker Allociation Percentage 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;

     

    (b) 2.00%
      of
      such remainder (less the amount payable in clause (v) below) first, to the
      Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A,
      REMIC I Regular Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I
      Regular Interest I-LTA2D, 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 and REMIC I Regular Interest I-LTM10, 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;
      

     

    (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; 

     

    (iv)  to
      the
      Holders of REMIC I Regular Interests, in an amount equal to the remainder of
      the
      REMIC I Sub WAC Allocation Percentage of Available Funds for such Distribution
      Date after the distributions made pursuant to clause (ii) above, and such that
      distributions of principal shall be deemed to be made to the REMIC I Regular
      Interests 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 in the related Loan
      Group; 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 in the related Loan Group over (y) the current Certificate
      Principal Balance of the Class A Certificate in the related Loan Group (except
      that if any such excess is a larger number than in the preceding distribution
      period, the least amount of principal shall be distributed to such REMIC I
      Regular Interests such that the REMIC I Subordinated Balance Ratio is
      maintained); and third, any remaining principal to REMIC I Regular Interest
      I-LTXX; and 

     

    (v)  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 Servicers 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 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 related 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 related
      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 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 Interest Rate
      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);

     

    (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;

     

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

     

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

     

    (xxix)  payments,
      if any, made under the Interest Rate Cap Agreement and the amount distributed
      to
      the Floating Rate Certificates from payments made under the Interest Rate Cap
      Agreement; 

     

    (xxx)  the
      Significance Percentage for such Distribution Date;

     

    (xxxi)  the
      respective Pass-Through Rates applicable to the Floating Rate Certificates
      for
      such Distribution Date (and whether such Pass-Through Rate was limited by the
      Net WAC Rate) and the Pass-Through Rate applicable to the Floating Rate
      Certificates for the immediately succeeding Distribution Date;

     

    (xxxii)  (A)
      the
      amount of payments received from the PMI Insurer related to claims under the
      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 the PMI Policy since the Closing Date (and the number
      of
      Mortgage Loans to which such payments related); 

     

    (xxxiii)  (A)
      the
      dollar amount of claims made under each PMI Policy that were denied (as
      identified by the 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 the PMI Policy that were denied since the Closing
      Date (and the number of Mortgage Loans to which such denials related);
      and

     

    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.

     

    For
      all
      purposes of this Agreement, with respect to any Mortgage Loan, delinquencies
      shall be determined by the Trust Administrator from information provided by
      the
      Servicer and reported by the Trust Administrator based on the OTS methodology
      for determining delinquencies on mortgage loans similar to the Mortgage Loans.
      By way of example, a Mortgage Loan would be delinquent with respect to a Monthly
      Payment due on a Due Date if such Monthly Payment is not made by the close
      of
      business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan
      would be more than 30-days Delinquent with respect to such Monthly Payment
      if
      such Monthly Payment were not made by the close of business on the Mortgage
      Loan’s second succeeding Due Date. 

     

    The
      Trust
      Administrator shall make available on its website to each Person (and the
      Trustee) who at any time during the calendar year was a Holder of a Regular
      Certificate, the statements containing the information set forth in subclauses
      (i) through (iii) above. 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 Servicers
      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.

     

    The
      Trust
      Administrator shall furnish to the Holders of the Residual Certificates the
      applicable Form 1066 and each applicable Form 1066Q as required by the Code.
      Additionally, the Trust Administrator shall make available on its website to
      each Person (and the Trustee) who at any time during the calendar year was
      a
      Holder of a Residual Certificate certain statements setting forth information
      set forth in clauses (i) through (xxxiii) above. 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 Servicers.

     

    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) 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 Interest Rate Cap Agreement. 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 Interest Rate 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 Servicers shall deliver to the Trust
      Administrator, in a mutually agreed upon electronic format (or by such other
      means as the related 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 Servicers, 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 shall 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. No
      later
      than the Servicer Remittance Date, the Servicers shall furnish to the Trust
      Administrator a monthly report containing such information regarding prepayments
      in full on Mortgage Loans during the applicable Prepayment Period in a format
      as
      mutually agreed to between the related Servicer and the Trust Administrator.
      Neither the Trustee nor the Trust Administrator shall be responsible to
      recompute, recalculate or verify any information provided to it by the
      Servicers.

     

    (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 P&I Advance will be equal to the amount of the Monthly
      Payment (net of the related Servicing Fee) that is delinquent as of the close
      of
      business on the related Determination Date; provided, however, that with respect
      to any Balloon Mortgage Loan that is delinquent on its maturity date, the
      Servicer will not be required to advance the related Balloon Payment but will
      be
      required to continue to make Advances in accordance with this Section 4.03(b)
      with respect to such Balloon Mortgage Loan in an amount equal to an assumed
      scheduled interest that would otherwise be due based on the original
      amortization schedule for that Balloon Mortgage Loan (with each interest portion
      thereof net of the related Servicing Fee). 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
      4:00
      p.m. New York time on the Servicer Remittance Date, each 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 related
      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 related 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 related
      Servicer with respect to the Mortgage Loans. Any amounts held for future
      distribution used by a Servicer to make a P&I Advance as permitted in the
      preceding sentence shall be appropriately reflected in the related Servicer’s
      records and replaced by the related 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 related Servicer
      by
      telecopy by the close of business on the Business Day prior to the Distribution
      Date via email to the appropriate investor reporting contact of the Servicer
      (as
      well as the manager of the Servicer’s investor reporting group) in the event
      that the amount remitted by the related 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 each 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 a 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 a 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 a 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
      related Servicer to the Trust Administrator.

     

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

            

    

     

    (a)  Prior
      to
      each Distribution Date, each 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, each 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 each Servicer shall be either included in the related Remittance
      Report (in form and format reasonably required and mutually agreed upon by
      Servicers) or evidenced by an Officers’ Certificate delivered to the Trust
      Administrator and the Trustee by the related 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 Interest Rate Cap
      Agreement, third, to the Class CE Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero; fourth, to the Class M-10
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero, fifth, to the Class M-9 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero, sixth, to the Class M-8 Certificates
      until the Certificate Principal Balance thereof has been reduced to zero;
      seventh, to the Class M-7 Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero; eighth, to the Class M-6 Certificates, until
      the Certificate Principal Balance thereof has been reduced to zero; ninth,
      to
      the Class M-5 Certificates, until the Certificate Principal Balance thereof
      has
      been reduced to zero; tenth, to the Class M-4 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; eleventh, to
      the
      Class M-3 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; twelfth, to the Class M-2 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; and thirteenth, 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)  The
      REMIC
      I Marker Allocation Percentage of 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 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-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; fourth, 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; fifth, 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; sixth, 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; seventh, 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; eighth,
      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; ninth, 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; tenth, 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; eleventh, 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 twelfth,
      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.

     

    (d)  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 in the related Loan Group; 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 in the related Loan
      Group over (y) the current Certificate Principal Balance of the Class A
      Certificate in the related Loan Group (except that if any such excess is a
      larger number than in the preceding distribution period, the least amount of
      Realized Losses shall be applied to such REMIC I Regular Interests such that
      the
      REMIC I Subordinated Balance Ratio is maintained); and 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-HE3.”

     

    (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)  It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Net WAC Rate Carryover Reserve Account be
      disregarded as an entity separate from the Holder of the Class CE Certificates
      unless and until the date when either (a) there is more than one Class CE
      Certificateholder or (b) any Class of Certificates in addition to the Class
      CE
      Certificates is recharacterized as an equity interest in the Net WAC Rate
      Carryover Reserve Account for federal income tax purposes, in which case it
      is
      the intention of the parties hereto that, for federal and state income and
      state
      and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account
      be
      treated as a partnership. 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. The Net WAC Rate Carryover Reserve Account will be an “outside
      reserve fund” within the meaning of Treasury Regulation Section 1.860G-2(h).
      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).

     

    (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 may have more
      than a de
      minimis
      value.

     

    
      	SECTION
              4.07  	
              Commission
                Reporting.

            

    

     

    (a)  
      (i)
      Within 10 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. Any disclosure in addition to the monthly statement required
      to be included on the Form 10-D (“Additional Form 10-D Disclosure”) shall be
      determined and prepared by the entity that is indicated in Exhibit B as the
      responsible party for providing that information, and the Trust Administrator
      will have no duty or liability to verify the accuracy or sufficiency of any
      such
      Additional Form 10-D Disclosure and the Trust Administrator shall have no
      liability with respect to any failure to properly prepare or file such Form
      10-D
      resulting from or relating to the Trust Administrator’s inability or failure to
      obtain any information in a timely manner from the party responsible for
      delivery of such Additional Form 10-D Disclosure.

     

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

     

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

     

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

     

    (iii) Prior
      to
      January 30 of the first year in which the Trust Administrator is able to do
      so
      under applicable law, 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 1, 2007 and (y) unless and until a Form 15
      Suspension Notice shall have been filed, prior to March 1st
      of each
      year thereafter with respect to Wells Fargo and JPMorgan, and prior to March
      15th
      of each
      year therafter with respect to Ocwen, each such 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 related
      Servicer pursuant to Sections 3.20 and 3.21 (including with respect to any
      Sub-Servicer or any subcontractor, if required to be filed). Prior to (x) March
      31, 2007 and (y) unless and until a Form 15 Suspension Notice shall have been
      filed, March 31 of each year thereafter, the Trust Administrator shall file
      a
      Form 10-K, in substance as required by applicable law or applicable Securities
      and Exchange Commission staff’s interpretations and conforming to industry
      standards, with respect to the Trust Fund. Such Form 10-K shall include the
      Assessment of Compliance, Attestation Report, Annual Compliance Statements
      and
      other documentation provided by the related Servicer pursuant to Sections 3.20
      and 3.21 (including with respect to any Sub-Servicer or subcontractor, if
      required to be filed) and Section 3.21 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. The Trust Administrator shall receive the items described in
      the
      preceding sentence no later than March 1st
      of each
      calendar year prior to the filing deadline for the Form 10-K with respect to
      Wells Fargo and JPMorgan and no later than March 15th
      of each
      calendar year prior to the filing deadline for the Form 10-K with respect to
      Ocwen. If Wells Fargo or JPMorgan does not deliver such items by March
      1st
      of any
      year, either the Trust Administrator or the Depositor shall provide Wells Fargo
      or JPMorgan, as applicable, with written notice of its failure to deliver such
      items and such Servicer shall have 10 calendar days from the date of its receipt
      of such written notice to cure such failure to deliver.

     

    If
      information, data and exhibits to be included in the Form 10-K 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 Trust Administrator shall have no
      liability with respect to any failure to properly prepare or file such periodic
      reports resulting from or relating to the Trust Administrator’s inability or
      failure to timely obtain any information from any other party.

     

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

     

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

     

    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
      and Affiliates in respect of items 1 through 3 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 the Servicer shall sign a certification (the “Servicer
      Certification”) solely with respect to the Servicer (substantially in the form
      attached hereto as Exhibit H-3, Exhibit H-4 or Exhibit H-5 as applicable) for
      the benefit of the Depositor, the Trust Administrator and each Person, if any,
      who “controls” the Depositor or the Trust Administrator within the meaning of
      the Securities Act of 1933, as amended, and their respective officers and
      directors (with respect to Exhibit H-5, solely for the benefit of the Depositor
      and its respective officers and directors); provided, however, that neither
      the
      Trust Administrator Certification nor the Servicer Certification shall be filed
      as an exhibit to, or included in, any filing with the Commission. Each such
      certification shall be delivered to the Depositor and the Trust Administrator
      by
      March 20th
      of each
      year (or if not a Business Day, the immediately preceding Business Day). The
      Certification attached hereto as Exhibit H-1 shall be delivered to the
      Trust Administrator by March 25th
      for
      filing on or prior to March 31st
      of each
      year (or if not a Business Day, the immediately preceding Business
      Day).

     

    (b)  In
      addition, (A) the Trust Administrator shall indemnify and hold harmless the
      Depositor, each Servicer 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 solely and directly based upon (i)
      a
      breach of the Trust Administrator’s obligations under this Section 4.07 or (ii)
      any material misstatement or omission contained in the Trust Administrator
      Certification and (B) each 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, (ii) any material misstatement or omission contained in the
      Assessment of Compliance provided by the Servicer pursuant to Section 3.21
      or
      (iii) 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) each 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 such Servicer on the other.
      Notwithstanding the foregoing, in no event shall the Trust Administrator or
      any
      Servicer be liable for any special, consequential, indirect or punitive
      damages.

     

    
      	SECTION
              4.08  	
              Cap
                Account.

            

    

     

    (a)  No
      later
      than the Closing Date, the Trustee shall establish and maintain with itself
      or
      the Cap Administrator, a separate, segregated trust account titled, “Citibank,
      N.A, as Cap Trustee, in trust for the registered holders of Citigroup Mortgage
      Loan Trust 2006-HE3, Asset-Backed Certificates, Series 2006-HE3—Cap Account.”
Such account shall be an Eligible Account and amounts therein shall be held
      uninvested.

     

    (b)  Prior
      to
      each Distribution Date, pursuant to the Cap Administration Agreement, prior
      to
      any distribution to any Certificate, the Cap Administrator on behalf of the
      Cap
      Trustee shall deposit into the Cap Account amounts received by it under the
      Interest Rate Cap Agreement, for distribution in accordance with Section
      4.01(a)(6) above. 

     

    (c)  It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Cap Account be disregarded as an entity
      separate from the Holder of the Class CE Certificates unless and until the
      date
      when either (a) there is more than one Class CE Certificateholder or (b) any
      Class of Certificates in addition to the Class CE Certificates is
      recharacterized as an equity interest in the Cap Account for federal income
      tax
      purposes, in which case it is the intention of the parties hereto that, for
      federal and state income and state and local franchise tax purposes, the Cap
      Account be treated as a partnership. The Cap Account will be an “outside reserve
      fund” within the meaning of Treasury Regulation Section 1.860G-2(h). 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. 

     

    
      	SECTION
              4.09  	
              Collateral
                Account.

            

    

     

    The
      Trust
      Administrator (in its capacity as Cap Trustee) is hereby directed to perform
      the
      obligations of the Custodian as defined under the Interest Rate Cap Credit
      Support Annex (the “Interest Rate Cap Custodian”). On or before the Closing
      Date, the Interest Rate Cap Custodian shall establish an Interest Rate Cap
      Collateral Account. The Interest Rate Cap Collateral Account shall be held
      in
      the name of the Interest Rate Cap Custodian in trust for the benefit of the
      Certificateholders. The Interest Rate Cap Collateral Account must be an Eligible
      Account and shall be titled “Interest Rate Cap Collateral Account, Citibank,
      N.A., as Interest Rate Cap Custodian for registered Certificateholders of
      Citigroup Mortgage Loan Trust 2006-HE3, Asset-Backed Pass-Through Certificates,
      Series 2006-HE3.” 

     

    The
      Interest Rate Cap Custodian shall credit to the Interest Rate Cap Collateral
      Account all collateral posted by the Interest Rate Cap Provider to secure the
      obligations of the Interest Rate Cap Provider in accordance with the terms
      of
      the Interest Rate Cap Agreement. Except for investment earnings, the Interest
      Rate Cap Provider shall not have any legal, equitable or beneficial interest
      in
      the Interest Rate Cap Collateral Account other than in accordance with this
      Agreement, the Interest Rate Cap Agreement, and applicable law. The Interest
      Rate Cap Custodian shall maintain and apply all collateral earnings thereon
      on
      deposit in the Interest Rate Cap Collateral Account in accordance with the
      Interest Rate Cap Credit Support Annex. 

     

    Cash
      collateral posted by the Interest Rate Cap Provider in accordance with the
      Interest Rate Cap Credit Support Annex shall be invested at the written
      direction of the Interest Rate Cap Provider in overnight (or redeemable within
      two Local Business Days of demand) Permitted Investments rated at least (x)
      AAAm
      or AAAm-G by S&P and (y) Prime-1 by Moody’s or Aaa by Moody’s. Gains and
      losses incurred in respect of any investment of posted collateral in the form
      of
      Cash in Permitted Investments as directed by the Interest Rate Cap Provider
      shall be for the account of the Interest Rate Cap Provider. 

    

    In
      no
      event shall the Interest Rate Cap Custodian be liable for the selection of
      Permitted Investments or for investment losses incurred thereon. The Interest
      Rate Cap Custodian shall have no liablility in respect of losses incurred as
      a
      result of the liquidation of any Permitted Investments prior to its stated
      maturity or failure of the Interest Rate Cap Provider to provide timely written
      direction.

     

    Upon
      the
      occurrence of an Event of Default, a Termination Event, or an Additional
      Termination Event (each as
      defined in the Interest Rate Cap Agreement)
      with
      respect to the Interest
      Rate Cap Provider
      or upon
      occurrence or designation of an Early Termination Date (as defined in the
Interest
      Rate Cap
      Agreement) as a result of any such Event of Default, a Termination Event, or
      an
      Additional Termination Event with respect to the Interest
      Rate Cap Provider
      and, in
      either such case, unless the Interest
      Rate Cap Provider
      has paid
      in full all of its Obligations (as defined in the Interest
      Rate Cap Agreement)
      that are then due, then any collateral posted by the Interest
      Rate Cap Provider
      in
      accordance with the Interest
      Rate Cap Credit
      Support Annex
      shall be
      withdrawn by the Interest Rate Cap Custodian and applied to the payment of
      any
      termination payment due to Party B (as defined in the Interest Rate Cap
      Agreement) in accordance with the Interest Rate Cap Credit Support Annex. Any
      excess amounts held in such Interest Rate Cap Collateral Account after payment
      of all amounts owing to Party B under the Interest Rate Cap Agreement shall
      be
      withdrawn from the Interest Rate Cap Collateral Account and paid to the Interest
      Rate Cap Provider in accordance with the Interest Rate Cap Credit Support Annex.
      

     

    
      	SECTION
              4.10  	
              Rights
                and Obligations Under the Interest Rate Cap
                Agreement.

            

    

     

    In
      the
      event that the Interest Rate Cap Provider fails to perform any of its
      obligations under the Interest Rate Cap Agreement (including, without
      limitation, its obligation to make any payment or transfer collateral), or
      breaches any of its representations and warranties thereunder, or in the event
      that any Event of Default, Termination Event, or Additional Termination Event
      (each as defined in the Interest Rate Cap Agreement) occurs with respect to
      the
      Interest Rate Cap Agreement, the Trust Administrator (in its capacity as Cap
      Trustee) shall, promptly following actual knowledge of such failure, breach
      or
      event, notify the Depositor and send any notices and make any demands, on behalf
      of the Cap Trust, required to enforce the rights of the Cap Trust under the
      Interest Rate Cap Agreement.

     

    In
      the
      event that the Interest Rate Cap Provider’s obligations are guaranteed by a
      third party under a guaranty relating to the Interest Rate Cap Agreement (such
      guaranty the “Guaranty” and such third party the “Guarantor”), then to the
      extent that the Interest Rate Cap Provider fails to make any payment by the
      close of business on the day it is required to make payment under the terms
      of
      the Interest Rate Cap Agreement, the Trust Administrator (in its capacity as
      Cap
      Trustee) shall, promptly following actual knowledge of the Interest Rate Cap
      Provider’s failure to pay, demand that the Guarantor make any and all payments
      then required to be made by the Guarantor pursuant to such Guaranty; provided,
      that the Trust Administrator (in its capacity as Cap Trustee) shall in no event
      be liable for any failure or delay in the performance by the Interest Rate
      Cap
      Provider or any Guarantor of its obligations hereunder or pursuant to the
      Interest Rate Cap Agreement and the Guaranty, nor for any special, indirect
      or
      consequential loss or damage of any kind whatsoever (including but not limited
      to lost profits) in connection therewith.

     

    Upon
      an
      early termination of the Interest Rate Cap Agreement other than in connection
      with the optional termination of the Trust, the Trust Administrator (in its
      capacity as Cap Trustee) will, at the direction of the Depositor, use reasonable
      efforts to appoint a successor interest rate cap provider to enter into a new
      interest rate cap agreement on terms substantially similar to the Interest
      Rate
      Cap Agreement, with a successor interest rate cap provider meeting all
      applicable eligibility requirements. If the Trust Administrator (in its capacity
      as Cap Trustee) receives a termination payment from the Interest Rate Cap
      Provider in connection with such early termination, the Trust Administrator
      (in
      its capacity as Cap Trustee) will apply such termination payment to any upfront
      payment required to appoint the successor interest rate cap provider. If the
      Trust Administrator (in its capacity as Cap Trustee) is required to pay a
      termination payment to the Interest Rate Cap Provider in connection with such
      early termination, the Trust Administrator (in its capacity as Cap Trustee)
      will
      apply any upfront payment received from the successor interest rate cap provider
      to pay such termination payment.

     

    If
      the
      Trust Administrator (in its capacity as Cap Trustee) is unable to appoint a
      successor interest rate cap provider within 30 days of the early termination,
      then the Trust Administrator (in its capacity as Cap Trustee) will deposit
      any
      termination payment received from the original Interest Rate Cap Provider into
      a
      separate, non-interest bearing reserve account and will, on each subsequent
      Distribution Date, withdraw from the amount then remaining on deposit in such
      reserve account an amount equal to the payment, if any, that would have been
      paid to the Trust Administrator (in its capacity as Cap Trustee) by the original
      Interest Rate Cap Provider calculated in accordance with the terms of the
      original Interest Rate Cap Agreement, and distribute such amount in accordance
      with the terms of Section 4.01(a)(6).

     

    Upon
      an
      early termination of the Interest Rate Cap Agreement in connection with the
      optional termination of the Trust, if the Trust Administrator (in its capacity
      as Cap Trustee) receives a termination payment from the Interest Rate Cap
      Provider, such termination payment will be distributed in accordance with
      Section 4.01(a)(6).

     

     

    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-19. 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 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 Servicers and the Trust Administrator, 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 Servicers 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 Servicers, the Trust Administrator
      or
      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 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 Servicers, 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 Servicers 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 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.

     

    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.§ 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 Servicers 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
      Servicers, 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
      Servicers, the Trustee, the Trust Administrator or the Trust Fund or (ii) in
      the
      case of a Class M-10 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 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)
      for Mezzanine Certificates other than the Class M-10 Certificates, it has
      acquired and is holding such Mezzanine Certificate in reliance on Prohibited
      Transaction Exemption (“PTE”) 91-23, as amended by PTE 97-34, PTE 2000-58 and
      PTE 2002-41 (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 or Moody’s 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 Servicers, 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 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 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.

     

    (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.

     

    
      	SECTION
              5.04  	
              Persons
                Deemed Owners.

            

    

     

    The
      Depositor, the Servicers, 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 Servicers, 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 each 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 each 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.

     

     

    ARTICLE
      VI

     

    THE
      DEPOSITOR AND THE SERVICERS

     

    
      	SECTION
              6.01  	
              Liability
                of the Depositor and the Servicers.

            

    

     

    Each
      Servicer shall be liable in accordance herewith only to the extent of the
      obligations specifically imposed by this Agreement and undertaken hereunder
      by
      each 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
                Servicers.

            

    

     

    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, each
      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 Servicers 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 Servicers 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 Servicers shall be a party, or any Person succeeding to the
      business of the Depositor or the Servicers, shall be the successor of the
      Depositor or the Servicers, 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 Servicers 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 Servicers and
                Others.

            

    

     

    None
      of
      the Depositor, the Servicers (and any Sub-Servicer) or any of the directors,
      officers, employees or agents of the Depositor or the Servicers (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 Servicers (and any
      Sub-Servicer) or any such person against any breach of warranties,
      representations or covenants made herein, or against any specific liability
      imposed on the related 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 Servicers (and any Sub-Servicer) and any
      director, officer, employee or agent of the Depositor or the Servicers 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 Servicers (and any Sub-Servicer) and any director, officer, employee or
      agent of the Depositor or the Servicers (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 Servicers (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 Servicers (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 Servicers (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
      related Servicer (and any Sub-Servicer) shall be entitled to be reimbursed
      therefor from the related 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 related
      Collection Account.

     

    
      	SECTION
              6.04  	
              Limitation
                on Resignation of the Servicers.

            

    

     

    Each
      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 related Servicer hereunder. Any
      such
      determination pursuant to clause (i) of the preceding sentence permitting the
      resignation of the related Servicer shall be evidenced by an Opinion of Counsel
      to such effect obtained at the expense of the related Servicer and delivered
      to
      the Trustee and the Trust Administrator. No resignation of the related 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 related 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 related 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
      related Servicer hereunder. If, pursuant to any provision hereof, the duties
      of
      the related Servicer are transferred to a successor servicer, the entire amount
      of the Servicing Fee and other compensation payable to the related Servicer
      pursuant hereto shall thereafter be payable to such successor servicer. The
      Trustee and the Depositor hereby specifically consent to the pledge and
      assignment by Ocwen of all of Ocwen’s right, title and interest in, to and under
      this Agreement to a lender and if a Servicer Event of Termination with respect
      to Ocwen occurs, agree that Ocwen or its designee may appoint the successor
      servicer, provided that at the time of such appointment, such successor meets
      the requirements of a successor Servicer pursuant to Section 7.02(a) hereof
      and
      agrees to be subject to the terms of this Agreement. If, pursuant to any
      provision hereof, the duties of Ocwen are transferred to a successor servicer,
      the entire amount of the Servicing Fee and other compensation payable to Ocwen
      pursuant hereto shall thereafter be payable to such successor servicer.

     

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

            

    

     

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

     

    
      	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 Servicers 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 Servicers, 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 related 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
      related 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.

     

     

    ARTICLE
      VII

     

    DEFAULT

     

    
      	SECTION
              7.01  	
              Servicer
                Events of Default.

            

    

     

    Unless
      otherwise specified, all references to “the Servicer” in this Article VII shall
      be to events or actions as they relate to a specific Servicer. “Servicer Event
      of Default,” wherever used herein, means any one of the following
      events:

     

    (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 (other than the agreements of the Servicer contained
      in Section 3.20 and Section 3.21) (or, if the Servicer is an Originator, the
      failure of the Originator to repurchase a Mortgage Loan as to which a breach
      has
      been established that requires a repurchase pursuant to the terms of related
      Master Agreement), which continues unremedied for a period of 45 days (or if
      such failure or breach cannot be remedied within 45 days, then such remedy
      shall
      have been commenced within 45 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 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; 

     

    (vi)  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 Section 3.20 and Section 3.21 (subject, in the case of Wells Fargo
      and JPMorgan, to the cure periods set forth in such Sections); or

     

    (vii)  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 the close of business for such Servicer on the 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 (vii) of this Section
      shall occur and be continuing, 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 (viii) hereof shall occur and
      shall not have been remedied during the applicable time period set forth in
      clause (viii) 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 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 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® 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).

     

    (c)  Notwithstanding
      any provision in this Agreement to the contrary, for a period of 30 days
      following the date on which Ocwen shall have received a notice of a Servicer
      Event of Termination with respect to Ocwen pursuant to Section 7.01, Ocwen
      or
      its designee may appoint a successor servicer that satisfies the eligibility
      criteria of a successor servicer set forth above, with the consent of the
      Depositor or its Affiliate (such consent not to be unreasonably withheld);
      provided that such successor servicer agrees to fully effect the servicing
      transfer within 90 days following the termination of Ocwen and to make all
      Advances that would otherwise be made by the successor servicer under Section
      7.01 as of the date of such appointment, and to reimburse the Ocwen for any
      unreimbursed Advances and Servicing Advances it has made and any reimbursable
      expenses that they may have incurred in connection with this Section 7.02(c).
      Any proceeds received in connection with the appointment of such successor
      servicer shall be the property of Ocwen or its designee. Notwithstanding the
      foregoing, in the event of a Servicer Event of Termination with respect to
      Ocwen
      pursuant to Section 7.01(vi), either (i) Ocwen shall remit the amount of the
      required Advance by 10:00 a.m. New York time on the Business Day following
      the
      Servicer Remittance Date with respect to each Distribution Date during such
      30-day period until it appoints a successor servicer during such 30-day period
      pursuant to this Section 7.02 (c) or (ii) by 10:00 a.m. New York time on the
      Business Day following the Servicer Remittance Date, Ocwen shall have appointed
      a successor servicer that satisfies the eligibility criteria of a successor
      servicer set forth above, with the consent of the Depositor or its Affiliate
      (such consent not to be unreasonably withheld) and that has remitted the amount
      of the required Advance to the Trustee. If Ocwen fails to adhere to the
      requirements set forth in the immediately preceding sentence, the Trustee shall
      be the successor in all respects to Ocwen in its capacity as Servicer under
      this
      Agreement and shall immediately assume the Ocwen’s obligations to make Advances,
      subject to Section 7.02(a)

     

    
      	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 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.

     

    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 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 Servicers 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 Servicers 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;

     

    (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;

     

    (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 related Servicer pursuant to Section 3.12; and

     

    (viii)  Any
      request or direction of the Depositor, the Servicers 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 Servicers in respect of the Mortgage Loans or deposited
      in or withdrawn from the Collection Account by the related 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 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 Servicers 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)  Each
      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 each
      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
      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 Servicers 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 Servicers 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 Servicers 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 Servicers by
      the
      Depositor. 

     

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

     

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

     

    
      	SECTION
              8.08  	
              Successor
                Trustee or Trust Administrator.

            

    

     

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

     

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

     

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

     

    
      	SECTION
              8.09  	
              Merger
                or Consolidation of Trustee or Trust
                Administrator.

            

    

     

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

     

    
      	SECTION
              8.10  	
              Appointment
                of Co-Trustee or Separate Trustee.

            

    

     

    Notwithstanding
      any other provisions hereof, at any time, for the purpose of meeting any legal
      requirements of any jurisdiction in which any part of REMIC I or property
      securing the same may at the time be located, the Servicers 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 Servicers and the Trustee may consider
      necessary or desirable. If such 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 Servicers 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 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
      Servicers, 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
      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 Administrator 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.

     

    
      	SECTION
              8.16  	
              Email
                Communications.

            

    

     

    Notwithstanding
      anything to the contrary herein, any and all email communications (both text
      and
      attachments) by or from the Trust Administrator that the Trust Administrator
      in
      its sole discretion deems to contain confidential, proprietary, and/or sensitive
      information shall be encrypted. The recipient (the "Email Recipient") of the
      email communication will be required to complete a one-time registration
      process. Instructions on how to register and/or retrieve an encrypted message
      will be included in the first secure email sent by the Trust
      Administrator to
      the
      Email Recipient. Additional information and assistance on using the Trust
      Administrator’s encryption technology can be found at the Trust Administrator's
      website www.citigroup.com/citigroup/citizen/privacy/email.htm or by
      calling (866) 535-2504 (in the U.S.) or (904) 954-6181 at any time.

    

     

    

     

    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 Servicers, the Trustee and the Trust
      Administrator with respect to the Mortgage Loans (other than the obligations
      of
      the Servicers to the Trustee and the Trust Administrator pursuant to Section
      8.05 and of the Servicers 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 Servicers and the Trust Administrator) and (ii)
      the
      fair market value of the Mortgage Loans and the REO Properties (as determined
      by
      the Servicers, 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)  Wells
      Fargo, JPMorgan and Ocwen, in that order, 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 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 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
      Servicers;

     

    (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 Servicers), 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.

     

     

    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. Each 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. Each
      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 Servicers 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 Servicers 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
      any 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 a 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, a Servicer 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 such 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 such 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 Servicers 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 related Servicer pursuant
      to Section 10.03 hereof, if such tax arises out of or results from a breach
      by
      the related 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 Servicers, 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 Servicers 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 Servicers, 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 Servicers
      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 Servicers or the Trustee as a result of a breach of the Trust
      Administrator’s covenants set forth in this Article X.

     

    (b)  Each
      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 (other than Section
      3.20 or Section 3.21) or this Article X.

     

    (c)  The
      Trustee agrees to indemnify the Trust Fund, the Depositor, the Trust
      Administrator and the Servicers 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.

     

    

     

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    
      	SECTION
              11.01  	
              Amendment.

            

    

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicers,
      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 or electronic notice
      to
      the Depositor, the Servicers, 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 Servicers,
      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
      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
      (as
      evidenced by either (x) an Opinion of Counsel delivered to the Trustee and
      Trust
      Administrator or (y) written notice to the Depositor, the Servicers, 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 Servicers 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 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
      Servicers or the Trustee shall enter into any amendment to Section 4.09, Section
      11.01 or Section 11.10 of this Agreement without the prior written consent
      of
      the Interest Rate 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 Servicers 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 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
      hereafter be furnished to the Servicers, the Trust Administrator and the Trustee
      in writing by the Depositor,
      (b) in
      the case of Ocwen Loan Servicing, LLC, 1675 Palm Beach Lakes Boulevard, Suite
      10A, West Palm Beach, Florida 33401, Attention: Secretary (telecopy number:
      (561) 682-8177), 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 Wells Fargo, 1 Home Campus, Des Moines,
      IA
      50328-0001, Attention: John B. Brown, MAC X 2302-033, (telecopy number: (515)
      324-3118), 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 Wells Fargo, (d) in the
      case
      of
      JPMorgan, JP Morgan Chase, National Association, 10790 Rancho Bernardo Road,
      San
      Diego, California 92127, Attn: Cendy Dunks, and a copy to 194 Wood Avenue South,
      Iselin, NJ 08830, Attn: General Counsel or such other address or telecopy number
      as may hereafter be furnished to the Trustee, the Trust Administrator and the
      Depositor in writing by JPMorgan, (e) in the case of Countrywide Home Loans
      Servicing LP, 400 Countrywide Way, Simi Valley, California, Attention: Mark
      Wong
      (telecopy number (805) 520-5623) or such other address or telecopy number as
      may
      hereafter be furnished to the Trustee, the Trust Administrator and the Depositor
      in writing by Countrywide Home Loans Servicing LP, (f) in the case of the Trust
      Administrator, Citibank, N.A., 388 Greenwich Street, 14th Floor, New York,
      New
      York 10013, Attention: Mortgage Finance (telecopy number (949) 250-6450), or
      such other address or telecopy number as may hereafter be furnished to the
      Trustee, the Servicers and the Depositor in writing by the Trust Administrator
      and (g) in the case of the Trustee, U.S. Bank National Association, One Federal
      Street, 3rd Floor, Boston, Massachusetts 02110, Attention: Structured
      Finance/CMLTI 2006-HE3 (telecopy number (617) 603-6637), or such other address
      or telecopy number as may hereafter be furnished to the Servicers, 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 Servicers 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 Servicers, 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;

     

    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
      related Servicers, 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 DBRS, 55 Broadway, New York,
      New York 10006, 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, 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.

            

    

     

    With
      respect to Section 4.09, the Interest Rate 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. §§ 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 (other than Countrywide) 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 or the Servicer 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.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, each 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/
                Matthew Bollo

            
	
              Name:

            	
              Matthew
                Bollo

            
	
              Title:

            	
              Asst.
                Vice President

            
	 
	 
	
              OCWEN
                LOAN SERVICING, LLC,

              as
                Servicer

            
	 	 
	
              By:

            	
              /s/
                Richard Delgado

            
	
              Name:

            	
              Richard
                Delgado

            
	
              Title:

            	
              Authorized
                Representative

            
	 
	 
	
              WELLS
                FARGO BANK, N.A.,

              as
                Servicer

            
	 	 
	
              By:

            	
              /s/
                Laurie McGoogan

            
	
              Name:

            	
              Laurie
                McGoogan

            
	
              Title:

            	
              Vice
                President

            
	 
	 
	
              JPMORGAN
                CHASE BANK, NATIONAL ASSOCIATION,

              as
                Servicer

            
	 	 
	
              By:

            	
              /s/
                Kim Urbanek

            
	
              Name:

            	
              Kim
                Urbanek

            
	
              Title:

            	
              Asst.
                Vice President

            
	 
	 
	
              COUNTRYWIDE
                HOME LOANS SERVICING LP,

              as
                Servicer

            
	 	 
	
              By:

            	
              /s/
                Jordan Cohen

            
	
              Name:

            	
              Jordan
                Cohen

            
	
              Title:

            	
              Vice
                President

            
	 
	 
	
              CITIBANK,
                N.A.,

              as
                Trust Administrator

            
	 	 
	
              By:

            	
              /s/
                Valerie Delgado

            
	
              Name:

            	
              Valerie
                Delgado

            
	
              Title:

            	
              Vice
                President

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

            
	 	 
	
              By:

            	
              /s/
                Maryellen Hunter

            
	
              Name:

            	
              Maryellen
                Hunter

            
	
              Title:

            	
              Asst.
                Vice President

            

    

    

     

    
      	
              For
                purposes of Sections 6.06, 6.07 and 6.08:

               

              CLAYTON
                FIXED INCOME SERVICES INC.

            
	 	 
	
              By:

            	
              /s/
                Kevin J. Kanouff

            
	
              Name:

            	
              Kevin
                J. Kanouff

            
	
              Title:

            	
              President
                & General Counsel

            
	 
	 
	
              For
                purposes of Section 3.27:

               

              NEW
                CENTURY MORTGAGE CORPORATION

            
	 	 
	
              By:

            	
              /s/
                Warren Licata

            
	
              Name:

            	
              Warren
                Licata

            
	
              Title:

            	
              Sr.
                Vice President

            

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

     

    On
      the
      ____ day of December 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 entities that executed the
      within instrument, and also known to me to be the person who executed it on
      behalf of said entity, and acknowledged to me that such entity executed the
      within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF 

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      the
      ____ day of December 2006, before me, a notary public in and for said State,
      personally appeared __________________, known to me to be a __________________
      of Ocwen
      Loan Servicing, LLC,
      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 entity, and acknowledged to me that
      such entity executed the within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    [Notarial
      Seal]

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF 

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      the
      ____ day of December 2006, before me, a notary public in and for said State,
      personally appeared __________________, known to me to be a __________________
      of Countrywide Home Loans Servicing LP, 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 entity, and acknowledged to me that such entity executed the
      within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      
        	
                STATE
                  OF 

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

       

       

    

     

    On
      the
      ____ day of December 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 entity,
      and acknowledged to me that such entity executed the within
      instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    [Notarial
      Seal]

     

    

     

    

     

    
      	
              STATE
                OF 

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      the
      ____ day of December 2006, before me, a notary public in and for said State,
      personally appeared _________________, known to me to be a ________________
      of
      JPMorgan Chase 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 entity, and acknowledged to me that such entity executed the
      within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    [Notarial
      Seal]

     

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

     

    On
      the
      ____ day of December 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 entity, and acknowledged to me that such entity executed the
      within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              COMMONWEALTH
                OF MASSACHUSETTS

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      the
      ____ day of December 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 entity, and acknowledged to me that
      such entity executed the within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
       

      
        	
                STATE
                  OF 

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

    

     

    On
      the
      ____ day of December 2006, before me, a notary public in and for said State,
      personally appeared ___________________________, known to me to be a
      __________________________ of Clayton Fixed Income Services Inc., 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 entity, and acknowledged to me that
      such entity executed the within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      the
      ____ day of December 2006, before me, a notary public in and for said State,
      personally appeared ___________________________, known to me to be a
      __________________________ of New Century Mortgage Corporation, 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 entity, and acknowledged to me that
      such entity executed the within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    [Notarial
      Seal]

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

      EXHIBIT
        A-1

       

      FORM
        OF
        CLASS A-1 CERTIFICATE

       

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

       

      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.

       

      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-HE3

              	
                Aggregate
                  Certificate Principal Balance of the Class A-1 Certificates as
                  of the
                  Issue Date: $221,271,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $221,271,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: December 1, 2006

              	
                Servicers:
                  Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide
                  Home Loans
                  Servicing LP and JPMorgan Chase Bank, National
                  Association

              
	 	 
	
                First
                  Distribution Date: January 25, 2007

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: December 29, 2006

              
	 	 
	 	
                CUSIP:
                  17310V AT 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.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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 SERVICERS, 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-1 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-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 Servicers, 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-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
        Servicers, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicers, 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 Servicers and any Sub-Servicers 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.

       

      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 Servicers, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicers, 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 Servicers, 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      Dated:
        December ___, 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

                
	 	
                

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

      

      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

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

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

       

      ASSIGNMENT

       

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

      
        	 
	 

      

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

       

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

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        _______________________________________________________________ for the account
        of _______________________________, account number
        ______________________________, or, if mailed by check,
        to_________________________________________________________ 

      
        	 	
                .

              

      

      Applicable
        statements should be mailed to___________________________________________
        

      
        	 	
                .

              

      

      This
        information is provided by ___________________________________________, the
        assignee named above, or ________________________________________, as its
        agent.

      

       

      EXHIBIT
        A-2

       

      FORM
        OF
        CLASS A-2A 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-HE3

              	
                Aggregate
                  Certificate Principal Balance of the Class A-2A Certificates as
                  of the
                  Issue Date:
                  $189,942,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  : $189,942,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: December 1, 2006

              	
                Servicers:
                  Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide
                  Home Loans
                  Servicing LP and JPMorgan Chase Bank, National
                  Association

              
	 	 
	
                First
                  Distribution Date: January 25, 2007

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: December 29, 2006

              
	 	 
	 	
                CUSIP:
                  17310V AA 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.

       

      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 SERVICERS, 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-2A Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-2A 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 Servicers, 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-2A
        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
        Servicers, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicers, 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 Servicers, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicers, 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 Servicers, 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.

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      Dated:
        December ___, 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

                  
	 	
                  

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

       

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

       

      ASSIGNMENT

       

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

      
        	 
	 

      

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

       

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

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        _______________________________________________________________ for the account
        of _______________________________, account number
        ______________________________, or, if mailed by check,
        to_________________________________________________________ 

      
        	 	
                .

              

      

      Applicable
        statements should be mailed to___________________________________________
        

      
        	 	
                .

              

      

      This
        information is provided by ___________________________________________, the
        assignee named above, or ________________________________________, as its
        agent.

      

       

      EXHIBIT
        A-3

       

      FORM
        OF
        CLASS A-2B 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-HE3

              	
                Aggregate
                  Certificate Principal Balance of the Class A-2B Certificates as
                  of the
                  Issue Date: $76,787,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $76,787,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: December 1, 2006

              	
                Servicers:
                  Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide
                  Home Loans
                  Servicing LP and JPMorgan Chase Bank, National
                  Association

              
	 	 
	
                First
                  Distribution Date: January 25, 2007

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: December 29, 2006

              
	 	
                CUSIP:
                  17310V AB 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.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      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 SERVICERS, 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-2B Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-2B 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-2B
        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
        Servicers, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicers, 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 Servicers, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicers, 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 Servicers, 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      Dated:
        December ___, 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

                  
	 	
                  

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

        

      

      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

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

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

       

      ASSIGNMENT

       

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

      
        	 
	 

      

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

       

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

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        _______________________________________________________________ for the account
        of _______________________________, account number
        ______________________________, or, if mailed by check,
        to_________________________________________________________ 

      
        	 	
                .

              

      

      Applicable
        statements should be mailed to___________________________________________
        

      
        	 	
                .

              

      

      This
        information is provided by ___________________________________________, the
        assignee named above, or ________________________________________, as its
        agent.

      

      EXHIBIT
        A-4

       

      FORM
        OF
        CLASS A-2C 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-HE3

              	
                Aggregate
                  Certificate Principal Balance of the Class A-2C Certificates as
                  of the
                  Issue Date: $58,159,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $58,159,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: December 1, 2006

              	
                Servicers:
                  Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide
                  Home Loans
                  Servicing LP and JPMorgan Chase Bank, National
                  Association

              
	 	 
	
                First
                  Distribution Date: January 25, 2007

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: December 29, 2006

              
	 	 
	 	
                CUSIP:
                  17310V AC 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. 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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 SERVICERS, 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-2C Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-2C 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 Servicers, 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-2C
        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
        Servicers, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicers, 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 Servicers, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicers, 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 Servicers, 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      Dated:
        December ___, 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

                  
	 	
                  

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

        

      

      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

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

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

       

      ASSIGNMENT

       

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

      
        	 
	 

      

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

       

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

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        _______________________________________________________________ for the account
        of _______________________________, account number
        ______________________________, or, if mailed by check,
        to_________________________________________________________ 

      
        	 	
                .

              

      

      Applicable
        statements should be mailed to___________________________________________
        

      
        	 	
                .

              

      

      This
        information is provided by ___________________________________________, the
        assignee named above, or ________________________________________, as its
        agent.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-5

       

      FORM
        OF
        CLASS A-2D 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-HE3

              	
                Aggregate
                  Certificate Principal Balance of the Class A-2D Certificates as
                  of the
                  Issue Date: $41,254,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $41,254,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: December 1, 2006

              	
                Servicers:
                  Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide
                  Home Loans
                  Servicing LP and JPMorgan Chase Bank, National
                  Association

              
	 	 
	
                First
                  Distribution Date: January 25, 2007

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: December 29, 2006

              
	 	 
	 	
                CUSIP:
                  17310V AD 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.

       

      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 SERVICERS, 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-2D Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-2D 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 Servicers, 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-2D
        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
        Servicers, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicers, 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 Servicers, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicers, 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 Servicers, 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      Dated:
        December ___, 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

                  
	 	
                  

          

        

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

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

       

      ASSIGNMENT

       

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

      
        	 
	 

      

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

       

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

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        _______________________________________________________________ for the account
        of _______________________________, account number
        ______________________________, or, if mailed by check,
        to_________________________________________________________ 

      
        	 	
                .

              

      

      Applicable
        statements should be mailed to___________________________________________
        

      
        	 	
                .

              

      

      This
        information is provided by ___________________________________________, the
        assignee named above, or ________________________________________, as its
        agent.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-6

       

      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
        IN SECTION 5.02(B) OF THE AGREEMENT.

       

      
        	
                Series
                  2006-HE3

              	
                Aggregate
                  Certificate Principal Balance of the Class M-1 Certificates as
                  of the
                  Issue Date: $26,969,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $26,969,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: December 1, 2006

              	
                Servicers:
                  Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide
                  Home Loans
                  Servicing LP and JPMorgan Chase Bank, National
                  Association

              
	 	 
	
                First
                  Distribution Date: January 25, 2007

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: December 29, 2006

              
	 	 
	 	
                CUSIP:
                  17310V AE 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 SERVICERS, 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 Servicers, 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
        Servicers, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicers, 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 Servicers, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicers, 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 Servicers, 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      Dated:
        December ___, 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

                  
	 	
                  

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

        

      

      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

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

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

       

      ASSIGNMENT

       

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

      
        	 
	 

      

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

       

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

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        _______________________________________________________________ for the account
        of _______________________________, account number
        ______________________________, or, if mailed by check,
        to_________________________________________________________ 

      
        	 	
                .

              

      

      Applicable
        statements should be mailed to___________________________________________
        

      
        	 	
                .

              

      

      This
        information is provided by ___________________________________________, the
        assignee named above, or ________________________________________, as its
        agent.

      

      EXHIBIT
        A-7

       

      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
        IN SECTION 5.02(B) OF THE AGREEMENT.

       

      
        	
                Series
                  2006-HE3

              	
                Aggregate
                  Certificate Principal Balance of the Class M-2 Certificates as
                  of the
                  Issue Date: $25,491,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $25,491,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: December 1, 2006

              	
                Servicers:
                  Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide
                  Home Loans
                  Servicing LP and JPMorgan Chase Bank, National
                  Association

              
	 	 
	
                First
                  Distribution Date: January 25, 2007

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: December 29, 2006

              
	 	 
	 	
                CUSIP:
                  17310V AF 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.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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 SERVICERS, 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 Servicers, 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
        Servicers, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicers, 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 Servicers, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicers, 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 Servicers, 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      Dated:
        December ___, 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

                  
	 	
                  

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

        

      

      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

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

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

       

      ASSIGNMENT

       

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

      
        	 
	 

      

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

       

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

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        _______________________________________________________________ for the account
        of _______________________________, account number
        ______________________________, or, if mailed by check,
        to_________________________________________________________ 

      
        	 	
                .

              

      

      Applicable
        statements should be mailed to___________________________________________
        

      
        	 	
                .

              

      

      This
        information is provided by ___________________________________________, the
        assignee named above, or ________________________________________, as its
        agent.

      

      

       

      EXHIBIT
        A-8

       

      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
        IN SECTION 5.02(B) OF THE AGREEMENT.

       

      
        	
                Series
                  2006-HE3

              	
                Aggregate
                  Certificate Principal Balance of the Class M-3 Certificates as
                  of the
                  Issue Date: $14,039,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  : $14,039,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: December 1, 2006

              	
                Servicers:
                  Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide
                  Home Loans
                  Servicing LP and JPMorgan Chase Bank, National
                  Association

              
	 	 
	
                First
                  Distribution Date: January 25, 2007

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: December 29, 2006

              
	 	 
	 	
                CUSIP:
                  17310V AG 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.

       

      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 SERVICERS, 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 Servicers, 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
        Servicers, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicers, 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 Servicers, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicers, 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 Servicers, 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      Dated:
        December ___, 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

                  
	 	
                  

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

        

      

      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

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

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

       

      ASSIGNMENT

       

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

      
        	 
	 

      

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

       

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

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        _______________________________________________________________ for the account
        of _______________________________, account number
        ______________________________, or, if mailed by check,
        to_________________________________________________________ 

      
        	 	
                .

              

      

      Applicable
        statements should be mailed to___________________________________________
        

      
        	 	
                .

              

      

      This
        information is provided by ___________________________________________, the
        assignee named above, or ________________________________________, as its
        agent.

      

      

      EXHIBIT
        A-9

       

      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
        IN SECTION 5.02(B) OF THE AGREEMENT.

       

      
        	
                Series
                  2006-HE3

              	
                Aggregate
                  Certificate Principal Balance of the Class M-4 Certificates as
                  of the
                  Issue Date: $13,300,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $13,300,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: December 1, 2006

              	
                Servicers:
                  Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide
                  Home Loans
                  Servicing LP and JPMorgan Chase Bank, National
                  Association

              
	 	 
	
                First
                  Distribution Date: January 25, 2007

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	
                Issue
                  Date: December 29, 2006

              
	 	 
	 	
                CUSIP:
                  17310V AH 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 SERVICERS, 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 Servicers, 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
        Servicers, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicers, 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 Servicers, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicers, 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 Servicers, 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      Dated:
        December ___, 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

                  
	 	
                  

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

        

      

      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

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

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

       

      ASSIGNMENT

       

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

      
        	 
	 

      

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

       

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

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        _______________________________________________________________ for the account
        of _______________________________, account number
        ______________________________, or, if mailed by check,
        to_________________________________________________________ 

      
        	 	
                .

              

      

      Applicable
        statements should be mailed to___________________________________________
        

      
        	 	
                .

              

      

      This
        information is provided by ___________________________________________, the
        assignee named above, or ________________________________________, as its
        agent.

      

      

      EXHIBIT
        A-10

       

      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
        IN SECTION 5.02(B) OF THE AGREEMENT.

       

      
        	
                Series
                  2006-HE3

              	
                Aggregate
                  Certificate Principal Balance of the Class M-5 Certificates as
                  of the
                  Issue Date: $11,822,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $11,822,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: December 1, 2006

              	
                Servicers:
                  Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide
                  Home Loans
                  Servicing LP and JPMorgan Chase Bank, National
                  Association

              
	 	 
	
                First
                  Distribution Date: January 25, 2007

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: December 29, 2006

              
	 	 
	 	
                CUSIP:
                  17310V AJ 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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 SERVICERS, 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 Servicers, 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
        Servicers, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicers, 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 Servicers, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicers, 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 Servicers, 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      Dated:
        December ___, 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

                  
	 	
                  

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

        

      

      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

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

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

       

      ASSIGNMENT

       

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

      
        	 
	 

      

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

       

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

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        _______________________________________________________________ for the account
        of _______________________________, account number
        ______________________________, or, if mailed by check,
        to_________________________________________________________ 

      
        	 	
                .

              

      

      Applicable
        statements should be mailed to___________________________________________
        

      
        	 	
                .

              

      

      This
        information is provided by ___________________________________________, the
        assignee named above, or ________________________________________, as its
        agent.

      

      

      EXHIBIT
        A-11

       

      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
        IN SECTION 5.02(B) OF THE AGREEMENT.

       

      
        	
                Series
                  2006-HE3

              	
                Aggregate
                  Certificate Principal Balance of the Class M-6 Certificates as
                  of the
                  Issue Date: $9,975,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  : $9,975,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: December 1, 2006

              	
                Servicers:
                  Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide
                  Home Loans
                  Servicing LP and JPMorgan Chase Bank, National
                  Association

              
	 	 
	
                First
                  Distribution Date: January 25, 2007

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: December 29, 2006

              
	 	 
	 	
                CUSIP:
                  17310V AK 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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 SERVICERS, 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 Servicers, 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
        Servicers, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicers, 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 Servicers, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicers, 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 Servicers, 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      Dated:
        December ___, 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

                  
	 	
                  

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

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

       

      ASSIGNMENT

       

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

      
        	 
	 

      

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

       

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

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        _______________________________________________________________ for the account
        of _______________________________, account number
        ______________________________, or, if mailed by check,
        to_________________________________________________________ 

      
        	 	
                .

              

      

      Applicable
        statements should be mailed to___________________________________________
        

      
        	 	
                .

              

      

      This
        information is provided by ___________________________________________, the
        assignee named above, or ________________________________________, as its
        agent.

      

      

      EXHIBIT
        A-12

       

      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
        IN SECTION 5.02(B) OF THE AGREEMENT.

       

      
        	
                Series
                  2006-HE3

              	
                Aggregate
                  Certificate Principal Balance of the Class M-7 Certificates as
                  of the
                  Issue Date: $9,606,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $9,606,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: December 1, 2006

              	
                Servicers:
                  Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide
                  Home Loans
                  Servicing LP and JPMorgan Chase Bank, National
                  Association

              
	 	 
	
                First
                  Distribution Date: January 25, 2007

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	
                Issue
                  Date: December 29, 2006

              
	 	 
	 	
                CUSIP:
                  17310V AL 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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 SERVICERS, 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 Servicers, 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
        Servicers, the Trust Administrator, the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicers, 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 Servicers, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicers, 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 Servicers, 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      Dated:
        December ___, 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

                  
	 	
                  

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

        

      

      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

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

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

       

      ASSIGNMENT

       

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

      
        	 
	 

      

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

       

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

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        _______________________________________________________________ for the account
        of _______________________________, account number
        ______________________________, or, if mailed by check,
        to_________________________________________________________ 

      
        	 	
                .

              

      

      Applicable
        statements should be mailed to___________________________________________
        

      
        	 	
                .

              

      

      This
        information is provided by ___________________________________________, the
        assignee named above, or ________________________________________, as its
        agent.

      

      

      EXHIBIT
        A-13

       

      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
        IN SECTION 5.02(B) OF THE AGREEMENT.

       

      
        	
                Series
                  2006-HE3

              	
                Aggregate
                  Certificate Principal Balance of the Class M-8 Certificates as
                  of the
                  Issue Date: $5,541,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $5,541,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: December 1, 2006

              	
                Servicers:
                  Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide
                  Home Loans
                  Servicing LP and JPMorgan Chase Bank, National
                  Association

              
	 	 
	
                First
                  Distribution Date: January 25, 2007

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: December 29, 2006

              
	 	 
	 	
                CUSIP:
                  17310V AM 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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 SERVICERS, 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 Servicers, 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
        Servicers, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicers, 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 Servicers, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicers, 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 Servicers, 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      Dated:
        December ___, 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

                  
	 	
                  

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

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

       

      ASSIGNMENT

       

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

      
        	 
	 

      

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

       

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

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        _______________________________________________________________ for the account
        of _______________________________, account number
        ______________________________, or, if mailed by check,
        to_________________________________________________________ 

      
        	 	
                .

              

      

      Applicable
        statements should be mailed to___________________________________________
        

      
        	 	
                .

              

      

      This
        information is provided by ___________________________________________, the
        assignee named above, or ________________________________________, as its
        agent.

      

      

      EXHIBIT
        A-14

       

      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
        IN SECTION 5.02(B) OF THE AGREEMENT.

       

      
        	
                Series
                  2006-HE3

              	
                Aggregate
                  Certificate Principal Balance of the Class M-9 Certificates as
                  of the
                  Issue Date: $9,606,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $9,606,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: December 1, 2006

              	
                Servicers:
                  Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide
                  Home Loans
                  Servicing LP and JPMorgan Chase Bank, National
                  Association

              
	 	 
	
                First
                  Distribution Date: January 25, 2007

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: December 29, 2006

              
	 	 
	 	
                CUSIP:
                  17310V AN 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 SERVICERS, 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 Servicers, 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
        Servicers, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicers, 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 Servicers, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicers, 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 Servicers, 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      Dated:
        December ___, 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

                  
	 	
                  

          

        

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

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

       

      ASSIGNMENT

       

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

      
        	 
	 

      

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

       

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

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        _______________________________________________________________ for the account
        of _______________________________, account number
        ______________________________, or, if mailed by check,
        to_________________________________________________________ 

      
        	 	
                .

              

      

      Applicable
        statements should be mailed to___________________________________________
        

      
        	 	
                .

              

      

      This
        information is provided by ___________________________________________, the
        assignee named above, or ________________________________________, as its
        agent.

      

      

      EXHIBIT
        A-15

       

      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
        IN SECTION 5.02(B) OF THE AGREEMENT.

       

      
        	
                Series
                  2006-HE3

              	
                Aggregate
                  Certificate Principal Balance of the Class M-10 Certificates as
                  of the
                  Issue Date: $8,867,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $8,867,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: December 1, 2006

              	
                Servicers:
                  Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide
                  Home Loans
                  Servicing LP and JPMorgan Chase Bank, National
                  Association

              
	 	 
	
                First
                  Distribution Date: January 25, 2007

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: December 29, 2006

              
	 	 
	 	
                CUSIP:
                  17310V AU 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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 SERVICERS, 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 Servicers, 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
        Servicers, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicers, 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 Servicers and any Sub-Servicers 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 Servicers, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicers, 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 Servicers, 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      Dated:
        December ___, 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

                  
	 	
                  

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

        

      

      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

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

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

       

      ASSIGNMENT

       

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

      
        	 
	 

      

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

       

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

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        _______________________________________________________________ for the account
        of _______________________________, account number
        ______________________________, or, if mailed by check,
        to_________________________________________________________ 

      
        	 	
                .

              

      

      Applicable
        statements should be mailed to___________________________________________
        

      
        	 	
                .

              

      

      This
        information is provided by ___________________________________________, the
        assignee named above, or ________________________________________, as its
        agent.

      

       

      EXHIBIT
        A-16

       

      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-HE3

              	
                Aggregate
                  Certificate Principal Balance of the Class CE Certificates as of
                  the Issue
                  Date: $16,255,927.37

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $16,255,927.37

              
	 	 
	
                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

              	
                Servicers:
                  Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide
                  Home Loans
                  Servicing LP and JPMorgan Chase Bank, National
                  Association

              
	 	 
	
                First
                  Distribution Date: January 25, 2007

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	
                Aggregate
                  Notional Amount of the Class

                CE
                  Certificates as of the Issue Date: $738,884,927.37

                 

              	
                Issue
                  Date: December 29, 2006

              

      

       

       

      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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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 SERVICERS, 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 Servicers, 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
        Servicers, the Trust Administrator and the Trustee and the rights of the
        Certificateholders under the Agreement at any time by the Depositor, the
        Servicers, 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 Servicers
        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 Servicers and any
        Sub-Servicers 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 Servicers, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicers, 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 Servicers, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate Stated Principal Balance of the Mortgage Loans as of
        the
        Cut-off Date.

       

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

       

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

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      Dated:
        December ___, 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

                  
	 	
                  

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

        

      

      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

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

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

       

      ASSIGNMENT

       

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

      
        	 
	 

      

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

       

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

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        _______________________________________________________________ for the account
        of _______________________________, account number
        ______________________________, or, if mailed by check,
        to_________________________________________________________ 

      
        	 	
                .

              

      

      Applicable
        statements should be mailed to___________________________________________
        

      
        	 	
                .

              

      

      This
        information is provided by ___________________________________________, the
        assignee named above, or ________________________________________, as its
        agent.

       

       

      EXHIBIT
        A-17

       

      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-HE3

              	
                Aggregate
                  Certificate Principal Balance of the Class P Certificates as of
                  the Issue
                  Date: $100.00

              
	 	 
	
                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

              	
                Denomination:
                  $100.00

              
	 	 
	
                First
                  Distribution Date: January 25, 2007

              	
                Servicers:
                  Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide
                  Home Loans
                  Servicing LP and JPMorgan Chase Bank, National
                  Association

              
	 	 
	
                No.
                  1

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	 	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: December 29, 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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 SERVICERS, 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 Servicers 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
        Servicers, the Trust Administrator and the Trustee and the rights of the
        Certificateholders under the Agreement at any time by the Depositor, the
        Servicers, 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 Servicers
        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 Servicers and any
        Sub-Servicers 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 Servicers, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicers, 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 Servicers, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate Stated Principal Balance of the Mortgage Loans as of
        the
        Cut-off Date.

       

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

       

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

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      Dated:
        December ___, 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

                  
	 	
                  

          

           

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

        

      

      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

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

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

       

      ASSIGNMENT

       

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

      
        	 
	 

      

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

       

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

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        _______________________________________________________________ for the account
        of _______________________________, account number
        ______________________________, or, if mailed by check,
        to_________________________________________________________ 

      
        	 	
                .

              

      

      Applicable
        statements should be mailed to___________________________________________
        

      
        	 	
                .

              

      

      This
        information is provided by ___________________________________________, the
        assignee named above, or ________________________________________, as its
        agent.

      

      

      EXHIBIT
        A-18

       

      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-HE3

              	
                Aggregate
                  Percentage Interest of the Class R Certificates as of the Issue
                  Date:
                  100%

              
	 	 
	
                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

              	 
	 	 
	
                First
                  Distribution Date: January 25, 2007

              	
                Servicers:
                  Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide
                  Home Loans
                  Servicing LP and JPMorgan Chase Bank, National
                  Association

              
	 	 
	
                No.
                  1

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	 	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: December 29, 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.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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 SERVICERS, 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 Servicers, 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
        Servicers, the Trust Administrator, the Trustee, and the rights of the
        Certificateholders under the Agreement at any time by the Depositor, the
        Servicers, 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 Servicers
        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 Servicers and any
        Sub-Servicers 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 Servicers, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicers, 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 Servicers, 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 Servicers 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, Servicers 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.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      Dated:
        December ___, 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

                  
	 	
                  

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

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

       

      

       

      ASSIGNMENT

       

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

      
        	 
	 

      

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

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

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        _______________________________________________________________ for the account
        of _______________________________, account number
        ______________________________, or, if mailed by check,
        to_________________________________________________________ 

      
        	 	
                .

              

      

      Applicable
        statements should be mailed to___________________________________________
        

      
        	 	
                .

              

      

      This
        information is provided by ___________________________________________, the
        assignee named above, or ________________________________________, as its
        agent.

       

      

      EXHIBIT
        A-19

       

      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-HE3

              	
                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: December 1,
                  2006

              	 
	 	 
	
                First
                  Distribution Date: January 25, 2007

              	
                Servicers:
                  Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide
                  Home Loans
                  Servicing LP and JPMorgan Chase Bank, National
                  Association

              
	 	 
	
                No.
                  1

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	 	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: December 29, 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.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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 SERVICERS, 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 Servicers, 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
        Servicers, the Trust Administrator, the Trustee, and the rights of the
        Certificateholders under the Agreement at any time by the Depositor, the
        Servicers, 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 Servicers
        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 Servicers and any
        Sub-Servicers 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 Servicers, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicers, 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 Servicers, 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 Servicers 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, Servicers 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.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      Dated:
        December ___, 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

                  
	 	
                  

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

        

      

      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

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

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

      

       

      ASSIGNMENT

       

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

      
        	 
	 

      

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

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

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        _______________________________________________________________ for the account
        of _______________________________, account number
        ______________________________, or, if mailed by check,
        to_________________________________________________________ 

      
        	 	
                .

              

      

      Applicable
        statements should be mailed to___________________________________________
        

      
        	 	
                .

              

      

      This
        information is provided by ___________________________________________, the
        assignee named above, or ________________________________________, as its
        agent.

       

       

      EXHIBIT
        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. For purposes of this Exhibit
        B,
        Servicer shall be defined as Wells Fargo, JPMorgan and Ocwen. 

      

      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
        Servicers; 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.

       

      
        
          	
                  Form

                	
                  Item

                	
                  Description

                	
                  Responsible
                    Party

                
	
                  10-D

                	
                  Must
                    be filed within 15 days of the Distribution Date.

                
	
                  1

                	
                  Distribution
                    and Pool Performance Information

                	
                   

                
	
                  Item
                    1121(a) - Distribution and Pool Performance
                    Information

                	
                   

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

                	
                  4.02
                    statement

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

                	
                  4.02
                    statement

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

                	
                  4.02
                    statement

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

                	
                  4.02
                    statement

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

                	
                  4.02
                    statement

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

                	
                  4.02
                    statement

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

                	
                  4.02
                    statement

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

                	
                  4.02
                    statement

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

                	
                  4.02
                    statement

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

                	
                  4.02
                    statement

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

                	
                  4.02
                    statement

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

                	
                  4.02
                    statement

                   

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

                
	
                  (9)
                    Delinquency and loss information for the period. 

                   

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

                	
                  4.02
                    statement.

                   

                  Form
                    10-D report: Depositor

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

                	
                  4.02
                    statement

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

                	
                  Form
                    10-D report: Trust Administrator (to
                    the extent of the Trust Administrator’s actual
                    knowledge)

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

                	
                  Form
                    10-D report 

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

                	
                  4.02
                    statement

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

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

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

                	
                  Form
                    10-D report: Depositor

                   

                  Form
                    10-D report: Depositor

                   

                   

                   

                   

                  Form
                    10-D report: Depositor

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

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

                	
                  Depositor

                
	
                  2

                	
                  Legal
                    Proceedings

                	
                   

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

                  Seller

                  Depositor

                  Trustee

                  Trust
                    Administrator

                  Issuing
                    entity

                  Servicers

                  Originator
                    

                  Custodian

                	
                   

                   

                  Seller

                  Depositor

                  Trustee

                  Trust
                    Administrator

                  Depositor

                  Servicers

                  Originator

                  Custodian

                
	
                  3

                	
                  Sales
                    of Securities and Use of Proceeds

                	
                   

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

                   

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

                	
                   

                   

                   

                  Depositor

                
	
                  4

                	
                  Defaults
                    Upon Senior Securities

                	
                   

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

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

                	
                   

                   

                  N/A

                
	
                  5

                	
                  Submission
                    of Matters to a Vote of Security Holders

                	
                   

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

                	
                  Depositor
                    or Trust Administrator (to
                    the extent of the Trust Administrator’s actual
                    knowledge)

                
	
                  6

                	
                  Significant
                    Obligors of Pool Assets

                	
                   

                
	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information*

                	
                  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
                    Item.

                	
                   

                
	
                  7

                	
                  Significant
                    Enhancement Provider Information

                	
                   

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

                  Determining
                    applicable disclosure threshold

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                  Depositor

                  Depositor

                
	
                  Item
                    1115(b) - Derivative Counterparty Financial Information*

                  Determining
                    current maximum probable exposure

                  Determining
                    current significance percentage

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                  Depositor

                  Trust
                    Administrator

                  Depositor

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

                	
                   

                
	
                  8

                	
                  Other
                    Information

                	
                   

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

                	
                  The
                    Responsible Party for the applicable Form 8-K item as indicated
                    below

                
	
                  9

                	
                  Exhibits

                	
                   

                
	
                  Distribution
                    report

                	
                  Trust
                    Administrator

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

                	
                  Depositor

                
	
                  8-K

                	
                  Must
                    be filed within four business days of an event reportable on
                    Form
                    8-K.

                
	
                  1.01

                	
                  Entry
                    into a Material Definitive Agreement

                	
                   

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

                  Examples:
                    servicing agreement, custodial agreement.

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

                	
                  Depositor

                
	
                  1.02

                	
                  Termination
                    of a Material Definitive Agreement

                	
                   

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

                  Examples:
                    servicing agreement, custodial agreement.

                	
                  Depositor

                
	
                  1.03

                	
                  Bankruptcy
                    or Receivership

                	
                   

                
	
                  Disclosure
                    is required regarding the bankruptcy or receivership with respect
                    to any
                    of the following: 

                  Sponsor
                    (Seller), Depositor, Servicers, Trust Administrator, Cap Provider,
                    Custodian

                	
                  Trust
                    Administrator (to the extent of the Trust Administrator’s actual
                    knowledge)

                
	
                  2.04

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

                	
                   

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

                  Disclosure
                    will be made of events other than waterfall triggers which are
                    disclosed
                    in the 4.02 statement

                	
                  Trust
                    Administrator (to the extent of the Trust Administrator’s actual
                    knowledge)

                
	
                  3.03

                	
                  Material
                    Modification to Rights of Security Holders

                	
                   

                
	
                  Disclosure
                    is required of any material modification to documents defining
                    the rights
                    of Certificateholders, including the Pooling and Servicing
                    Agreement

                	
                  Trust
                    Administrator

                
	
                  5.03

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

                	
                   

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

                	
                  Depositor

                
	
                  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 Section 4.07]

                	
                  Depositor

                
	
                  6.02

                	
                  Change
                    of Servicers, Trustee or Trust Administrator

                	
                   

                
	
                  Requires
                    disclosure of any removal, replacement, substitution or addition
                    of any
                    master Servicers, affiliated Servicers, other Servicers servicing
                    10% or
                    more of pool assets at time of report, other material Servicerss,
                    trust
                    administrator or trustee. Reg AB disclosure about any new Servicers,
                    trust
                    administrator or trustee is also required.

                	
                  Trust
                    Administrator or Servicers

                
	
                  6.03

                	
                  Change
                    in Credit Enhancement or Other External Support

                	
                   

                
	
                  Covers
                    termination of any enhancement in manner other than by its terms,
                    the
                    addition of an enhancement, or a material change in the enhancement
                    provided. Applies to external credit enhancements as well as
                    derivatives.
                    Reg AB disclosure about any new enhancement provider is also
                    required.

                	
                  Depositor
                    

                
	
                  6.04

                	
                  Failure
                    to Make a Required Distribution

                	
                  Trust
                    Administrator

                
	
                  6.05

                	
                  Securities
                    Act Updating Disclosure

                	
                   

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

                	
                  Depositor

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

                	
                  Depositor

                
	
                  7.01

                	
                  Regulation
                    FD Disclosure

                	
                  Depositor

                
	
                  8.01

                	
                  Other
                    Events

                	
                   

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

                	
                  Depositor

                
	
                  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 reported on Form 8-K during the
                    fourth
                    quarter covered by the Form 10-K but not reported

                	
                  Depositor

                
	
                  15

                	
                  Exhibits
                    and Financial Statement Schedules

                	
                   

                
	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information

                	
                  N/A

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

                  Determining
                    applicable disclosure threshold

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                  Depositor

                  Depositor

                
	
                  Item
                    1115(b) - Derivative Counterparty Financial Information

                  Determining
                    current maximum probable exposure

                  Determining
                    current significance percentage

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                  Trust
                    Administrator

                  Trust
                    Administrator

                  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
                    Certificateholders:

                  Seller

                  Depositor

                  Trustee

                  Trust
                    Administrator

                  Issuing
                    entity

                  Servicers

                  Originator
                    

                  Custodian
                    

                  Credit
                    Enhancer/Support Provider, if any

                  Significant
                    Obligor, if any

                	
                   

                   

                   

                  Seller

                  Depositor

                  Trustee

                  Trust
                    Administrator

                  Issuing
                    entity

                  Servicers

                  Originator
                    

                  Custodian
                    

                  Depositor

                  Depositor

                
	
                  Item
                    1122 - Assessment of Compliance with Servicing
                    Criteria

                	
                  Each
                    Party participating in the servicing function

                
	
                  Item
                    1123 - Servicers Compliance Statement

                	
                  Servicers

                

        

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        C

       

      SERVICING
        CRITERIA TO BE ADDRESSED

      IN
        ASSESSMENT OF COMPLIANCE

      

      Definitions

      Primary
        Servicers - transaction party having borrower contact

      Master
        Servicers - aggregator of pool assets

      Trust
        Administrator - waterfall calculator (may be the Trustee, or may be the Master
        Servicers)

      Back-up
        Servicers - named in the transaction (in the event a Back up Servicers becomes
        the Primary Servicers, follow Primary Servicers 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

      

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Primary
                  Servicers

              	
                Master
                  Servicers

              	
                Trust
                  Administrator

              
	
                 

              	
                General
                  Servicing Considerations

              	
                
                

              	
                
                

              	
                
                

              
	
                1122(d)(1)(i)

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

              	
                X

              	
                X

              	
                 

              
	
                1122(d)(1)(ii)

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

              	
                X

              	
                X

              	
                 

              
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  Servicers
                  for the Pool Assets are maintained. 

              	
                 

              	
                 

              	
                 

              
	
                1122(d)(1)(iv)

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

              	
                X

              	
                X

              	
                 

              
	
                 

              	
                Cash
                  Collection and Administration

              	
                 

              	
                 

              	
                 

              
	
                1122(d)(2)(i)

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

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(ii)

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

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(iii)

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

              	
                X

              	
                X

              	
                 

              
	
                1122(d)(2)(iv)

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

              	
                 

              	
                 

              	
                X

              
	
                1122(d)(2)(v)

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

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                X

              	
                 

              	
                 

              
	
                1122(d)(2)(vii)
                  

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

              	
                X

              	
                X

              	
                X

              
	
                 

              	
                Investor
                  Remittances and Reporting

              	
                 

              	
                 

              	
                 

              
	
                1122(d)(3)(i)

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

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(3)(ii)

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

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(3)(iii)

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

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(3)(iv)

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

              	
                X

              	
                X

              	
                X

              
	
                 

              	
                Pool
                  Asset Administration

              	
                 

              	
                 

              	
                 

              
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	
                X

              	
                X

              	
                 

              
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	
                X

              	
                X

              	
                 

              
	
                1122(d)(4)(iii)

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

              	
                X

              	
                X

              	
                 

              
	
                1122(d)(4)(iv)

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

              	
                X

              	
                 

              	
                 

              
	
                1122(d)(4)(v)

              	
                The
                  Servicers’s records regarding the pool assets agree with the Servicers’s
                  records with respect to an obligor’s unpaid principal balance.
                  

              	
                X

              	
                 

              	
                 

              
	
                1122(d)(4)(vi)

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

              	
                X

              	
                X

              	
                 

              
	
                1122(d)(4)(vii)

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

              	
                X

              	
                X

              	
                 

              
	
                1122(d)(4)(viii)

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

              	
                X

              	
                 

              	
                 

              
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	
                X

              	
                X

              	
                 

              
	
                1122(d)(4)(x)

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

              	
                X

              	
                 

              	
                 

              
	
                1122(d)(4)(xi)

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

              	
                X

              	
                 

              	
                 

              
	
                1122(d)(4)(xii)

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

              	
                X

              	
                 

              	
                 

              
	
                1122(d)(4)(xiii)

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

              	
                X

              	
                 

              	
                 

              
	
                1122(d)(4)(xiv)
                  

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

              	
                 

              	
                X

              	
                 

              
	
                1122(d)(4)(xv)

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

              	
                 

              	
                 

              	
                X

              

      

      

        

      

      
        
          * Subject
            to clarification from the SEC.

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        D

       

      FORM
        OF
        ASSIGNMENT AND RECOGNITION AGREEMENTS AND MORTGAGE LOAN PURCHASE
        AGREEMENT

       

      

      

        ASSIGNMENT
          AND RECOGNITION AGREEMENT

         

        THIS
          ASSIGNMENT AND RECOGNITION AGREEMENT, dated December 29, 2006, (“Agreement”)
          among
          Citigroup Global Markets Realty Corp. (“Assignor”),
          Citigroup Mortgage Loan Trust Inc. (“Assignee”)
          and
          National City Mortgage Co. (the “Company”):

         

        For
          and
          in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
          consideration the receipt and sufficiency of which hereby are acknowledged,
          and
          of the mutual covenants herein contained, the parties hereto hereby agree
          as
          follows:

         

        Assignment
          and Conveyance

         

        1.  The
          Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
          (x) all of the right, title and interest of the Assignor, as purchaser,
          in, to
          and under (a) those certain Mortgage Loans listed as being originated by
          the
          Company on the schedule (the “Mortgage
          Loan Schedule”)
          attached hereto as Exhibit A (the “Mortgage
          Loans”)
          and
          (b) except as described below, that certain Master Mortgage Loan Purchase
          and
          Interim Servicing Agreement dated as of March 1, 2006 (the “Purchase
          Agreement”),
          between the Assignor, as purchaser (the “Purchaser”),
          and
          the Company, as seller, solely insofar as the Purchase Agreement relates
          to the
          Mortgage Loans and (y) other than as provided below with respect to the
          enforcement of representations and warranties, none of the obligations
          of the
          Assignor under the Purchase Agreement.

         

        The
          Assignor specifically reserves and does not assign to the Assignee hereunder
          any
          and all right, title and interest in, to and under and any obligations
          of the
          Assignor with respect to any mortgage loans subject to the Purchase Agreement
          which are not the Mortgage Loans set forth on the Mortgage Loan Schedule
          and are
          not the subject of this Agreement.

         

        Recognition
          of the Company

         

        2.  From
          and
          after the date hereof, the Company shall and does hereby recognize that
          the
          Assignee will transfer the Mortgage Loans and assign its rights under the
          Purchase Agreement (solely to the extent set forth herein) and this Agreement
          to
          the trust created pursuant to a Pooling and Servicing Agreement, dated
          as of
          December 1, 2006 (the “Pooling
          Agreement”),
          among
          the Assignee, Citibank, N.A. (the “Trust Administrator”), U.S. Bank, National
          Association, as trustee (including its successors in interest and any successor
          trustees under the Pooling Agreement, the “Trustee”),
          and
          Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide Home Loans
          Servicing LP and JPMorgan Chase Bank, National Association (each, a “Servicer”).
          The Company hereby acknowledges and agrees that from and after the date
          hereof
          (i) the Trust will be the owner of the Mortgage Loans, (ii) the
          Company shall look solely to the Trust for performance of any obligations
          of the
          Assignor insofar as they relate to the enforcement of the representations,
          warranties and covenants with respect to the Mortgage Loans, (iii) the
          Trust (including the Trustee, the Trust Administrator and a Servicer acting
          on
          the Trust’s behalf) shall have all the rights and remedies available to the
          Assignor, insofar as they relate to the Mortgage Loans, under the Purchase
          Agreement, including, without limitation, the enforcement of the document
          delivery requirements and remedies with respect to breaches of representations
          and warranties set forth in the Purchase Agreement, and shall be entitled
          to
          enforce all of the obligations of the Company thereunder insofar as they
          relate
          to the Mortgage Loans, and (iv) all references to the Purchaser (insofar as
          they relate to the rights, title and interest and, with respect to obligations
          of the Purchaser, only insofar as they relate to the enforcement of the
          representations, warranties and covenants of the Company) or the Custodian
          under
          the Purchase Agreement insofar as they relate to the Mortgage Loans, shall
          be
          deemed to refer to the Trust (including the Trustee, the Trust Administrator
          and
          a Servicer acting on the Trust’s behalf). Neither the Company nor the Assignor
          shall amend or agree to amend, modify, waive, or otherwise alter any of the
          terms or provisions of the Purchase Agreement which amendment, modification,
          waiver or other alteration would in any way affect the Mortgage Loans or
          the
          Company’s performance under the Purchase Agreement with respect to the Mortgage
          Loans without the prior written consent of the Trustee.

         

        Representations
          and Warranties of the Company

         

        3.  The
          Company warrants and represents to the Assignor, the Assignee and the Trust
          as
          of the date hereof that:

         

        (a)  Attached
          hereto as Exhibit C is a true and accurate copy of the representations
          and
          warranties in Sections 7.01 and 7.02 of the Purchase Agreement, which Purchase
          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)  The
          Company is duly organized, validly existing and in good standing under
          the laws
          of the jurisdiction of its incorporation;

         

        (c)  The
          Company has full power and authority to execute, deliver and perform its
          obligations under this Agreement and has full power and authority to perform
          its
          obligations under the Purchase Agreement. The execution by the Company
          of this
          Agreement is in the ordinary course of the Company’s business and will not
          conflict with, or result in a breach of, any of the terms, conditions or
          provisions of the Company’s charter or bylaws or any legal restriction, or any
          material agreement or instrument to which the 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 the Company or its property is subject. The
          execution, delivery and performance by the Company of this Agreement have
          been
          duly authorized by all necessary corporate action on part of the Company.
          This
          Agreement has been duly executed and delivered by the Company, and, upon
          the due
          authorization, execution and delivery by the Assignor and the Assignee,
          will
          constitute the valid and legally binding obligation of the Company, enforceable
          against the Company 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;

         

        (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
          the Company in connection with the execution, delivery or performance by
          the
          Company of this Agreement; 

         

        (e)  There
          is
          no action, suit, proceeding or investigation pending or, to the company’s actual
          knowledge, threatened against the Company, before any court, administrative
          agency or other tribunal, which would draw into question the validity of
          this
          Agreement or the Purchase Agreement, or which, either in any one instance
          or in
          the aggregate, would result in any material adverse change in the ability
          of the
          Company to perform its obligations under this Agreement or the Purchase
          Agreement, and the Company is solvent;

         

        (f)  No
          Mortgage Loan is a balloon mortgage loan that has an original stated maturity
          of
          less than seven (7) years; and

         

        (g)  With
          respect to the Group I Mortgage Loans:

         

        (i) No
          refinance  or  purchase  money Mortgage Loan has an APR or
          total points and fees that exceed the thresholds set by the Home Ownership
          and
          Equity Protection Act of  1994
          (“HOEPA”)
          and its implementing regulations, including 12 CFR§ 226.32(a)(1)(i) and no
          Mortgage Loan is in violation of any comparable state law;

        

        (ii) No
          Mortgage Loan in the trust is a “high cost home,” “covered” (excluding home
          loans defined as “covered home loans” in the New Jersey Home Ownership Security
          Act of 
          2002  that  were  originated  between  November 
26, 2003  and  July 7, 2004), “high risk home” or “predatory” loan
          under any other applicable state, federal or local law (or a similarly
          classified loan using different terminology under a law imposing heightened
          regulatory scrutiny or additional legal liability for residential mortgage
          loans
          having high interest
          rates, points and/or fees);

        

        (iii) With
          respect to any subordinate lien Mortgage Loan, such lien is on a one- to
          four-family residence that is (or will be) the principal residence of the
          borrower;

        

        (iv) No
          subordinate lien Mortgage Loan underlying the Security has an original
          principal
          balance that exceeds one-half of the one-unit limitation for first lien
          mortgage
          loans, i.e.,
          $208,500 (in Alaska, Guam, Hawaii or Virgin Islands: $312,750), without
          regard
          to the number of units; and

        

        (v) The 
          original  principal  balance  of  the first lien
          Mortgage Loan plus the original principal balance of any subordinate lien
          Mortgage Loans relating to the same mortgaged property
          does not exceed the applicable Freddie Mac loan limit for first lien mortgage
          loans for that property type. 

        

        4.  Pursuant
          to Section 12 of the Purchase Agreement, the Company hereby represents
          and
          warrants, for the benefit of the Assignor, the Assignee and the Trust,
          that the
          representations and warranties set forth in Sections 7.01 and 7.02 of the
          Purchase Agreement, are true and correct as of the date hereof as if such
          representations and warranties were made on the date hereof, except that
          the
          representation and warranty set forth in Section 7.02(i) shall, for purposes
          of
          this Agreement, relate to the Mortgage Loan Schedule attached
          hereto.

         

        5.  The
          Assignor hereby makes the following representations and warranties as of
          the
          date hereof:

         

        (a)  
           
          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;

         

        (b)  
           None
          of
          the Mortgage Loans are High Cost as defined by any applicable predatory
          and
          abusive lending laws; 

         

        (c)
              No
          Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as such
          terms
          are defined in the then current Standard & Poor’s LEVELS®
          Glossary
          which is now Version 5.7 Revised,
          Appendix E); and

         

        (d)  
           The
          original principal balance of each Group I Mortgage Loan is within Fannie
          Mae’s
          dollar amount limits for conforming one-to-four-family mortgage
          loans.

         

        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, the Trust
          Administrator and a Servicer acting on the Trust’s behalf) in connection with
          any breach of the representations and warranties made by the Company set
          forth
          in Sections 3 and 4 hereof shall be as set forth in Subsection 7.03 of
          the
          Purchase Agreement as if they were set forth herein (including without
          limitation the repurchase and indemnity obligations set forth therein).
          In
          addition, the Company hereby acknowledges and agrees that any breach of
          the
          representations set forth in Section 7.02 (liv), (lvii), (lxiii), (lxiv),
          (lxv),
          (lxvi), (lxviii), (lxix) and (lxx) of the Purchase Agreement and in Section
          3
          (g) herein shall be deemed to materially and adversely affect the value
          of the
          related mortgage loans or the interests of the Trust in the related mortgage
          loans.

         

        The
          Assignor hereby acknowledges and agrees that the remedies available to
          the
          Assignee and the Trust (including the Trustee, the Trust Administrator
          and a
          Servicer acting on the Trust’s behalf) in connection with any breach of the
          representations and warranties made by the Assignor set forth in Section
          5
          hereof shall be as set forth in Section 2.03 of the Pooling Agreement as
          if they
          were set forth herein. In addition, the Assignor hereby acknowledges and
          agrees
          that any breach of the representations set forth in Section 5 (a) and (d)
          hereof
          shall be deemed to materially and adversely affect the value of the related
          mortgage loans or the interests of the Trust in the related mortgage
          loans.

         

        In
          the
          event that the first or second monthly payment of principal and interest
          to be
          made by the mortgagor after the Settlement Date (as defined in the Commitment
          Letter) with respect to any Mortgage Loan is not paid by the due date,
          the
          Company shall repurchase such Mortgage Loan. 

         

        Notwithstanding
          the foregoing, the Assignor may, at its option, satisfy any obligation
          of the
          Company with respect to any breach of representation and warranty made
          by the
          Company regarding the Mortgage Loans.

         

        Miscellaneous

         

        7.  This
          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.

         

        8.  No
          term
          or provision of this 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, with the prior written consent of
          the
          Trustee.

         

        9.  This
          Agreement shall inure to the benefit of (i) the successors and assigns
          of the
          parties hereto and (ii) the Trust (including the Trustee, the Trust
          Administrator and a Servicer acting on the Trust’s behalf). 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.

         

        10.  Each
          of
          this Agreement and the Purchase Agreement shall survive the conveyance
          of the
          Mortgage Loans and the assignment of the Purchase Agreement (to the extent
          assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
          and
          nothing contained herein shall supersede or amend the terms of the Purchase
          Agreement.

         

        11.  This
          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.

         

        12.  In
          the
          event that any provision of this Agreement conflicts with any provision
          of the
          Purchase Agreement with respect to the Mortgage Loans, the terms of this
          Agreement shall control.

         

        13.  [Reserved].

         

        14.  [Reserved].

         

        15.  Capitalized
          terms used in this Agreement (including the exhibits hereto) but not defined
          in
          this Agreement shall have the meanings given to such terms in the Purchase
          Agreement.

        
 

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be executed
          by their
          duly authorized officers as of the date first above written.

         

        
           

          
            	 	 	 
	 	
                    CITIGROUP
                      GLOBAL MARKETS REALTY CORP.

                  
	 
 	 
 	 
 
	
                  	By:  	 
	 	
                    Name: 

                  	
                    

                  
	 	
                    Title:

                  	 

          

           

          
            
              	 	 	 
	 	
                      
                        CITIGROUP
                          MORTGAGE LOAN TRUST INC.

                      

                    
	 
 	 
 	 
 
	
                    	By:  	 
	 	
                      Name: 

                    	
                      

                    
	 	
                      Title:

                    	 

            

             

          

          
            
              	 	 	 
	 	
                      
                        NATIONAL
                          CITY MORTGAGE CO.

                      

                    
	 
 	 
 	 
 
	
                    	By:  	 
	 	
                      Name: 

                    	
                      

                    
	 	
                      Title:

                    	 

            

            
 

          

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
 

        EXHIBIT
          A

        

        Mortgage
          Loan Schedule

        

        Available
          upon request

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        EXHIBIT
          B

        [Reserved]

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          C

        

        Subsection
          7.01. Representations
          and Warranties Respecting the Seller. 

        

        The
          Seller represents, warrants and covenants to the Purchaser as of the initial
          Closing Date, each subsequent Closing Date and each Servicing Transfer
          Date:

        

        (i)
          The
          Seller is a Delaware corporation duly organized, validly existing and
          in good standing under the laws of Delaware and is an operating
          subsidiary of National City Bank of Indiana.  As a national bank operating
          subsidiary the Seller is regulated by the Office of the Comptroller of
          the
          Currency and is subject to applicable laws and regulations.  The Seller has
          any licenses necessary to carry out its business as now being conducted;
          or is
          licensed and qualified to transact business in and is in good standing
          under the
          laws of each state in which any Mortgaged Property is located; or is otherwise
          exempt under applicable law from such licensing or qualification; or is
          otherwise not required under applicable law to effect such licensing or
          qualification, and in any event the Seller is in compliance with the applicable
          laws of any such state to the extent necessary to ensure the enforceability
          of
          each Mortgage Loan and the servicing of the Mortgage Loans in accordance
          with
          the terms of this Agreement;. No licenses or approvals obtained by Seller
          have
          been suspended or revoked by any court, administrative agency, arbitrator
          or
          governmental body and no proceedings are pending which might result in
          such
          suspension or revocation; 

        

        (ii)
          The
          Seller has the full power and authority to hold each Mortgage Loan, to
          sell each
          Mortgage Loan, and to execute, deliver and perform, and to enter into and
          consummate, all transactions contemplated by this Agreement. 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 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 and subject to the rules of equity,
          including those pertaining to specific performance; 

        

        (iii)
          The
          execution and delivery of this Agreement by the Seller and the performance
          of
          and compliance with the terms of this Agreement will not violate the Seller's
          articles of incorporation or by-laws or constitute a default under or result
          in
          a breach or acceleration of, any material contract, agreement or other
          instrument to which the Seller is a party or which may be applicable to
          the
          Seller or its assets; 

        

        (iv)
          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; 

         

        (v)
          The
          Seller is an approved seller/servicer of Conventional Mortgage Loans for
          Fannie
          Mae and Freddie Mac in good standing and is a HUD approved mortgagee pursuant
          to
          Section 203 of the National Housing Act. The Seller is in good standing
          to
          originate and service FHA and VA loans and has facilities, procedures and
          experienced personnel necessary for the sound servicing of mortgage loans
          of the
          same type as the FHA Loans and the VA Loans. No event has occurred, including
          but not limited to a change in insurance coverage, which would make the
          Seller
          unable to comply with Fannie Mac, Freddie Mac, HUD, FHA or VA eligibility
          requirements or which would require notification to Fannie Mae, Freddie
          Mac,
          HUD, FHA
          or
          VA;

        

        (vi)
          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;
          

        

        (vii)
          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 this
          Agreement, have been delivered to the Purchaser all in compliance with
          the
          specific requirements of the this Agreement. With respect to each Mortgage
          Loan,
          the Seller is in possession of a complete Mortgage File in compliance with
          Exhibit
          4. 

        

        (viii)
          Immediately prior to the payment of the Purchase Price for each Mortgage
          Loan,
          the Seller was the owner of record 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 the Seller retains record title
          during
          the Interim Servicing Period, 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 and only for the
          purpose
          of servicing and supervising the servicing of each Mortgage Loan; 

        

        (ix)
          There are no actions or proceedings against, or investigations 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 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)
          No
          consent, approval, authorization or order of any court or governmental
          agency or
          body is required for the execution, delivery and performance by the Seller
          of,
          or compliance by the Seller 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 related Closing Date; 

        

        (xi)
          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 pursuant
          to
          this Agreement are not subject to the bulk transfer or any similar statutory
          provisions; 

        

        (xii)
          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; 

        

        (xiii)
          Neither this Agreement nor any written statement, report or other document
          prepared and furnished or to be prepared and furnished by the Seller pursuant
          to
          this Agreement or in connection with the transactions contemplated hereby
          contains any untrue statement of material fact or omits to state a material
          fact
          necessary to make the statements contained herein or therein not
          misleading;

        

        (xiv)
          The
          Seller used no adverse selection procedures in selecting the Mortgage Loans
          from
          among the outstanding Conventional, FHA insured or VA guaranteed mortgage
          loans
          in the Seller's portfolio at the related Closing Date as to which the
          representations and warranties set forth in this Subsection 7.01 could
          be made;
          and 

        

        (xv) The
          Seller 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 MERS Mortgage Loans for as long as such Mortgage Loans are registered
          with MERS.

        

        Subsection 7.02.
          Representations and Warranties Regarding Individual Mortgage Loans.

        

        The
          Seller hereby represents and warrants to the Purchaser that, as to each
          Mortgage
          Loan, as of the related Closing Date and the Servicing Transfer Date for
          such
          Mortgage Loan: 

        

        (i)
          The
          information set forth in the Mortgage Loan Schedule is complete, true
          and correct:
          

        

        (ii)
          All
          payments required to be made up to the close of business on the Cut- off
          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 default in any payment
          by the
          Mortgagor thereunder during the last twelve (12) months; 

        

        (iii)
          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; 

        

        (iv)
          The
          terms of the Mortgage Note and the Mortgage have not been impaired, waived,
          altered or modified in any respect, except (a) in the case of a Conventional
          Mortgage Loan, by written instrument, recorded in the applicable public
          recording office 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, if any, and the title insurer, to the extent required
          by the
          related policy, and (b) in the case of an FHA Loan or a VA Loan, by written
          instrument, and the substance of any such waiver, alteration or modification
          has
          been approved by the FHA or the VA, as the case may be, to the extent required
          by the applicable Insurance Agreement, and in any event the substance of
          any
          waiver, alteration or modification 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 insurer under the Primary Insurance
          Policy,
          if any, and 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 Mortgage Loan Schedule; 

         

        (v)
          The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any right of rescission, set-off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set-off, counterclaim or defense has been asserted with respect thereto;
          

        

        (vi)
          All
          buildings upon the Mortgaged Property are insured by a generally acceptable
          insurer against loss by fire, hazards of extended coverage and such other
          hazards as are customary in the area where the Mortgaged Property is located,
          pursuant to insurance policies conforming to the requirements of the 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 Fannie Mae and Freddie Mac. The
          Mortgage
          obligates the Mortgagor thereunder to maintain all such insurance at the
          Mortgagor's cost and expense, and on the Mortgagor's failure to do so,
          authorizes the holder of the Mortgage to maintain such insurance at Mortgagor's
          cost and expense and to seek reimbursement therefor from the Mortgagor;
          

        

        (vii)
          Any
          and all requirements of any federal, state or local law including, without
          limitation, usury, truth in lending, real estate settlement procedures,
          consumer
          credit protection, equal credit opportunity, fair housing, disclosure laws
          or
all
          predatory and abusive lending laws
          applicable to the origination and servicing of the Mortgage Loans have
          been
          complied with and the consummation of the transactions contemplated hereby
          will
          not involve the violation of any such laws, and the Seller shall maintain
          in its
          possession, available for the inspection of the Purchaser or its designee,
          and
          shall deliver to the Purchaser or its designee, upon two Business Days’ request,
          evidence of compliance with such requirements; 

         

        (viii)
          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, except in connection with an assumption agreement which has been
          delivered to the Purchaser and which has been approved (a) in the case
          of a
          Conventional Mortgage Loan, by the insurer under the Primary Insurance
          Policy,
          if any, and (b) in the case of an FHA Loan or a VA Loan, by the FHA or
          the VA,
          as the case may be, to the extent required by the applicable Insurance
          Agreement; and, in any event, any such release is reflected on the Mortgage
          Loan
          Schedule; 

        

        (ix)
          The
          Mortgage is a valid, existing and enforceable first 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 the FHA or the
          VA, as
          the case may be, 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, and (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 which shall not in any way prevent realization of the benefits
          of
          any FHA Insurance Contract or VA Guaranty Agreement, if applicable. 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 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. 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; 

        

        (x)
          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; 

        

        (xi)
          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; 

         

        (xii)
          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; 

        

        (xiii)
          As
          of the Closing Date, 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; 

         

        (xiv)
          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): (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;. 

        

        (xv)
          The
          Mortgage Loan is covered by an American Land Title Association lender's
          title
          insurance policy acceptable to Fannie Mae or Freddie Mac, issued by a title
          insurer acceptable to (a) Fannie Mae and Freddie Mac, in the case of a
          Conventional Mortgage Loan and (b) the FHA or the VA, as the case may be,
          in the
          case of an FHA Loan or a VA Loan, and qualified to do business in the
          jurisdiction where the Mortgaged Property is located, insuring (subject
          to the
          exceptions contained in (a) and (b) above) 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 against any loss by reason of the invalidity
          or
          unenforceability of the lien resulting from, in the case of an Adjustable
          Rate
          Mortgage Loan, the provisions of the related 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; 

        

        (xvi)
          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; provided
          that,
          in the case of an FHA Loan or a VA Loan, a waiver may have been given if
          it was
          pursuant to a written instrument, and the substance of such waiver has
          been
          approved by the FHA or the VA, as the case may be, to the extent required
          by the
          applicable Insurance Agreement, and is reflected on the Mortgage Loan Schedule;
          

        

        (xvii)
          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;
          

         

        (xviii)
          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; 

        

        (xix)
          The
          Mortgage Loan was originated by the Seller or by a savings and loan association,
          a savings bank, a commercial bank 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, or an approved correspondent of the Seller; 

        

        (xx)
          Principal payments on the Mortgage Loan commenced no more than sixty (60)
          days
          after the proceeds of the Mortgage Loan were disbursed. The Mortgage Loan
          bears
          interest at the Mortgage Interest Rate. With respect to each Fixed Rate
          Mortgage
          Loan, the Mortgage Note is payable on the first day of each month in equal
          monthly installments of principal and interest, with interest in arrears,
          providing for full amortization by maturity over a scheduled term of not
          more
          than thirty (30) years. With respect to each Adjustable Rate Mortgage Loan,
          the
          Mortgage Note is payable on the first day of each month in Monthly Payments
          which are changed on each Adjustment Date to an amount which will fully
          amortize
          the Unpaid Principal Balance of the Mortgage Loan over its remaining term
          at the
          Mortgage Interest Rate. The Mortgage Note does not permit negative amortization.
          No Mortgage Loan had an original term to maturity of more than thirty (30)
          years. No Mortgage Loan is a balloon mortgage loan; 

        

        (xxi)
          The
          origination and collection practices used by the Seller with respect to
          each
          Mortgage Note and Mortgage , including without limitation the establishment,
          maintenance and servicing of the Escrow Accounts and Escrow Payments, if
          any,
          since origination have been in all respects legal, proper, prudent and
          customary
          in the mortgage origination and servicing industry. The Mortgage Loan has
          been
          serviced by the Seller and any predecessor servicer in accordance with
          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; 

        

        (xxii)
          The Mortgaged Property is free of damage and waste and is in good repair,
          there
          is no proceeding pending for the total or partial condemnation thereof
          nor is
          such a proceeding currently occurring; 

        

        (xxiii)
          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 is not 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; 

         

        (xxiv)
          The Mortgage Loan was underwritten in accordance with underwriting standards
          which are acceptable to Fannie Mae, Freddie Mac and GNMA, as applicable,
          in
          accordance with Seller's guidelines in effect at the time the Mortgage
          Loan was
          originated. The Mortgage Loan is saleable to Fannie Mae, Freddie Mac and
          GNMA,
          as applicable, on a non-recourse basis. The Mortgage Note and Mortgage
          are on
          forms acceptable to Fannie Mae and Freddie Mac; 

        

        (xxv)
          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
          (ix) above; 

        

        (xxvi)
          The Mortgage File contains an appraisal of the related Mortgaged Property
          which
          was on appraisal form 1004 or form 2055 with an interior inspection and
          made and
          signed, prior to the approval of the Mortgage Loan application, by a qualified
          appraiser, duly appointed by the Seller, who had no interest, direct or
          indirect
          in the Mortgaged Property or in any loan made on the security thereof,
          whose
          compensation is not affected by the approval or disapproval of the Mortgage
          Loan
          and who met the minimum qualifications of Fannie Mae and Freddie Mac. Each
          appraisal of the Mortgage Loan was made in accordance with the relevant
          provisions of the Financial Institutions Reform, Recovery, and Enforcement
          Act
          of 1989; 

        

        (xxvii)
          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;
          

        

        (xxviii)  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;

        

        (xxix)
          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 adjustable rate mortgage loans and rescission materials with
          respect
          to Refinanced Mortgage Loans, and such statement is and will remain
          in
          the Mortgage File; 

        

        (xxx)
          Reserved

        

        (xxxi)
          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; 

         

        (xxxii)
          Each Mortgage Loan with an LTV at origination in excess of 80% is and will
          be
          subject to a Primary Insurance Policy, issued by an insurer acceptable
          to Fannie
          Mae and Freddie Mac, which insures as to payment defaults that portion
          of the
          Mortgage Loan in excess of the portion of the Appraised Value of the Mortgaged
          Property required by Fannie Mae. All provisions of such Primary Insurance
          Policy
          have been and are being complied with, such policy is in full force and
          effect,
          and all premiums due thereunder have been paid. Any Mortgage subject to
          any such
          Primary Insurance Policy obligates the Mortgagor thereunder to maintain
          such
          insurance and to pay all premiums and charges in connection therewith.
          The
          Mortgage Interest Rate for the Mortgage Loan does not include any such
          insurance
          premium. In the case of an FHA Loan or VA Loan, the Mortgage is either
          guaranteed by the VA to the maximum extent permitted by law or is fully
          insured
          by the FHA and all necessary steps have been taken to make and keep such
          guaranty or insurance valid, binding and enforceable and the applicable
          Insurance Agreement is the binding, valid and enforceable obligation of
          the VA
          or the FHA, as the case may be, to the full extent thereof, without surcharge,
          set-off or defense; 

        

        (xxxiii)
          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, have been made or obtained from the appropriate authorities;
          

        

        (xxxiv)
          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,
          and no
          action has been taken or failed to be taken, no event has occurred and
          no state
          of facts exists or has existed on or prior to the Closing Date (whether
          or not
          known to the Seller on or prior to such date) which has resulted or will
          result
          in an exclusion from, denial of, or defense to coverage under any Primary
          Insurance Policy (including, without limitation, any exclusions, denials
          or
          defenses which would limit or reduce the availability of the timely payment
          of
          the full amount of the loss otherwise due thereunder to the insured) whether
          arising out of actions, representations, errors, omissions, negligence,
          or fraud
          of the Seller, the related Mortgagor or any party involved in the application
          for such coverage, including the appraisal, plans and specifications and
          other
          exhibits or documents submitted therewith to the insurer under such insurance
          policy, or for any other reason under such coverage, but not including
          the
          failure of such insurer to pay by reason of such insurer's breach of such
          insurance policy or such insurer's financial inability to pay; 

        

        (xxxv)
          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;
          

         

        (xxxvi)
          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 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; 

        

        (xxxviii)
          Interest on each Mortgage Loan is calculated on the basis of a 360-day
          year
          consisting of twelve 30-day months; 

        

        (xxxix)
          If the Residential Dwelling on the Mortgaged Property is a condominium
          unit or a
          unit in a planned unit development (other than a de minimis planned unit
          development) such condominium or planned unit development project is acceptable
          to Fannie Mae and Freddie Mac; 

        

        (xl)
          The
          Mortgage Loan was not prepaid in full prior to the related Closing Date
          and with
          the exception of payoff inquiries, the Seller has not received any notification
          from a Mortgagor that a prepayment in full shall be made after such Closing
          Date; 

        

        (xli)
          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; 

        

        (xlii)
          No
          Mortgage Loan is a predatory loan, a HOEPA Loan, a loan specially regulated
          under any applicable state law due to its interest rate 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);

        

        (xliii) Each
          Mortgage contains an enforceable provision for the acceleration of the
          payment
          of the unpaid principal balance of the related Mortgage Loan in the event
          the
          related Mortgaged Property is sold or transferred without the prior consent
          of
          the mortgagee thereunder;

         

        (xliv) 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;

         

        (xlv) 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; 

         

        (xlvi) With
          respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
          such MIN
          is accurately provided on the related Mortgage Loan Schedule. The related
          Assignment of Mortgage to MERS has been duly and properly recorded or has
          been
          delivered for recording to the applicable recording office. With respect
          to each
          MERS Mortgage Loan, the Seller has not received any notice of liens or
          legal
          actions with respect to such Mortgage Loan and no such notices have been
          electronically posted by MERS;

         

        (xlvii) The
          sale
          or transfer of the Mortgage Loan by the Seller complies with all applicable
          federal, state, and local laws, rules, and regulations governing such sale
          or
          transfer, including, without limitation, the Fair and Accurate Credit
          Transactions Act (“FACT Act”) and the Fair Credit Reporting Act, each as may be
          amended from time to time, and the Seller has not received any actual or
          constructive notice of any identity theft, fraud, or other misrepresentation
          in
          connection with such Mortgage Loan or any party thereto.

         

        (xlviii) 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);

        

        (xlix) No
          Mortgage Loan is a Convertible Mortgage Loan. The Mortgage Loan is not
          a
          graduated payment mortgage loan, and the Mortgage Loan does not have a
          shared
          appreciation or other contingent interest feature;

        

        (l) 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;

         

        (li) Unless
          otherwise set forth on the Mortgage Loan Schedule, the source of the down
          payment with respect to each Mortgage Loan has been fully verified by the
          Seller;

         

        (lii) 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;

         

        (liii) 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;

         

        (liv) No
          Mortgage Loan is secured by cooperative housing, commercial property,
          manufactured housing, a mobile home or mixed use property;

         

        (lv) Each
          Mortgage Loan is eligible for sale in the secondary market or for inclusion
          in a
          Securitization Transaction without unreasonable credit enhancement;

         

        (lvi) 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;

         

        (lvii) No
          Mortgage Loan originated or modified on or after October 1, 2002 and prior
          to
          March 7, 2003 is secured by a Mortgaged Property located in the State of
          Georgia. No Mortgage Loan originated on or after March 7, 2003 is a “high cost
          home loan” as defined under the Georgia Fair Lending Act.

         

        (lviii) 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;

         

        (lix) 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;

         

        (lx) 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;

         

        (lxi) The
          Mortgagor has not made or caused to be made any payment in the nature of
          an
“average” or “yield spread premium” to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

        

        (lxii) With
          respect to each Mortgage Loan Package, no Mortgagor is the obligor on more
          than
          two Mortgage Notes;

         

        (lxiii) With
          respect to any Mortgage Loan that contains a provision permitting imposition
          of
          a Prepayment Charge upon a Principal Prepayment prior to maturity: (i)
          prior to
          the Mortgage Loan’s origination, the Mortgagor agreed to such Prepayment Charge
          in exchange for a monetary benefit, including but not limited to a Mortgage
          Interest Rate or fee reduction, (ii) prior to the Mortgage Loan’s origination,
          the Mortgagor was offered the option of obtaining a Mortgage Loan that
          did not
          require payment of a Prepayment Charge, (iii) the Prepayment Charge is
          disclosed
          to the Mortgagor in the Mortgage Loan Documents pursuant to applicable
          state and
          federal law, (iv) for Mortgage Loans originated on or after October 1,
          2002, the
          duration of the prepayment period shall not exceed three (3) years from
          the date
          of the Mortgage Note, unless the Mortgage Loan was modified to reduce the
          prepayment period to no more than three years from the date of the Mortgage
          Note
          and the Mortgagor was notified in writing of such reduction in the prepayment
          period, (v) no Mortgage Loan originated prior to October 1, 2002 has a
          Prepayment Charge longer than five years and (vi) notwithstanding any state
          or
          federal law to the contrary, the Seller shall not impose such Prepayment
          Charge
          in any instance when the Mortgage Loan is accelerated or paid off in connection
          with the workout of a delinquent mortgage or due to the Mortgagor’s default.
          Each Prepayment Charge is permissible, collectable and enforceable.

         

        (lxiv) No
          predatory, abusive or deceptive lending practices, including but not limited
          to,
          the extension of credit to a Mortgagor without regard for the Mortgagor’s
          ability to repay the Mortgage Loan and the extension of credit to a Mortgagor
          which has no tangible net benefit to the Mortgagor, were employed in connection
          with the origination of the Mortgage Loan. Each Mortgage Loan is in compliance
          with the anti-predatory lending eligibility for purchase requirements of
          Fannie
          Mae’s Selling Guide. No Mortgagor was encouraged or required to select a
          Mortgage Loan product offered by the Mortgage Loan’s originator which is a
          higher cost product designed for less creditworthy borrowers, unless at
          the time
          of the Mortgage Loan’s origination, such Mortgagor did not qualify taking into
          account credit history and debt to income ratios for a lower cost credit
          product
          then offered by the Mortgage Loan’s originator or any affiliate of the Mortgage
          Loan’s originator. If, at the time of the related loan application, the
          Mortgagor may have qualified for a lower cost credit product then offered
          by any
          mortgage lending affiliate of the Mortgage Loan’s originator, the Mortgage
          Loan’s originator referred the Mortgagor’s application to such affiliate for
          underwriting consideration; 

         

        (lxv) 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;

         

        (lxvi) All
          points and fees related to each Mortgage Loan were disclosed in writing
          to the
          related Borrower in accordance with applicable state and federal laws and
          regulations. No Borrower was charged “points and fees” (whether or not financed)
          in an amount greater than (a) $1,000 or (b) 5% of the principal amount
          of such
          Mortgage Loan, whichever is greater, such 5% limitation is calculated in
          accordance with Fannie Mae’s anti-predatory lending requirements as set forth in
          the Fannie Mae Guides. For purposes of this representation, “points and fees”
(x) include origination, underwriting, broker and finder’s fees and charges that
          the lender imposed as a condition of making the Mortgage Loan, whether
          they are
          paid to the lender or a third party, and (y) exclude bona fide discount
          points,
          fees paid for actual services rendered in connection with the origination
          of the
          mortgage (such as attorneys’ fees, notaries fees and fees paid for property
          appraisals, credit reports, surveys, title examinations and extracts, flood
          and
          tax certifications, and home inspections); the cost of mortgage insurance
          or
          credit-risk price adjustments; the costs of title, hazard, and flood insurance
          policies; state and local transfer taxes or fees; escrow deposits for the
          future
          payment of taxes and insurance premiums; and other miscellaneous fees and
          charges that, in total, do not exceed 0.25 percent of the loan amount.
          All fees
          and charges (including finance charges), whether or not financed, assessed,
          collected or to be collected in connection with the origination and servicing
          of
          each Mortgage Loan were disclosed in writing to the related Mortgagor in
          accordance with applicable state and federal laws and regulations; 

         

        (lxvii) 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;

         

        (lxviii) No
          Mortgagor was required to purchase any single premium credit insurance
          policy
          (e.g. life, mortgage, disability, accident, unemployment, or health insurance
          product) or debt cancellation agreement as a condition of obtaining the
          extension of credit. No Mortgagor obtained a prepaid single premium credit
          insurance policy (e.g. life, mortgage, disability, accident, unemployment,
          or
          health insurance product) in connection with the origination of the Mortgage
          Loan, and no proceeds from any Mortgage Loan were used to purchase
          single-premium credit insurance policies or debt cancellation agreements
          as part
          of the origination of, or as a condition to closing, such Mortgage Loan;
          

         

        (lxix) The
          Seller and any predecessor servicer has fully furnished, in accordance
          with the
          Fair Credit Reporting Act and its implementing regulations, accurate and
          complete information (e.g., favorable and unfavorable) on its borrower
          credit
          files to Equifax, Experian and Trans Union Credit Information Company (three
          of
          the credit repositories) on a monthly basis; and the Seller will fully
          furnish,
          in accordance with the Fair Credit Reporting Act and its implementing
          regulations, accurate and complete information (e.g., favorable and unfavorable)
          on its borrower credit files to Equifax, Experian and Trans Credit Information
          Company (three of the credit repositories), on a monthly basis; and

         

        (lxx) With
          respect to each Mortgage Loan, neither the related Mortgage nor the related
          Mortgage Note requires the Mortgagor to submit to arbitration to resolve
          any
          dispute arising out of or relating in any way to the Mortgage Loan; No
          Mortgagor
          agreed to submit to arbitration to resolve any dispute arising out of or
          relating in any way to the Mortgage Loan.

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

        ASSIGNMENT
          AND RECOGNITION AGREEMENT

         

        This
          is
          an Assignment, Assumption and Recognition Agreement (this “Assignment
          Agreement”) made as of December 29, 2006, among
          Citigroup Global Markets Realty Corp.
          (the
“Assignor”), Wells
          Fargo Bank, N.A. (the “Company”) and
          Citigroup Mortgage Loan Trust Inc. (the “Assignee”) for the benefit of the
          holders of the Citigroup Mortgage Loan Trust 2006-HE3, Asset-Backed Pass-Through
          Certificates, Series 2006-HE3.

         

        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”), (ii) the Amended
          and Restated Master Mortgage Loan Purchase Agreement (the “Agreement”), dated as
          of March 1, 2006,
          as
          amended by the First Amendment to the Amended and Restated Master Mortgage
          Loan
          Purchase Agreement, dated as of October 26, 2006 between the Assignor and
          the
          Company, pursuant to which the Assigned Loans were purchased by the Assignor
          from the Company and (iii) the Assignment and Conveyance Agreement (the
          “Assignment and Conveyance Agreement”), dated as of October 30, 2006, between
Wells
          Fargo Bank, N.A and
          Citigroup Global Markets Realty Corp. shall
          be
          subject to the terms of this Assignment 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 Assignment 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 Assignment Agreement, and to consummate the transactions
          set forth herein. The consummation of the transactions contemplated by
          this
          Assignment 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 Assignment 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
          Assignment 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 Assignment 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 Assignment
          Agreement, or the Assignor's ability to perform its obligations under this
          Assignment 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 5.7(c) Glossary
          Revised, Appendix E).

         

        (n)  All
          Mortgage Loans were originated in compliance with all applicable laws,
          including, but not limited to, all applicable anti-predatory lending
          laws.

         

        2.
            Assignee
          warrants and represents to, and covenants with, Assignor and Company as
          of the
          date hereof:

         

        (a)  Assignee
          is a Delaware corporation duly organized, validly existing and in good
          standing
          under the laws of the State of Delaware and has all requisite power and
          authority to hold the Assigned Loans;

         

        (b)  Assignee
          has full power and authority to execute, deliver and perform its obligations
          under this Assignment Agreement, and to consummate the transactions set
          forth
          herein. The consummation of the transactions contemplated by this Assignment
          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 Assignment 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 Assignment 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 Assignment 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 Assignment
          Agreement, or the Assignee's ability to perform its obligations under this
          Assignment 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, further 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 Assignment Agreement, and to consummate the transactions set
          forth
          herein. The consummation of the transactions contemplated by this Assignment
          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 Assignment 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 Assignment 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 Assignment 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);
          and

         

        (g)  Neither
          this Assignment Agreement nor any certification, statement, report or other
          agreement, document or instrument furnished or to be furnished by the Company
          pursuant to this Assignment 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 Assignment Agreement or the breach of any covenant or condition
          contained herein.

         

        
          Recognition
            of Assignee

           

          5.
              From
            and
            after the date hereof, the Company shall recognize Assignee as owner
            of the
            Assigned Loans, and acknowledges that the Assigned Loans will be further
            assigned by the Assignee to U.S. Bank National Association as trustee
            under the
            Pooling and Servicing Agreement, dated as of December 1, 2006 (the “Pooling and
            Servicing Agreement”), among the Citigroup Mortgage Loan Trust Inc. as depositor
            (the “Depositor”), Wells
            Fargo Bank, N.A., JPMorgan Chase Bank, National Association, Ocwen Loan
            Servicing, LLC and Countrywide Home Loans Servicing LP each a servicer
            (the
“Servicer”), Citibank, N.A. as trust administrator (the “Trust Administrator”)
            and U.S. Bank National Association as trustee (the “Trustee”)
            and
            further 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. It is the intention of Assignor, Company and Assignee that
            this
            Assignment 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.

         

        Notwithstanding
          the foregoing, the Assignor may, at its option, satisfy any obligation
          of the
          Company with respect to any breach of representation and warranty made
          by the
          Company regarding the Mortgage Loans.

         

        In
          addition, the Company shall repurchase at the Purchase Price or Adjusted
          Purchase Price, as the case may be (each, as defined in the Commitment
          Letter,
          dated September 22, 2006, between Company and Assignor), all Assigned Loans
          that fail to make the first scheduled monthly payment due to the Assignor
          within thirty (30) days of when such payment is due (an “FPD”). In the event an
          FPD occurs, the repurchase price shall be equal to (i) the product of the
          Purchase Price or Adjusted Purchase Price percentage, as the case may be,
          and
          the Stated Principal Balance of the related Assigned Loan as of the date
          on
          which such repurchase is effective plus (ii) interest on such Stated Principal
          Balance at the Mortgage Loan Remittance Rate (as defined in the Agreement)
          from the Cut-off Date (as defined in the Agreement) through the last day of
          the month in which such repurchase is effective; provided, however,
          that any amounts in excess of the Purchase Price (as defined in the Pooling
          and Servicing Agreement) shall be remitted by the Company to the
          Assignor.
          

         

        Miscellaneous

         

        7.
            All
          demands, notices and communications related to the Assigned Loans, the
          Agreements and this Assignment 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 X2302-033 

                  Facsimile:
                    (515) 324-3118

                
	 	 	 
	 	 	
                  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:

                
	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST INC. 

                  390
                    Greenwich Street 

                  New
                    York, New York 10013 

                  Attention:
                    Mortgage Finance Group 

                  Facsimile:
                    (212) 723-8604

                

        

         

        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 Assignment Agreement.

         

        9.
            This
          Assignment 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 Assignment 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
          Assignment 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
          Assignment 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
          Assignment 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 Assignment Agreement conflicts with any
          provision of the Agreement with respect to the Assigned Loans, the terms
          of this
          Assignment Agreement shall control.

        
 

        IN
          WITNESS WHEREOF, the parties hereto have executed this Assignment Agreement
          as
          of the day and year first above written.

        
           

          
             

            
              	 	 	 
	 	
                      CITIGROUP
                        GLOBAL MARKETS REALTY CORP.

                    
	 
 	 
 	 
 
	
                    	By:  	 
	 	
                      Name: 

                    	
                      

                    
	 	
                      Title:

                    	 

            

             

            
              
                	 	 	 
	 	
                        
                          CITIGROUP
                            MORTGAGE LOAN TRUST INC.

                        

                      
	 
 	 
 	 
 
	
                      	By:  	 
	 	
                        Name: 

                      	
                        

                      
	 	
                        Title:

                      	 

              

               

            

            
              
                	 	 	 
	 	
                        
                          WELLS
                            FARGO BANK, N.A.

                          as
                            Company 

                        

                      
	 
 	 
 	 
 
	
                      	By:  	 
	 	
                        Name: 

                      	
                        

                      
	 	
                        Title:

                      	 

              

              
 

            

          

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        ATTACHMENT
          1

         

        ASSIGNED
          LOANS SCHEDULE

         

        Available
          Upon Request

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        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.

        

        With
          respect to each Mortgage Loan:

        

        (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, provided that the Seller makes no representation or warranty as
          to the
          accuracy of Unverified Information;

        

        (ii)         
           Payments
          Current.

        

        All
          payments required to be made up to the related Cut-off Date for the Mortgage
          Loan under the terms of the Mortgage Note have been made and credited.
          No
          payment under any Mortgage Loan has been 30 days delinquent more than one
          time
          within twelve (12) months prior to the related Closing Date;

        

        (iii)          No
          Outstanding Charges.

        

        There
          are
          no defaults in complying with the terms of the Mortgages, and all taxes,
          governmental assessments, insurance premiums, leasehold payments, water,
          sewer
          and municipal charges, which previously became due and owing have been
          paid, or
          an escrow of funds has been established in an amount sufficient to pay
          for every
          such item which remains unpaid and which has been assessed but is not yet
          due
          and payable. The Seller has not advanced funds, or induced, or solicited
          directly or indirectly, the payment of any amount required under the Mortgage
          Loan, except for interest accruing from the date of the Mortgage Note or
          date of
          disbursement of the Mortgage Loan proceeds, whichever is later, to the
          day which
          precedes by one month the Due Date of the first installment of principal
          and
          interest;

        

        (iv)          Original
          Terms Unmodified.

        

        The
          terms
          of the Mortgage Note and Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by a written instrument which has been
          recorded
          or registered with the MERS System, if necessary, to protect the interests
          of
          the Purchaser and which has been delivered to the Custodian. The substance
          of
          any such waiver, alteration or modification has been approved by the issuer
          of
          any related PMI Policy and the title insurer, to the extent required by
          the
          policy, and its terms are reflected on the related Mortgage Loan Schedule.
          No
          Mortgagor has been released, in whole or in part, except in connection
          with an
          assumption agreement approved by the issuer of any related PMI Policy and
          the
          title insurer, to the extent required by the policy, and which assumption
          agreement is part of the Custodial 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 (except with respect to the accuracy of Unverified Information),
          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 with respect to the Seller Mortgage Loans (other than the exceptions
          identified for Exception Mortgage Loans on the related Assignment and Conveyance
          Agreement) or the Third-Party Underwriting Guidelines with respect to
          Third-Party Mortgage Loans, as applicable,
          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 with respect to the Seller Mortgage Loans (other than the exceptions
          identified for Exception Mortgage Loans on the related Assignment and Conveyance
          Agreement) or the Third-Party Underwriting Guidelines with respect to
          Third-Party Mortgage Loans, as applicable
          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 with respect to the Seller Mortgage Loans (other than the exceptions
          identified for Exception Mortgage Loans on the related Assignment and Conveyance
          Agreement) or the Third-Party Underwriting Guidelines with respect to
          Third-Party Mortgage Loans, as applicable;

        

        (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 (or second lien priority for each Mortgage Loan
          identified on the such Mortgage Loan Schedule as being a Second Lien Mortgage
          Loan) 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 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 (or second priority if such Mortgage Loan
          is a
          Second Lien Mortgage Loan) 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) with respect to each First
          Lien
          Mortgage Loan and subject only to the exceptions contained in clauses (1),
          (2),
          (3) and (4) of subsection (xlxii) with respect to each Second Lien Mortgage
          Loan, and against any loss by reason of the invalidity or unenforceability
          of
          the lien resulting from the provisions of the Mortgage providing for adjustment
          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;

         

         

        (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 (or second priority if such Mortgage Loan
          is a
          Second Lien Mortgage Loan) 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
          (xvii)
          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 (except with respect to certain Balloon
          Loans
          or Interest Only Mortgage Loans), 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 Note 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. With respect
          to each
          Balloon Loan, the Mortgage Loan is payable in equal monthly installments
          of
          principal and interest based on a fifteen (15), thirty (30) or forty (40)
          year
          amortization schedule, as set forth in the related Mortgage Note, and a
          final
          lump sum payment substantially greater than the preceding Monthly Payment
          is
          required which is sufficient to amortize the remaining principal balance
          of the
          Balloon Loan. No Balloon Loan has an original stated maturity of less than
          seven
          (7) years.

         

        (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 subsections (xi) and (xlxii);

        

        

        (xxv)        Deeds
          of Trust.

        

        In
          the
          event the Mortgage constitutes a deed of trust, a trustee, duly qualified
          under
          applicable law to serve as such, has been properly designated and currently
          so
          serves and is named in the Mortgage, and no fees or expenses are or will
          become
          payable by the Mortgagee to the trustee under the deed of trust, except
          in
          connection with a trustee's sale after default by the Mortgagor;

        

        (xxvi)      
          Acceptable
          Investment.

        

        The
          Seller has no knowledge of any circumstances or conditions with respect
          to the
          Mortgage Loan, the Mortgaged Property, the Mortgagor or the Mortgagor's
          credit
          standing that can reasonably be expected to cause private institutional
          investors to regard the Mortgage Loan as an unacceptable investment, cause
          the
          Mortgage Loan to become delinquent, or adversely affect the value or
          marketability of the Mortgage Loan;

        

        (xxvii)    
          Transfer
          of Mortgage Loans.

        

        If
          the
          Mortgage Loan is not a MERS Mortgage Loan, the Assignment of Mortgage,
          upon the
          insertion of the name of the assignee and recording information, is in
          recordable form and is acceptable for recording under the laws of the
          jurisdiction in which the Mortgaged Property is located;

        

        (xxviii)     Mortgaged
          Property Undamaged.

        

        The
          Mortgaged Property is undamaged by waste, fire, earthquake or earth movement,
          windstorm, flood, tornado or other casualty so as to affect adversely the
          value
          of the Mortgaged Property as security for the Mortgage Loan or the use
          for which
          the premises were intended;

        

        (xxix)       Collection
          Practices; Escrow Deposits.

        

        The
          origination, servicing and collection practices used with respect to the
          Mortgage Loan have been in accordance with Accepted Servicing Practices,
          and
          have been in all material respects legal and proper. With respect to escrow
          deposits and Escrow Payments, all such payments are in the possession of
          the
          Seller and there exist no deficiencies in connection therewith for which
          customary arrangements for repayment thereof have not been made. All Escrow
          Payments have been collected in full compliance with state and federal
          law. No
          escrow deposits or Escrow Payments or other charges or payments due the
          Seller
          have been capitalized under the Mortgage Note;

        

        (xxx)        No
          Condemnation.

        

        There
          is
          no proceeding pending or to the best of the Seller’s knowledge threatened for
          the total or partial condemnation of the related Mortgaged
          Property;

        

        (xxxi)       The
          Appraisal.

        

        The
          Servicing File include an appraisal, with the exception of any Time$aver®
Mortgage Loan (which at the original origination were on form 1004 or form
          2055
          with interior inspections), of the related Mortgaged Property. The appraisal
          was
          conducted by an appraiser who had no interest, direct or indirect, in the
          Mortgaged Property or in any loan made on the security thereof; and whose
          compensation is not affected by the approval or disapproval of the Mortgage
          Loan, and the appraisal and the appraiser both satisfy the applicable
          requirements of Title XI of the Financial Institution Reform, Recovery,
          and
          Enforcement Act of 1989 and the regulations promulgated thereunder, all
          as in
          effect on the date the Mortgage Loan was originated;

         

        (xxxii)      Insurance.

        

        The
          Mortgaged Property securing each Mortgage Loan is insured by an insurer
          acceptable to Fannie Mae or Freddie Mac against loss by fire and such hazards
          as
          are covered under a standard extended coverage endorsement and such other
          hazards as are customary in the area where the Mortgaged Property is located
          pursuant to insurance policies conforming to the requirements of Section
          4.10 of
          the Servicing Agreement, in an amount which is at least equal to the lesser
          of
          (a) 100% of the insurable value, on a replacement cost basis, of the
          improvements on the related Mortgaged Property, or (b) the greater of (i)
          either
          (1) the outstanding principal balance of the Mortgage Loan with respect
          to each
          First Lien Mortgage Loan or (2) with respect to each Second Lien Mortgage
          Loan,
          the sum of the outstanding principal balance of the First Lien on such
          Mortgage
          Loan and the outstanding principal balance of such Second Lien Mortgage
          Loan, or
          (ii) 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
          with
          respect to each First Lien Mortgage Loan or with respect to each Second
          Lien
          Mortgage Loan, the sum of the outstanding principal balance of the First
          Lien on
          such Mortgage Loan and the outstanding principal balance of such Second
          Lien
          Mortgage Loan, (b) the full insurable value or (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
          Graduated Payments or Contingent Interest.

        

        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;

         

        (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.

        

        

        
          	(1)  	
                  Each
                    Seller Mortgage Loan was underwritten in accordance with the
                    Underwriting
                    Guidelines;

                

        

        

        
          	(2)  	
                  Each
                    Third-Party Mortgage Loan was underwritten in accordance with
                    the
                    Third-Party Underwriting Guidelines;

                

        

        

        
          	(3)  	
                  Each
                    Exception Mortgage Loan was underwritten in accordance with the
                    Underwriting Guidelines, subject to the exceptions specified
                    on the
                    related Assignment and Conveyance Agreement;
                    and

                

        

        

        
          	(4)  	
                  Each
                    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 with respect to the Seller Mortgage Loans (other than
                    the
                    exceptions identified for Exception Mortgage Loans on the related
                    Assignment and Conveyance Agreement) or the Third-Party Underwriting
                    Guidelines with respect to Third-Party Mortgage Loans, as
                    applicable;

                

        

        

        
          	 	
                  (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 with respect to the Seller Mortgage Loans (other than
                    the
                    exceptions identified for Exception Mortgage Loans on the related
                    Assignment and Conveyance Agreement) or the Third-Party Underwriting
                    Guidelines with respect to Third-Party Mortgage Loans, as
                    applicable,
                    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 Underwriting Guidelines
                    (other
                    than the exceptions identified for Exception Mortgage Loans on
                    the related
                    Assignment and Conveyance Agreement) or the Third-Party Underwriting
                    Guidelines, as applicable 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 Custodial Mortgage Files.

        

        The
          Mortgage Loan Documents contained in the Custodial Mortgage File required
          to be
          delivered by the Seller have been delivered to the Custodian. The Seller
          is in
          possession of a complete, true and accurate Retained Mortgage File, except
          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.

        

        With
          respect to each Mortgage Loan 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 be a fee interest in such Mortgaged
          Property:

        

        
          	 	
                  (1)

                	
                  The
                    Mortgagor is the owner of a valid and subsisting interest as
                    tenant under
                    the Ground Lease;

                

        

        

        
          	 	
                  (2)

                	
                  The
                    Ground Lease is in full force and effect, unmodified and not
                    supplement by
                    any writing;

                

        

         

        
          	 	
                  (3)

                	
                  The
                    Mortgagor is not in default under any provision of the
                    lease;

                

        

         

        
          	 	
                  (4)

                	
                  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;

                

        

         

        
          	 	
                  (5)

                	
                  The
                    term of the Ground Lease exceeds the maturity date of the related
                    Mortgage
                    Loan by at least five (5) years;

                

        

         

        
          	 	
                  (6)

                	
                  The
                    Mortgagee under the Mortgage Loan is given at least sixty (60)
                    days’
                    notice of any default and an opportunity to cure any defaults
                    under the
                    Ground Lease or to take over the Mortgagor’s rights under the Ground
                    Lease;

                

        

         

        
          	 	
                  (7)

                	
                  The
                    Ground Lease does not contain any default provisions that could
                    result in
                    forfeiture or termination of the Ground Lease except for non-payment
                    of
                    the Ground Lease or a court order.

                

         

        
          	 	
                  (8)

                	
                  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;

                

        

         

        
          	 	
                  (9)

                	
                  The
                    Ground Lease or a memorandum thereof has been recorded and by
                    its terms
                    permits the leasehold estate to be mortgaged;
                    and

                

        

         

        
          	 	
                  (10)

                	
                  The
                    execution, delivery and performance of the Mortgage do not require
                    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; 

                

        

         

        (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;

         

        
          (xlx)        
             Prepayment
            Charge Enforceability.
            

           

        

        The
          Mortgage Loan Documents with respect to each Mortgage Loan subject to Prepayment
          Charge specifically authorizes such Prepayment Charge to be collected,
          such
          Prepayment Charge is permissible and enforceable in accordance with the
          terms of
          the related Mortgage Loan Documents and all federal, state and local laws
          applicable to the Mortgage Loans (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);

         

        (xlxi)       
          Prepayment
          Charge Amount and Duration.
          

         

        Each
          such
          Prepayment Charge is in an amount equal to the maximum amount permitted
          under
          applicable law and no Mortgage Loan originated on or after October 1, 2002
          provides for the payment of a Prepayment Penalty beyond the three-year
          term
          following the origination of the Mortgage Loan. No Mortgage Loan
          originated prior to such date provides for the payment of a Prepayment
          Penalty
          beyond the five-year term following the origination of the Mortgage Loan;
          

        

        (xlxii)       Valid
          Second Lien.

         

        With
          respect to any Second Lien Mortgage Loan, such Mortgage is a valid, subsisting
          and enforceable Second 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 such Mortgage is subject only
          to:

         

        
          	 	
                  (1)

                	
                  the
                    lien of current real property taxes and assessments not yet due
                    and
                    payable;

                

        

         

        
          	 	
                  (2)

                	
                  superior
                    position mortgage lien(s) acceptable in accordance with the Underwriting
                    Guidelines with respect to the Seller Mortgage Loans (other than
                    the
                    exceptions identified for Exception Mortgage Loans on the related
                    Assignment and Conveyance Agreement) or the Third-Party Underwriting
                    Guidelines with respect to Third-Party Mortgage Loans, as
                    applicable;

                

        

         

        
          	 	
                  (3)

                	
                  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 in accordance with Accepted Servicing Practices
                    and
                    (i) referred to or otherwise considered in the appraisal and
                    (ii) which do
                    not adversely affect the Appraised Value;
                    and

                

        

         

        
          	 	
                  (4)

                	
                  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 such Mortgage Loan establishes
                      and creates a
                      valid, subsisting, and enforceable Second Lien and second lien
                      security
                      interest on the property described herein and the Seller has
                      full right to
                      sell and assign the same to the Purchaser. With respect to
                      each Second
                      Lien Mortgage Loan: (a) the First Lien is in full force and
                      effect, (b)
                      there is no default, breach, violation or event of acceleration
                      existing
                      under such First Lien Mortgage or the related Mortgage Note,
                      (c) if the
                      related First Lien Mortgage Loan provides for negative amortization,
                      the
                      LTV was calculated at the maximum principal balance of such
                      First Lien
                      that could result upon application of such negative amortization
                      feature,
                      (d) either no consent for the Second Lien Mortgage Loan is
                      required by the
                      holder of the First Lien or such consent has been obtained
                      and is
                      contained in the Mortgage Loan Documents and (e) 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
                      or
                      acceleration under the related First Lien Mortgage Loan;
                      

                  

                   

                

          	 	 	 

          	 	 	 

        

        (xlxiii)    
           Manufactured
          Housing.

        

        No
          Mortgage Loan is secured by manufactured housing;

        

        (xlxiv)    
           New
          Jersey Purchase Money Second Lien Mortgage Loans.

        

        With
          respect to any purchase money Second Lien Mortgage Loans subject to the
          New
          Jersey Home Ownership Security Act of 2002 (P.L. 2003, c.46:10B-27), one
          hundred
          percent of the amount financed was used for the purchase of the related
          Mortgaged Property;

        

        (xlxv)     
           Prepayment
          Penalties.

         

        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.
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          B

        

        Prepayment
          Penalty Matrix

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

       

      

        ASSIGNMENT
          AND RECOGNITION AGREEMENT

         

        THIS
          ASSIGNMENT AND RECOGNITION AGREEMENT, dated December 29, 2006, (“Agreement”)
          among
          Citigroup Global Markets Realty Corp. (“Assignor”),
          Citigroup Mortgage Loan Trust Inc. (“Assignee”)
          and
          WMC Mortgage Corp. (the “Company”):

         

        For
          and
          in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
          consideration the receipt and sufficiency of which hereby are acknowledged,
          and
          of the mutual covenants herein contained, the parties hereto hereby agree
          as
          follows:

         

        Assignment
          and Conveyance

         

        1.  The
          Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
          (x) all of the right, title and interest of the Assignor, as purchaser,
          in, to
          and under (a) those certain Mortgage Loans listed as being originated by
          the
          Company on the schedule (the “Mortgage
          Loan Schedule”)
          attached hereto as Exhibit A (the “Mortgage
          Loans”)
          and
          (b) except as described below, that certain Master Mortgage Loan Purchase
          and
          Interim Servicing Agreement dated as of April 1, 2005 (the “Purchase
          Agreement”),
          between the Assignor, as purchaser (the “Purchaser”),
          and
          the Company, as seller (the “Seller”),
          solely insofar as the Purchase Agreement relates to the Mortgage Loans
          and (y)
          other than as provided below with respect to the enforcement of representations
          and warranties, none of the obligations of the Assignor under the Purchase
          Agreement.

         

        The
          Assignor specifically reserves and does not assign to the Assignee hereunder
          any
          and all right, title and interest in, to and under and any obligations
          of the
          Assignor with respect to any mortgage loans subject to the Purchase Agreement
          which are not the Mortgage Loans set forth on the Mortgage Loan Schedule
          and are
          not the subject of this Agreement.

         

        Recognition
          of the Company

         

        2.  Assignor
          and Assignee hereby notify the Company that from and after the date hereof,
          the
          Assignee will transfer the Mortgage Loans and assign its rights under the
          Purchase Agreement (solely to the extent set forth herein) and this Agreement
          to
          the trust created pursuant to a Pooling and Servicing Agreement, dated
          as of
          December 1, 2006 (the “Pooling
          Agreement”),
          among
          the Assignee, Wells Fargo Bank, N.A., JPMorgan Chase Bank, National Association,
          Ocwen Loan Servicing, LLC and Countrywide Home Loans Servicing LP (each
          a
“Servicer”), Citibank, N.A. (the “Trust Administrator”) and U.S. Bank National
          Association, as trustee (including its successors in interest and any successor
          trustees under the Pooling Agreement, the “Trustee”).
          The
          Company hereby acknowledges and agrees that from and after the date hereof
          (i) the Trust will be the owner of the Mortgage Loans, (ii) the
          Company shall look solely to the Trust for performance of any obligations
          of the
          Assignor insofar as they relate to the enforcement of the representations,
          warranties and covenants with respect to the Mortgage Loans, (iii) the
          Trust (including the Trustee, the Trust Administrator and a Servicer acting
          on
          the Trust’s behalf) shall have all the rights and remedies available to the
          Assignor, insofar as they relate to the Mortgage Loans, under the Purchase
          Agreement, including, without limitation, the enforcement of the document
          delivery requirements and remedies with respect to breaches of representations
          and warranties set forth in the Purchase Agreement, and shall be entitled
          to
          enforce all of the obligations of the Company thereunder insofar as they
          relate
          to the Mortgage Loans, and (iv) all references to the Purchaser (insofar as
          they relate to the rights, title and interest and, with respect to obligations
          of the Purchaser, only insofar as they relate to the enforcement of the
          representations, warranties and covenants of the Company) or the Custodian
          under
          the Purchase Agreement insofar as they relate to the Mortgage Loans, shall
          be
          deemed to refer to the Trust (including the Trustee, the Trust Administrator
          and
          a Servicer acting on the Trust’s behalf). Neither the Company nor the Assignor
          shall amend or agree to amend, modify, waive, or otherwise alter any of
          the
          terms or provisions of the Purchase Agreement which amendment, modification,
          waiver or other alteration would in any way affect the Mortgage Loans or
          the
          Company’s performance under the Purchase Agreement with respect to the Mortgage
          Loans without the prior written consent of the Trustee.

         

        Representations
          and Warranties of the Company

         

        3.  The
          Company warrants and represents to the Assignor, the Assignee and the Trust
          as
          of the date hereof that:

         

        (a)  The
          Company is duly organized, validly existing and in good standing under
          the laws
          of the jurisdiction of its incorporation;

         

        (b)  The
          Company has full power and authority to execute, deliver and perform its
          obligations under this Agreement and has full power and authority to perform
          its
          obligations under the Purchase Agreement. The execution by the Company
          of this
          Agreement is in the ordinary course of the Company’s business and will not
          conflict with, or result in a breach of, any of the terms, conditions or
          provisions of the Company’s charter or bylaws or any legal restriction, or any
          material agreement or instrument to which the 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 the Company or its property is subject. The
          execution, delivery and performance by the Company of this Agreement have
          been
          duly authorized by all necessary corporate action on part of the Company.
          This
          Agreement has been duly executed and delivered by the Company, and, upon
          the due
          authorization, execution and delivery by the Assignor and the Assignee,
          will
          constitute the valid and legally binding obligation of the Company, enforceable
          against the Company 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
          the Company in connection with the execution, delivery or performance by
          the
          Company of this Agreement; 

         

        (d)  There
          is
          no action, suit, proceeding or investigation pending or, to the Company’s actual
          knowledge, threatened against the Company, before any court, administrative
          agency or other tribunal, which would draw into question the validity of
          this
          Agreement or the Purchase Agreement, or which, either in any one instance
          or in
          the aggregate, would result in any material adverse change in the ability
          of the
          Company to perform its obligations under this Agreement or the Purchase
          Agreement, and the Company is solvent; 

         

        (e)  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);

         

        (f)  No
          Mortgage Loan is a balloon mortgage loan that has an original stated maturity
          of
          less than seven (7) years;

         

        (g)  No
          Mortgage Loan is a “high cost home,” “covered” (excluding home loans defined as
“covered home loans” in the New Jersey Home Ownership Security Act of 2002 that
          were originated between November 26, 2003 and July 7, 2004), “high risk home” or
“predatory” loan under any other applicable state, federal or local law (or a
          similarly classified loan using different terminology under a law imposing
          heightened regulatory scrutiny or additional legal liability for residential
          mortgage loans having high interest rates, points and/or fees);

         

        (h)  With
          respect to any Mortgage Loan originated on or after July 1, 2004, no Mortgagor
          agreed to submit to arbitration to resolve any dispute arising out of or
          relating in any way to the Mortgage Loan transaction.

        

        4.  Pursuant
          to Section 12 of the Purchase Agreement, the Company hereby represents
          and
          warrants, for the benefit of the Assignor, the Assignee and the Trust,
          that the
          representations and warranties set forth in Sections 7.01 and 7.02 of the
          Purchase Agreement (as set forth on Schedule 1 hereto), are true and correct
          as
          of the date hereof as if such representations and warranties were made
          on the
          date hereof, provided, however that (A) the representations and warranties
          contained in Section 7.02(ii) and (xiv) are made only as of the date the
          Mortgage Loans were sold to the Assignor by the Company; (B) the representations
          and warranties contained in Section 7.02 (iii), (iv), (v), (vii), (ix),
          (xvii),
          (xviii), (xxii), (xxiii), the last sentences of (xvi) and (xxiv), (lix),
          and
          (lxi) (collectively, the “Servicing Transfer Date Representations”), shall be
          made by the Seller as of the Servicing Transfer Date for such Mortgage
          Loans,
          and (C) the representation and warranty set forth in Section 7.02(i) shall,
          for
          purposes of this Agreement, relate to the Mortgage Loan Schedule attached
          hereto.

         

        5.  The
          Assignor hereby makes the following representations and warranties as of
          the
          date hereof:

         

        (a)   
           To
          the
          best of the Assignor’s knowledge, nothing has occurred in the period of time
          from the date the Mortgage Loans were sold to the Assignor by the Company
          or the
          Servicing Transfer Date, as applicable, to the date hereof which would
          cause
          such representation and warranties referred to in Section 4 herein to be
          untrue
          in any material respect as of the date hereof;

         

        (b)    
           None
          of
          the mortgage loans are High Cost as defined by any applicable predatory
          and
          abusive lending laws; 

         

        (c)    
           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 5.7 Glossary Revised,
          Appendix E); 

         

        (d)    
           The
          stated principal balance of each Group I Mortgage Loan is within Fannie
          Mae’s
          dollar amount limits for conforming one-to-four-family mortgage loans;
          and

         

        (e)    
           With
          respect to any Group I subordinate lien mortgage loans underlying the security,
          such lien is on a one to four family residence that is (or will be) the
          principal residence of the borrower upon origination of the subordinate
          lien.

         

        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, the Trust
          Administrator and a Servicer acting on the Trust’s behalf) in connection with
          any breach of the representations and warranties made by the Company set
          forth
          in Sections 3 and 4 hereof shall be as set forth in Subsection 7.03 of
          the
          Purchase Agreement as if they were set forth herein (including without
          limitation the repurchase and indemnity obligations set forth therein).
          In
          addition, the Company hereby acknowledges and agrees that any breach of
          the
          representations set forth in Section 3(g), (h), (i), (j), (k) and (l) hereof
          and
          Section 7.02 (xliv)(a), (xliv)(b), (xliv)(c), (xlvii), (lxiii), (lxix),
          the
          first three sentences of (lv), (lix) and (lx) of the Purchase Agreement
          shall be
          deemed to materially and adversely affect the value of the related Mortgage
          Loans or the interests of the Trust in the related Mortgage Loans.

         

        The
          Assignor hereby acknowledges and agrees that the remedies available to
          the
          Assignee and the Trust (including the Trustee, the Trust Administrator
          and a
          Servicer acting on the Trust’s behalf) in connection with any breach of the
          representations and warranties made by the Assignor set forth in Section
          5
          hereof shall be as set forth in Section 2.03 of the Pooling Agreement as
          if they
          were set forth herein. In
          addition, the Assignor hereby acknowledges and agrees that any breach of
          the
          representations set forth in Section 5 (d) and (e) hereof shall be deemed
          to
          materially and adversely affect the value of the related mortgage loans
          or the
          interests of the Trust in the related mortgage loans.

         

        Miscellaneous

         

        7.  This
          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.

         

        8.  No
          term
          or provision of this 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, with the prior written consent of
          the
          Trustee.

         

        9.  This
          Agreement shall inure to the benefit of (i) the successors and assigns
          of the
          parties hereto and (ii) the Trust (including the Trustee, the Trust
          Administrator and a Servicer acting on the Trust’s behalf). 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.

         

        10.  Each
          of
          this Agreement and the Purchase Agreement shall survive the conveyance
          of the
          Mortgage Loans and the assignment of the Purchase Agreement (to the extent
          assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
          and
          nothing contained herein shall supersede or amend the terms of the Purchase
          Agreement.

         

        11.  This
          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.

         

        12.  In
          the
          event that any provision of this Agreement conflicts with any provision
          of the
          Purchase Agreement with respect to the Mortgage Loans, the terms of this
          Agreement shall control. 

         

        13.  Capitalized
          terms used in this Agreement (including the exhibits hereto) but not defined
          in
          this Agreement shall have the meanings given to such terms in the Purchase
          Agreement.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be executed
          by their
          duly authorized officers as of the date first above written.

         

        
          	 	 	 
	 	
                  CITIGROUP
                    GLOBAL MARKETS REALTY CORP.

                
	 
 	 
 	 
 
	
                	By:  	 
	 	
                  Name: 

                	
                  

                
	 	
                  Title:

                	 

        

         

        
          
            	 	 	 
	 	
                    
                      CITIGROUP
                        MORTGAGE LOAN TRUST INC.

                    

                  
	 
 	 
 	 
 
	
                  	By:  	 
	 	
                    Name: 

                  	
                    

                  
	 	
                    Title:

                  	 

          

           

        

        
          
            	 	 	 
	 	
                    
                      WMC
                        MORTGAGE CORP.

                    

                  
	 
 	 
 	 
 
	
                  	By:  	 
	 	
                    Name: 

                  	
                    

                  
	 	
                    Title:

                  	 

          

           

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A

        

        Mortgage
          Loan Schedule

        

        (Available
          upon request)

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          1

        

        Capitalized
          terms used but not defined herein shall have the meanings assigned thereto
          in
          the Purchase Agreement.

        

        Subsection
          7.01 Representations
          and Warranties Respecting the Seller.

        

        The
          Seller represents, warrants and covenants to the Initial Purchaser as of
          the
          initial Closing Date and each subsequent Closing Date or as of such date
          specifically provided herein or in the applicable Assignment and
          Conveyance:

        

        (i)  The
          Seller is a corporation duly organized and validly existing under the laws
          of
          California. The Seller has all licenses necessary to carry out its business
          as
          now being conducted, and is licensed and qualified to transact business
          in and
          is in good standing under the laws of each state in which any Mortgaged
          Property
          is located or is otherwise exempt under applicable law from such licensing
          or
          qualification or is otherwise not required under applicable law to effect
          such
          licensing or qualification and no demand for such licensing or qualification
          has
          been made upon the Seller by any such state, and in any event the Seller
          is in
          compliance with the laws of any such state to the extent necessary to ensure
          the
          enforceability of each Mortgage Loan and the interim servicing of the Mortgage
          Loans in accordance with the terms of this Agreement. No licenses or approvals
          obtained by the Seller have been suspended or revoked by any court,
          administrative agency, arbitrator or governmental body and no proceedings
          are
          pending which would likely result in such suspension or revocation;

        

        (ii)  The
          Seller has the full power and authority to hold each Mortgage Loan, to
          sell each
          Mortgage Loan, and to execute, deliver and perform, and to enter into and
          consummate, all transactions contemplated by this Agreement. 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 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 (A)
          bankruptcy, insolvency, liquidation, receivership, moratorium, reorganization
          or
          other similar laws affecting the enforcement of the rights of creditors
          and (B)
          general principles of equity, whether enforcement is sought in a proceeding
          in
          equity or at law;

        

        (iii)  The
          execution and delivery of this Agreement by the Seller and the performance
          of
          and compliance with the terms of this Agreement will not violate the Seller’s
          articles of incorporation or by-laws or constitute a default under or result
          in
          a breach or acceleration of, any material contract, agreement or other
          instrument to which the Seller is a party or which may be applicable to
          the
          Seller or its assets;

        

        (iv)  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;

        

        (v)  The
          Seller is an approved seller/servicer for FNMA and FHLMC in good standing
          and is
          a HUD approved mortgagee pursuant to Section 203 of the National Housing
          Act. No
          event has occurred, including but not limited to a change in insurance
          coverage,
          which would make the Seller unable to comply with FNMA, FHLMC or HUD eligibility
          requirements or which would require notification to FNMA, FHLMC or
          HUD;

        

        (vi)  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;

        

        (vii)  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
          this
          Agreement, have been delivered to the Custodian all in compliance with
          the
          specific requirements of this Agreement;

        

        (viii)  Immediately
          prior to the payment of the Purchase Price for each Mortgage Loan, the
          Seller
          was the owner of record 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 the Seller retains 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 and only for the purpose of servicing and supervising the
          servicing of each Mortgage Loan;

        

        (ix)  There
          are
          no actions or proceedings against, or investigations of, the Seller before
          any
          court, administrative agency or other tribunal (A) that might prohibit
          its
          entering into this Agreement, (B) seeking to prevent the sale of the Mortgage
          Loans 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 the validity or enforceability
          of, this
          Agreement;

        

        (x)  No
          consent, approval, authorization or order of any court or governmental
          agency or
          body is required for the execution, delivery and performance by the Seller
          of,
          or compliance by the Seller 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 related Closing Date;

        

        (xi)  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 pursuant
          to
          this Agreement are not subject to the bulk transfer or any similar statutory
          provisions;

        

        (xii)  The
          transfer of the Mortgage Loans shall be treated as a sale on the books
          and
          records of the Seller, and the Seller has determined that, and will treat,
          the
          disposition of the Mortgage Loans pursuant to this Agreement for tax and
          accounting purposes as a sale. The Seller shall maintain a complete set
          of books
          and records for each Mortgage Loan which shall be clearly marked to reflect
          the
          ownership of each Mortgage Loan by the Purchaser;

        

        (xiii)  The
          consideration received by the Seller upon the sale of the Mortgage Loans
          constitutes fair consideration and reasonably equivalent value for such
          Mortgage
          Loans;

        

        (xiv)  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;

        

        (xv)  Reserved;

        

        (xvi)  Neither
          this Agreement nor any written statement, report or other document prepared
          and
          furnished or to be prepared and furnished by the Seller pursuant to this
          Agreement or in connection with the transactions contemplated hereby contains
          any untrue statement of material fact or omits to state a material fact
          necessary to make the statements contained herein or therein not
          misleading;

        

        (xvii)  The
          Seller is a member of MERS in good standing, 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 and is current in payment
          of
          all fees and assessments imposed by MERS; and

        

        (xviii)  The
          Seller 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.

        

        Subsection
          7.02 Representations
          and Warranties Regarding Individual Mortgage Loans.      

        

        The
          Seller hereby represents and warrants to the Initial Purchaser that, as
          to each
          Mortgage Loan, as of the related Closing Date for such Mortgage
          Loan:

        

        (i)  The
          information set forth in the related Mortgage Loan Schedule is complete,
          true
          and correct;

        

        (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 related
          Closing
          Date for such Mortgage Loan under the terms of the Mortgage Note have been
          made;
          the Seller has not advanced funds, or induced, solicited or knowingly received
          any advance of funds from a party other than the owner of the related Mortgaged
          Property, directly or indirectly, for the payment of any amount required
          by the
          Mortgage Note or Mortgage; and there has been no delinquency, exclusive
          of any
          period of grace, in any payment by the Mortgagor thereunder since the
          origination of the Mortgage Loan;

        

        (iv)  There
          are
          no delinquent taxes, ground rents, water charges, sewer rents, assessments,
          insurance premiums, leasehold payments, or other outstanding charges affecting
          the related Mortgaged Property;

        

        (v)  The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments, recorded in the
          applicable public recording office if necessary to maintain the lien priority
          of
          the Mortgage, and which have been delivered to the Custodian; the substance
          of
          any such waiver, alteration or modification has been approved by the
          insurer
          under the Primary Insurance Policy, if any, and
          the
          title insurer, to the extent required by the related policy, and is reflected
          on
          the related Mortgage Loan Schedule. No instrument of waiver, alteration
          or
          modification has been executed, and no Mortgagor has been released, in
          whole or
          in part, except in connection with an assumption agreement approved by
          the
insurer
          under the Primary Insurance Policy, if any, and
          the
          title insurer, to the extent required by the policy, and which assumption
          agreement has been delivered to the Custodian and the terms of which are
          reflected in the related Mortgage Loan Schedule;

        

        (vi)  The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any right of rescission, set-off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set-off, counterclaim or defense has been asserted with respect thereto.
          Each
          Prepayment Charge or penalty with respect to any Mortgage Loan is permissible,
          enforceable and collectible under applicable federal, state and local
          law;

        

        (vii)  All
          buildings upon the Mortgaged Property are insured by an insurer in accordance
          with the Seller’s Underwriting Guidelines, in effect on the date such Mortgage
          Loan was originated, 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 with the Seller’s Underwriting Guidelines, in
          effect on the date such Mortgage Loan was originated. The Mortgage obligates
          the
          Mortgagor thereunder to maintain all such insurance at the Mortgagor’s cost and
          expense, and on the Mortgagor’s failure to do so, authorizes the holder of the
          Mortgage to maintain such insurance at Mortgagor’s cost and expense and to seek
          reimbursement therefor from the Mortgagor;

        

        (viii)  Any
          and
          all requirements of any federal, state or local law including, 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;

        

        (ix)  The
          Mortgage has not been satisfied, cancelled, subordinated or rescinded,
          in whole
          or in part, and the Mortgaged Property has not been released from the lien
          of
          the Mortgage, in whole or in part, nor has any instrument been executed
          that
          would effect any such satisfaction, cancellation, subordination, rescission
          or
          release;

        

        (x)  The
          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 materially and 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, subject to (a)-(d)
          above. The Mortgaged Property was not, as of the date of origination of
          the
          Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt
          or
          other security instrument creating a lien subordinate to the lien of the
          Mortgage; 

        

        (xi)  The
          Mortgage Note and the related Mortgage are genuine and each is the legal,
          valid
          and binding obligation of the maker thereof, enforceable in accordance
          with its
          terms, except as such enforcement may be limited by bankruptcy, insolvency,
          reorganization or other similar laws affecting the enforcement of creditors’
rights generally and by general equity principles (regardless of whether
          such
          enforcement is considered in a proceeding in equity or at law);

        

        (xii)  All
          parties to the Mortgage Note and the Mortgage had legal capacity to enter
          into
          the Mortgage Loan and to execute and deliver the Mortgage Note and the
          Mortgage,
          and the Mortgage Note and the Mortgage have been duly and properly executed
          by
          such parties. The Mortgagor is a natural person or a trust that conforms
          to the
          requirements of FNMA;

        

        (xiii)  The
          proceeds of the Mortgage Loan have been fully disbursed to or for the account
          of
          the Mortgagor and there is no obligation for the Mortgagee to advance additional
          funds thereunder and any and all requirements as to completion of any on-site
          or
          off-site improvement and as to disbursements of any escrow funds therefor
          have
          been complied with. All costs, fees and expenses incurred in making or
          closing
          the Mortgage Loan and the recording of the Mortgage have been paid, and
          the
          Mortgagor is not entitled to any refund of any amounts paid or due to the
          Mortgagee pursuant to the Mortgage Note or Mortgage;

        

        (xiv)  The
          Seller is the sole legal, beneficial and equitable owner of the Mortgage
          Note
          and the Mortgage 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;

        

        (xv)  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 or were not required to be licensed in such
          state;

        

        (xvi)  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) ,
          issued by a title insurer acceptable pursuant to the Seller’s Underwriting
          Guidelines in effect on the date such Mortgage Loan was originated and
          qualified
          to do business in the jurisdiction where the Mortgaged Property is located,
          insuring (subject to the exceptions contained in (x)(a) and (d) above)
          the
          Seller, its successors and assigns as to the first or second (as indicated
          on
          the related 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;

        

        (xvii)  There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the Mortgage Note and no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration, and the Seller has
          not
          waived any default, breach, violation or event of acceleration. With respect
          to
          each second lien mortgage loan (i) the first lien mortgage loan is in full
          force
          and effect, (ii) to the best of Seller’s knowledge, there is no default, breach,
          violation or event of acceleration existing under such first lien mortgage
          or
          the related mortgage note, (iii) no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration thereunder, (iv) 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, and (v) 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.

        

        (xviii)  There
          are
          no mechanics’ or similar liens or claims which have been filed for work, labor
          or material (and no rights are outstanding that under law could give rise
          to
          such lien) affecting the related Mortgaged Property which are or may be
          liens
          prior to, or equal or coordinate with, the lien of the related
          Mortgage;

        

        (xix)  All
          improvements which were considered in determining the Appraised Value of
          the
          related Mortgaged Property lay wholly within the boundaries and building
          restriction lines of the Mortgaged Property, and no improvements on adjoining
          properties encroach upon the Mortgaged Property;

        

        

        (xx)  The
          Mortgage Loan was (A) originated by the Seller or by a savings and loan
          association, a savings bank, a commercial bank, credit union, insurance
          company
          or similar banking institution which is supervised and examined by a federal
          or
          state authority, or by a mortgagee approved as such by the Secretary of
          HUD or
          (B) acquired by the Seller through loan brokers or correspondents in which
          case
          the Mortgage Loan was re-underwritten by the Seller in accordance with
          its
          Underwriting Guidelines in effect on the date such Mortgage Loan was originated
          (including exception practices as set forth in the underwriting
          guidelines);

        

        (xxi)  Principal
          payments on the Mortgage Loan will commence 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. Fore each 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 Loans, are sufficient to fully amortize
          the
          original principal balance over the original term thereof (other than with
          respect to a Mortgage Loan identified on the related Mortgage Loan Schedule
          as
          an interest-only Mortgage Loan during the interest-only period or a Mortgage
          Loan which is identified on the related Mortgage Loan Schedule as a Balloon
          Mortgage Loan) and to pay interest at the related Mortgage Interest Rate,
          and,
          in the case of an Adjustable Rate Mortgage Loan, are changed on each Adjustment
          Date, and in any case, are sufficient to fully amortize the original principal
          balance over the original term thereof (other than with respect to a Mortgage
          Loan identified on the related Mortgage Loan Schedule as an interest-only
          Mortgage Loan during the interest-only period or a Mortgage Loan which
          is
          identified on the related Mortgage Loan Schedule as a Balloon Mortgage
          Loan) and
          to pay interest at the related Mortgage Interest Rate. 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 ten (10) years
          (or such
          other period specified on the Mortgage Loan Schedule) and following the
          expiration of such interest-only period, the remaining Monthly Payments
          shall be
          sufficient to fully amortize the original principal balance over the remaining
          term of the Mortgage Loan. With respect to each Balloon Mortgage Loan,
          the
          Mortgage Note requires a monthly payment which is sufficient to fully amortize
          the original principal balance over the original term thereof and to pay
          interest at the related Mortgage Interest Rate and requires a final Monthly
          Payment substantially greater than the preceding monthly payment which
          is
          sufficient to repay the remained unpaid principal balance of the Balloon
          Mortgage Loan as the Due Date of such monthly payment. The Index for each
          Adjustable Rate Mortgage Loan is as defined in the related Mortgage Loan
          Schedule. The Mortgage Note does not permit negative amortization. No Mortgage
          Loan is a Convertible Mortgage Loan;

        

        (xxii)  The
          origination and collection practices used with respect to each Mortgage
          Note and
          Mortgage have been in all respects legal, proper, prudent and customary
          in the
          mortgage origination industry. The Mortgage Loan has been serviced by the
          Seller
          or its subservicer and any predecessor servicer in accordance with all
          applicable laws and 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;

        

        (xxiii)  The
          Mortgaged Property is free of damage and waste and there is no proceeding
          pending for the total or partial condemnation thereof;

        

        (xxiv)  The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including, (a) in the case of a Mortgage designated as
          a deed
          of trust, by trustee’s sale, and (b) otherwise by judicial foreclosure. As of
          the date of origination, the Mortgaged Property was not the subject of
          a
          bankruptcy proceeding or foreclosure proceeding and the Mortgagor had 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 subject to applicable federal and state laws and judicial precedent
          with respect to bankruptcy and right of redemption or similar law. The
          Mortgagor
          has not notified the Seller and the Seller has no knowledge of any relief
          requested or allowed to the Mortgagor under the Servicemembers Civil Relief
          Act;

        

        (xxv)  The
          Mortgage Loan was underwritten in accordance with the underwriting 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 prudent mortgage
          lenders
          in the secondary mortgage market; 

        

        (xxvi)  The
          Mortgage Note is not and has not been secured by any collateral except
          the lien
          of the corresponding Mortgage on the Mortgaged Property and the security
          interest of any applicable security agreement or chattel mortgage referred
          to in
          (x) above;

        

        (xxvii)  
          The
          Mortgage File contains an appraisal of the related Mortgaged Property which,
          (a)
          with respect to each First Lien Mortgage Loan, was on appraisal form 1004
          or
          form 2055 with an interior inspection, or (b) with respect to each Second
          Lien
          Mortgage Loan, was on appraisal form 704, 1004, 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, 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. Each appraiser and appraisal
          of the Mortgage Loan was made in accordance with the Seller’s Underwriting
          Guidelines (as in effect at the time such Mortgage Loan was originated)
          and the
          relevant provisions of the Financial Institutions Reform, Recovery, and
          Enforcement Act of 1989;;

        

        (xxviii)  In
          the
          event the Mortgage constitutes a deed of trust, a trustee, duly qualified
          under
          applicable law to serve as such, has been properly designated and currently
          so
          serves and is named in the Mortgage, and no fees or expenses are or will
          become
          payable by the Purchaser to the trustee under the deed of trust, except
          in
          connection with a trustee’s sale after default by the Mortgagor;

        

        (xxix)  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;

        

        (xxx)  The
          Seller has executed a statement to the effect that the Mortgagor has received
          all disclosure materials required by applicable law with respect to the
          making
          of fixed rate mortgage loans in the case of Fixed Rate Mortgage Loans,
          and
          adjustable rate mortgage loans in the case of Adjustable Rate Mortgage
          Loans and
          rescission materials with respect to Refinanced Mortgage Loans, and such
          statement is and will remain in the Mortgage File;

        

        (xxxi)  No
          Mortgage Loan was made in connection with (a) the construction or rehabilitation
          of a Mortgaged Property or (b) facilitating the trade-in or exchange of
          a
          Mortgaged Property;

        

        (xxxii)  The
          Seller has no knowledge of any circumstances or condition which has not
          been
          disclosed to the Purchaser in the Mortgage File, the Mortgage Loan Schedule
          or
          in the due diligence materials provided to the Purchaser prior to the related
          Closing Date, 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 become delinquent, or adversely affect the value
          of
          the Mortgage Loan;

        

        (xxxiii)  No
          Mortgage
          Loan had an LTV or CLTV at origination in excess of 100%. 
          Each
          Mortgage Loan identified on the Mortgage Loan Schedule as subject to a
          Primary
          Insurance Policy will be subject to a Primary Insurance Policy, issued
          by a
          Qualified Insurer, which insures that portion of the Mortgage Loan in excess
          of
          the portion of the Appraised Value of the Mortgaged Property as required
          by
          FNMA. All provisions of such Primary Insurance Policy have been and are
          being
          complied with, such policy is in full force and effect, and all premiums
          due
          thereunder have been paid. Any Mortgage subject to any such Primary Insurance
          Policy obligates the Mortgagor thereunder to maintain such insurance and
          to pay
          all premiums and charges in connection therewith. The Mortgage Interest
          Rate for
          the Mortgage Loan does not include any such insurance premium;

        

        (xxxiv)  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, have been made or obtained from the appropriate
          authorities;

        

        (xxxv)  No
          error,
          misrepresentation, fraud or similar occurrence with respect to a Mortgage
          Loan
          has taken place on the part of any person, including without limitation
          the
          Mortgagor, any appraiser, any builder or developer, or any other party
          involved
          in the origination of the Mortgage Loan or in the application of any insurance
          in relation to such Mortgage Loan;

        

        (xxxvi)  The
          Assignment of Mortgage is in recordable form 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;

        

        (xxxvii)  
          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 (as specified
          in
          the Mortgage Loan Schedule) 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 prudent mortgage lenders in the secondary
          mortgage market. The consoli-dated principal amount does not exceed the
          original
          principal amount of the Mortgage Loan;

        

        (xxxviii)  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 was originated in
          accordance with, and the Mortgaged Property meets the requirements set
          forth in
          the Seller’s Underwriting Guidelines (as in effect at the time such Mortgage
          Loan was originated);

        

        (xxxix)  The
          account number from which the down payment was received with respect to
          each
          Mortgage Loan has been verified by the Seller;

        

        (xl)  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

        

        (xli)  To
          the
          best of Seller’s knowledge, the Mortgaged Property is in material compliance
          with all applicable environmental laws pertaining to environmental hazards
          including, without limitation, asbestos, and neither the Seller nor, to
          the
          Seller’s knowledge, the related Mortgagor, has received any notice of any
          violation or potential violation of such law;

        

        (xlii)  The
          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;

        

        (xliii)  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;

        

        (xliv)  No
          Mortgage Loan is (a) subject to the provisions of the Homeownership and
          Equity
          Protection Act of 1994 as amended (“HOEPA”), (b) a “high cost” mortgage loan,
“covered” mortgage loan, “high risk home” mortgage loan or “predatory” mortgage
          loan or any other comparable term, no matter how defined under any federal,
          state or local law, (c) subject to any comparable federal, state or local
          statutes or regulations, or any other statute or regulation providing for
          heightened regulatory scrutiny or assignee liability to holders of such
          mortgage
          loans, or (d) a High Cost Loan or Covered Loan, as applicable (as such
          terms are
          defined in the current Standard & Poor’s LEVELS® Glossary Revised, Appendix
          E);

        

        (xlv)  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;

        

        (xlvi)  The
          debt-to-income ratio of the related Mortgagor was not greater than the
          limits
          set forth in the Seller’s Underwriting Guidelines in place at the origination of
          the related Mortgage Loan; 

        

        (xlvii)  No
          Mortgagor was required to purchase any credit insurance product (e.g.,
          life,
          mortgage, disability, accident, unemployment or health insurance product)
          or
          debt cancellation agreement as a condition of obtaining the extension of
          credit.
          No Mortgagor obtained a prepaid single premium credit life, mortgage,
          disability, accident, unemployment or health insurance product 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;

        

        (xlviii)  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 materially and adversely the interests of the
          Purchaser;

        

        (xlix)  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, except as such enforcement may be limited by
          bankruptcy, insolvency, reorganization or other similar laws affecting
          the
          enforcement of creditors’ rights generally and by general equity principles
          (regardless of whether such enforcement is considered in a proceeding in
          equity
          or at law);

        

        (l)  Reserved;

        

        (li)  Reserved;

        

        (lii)  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; 

        

        (liii)  
          No
          Mortgage Loan is secured by cooperative housing, commercial property or
          mixed
          use property (other than de minimis usages);

        

        (liv)  Reserved;

        

        (lv)  
          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; provided, that such offer may have been
          evidenced by the Seller’s rate sheet/pricing grid relating to such Mortgage
          Loan, which provided that the Mortgage Loan had a full prepayment premium
          buy-out pricing adjustment available, (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;

        

        (lvi)  
          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 to the
          extent
          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;

        

        (lvii)  No
          Mortgagor was encouraged or required to select a Mortgage Loan product
          offered
          by the Seller 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
          Seller;

        

        (lviii)  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;

        

        (lix)  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;

        

        (lx)  All
          points and fees related to each Mortgage Loan were disclosed in writing
          to the
          related Borrower in accordance with applicable state and federal law and
          regulation. Except in the case of a Mortgage Loan in an original principal
          amount of less than $60,000 which would have resulted in an unprofitable
          origination, no related Borrower was charged “points and fees” (whether or not
          financed) in an amount greater than 5% of the principal amount of such
          loan,
          such 5% limitation is calculated in accordance with Fannie Mae’s anti-predatory
          lending requirements as set forth in the Fannie Mae Selling Guide. All
          fees and
          charges (including finance charges) and whether or not financed, assessed,
          collected or to be collected in connection with the origination and servicing
          of
          each such Mortgage Loan were disclosed in writing to the related Mortgagor
          in
          accordance with applicable state and federal laws and regulations;

         

        (lxi)  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;

        

        (lxii)  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); 

        

        (lxiii)  
          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;

        

        (lxiv)  No
          Mortgage Loan is a “High-Cost” loan as defined under the New York Banking Law
          Section 6-1, effective as of April 1, 2003;

        

        (lxv)  No
          Mortgage Loan (a) is secured by property located in the State of New York;
          (b)
          had an unpaid principal balance at origination of $300,000 or less, and
          (c) has
          an application date on or after April 1, 2003, the terms of which Mortgage
          Loan
          equal or exceed either the APR or the points and fees threshold for “high-cost
          home loans”, as defined in Section 6-1 of the New York State Banking
          Law;

        

        (lxvi)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan
          Protection Act effective July 16, 2003 (Act 1340 or 2003);

        

        (lxvii)  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);
          

        

        (lxviii)  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;

        

        (lxix)  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.);

        

        (lxx)  No
          Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
          and
          Equity protection Act;

        

        (lxxi)  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.);

        

        (lxxii)  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.);

        

        (lxxiii)  Reserved;
          

        

        (lxxiv)  Reserved;

        

        (lxxvii)
          No Loan that is secured by property located within the State of Maine meets
          the
          definition of a (i) “high-rate, high-fee” mortgage loan under Article VIII,
          Title 9-A of the Maine Consumer Credit Code or (ii) “High-Cost Home Loan” as
          defined under the Maine House Bill 383 L.D. 494, effective as of September
          13,
          2003;

        

        (lxxviii)
          With respect to any Loan for which a mortgage loan application was submitted
          by
          the Mortgagor after April 1, 2004, no such Loan secured by Mortgaged Property
          in
          the State of Illinois which has a Loan 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 Loan;

        

        (lxxix) The
          Mortgagor has not made or caused to be made any payment in the nature of
          an
“average” or “yield spread premium” to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

        

        (lxxv)  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; 

        

        (lxxvi)  With
          respect to each MOM Loan, Seller has not received any notice of liens or
          legal
          actions with respect to such Mortgage Loan and no such notices have been
          electronically posted by MERS; 

        

        (lxxvii)  With
          respect to any Mortgage Loan originated on or after July 1, 2004, no Mortgagor
          agreed to submit to arbitration to resolve any dispute arising out of or
          relating in any way to the Mortgage Loan transaction;

        

        (lxxviii)  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;

        

        (lxxix)  
          No Loan
          is a “High Cost Home Loan” governed by the Indiana Home Loan Practices Act, Ind.
          Code Ann. §§ 24-9-1-1 et seq; 

        

        (lxxx)  The
          sale
          or transfer of the Mortgage Loan by the Seller complies with all applicable
          federal, state, and local laws, rules, and regulations governing such sale
          or
          transfer, including, without limitation, the Fair and Accurate Credit
          Transactions Act (“FACT Act”) and the Fair Credit Reporting Act, each as may be
          amended from time to time, and the Seller has not received any actual or
          constructive notice of any identity theft, fraud, or other misrepresentation
          in
          connection with such Mortgage Loan or any party thereto; 

        

        (lxxxi)  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:

        

        (a)
          The
          mortgagor is the owner of a valid and subsisting interest as tenant under
          the
          Ground Lease; 

         

        (b)
          The
          Ground Lease is in full force and effect, unmodified and not supplemented
          by any
          writing or otherwise;

         

        (c)
          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;

         

        (d)
          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;

         

        (e)
          The
          term of the Ground Lease exceeds the maturity date of the related Mortgage
          Loan
          by at least ten years;

         

        (f)
          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;

         

        (g)
          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;

         

        (h)
          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; and

         

        (i)
          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.

         

        (lxxxii)  No
          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.

         

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

        ASSIGNMENT
          AND RECOGNITION AGREEMENT

         

        THIS
          ASSIGNMENT AND RECOGNITION AGREEMENT, dated December 29, 2006, (“Agreement”)
          among
          Citigroup Global Markets Realty Corp. (“Assignor”),
          Citigroup Mortgage Loan Trust Inc. (“Assignee”)
          and NC
          Capital Corporation (the “Company”).

         

        For
          and
          in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
          consideration the receipt and sufficiency of which hereby are acknowledged,
          and
          of the mutual covenants herein contained, the parties hereto hereby agree
          as
          follows:

         

        Assignment
          and Conveyance

         

        1.  The
          Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
          (x) all of the right, title and interest of the Assignor, as purchaser,
          in, to
          and under (a) those certain Mortgage Loans listed as being originated by
          the
          Company on the schedule (the “Mortgage
          Loan Schedule”)
          attached hereto as Exhibit A (the “Mortgage
          Loans”)
          and
          (b) except as described below, that certain Master Mortgage Loan Purchase
          and
          Interim Servicing Agreement dated as of March 1, 2006, as amended (the
          “Purchase
          Agreement”),
          between the Assignor, as purchaser (the “Purchaser”),
          New
          Century Mortgage Corporation, as interim servicer and the Company, as seller
          (the “Seller”),
          solely insofar as the Purchase Agreement relates to the Mortgage Loans
          and (y)
          other than as provided below with respect to the enforcement of representations
          and warranties, none of the obligations of the Assignor under the Purchase
          Agreement.

         

        The
          Assignor specifically reserves and does not assign to the Assignee hereunder
          any
          and all right, title and interest in, to and under and any obligations
          of the
          Assignor with respect to any mortgage loans subject to the Purchase Agreement
          which are not the Mortgage Loans set forth on the Mortgage Loan Schedule
          and are
          not the subject of this Agreement.

         

        Recognition
          of the Company

         

        2.  Assignor
          and Assignee hereby notify the Company that from and after the date hereof,
          the
          Assignee will transfer the Mortgage Loans and assign its rights under the
          Purchase Agreement (solely to the extent set forth herein) and this Agreement
          to
          the trust created pursuant to a Pooling and Servicing Agreement, dated
          as of
          December 1, 2006 (the “Pooling
          Agreement”),
          among
          the Assignee, Wells Fargo Bank, N.A., JPMorgan Chase Bank, National Association,
          Countrywide Home Loans Servicing LP and Ocwen Loan Servicing, LLC (each
          a
“Servicer”),
          Citibank, N.A. (the “Trust
          Administrator”)
          and
          U.S. Bank National Association, as trustee (including its successors in
          interest
          and any successor trustees under the Pooling Agreement, the “Trustee”).
          The
          Company hereby acknowledges and agrees that from and after the date hereof
          (i) the Trust will be the owner of the Mortgage Loans, (ii) the
          Company shall look solely to the Trust for performance of any obligations
          of the
          Assignor insofar as they relate to the enforcement of the representations,
          warranties and covenants with respect to the Mortgage Loans, (iii) the
          Trust (including the Trustee, the Trust Administrator and a Servicer acting
          on
          the Trust’s behalf) shall have all the rights and remedies available to the
          Assignor, insofar as they relate to the Mortgage Loans, under the Purchase
          Agreement, including, without limitation, the enforcement of the document
          delivery requirements and remedies with respect to breaches of representations
          and warranties set forth in the Purchase Agreement, and shall be entitled
          to
          enforce all of the obligations of the Company thereunder insofar as they
          relate
          to the Mortgage Loans, and (iv) all references to the Purchaser (insofar as
          they relate to the rights, title and interest and, with respect to obligations
          of the Purchaser, only insofar as they relate to the enforcement of the
          representations, warranties and covenants of the Company) or the Custodian
          under
          the Purchase Agreement insofar as they relate to the Mortgage Loans, shall
          be
          deemed to refer to the Trust (including the Trustee, the Trust Administrator
          and
          a Servicer acting on the Trust’s behalf). Neither the Company nor the Assignor
          shall amend or agree to amend, modify, waive, or otherwise alter any of
          the
          terms or provisions of the Purchase Agreement which amendment, modification,
          waiver or other alteration would in any way affect the Mortgage Loans or
          the
          Company’s performance under the Purchase Agreement with respect to the Mortgage
          Loans without the prior written consent of the Trustee.

         

        Representations
          and Warranties of the Company

         

        3.  The
          Company warrants and represents to the Assignor, the Assignee and the Trust
          as
          of the date hereof that:

         

        (a)  The
          Company is duly organized, validly existing and in good standing under
          the laws
          of the jurisdiction of its incorporation;

         

        (b)  The
          Company has full power and authority to execute, deliver and perform its
          obligations under this Agreement and has full power and authority to perform
          its
          obligations under the Purchase Agreement. The execution by the Company
          of this
          Agreement is in the ordinary course of the Company’s business and will not
          conflict with, or result in a breach of, any of the terms, conditions or
          provisions of the Company’s charter or bylaws or any legal restriction, or any
          material agreement or instrument to which the 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 the Company or its property is subject. The
          execution, delivery and performance by the Company of this Agreement have
          been
          duly authorized by all necessary corporate action on part of the Company.
          This
          Agreement has been duly executed and delivered by the Company, and, upon
          the due
          authorization, execution and delivery by the Assignor and the Assignee,
          will
          constitute the valid and legally binding obligation of the Company, enforceable
          against the Company 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
          the Company in connection with the execution, delivery or performance by
          the
          Company of this Agreement; 

         

        (d)  There
          is
          no action, suit, proceeding or investigation pending or, to the company’s actual
          knowledge, threatened against the Company, before any court, administrative
          agency or other tribunal, which would draw into question the validity of
          this
          Agreement or the Purchase Agreement, or which, either in any one instance
          or in
          the aggregate, would result in any material adverse change in the ability
          of the
          Company to perform its obligations under this Agreement or the Purchase
          Agreement, and the Company is solvent; 

         

        (e)  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); and
          

         

        (f)  No
          Mortgage Loan is a balloon mortgage loan that has an original stated maturity
          of
          less than seven (7) years.

         

        (g)  With
          respect to the Group I Mortgage Loans, the Company warrants and represents
          to
          the Assignor, the Assignee and the Trust as of the date hereof
          that:

         

        (a)  No
          Mortgage Loan is a “high cost home,” “covered” (excluding home loans defined as
“covered home loans” in the New Jersey Home Ownership Security Act of 2002 that
          were originated between November 26, 2003 and July 7, 2004), “high risk home” or
“predatory” loan under any other applicable state, federal or local law (or a
          similarly classified loan using different terminology under a law imposing
          heightened regulatory scrutiny or additional legal liability for residential
          mortgage loans having high interest rates, points and/or fees);

        

        (b)  With
          respect to the mortgage loans underlying the Security, the mortgage loan’s
          originator offered the borrower mortgage loan products offered by such
          mortgage
          loan’s originator, or any affiliate of such mortgage loan’s originator, for
          which the borrower qualified;

         

        (c)  All
          points and fees related to each Mortgage Loan were disclosed in writing
          to the
          borrower in accordance with applicable state and federal law and regulation.
          No
          borrower was charged “points and fees” (whether or not financed) in an amount
          that exceeds the greater of (1) 5% of the principal amount of the Mortgage
          Loan
          (such 5% limitation is calculated in accordance with Fannie Mae’s requirements
          as set forth in the Fannie Mae Selling Guide or (2) $1,000;

         

        (d)  With
          respect to any Mortgage Loan originated on or after August 1, 2004, no
          Mortgagor
          agreed to submit to arbitration to resolve any dispute arising out of or
          relating in any way to the Mortgage Loan transaction;

        

        (e)  No
          mortgage loan underlying the Security is “seasoned” (a seasoned mortgage loan is
          one where the date of the mortgage note is more than 1 year before the
          date of
          issuance of the related Security);

        

        (f)  Each
          Mortgage Loan is in compliance with the anti-predatory lending eligibility
          for
          purchase requirements of Fannie Mae’s Selling Guide;

        

        (g)  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;

        

        (h)  No
          Mortgage Loan that was originated on or after October 31, 2004, 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 and cannot be reinstated. The seller hereby
          covenants that the seller or servicer of the Mortgage Loan, as applicable,
          will
          notify the borrower 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;

        

        (i)  No
          borrower 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 borrower 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 borrower may have qualified for a lower cost
          credit product then offered by any mortgage lending affiliate of the Mortgage
          Loan’s originator, the Mortgage Loan’s originator referred the borrower’s
          application to such affiliate for underwriting consideration;

        

        (j)  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 loan’s
          origination, the borrower agreed to such premium in exchange for a monetary
          benefit, including but not limited to a rate or fee reduction, (ii) prior
          to the
          loan’s origination, the borrower 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 borrower in the loan documents pursuant to
          applicable state and federal law, (iv) the duration of the prepayment period
          shall not exceed three (3) years from the date of the note, and (v)
          notwithstanding any state or federal law to the contrary, the Servicer
          shall not
          impose such prepayment premium in any instance when the mortgage debt is
          accelerated as the result of the borrower’s default in making the loan payments;

        

        (k)  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 borrower in accordance
          with applicable state and federal law and regulation; and

        

        (l)  The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          employs objective mathematical principles which relate the borrower’s income,
          assets and liabilities to the proposed payment and such underwriting methodology
          does not rely on the extent of the borrower’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 borrower had a reasonable ability to make timely
          payments on the Mortgage Loan;

        

        4.  Pursuant
          to Section 12 of the Purchase Agreement, the Company hereby represents
          and
          warrants, for the benefit of the Assignor, the Assignee and the Trust,
          that the
          representations and warranties set forth in Sections 7.01 and 7.02 of the
          Purchase Agreement (as set forth on Schedule 1 hereto), are true and correct
          as
          of the date hereof as if such representations and warranties were made
          on the
          date hereof, except that the representation and warranty set forth in
          Section 7.02(i) shall, for purposes of this Agreement, relate to the
          Mortgage Loan Schedule attached hereto.

         

        In
          addition, the Company hereby represents and warrants, for the benefit of
          the
          Assignor, the Assignee and the Trust, that in the event that (i) the first
          Due
          Date for a Mortgage Loan is prior to the Cut-Off Date (as defined in the
          Purchase Agreement) and the initial Monthly Payment is not made by the
          related
          Mortgagor within thirty (30) days of such Due Date or (ii) the first Monthly
          Payment on any Mortgage Loan due following the Cut-off Date (as defined
          in the
          Purchase Agreement) is not made by the related Mortgagor within thirty
          (30) days
          of the related Due Date, then, in each such case, the Company shall repurchase
          the affected Mortgage Loans at the Repurchase Price (as defined in the
          Purchase
          Agreement). The Assignee agrees that it or its designee shall notify the
          Company
          within ninety (90) days following the date on which any Mortgage Loan to
          repurchased hereunder becomes thirty (30) days delinquent of the occurrence
          of
          such default. 

         

        5.  The
          Assignor hereby makes the following representations and warranties as of
          the
          date hereof:

         

        (a)   
           To
          the
          best of the Assignor’s knowledge, nothing has occurred in the period of time
          from the Servicing Transfer Date to the date hereof which would cause such
          representation and warranties referred to in Section 4 herein to be untrue
          in
          any material respect as of the date hereof;

         

        (b)   
           None
          of
          the mortgage loans are High Cost as defined by any applicable predatory
          and
          abusive lending laws; 

         

        (c)   
           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 5.7(d) (or current
          version) Glossary Revised, Appendix E); 

         

        (d)   
           The
          stated principal balance of each Group I Mortgage Loan is within Fannie
          Mae’s
          dollar amount limits for conforming one-to-four-family mortgage loans;
          and

         

        (e)   
           With
          respect to any Group I subordinate lien mortgage loans underlying the security,
          such lien is on a one to four family residence that is (or will be) the
          principal residence of the borrower upon origination of the subordinate
          lien.

         

        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, the Trust
          Administrator and a Servicer acting on the Trust’s behalf) in connection with
          any breach of the representations and warranties made by the Company set
          forth
          in Sections 3 and 4 hereof shall be as set forth in Subsection 7.03 of
          the
          Purchase Agreement as if they were set forth herein (including without
          limitation the repurchase and indemnity obligations set forth therein).
          In
          addition, the Company hereby acknowledges and agrees that any breach of
          the
          representations set forth in Section 3(g) hereof and Section 7.02 (xliv)(a),
          (xliv)(b), (xliv)(c), (lxiii), (lxix), (xlvii), the first three sentences
          of
          (lv), (lix) and (lx) of the Purchase Agreement shall be deemed to materially
          and
          adversely affect the value of the related mortgage loans or the interests
          of the
          Trust in the related mortgage loans.

         

        The
          Assignor hereby acknowledges and agrees that the remedies available to
          the
          Assignee and the Trust (including the Trustee, the Trust Administrator
          and a
          Servicer acting on the Trust’s behalf) in connection with any breach of the
          representations and warranties made by the Assignor set forth in Section
          5
          hereof shall be as set forth in Section 2.03 of the Pooling Agreement as
          if they
          were set forth herein. In
          addition, the Assignor hereby acknowledges and agrees that any breach of
          the
          representations set forth in Section 5 (d) and (e) hereof shall be deemed
          to
          materially and adversely affect the value of the related mortgage loans
          or the
          interests of the Trust in the related mortgage loans.

         

        In
          addition, in the event that (i) the first Due Date for a Mortgage Loan
          is prior
          to the Cut-off Date (as defined in the Purchase Agreement) and the initial
          Monthly Payment is not made by the related Mortgagor within thirty (30)
          days of
          such Due Date or (ii) the first Monthly Payment on any Mortgage Loan due
          following the Cut-off Date is not made by the related Mortgagor within
          thirty
          (30) days of the related Due Date, then, in each such case, the Company
          shall
          repurchase the affected Mortgage Loans at the Repurchase Price (as defined
          in
          the Purchase Agreement), which shall be paid as provided for in
          Subsection 7.03 of the Purchase Agreement. The Assignor agrees to notify
          the Company within ninety (90) days following the date on which any Mortgage
          Loan to be repurchased hereunder becomes thirty (30) days delinquent of
          the
          occurrence of such default under this Section 6.

         

        Miscellaneous

         

        7.  This
          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.

         

        8.  No
          term
          or provision of this 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, with the prior written consent of
          the
          Trustee.

         

        9.  This
          Agreement shall inure to the benefit of (i) the successors and assigns
          of the
          parties hereto and (ii) the Trust (including the Trustee, the Trust
          Administrator and a Servicer acting on the Trust’s behalf). 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.

         

        10.  Each
          of
          this Agreement and the Purchase Agreement shall survive the conveyance
          of the
          Mortgage Loans and the assignment of the Purchase Agreement (to the extent
          assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
          and
          nothing contained herein shall supersede or amend the terms of the Purchase
          Agreement.

         

        11.  This
          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.

         

        12.  In
          the
          event that any provision of this Agreement conflicts with any provision
          of the
          Purchase Agreement with respect to the Mortgage Loans, the terms of this
          Agreement shall control. 

         

        13.  Capitalized
          terms used in this Agreement (including the exhibits hereto) but not defined
          in
          this Agreement shall have the meanings given to such terms in the Purchase
          Agreement.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be executed
          by their
          duly authorized officers as of the date first above written.

        
           

          
            	 	 	 
	 	
                    CITIGROUP
                      GLOBAL MARKETS REALTY CORP.

                  
	 
 	 
 	 
 
	
                  	By:  	 
	 	
                    Name: 

                  	
                    

                  
	 	
                    Title:

                  	 

          

           

          
            
              	 	 	 
	 	
                      
                        CITIGROUP
                          MORTGAGE LOAN TRUST INC.

                      

                    
	 
 	 
 	 
 
	
                    	By:  	 
	 	
                      Name: 

                    	
                      

                    
	 	
                      Title:

                    	 

            

             

          

          
            
              	 	 	 
	 	
                      
                        NC
                          CAPITAL CORPORATION

                      

                    
	 
 	 
 	 
 
	
                    	By:  	 
	 	
                      Name: 

                    	
                      

                    
	 	
                      Title:

                    	 

            

             

            

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

          

        

        EXHIBIT
          A

        

        Mortgage
          Loan Schedule

        

        (Available
          upon request)

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          1

        

        Capitalized
          terms used but not defined herein shall have the meanings assigned thereto
          in
          the Purchase Agreement.

        

        7.01         Representations
          and Warranties Respecting the Seller 

         

        1.  The
          Seller is a California corporation duly organized, validly existing and
          in good
          standing under the laws of California. The Seller has all licenses necessary
          to
          carry out its business as now being conducted, and is licensed and qualified
          to
          transact business in and is in good standing under the laws of each state
          in
          which any Mortgaged Property is located or is otherwise exempt under applicable
          law from such licensing or qualification or is otherwise not required under
          applicable law to effect such licensing or qualification and no demand
          for such
          licensing or qualification has been made upon the Seller by any such state,
          and
          in any event the Seller is in compliance with the laws of any such state
          to the
          extent necessary to ensure the enforceability of each Mortgage Loan and
          the
          servicing of the Mortgage Loans in accordance with the terms of this Agreement.
          No licenses or approvals obtained by the Seller have been suspended or
          revoked
          by any court, administrative agency, arbitrator or governmental body and
          no
          proceedings are pending which might result in such suspension or
          revocation;

         

        2.  The
          Seller has the full power and authority to hold each Mortgage Loan, to
          sell each
          Mortgage Loan, and to execute, deliver and perform, and to enter into and
          consummate, all transactions contemplated by this Agreement. 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 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;

         

        3.  The
          execution and delivery of this Agreement by the Seller and the performance
          of
          and compliance with the terms of this Agreement will not violate the Seller's
          articles of incorporation or by-laws or constitute a default under or result
          in
          a breach or acceleration of, any material contract, agreement or other
          instrument to which the Seller is a party or which may be applicable to
          the
          Seller or its assets;

         

        4.  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;

         

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

         

        6.  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;

         

        7.  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. With respect to each
          Mortgage Loan, the Seller is in possession of a complete Mortgage File
          in
          compliance with Exhibit
          5,
          except
          for such documents as have been delivered to the Custodian;

         

        8.  Immediately
          prior to the payment of the Purchase Price for each Mortgage Loan, the
          Seller
          was the owner of record 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 the Seller retains 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 and only for the purpose of servicing and supervising the
          servicing of each Mortgage Loan;

         

        9.  There
          are
          no actions or proceedings against, or to the Seller’s Knowledge, investigations
          of, the Seller before any court, administrative agency or other tribunal
          (A)
          that might prohibit its entering into this Agreement, (B) seeking to prevent
          the
          sale of the Mortgage Loans 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 the validity
          or
          enforceability of, this Agreement;

         

        10.  No
          consent, approval, authorization or order of any court or governmental
          agency or
          body is required for the execution, delivery and performance by the Seller
          of,
          or compliance by the Seller 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;

         

        11.  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 pursuant
          to
          this Agreement are not subject to the bulk transfer or any similar statutory
          provisions;

         

        12.  The
          transfer of the Mortgage Loans shall be treated as a sale on the books
          and
          records of the Seller, and the Seller has determined that, and will treat,
          the
          disposition of the Mortgage Loans pursuant to this Agreement for tax and
          accounting purposes as a sale. The Seller shall maintain a complete set
          of books
          and records for each Mortgage Loan which shall be clearly marked to reflect
          the
          ownership of each Mortgage Loan by the Purchaser;

         

        13.  The
          consideration received by the Seller upon the sale of the Mortgage Loans
          constitutes fair consideration and reasonably equivalent value for such
          Mortgage
          Loans;

         

        14.  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;

         

        15.  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;

         

        16.  Neither
          this Agreement nor any written statement, report or other document prepared
          and
          furnished or to be prepared and furnished by the Seller pursuant to this
          Agreement or in connection with the transactions contemplated hereby contains
          any untrue statement of material fact or omits to state a material fact
          necessary to make the statements contained herein or therein not misleading;
          and

         

        17.  The
          Seller has not dealt with any broker, investment banker, agent or other
          person
          that may be entitled to any commission or compensation in connection with
          the
          sale of the Mortgage Loans.

         

        7.02        
          Representations
          and Warranties Regarding Individual Mortgage Loans.

         

        The
          Seller hereby represents and warrants to the Initial Purchaser and to any
          subsequent Purchaser that, as to each Mortgage Loan, as of the related
          Closing
          Date for such Mortgage Loan:

         

        1.  The
          information set forth in the related Mortgage Loan Schedule is complete,
          true
          and correct as of the related Cut-Off Date;

         

        2.  The
          Mortgage Loan is in compliance with all requirements set forth in the related
          Confirmation, and the characteristics of the related Mortgage Loan Package
          as
          set forth in the related Confirmation are true and correct; provided, however,
          that in the event of any conflict between the terms of any Confirmation
          and this
          Agreement, the terms of this Agreement shall control;

         

        3.  All
          payments required to be made up to the close of business on the Closing
          Date for
          such Mortgage Loan under the terms of the Mortgage Note have been made;
          the
          Seller has not advanced funds, or induced, solicited or knowingly received
          any
          advance of funds from a party other than the owner of the related Mortgaged
          Property, directly or indirectly, for the payment of any amount required
          by the
          Mortgage Note or Mortgage; no Mortgage Loan is thirty (30) or more days
          delinquent as of the Closing Date and there has been no delinquency in
          thirty
          (30) or more days, exclusive of any period of grace, in any payment by
          the
          Mortgagor thereunder since the origination of the Mortgage Loan;

         

        4.  There
          are
          no delinquent taxes, ground rents, water charges, sewer rents, assessments,
          insurance premiums, leasehold payments, including assessments payable in
          future
          installments or other outstanding charges affecting the related Mortgaged
          Property;

         

        5.  The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments, recorded in the
          applicable public recording office 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
          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 Custodian and the terms of which are reflected
          in the
          related Mortgage Loan Schedule;

         

        6.  The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any valid right of rescission, set-off, counterclaim
          or
          defense, including the defense of usury and no such right of rescission,
          set-off, counterclaim or defense has been asserted with respect thereto.
          Each
          Prepayment Charge or penalty with respect to any Mortgage Loan is permissible,
          enforceable and collectible under applicable federal, state and local
          law;

         

        7.  All
          buildings upon the Mortgaged Property are insured by a Qualified 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 providing coverage in an amount not less than the greatest
          of
          (i) 100% of the replacement cost of all improvements to the Mortgaged Property,
          (ii) either (A) the outstanding principal balance of the Mortgage Loan
          with
          respect to each first lien Mortgage Loan or (B) with respect to each second
          lien
          Mortgage Loan, the sum of the outstanding principal balance of the related
          first
          lien mortgage loan and the outstanding principal balance of the second
          lien
          Mortgage Loan, or (iii) the amount necessary to avoid the operation of
          any
          co-insurance provisions with respect to the Mortgaged Property, and consistent
          with the amount that would have been required as of the date of origination
          in
          accordance with the Underwriting Guidelines. 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. The Mortgage obligates the Mortgagor thereunder
          to
          maintain all such insurance at the Mortgagor's cost and expense, and on
          the
          Mortgagor's failure to do so, authorizes the holder of the Mortgage to
          maintain
          such insurance at Mortgagor's cost and expense and to seek reimbursement
          therefor from the Mortgagor;

         

        8.  Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth in lending, real estate settlement procedures,
          predatory and abusive lending, consumer credit protection, equal credit
          opportunity, fair housing or disclosure laws applicable to the origination
          and
          servicing of mortgage loans of a type similar to the Mortgage Loans and
          applicable to any prepayment penalty associated with the Mortgage Loans
          at
          origination have been complied with;

         

        9.  The
          Mortgage has not been satisfied, cancelled, subordinated or rescinded,
          in whole
          or in part, and the Mortgaged Property has not been released from the lien
          of
          the Mortgage, in whole or in part, nor has any instrument been executed
          that
          would effect any such satisfaction, cancellation, subordination, rescission
          or
          release;

         

        10.  The
          Mortgage (including any Negative Amortization which may arise thereunder)
          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)
          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; 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 lien and first or second priority security interest (in each case,
          as
          indicated on the Mortgage Loan Schedule) on the property described therein
          and
          the Seller has full right to sell and assign the same to the Purchaser.
          Except
          as described on the related Mortgage Loan Schedule, the Mortgaged Property
          was
          not, as of the date of origination of the Mortgage Loan, subject to a mortgage,
          deed of trust, deed to secure debt or other security instrument creating
          a lien
          subordinate to the lien of the Mortgage;

         

        11.  The
          Mortgage Note and the related Mortgage are genuine and each is the legal,
          valid
          and binding obligation of the maker thereof, enforceable in accordance
          with its
          terms;

         

        12.  All
          parties to the Mortgage Note and the Mortgage had legal capacity to enter
          into
          the Mortgage Loan and to execute and deliver the Mortgage Note and the
          Mortgage,
          and the Mortgage Note and the Mortgage have been duly and properly executed
          by
          such parties. The Mortgagor is a natural person;

         

        13.  The
          proceeds of the Mortgage Loan have been fully disbursed to or for the account
          of
          the Mortgagor and there is no obligation for the Mortgagee to advance additional
          funds thereunder and any and all requirements as to completion of any on-site
          or
          off-site improvement and as to disbursements of any escrow funds therefor
          have
          been complied with. All costs, fees and expenses incurred in making or
          closing
          the Mortgage Loan and the recording of the Mortgage have been paid, and
          the
          Mortgagor is not entitled to any refund of any amounts paid or due to the
          Mortgagee pursuant to the Mortgage Note or Mortgage;

         

        14.  Immediately
          prior to the transfer and assignment herein contemplated, the Seller is
          the sole
          legal, beneficial and equitable owner of the Mortgage Note and the Mortgage
          and
          has full right to transfer and sell the Mortgage Loan to the Purchaser
          free and
          clear of any encumbrance, equity, lien, pledge, charge, claim or security
          interest;

         

        15.  All
          parties which have had any interest in the Mortgage Loan, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) in compliance with any and all applicable
          “doing business” and licensing requirements of the laws of the state wherein the
          Mortgaged Property is located;

         

        16.  The
          Mortgage Loan is covered by an 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),
          insuring (subject to the exceptions contained in (x)(a) and (b), and with
          respect to any second lien Mortgage Loan (c), above) the Seller, its successors
          and assigns as to the first or second priority lien (as indicated on the
          Mortgage Loan Schedule) of the Mortgage in the original principal amount
          of the
          Mortgage Loan (including, if the Mortgage Loan provides for Negative
          Amortization, the maximum amount of Negative Amortization in accordance
          with the
          Mortgage) 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 and Negative Amortization provisions of the Mortgage
          Note. Additionally, such lender's title insurance policy affirmatively
          insures
          ingress and egress to and from the Mortgaged Property, and against encroachments
          by or upon the Mortgaged Property or any interest therein. The Seller is
          the
          sole insured of such lender's title insurance policy, and such lender’s title
          insurance policy is in full force and effect and will be in full force
          and
          effect upon the consummation of the transactions contemplated by this Agreement.
          No claims have been made under such lender's title insurance policy, and
          no
          prior holder of the related Mortgage, including the Seller, has done, by
          act or
          omission, anything which would impair the coverage of such lender's title
          insurance policy;

         

        17.  There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the Mortgage Note and no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration, and the Seller has
          not
          waived any default, breach, violation or event of acceleration. With respect
          to
          each second lien Mortgage Loan (i) the first lien mortgage loan is in full
          force
          and effect, (ii) 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, (iv) 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, (v) the related first lien does not provide for or permit
          negative amortization under such first lien Mortgage Loan, and (vi) 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;

         

        18.  There
          are
          no mechanics' or similar liens or claims which have been filed for work,
          labor
          or material (and no rights are outstanding that under law could give rise
          to
          such lien) affecting the related Mortgaged Property which are or may be
          liens
          prior to, or equal or coordinate with, the lien of the related
          Mortgage;

         

        19.  All
          improvements which were considered in determining the Appraised Value of
          the
          related Mortgaged Property lay wholly within the boundaries and building
          restriction lines of the Mortgaged Property, and no improvements on adjoining
          properties encroach upon the Mortgaged Property;

         

        20.  The
          Mortgage Loan was originated by the Seller or by a savings and loan association,
          a savings bank, a commercial bank or similar banking institution which
          is
          supervised and examined by a federal or state authority, or by a mortgagee
          approved as such by the Secretary of HUD;

         

        21.  
          Principal payments on the Mortgage Loan, excluding any IO Mortgage Loan,
          commenced no more than sixty (60) 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 which is not a Negative Amortization
          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, are sufficient to fully
          amortize the original principal balance over the original term thereof
          (other
          than with respect to a Mortgage Loan identified on the related Mortgage
          Loan
          Schedule as an interest-only Mortgage Loan during the interest-only period
          or a
          Mortgage Loan which is identified on the related Mortgage Loan Schedule
          as a
          Balloon Mortgage Loan) and to pay interest at the related Mortgage Interest
          Rate, and, in the case of an Adjustable Rate Mortgage Loan, are changed
          on each
          Adjustment Date, and in any case, are sufficient to fully amortize the
          original
          principal balance over the original term thereof (other than with respect
          to a
          Mortgage Loan identified on the related Mortgage Loan Schedule as an
          interest-only Mortgage Loan during the interest-only period or a Mortgage
          Loan
          which is identified on the related Mortgage Loan Schedule as a Balloon
          Mortgage
          Loan) and to pay interest at the related Mortgage Interest Rate. With respect
          to
          each Negative Amortization Mortgage Loan, the related Mortgage Note requires
          a
          Monthly Payment which is sufficient during the period following each Payment
          Adjustment Date, to fully amortize the outstanding principal balance as
          of the
          first day of such period (including any Negative Amortization) over the
          then
          remaining term of such Mortgage Note and to pay interest at the related
          Mortgage
          Interest Rate; provided, that the Monthly Payment shall not increase to
          an
          amount that exceeds 107.5% of the amount of the Monthly Payment that was
          due
          immediately prior to the Payment Adjustment Date; provided, further, that
          the
          payment adjustment cap shall not be applicable with respect to the adjustment
          made to the Monthly Payment that occurs in a year in which the Mortgage
          Loan has
          been outstanding for a multiple of five (5) years and in any such year
          the
          Monthly Payment shall be adjusted to fully amortize the Mortgage Loan over
          the
          remaining term. 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 ten (10) years (or such other 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 and to pay
          interest at the related Mortgage Interest Rate. With respect to each Balloon
          Mortgage Loan, the Mortgage Note requires a monthly payment which is sufficient
          to fully amortize the original principal balance over the original term
          thereof
          and to pay interest at the related Mortgage Interest Rate and requires
          a final
          Monthly Payment substantially greater than the preceding monthly payment
          which
          is sufficient to repay the remaining unpaid principal balance of the Balloon
          Mortgage Loan at the Due Date of such monthly payment. The Index for each
          Adjustable Rate Mortgage Loan is as set forth on the Mortgage Loan Schedule.
          No
          Mortgage Loan is a Convertible Mortgage Loan. No Balloon Mortgage Loan
          has an
          original stated maturity of less than seven (7) years;

         

        22.  The
          origination, servicing and collection practices used with respect to each
          Mortgage Note and Mortgage including, without limitation, the establishment,
          maintenance and servicing of the Escrow Accounts and Escrow Payments, if
          any,
          since origination, have been in all respects legal, proper, prudent and
          customary in the mortgage origination and servicing industry. The Mortgage
          Loan
          has been serviced by the Seller and any predecessor servicer in accordance
          with
          the terms of the Mortgage Note and Accepted Servicing Practices. 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;

         

        23.  The
          Mortgaged Property is free of material damage and waste and there is no
          proceeding pending for the total or partial condemnation thereof;

         

        24.  The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including, (a) in the case of a Mortgage designated as
          a deed
          of trust, by trustee's sale, and (b) otherwise by judicial foreclosure.
          The
          Mortgaged Property has not been subject to any bankruptcy proceeding or
          foreclosure proceeding and the Mortgagor has not filed for protection under
          applicable bankruptcy laws. There is no homestead or other exemption available
          to the Mortgagor which would interfere with the right to sell the Mortgaged
          Property at a trustee's sale or the right to foreclose the Mortgage. The
          Mortgagor has not notified the Seller and the Seller has no knowledge of
          any
          relief requested or allowed to the Mortgagor under the Servicemembers’ Civil
          Relief Act;

         

        25.  The
          Mortgage Loan was underwritten in accordance with the Underwriting Guidelines
          in
          effect at the time the Mortgage Loan was originated; and the Mortgage Note
          and
          Mortgage are on forms acceptable to Fannie Mae and Freddie
          Mac;

         

        26.  The
          Mortgage Note is not and has not been secured by any collateral except
          the lien
          of the corresponding Mortgage on the Mortgaged Property and the security
          interest of any applicable security agreement or chattel mortgage referred
          to in
          (x) above;

         

        27.  The
          Mortgage File contains an appraisal of the related Mortgaged Property which
          satisfied the standards of Fannie Mae and Freddie
          Mac,
          was on
          appraisal form 1004 or form 2055 with an interior inspection 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 Fannie Mae and Freddie
          Mac.
          Each
          appraisal of the Mortgage Loan was made in accordance with the relevant
          provisions of the Financial Institutions Reform, Recovery, and Enforcement
          Act
          of 1989;

         

        28.  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;

         

        29.  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;

         

        30.  [Reserved];

         

        31.  No
          Mortgage Loan was made in connection with (a) the construction or substantial
          rehabilitation of a Mortgaged Property or (b) facilitating the trade-in
          or
          exchange of a Mortgaged Property;

         

        32.  With
          respect to any Prime Mortgage Loans, 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;

         

        33.  No
          Mortgage Loan had an LTV at origination in excess of 100% or a CLTV at
          origination in excess of 100%. No Mortgage Loan is subject to a lender
          paid
          primary mortgage insurance policy;

         

        34.  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,
          have been made or obtained from the appropriate authorities;

         

        35.  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;

         

        36.  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;

         

        37.  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 (as indicated
          on
          the Mortgage Loan Schedule) 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 plus any Negative Amortization;

         

        38.  If
          the
          Residential Dwelling on the Mortgaged Property is a condominium unit or
          a unit
          in a planned unit development (other than a de minimis planned unit development)
          such condominium or planned unit development project meets the eligibility
          requirements set forth in the Seller’s Underwriting Guidelines;

         

        39.  The
          source of the down payment with respect to each purchase money Mortgage
          Loan has
          been fully verified by the Seller;

         

        40.  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        41.  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;

         

        42.  The
          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;

         

        43.  Each
          Mortgage Loan is or will be 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;

         

        44.  No
          Mortgage Loan is (a)(1) subject to the provisions of the Homeownership
          and
          Equity Protection Act of 1994 as amended (“HOEPA”) or (2) has an APR or total
          points and fees that are equal to or exceeds the HOEPA thresholds (as defined
          in
          12 CFR 226.32 (a)(1)(i) and (ii)), (b) a “high cost” mortgage loan, “covered”
mortgage loan, “high risk home” mortgage loan, or “predatory” mortgage loan or
          any other comparable term, no matter how defined under any federal, state
          or
          local law, (c) subject to any comparable federal, state or local statutes
          or
          regulations, or any other statute or regulation providing for heightened
          regulatory scrutiny or assignee liability to holders of such mortgage loans,
          or
          (d) a High Cost Loan or Covered Loan, as applicable (as such terms are
          defined
          in the current Standard & Poor’s LEVELS® Glossary Revised, Appendix
          E);

         

        45.  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;

         

        46.  The
          debt-to-income ratio of the related Mortgagor was not greater than 60%
          at the
          origination of the related Mortgage Loan;

         

        47.  No
          Mortgagor was required to purchase any credit insurance product (e.g.,
          life,
          mortgage, disability, accident, unemployment or health insurance product)
          or
          debt cancellation agreement as a condition of obtaining the extension of
          credit.
          No Mortgagor obtained a prepaid single premium credit insurance policy
          (e.g.,
          life, mortgage, disability, accident, unemployment or health insurance
          product)
          or debt cancellation agreement 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;

         

        48.  The
          Mortgage Loans were not selected from the outstanding one- to four-family
          mortgage loans in the Seller’s portfolio as to which the representations and
          warranties set forth in this Agreement could be made at the related Closing
          Date
          in a manner so as to affect adversely the interests of the
          Purchaser;

         

        49.  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;

         

        50.  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 Alabama, Colorado, Idaho, Indiana, Iowa,
          Kansas,
          Maine, Oklahoma, South Carolina, Utah, West Virginia 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;

         

        51.  The
          information set forth in the Mortgage Loan Schedule as to Prepayment Charges
          is
          complete, true and correct in all material respects and each Prepayment
          Charge
          is permissible, enforceable and collectable in accordance with its terms
          upon
          the Mortgagor’s full and voluntary principal payment under applicable
          law;

         

        52.  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;

         

        53.  No
          Mortgage Loan is secured by cooperative housing, commercial property or
          mixed
          use property;

         

        54.  [Reserved];

         

        55.  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 (5) 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
          (3) years
          after the date of origination. With respect to any Mortgage Loan that contains
          a
          provision permitting imposition of a penalty upon a prepayment prior to
          maturity: (i) the Mortgage Loan provides some benefit to the borrower (e.g.,
          a
          rate or fee reduction) in exchange for accepting such prepayment penalty,
          (ii)
          the prepayment penalty was disclosed to the Mortgagor in the loan documents
          pursuant to applicable state and federal law, and (iii) such Prepayment
          Charge
          shall not be imposed in any instance where the mortgage loan is accelerated
          or
          paid off in connection with the workout of a delinquent Mortgage Loan or
          as the
          result of the Mortgagor's default in making the loan payments, notwithstanding
          that the terms of the Mortgage Loan or state or federal law might permit
          the
          imposition of such Prepayment Charge;

         

        56.  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 Mortgaged
          Property, 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;

         

        57.  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.
          With respect to any Mortgage Loan, the Mortgagor was assigned the highest
          credit
          grade available with respect to a mortgage loan product offered by such
          Mortgage
          Loan’s originator, based on a comprehensive assessment of risk factors,
          including the Mortgagor’s credit history;

         

        58.  The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          employs objective criteria which relate such facts as, without limitation,
          the
          Mortgagor's credit history, income, assets or liabilities (except in the
          case of
          loan programs which do not require the borrower to report the borrower’s income
          or assets, such as “no income, no assets” lending programs or which rely on the
          borrower’s representation of the borrower’s income or assets, such as “stated
          income” or “stated assets” lending programs) to the proposed payment and such
          underwriting methodology does not rely solely on the extent of the Mortgagor's
          equity in the collateral as the principal determining factor in approving
          such
          credit extension. Such underwriting methodology determined that at the
          time of
          origination (application/approval) the Mortgagor had a reasonable ability
          to
          make timely payments on the Mortgage Loan;

         

        59.  With
          respect to each Mortgage Loan, the Seller has fully and accurately furnished
          complete information (i.e., favorable and unfavorable) 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, for each Mortgage Loan, the Seller 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
          during
          the interim servicing period;

         

        60.  All
          points and fees related to each Mortgage Loan were disclosed in writing
          to the
          related Borrower in accordance with applicable state and federal laws and
          regulations;

         

        61.  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;

         

        62.  With
          respect to any second lien Mortgage Loan, such lien is on a one- to four-family
          residence that is (or will be) the principal residence of the Mortgagor
          upon the
          origination of the second lien Mortgage Loan;

         

        63.  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);

         

        64.  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;

         

        65.  No
          Mortgage Loan is a “High-Cost” loan as defined under the New York Banking Law
          Section 6-1, effective as of April 1, 2003;

         

        66.  No
          Mortgage Loan (a) is secured by property located in the State of New York;
          (b)
          had an unpaid principal balance at origination of $300,000 or less, and
          (c) has
          an application date on or after April 1, 2003, the terms of which Mortgage
          Loan
          equal or exceed either the APR or the points and fees threshold for “high-cost
          home loans”, as defined in Section 6-1 of the New York State Banking
          Law;

         

        67.  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan
          Protection Act effective July 16, 2003 (Act 1340 or 2003);

         

        68.  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);

         

        69.  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;

         

        70.  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.);

         

        71.  No
          Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
          and
          Equity protection Act;

         

        72.  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.);

         

        73.  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.);

         

        74.  No
          Loan
          that is secured by property located within the State of Maine meets the
          definition of a (i) “high-rate, high-fee” mortgage loan under Article VIII,
          Title 9-A of the Maine Consumer Credit Code or (ii) “High-Cost Home Loan” as
          defined under the Maine House Bill 383 L.D. 494, effective as of September
          13,
          2003;

         

        75.  [Reserved];

         

        76.  No
          Mortgage Loan is a “High Cost Home Mortgage Loan” as defined in the
          Massachusetts Predatory Home Loan Practices Act, effective November 7,
          2004
          (Mass. Ann. Laws Ch. 183C). 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;

         

        77.  No
          Loan
          is a “High Cost Home Loan” as defined by the Indiana Home Loan Practices Act,
          effective January 1, 2005 ( Ind. Code Ann. §§ 24-9-1 et seq.);

         

        78.  The
          Mortgagee has not made or caused to be made any payment in the nature of
          an
“average” or “yield spread premium” to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

         

        79.  The
          sale
          or transfer of the Mortgage Loan by the Seller complies with all applicable
          federal, state, and local laws, rules, and regulations governing such sale
          or
          transfer, including, without limitation, the Fair and Accurate Credit
          Transactions Act (“FACT Act”) and the Fair Credit Reporting Act, each as may be
          amended from time to time, and the Seller has not received any actual or
          constructive notice of any identity theft, fraud, or other misrepresentation
          in
          connection with such Mortgage Loan or any party thereto;

         

        80.  [Reserved];

         

        81.  [Reserved];

         

        82.  [Reserved];
          and

         

        83.  No
          Mortgagor agreed to submit to mandatory arbitration to resolve any dispute
          arising out of or relating in any way to the Mortgage Loan transaction.
          No
          Mortgage Loan is subject to any mandatory arbitration.

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

        MORTGAGE
          LOAN PURCHASE AGREEMENT

         

        This
          is a
          Mortgage Loan Purchase Agreement (the “Agreement”), dated December 8, 2006,
          between Citigroup Mortgage Loan Trust Inc., a Delaware corporation (the
          “Purchaser”), and Citigroup Global Markets Realty Corp., a New York corporation
          (the “Seller”).

         

        Preliminary
          Statement

         

        The
          Seller intends to sell the Mortgage Loans (as hereinafter defined) to the
          Purchaser on the terms and subject to the conditions set forth in this
          Agreement. The Purchaser intends to deposit the Mortgage Loans into a mortgage
          pool comprising the trust fund. The trust fund will be evidenced by a single
          series of mortgage pass-through certificates designated as Series 2006-HE3
          (the
“Certificates”). The Certificates will consist of nineteen classes of
          certificates. The Certificates will be issued pursuant to a Pooling and
          Servicing Agreement, dated as of December 1, 2006 (the “Pooling and Servicing
          Agreement”), among the Purchaser as depositor Countrywide Home Loans Servicing
          LP, Ocwen Loan Servicing, LLC, Wells Fargo Bank, N.A. and JPMorgan Chase
          Bank,
          National Association, each as a servicer, Citibank, N.A. as trust administrator
          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
          December 29, 2006 (the “Closing Date”), certain conventional residential
          mortgage loans (the “Mortgage Loans”) originated by Quick Loan Funding, Inc.
          (“Quick Loan”), MortgageIT, Inc. (“MortgageIT”), Master Financial (“Master
          Financial”), Meritage Mortgage Corporation (“Meritage”) and LIME Financial
          (“LIME”) (each, an “Originator”, and collectively, the “Originators”), having an
          aggregate principal balance as of the close of business on December 1,
          2006 (the
“Cut-off Date”) of $233,274,884.79 (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 a certain amount (the “Mortgage Loan Purchase
          Price”).

         

        (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,
          each
          Servicer or the Purchaser, 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
          Interim Servicing Agreement dated as of March 1, 2005, as amended and restated
          to and including November 1, 2005, between MortgageIT and the Seller (the
          “MortgageIT Servicing Agreement”), the Master Mortgage Loan Purchase and Interim
          Servicing Agreement, dated as of October 31, 2005, between the Seller and
          Quick
          Loan (the “Quick Loan Servicing Agreement”), the Master Mortgage Loan Purchase
          and Interim Servicing Agreement, dated as of July 1, 2006, between the
          Seller
          and LIME Financial Services, Ltd. (the “LIME Servicing Agreement”), the Master
          Mortgage Loan Purchase and Interim Servicing Agreement, dated as of July
          1,
          2006, between the Seller and Master Financial, Inc. (the “Master Financial
          Servicing Agreement”) and the Master Mortgage Loan Purchase and Interim
          Servicing Agreement, dated as of August 1, 2006, between the Seller and
          Meritage
          (the “Meritage Servicing Agreement,” and collectively with the Mortgage IT
          Servicing Agreement, the Quick Loan Servicing Agreement, the LIME Servicing
          Agreement, the Master Financial Servicing Agreement the “Servicing Agreements”),
          the Seller hereby assigns to the Purchaser all of its right, title and
          interest
          under the Servicing Agreements to the extent of the Mortgage Loans set
          forth on
          the Mortgage Loan Schedule, including, but not limited to, any representations
          and warranties of the Originators concerning the Mortgage Loans.

         

        (a)  The
          Seller hereby represents and warrants, as to each Mortgage Loan, to the
          Purchaser, as of the date hereof and as of the Closing Date, and covenants,
          that:

         

        (i)  To
          the
          best of the Seller’s knowledge, nothing has occurred in the period of time from
          the date each representation and warranty was made by each Originator pursuant
          to the respective Servicing Agreement to the Closing Date which would cause
          such
          representation and warranty to be untrue in any material respect on the
          Closing
          Date.

         

        (ii)  Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state and federal laws, including, but not limited to,
          all
          applicable predatory and abusive lending laws.

         

        (iii)  None
          of
          the mortgage loans are (i) “High Cost” as such term is defined in the Home
          Ownership Protection Act of 1994 (“HOEPA”) or (ii) a reasonably equivalent
          provision as defined by the applicable predatory and abusive lending
          laws.

         

        (iv)  An
          appraisal form 1004 or Form 2055 with an interior inspection for first
          lien
          mortgage loans has been obtained.

         

        (v)  No
          Mortgage Loan is a high cost loan or a covered loan, as applicable (as
          such
          terms are defined in Standard & Poor's LEVELS Version 5.7 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.

         

        (vii) The
          original principal balance of each Group I Mortgage Loan is within Fannie
          Mae’s
          dollar amount limits for conforming one-to-four-family mortgage
          loans.

         

        (x) With
          respect to any subordinate lien Group I Mortgage Loan, such lien is on
          a one- to
          four-family residence that is (or will be) the principal residence of the
          borrower.

         

        (xi) No
          subordinate lien Group I Mortgage Loan has an original principal balance
          that
          exceeds one-half of the one-unit limitation for first lien mortgage loans,
          i.e.,
          $208,500 (in Alaska, Guam, Hawaii or Virgin Islands: $312,750), without
          regard
          to the number of units.

         

        (xii) The
          original principal balance of the first lien Group I Mortgage Loan plus
          the
          original principal balance of any subordinate lien Group I Mortgage Loans
          relating to the same mortgaged property does not exceed the applicable
          Freddie
          Mac loan limit for first lien mortgage loans for that property type.

         

        (b)  The
          Seller hereby represents and warrants, as to each Group I Mortgage Loan,
          to the
          Purchaser, as of the date hereof and as of the Closing Date, and covenants,
          that:

         

        (i)  Each
          Group I Mortgage Loan is in compliance with the anti-predatory lending
          eligibility for purchase requirements of Fannie Mae’s Selling
          Guide;

         

        (ii)  No
          Group
          I Mortgage Loan is subject to the requirements of the Home Ownership and
          Equity
          Protection Act of 1994 (“HOEPA”), and no Mortgage Loan has an “annual percentage
          rate” or “total points and fees” payable by the borrower (as each such term is
          defined under HOEPA) that equal or exceed the applicable thresholds defined
          under HOEPA (Section 32 of Regulation Z, 12 C.F.R. Section 226.32(a)(1)(i)
          and
          (ii));

         

        (iii)  Each
          Group I 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;

         

        (iv)  No
          Group
          I Mortgage Loan is a “High-Cost Home Loan” as defined in the Georgia Fair
          Lending Act, as amended (the “Georgia Act”). No Mortgage Loan subject to the
          Georgia Act and 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;

         

        (v)  No
          Group
          I Mortgage Loan is a “High-Cost Home Loan” as defined in New York Banking Law
          6-1;

         

        (vi)  No
          Group
          I Mortgage Loan is a “High-Cost Home Loan” as defined in the Arkansas Home Loan
          Protection Act effective July 16, 2003 (Act 1340 of 2003);

         

        (vii)  No
          Group
          I Mortgage Loan is a “High-Cost Home Loan” as defined in the Kentucky high-cost
          home loan statute effective June 24, 2003 (Ky. Rev. Stat. Section
          360.100);

         

        (viii)  “No
          Group
          I Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey Home
          Ownership Act effective November 27, 2003 (N.J.S.A. 46:10B-22 et
          seq.);

         

        (ix)  No
          Group
          I 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.);

         

        (x)  No
          Group
          I 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.);

         

        (xi)  No
          Group
          I 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);

         

        (xii)  No
          Group
          I Mortgage Loan is a “High Cost Home Loan” as defined in the Indiana Home Loan
          Practices Act, effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1
          through
          24-9-9);

         

        (xiii)  No
          Group
          I Mortgage Loan is a balloon mortgage loan that has an original stated
          maturity
          of less than seven (7) years;

         

        (xiv)  No
          Group
          I Mortgage Loan that was originated on or after October 31, 2004, 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 and cannot be reinstated. The seller hereby
          covenants that the seller or servicer of the Mortgage Loan, as applicable,
          will
          notify the borrower 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.

         

        (xv)  With
          respect to the Group I Mortgage Loans, no borrower 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 borrower 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 borrower
          may have qualified for a lower cost credit product then offered by any
          mortgage
          lending affiliate of the Mortgage Loan’s originator, the Mortgage Loan’s
          originator referred the borrower’s application to such affiliate for
          underwriting consideration;

         

        (xvi)  With
          respect to the Group I Mortgage Loans, the methodology used in underwriting
          the
          extension of credit for each Mortgage Loan employs objective mathematical
          principles which relate the borrower’s income, assets and liabilities to the
          proposed payment and such underwriting methodology does not rely on the
          extent
          of the borrower’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 borrower had a reasonable
          ability to make timely payments on the Mortgage Loan;

         

        (xvii)  With
          respect to any Group I Mortgage Loan that contains a provision permitting
          imposition of a premium upon a prepayment prior to maturity: (i) prior
          to the
          loan’s origination, the borrower agreed to such premium in exchange for a
          monetary benefit, including but not limited to a rate or fee reduction,
          (ii)
          prior to the loan’s origination, the borrower 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 borrower in the loan documents
          pursuant to applicable state and federal law, (iv) the duration of the
          prepayment period shall not exceed three (3) years from the date of the
          note,
          and (v) notwithstanding any state or federal law to the contrary, the Servicer
          shall not impose such prepayment premium in any instance when the mortgage
          debt
          is accelerated as the result of the borrower’s default in making the loan
          payments;

         

        (xviii)  With
          respect to the Group I Mortgage Loans, no borrower was required to purchase
          any
          single premium credit insurance policy (e.g., life, mortgage, disability,
          accident, unemployment, or health insurance product) or debt cancellation
          agreement as a condition of obtaining the extension of credit. No borrower
          obtained a prepaid single premium credit insurance policy (e.g., life,
          mortgage,
          disability, accident, unemployment, or health insurance product) or debt
          cancellation agreement in connection with the origination of the Mortgage
          Loan;
          No proceeds from any Mortgage Loan were used to purchase single premium
          credit
          insurance policies (e.g., life, mortgage, disability, accident, unemployment,
          or
          health insurance product) or debt cancellation agreements as part of the
          origination of, or as a condition to closing, such Mortgage Loan;

         

        (xix)  With
          respect to the Group I Mortgage Loans, all points and fees related to each
          Mortgage Loan were disclosed in writing to the borrower in accordance with
          applicable state and federal law and regulation. No borrower was charged
“points
          and fees” (whether or not financed) in an amount that exceeds the greater of (1)
          5% of the principal amount of the Mortgage Loan (such 5% limitation is
          calculated in accordance with Fannie Mae’s requirements as set forth in the
          Fannie Mae Selling Guide or (2) $1,000;

         

        (xx)  With
          respect to the Group I Mortgage Loans, 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 borrower in accordance with applicable state
          and
          federal law and regulation;
          and

         

        (xxi)  With
          respect to the Group I Mortgage Loans, the Servicer will transmit full-file
          credit reporting data for each Mortgage Loan pursuant to Fannie Mae Guide
          Announcement 95-19 and that for each Mortgage Loan, Servicer 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.

         

        (c)  The
          Seller hereby represents and warrants to the Purchaser, as of the date
          hereof
          and as of the Closing Date, and covenants, that:

         

        (i)  The
          Seller is duly organized, validly existing and in good standing as a corporation
          under the laws of the State of New York with full corporate power and authority
          to conduct its business as presently conducted by it to the extent material
          to
          the consummation of the transactions contemplated herein. The Seller has
          the
          full corporate power and authority to own the Mortgage Loans and to transfer
          and
          convey the Mortgage Loans to the Purchaser and has the full corporate power
          and
          authority to execute and deliver, engage in the transactions contemplated
          by,
          and perform and observe the terms and conditions of this Agreement.

         

        (ii)  The
          Seller has duly authorized the execution, delivery and performance of this
          Agreement, has duly executed and delivered this Agreement, and this Agreement,
          assuming due authorization, execution and delivery hereof by the Purchaser,
          constitutes a legal, valid and binding obligation of the Seller, enforceable
          against it in accordance with its terms except as the enforceability thereof
          may
          be limited by bankruptcy, insolvency or reorganization or by general principles
          of equity.

         

        (iii)  The
          execution, delivery and performance of this Agreement by the Seller (x)
          does not
          conflict and will not conflict with, does not breach and will not result
          in a
          breach of and does not constitute and will not constitute a default (or
          an
          event, which with notice or lapse of time or both, would constitute a default)
          under (A) any terms or provisions of the articles of incorporation or by-laws
          of
          the Seller, (B) any term or provision of any material agreement, contract,
          instrument or indenture, to which the Seller is a party or by which the
          Seller
          or any of its property is bound or (C) any law, rule, regulation, order,
          judgment, writ, injunction or decree of any court or governmental authority
          having jurisdiction over the Seller or any of its property and (y) does
          not
          create or impose and will not result in the creation or imposition of any
          lien,
          charge or encumbrance which would have a material adverse effect upon the
          Mortgage Loans or any documents or instruments evidencing or securing the
          Mortgage Loans.

         

        (iv)  No
          consent, approval, authorization or order of, registration or filing with,
          or
          notice on behalf of the Seller to any governmental authority or court is
          required, under federal laws or the laws of the State of New York, for
          the
          execution, delivery and performance by the Seller of, or compliance by
          the
          Seller with, this Agreement or the consummation by the Seller of any other
          transaction contemplated hereby and by the Pooling and Servicing Agreement;
          provided, however, that the Seller makes no representation or warranty
          regarding
          federal or state securities laws in connection with the sale or distribution
          of
          the Certificates.

         

        (v)  This
          Agreement does not contain any untrue statement of material fact or omit
          to
          state a material fact necessary to make the statements contained herein
          not
          misleading. The written statements, reports and other documents prepared
          and
          furnished or to be prepared and furnished by the Seller pursuant to this
          Agreement or in connection with the transactions contemplated hereby taken
          in
          the aggregate do not contain any untrue statement of material fact or omit
          to
          state a material fact necessary to make the statements contained therein
          not
          misleading.

         

        (vi)  The
          Seller is not in violation of, and the execution and delivery of this Agreement
          by the Seller and its performance and compliance with the terms of this
          Agreement will not constitute a violation with respect to, any order or
          decree
          of any court or any order or regulation of any federal, state, municipal
          or
          governmental agency having jurisdiction over the Seller or its assets,
          which
          violation might have consequences that would materially and adversely affect
          the
          condition (financial or otherwise) or the operation of the Seller or its
          assets
          or might have consequences that would materially and adversely affect the
          performance of its obligations and duties hereunder.

         

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

         

        (viii)  Immediately
          prior to the sale of the Mortgage Loans to the Purchaser as herein contemplated,
          the Seller will be the owner of the related Mortgage and the indebtedness
          evidenced by the related Mortgage Note, and, upon the payment to the Seller
          of
          the Purchase Price, in the event that the Seller retains or has retained
          record
          title, the Seller shall retain such record title to each Mortgage, each
          related
          Mortgage Note and the related Mortgage Files with respect thereto in trust
          for
          the Purchaser as the owner thereof from and after the date hereof.

         

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

         

        (x)  The
          consummation of the transactions contemplated by this Agreement are in
          the
          ordinary course of business of the Seller, and the transfer, assignment
          and
          conveyance of the Mortgage Notes and the Mortgages by the Seller are not
          subject
          to the bulk transfer or any similar statutory provisions.

         

        (xi)  The
          Seller has not dealt with any broker, investment banker, agent or other
          person,
          except for the Purchaser or any of its affiliates, that may be entitled
          to any
          commission or compensation in connection with the sale of the Mortgage
          Loans.

         

        (xii)  There
          is
          no litigation currently pending or, to the best of the Seller’s knowledge
          without independent investigation, threatened against the Seller that would
          reasonably be expected to adversely affect the transfer of the Mortgage
          Loans,
          the issuance of the Certificates or the execution, delivery, performance
          or
          enforceability of this Agreement, or that would result in a material adverse
          change in the financial condition of the Seller.

         

        (xiii)  The
          Seller is solvent and will not be rendered insolvent by the consummation
          of the
          transactions contemplated hereby. The Seller is not transferring any Mortgage
          loan with any intent to hinder, delay or defraud any of its
          creditors.

         

        (d)  With
          respect to the MortgageIT 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.

         

        (e)  With
          respect to the Quick Loan
          Mortgage Loans,
          the Seller hereby represents and warrants, for the benefit of the Purchaser,
          that the representations and warranties set forth on Exhibit B hereto are
          true
          and correct as of the date hereof and as of the Closing Date.

         

        (f)  With
          respect to the LIME Mortgage Loans, the Seller hereby represents and warrants,
          for the benefit of the Purchaser, that the representations and warranties
          set
          forth on Exhibit C hereto are true and correct as of the date hereof and
          as of
          the Closing Date. 

         

        (g)  With
          respect to the Master Financial Mortgage Loans, the Seller hereby represents
          and
          warrants, for the benefit of the Purchaser, that the representations and
          warranties set forth on Exhibit D hereto are true and correct as of the
          date
          hereof and as of the Closing Date.

         

        (h)  With
          respect to the Meritage Mortgage Loans, the Seller hereby represents and
          warrants, for the benefit of the Purchaser, that the representations and
          warranties set forth on Exhibit E hereto are true and correct as of the
          date
          hereof and as of the Closing Date.

         

        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.

         

        With
          respect to Meritage Mortgage Loans, in the event that (i) the first monthly
          payment of principal and interest to be made by the mortgagor after the
          Settlement Date (as defined in the related commitment letter) with respect
          to
          any Mortgage Loan is not paid by the date which is thirty (30) days after
          the
          related due date (the “EPD Period”) or (ii) any Mortgagor becomes the subject of
          any voluntary or involuntary bankruptcy proceeding during the EPD Period,
          the
          Seller shall repurchase such Mortgage Loan within five (5) Business Days
          following (a) receipt of notice from the Purchaser of such payment default
          with
          respect to clause (i) and (b) discovery of such bankruptcy proceeding with
          respect to clause (ii).

         

        With
          respect to the MortgageIT Mortgage Loans, in the event that the first or
          second
          monthly payment of principal and interest to be made by the mortgagor after
          the
          Settlement Date (as defined in the related commitment letter) with respect
          to
          any Mortgage Loan is not paid by the date which is forty five (45) days
          after
          the related due date, the Seller shall repurchase such Mortgage. 

         

        With
          respect to the Quick Loan Mortgage Loans, acquired pursuant to the commitment
          letters dated July 14, 2006 and August 24, 2006 respectively, in the event
          that
          (i) the first monthly payment of principal and interest to be made by the
          mortgagor after the Closing Date with respect to any Mortgage Loan is not
          paid
          by the date which is thirty (30) days after the related due date (the “EPD
          Period”) or (ii) any Mortgagor becomes the subject of any voluntary or
          involuntary bankruptcy proceeding during the EPD Period, the Seller shall
          repurchase such Mortgage Loan within five (5) Business Days following (a)
          receipt of notice from the Purchaser of such payment default with respect
          to
          clause (i) and (b) discovery of such bankruptcy proceeding with respect
          to
          clause (ii). With respect to the Quick Loan Mortgage Loans, acquired pursuant
          to
          the commitment letter dated October 28, 2006, in the event that the first
          monthly payment of principal and interest to be made by the mortgagor after
          the
          Settlement Date (as defined in the related commitment letter) with respect
          to
          any Mortgage Loan is not paid by the date which is forty five (45) days
          after
          the related due date, the Seller shall repurchase such Mortgage Loan.

         

        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 Section 5 of
          this
          Agreement.

         

        SECTION
          7.  Closing;
          Payment for the Mortgage Loans.
          The
          closing of the purchase and sale of the Mortgage Loans shall be held at
          the New
          York City office of Thacher Proffitt & Wood llp
          at 10:00
          AM New York City time on the Closing Date.

         

        The
          closing shall be subject to each of the following conditions:

         

        (a)  All
          of
          the representations and warranties of the Seller under this Agreement shall
          be
          true and correct in all material respects as of the date as of which they
          are
          made and no event shall have occurred which, with notice or the passage
          of time,
          would constitute a default under this Agreement;

         

        (b)  The
          Purchaser shall have received, or the attorneys of the Purchaser shall
          have
          received in escrow (to be released from escrow at the time of closing),
          all
          Closing Documents as specified in Section 8 of this Agreement, in such
          forms as
          are agreed upon and acceptable to the Purchaser, duly executed by all
          signatories other than the Purchaser as required pursuant to the respective
          terms thereof;

         

        (c)  The
          Seller shall have delivered or caused to be delivered and released to the
          Purchaser or to its designee, all documents (including without limitation,
          the
          Mortgage Loans) required to be so delivered by the Purchaser; and

         

        (d)  All
          other
          terms and conditions of this Agreement shall have been complied
          with.

         

        Subject
          to the foregoing conditions, the Purchaser shall deliver or cause to be
          delivered to the Seller on the Closing Date, against delivery and release
          by the
          Seller to the Trustee of all documents required pursuant to the Pooling
          and
          Servicing Agreement, the consideration for the Mortgage Loans as specified
          in
          Section 3 of this Agreement, by delivery to the Seller of the Mortgage
          Loan
          Purchase Price.

         

        SECTION
          8.  Closing
          Documents.
          Without
          limiting the generality of Section 7 hereof, the closing shall be subject
          to
          delivery of each of the following documents:

         

        (a)  An
          Officers’ Certificate of the Seller, dated the Closing Date, upon which the
          Purchaser and Citigroup Global Markets Inc. (the “Underwriter”) may rely, in a
          form acceptable to the Purchaser;

         

        (b)  A
          Secretary’s Certificate of the Seller, dated the Closing Date, upon which the
          Purchaser and the Underwriter may rely, in a form acceptable to the Purchaser,
          and attached thereto copies of the certificate of incorporation, by-laws
          and
          certificate of good standing of the Seller;

         

        (c)  An
          Opinion of Counsel of the Seller, dated the Closing Date and addressed
          to the
          Purchaser and the Underwriter, in a form acceptable to the
          Purchaser;

         

        (d)  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;

         

        (e)  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 December 8, 2006, agrees with the records of the
          Seller;

         

        (f)  Letters
          from certified public accountants for Ameriquest Mortgage Company, 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 8, 2006 under the subheading “The Servicers”
agrees with the records of the Servicer; and

         

        (g)  Such
          further information, certificates, opinions and documents as the Purchaser
          or
          the Underwriter may reasonably request.

         

        SECTION
          9.  Costs.
          The
          Seller shall pay (or shall reimburse the Purchaser or any other Person
          to the
          extent that the Purchaser or such other Person shall pay) all necessary
          and
          reasonable costs and expenses incurred directly in delivering this Agreement,
          the Pooling and Servicing Agreement, the Certificates, the prospectus,
          prospectus supplement and private placement memorandum relating to the
          Certificates and other related documents, the initial fees, costs and expenses
          of the Trust Administrator and the Trustee set forth in an engagement letter
          delivered to the Seller by the Trust Administrator, the fees and expenses
          of the
          Purchaser’s counsel in connection with the preparation of all documents relating
          to the securitization of the Mortgage Loans, the filing fee charged by
          the
          Securities and Exchange Commission for registration of the Certificates,
          the
          fees charged by any rating agency to rate the Certificates and the ongoing
          expenses of the Rating Agencies. All other costs and expenses in connection
          with
          the transactions contemplated hereunder shall be borne by the party incurring
          such expense.

         

        SECTION
          10.  [Reserved].

         

        SECTION
          11.  Mandatory
          Delivery; Grant of Security Interest.
          The
          sale and delivery on the Closing Date of the Mortgage Loans described on
          the
          Mortgage Loan Schedule in accordance with the terms and conditions of this
          Agreement is mandatory. It is specifically understood and agreed that each
          Mortgage Loan is unique and identifiable on the date hereof and that an
          award of
          money damages would be insufficient to compensate the Purchaser for the
          losses
          and damages incurred by the Purchaser in the event of the Seller’s failure to
          deliver the Mortgage Loans on or before the Closing Date. The Seller hereby
          grants to the Purchaser a lien on and a continuing security interest in
          the
          Seller’s interest in each Mortgage Loan and each document and instrument
          evidencing each such Mortgage Loan to secure the performance by the Seller
          of
          its obligation hereunder, and the Seller agrees that it holds such Mortgage
          Loans in custody for the Purchaser, subject to the Purchaser’s (i) right, prior
          to the Closing Date, to reject any Mortgage Loan to the extent permitted
          by this
          Agreement and (ii) obligation to deliver or cause to be delivered the
          consideration for the Mortgage Loans pursuant to Section 7 hereof. Any
          Mortgage
          Loans rejected by the Purchaser shall concurrently therewith be released
          from
          the security interest created hereby. The Seller agrees that, upon acceptance
          of
          the Mortgage Loans by the Purchaser or its designee and delivery of payment
          to
          the Seller, that its security interest in the Mortgage Loans shall be released.
          All rights and remedies of the Purchaser under this Agreement are distinct
          from,
          and cumulative with, any other rights or remedies under this Agreement
          or
          afforded by law or equity and all such rights and remedies may be exercised
          concurrently, independently or successively.

         

        Notwithstanding
          the foregoing, if on the Closing Date, each of the conditions set forth
          in
          Section 7 hereof shall have been satisfied and the Purchaser shall not
          have paid
          or caused to be paid the Mortgage Loan Purchase Price, or any such condition
          shall not have been waived or satisfied and the Purchaser determines not
          to pay
          or cause to be paid the Mortgage Loan Purchase Price, the Purchaser shall
          immediately effect the redelivery of the Mortgage Loans, if delivery to
          the
          Purchaser has occurred and the security interest created by this Section
          11
          shall be deemed to have been released.

         

        SECTION
          12.  Notices.
          All
          demands, notices and communications hereunder shall be in writing and shall
          be
          deemed to have been duly given if personally delivered to or mailed by
          registered mail, postage prepaid, or transmitted by telex or telegraph
          and
          confirmed by a similar mailed writing, if to the Purchaser, addressed to
          the
          Purchaser at 390 Greenwich Street, 4th Floor, New York, New York 10013,
          Attention: Mortgage Finance Group, or such other address as may hereafter
          be
          furnished to the Seller in writing by the Purchaser, and if to the Seller,
          addressed to the Seller at 390 Greenwich Street, 4th Floor, New York, New
          York
          10013, Attention: Mortgage Finance Group, or such other address as may
          hereafter
          be furnished to the Purchaser in writing by the Seller.

         

        SECTION
          13.  Severability
          of Provisions.
          Any
          part, provision, representation or warranty of this Agreement which is
          prohibited or which is held to be void or unenforceable shall be ineffective
          to
          the extent of such prohibition or unenforceability without invalidating
          the
          remaining provisions hereof. Any part, provision, representation or warranty
          of
          this Agreement which is prohibited or unenforceable or is held to be void
          or
          unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
          to the extent of such prohibition or unenforceability without invalidating
          the
          remaining provisions hereof, and any such prohibition or unenforceability
          in any
          jurisdiction as to any Mortgage Loan shall not invalidate or render
          unenforceable such provision in any other jurisdiction. To the extent permitted
          by applicable law, the parties hereto waive any provision of law which
          prohibits
          or renders void or unenforceable any provision hereof.

         

        SECTION
          14.  Agreement
          of Parties.
          The
          Seller and the Purchaser each agree to execute and deliver such instruments
          and
          take such actions as either of the others may, from time to time, reasonably
          request in order to effectuate the purpose and to carry out the terms of
          this
          Agreement and the Pooling and Servicing Agreement.

         

        SECTION
          15.  Survival.
          The
          Seller agrees that the representations, warranties and agreements made
          by it
          herein and in any certificate or other instrument delivered pursuant hereto
          shall be deemed to be relied upon by the Purchaser, notwithstanding any
          investigation heretofore or hereafter made by the Purchaser or on its behalf,
          and that the representations, warranties and agreements made by the Seller
          herein or in any such certificate or other instrument shall survive the
          delivery
          of and payment for the Mortgage Loans and shall continue in full force
          and
          effect, notwithstanding any restrictive or qualified endorsement on the
          Mortgage
          Notes and notwithstanding subsequent termination of this Agreement, the
          Pooling
          and Servicing Agreement or the Trust Fund.

         

        SECTION
          16.  GOVERNING
          LAW.
          THIS
          AGREEMENT AND THE RIGHTS, DUTIES, OBLIGATIONS AND RESPONSIBILITIES OF THE
          PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
          LAWS
          (INCLUDING THE CHOICE OF LAW PROVISIONS) AND DECISIONS OF THE STATE OF
          NEW YORK.
          THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE
          NEW YORK
          GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

         

        SECTION
          17.  Miscellaneous.
          This
          Agreement may be executed in two or more counterparts, each of which when
          so
          executed and delivered shall be an original, but all of which together
          shall
          constitute one and the same instrument. This Agreement shall inure to the
          benefit of and be binding upon the parties hereto and their respective
          successors and assigns. This Agreement supersedes all prior agreements
          and
          understandings relating to the subject matter hereof. Neither this Agreement
          nor
          any term hereof may be changed, waived, discharged or terminated orally,
          but
          only by an instrument in writing signed by the party against whom enforcement
          of
          the change, waiver, discharge or termination is sought. The headings in
          this
          Agreement are for purposes of reference only and shall not limit or otherwise
          affect the meaning hereof.

         

        It
          is the
          express intent of the parties hereto that the conveyance of the Mortgage
          Loans
          by the Seller to the Purchaser as provided in Section 4 hereof be, and
          be
          construed as, a sale of the Mortgage Loans by the Seller to the Purchaser
          and
          not as a pledge of the Mortgage Loans by the Seller to the Purchaser to
          secure a
          debt or other obligation of the Seller. However, in the event that,
          notwithstanding the aforementioned intent of the parties, the Mortgage
          Loans are
          held to be property of the Seller, then, (a) it is the express intent of
          the
          parties that such conveyance be deemed a pledge of the Mortgage Loans by
          the
          Seller to the Purchaser to secure a debt or other obligation of the Seller
          and
          (b) (1) this Agreement shall also be deemed to be a security agreement
          within
          the meaning of Articles 8 and 9 of the New York Uniform Commercial Code;
          (2) the
          conveyance provided for in Section 4 hereof shall be deemed to be a grant
          by the
          Seller to the Purchaser of a security interest in all of the Seller’s right,
          title and interest in and to the Mortgage Loans and all amounts payable
          to the
          holders of the Mortgage Loans in accordance with the terms thereof and
          all
          proceeds of the conversion, voluntary or involuntary, of the foregoing
          into
          cash, instruments, securities or other property, including without limitation
          all amounts, other than investment earnings, from time to time held or
          invested
          in the Collection Account whether in the form of cash, instruments, securities
          or other property; (3) the possession by the Purchaser or its agent of
          Mortgage
          Notes, the related Mortgages and such other items of property that constitute
          instruments, money, negotiable documents or chattel paper shall be deemed
          to be
“possession by the secured party” for purposes of perfecting the security
          interest pursuant to Section 9-305 of the New York Uniform Commercial Code;
          and
          (4) notifications to persons holding such property, and acknowledgments,
          receipts or confirmations from persons holding such property, shall be
          deemed
          notifications to, or acknowledgments, receipts or confirmations from, financial
          intermediaries, bailees or agents (as applicable) of the Purchaser for
          the
          purpose of perfecting such security interest under applicable law. Any
          assignment of the interest of the Purchaser pursuant to Section 4(d) hereof
          shall also be deemed to be an assignment of any security interest created
          hereby. The Seller and the Purchaser shall, to the extent consistent with
          this
          Agreement, take such actions as may be necessary to ensure that, if this
          Agreement were deemed to create a security interest in the Mortgage Loans,
          such
          security interest would be deemed to be a perfected security interest of
          first
          priority under applicable law and will be maintained as such throughout
          the term
          of this Agreement and the Pooling and Servicing Agreement.

         

        SECTION
          18.  Indemnification.
          The
          Seller shall indemnify and hold harmless each of (i) the Purchaser, (ii)
          Citigroup Global Markets Inc. and (iii) each person, if any, who controls
          the
          Purchaser within the meaning of Section 15 of the Securities Act of 1933,
          as
          amended (the “1933 Act”) ((i) through (iii) collectively, the “Indemnified
          Party”) against any and all losses, claims, expenses, damages or liabilities
          to
          which the Indemnified Party may become subject, under the 1933 Act or otherwise,
          insofar as such losses, claims, expenses, damages or liabilities (or actions
          in
          respect thereof) arise out of, are based upon, or result from, a breach
          by the
          Seller of any of the representations and warranties made by the Seller
          herein,
          it being understood that the Purchaser has relied upon such representations
          and
          warranties.

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        IN
          WITNESS WHEREOF, the Purchaser and the Seller have caused their names to
          be
          signed by their respective officers thereunto duly authorized as of the
          date
          first above written.

         

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST
                    INC.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  CITIGROUP
                    GLOBAL MARKETS REALTY CORP.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A

         

        Representation
          and Warranties with Respect to the 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 A shall
          have the
          meanings ascribed to them in the MortgageIT Servicing Agreement.

        

        (i)  The
          information set forth in the related Mortgage Loan Schedule is complete,
          true
          and correct;

         

        (ii)  The
          Mortgage Loan is in compliance with all requirements set forth in the related
          Confirmation, and the characteristics of the related Mortgage Loan Package
          as
          set forth in the related Confirmation are true and correct;

         

        (iii)  
          All
          payments required to be made up to the close of business on the Closing
          Date for
          such Mortgage Loan under the terms of the Mortgage Note have been made.
          The
          Seller has not advanced funds, or induced, solicited or knowingly received
          any
          advance of funds from a party other than the owner of the related Mortgaged
          Property, directly or indirectly, for the payment of any amount required
          by the
          Mortgage Note or Mortgage; and there has been no delinquency, exclusive
          of any
          period of grace, in any payment by the Mortgagor thereunder since the
          origination of the Mortgage Loan;

         

        (iv)  
          There
          are no delinquent taxes, ground rents, water charges, sewer rents, assessments,
          insurance premiums, leasehold payments, including assessments payable in
          future
          installments or other outstanding charges affecting the related Mortgaged
          Property;

         

        (v)  
          The
          terms of the Mortgage Note and the Mortgage have not been impaired, waived,
          altered or modified in any respect, except by written instruments, recorded
          in
          the applicable public recording office 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;

         

        (vi)  
          The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any right of rescission, set-off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set-off, counterclaim or defense has been asserted with respect thereto.
          Each
          Prepayment Charge or penalty with respect to any Mortgage Loan is permissible,
          enforceable and collectible under applicable federal, state and local
          law;

         

        (vii)  All
          buildings upon the Mortgaged Property are insured by an insurer acceptable
          to
          FNMA and FHLMC against loss by fire, hazards of extended coverage and such
          other
          hazards as are customary in the area where the Mortgaged Property is located,
          pursuant to insurance policies conforming to the requirements of FNMA and
          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 and FHLMC. The Mortgage obligates
          the
          Mortgagor thereunder to maintain all such insurance at the Mortgagor’s cost and
          expense, and on the Mortgagor’s failure to do so, authorizes the holder of the
          Mortgage to maintain such insurance at Mortgagor’s cost and expense and to seek
          reimbursement therefor from the Mortgagor;

         

        (viii)  Any
          and
          all requirements of any federal, state or local law including, 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;

         

        (ix)  
          The
          Mortgage has not been satisfied, cancelled, subordinated or rescinded,
          in whole
          or in part, and the Mortgaged Property has not been released from the lien
          of
          the Mortgage, in whole or in part, nor has any instrument been executed
          that
          would effect any such satisfaction, cancellation, subordination, rescission
          or
          release;

         

        (x)  The
          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;

         

        (xi)  The
          Mortgage Note and the related Mortgage are genuine and each is the legal,
          valid
          and binding obligation of the maker thereof, enforceable in accordance
          with its
          terms except as such enforcement may be limited by bankruptcy;

         

        (xii)  All
          parties to the Mortgage Note and the Mortgage had legal capacity to enter
          into
          the Mortgage Loan and to execute and deliver the Mortgage Note and the
          Mortgage,
          and the Mortgage Note and the Mortgage have been duly and properly executed
          by
          such parties. The Mortgagor is a natural person;

         

        (xiii)  The
          proceeds of the Mortgage Loan have been fully disbursed to or for the account
          of
          the Mortgagor and there is no obligation for the Mortgagee to advance additional
          funds thereunder and any and all requirements as to completion of any on-site
          or
          off-site improvement and as to disbursements of any escrow funds therefor
          have
          been complied with. All costs, fees and expenses incurred in making or
          closing
          the Mortgage Loan and the recording of the Mortgage have been paid, and
          the
          Mortgagor is not entitled to any refund of any amounts paid or due to the
          Mortgagee pursuant to the Mortgage Note or Mortgage;

         

        (xiv)  The
          Seller is the sole legal, beneficial and equitable owner of the Mortgage
          Note
          and the Mortgage 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;

         

        (xv)  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);

         

        (xvi)  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 and FHLMC, issued by a title insurer acceptable to FNMA
          and
          FHLMC and qualified to do business in the jurisdiction where the Mortgaged
          Property is located, insuring (subject to the exceptions contained in (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;

         

        (xvii)  There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the Mortgage Note and no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration, and the Seller has
          not
          waived any default, breach, violation or event of acceleration. With respect
          to
          each second lien mortgage loan (i) the first lien mortgage loan is in full
          force
          and effect, (ii) to the best of Seller’s knowledge, there is no default, breach,
          violation or event of acceleration existing under such first lien mortgage
          or
          the related mortgage note, (iii) no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration thereunder, and either
          (A)
          the first lien mortgage contains a provision which allows or (B) applicable
          law
          requires, the mortgagee under the second lien Mortgage Loan to receive
          notice
          of, and affords such mortgagee an opportunity to cure any default by payment
          in
          full or otherwise under the first lien mortgage;

         

        (xviii)  There
          are
          no mechanics’ or similar liens or claims which have been filed for work, labor
          or material (and no rights are outstanding that under law could give rise
          to
          such lien) affecting the related Mortgaged Property which are or may be
          liens
          prior to, or equal or coordinate with, the lien of the related
          Mortgage;

         

        (xix)  All
          improvements which were considered in determining the Appraised Value of
          the
          related Mortgaged Property lay wholly within the boundaries and building
          restriction lines of the Mortgaged Property, and no improvements on adjoining
          properties encroach upon the Mortgaged Property;

         

        (xx)  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;

         

        (xxi)  The
          Mortgage Loan was originated by the Seller or by a savings and loan association,
          a savings bank, a commercial bank, credit union, insurance company or similar
          banking institution which is supervised and examined by a federal or state
          authority, or by a mortgagee approved as such by the Secretary of HUD pursuant
          to Section 203 and 211 of the National Housing Act;

         

        (xxii)  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;

         

        (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
          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;

         

        (xxiv)  The
          Mortgaged Property is in good repair and is free of material damage and
          waste
          and there is no proceeding pending for the total or partial condemnation
          thereof;

         

        (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. 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;

         

        (xxvi)  The
          Mortgage Loan was underwritten in accordance with the underwriting standards
          of
          the Seller in effect at the time the Mortgage Loan was originated, which
          underwriting standards satisfy the standards of FNMA and FHLMC; and the
          Mortgage
          Note and Mortgage are on forms acceptable to FNMA and FHLMC; 

         

        (xxvii)  The
          Mortgage Note is not and has not been secured by any collateral except
          the lien
          of the corresponding Mortgage on the Mortgaged Property and the security
          interest of any applicable security agreement or chattel mortgage referred
          to in
          (x) above;

         

        (xxviii)  The
          Mortgage File contains an appraisal of the related Mortgaged Property which
          satisfied the standards of FNMA and FHLMC, was on appraisal form 1004 or
          form
          2055 with an interior inspection, 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 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;

         

        (xxix)  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;

         

        (xxx)  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;

         

        (xxxi)  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;

         

        (xxxii)  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;

         

        (xxxiii)  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;

         

        (xxxiv)  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;

         

        (xxxv)  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;

         

        (xxxvi)  No
          error,
          omission, misrepresentation, negligence, fraud or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of the Mortgagor,
          the
          Seller, or to the best of Seller’s knowledge, any appraiser, any builder or
          developer, or any other party involved in the origination of the Mortgage
          Loan
          or in the application of any insurance in relation to such Mortgage
          Loan;

         

        (xxxvii)  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 that 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.

         

        (xxxviii)  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;

         

        (xxxix)  Unless
          otherwise set forth on the related Mortgage Loan Schedule, no Mortgage
          Loan has
          a balloon payment feature;

         

        (xl)  
          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;

         

        (xli)  The
          source of the down payment with respect to each Mortgage Loan has been
          fully
          verified by the Seller;

         

        (xlii)  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        (xliii)  The
          Mortgaged Property is in material compliance with all applicable environmental
          laws pertaining to environmental hazards including, without limitation,
          asbestos, and neither the Seller nor, to the Seller’s knowledge, the related
          Mortgagor, has received any notice of any violation or potential violation
          of
          such law;

         

        (xliv)  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;

         

        (xlv)  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;

         

        (xlvi)  No
          Mortgage Loan is (a) subject to the provisions of the Homeownership and
          Equity
          Protection Act of 1994 as amended (“HOEPA”), (b) a “high cost” mortgage loan,
“covered” mortgage loan, “high risk home” mortgage loan or “predatory” mortgage
          loan or any other comparable term, no matter how defined under any federal,
          state or local law, (c) subject to any comparable federal, state or local
          statutes or regulations, or any other statute or regulation providing for
          heightened regulatory scrutiny or assignee liability to holders of such
          mortgage
          loans, or (d) a High Cost Loan or Covered Loan, as applicable (as such
          terms are
          defined in the current Standard & Poor’s LEVELS® Glossary Revised, Appendix
          E);

         

        (xlvii)  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;

         

        (xlviii)  Not
          more
          than one percent (1%) of the Mortgage Loans purchased on the related Closing
          Date, measured by the aggregate Stated Principal Balance of such Mortgage
          Loans
          as of the related Cut-off Date, include a Mortgage Note for which a lost
          note
          affidavit with indemnification has been delivered; 

         

        (xlix)  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;

         

        (l)  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;

         

        (li)  
          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;

         

        (lii)  
          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;

         

        (liii)  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;

         

        (liv)  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; 

         

        (lv)  No
          Mortgage Loan is secured by cooperative housing, commercial property, mobile
          homes, manufactured housing or mixed use property;

         

        (lvi)  Except
          as
          set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans
          are
          subject to a Prepayment Charge. For any Mortgage Loan originated prior
          to
          October 1, 2002 that is subject to a Prepayment Charge, such Prepayment
          Charge
          does not extend beyond five years after the date of origination. For any
          Mortgage Loan originated on or following October 1, 2002 that is subject
          to a
          Prepayment Charge, such Prepayment Charge does not extend beyond three
          years
          after the date of origination. With respect to any Mortgage Loan that contains
          a
          provision permitting imposition of a Prepayment Charge upon a prepayment
          prior
          to maturity: (i) prior to the Mortgage Loan’s origination, the Mortgagor agreed
          to such Prepayment Charge in exchange for a monetary benefit, including
          but not
          limited to a rate or fee reduction, (ii) prior to the Mortgage Loan’s
          origination, the Mortgagor was offered the option of obtaining a Mortgage
          Loan
          that did not require payment of such a Prepayment Charge, (iii) the Prepayment
          Charge is disclosed to the Mortgagor in the loan documents pursuant to
          applicable state and federal law, (iv) for Mortgage Loans originated on
          or after
          September 1, 2004, the duration of the prepayment period shall not exceed
          three
          (3) years from the date of the Mortgage Note, unless the Mortgage Loan
          was
          modified to reduce the prepayment period to no more than three years from
          the
          date of the Mortgage Note and the Mortgagor was notified in writing of
          such
          reduction in prepayment period, and (v) notwithstanding any state or federal
          law
          to the contrary, the Seller shall not impose such Prepayment Charge in
          any
          instance when the mortgage debt is accelerated as the result of the Mortgagor’s
          default in making the loan payments;

         

        (lvii)  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;

         

        (lviii)  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;

         

        (lix)  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;

         

        (lx)  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;

         

        (lxi)  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;

         

        (lxii)  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;

         

        (lxiii)  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;

         

        (lxiv)  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;

         

        (lxv)  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);

         

        (lxvi)  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);
          

         

        (lxvii)  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;

         

        (lxviii)  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.);

         

        (lxix)  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); 

         

        (lxx)  No
          Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
          and
          Equity protection Act;

         

        (lxxi)  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.);

         

        (lxxii)  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.);

         

        (lxxiii)  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”; 

         

        (lxxiv)  No
          Mortgage Loan originated in the City of Oakland is subject to the City
          of
          Oakland, California Ordinance 12361 as a “home loan”;

         

        (lxxv)  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;

         

        (lxxvi)  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);

         

        (lxxvii)  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; 

         

        (lxxviii)  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; 

         

        (lxxix)  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;

         

        (lxxx)  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;

         

        (lxxxi)  No
          Loan
          is a “High Cost Home Loan” governed by the Indiana Home Loan Practices Act, Ind.
          Code Ann. §§ 24-9-1-1 et seq.;

         

        (lxxxii)  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; 

         

        (lxxxiii)  The
          Mortgagee has not made or caused to be made any payment in the nature of
          an
“average” or “yield spread premium” to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

         

        (lxxxiv)  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 (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; 

         

        (lxxxv)  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:

         

        (a)  The
          Mortgagor is the owner of a valid and subsisting interest as tenant under
          the
          Ground Lease;

         

        (b)  The
          Ground Lease is in full force and effect, unmodified and not supplemented
          by any
          writing or otherwise;

         

        (c)  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;

         

        (d)  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;

         

        (e)  The
          term
          of the Ground Lease exceeds the maturity date of the related Mortgage Loan
          by at
          least ten years;

         

        (f)  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;

         

        (g)  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;

         

        (h)  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; 

         

        (i)  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;

         

        (j)  The
          Mortgagor has not commenced any action or given or received any notice
          for the
          purpose of terminating the Ground Lease;

         

        (k)  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

         

        (l)  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.

         

        (lxxxvi)  No
          Mortgage Loan is a balloon mortgage loan that has an original stated maturity
          of
          less than seven (7) years;

         

        (lxxxvii)  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;
          and

         

        (lxxxviii)  Each
          Mortgage Loan is eligible for sale in the secondary market or for inclusion
          in a
          Pass-Through Transfer without unreasonable credit enhancement.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B

         

        Representation
          and Warranties with Respect to the Quick Loan Mortgage
          Loans

         

        Except
          for “Mortgage Loans”, which shall mean the Quick Loan 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 Quick Loan Servicing Agreement.

        

        (i)  The
          information set forth in the related Mortgage Loan Schedule and the Mortgage
          Loan data delivered to the Purchaser in the Data File is complete, true
          and
          correct;

         

        (ii)  All
          payments required to be made up to the close of business on the Closing
          Date for
          such Mortgage Loan under the terms of the Mortgage Note have been made;
          the
          Seller has not advanced funds, or induced, solicited or knowingly received
          any
          advance of funds from a party other than the owner of the related Mortgaged
          Property, directly or indirectly, for the payment of any amount required
          by the
          Mortgage Note or Mortgage. There has been no delinquency, exclusive of
          any
          period of grace, in any payment by the Mortgagor thereunder since the
          origination of the Mortgage Loan;

         

        (iii)  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;

         

        (iv)  The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and is improved by a Residential Dwelling;

         

        (v)  The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments, recorded in the
          applicable public recording office 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 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
          and the terms of which are reflected in the related Mortgage Loan
          Schedule;

         

        (vi)  The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and/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;
          

         

        (vii)  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 containing information required
          by FNMA
          and FHLMC;

         

        (viii)  All
          buildings upon the Mortgaged Property are insured by a Qualified 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, in an amount
          not
          less than the greatest of (i) 100% of the replacement cost of all improvements
          to the Mortgaged Property, (ii) either (A) the outstanding principal balance
          of
          the Mortgage Loan with respect to each first lien Mortgage Loan or (B)
          with
          respect to each second lien Mortgage Loan, the sum of the outstanding principal
          balance of the related first lien mortgage loan and the outstanding principal
          balance of the second lien Mortgage Loan, (iii) the amount necessary to
          avoid
          the operation of any co-insurance provisions with respect to the Mortgaged
          Property, or (iv) the amount necessary to fully compensate for any damage
          or
          loss to the improvements that are a part of such property on a replacement
          cost
          basis. All such insurance policies contain a standard mortgagee clause
          naming
          the Seller, its successors and assigns as mortgagee and all premiums thereon
          have been paid. If the Mortgaged Property is in an area identified on a
          Flood
          Hazard Map or Flood Insurance Rate Map issued by the Federal Emergency
          Management Agency as having special flood hazards (and such flood insurance
          has
          been made available) a flood insurance policy meeting the requirements
          of the
          current guidelines of the Federal Insurance Administration is in effect
          which
          policy conforms to the requirements of FNMA and FHLMC. The Mortgage obligates
          the Mortgagor thereunder to maintain all such insurance at the Mortgagor’s cost
          and expense, and on the Mortgagor’s failure to do so, authorizes the holder of
          the Mortgage to maintain such insurance at Mortgagor’s cost and expense and to
          seek reimbursement therefor from the Mortgagor;

         

        (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 deliver to the Purchaser or its designee, 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 such enforcement may be limited by bankruptcy, insolvency,
          reorganization or other similar laws affecting the enforcement of creditors’
rights generally and by general equity principles (regardless of whether
          such
          enforcement is considered in a proceeding in equity or 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 acceptable to FNMA and FHLMC (which, in the case
          of an Adjustable Rate Mortgage Loan has an adjustable rate mortgage endorsement
          in the form of ALTA 6.0 or 6.1), issued by a title insurer acceptable to
          FNMA
          and FHLMC and qualified to do business in the jurisdiction where the Mortgaged
          Property is located, insuring (subject to the exceptions contained above
          in
          (xi)(a) and (b) and, with respect to each Mortgage Loan which is indicated
          by
          the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage
          Loan
          Schedule) clause (d)) the Seller, its successors and assigns as to the
          first
          priority lien of the Mortgage in the original principal amount of the Mortgage
          Loan and, with respect to any Adjustable Rate Mortgage Loan, against any
          loss by
          reason of the invalidity or unenforceability of the lien resulting from
          the
          provisions of the Mortgage providing for adjustment in the Mortgage Interest
          Rate and Monthly Payment. Additionally, such lender’s title insurance policy
          affirmatively insures ingress and egress to and from the Mortgaged Property,
          and
          against encroachments by or upon the Mortgaged Property or any interest
          therein.
          The Seller is the sole insured of such lender’s title insurance policy, and such
          lender’s title insurance policy is in full force and effect and will be in full
          force and effect upon the consummation of the transactions contemplated
          by this
          Agreement. No claims have been made under such lender’s title insurance policy,
          and no prior holder of the related Mortgage, including the Seller, has
          done, by
          act or omission, anything which would impair the coverage of such lender’s title
          insurance policy;

         

        (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)  The
          Mortgage Loan was originated by the Seller or by a savings and loan association,
          a savings bank, a commercial bank or similar banking institution which
          is
          supervised and examined by a federal or state authority, or by a mortgagee
          approved as such by the Secretary of HUD;

         

        (xxi)  Payments
          on the Mortgage Loan shall commence (with respect to any newly originated
          Mortgage Loans) or commenced no more than sixty days after the proceeds
          of the
          Mortgage Loan were disbursed. The Mortgage Loan bears interest at the Mortgage
          Interest Rate. With respect to each Mortgage Loan, the Mortgage Note is
          payable
          on the first day of each month in Monthly Payments, which, (A) in the case
          of a
          Fixed Rate Mortgage Loan, are sufficient to fully amortize the original
          principal balance over the original term thereof (other than with respect
          to a
          Mortgage Loan identified on the related Mortgage Loan Schedule as an
          interest-only Mortgage Loan during the interest-only period) and to pay
          interest
          at the related Mortgage Interest Rate, and (B) in the case of an Adjustable
          Rate
          Mortgage Loan, are changed on each Adjustment Date, and in any case, are
          sufficient to fully amortize the original principal balance over the original
          term thereof and to pay interest at the related Mortgage Interest Rate.
          The
          Index for each Adjustable Rate Mortgage Loan is as defined in the related
          Mortgage Loan Schedule. With respect to each Mortgage Loan identified on
          the
          Mortgage Loan Schedule as an interest-only Mortgage Loan, the interest-only
          period shall not exceed the period specified on the Mortgage Loan Schedule
          and
          following the expiration of such interest-only period, the remaining Monthly
          Payments shall be sufficient to fully amortize the original principal balance
          over the remaining term of the Mortgage Loan. The Mortgage Note does not
          permit
          negative amortization. No Mortgage Loan is a Convertible Mortgage
          Loan;

         

        (xxii)  The
          origination, servicing and collection practices used by the Seller, or
          its
          Sub-Servicer, with respect to each Mortgage Note and Mortgage, including
          without
          limitation the establishment, maintenance and servicing of the Escrow Accounts
          and Escrow Payments, if any, since origination have been in all respects
          legal,
          proper, prudent and customary in the mortgage origination and servicing
          industry. The Mortgage Loan has been serviced by the 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;

         

        (xxiii)  The
          Mortgaged Property is free of damage and waste and is in good repair, and
          there
          is no proceeding pending or threatened for the total or partial condemnation
          thereof nor is such a proceeding currently occurring;

         

        (xxiv)  The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including, (a) in the case of a Mortgage designated as
          a deed
          of trust, by trustee’s sale, and (b) otherwise by judicial foreclosure. As of
          the date of origination, 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 subject to applicable federal and state laws and judicial precedent
          with respect to bankruptcy and right of redemption or similar laws. The
          Mortgagor has not notified the Seller and the Seller has no knowledge of
          any
          relief requested or allowed to the Mortgagor under the Servicemembers Civil
          Relief Act;

         

        (xxv)  The
          Mortgage File contains an appraisal of the related Mortgaged Property which
          was
          on appraisal form 1004, 1025 or 1073, and was made and signed, prior to
          the
          approval of the Mortgage Loan application, by a qualified appraiser, duly
          appointed or approved 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;

         

        (xxvi)  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;

         

        (xxvii)  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;

         

        (xxviii)  The
          Loan-to-Value Ratio of any Mortgage Loan at origination was not more than
          100%
          and the CLTV of any Mortgage Loan at origination was not more than
          100%;

         

        (xxix)  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;

         

        (xxx)  No
          material 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;

         

        (xxxi)  Any
          principal advances made to the Mortgagor prior to the Cut-off Date have
          been
          consolidated with the outstanding principal amount secured by the Mortgage,
          and
          the secured principal amount, as consolidated, bears a single interest
          rate and
          single repayment term reflected on the Mortgage Loan Schedule. The lien
          of the
          Mortgage securing the consolidated principal amount is expressly insured
          as
          having (A) first lien priority with respect to each Mortgage Loan which
          is
          indicated by the Seller to be a First Lien (as reflected on the Mortgage
          Loan
          Schedule), or (B) second lien priority with respect to each Mortgage Loan
          which
          is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected
          on
          the Mortgage Loan Schedule), in either case, by a title insurance policy,
          an
          endorsement to the policy insuring the mortgagee’s consolidated interest or by
          other title evidence acceptable to FNMA and FHLMC. The consolidated principal
          amount does not exceed the original principal amount of the Mortgage
          Loan;

         

        (xxxii)  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        (xxxiii)  To
          the
          best of Seller’s knowledge, the Mortgaged Property is in material compliance
          with all applicable environmental laws pertaining to environmental hazards
          including, without limitation, asbestos, and neither the Seller nor, to
          the
          Seller’s knowledge, the related Mortgagor, has received any notice of any
          violation or potential violation of such law;

         

        (xxxiv)  No
          Mortgage Loan is (a) subject to the provisions of the Homeownership and
          Equity
          Protection Act of 1994, as amended (“HOEPA”), (b) a “high cost”, “covered”,
“abusive”, “predatory”, “home loan”, “Section 10” or “high risk” mortgage
          loan (or a similarly designated loan using different terminology) under
          any
          federal, state or local law, or any other statute or regulation providing
          assignee liability to holders of such mortgage loans, or (c) subject to
          or in
          violation of any such or comparable federal, state or local statutes or
          regulations. No Mortgage Loan is a high cost loan or a covered loan, as
          applicable (as such terms are defined in the Standard & Poor’s LEVELS
          Version 5.6 Glossary Revised, Appendix E as of the related Closing
          Date);

         

        (xxxv)  No
          Mortgage Loan had an original term to maturity of more than thirty (30)
          years;

         

        (xxxvi)  Each
          Mortgage contains an enforceable provision for the acceleration of the
          payment
          of the unpaid principal balance of the related Mortgage Loan in the event
          that
          the Mortgaged Property is sold or transferred without the prior written
          consent
          of the mortgagee thereunder;

         

        (xxxvii)  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;

         

        (xxxviii)  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;

         

        (xxxix)  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;

         

        (xl)  With
          respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
          such MIN
          is accurately provided on the Mortgage Loan Schedule. The related assignment
          of
          Mortgage to MERS has been duly and properly recorded, or has been delivered
          for
          recording to the applicable recording office; 

         

        (xli)  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;

         

        (xlii)  The
          sale
          or transfer of the Mortgage Loan by the Seller complies with all applicable
          federal, state, and local laws, rules, and regulations governing such sale
          or
          transfer, including, without limitation, the Fair and Accurate Credit
          Transactions Act (“FACT Act”) and the Fair Credit Reporting Act, each as may be
          amended from time to time, and the Seller has not received any actual or
          constructive notice of any identity theft, fraud, or other misrepresentation
          in
          connection with such Mortgage Loan or any party thereto.

         

        (xliii)  The
          Mortgage Loan is in compliance with all requirements set forth in the related
          Confirmation, and the characteristics of the related Mortgage Loan Package
          as
          set forth in the related Confirmation are true and correct in all material
          respects;

         

        (xliv)  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); 

         

        (xlv)  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 customary eligibility
          requirements acceptable in the secondary mortgage market;

         

        (xlvi)  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;

         

        (xlvii)  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;

         

        (xlviii)  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. 

         

        (xlix)  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;

         

        (l)  At
          the
          time of the origination of the Mortgage Loan the Seller delivered all disclosure
          materials to the Mortgagor 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, if
          required
          by applicable law, 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;

         

        (li)  Each
          original Mortgage was recorded and all subsequent assignments of the original
          Mortgage (other than the assignment to the Purchaser) have been recorded,
          or are
          in the process of being recorded, in the appropriate jurisdictions wherein
          such
          recordation is necessary to perfect the lien thereof as against creditors
          of the
          Seller. As to any Mortgage Loan which is not a MERS Mortgage Loan, the
          Assignment of Mortgage is in recordable form (except for the name of the
          assignee which is blank) and is acceptable for recording under the laws
          of the
          jurisdiction in which the Mortgaged Property is located;

         

        (lii)  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;

         

        (liii)  The
          source of the down payment with respect to each Mortgage Loan has been
          fully
          verified by the Seller;

         

        (liv)  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;

         

        (lv)  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;

         

        (lvi)  No
          Mortgage Loan is secured by co-operative housing, commercial property,
          or mixed
          use property;

         

        (lvii)  Each
          Mortgage Loan is eligible for sale in the secondary market or for inclusion
          in a
          Pass-Through Transfer without unreasonable credit enhancement;

         

        (lviii)  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; 

         

        (lix)  Except
          as
          set forth on the Mortgage Loan Schedule, each Mortgage Loan has a valid
          and
          original Credit Score, with a minimum Credit Score as set forth in the
          related
          Confirmation;

         

        (lx)  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;

         

        (lxi)  No
          Mortgage Loan is a “manufactured housing loan” pursuant to the New Jersey Home
          Ownership Act effective November 27, 2003 (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;

         

        (lxii)  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;

         

        (lxiii)  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;

         

        (lxiv)  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;

         

        (lxv)  The
          Mortgagor has not made or caused to be made any payment in the nature of
          an
“average” or “yield spread premium” to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor; 

         

        (lxvi)  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; 

         

        (lxvii)  No
          Mortgagor is the obligor on more than five Mortgage Notes; provided, however,
          that in no event shall a Mortgagor be the obligor on multiple Mortgage
          Notes
          with a combined unpaid principle balance of greater than
          $1,000,000;

         

        (lxviii)  With
          respect to any Mortgage Loan that contains a provision permitting imposition
          of
          a Prepayment Charge upon a Principal Prepayment prior to maturity: (i)
          prior to
          the Mortgage Loan’s origination, the Mortgagor agreed to such Prepayment Charge
          in exchange for a monetary benefit, including but not limited to a Mortgage
          Interest Rate or fee reduction, (ii) prior to the Mortgage Loan’s origination,
          the Mortgagor was offered the option of obtaining a Mortgage Loan that
          did not
          require payment of a Prepayment Charge, (iii) the Prepayment Charge is
          disclosed
          to the Mortgagor in the Mortgage Loan Documents pursuant to applicable
          state and
          federal law, (iv) for Mortgage Loans originated on or after September 1, 2004,
          the duration of the prepayment period shall not exceed three (3) years
          from the
          date of the Mortgage Note, unless the Mortgage Loan was modified to reduce
          the
          prepayment period to no more than three years from the date of the Mortgage
          Note
          and the Mortgagor was notified in writing of such reduction in the prepayment
          period, (v) no Mortgage Loan originated prior to October 1, 2002 has a
          Prepayment Charge longer than five years (vi) notwithstanding any state
          or
          federal law to the contrary, the Seller shall not impose such Prepayment
          Charge
          in any instance when the Mortgage debt is accelerated as the result of
          the
          Mortgagor’s default in making the Monthly Payments. Each Prepayment Charge is
          permissible, collectable and enforceable;

         

        (lxix)  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 Alabama, Colorado, Idaho, Indiana, Iowa,
          Kansas,
          Maine, Oklahoma, South Carolina, Utah, West Virginia 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;

         

        (lxx)  No
          predatory, abusive or deceptive lending practices, including but not limited
          to,
          the extension of credit to a Mortgagor without regard for the Mortgagor’s
          ability to repay the Mortgage Loan and the extension of credit to a Mortgagor
          which has no tangible net benefit to the Mortgagor, were employed in connection
          with the origination of the Mortgage Loan. Each Mortgage Loan is in compliance
          with the anti-predatory lending eligibility for purchase requirements of
          FNMA’s
          Selling Guide. No Mortgagor was encouraged or required to select a Mortgage
          Loan
          product offered by the Mortgage Loan’s originator which is a higher cost product
          designed for less creditworthy borrowers, unless at the time of the Mortgage
          Loan’s origination, such Mortgagor did not qualify taking into account credit
          history and debt to income ratios for a lower cost credit product then
          offered
          by the Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s
          originator. If, at the time of the related loan application, the Mortgagor
          may
          have qualified for a lower cost credit product then offered by any mortgage
          lending affiliate of the Mortgage Loan’s originator, the Mortgage Loan’s
          originator referred the Mortgagor’s application to such affiliate for
          underwriting consideration;

         

        (lxxi)  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;

         

        (lxxii)  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 or
          as
          otherwise disclosed to the Purchaser prior to the Closing Date and indicated
          on
          the related Mortgage Loan Schedule, 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;

         

        (lxxiii)  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;

         

        (lxxiv)  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. To the best of the Seller’s knowledge, 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;

         

        (lxxv)  The
          Seller and any predecessor servicer has fully furnished, in accordance
          with the
          Fair Credit Reporting Act and its implementing regulations, accurate and
          complete information (e.g., favorable and unfavorable) on its borrower
          credit
          files to Equifax, Experian and Trans Union Credit Information Company (three
          of
          the credit repositories) on a monthly basis; and the Seller will fully
          furnish,
          in accordance with the Fair Credit Reporting Act and its implementing
          regulations, accurate and complete information (e.g., favorable and unfavorable)
          on its borrower credit files to Equifax, Experian and Trans Credit Information
          Company (three of the credit repositories), on a monthly basis; and

         

        (lxxvi)  With
          respect to each Mortgage Loan, neither the related Mortgage nor the related
          Mortgage Note requires the Mortgagor to submit to arbitration to resolve
          any
          dispute arising out of or relating in any way to the Mortgage Loan transaction.
          no Mortgagor agreed to submit to arbitration to resolve any dispute arising
          out
          of or relating in any way to the Mortgage Loan transaction.

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          C

         

        Representation
          and Warranties with Respect to the LIME Mortgage Loans

         

        Except
          for “Mortgage Loans”, which shall mean the LIME 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 Mandalay Servicing Agreement.

         

        (i)  Mortgage
          Loans as Described.
          The
          information set forth in the related Mortgage Loan Schedule and the Mortgage
          Loan data delivered to the Purchaser in the Data File is complete, true
          and
          correct. The Mortgage Loan is in compliance with all requirements set forth
          in
          the related Confirmation, and the characteristics of the related Mortgage
          Loan
          Package as set forth in the related Confirmation are true and
          correct;

         

        (ii)  Payments
          Current.
          All
          payments required to be made up to the close of business on the Closing
          Date for
          such Mortgage Loan under the terms of the Mortgage Note have been made;
          the
          Seller has not advanced funds, or induced, solicited or knowingly received
          any
          advance of funds from a party other than the owner of the related Mortgaged
          Property, directly or indirectly, for the payment of any amount required
          by the
          Mortgage Note or Mortgage. There has been no delinquency, exclusive of
          any
          period of grace, in any payment by the Mortgagor thereunder since the
          origination of the Mortgage Loan;

         

        (iii)  No
          Outstanding Charges.
          There
          are no delinquent taxes, ground rents, water charges, sewer rents, assessments,
          insurance premiums, leasehold payments, including assessments payable in
          future
          installments or other outstanding charges affecting the related Mortgaged
          Property;

         

        (iv)  Location
          and Type of Mortgaged Property.
          The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and is improved by a Residential Dwelling;

         

        (v)  Original
          Terms Unmodified.
          The
          terms of the Mortgage Note and the Mortgage have not been impaired, waived,
          altered or modified in any respect, except by written instruments, recorded
          in
          the applicable public recording office or registered with the MERS System
          if
          necessary to maintain the lien priority of the Mortgage, and which have
          been
          delivered to the Purchaser; the substance of any such waiver, alteration
          or
          modification has been approved by the insurer under the Primary Insurance
          Policy
          or LPMI Policy, if any, and the title insurer, to the extent required by
          the
          related policy, and is reflected on the related Mortgage Loan Schedule.
          No
          instrument of waiver, alteration or modification has been executed, and
          no
          Mortgagor has been released, in whole or in part, except in connection
          with an
          assumption agreement approved by the insurer under the Primary Insurance
          Policy
          or LPMI Policy, if any, the title insurer, to the extent required by the
          policy,
          and which assumption agreement has been delivered to the Purchaser and
          the terms
          of which are reflected in the related Mortgage Loan Schedule;

         

        (vi)  No
          Defenses.
          The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set
          off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and/or the Mortgage,
          or the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any right of rescission, set off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set
          off, counterclaim or defense has been asserted with respect
          thereto;

         

        (vii)  Conformance
          with Underwriting Guidelines and Agency Standards.
          The
          Mortgage Loan was underwritten in accordance with the Underwriting Guidelines
          of
          the Seller in effect at the time the Mortgage Loan was originated; and
          the
          Mortgage Note and Mortgage are on forms acceptable under the Seller’s
          Underwriting Guidelines;

         

        (viii)  Hazard
          Insurance.
          All
          buildings upon the Mortgaged Property are insured by a Qualified Insurer
          acceptable under the Seller’s Underwriting Guidelines against loss by fire,
          hazards of extended coverage and such other hazards as are customary in
          the area
          where the Mortgaged Property is located, in an amount not less than the
          lesser
          of (i) 100% of the replacement cost of all improvements to the Mortgaged
          Property and (ii) either (A) the outstanding principal balance of the Mortgage
          Loan with respect to each first lien Mortgage Loan or (B) with respect
          to each
          Second Lien Mortgage Loan, the sum of the outstanding principal balance
          of the
          related first lien mortgage loan and the outstanding principal balance
          of the
          Second Lien Mortgage Loan; provided, however, in no event shall the amount
          of
          insurance be less than the amount necessary to avoid the operation of any
          co-insurance provisions with respect to the Mortgaged Property. All
          such
          insurance policies contain a standard mortgagee clause naming the Seller,
          its
          successors and assigns as mortgagee and all premiums thereon have been
          paid. If
          the Mortgaged Property is in an area identified on a Flood Hazard Map or
          Flood
          Insurance Rate Map issued by the Federal Emergency Management Agency as
          having
          special flood hazards (and such flood insurance has been made available)
          a flood
          insurance policy meeting the requirements of the current guidelines of
          the
          Federal Insurance Administration is in effect which policy conforms to
          the
          requirements set forth in the Seller’s Underwriting Guidelines. 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)  Compliance
          with Applicable Laws.
          Any and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth in lending, real estate settlement procedures,
          consumer
          credit protection, equal credit opportunity, fair housing, disclosure laws
          and
          all predatory, abusive and fair lending laws applicable to the origination
          and
          servicing of mortgage loans of a type similar to the Mortgage Loans have
          been
          complied with and the consummation of the transactions contemplated hereby
          will
          not involve the violation of any such laws, and the Seller shall maintain
          in its
          possession, available for the inspection of the Purchaser or its designee,
          and
          shall deliver to the Purchaser or its designee, upon two Business Days’ request,
          evidence of compliance with such requirements;

         

        (x)  No
          Satisfaction of Mortgage.
          The
          Mortgage has not been satisfied, cancelled, subordinated or rescinded,
          in whole
          or in part, and the Mortgaged Property has not been released from the lien
          of
          the Mortgage, in whole or in part, nor has any instrument been executed
          that
          would effect any such satisfaction, cancellation, subordination, rescission
          or
          release;

         

        (xi)  Valid
          Lien.
          The
          related Mortgage is properly recorded and is a valid, existing and enforceable
          (A) first lien and first priority security interest with respect to each
          Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected
          on the Mortgage Loan Schedule), or (B) second lien and second priority
          security
          interest with respect to each Mortgage Loan which is indicated by the Seller
          to
          be a Second Lien (as reflected on the Mortgage Loan Schedule), in either
          case,
          on the Mortgaged Property, including all improvements on the Mortgaged
          Property
          subject only to (a) the lien of current real property taxes and assessments
          not
          yet due and payable, (b) covenants, conditions and restrictions, rights
          of way,
          easements and other matters of the public record as of the date of recording
          being acceptable to mortgage lending institutions generally and specifically
          referred to in the lender’s title insurance policy delivered to the originator
          of the Mortgage Loan and which do not adversely affect the Appraised Value
          of
          the Mortgaged Property, (c) other matters to which like properties are
          commonly
          subject which do not materially interfere with the benefits of the security
          intended to be provided by the Mortgage or the use, enjoyment, value or
          marketability of the related Mortgaged Property and (d) with respect to
          each
          Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage
          Loan
          (as reflected on the Mortgage Loan Schedule) a First Lien on the Mortgaged
          Property. Any security agreement, chattel mortgage or equivalent document
          related to and delivered in connection with the Mortgage Loan establishes
          and
          creates a valid, existing and enforceable (A) first lien and first priority
          security interest with respect to each Mortgage Loan which is indicated
          by the
          Seller to be a First Lien (as reflected on the Mortgage Loan Schedule)
          or (B)
          second lien and second priority security interest with respect to each
          Mortgage
          Loan which is indicated by the Seller to be a Second Lien Mortgage Loan
          (as
          reflected on the Mortgage Loan Schedule), in either case, on the property
          described therein and the Seller has full right to sell and assign the
          same to
          the Purchaser. Unless otherwise set forth in the related Data File, 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)  Validity
          of Mortgage Loan Documents.
          The
          Mortgage Note and the related Mortgage are genuine and each is the legal,
          valid
          and binding obligation of the maker thereof, enforceable in accordance
          with its
          terms;

         

        (xiii)  Legal
          Capacity.
          All
          parties to the Mortgage Note and the Mortgage had legal capacity to enter
          into
          the Mortgage Loan and to execute and deliver the Mortgage Note and the
          Mortgage,
          and the Mortgage Note and the Mortgage have been duly and properly executed
          by
          such parties. The Mortgagor is a natural person;

         

        (xiv)  Full
          Disbursement of Proceeds.
          The
          proceeds of the Mortgage Loan have been fully disbursed to or for the account
          of
          the Mortgagor and there is no obligation for the Mortgagee to advance additional
          funds thereunder and any and all requirements as to completion of any on-site
          or
          off-site improvement and as to disbursements of any escrow funds therefor
          have
          been complied with. All costs, fees and expenses incurred in making or
          closing
          the Mortgage Loan and the recording of the Mortgage have been paid, and
          the
          Mortgagor is not entitled to any refund of any amounts paid or due to the
          Mortgagee pursuant to the Mortgage Note or Mortgage;

         

        (xv)  Ownership.
          The
          Seller is the sole legal, beneficial and equitable owner of the Mortgage
          Note
          and the Mortgage. The Seller has full right and authority under all governmental
          and regulatory bodies having jurisdiction over such Seller, subject to
          no
          interest or participation of, or agreement with, any party, to transfer
          and sell
          the Mortgage Loan to the Purchaser pursuant to this Agreement free and
          clear of
          any encumbrance or right of others, equity, lien, pledge, charge, mortgage,
          claim, participation interest or security interest of any nature (collectively,
          a “Lien”); and immediately upon the transfers and assignments herein
          contemplated, the Seller shall have transferred and sold all of its right,
          title
          and interest in and to each Mortgage Loan and the Purchaser will hold good,
          marketable and indefeasible title to, and be the owner of, each Mortgage
          Loan
          subject to no Lien;

         

        (xvi)  Doing
          Business.
          All
          parties which have had any interest in the Mortgage Loan, whether as originator,
          mortgagee, assignee, pledgee or otherwise, are (or, during the period in
          which
          they held and disposed of such interest, were): (A) organized under the
          laws of
          such state, or (B) qualified to do business in such state, or (C) federal
          savings and loan associations or national banks having principal offices
          in such
          state, or (D) not doing business in such state so as to require qualification
          or
          licensing, or (E) not otherwise required to be licensed in such state.
          All
          parties which have had any interest in the Mortgage Loan were in compliance
          with
          any and all applicable “doing business” and licensing requirements of the laws
          of the state wherein the Mortgaged Property is located or were not required
          to
          be licensed in such state;

         

        (xvii)  Title
          Insurance.
          The
          Mortgage Loan is covered by an American Land Title Association (“ALTA”) ALTA
          lender’s title insurance policy or binder or other assurance of title insurance
          customary and acceptable to Fannie Mae and Freddie Mac (which, in the case
          of an
          Adjustable Rate Mortgage Loan has an adjustable rate mortgage endorsement
          in the
          form of ALTA 6.0 or 6.1), issued at origination by a title insurer acceptable
          under the Seller’s Underwriting Guidelines 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)  No
          Defaults.
          There
          is no default, breach, violation or event of acceleration existing under
          the
          Mortgage or the Mortgage Note and no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration, and the Seller has
          not
          waived any default, breach, violation or event of acceleration. With respect
          to
          each Mortgage Loan which is indicated by the Seller to be a Second Lien
          Mortgage
          Loan (as reflected on the Mortgage Loan Schedule) (i) the First Lien is
          in full
          force and effect, (ii) there is no default, breach, violation or event
          of
          acceleration existing under such First Lien mortgage or the related mortgage
          note, (iii) no event which, with the passage of time or with notice and
          the
          expiration of any grace or cure period, would constitute a default, breach,
          violation or event of acceleration thereunder, and either (A) the First
          Lien
          mortgage contains a provision which allows or (B) applicable law requires,
          the
          mortgagee under the Second Lien Mortgage Loan to receive notice of, and
          affords
          such mortgagee an opportunity to cure any default by payment in full or
          otherwise under the First Lien mortgage;

         

        (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 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)  Origination.
          The
          Mortgage Loan was originated by the Seller or by a savings and loan association,
          a savings bank, a commercial bank or similar banking institution which
          is
          supervised and examined by a federal or state authority, or by a mortgagee
          approved as such by the Secretary of HUD;

         

        (xxi)  Payment
          Terms.
          Payments on the Mortgage Loan shall commence (with respect to any newly
          originated Mortgage Loans) or commenced no more than sixty days after the
          proceeds of the Mortgage Loan were disbursed. The Mortgage Loan bears interest
          at the Mortgage Interest Rate. With respect to each Mortgage Loan, the
          Mortgage
          Note is payable on the first day of each month in Monthly Payments, which,
          (A)
          in the case of a Fixed Rate Mortgage Loan, are sufficient to fully amortize
          the
          original principal balance over the original term thereof (other than with
          respect to a Mortgage Loan identified on the related Mortgage Loan Schedule
          as
          an interest-only Mortgage Loan during the interest-only period or a Mortgage
          Loan which is identified on the related Mortgage Loan Schedule as a Balloon
          Mortgage Loan) and to pay interest at the related Mortgage Interest Rate,
          and
          (B) in the case of an Adjustable Rate Mortgage Loan, are changed on each
          Adjustment Date, and in any case, are sufficient to fully amortize the
          original
          principal balance over the original term thereof (other than with respect
          to a
          Mortgage Loan identified on the related Mortgage Loan Schedule as an
          interest-only Mortgage Loan during the interest-only period or a Mortgage
          Loan
          which is identified on the related Mortgage Loan Schedule as a Balloon
          Mortgage
          Loan) and to pay interest at the related Mortgage Interest Rate. The Index
          for
          each Adjustable Rate Mortgage Loan is as defined in the related Mortgage
          Loan
          Schedule. With respect to each Mortgage Loan identified on the Mortgage
          Loan
          Schedule as an interest-only Mortgage Loan, the interest-only period shall
          not
          exceed the period specified on the Mortgage Loan Schedule and following
          the
          expiration of such interest-only period, the remaining Monthly Payments
          shall be
          sufficient to fully amortize the original principal balance over the remaining
          term of the Mortgage Loan. With respect to each Balloon Mortgage Loan,
          the
          Mortgage Note requires a monthly payment which is sufficient to fully amortize
          the original principal balance over the original amortization term thereof
          and
          to pay interest at the related Mortgage Interest Rate and requires a final
          Monthly Payment substantially greater than the preceding monthly payment
          which
          is sufficient to repay the remaining unpaid principal balance of the Balloon
          Mortgage Loan as of the Due Date of such Monthly Payment. No Balloon Mortgage
          Loan has an original stated maturity of less than seven (7) years. The
          Mortgage
          Note does not permit negative amortization. No Mortgage Loan had an original
          term to maturity of more than thirty (30) years;

         

        (xxii)  Origination
          and Collection Practices; Escrow Deposits.
          The
          origination, servicing and collection practices used by the Seller with
          respect
          to each Mortgage Note and Mortgage, including without limitation the
          establishment, maintenance and servicing of the Escrow Accounts and Escrow
          Payments, if any, since origination have been in all respects legal, proper,
          prudent and customary in the mortgage origination and servicing industry.
          The
          Mortgage Loan has been serviced by the Seller and any predecessor servicer
          in
          accordance with all applicable laws, rules and regulations, the terms of
          the
          Mortgage Note and Mortgage. With respect to escrow deposits and Escrow
          Payments
          (other than with respect to each Mortgage Loan which is indicated by the
          Seller
          to be a Second Lien Mortgage Loan and for which the mortgagee under the
          First
          Lien is collecting Escrow Payments (as reflected on the Mortgage Loan
          Schedule)), if any, all such payments are in the possession of, or under
          the
          control of, the Seller and there exist no deficiencies in connection therewith
          for which customary arrangements for repayment thereof have not been made.
          No
          escrow deposits or Escrow Payments or other charges or payments due the
          Seller
          have been capitalized under any Mortgage or the related Mortgage Note and
          no
          such escrow deposits or Escrow Payments are being held by the Seller for
          any
          work on a Mortgaged Property which has not been completed;

         

        (xxiii)  Mortgaged
          Property Undamaged.
          The
          Mortgaged Property is free of damage and waste and is in good repair, and
          there
          is no proceeding pending or threatened for the total or partial condemnation
          thereof nor is such a proceeding currently occurring;

         

        (xxiv)  Customary
          Provisions.
          The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including, (a) in the case of a Mortgage designated as
          a deed
          of trust, by trustee’s sale, and (b) otherwise by judicial foreclosure. The
          Mortgaged Property has not been subject to any bankruptcy proceeding or
          foreclosure proceeding and the Mortgagor has not filed for protection under
          applicable bankruptcy laws. There is no homestead or other exemption available
          to the Mortgagor which would interfere with the right to sell the Mortgaged
          Property at a trustee’s sale or the right to foreclose the Mortgage; The
          Mortgagor has not notified the Seller and the Seller has no knowledge of
          any
          relief requested or allowed to the Mortgagor under the Servicemembers Civil
          Relief Act;

         

        (xxv)  Appraisal.
          Unless
          otherwise set forth on the Mortgage Loan Schedule, the Mortgage File contains
          an
          appraisal of the related Mortgaged Property which, (a) with respect to
          First
          Lien Mortgage Loans, was on appraisal form 1004 or form 2055 with an interior
          inspection, or (b) with respect to Second Lien Mortgage Loans, was on appraisal
          form 704, 2065 or 2055 with an exterior only inspection, and (c) with respect
          to
          (a) or (b) above, was made and signed, prior to the approval of the Mortgage
          Loan application, by a qualified appraiser, duly appointed by a broker
          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 set forth under the Seller’s Underwriting Guidelines. 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;

         

        (xxvi)  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;

         

        (xxvii)  Construction
          or Rehabilitation of Mortgaged Property.
          No
          Mortgage Loan was made in connection with (a) the construction or rehabilitation
          of a Mortgaged Property or (b) facilitating the trade-in or exchange of
          a
          Mortgaged Property;

         

        (xxviii)   LTV;
          CLTV.
          The
          Loan-to-Value Ratio of any Mortgage Loan at origination was not more than
          100%
          and the CLTV of any Mortgage Loan at origination was not more than 100%;
          Each
          Mortgage Loan (other than any Mortgage Loan underwritten pursuant to the
          Seller’s Subprime Underwriting Guidelines) with an original Loan-to-Value Ratio
          at origination greater than 80% is and will be subject to a Primary Insurance
          Policy, issued by a Qualified Insurer, which insures that portion of the
          Mortgage Loan in excess of the portion of the Appraised Value of the Mortgaged
          Property as required by Fannie Mae. All provisions of such Primary Insurance
          Policy have been and are being complied with, such policy is in full force
          and
          effect, and all premiums due thereunder have been paid. Any Mortgage subject
          to
          any such Primary Insurance Policy obligates the Mortgagor thereunder to
          maintain
          such insurance and to pay all premiums and charges in connection therewith.
          The
          Mortgage Interest Rate for the Mortgage Loan does not include any such
          insurance
          premium. If a Mortgage Loan is identified on the Mortgage Loan Schedule
          as
          subject to a Lender Paid Mortgage Insurance Policy, such policy insures
          that
          portion of the Mortgage Loan set forth in the LPMI Policy. All provisions
          of any
          such LPMI Policy have been and are being complied with, such policy is
          in full
          force and effect, and all premiums due thereunder have been paid. The Mortgage
          Interest Rate for the Mortgage Loan does not include the insurance premium
          for
          any LPMI Policy;

         

        (xxix)   Occupancy
          of the Mortgaged Property.
          The
          Mortgaged Property is lawfully occupied under applicable law; all inspections,
          licenses and certificates required to be made or issued with respect to
          all
          occupied portions of the Mortgaged Property and, with respect to the use
          and
          occupancy of the same, including but not limited to certificates of occupancy
          and fire underwriting certificates, have been made or obtained from the
          appropriate authorities. No improvement located on or being part of any
          Mortgaged Property is in violation of any applicable zoning and subdivision
          law,
          ordinance or regulation;

         

        (xxx)  No
          Error, Omission, Fraud etc.
          No
          error, omission, misrepresentation, negligence, fraud or similar occurrence
          with
          respect to a Mortgage Loan has taken place on the part of any person, including
          without limitation the Mortgagor, any appraiser, any builder or developer,
          or
          any other party involved in the origination of the Mortgage Loan or in
          the
          application of any insurance in relation to such Mortgage Loan;

         

        (xxxi)  Consolidation
          of Advances; Lien Priority.
          Any
          principal advances made to the Mortgagor prior to the Cut-off Date have
          been
          consolidated with the outstanding principal amount secured by the Mortgage,
          and
          the secured principal amount, as consolidated, bears a single interest
          rate and
          single repayment term reflected on the Mortgage Loan Schedule. The lien
          of the
          Mortgage securing the consolidated principal amount is expressly insured
          as
          having (A) first lien priority with respect to each Mortgage Loan which
          is
          indicated by the Seller to be a First Lien (as reflected on the Mortgage
          Loan
          Schedule), or (B) second lien priority with respect to each Mortgage Loan
          which
          is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected
          on
          the Mortgage Loan Schedule), in either case, by a title insurance policy,
          an
          endorsement to the policy insuring the mortgagee’s consolidated interest or by
          other title evidence acceptable to Fannie Mae and Freddie Mac. The consolidated
          principal amount does not exceed the original principal amount of the Mortgage
          Loan;

         

        (xxxii)   Environmental
          Matters.
          The
          Mortgaged Property is in material compliance with all applicable environmental
          laws pertaining to environmental hazards including, without limitation,
          asbestos, and neither the Seller nor, to the Seller’s knowledge, the related
          Mortgagor, has received any notice of any violation or potential violation
          of
          such law;

         

        (xxxiii)   HOEPA.
          No
          Mortgage Loan is (a) subject to the provisions of the Homeownership and
          Equity
          Protection Act of 1994 as amended (“HOEPA”), or has an “annual percentage rate”
or “total points and fees” payable by the borrower (as each such term is defined
          under HOEPA) that equals or exceeds the applicable thresholds defined under
          HOEPA (Section 32 of Regulation Z, 12 C.F.R. Section 226.32(a0(1)(i) and
          (ii)),
          (b) a “high cost” mortgage loan, “covered” mortgage loan (excluding home loans
          defined as “covered home loans” in the New Jersey Home Ownership Security Act of
          2002 that were originated between November 26, 2003 and July 7, 2004),
“high
          risk home” 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, assignee
          liability to holders of such mortgage loans or additional legal liability
          for
          mortgage loans having high interest rates, points and/or fees, 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);

         

        (xxxiv)   Due-On-Sale.
          Each
          Mortgage contains an enforceable provision for the acceleration of the
          payment
          of the unpaid principal balance of the related Mortgage Loan in the event
          the
          related Mortgaged Property is sold or transferred without the prior consent
          of
          the mortgagee thereunder, to the extent not prohibited by applicable
          law;

         

        (xxxv)  Second
          Liens.
          With
          respect to each Mortgage Loan which is a Second Lien, (i) the related First
          Lien
          does not provide for negative amortization, (ii) either no consent for
          the
          Mortgage Loan is required by the holder of the First Lien or such consent
          has
          been obtained and is contained in the Mortgage File and (iii) such Second
          Lien
          is on a Residential Dwelling that is (or will be) the principal residence
          of the
          Mortgagor upon origination of the Second Lien; 

         

        (xxxvi)  Prepayment
          Charges in Mortgage Loan Documents.
          The
          Mortgage Loan Documents with respect to each Mortgage Loan subject to Prepayment
          Charges specifically authorizes such Prepayment Charges to be collected,
          such
          Prepayment Charges are permissible and enforceable in accordance with the
          terms
          of the related Mortgage Loan Documents and all applicable federal, state
          and
          local laws (except to the extent that the enforceability thereof may be
          limited
          by bankruptcy, insolvency, moratorium, receivership and other similar laws
          relating to creditors’ rights generally or the collectability thereof may be
          limited due to acceleration in connection with a foreclosure) and each
          Prepayment Charge was originated in compliance with all applicable federal,
          state and local laws;

         

        (xxxvii)  Compliance
          with Patriot Act.
          The
          Seller has complied with all applicable anti-money laundering laws and
          regulations, including without limitation the USA Patriot Act of 2001
          (collectively, the “Anti-Money Laundering Laws”). The Seller has established an
          anti-money laundering compliance program as required by the Anti-Money
          Laundering Laws, has conducted the requisite due diligence in connection
          with
          the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
          Laws, including with respect to the legitimacy of the applicable Mortgagor
          and
          the origin of the assets used by the said Mortgagor to purchase the property
          in
          question, and maintains, and will maintain, sufficient information to identify
          the applicable Mortgagor for purposes of the Anti-Money Laundering Laws;
          no
          Mortgage Loan is subject to nullification pursuant to Executive Order 13224
          (the
“Executive Order”) or the regulations promulgated by the Office of Foreign
          Assets Control of the United States Department of the Treasury (the “OFAC
          Regulations”) or in violation of the Executive Order or the OFAC Regulations,
          and no Mortgagor is subject to the provisions of such Executive Order or
          the
          OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
          Regulations; 

         

        (xxxviii)  MERS
          Mortgage Loans.
          With
          respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
          such MIN
          is accurately provided on the related Mortgage Loan Schedule. The related
          Assignment of Mortgage to MERS has been duly and properly recorded or has
          been
          delivered for recording to the applicable recording office. With respect
          to each
          MERS Mortgage Loan, the Seller has not received any notice of liens or
          legal
          actions with respect to such Mortgage Loan and no such notices have been
          electronically posted by MERS;

         

        (xxxix)  FACT
          Act.
          The
          sale or transfer of the Mortgage Loan by the Seller complies with all applicable
          federal, state, and local laws, rules, and regulations governing such sale
          or
          transfer, including, without limitation, the Fair and Accurate Credit
          Transactions Act (“FACT Act”) and the Fair Credit Reporting Act, each as may be
          amended from time to time, and the Seller has not received any actual or
          constructive notice of any identity theft, fraud, or other misrepresentation
          in
          connection with such Mortgage Loan or any party thereto.

         

        (xl)  Qualified
          Mortgage.
          Each
          Mortgage Loan constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of
          the Code and Treasury Regulation Section 1.860G-2(a)(1); 

         

        (xli)  Condos
          and PUDs.
          If the
          Residential Dwelling on the Mortgaged Property is a condominium unit or
          a unit
          in a planned unit development (other than a de minimis planned unit development)
          such condominium or planned unit development project meets the eligibility
          requirements of the Seller’s Underwriting Guidelines;

         

        (xlii)  Appraised
          Value.
          All
          improvements which were considered in determining the Appraised Value of
          the
          related Mortgaged Property lay wholly within the boundaries and building
          restriction lines of the Mortgaged Property, and no improvements on adjoining
          properties encroach upon the Mortgaged Property;

         

        (xliii)  No
          Additional Collateral.
          The
          Mortgage Note is not and has not been secured by any collateral except
          the lien
          of the corresponding Mortgage on the Mortgaged Property and the security
          interest of any applicable security agreement or chattel mortgage referred
          to in
          (xi) above;

         

        (xliv)  Buydown
          Mortgage Loans.
          No
          Mortgage Loan contains provisions pursuant to which Monthly Payments are
          (a)
          paid or partially paid with funds deposited in any separate account established
          by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (b)
          paid by
          any source other than the Mortgagor or (c) contains any other similar provisions
          which may constitute a “buydown” provision. 

         

        (xlv)  No
          Convertible Mortgage Loans; No Graduated Payments or Contingent
          Interests.
          No
          Mortgage Loan is a Convertible Mortgage Loan. The Mortgage Loan is not
          a
          graduated payment mortgage loan, and the Mortgage Loan does not have a
          shared
          appreciation or other contingent interest feature;

         

        (xlvi)  Disclosure
          Materials.
          The
          Mortgagor has executed one or more statements 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;

         

        (xlvii)  Recordation
          of Mortgages.
          Each
          original Mortgage was recorded and all subsequent assignments of the original
          Mortgage (other than the assignment to the Purchaser) have been recorded,
          or are
          in the process of being recorded, in the appropriate jurisdictions wherein
          such
          recordation is necessary to perfect the lien thereof as against creditors
          of the
          Seller. As to any Mortgage Loan which is not a MERS Mortgage Loan, the
          Assignment of Mortgage is in recordable form (except for the name of the
          assignee which is blank) and is acceptable for recording under the laws
          of the
          jurisdiction in which the Mortgaged Property is located;

         

        (xlviii)  Texas
          Refinance Loans.
          Each
          Mortgage Loan originated in the state of Texas pursuant to Article XVI,
          Section
          50(a)(6) of the Texas Constitution (a “Texas Refinance Loan”) has been
          originated in compliance with the provisions of Article XVI, Section 50(a)(6)
          of
          the Texas Constitution, Texas Civil Statutes and the Texas Finance Code.
          With
          respect to each Texas Refinance Loan that is a Cash Out Refinancing, the
          related
          Mortgage Loan Documents state that the Mortgagor may prepay such Texas
          Refinance
          Loan in whole or in part without incurring a Prepayment Charge. The Seller
          does
          not collect any such Prepayment Charges in connection with any such Texas
          Refinance Loan;

         

        (xlix)  Verification
          of Down Payment.
          Unless
          otherwise set forth on the Mortgage Loan Schedule, the source of the down
          payment with respect to each Mortgage Loan has been fully verified by the
          Seller;

         

        (l)  Tax
          Service Contracts.
          The
          Seller shall, at its own expense, cause each Mortgage Loan to be covered
          by a
“life of loan” Tax Service Contract which is assignable to the Purchaser or its
          designee at no cost to the Purchaser or its designee; provided however,
          that if
          the Seller fails to purchase such Tax Service Contract, the Seller shall
          be
          required to reimburse the Purchaser for all costs and expenses incurred
          by the
          Purchaser in connection with the purchase of any such Tax Service
          Contract;

         

        (li)  Flood
          Zone Service Contracts.
          Each
          Mortgage Loan is covered by a “life of loan” Flood Zone Service Contract which
          is assignable to the Purchaser or its designee at no cost to the Purchaser
          or
          its designee or, for each Mortgage Loan not covered by such Flood Zone
          Service
          Contract, the Seller agrees to purchase such Flood Zone Service
          Contract;

         

        (lii)  No
          Cooperatives; No Commercial Property; No Mixed Use Property, No Manufacture
          Housing.
          No
          Mortgage Loan is secured by cooperative housing, commercial property,
          manufactured housing, a mobile home or mixed use property;

         

        (liii)  Secondary
          Market Sales.
          Each
          Mortgage Loan is eligible for sale in the secondary market or for inclusion
          in a
          Securitization Transaction without unreasonable credit enhancement;

         

        (liv)  No
          Adverse Selection.
          No
          selection procedures were used by the Seller that identified the Mortgage
          Loans
          as being less desirable or valuable than other comparable mortgage loans
          in the
          Seller’s portfolio;

         

        (lv)  Georgia.
          No
          Mortgage Loan originated or modified on or after October 1, 2002 and prior
          to
          March 7, 2003 is secured by a Mortgaged Property located in the State of
          Georgia. No Mortgage Loan originated on or after March 7, 2003 is a “high cost
          home loan” as defined under the Georgia Fair Lending Act.

         

        (lvi)  New
          Jersey Manufactured Housing Loans.
          No
          Mortgage Loan is a “manufactured housing loan” pursuant to the NJ Act, and one
          hundred percent of the amount financed of any purchase money Second Lien
          Mortgage Loan subject to the NJ Act was used for the purchase of the related
          Mortgaged Property;

         

        (lvii)  Reserved;

         

        (lviii)  Ground
          Leases.
          With
          respect to each Mortgage Loan secured in whole or in part by the interest
          of the
          Mortgagor as a lessee under a ground lease of a Mortgaged Property (a “Ground
          Lease”) the real property securing such Mortgage Loan is located in a
          jurisdiction in which the use of leasehold estates for residential properties
          is
          a widely-accepted practice and:

         

        (a)  The
          Mortgagor is the owner of a valid and subsisting interest as tenant under
          the
          Ground Lease;

         

        (b)  The
          Ground Lease is in full force and effect, unmodified and not supplemented
          by any
          writing or otherwise;

         

        (c)  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;

         

        (d)  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;

         

        (e)  The
          term
          of the Ground Lease exceeds the maturity date of the related Loan by at
          least
          ten years;

         

        (f)  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;

         

        (g)  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; 

         

        (h)  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; and

         

        (i)  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.

         

        (lix)  Massachusetts
          Refinanced Mortgage Loans.
          No
          Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
          of
          Massachusetts was made to pay off or refinance an existing loan or other
          debt of
          the related borrower (as the term “borrower” is defined in the regulations
          promulgated by the Massachusetts Secretary of State in connection with
          Massachusetts House Bill 4880 (2004)) unless either (1) (a) the related
          Mortgage
          Interest Rate (that would be effective once the introductory rate expires,
          with
          respect to Adjustable Rate Mortgage Loans) did or would not exceed by more
          than
          2.25% the yield on United States Treasury securities having comparable
          periods
          of maturity to the maturity of the related Mortgage Loan as of the fifteenth
          day
          of the month immediately preceding the month in which the application for
          the
          extension of credit was received by the related lender or (b) the Mortgage
          Loan
          is an “open-end home loan” (as such term is used in the Massachusetts House Bill
          4880 (2004)) and the related Mortgage Note provides that the related Mortgage
          Interest Rate may not exceed at any time the Prime rate index as published
          in
          The Wall Street Journal plus a margin of one percent, or (2) such Mortgage
          Loan
          is in the "borrower's interest," as documented by a "borrower's interest
          worksheet" for the particular Mortgage Loan, which worksheet incorporates
          the
          factors set forth in Massachusetts House Bill 4880 (2004) and the regulations
          promulgated thereunder for determining "borrower's interest," and otherwise
          complies in all material respects with the laws of the Commonwealth of
          Massachusetts;

         

        (lx)  Broker
          Fees.
          The
          Mortgagor has not made or caused to be made any payment in the nature of
          an
“average” or “yield spread premium” to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

         

        (lxi)  Acceptable
          Investment.
          The
          Seller has no knowledge of any circumstances or condition with respect
          to the
          Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
          standing that can reasonably be expected to cause the Mortgage Loan to
          be an
          unacceptable investment to investors who invest in mortgage loans of the
          same
          type as the Mortgage Loan, 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;

         

        (lxii)  No
          Notification of Prepayments in Full.
          The
          Mortgage Loan was not prepaid in full prior to the Closing Date and the
          Seller
          has not received notification from a Mortgagor that a prepayment in full
          shall
          be made after the Closing Date;

         

        (lxiii)  Limitation
          on number of Mortgage Notes per Borrower.
          No
          Mortgagor is the obligor on more than ten Mortgage Notes;

         

        (lxiv)  Prepayment
          Charges.
          With
          respect to any Mortgage Loan that contains a provision permitting imposition
          of
          a Prepayment Charge upon a Principal Prepayment prior to maturity: (i)
          prior to
          the Mortgage Loan’s origination, the Mortgagor agreed to such Prepayment Charge
          in exchange for a monetary benefit, including but not limited to a Mortgage
          Interest Rate or fee reduction, (ii) the Seller offers an identical product
          that
          does not require payment of a Prepayment Charge, (iii) the Prepayment Charge
          is
          disclosed to the Mortgagor in the Mortgage Loan Documents pursuant to state
          and
          federal law applicable to the Mortgage Loan, (iv) for Mortgage Loans originated
          on or after October 1, 2002, the duration of the prepayment period shall
          not
          exceed three (3) years from the date of the Mortgage Note, unless the Mortgage
          Loan was modified to reduce the prepayment period to no more than three
          years
          from the date of the Mortgage Note and the Mortgagor was notified in writing
          of
          such reduction in the prepayment period, and (v) no Mortgage Loan originated
          prior to October 1, 2002 has a Prepayment Charge longer than five years.
          Each
          Prepayment Charge is permissible, collectable and enforceable in accordance
          with
          its terms.

         

        (lxv)  No
          Predatory Lending.
          No
          predatory, abusive or deceptive lending practices as determined under applicable
          law, 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 customary in the mortgage origination
          and
          servicing industry. No Mortgagor was encouraged or required to select a
          Mortgage
          Loan product offered by the Mortgage Loan’s originator which is a higher cost
          product designed for less creditworthy borrowers, unless at the time of
          the
          Mortgage Loan’s origination, such Mortgagor did not qualify taking into account
          credit history and debt to income ratios for a lower cost credit product
          then
          offered by the Mortgage Loan’s originator or any affiliate of the Mortgage
          Loan’s originator. If, at the time of the related loan application, the
          Mortgagor may have qualified for a lower cost credit product then offered
          by any
          mortgage lending affiliate of the Mortgage Loan’s originator, the Mortgage
          Loan’s originator referred the Mortgagor’s application to such affiliate for
          underwriting consideration; 

         

        (lxvi)  Underwriting
          Methodology.
          The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          employs objective mathematical principles which relate the Mortgagor’s income,
          credit history, assets and liabilities to the proposed payment and such
          underwriting methodology did and 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)  Points
          and Fees Disclosed.
          All
          points, fees and charges, including finance charges (whether or not financed,
          assessed, collected or to be collected), in connection with the origination
          and
          servicing of any Mortgage Loan were disclosed in writing to the related
          Mortgagor in accordance with applicable state and federal law and regulation
          and
          no related Mortgagor was charged “points and fees” (whether or not financed) in
          an amount that exceeds the greater of (1) 6% of the principal amount of
          such
          loan or (2) $1,000. For the purposes of this representation, “points and fees”
(a) include origination, underwriting, broker and finder’s fees and charges that
          the lender imposed as a condition of making the Mortgage Loan, whether
          they are
          paid to the lender or a third party; and (b) exclude bona fide discount
          points,
          fees paid for actual services rendered in connection with the origination
          of the
          Mortgage Loan (such as attorneys’ fees, notaries fees and fees paid for property
          appraisals, credit reports, surveys, title examinations and extracts, flood
          and
          tax certifications, and home inspections) and the cost of mortgage insurance
          or
          credit-risk price adjustments; the costs of title, hazard, and flood insurance
          policies; state and local transfer taxes or fees; escrow deposits for the
          future
          payment of taxes and insurance premiums; and other miscellaneous fees and
          charges that, in total, do not exceed 0.25 percent of the loan
          amount);
          

         

        (lxviii)  Full
          File Credit Reporting (Fannie Mae).
          The
          Seller will transmit full-file credit reporting data for each Mortgage
          Loan 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;

         

        (lxix)  No
          Credit Life Policies.
          No
          Mortgagor was required to purchase any single premium credit insurance
          policy
          (e.g. life, mortgage, disability, accident, unemployment, or health insurance
          product) or debt cancellation agreement as a condition of obtaining the
          extension of credit. No Mortgagor obtained a prepaid single premium credit
          insurance policy (e.g. life, mortgage, disability, accident, unemployment,
          or
          health insurance product) in connection with the origination of the Mortgage
          Loan, and no proceeds from any Mortgage Loan were used to purchase
          single-premium credit insurance policies or debt cancellation agreements
          as part
          of the origination of, or as a condition to closing, such Mortgage Loan;
          

         

        (lxx)  Full
          File Credit Reporting (Past Practice; Future Practice).
          The
          Seller and any predecessor servicer has fully furnished, in accordance
          with the
          Fair Credit Reporting Act and its implementing regulations, accurate and
          complete information (e.g., favorable and unfavorable) on its borrower
          credit
          files to Equifax 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 and Trans Credit Information Company (three
          of
          the credit repositories), on a monthly basis; and

         

        (lxxi)  No
          Arbitration.
          With
          respect to each Mortgage Loan, neither the related Mortgage nor the related
          Mortgage Note requires the Mortgagor to submit to arbitration to resolve
          any
          dispute arising out of or relating in any way to the Mortgage Loan; No
          Mortgagor
          agreed to submit to arbitration to resolve any dispute arising out of or
          relating in any way to the Mortgage Loan.

         

        

        EXHIBIT
          D

         

        Representation
          and Warranties with Respect to the Master Financial Mortgage
          Loans

         

        Except
          for “Mortgage Loans”, which shall mean the Master Financial 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 Mandalay Servicing
          Agreement.

         

        (i)  Mortgage
          Loans as Described.
          The
          information set forth in the related Mortgage Loan Schedule and the Mortgage
          Loan data delivered to the Purchaser in the Data File is complete, true
          and
          correct. The Mortgage Loan is in compliance with all requirements set forth
          in
          the related Confirmation, and the characteristics of the related Mortgage
          Loan
          Package as set forth in the related Confirmation are true and
          correct;

         

        (ii)  Payments
          Current.
          All
          payments required to be made up to the close of business on the Closing
          Date for
          such Mortgage Loan under the terms of the Mortgage Note have been made;
          the
          Seller has not advanced funds, or induced, solicited or knowingly received
          any
          advance of funds from a party other than the owner of the related Mortgaged
          Property, directly or indirectly, for the payment of any amount required
          by the
          Mortgage Note or Mortgage. There has been no delinquency, exclusive of
          any
          period of grace, in any payment by the Mortgagor thereunder since the
          origination of the Mortgage Loan;

         

        (iii)  No
          Outstanding Charges.
          There
          are no delinquent taxes, ground rents, water charges, sewer rents, assessments,
          insurance premiums, leasehold payments, including assessments payable in
          future
          installments or other outstanding charges affecting the related Mortgaged
          Property;

         

        (iv)  Location
          and Type of Mortgaged Property.
          The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and is improved by a Residential Dwelling;

         

        (v)  Original
          Terms Unmodified.
          The
          terms of the Mortgage Note and the Mortgage have not been impaired, waived,
          altered or modified in any respect, except by written instruments, recorded
          in
          the applicable public recording office or registered with the MERS System
          if
          necessary to maintain the lien priority of the Mortgage, and which have
          been
          delivered to the Purchaser; the substance of any such waiver, alteration
          or
          modification has been approved by the insurer under the Primary Insurance
          Policy
          or LPMI Policy, if any, and the title insurer, to the extent required by
          the
          related policy, and is reflected on the related Mortgage Loan Schedule.
          No
          instrument of waiver, alteration or modification has been executed, and
          no
          Mortgagor has been released, in whole or in part, except in connection
          with an
          assumption agreement approved by the insurer under the Primary Insurance
          Policy
          or LPMI Policy, if any, the title insurer, to the extent required by the
          policy,
          and which assumption agreement has been delivered to the Purchaser and
          the terms
          of which are reflected in the related Mortgage Loan Schedule;

         

        (vi)  No
          Defenses.
          The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set
          off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and/or the Mortgage,
          or the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any right of rescission, set off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set
          off, counterclaim or defense has been asserted with respect
          thereto;

         

        (vii)  Conformance
          with Underwriting Guidelines and Agency Standards.
          The
          Mortgage Loan was underwritten in accordance with the Underwriting Guidelines
          of
          the Seller in effect at the time the Mortgage Loan was originated; and
          the
          Mortgage Note and Mortgage are on forms acceptable to Fannie Mae and Freddie
          Mac;

         

        (viii)  Hazard
          Insurance.
          All
          buildings upon the Mortgaged Property are insured by a Qualified Insurer
          acceptable to Fannie Mae and Freddie Mac against loss by fire, hazards
          of
          extended coverage and such other hazards as are customary in the area where
          the
          Mortgaged Property is located, in an amount not less than the lesser of
          (i) 100%
          of the replacement cost of all improvements to the Mortgaged Property and
          (ii)
          either (A) the outstanding principal balance of the Mortgage Loan with
          respect
          to each first lien Mortgage Loan or (B) with respect to each Second Lien
          Mortgage Loan, the sum of the outstanding principal balance of the related
          first
          lien mortgage loan and the outstanding principal balance of the Second
          Lien
          Mortgage Loan; provided, however, in no event shall the amount of insurance
          be
          less than the amount necessary to avoid the operation of any co-insurance
          provisions with respect to the Mortgaged Property. All such insurance policies
          contain a standard mortgagee clause naming the Seller, its successors and
          assigns as mortgagee and all premiums thereon have been paid. If the Mortgaged
          Property is in an area identified on a Flood Hazard Map or Flood Insurance
          Rate
          Map issued by the Federal Emergency Management Agency as having special
          flood
          hazards (and such flood insurance has been made available) a flood insurance
          policy meeting the requirements of the current guidelines of the Federal
          Insurance Administration is in effect which policy conforms to the requirements
          of Fannie Mae and Freddie Mac. The Mortgage obligates the Mortgagor thereunder
          to maintain all such insurance at the Mortgagor’s cost and expense, and on the
          Mortgagor’s failure to do so, authorizes the holder of the Mortgage to maintain
          such insurance at Mortgagor’s cost and expense and to seek reimbursement
          therefor from the Mortgagor;

         

        (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, fair housing, disclosure laws
          and
          all predatory, abusive and fair lending laws applicable to the origination
          and
          servicing of mortgage loans of a type similar to the Mortgage Loans have
          been
          complied with and the consummation of the transactions contemplated hereby
          will
          not involve the violation of any such laws, and the Seller shall maintain
          in its
          possession, available for the inspection of the Purchaser or its designee,
          and
          shall deliver to the Purchaser or its designee, upon two Business Days’ request,
          evidence of compliance with such requirements;

         

        (x)  No
          Satisfaction of Mortgage.
          The
          Mortgage has not been satisfied, cancelled, subordinated or rescinded,
          in whole
          or in part, and the Mortgaged Property has not been released from the lien
          of
          the Mortgage, in whole or in part, nor has any instrument been executed
          that
          would effect any such satisfaction, cancellation, subordination, rescission
          or
          release;

         

        (xi)  Valid
          Lien.
          The
          related Mortgage is properly recorded and is a valid, existing and enforceable
          (A) first lien and first priority security interest with respect to each
          Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected
          on the Mortgage Loan Schedule), or (B) second lien and second priority
          security
          interest with respect to each Mortgage Loan which is indicated by the Seller
          to
          be a Second Lien (as reflected on the Mortgage Loan Schedule), in either
          case,
          on the Mortgaged Property, including all improvements on the Mortgaged
          Property
          subject only to (a) the lien of current real property taxes and assessments
          not
          yet due and payable, (b) covenants, conditions and restrictions, rights
          of way,
          easements and other matters of the public record as of the date of recording
          being acceptable to mortgage lending institutions generally and specifically
          referred to in the lender’s title insurance policy delivered to the originator
          of the Mortgage Loan and which do not adversely affect the Appraised Value
          of
          the Mortgaged Property, (c) other matters to which like properties are
          commonly
          subject which do not materially interfere with the benefits of the security
          intended to be provided by the Mortgage or the use, enjoyment, value or
          marketability of the related Mortgaged Property and (d) with respect to
          each
          Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage
          Loan
          (as reflected on the Mortgage Loan Schedule) a First Lien on the Mortgaged
          Property. Any security agreement, chattel mortgage or equivalent document
          related to and delivered in connection with the Mortgage Loan establishes
          and
          creates a valid, existing and enforceable (A) first lien and first priority
          security interest with respect to each Mortgage Loan which is indicated
          by the
          Seller to be a First Lien (as reflected on the Mortgage Loan Schedule)
          or (B)
          second lien and second priority security interest with respect to each
          Mortgage
          Loan which is indicated by the Seller to be a Second Lien Mortgage Loan
          (as
          reflected on the Mortgage Loan Schedule), in either case, on the property
          described therein and the Seller has full right to sell and assign the
          same to
          the Purchaser. The Mortgaged Property was not, as of the date of origination
          of
          the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure
          debt or
          other security instrument creating a lien subordinate to the lien of the
          Mortgage;

         

        (xii)  Validity
          of Mortgage Loan Documents.
          The
          Mortgage Note and the related Mortgage are genuine and each is the legal,
          valid
          and binding obligation of the maker thereof, enforceable in accordance
          with its
          terms;

         

        (xiii)  Legal
          Capacity.
          All
          parties to the Mortgage Note and the Mortgage had legal capacity to enter
          into
          the Mortgage Loan and to execute and deliver the Mortgage Note and the
          Mortgage,
          and the Mortgage Note and the Mortgage have been duly and properly executed
          by
          such parties. The Mortgagor is a natural person;

         

        (xiv)  Full
          Disbursement of Proceeds.
          The
          proceeds of the Mortgage Loan have been fully disbursed to or for the account
          of
          the Mortgagor and there is no obligation for the Mortgagee to advance additional
          funds thereunder and any and all requirements as to completion of any on-site or
          off-site improvement and as to disbursements of any escrow funds therefor
          have
          been complied with. All costs, fees and expenses incurred in making or
          closing
          the Mortgage Loan and the recording of the Mortgage have been paid, and
          the
          Mortgagor is not entitled to any refund of any amounts paid or due to the
          Mortgagee pursuant to the Mortgage Note or Mortgage;

         

        (xv)  Ownership.
          The
          Seller is the sole legal, beneficial and equitable owner of the Mortgage
          Note
          and the Mortgage. The Seller has full right and authority under all governmental
          and regulatory bodies having jurisdiction over such Seller, subject to
          no
          interest or participation of, or agreement with, any party, to transfer
          and sell
          the Mortgage Loan to the Purchaser pursuant to this Agreement free and
          clear of
          any encumbrance or right of others, equity, lien, pledge, charge, mortgage,
          claim, participation interest or security interest of any nature (collectively,
          a “Lien”); and immediately upon the transfers and assignments herein
          contemplated, the Seller shall have transferred and sold all of its right,
          title
          and interest in and to each Mortgage Loan and the Purchaser will hold good,
          marketable and indefeasible title to, and be the owner of, each Mortgage
          Loan
          subject to no Lien;

         

        (xvi)  Doing
          Business.
          All
          parties which have had any interest in the Mortgage Loan, whether as originator,
          mortgagee, assignee, pledgee or otherwise, are (or, during the period in
          which
          they held and disposed of such interest, were): (A) organized under the
          laws of
          such state, or (B) qualified to do business in such state, or (C) federal
          savings and loan associations or national banks having principal offices
          in such
          state, or (D) not doing business in such state so as to require qualification
          or
          licensing, or (E) not otherwise required to be licensed in such state.
          All
          parties which have had any interest in the Mortgage Loan were in compliance
          with
          any and all applicable “doing business” and licensing requirements of the laws
          of the state wherein the Mortgaged Property is located or were not required
          to
          be licensed in such state;

         

        (xvii)  Title
          Insurance.
          The
          Mortgage Loan is covered by an American Land Title Association (“ALTA”) ALTA
          lender’s title insurance policy acceptable to Fannie Mae and Freddie Mac (which,
          in the case of an Adjustable Rate Mortgage Loan has an adjustable rate
          mortgage
          endorsement in the form of ALTA 6.0 or 6.1), issued by a title insurer
          acceptable to Fannie Mae and Freddie Mac and qualified to do business in
          the
          jurisdiction where the Mortgaged Property is located, insuring (subject
          to the
          exceptions contained above in (xi)(a) and (b) and, with respect to each
          Mortgage
          Loan which is indicated by the Seller to be a Second Lien Mortgage Loan
          (as
          reflected on the Mortgage Loan Schedule) clause (d)) the Seller, its successors
          and assigns as to the first priority lien of the Mortgage in the original
          principal amount of the Mortgage Loan and, with respect to any Adjustable
          Rate
          Mortgage Loan, against any loss by reason of the invalidity or unenforceability
          of the lien resulting from the provisions of the Mortgage providing for
          adjustment in the Mortgage Interest Rate and Monthly Payment. Additionally,
          such
          lender’s title insurance policy affirmatively insures ingress and egress to and
          from the Mortgaged Property, and against encroachments by or upon the Mortgaged
          Property or any interest therein. The Seller is the sole insured of such
          lender’s title insurance policy, and such lender’s title insurance policy is in
          full force and effect and will be in full force and effect upon the consummation
          of the transactions contemplated by this Agreement. No claims have been
          made
          under such lender’s title insurance policy, and no prior holder of the related
          Mortgage, including the Seller, has done, by act or omission, anything
          which
          would impair the coverage of such lender’s title insurance policy;

         

        (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 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)  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;

         

        (xx)  Origination.
          The
          Mortgage Loan was originated by the Seller or by a savings and loan association,
          a savings bank, a commercial bank or similar banking institution which
          is
          supervised and examined by a federal or state authority, or by a mortgagee
          approved as such by the Secretary of HUD;

         

        (xxi)  Payment
          Terms.
          Payments on the Mortgage Loan shall commence (with respect to any newly
          originated Mortgage Loans) or commenced no more than sixty days after the
          proceeds of the Mortgage Loan were disbursed. The Mortgage Loan bears interest
          at the Mortgage Interest Rate. With respect to each Mortgage Loan, the
          Mortgage
          Note is payable on the first day of each month in Monthly Payments, which,
          (A)
          in the case of a Fixed Rate Mortgage Loan, are sufficient to fully amortize
          the
          original principal balance over the original term thereof (other than with
          respect to a Mortgage Loan identified on the related Mortgage Loan Schedule
          as
          an interest-only Mortgage Loan during the interest-only period or a Mortgage
          Loan which is identified on the related Mortgage Loan Schedule as a Balloon
          Mortgage Loan) and to pay interest at the related Mortgage Interest Rate,
          and
          (B) in the case of an Adjustable Rate Mortgage Loan, are changed on each
          Adjustment Date, and in any case, are sufficient to fully amortize the
          original
          principal balance over the original term thereof (other than with respect
          to a
          Mortgage Loan identified on the related Mortgage Loan Schedule as an
          interest-only Mortgage Loan during the interest-only period or a Mortgage
          Loan
          which is identified on the related Mortgage Loan Schedule as a Balloon
          Mortgage
          Loan) and to pay interest at the related Mortgage Interest Rate. The Index
          for
          each Adjustable Rate Mortgage Loan is as defined in the related Mortgage
          Loan
          Schedule. With respect to each Mortgage Loan identified on the Mortgage
          Loan
          Schedule as an interest-only Mortgage Loan, the interest-only period shall
          not
          exceed the period specified on the Mortgage Loan Schedule and following
          the
          expiration of such interest-only period, the remaining Monthly Payments
          shall be
          sufficient to fully amortize the original principal balance over the remaining
          term of the Mortgage Loan. With respect to each Balloon Mortgage Loan,
          the
          Mortgage Note requires a monthly payment which is sufficient to fully amortize
          the original principal balance over the original term thereof and to pay
          interest at the related Mortgage Interest Rate and requires a final Monthly
          Payment substantially greater than the preceding monthly payment which
          is
          sufficient to repay the remaining unpaid principal balance of the Balloon
          Mortgage Loan as of the Due Date of such Monthly Payment. No Balloon Mortgage
          Loan has an original stated maturity of less than seven (7) years. The
          Mortgage
          Note does not permit negative amortization. No Mortgage Loan had an original
          term to maturity of more than thirty (30) years;

         

        (xxii)  Origination
          and Collection Practices; Escrow Deposits.
          The
          origination, servicing and collection practices used by the Seller with
          respect
          to each Mortgage Note and Mortgage, including without limitation the
          establishment, maintenance and servicing of the Escrow Accounts and Escrow
          Payments, if any, since origination have been in all respects legal, proper,
          prudent and customary in the mortgage origination and servicing industry.
          The
          Mortgage Loan has been serviced by the Seller and any predecessor servicer
          in
          accordance with all applicable laws, rules and regulations, the terms of
          the
          Mortgage Note and Mortgage, and the Fannie Mae and Freddie Mac servicing
          guides.
          With respect to escrow deposits and Escrow Payments (other than with respect
          to
          each Mortgage Loan which is indicated by the Seller to be a Second Lien
          Mortgage
          Loan and for which the mortgagee under the First Lien is collecting Escrow
          Payments (as reflected on the Mortgage Loan Schedule)), if any, all such
          payments are in the possession of, or under the control of, the Seller
          and there
          exist no deficiencies in connection therewith for which customary arrangements
          for repayment thereof have not been made. No escrow deposits or Escrow
          Payments
          or other charges or payments due the Seller have been capitalized under
          any
          Mortgage or the related Mortgage Note and no such escrow deposits or Escrow
          Payments are being held by the Seller for any work on a Mortgaged Property
          which
          has not been completed;

         

        (xxiii)  Mortgaged
          Property Undamaged.
          The
          Mortgaged Property is free of damage and waste and is in good repair, and
          there
          is no proceeding pending or threatened for the total or partial condemnation
          thereof nor is such a proceeding currently occurring;

         

        (xxiv)  Customary
          Provisions.
          The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including, (a) in the case of a Mortgage designated as
          a deed
          of trust, by trustee’s sale, and (b) otherwise by judicial foreclosure. The
          Mortgaged Property has not been subject to any bankruptcy proceeding or
          foreclosure proceeding and the Mortgagor has not filed for protection under
          applicable bankruptcy laws. There is no homestead or other exemption available
          to the Mortgagor which would interfere with the right to sell the Mortgaged
          Property at a trustee’s sale or the right to foreclose the Mortgage; The
          Mortgagor has not notified the Seller and the Seller has no knowledge of
          any
          relief requested or allowed to the Mortgagor under the Servicemembers Civil
          Relief Act;

         

        (xxv)  Appraisal.
          Unless
          otherwise set forth on the Mortgage Loan Schedule, the Mortgage File contains
          an
          appraisal of the related Mortgaged Property which, (a) with respect to
          First
          Lien Mortgage Loans, was on appraisal form 1004 or form 2055 with an interior
          inspection, or (b) with respect to Second Lien Mortgage Loans, was on appraisal
          form 704, 2065 or 2055 with an exterior only inspection, and (c) with respect
          to
          (a) or (b) above, was made and signed, prior to the approval of the Mortgage
          Loan application, by a qualified appraiser, duly appointed by the Seller,
          who
          had no interest, direct or indirect in the Mortgaged Property or in any
          loan
          made on the security thereof, whose compensation is not affected by the
          approval
          or disapproval of the Mortgage Loan and who met the minimum qualifications
          of
          Fannie Mae and Freddie Mac. Each appraisal of the Mortgage Loan was made
          in
          accordance with the relevant provisions of the Financial Institutions Reform,
          Recovery, and Enforcement Act of 1989;

         

        (xxvi)  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;

         

        (xxvii)  Construction
          or Rehabilitation of Mortgaged Property.
          No
          Mortgage Loan was made in connection with (a) the construction or rehabilitation
          of a Mortgaged Property or (b) facilitating the trade-in or exchange of
          a
          Mortgaged Property;

         

        (xxviii)   LTV;
          CLTV.
          The
          Loan-to-Value Ratio of any Mortgage Loan at origination was not more than
          95%
          and the CLTV of any Mortgage Loan at origination was not more than 100%;
          Each
          Mortgage Loan (other than any Mortgage Loan underwritten pursuant to the
          Seller’s Subprime Underwriting Guidelines) with an original Loan-to-Value Ratio
          at origination greater than 80% is and will be subject to a Primary Insurance
          Policy, issued by a Qualified Insurer, which insures that portion of the
          Mortgage Loan in excess of the portion of the Appraised Value of the Mortgaged
          Property as required by Fannie Mae. All provisions of such Primary Insurance
          Policy have been and are being complied with, such policy is in full force
          and
          effect, and all premiums due thereunder have been paid. Any Mortgage subject
          to
          any such Primary Insurance Policy obligates the Mortgagor thereunder to
          maintain
          such insurance and to pay all premiums and charges in connection therewith.
          The
          Mortgage Interest Rate for the Mortgage Loan does not include any such
          insurance
          premium. If a Mortgage Loan is identified on the Mortgage Loan Schedule
          as
          subject to a Lender Paid Mortgage Insurance Policy, such policy insures
          that
          portion of the Mortgage Loan set forth in the LPMI Policy. All provisions
          of any
          such LPMI Policy have been and are being complied with, such policy is
          in full
          force and effect, and all premiums due thereunder have been paid. The Mortgage
          Interest Rate for the Mortgage Loan does not include the insurance premium
          for
          any LPMI Policy;

         

        (xxix)   Occupancy
          of the Mortgaged Property.
          The
          Mortgaged Property is lawfully occupied under applicable law; all inspections,
          licenses and certificates required to be made or issued with respect to
          all
          occupied portions of the Mortgaged Property and, with respect to the use
          and
          occupancy of the same, including but not limited to certificates of occupancy
          and fire underwriting certificates, have been made or obtained from the
          appropriate authorities. No improvement located on or being part of any
          Mortgaged Property is in violation of any applicable zoning and subdivision
          law,
          ordinance or regulation;

         

        (xxx)  No
          Error, Omission, Fraud etc.
          No
          error, omission, misrepresentation, negligence, fraud or similar occurrence
          with
          respect to a Mortgage Loan has taken place on the part of any person, including
          without limitation the Mortgagor, any appraiser, any builder or developer,
          or
          any other party involved in the origination of the Mortgage Loan or in
          the
          application of any insurance in relation to such Mortgage Loan;

         

        (xxxi)  Consolidation
          of Advances; Lien Priority.
          Any
          principal advances made to the Mortgagor prior to the Cut-off Date have
          been
          consolidated with the outstanding principal amount secured by the Mortgage,
          and
          the secured principal amount, as consolidated, bears a single interest
          rate and
          single repayment term reflected on the Mortgage Loan Schedule. The lien
          of the
          Mortgage securing the consolidated principal amount is expressly insured
          as
          having (A) first lien priority with respect to each Mortgage Loan which
          is
          indicated by the Seller to be a First Lien (as reflected on the Mortgage
          Loan
          Schedule), or (B) second lien priority with respect to each Mortgage Loan
          which
          is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected
          on
          the Mortgage Loan Schedule), in either case, by a title insurance policy,
          an
          endorsement to the policy insuring the mortgagee’s consolidated interest or by
          other title evidence acceptable to Fannie Mae and Freddie Mac. The consolidated
          principal amount does not exceed the original principal amount of the Mortgage
          Loan;

         

        (xxxii)   Environmental
          Matters.
          The
          Mortgaged Property is in material compliance with all applicable environmental
          laws pertaining to environmental hazards including, without limitation,
          asbestos, and neither the Seller nor, to the Seller’s knowledge, the related
          Mortgagor, has received any notice of any violation or potential violation
          of
          such law;

         

        (xxxiii)   HOEPA.
          No
          Mortgage Loan is (a) subject to the provisions of the Homeownership and
          Equity
          Protection Act of 1994 as amended (“HOEPA”), or has an “annual percentage rate”
or “total points and fees” payable by the borrower (as each such term is defined
          under HOEPA) that equals or exceeds the applicable thresholds defined under
          HOEPA (Section 32 of Regulation Z, 12 C.F.R. Section 226.32(a0(1)(i) and
          (ii)),
          (b) a “high cost” mortgage loan, “covered” mortgage loan (excluding home loans
          defined as “covered home loans” in the New Jersey Home Ownership Security Act of
          2002 that were originated between November 26, 2003 and July 7, 2004),
“high
          risk home” 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, assignee
          liability to holders of such mortgage loans or additional legal liability
          for
          mortgage loans having high interest rates, points and/or fees, 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);

         

        (xxxiv)   Due-On-Sale.
          Each
          Mortgage contains an enforceable provision for the acceleration of the
          payment
          of the unpaid principal balance of the related Mortgage Loan in the event
          the
          related Mortgaged Property is sold or transferred without the prior consent
          of
          the mortgagee thereunder;

         

        (xxxv)  Second
          Liens.
          With
          respect to each Mortgage Loan which is a Second Lien, (i) the related First
          Lien
          does not provide for negative amortization, (ii) either no consent for
          the
          Mortgage Loan is required by the holder of the First Lien or such consent
          has
          been obtained and is contained in the Mortgage File and (iii) such Second
          Lien
          is on a Residential Dwelling that is (or will be) the principal residence
          of the
          Mortgagor upon origination of the Second Lien; 

         

        (xxxvi)  Prepayment
          Charges in Mortgage Loan Documents.
          The
          Mortgage Loan Documents with respect to each Mortgage Loan subject to Prepayment
          Charges specifically authorizes such Prepayment Charges to be collected,
          such
          Prepayment Charges are permissible and enforceable in accordance with the
          terms
          of the related Mortgage Loan Documents and all applicable federal, state
          and
          local laws (except to the extent that the enforceability thereof may be
          limited
          by bankruptcy, insolvency, moratorium, receivership and other similar laws
          relating to creditors’ rights generally or the collectability thereof may be
          limited due to acceleration in connection with a foreclosure) and each
          Prepayment Charge was originated in compliance with all applicable federal,
          state and local laws;

         

        (xxxvii)  Compliance
          with Patriot Act.
          The
          Seller has complied with all applicable anti-money laundering laws and
          regulations, including without limitation the USA Patriot Act of 2001
          (collectively, the “Anti-Money Laundering Laws”). The Seller has established an
          anti-money laundering compliance program as required by the Anti-Money
          Laundering Laws, has conducted the requisite due diligence in connection
          with
          the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
          Laws, including with respect to the legitimacy of the applicable Mortgagor
          and
          the origin of the assets used by the said Mortgagor to purchase the property
          in
          question, and maintains, and will maintain, sufficient information to identify
          the applicable Mortgagor for purposes of the Anti-Money Laundering Laws;
          no
          Mortgage Loan is subject to nullification pursuant to Executive Order 13224 (the
          “Executive Order”) or the regulations promulgated by the Office of Foreign
          Assets Control of the United States Department of the Treasury (the “OFAC
          Regulations”) or in violation of the Executive Order or the OFAC Regulations,
          and no Mortgagor is subject to the provisions of such Executive Order or
          the
          OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
          Regulations; 

         

        (xxxviii)  MERS
          Mortgage Loans.
          With
          respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
          such MIN
          is accurately provided on the related Mortgage Loan Schedule. The related
          Assignment of Mortgage to MERS has been duly and properly recorded or has
          been
          delivered for recording to the applicable recording office. With respect
          to each
          MERS Mortgage Loan, the Seller has not received any notice of liens or
          legal
          actions with respect to such Mortgage Loan and no such notices have been
          electronically posted by MERS;

         

        (xxxix)  FACT
          Act.
          The
          sale or transfer of the Mortgage Loan by the Seller complies with all applicable
          federal, state, and local laws, rules, and regulations governing such sale
          or
          transfer, including, without limitation, the Fair and Accurate Credit
          Transactions Act (“FACT Act”) and the Fair Credit Reporting Act, each as may be
          amended from time to time, and the Seller has not received any actual or
          constructive notice of any identity theft, fraud, or other misrepresentation
          in
          connection with such Mortgage Loan or any party thereto.

         

        (xl)  Qualified
          Mortgage.
          Each
          Mortgage Loan constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of
          the Code and Treasury Regulation Section 1.860G-2(a)(1); 

         

        (xli)  Condos
          and PUDs.
          If the
          Residential Dwelling on the Mortgaged Property is a condominium unit or
          a unit
          in a planned unit development (other than a de minimis planned unit development)
          such condominium or planned unit development project meets the eligibility
          requirements of Fannie Mae and Freddie Mac;

         

        (xlii)  Appraised
          Value.
          All
          improvements which were considered in determining the Appraised Value of
          the
          related Mortgaged Property lay wholly within the boundaries and building
          restriction lines of the Mortgaged Property, and no improvements on adjoining
          properties encroach upon the Mortgaged Property;

         

        (xliii)  No
          Additional Collateral.
          The
          Mortgage Note is not and has not been secured by any collateral except
          the lien
          of the corresponding Mortgage on the Mortgaged Property and the security
          interest of any applicable security agreement or chattel mortgage referred
          to in
          (xi) above;

         

        (xliv)  Buydown
          Mortgage Loans.
          No
          Mortgage Loan contains provisions pursuant to which Monthly Payments are
          (a)
          paid or partially paid with funds deposited in any separate account established
          by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (b)
          paid by
          any source other than the Mortgagor or (c) contains any other similar provisions
          which may constitute a “buydown” provision. 

         

        (xlv)  No
          Convertible Mortgage Loans; No Graduated Payments or Contingent
          Interests.
          No
          Mortgage Loan is a Convertible Mortgage Loan. The Mortgage Loan is not
          a
          graduated payment mortgage loan, and the Mortgage Loan does not have a
          shared
          appreciation or other contingent interest feature;

         

        (xlvi)  Disclosure
          Materials.
          The
          Mortgagor has executed a statement to the effect that the Mortgagor has
          received
          all disclosure materials required by applicable law with respect to the
          making
          of fixed rate mortgage loans in the case of Fixed Rate Mortgage Loans,
          and
          adjustable rate mortgage loans in the case of Adjustable Rate Mortgage
          Loans and
          rescission materials with respect to Refinanced Mortgage Loans, and such
          statement is and will remain in the Mortgage File;

         

        (xlvii)  Recordation
          of Mortgages.
          Each
          original Mortgage was recorded and all subsequent assignments of the original
          Mortgage (other than the assignment to the Purchaser) have been recorded,
          or are
          in the process of being recorded, in the appropriate jurisdictions wherein
          such
          recordation is necessary to perfect the lien thereof as against creditors
          of the
          Seller. As to any Mortgage Loan which is not a MERS Mortgage Loan, the
          Assignment of Mortgage is in recordable form (except for the name of the
          assignee which is blank) and is acceptable for recording under the laws
          of the
          jurisdiction in which the Mortgaged Property is located;

         

        (xlviii)  Texas
          Refinance Loans.
          Each
          Mortgage Loan originated in the state of Texas pursuant to Article XVI,
          Section
          50(a)(6) of the Texas Constitution (a “Texas Refinance Loan”) has been
          originated in compliance with the provisions of Article XVI, Section 50(a)(6)
          of
          the Texas Constitution, Texas Civil Statutes and the Texas Finance Code.
          With
          respect to each Texas Refinance Loan that is a Cash Out Refinancing, the
          related
          Mortgage Loan Documents state that the Mortgagor may prepay such Texas
          Refinance
          Loan in whole or in part without incurring a Prepayment Charge. The Seller
          does
          not collect any such Prepayment Charges in connection with any such Texas
          Refinance Loan;

         

        (xlix)  Verification
          of Down Payment.
          Unless
          otherwise set forth on the Mortgage Loan Schedule, the source of the down
          payment with respect to each Mortgage Loan has been fully verified by the
          Seller;

         

        (l)  Tax
          Service Contracts.
          The
          Seller shall, at its own expense, cause each Mortgage Loan (except with
          respect
          to any Second Lien Mortgage Loan if the related First Lien is included
          in the
          Mortgage Package purchased by the Purchaser) 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;

         

        (li)  Flood
          Zone Service Contracts.
          Each
          Mortgage Loan is covered by a “life of loan” Flood Zone Service Contract which
          is assignable to the Purchaser or its designee at no cost to the Purchaser
          or
          its designee or, for each Mortgage Loan not covered by such Flood Zone
          Service
          Contract, the Seller agrees to purchase such Flood Zone Service
          Contract;

         

        (lii)  No
          Cooperatives; No Commercial Property; No Mixed Use Property, No Manufacture
          Housing.
          No
          Mortgage Loan is secured by cooperative housing, commercial property,
          manufactured housing, a mobile home or mixed use property;

         

        (liii)  Secondary
          Market Sales.
          Each
          Mortgage Loan is eligible for sale in the secondary market or for inclusion
          in a
          Securitization Transaction without unreasonable credit enhancement;

         

        (liv)  No
          Adverse Selection.
          No
          selection procedures were used by the Seller that identified the Mortgage
          Loans
          as being less desirable or valuable than other comparable mortgage loans
          in the
          Seller’s portfolio;

         

        (lv)  Georgia.
          No
          Mortgage Loan originated or modified on or after October 1, 2002 and prior
          to
          March 7, 2003 is secured by a Mortgaged Property located in the State of
          Georgia. No Mortgage Loan originated on or after March 7, 2003 is a “high cost
          home loan” as defined under the Georgia Fair Lending Act.

         

        (lvi)  New
          Jersey Manufactured Housing Loans.
          No
          Mortgage Loan is a “manufactured housing loan” pursuant to the NJ Act, and one
          hundred percent of the amount financed of any purchase money Second Lien
          Mortgage Loan subject to the NJ Act was used for the purchase of the related
          Mortgaged Property;

         

        (lvii)  Reserved;

         

        (lviii)  No
          Ground Leases.
          No
          Mortgage Loan is secured in whole or in part by the interest of the Mortgagor
          as
          a lessee under a ground lease of the related Mortgaged Property;

         

        (lix)  Massachusetts
          Refinanced Mortgage Loans.
          No
          Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
          of
          Massachusetts was made to pay off or refinance an existing loan or other
          debt of
          the related borrower (as the term “borrower” is defined in the regulations
          promulgated by the Massachusetts Secretary of State in connection with
          Massachusetts House Bill 4880 (2004)) unless either (1) (a) the related
          Mortgage
          Interest Rate (that would be effective once the introductory rate expires,
          with
          respect to Adjustable Rate Mortgage Loans) did or would not exceed by more
          than
          2.25% the yield on United States Treasury securities having comparable
          periods
          of maturity to the maturity of the related Mortgage Loan as of the fifteenth
          day
          of the month immediately preceding the month in which the application for
          the
          extension of credit was received by the related lender or (b) the Mortgage
          Loan
          is an “open-end home loan” (as such term is used in the Massachusetts House Bill
          4880 (2004)) and the related Mortgage Note provides that the related Mortgage
          Interest Rate may not exceed at any time the Prime rate index as published
          in
          The Wall Street Journal plus a margin of one percent, or (2) such Mortgage
          Loan
          is in the "borrower's interest," as documented by a "borrower's interest
          worksheet" for the particular Mortgage Loan, which worksheet incorporates
          the
          factors set forth in Massachusetts House Bill 4880 (2004) and the regulations
          promulgated thereunder for determining "borrower's interest," and otherwise
          complies in all material respects with the laws of the Commonwealth of
          Massachusetts;

         

        (lx)  Broker
          Fees.
          The
          Mortgagor has not made or caused to be made any payment in the nature of
          an
“average” or “yield spread premium” to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

         

        (lxi)  Acceptable
          Investment.
          The
          Seller has no knowledge of any circumstances or condition with respect
          to the
          Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
          standing that can reasonably be expected to cause the Mortgage Loan to
          be an
          unacceptable investment, cause the Mortgage Loan to become delinquent,
          cause the
          Mortgage Loan to not be paid in full when due, or adversely affect the
          value of
          the Mortgage Loan;

         

        (lxii)  No
          Notification of Prepayments in Full.
          The
          Mortgage Loan was not prepaid in full prior to the Closing Date and the
          Seller
          has not received notification from a Mortgagor that a prepayment in full
          shall
          be made after the Closing Date;

         

        (lxiii)  Limitation
          on number of Mortgage Notes per Borrower.
          No
          Mortgagor is the obligor on more than two Mortgage Notes;

         

        (lxiv)  Prepayment
          Charges.
          With
          respect to any Mortgage Loan that contains a provision permitting imposition
          of
          a Prepayment Charge upon a Principal Prepayment prior to maturity: (i)
          prior to
          the Mortgage Loan’s origination, the Mortgagor agreed to such Prepayment Charge
          in exchange for a monetary benefit, including but not limited to a Mortgage
          Interest Rate or fee reduction, (ii) prior to the Mortgage Loan’s origination,
          the Mortgagor was offered the option of obtaining a Mortgage Loan that
          did not
          require payment of a Prepayment Charge and the originator of the Mortgage
          Loan
          had a written policy of offering borrowers, or requiring third-party brokers
          to
          offer borrowers, the option of obtaining a mortgage loan that did not require
          the payment of a Prepayment Charge, (iii) the Prepayment Charge is disclosed
          to
          the Mortgagor in the Mortgage Loan Documents pursuant to state and federal
          law
          applicable to the Mortgage Loan, (iv) for Mortgage Loans originated on
          or after
          October 1, 2002, the duration of the prepayment period shall not exceed
          three
          (3) years from the date of the Mortgage Note, unless the Mortgage Loan
          was
          modified to reduce the prepayment period to no more than three years from
          the
          date of the Mortgage Note and the Mortgagor was notified in writing of
          such
          reduction in the prepayment period, (v) no Mortgage Loan originated prior
          to
          October 1, 2002 has a Prepayment Charge longer than five years and (vi)
          notwithstanding any state or federal law to the contrary, the Seller shall
          not
          impose such Prepayment Charge in any instance when the Mortgage Loan is
          accelerated or paid off in connection with the workout of a delinquent
          mortgage
          or due to the Mortgagor’s default. Each Prepayment Charge is permissible,
          collectable and enforceable.

         

        (lxv)  No
          Predatory Lending.
          No
          predatory, abusive or deceptive lending practices, including but not limited
          to,
          the extension of credit to a Mortgagor without regard for the Mortgagor’s
          ability to repay the Mortgage Loan and the extension of credit to a Mortgagor
          which has no tangible net benefit to the Mortgagor, were employed in connection
          with the origination of the Mortgage Loan. Each Mortgage Loan is in compliance
          with the anti-predatory lending eligibility for purchase requirements of
          Fannie
          Mae’s Selling Guide. No Mortgagor was encouraged or required to select a
          Mortgage Loan product offered by the Mortgage Loan’s originator which is a
          higher cost product designed for less creditworthy borrowers, unless at
          the time
          of the Mortgage Loan’s origination, such Mortgagor did not qualify taking into
          account credit history and debt to income ratios for a lower cost credit
          product
          then offered by the Mortgage Loan’s originator or any affiliate of the Mortgage
          Loan’s originator. If, at the time of the related loan application, the
          Mortgagor may have qualified for a lower cost credit product then offered
          by any
          mortgage lending affiliate of the Mortgage Loan’s originator, the Mortgage
          Loan’s originator referred the Mortgagor’s application to such affiliate for
          underwriting consideration; 

         

        (lxvi)  Underwriting
          Methodology.
          The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          employs objective mathematical principles which relate the Mortgagor’s income,
          credit history, assets and liabilities to the proposed payment and such
          underwriting methodology did and 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)  Points
          and Fees Disclosed.
          All
          points, fees and charges, including finance charges (whether or not financed,
          assessed, collected or to be collected), in connection with the origination
          and
          servicing of any Mortgage Loan were disclosed in writing to the related
          Mortgagor in accordance with applicable state and federal law and regulation
          and
          no related Mortgagor was charged “points and fees” (whether or not financed) in
          an amount that exceeds the greater of (1) 5% of the principal amount of
          such
          loan or (2) $1,000. For the purposes of this representation, “points and fees”
(a) include origination, underwriting, broker and finder’s fees and charges that
          the lender imposed as a condition of making the Mortgage Loan, whether
          they are
          paid to the lender or a third party; and (b) exclude bona fide discount
          points,
          fees paid for actual services rendered in connection with the origination
          of the
          Mortgage Loan (such as attorneys’ fees, notaries fees and fees paid for property
          appraisals, credit reports, surveys, title examinations and extracts, flood
          and
          tax certifications, and home inspections) and the cost of mortgage insurance
          or
          credit-risk price adjustments; the costs of title, hazard, and flood insurance
          policies; state and local transfer taxes or fees; escrow deposits for the
          future
          payment of taxes and insurance premiums; and other miscellaneous fees and
          charges that, in total, do not exceed 0.25 percent of the loan
          amount);
          

         

        (lxviii)  Full
          File Credit Reporting (Fannie Mae).
          The
          Seller will transmit full-file credit reporting data for each Mortgage
          Loan
          pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan,
          Seller agrees it shall report one of the following statuses each month
          as
          follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
          foreclosed, or charged-off;

         

        (lxix)  No
          Credit Life Policies.
          No
          Mortgagor was required to purchase any single premium credit insurance
          policy
          (e.g. life, mortgage, disability, accident, unemployment, or health insurance
          product) or debt cancellation agreement as a condition of obtaining the
          extension of credit. No Mortgagor obtained a prepaid single premium credit
          insurance policy (e.g. life, mortgage, disability, accident, unemployment,
          or
          health insurance product) in connection with the origination of the Mortgage
          Loan, and no proceeds from any Mortgage Loan were used to purchase
          single-premium credit insurance policies or debt cancellation agreements
          as part
          of the origination of, or as a condition to closing, such Mortgage Loan;
          

         

        (lxx)  Full
          File Credit Reporting (Past Practice; Future Practice).
          The
          Seller and any predecessor servicer has fully furnished, in accordance
          with the
          Fair Credit Reporting Act and its implementing regulations, accurate and
          complete information (e.g., favorable and unfavorable) on its borrower
          credit
          files to Equifax, Experian and Trans Union Credit Information Company (three
          of
          the credit repositories) on a monthly basis; and the Seller will fully
          furnish,
          in accordance with the Fair Credit Reporting Act and its implementing
          regulations, accurate and complete information (e.g., favorable and unfavorable)
          on its borrower credit files to Equifax, Experian and Trans Credit Information
          Company (three of the credit repositories), on a monthly basis; and

         

        (lxxi)  No
          Arbitration.
          With
          respect to each Mortgage Loan, neither the related Mortgage nor the related
          Mortgage Note requires the Mortgagor to submit to arbitration to resolve
          any
          dispute arising out of or relating in any way to the Mortgage Loan; No
          Mortgagor
          agreed to submit to arbitration to resolve any dispute arising out of or
          relating in any way to the Mortgage Loan.

         

        

        EXHIBIT
          E

         

        Representation
          and Warranties with Respect to the Meritage Mortgage Loans

         

        Except
          for “Mortgage Loans”, which shall mean the Meritage 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 Mandalay Servicing Agreement.

         

        (i)  Mortgage
          Loans as Described.
          The
          information set forth in the related Mortgage Loan Schedule and the Mortgage
          Loan data delivered to the Purchaser in the Data File is complete, true
          and
          correct. The Mortgage Loan is in compliance with all requirements set forth
          in
          the related Confirmation, and the characteristics of the related Mortgage
          Loan
          Package as set forth in the related Confirmation are true and
          correct;

         

        (ii)  Payments
          Current.
          All
          payments required to be made up to the close of business on the Closing
          Date for
          such Mortgage Loan under the terms of the Mortgage Note have been made;
          the
          Seller has not advanced funds, or induced, solicited or knowingly received
          any
          advance of funds from a party other than the owner of the related Mortgaged
          Property, directly or indirectly, for the payment of any amount required
          by the
          Mortgage Note or Mortgage. There has been no delinquency, exclusive of
          any
          period of grace, in any payment by the Mortgagor thereunder since the
          origination of the Mortgage Loan;

         

        (iii)  No
          Outstanding Charges.
          There
          are no delinquent taxes, ground rents, water charges, sewer rents, assessments,
          insurance premiums, leasehold payments, including assessments payable in
          future
          installments or other outstanding charges affecting the related Mortgaged
          Property;

         

        (iv)  Location
          and Type of Mortgaged Property.
          The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and is improved by a Residential Dwelling;

         

        (v)  Original
          Terms Unmodified.
          The
          terms of the Mortgage Note and the Mortgage have not been impaired, waived,
          altered or modified in any respect, except by written instruments, recorded
          in
          the applicable public recording office or registered with the MERS System
          if
          necessary to maintain the lien priority of the Mortgage, and which have
          been
          delivered to the Purchaser; the substance of any such waiver, alteration
          or
          modification has been approved by the 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
          and the terms of which are reflected in the related Mortgage Loan
          Schedule;

         

        (vi)  No
          Defenses.
          The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set
          off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and/or the Mortgage,
          or the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any right of rescission, set off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set
          off, counterclaim or defense has been asserted with respect
          thereto;

         

        (vii)  Conformance
          with Underwriting Guidelines and Agency Standards.
          The
          Mortgage Loan was underwritten in accordance with the Underwriting Guidelines
          of
          the Seller in effect at the time the Mortgage Loan was originated; and
          the
          Mortgage Note and Mortgage are on forms acceptable to Fannie Mae and Freddie
          Mac;

         

        (viii)  Hazard
          Insurance.
          All
          buildings upon the Mortgaged Property are insured by a Qualified Insurer
          acceptable to Fannie Mae and Freddie Mac against loss by fire, hazards
          of
          extended coverage and such other hazards as are customary in the area where
          the
          Mortgaged Property is located, in an amount not less than the lesser of
          (i) 100%
          of the replacement cost of all improvements to the Mortgaged Property and
          (ii)
          either (A) the outstanding principal balance of the Mortgage Loan with
          respect
          to each first lien Mortgage Loan or (B) with respect to each Second Lien
          Mortgage Loan, the sum of the outstanding principal balance of the related
          first
          lien mortgage loan and the outstanding principal balance of the Second
          Lien
          Mortgage Loan; provided, however, in no event shall the amount of insurance
          be
          less than the amount necessary to avoid the operation of any co-insurance
          provisions with respect to the Mortgaged Property. All such insurance policies
          contain a standard mortgagee clause naming the Seller, its successors and
          assigns as mortgagee and all premiums thereon have been paid. If the Mortgaged
          Property is in an area identified on a Flood Hazard Map or Flood Insurance
          Rate
          Map issued by the Federal Emergency Management Agency as having special
          flood
          hazards (and such flood insurance has been made available) a flood insurance
          policy meeting the requirements of the current guidelines of the Federal
          Insurance Administration is in effect which policy conforms to the requirements
          of Fannie Mae and Freddie Mac. The Mortgage obligates the Mortgagor thereunder
          to maintain all such insurance at the Mortgagor’s cost and expense, and on the
          Mortgagor’s failure to do so, authorizes the holder of the Mortgage to maintain
          such insurance at Mortgagor’s cost and expense and to seek reimbursement
          therefor from the Mortgagor;

         

        (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, fair housing, disclosure laws
          and
          all predatory and abusive lending laws applicable to the origination and
          servicing of mortgage loans of a type similar to the Mortgage Loans have
          been
          complied with and the consummation of the transactions contemplated hereby
          will
          not involve the violation of any such laws, and the Seller shall maintain
          in its
          possession, available for the inspection of the Purchaser or its designee,
          and
          shall deliver to the Purchaser or its designee, upon two Business Days’ request,
          evidence of compliance with such requirements;

         

        (x)  No
          Satisfaction of Mortgage.
          The
          Mortgage has not been satisfied, cancelled, subordinated or rescinded,
          in whole
          or in part, and the Mortgaged Property has not been released from the lien
          of
          the Mortgage, in whole or in part, nor has any instrument been executed
          that
          would effect any such satisfaction, cancellation, subordination, rescission
          or
          release;

         

        (xi)  Valid
          Lien.
          The
          related Mortgage is properly recorded and is a valid, existing and enforceable
          (A) first lien and first priority security interest with respect to each
          Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected
          on the Mortgage Loan Schedule), or (B) second lien and second priority
          security
          interest with respect to each Mortgage Loan which is indicated by the Seller
          to
          be a Second Lien (as reflected on the Mortgage Loan Schedule), in either
          case,
          on the Mortgaged Property, including all improvements on the Mortgaged
          Property
          subject only to (a) the lien of current real property taxes and assessments
          not
          yet due and payable, (b) covenants, conditions and restrictions, rights
          of way,
          easements and other matters of the public record as of the date of recording
          being acceptable to mortgage lending institutions generally and specifically
          referred to in the lender’s title insurance policy delivered to the originator
          of the Mortgage Loan and which do not adversely affect the Appraised Value
          of
          the Mortgaged Property, (c) other matters to which like properties are
          commonly
          subject which do not materially interfere with the benefits of the security
          intended to be provided by the Mortgage or the use, enjoyment, value or
          marketability of the related Mortgaged Property and (d) with respect to
          each
          Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage
          Loan
          (as reflected on the Mortgage Loan Schedule) a First Lien on the Mortgaged
          Property. Any security agreement, chattel mortgage or equivalent document
          related to and delivered in connection with the Mortgage Loan establishes
          and
          creates a valid, existing and enforceable (A) first lien and first priority
          security interest with respect to each Mortgage Loan which is indicated
          by the
          Seller to be a First Lien (as reflected on the Mortgage Loan Schedule)
          or (B)
          second lien and second priority security interest with respect to each
          Mortgage
          Loan which is indicated by the Seller to be a Second Lien Mortgage Loan
          (as
          reflected on the Mortgage Loan Schedule), in either case, on the property
          described therein and the Seller has full right to sell and assign the
          same to
          the Purchaser. The Mortgaged Property was not, as of the date of origination
          of
          the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure
          debt or
          other security instrument creating a lien subordinate to the lien of the
          Mortgage;

         

        (xii)  Validity
          of Mortgage Loan Documents.
          The
          Mortgage Note and the related Mortgage are genuine and each is the legal,
          valid
          and binding obligation of the maker thereof, enforceable in accordance
          with its
          terms;

         

        (xiii)  Legal
          Capacity.
          All
          parties to the Mortgage Note and the Mortgage had legal capacity to enter
          into
          the Mortgage Loan and to execute and deliver the Mortgage Note and the
          Mortgage,
          and the Mortgage Note and the Mortgage have been duly and properly executed
          by
          such parties. The Mortgagor is a natural person;

         

        (xiv)  Full
          Disbursement of Proceeds.
          The
          proceeds of the Mortgage Loan have been fully disbursed to or for the account
          of
          the Mortgagor and there is no obligation for the Mortgagee to advance additional
          funds thereunder and any and all requirements as to completion of any on-site
          or
          off-site improvement and as to disbursements of any escrow funds therefor
          have
          been complied with. All costs, fees and expenses incurred in making or
          closing
          the Mortgage Loan and the recording of the Mortgage have been paid, and
          the
          Mortgagor is not entitled to any refund of any amounts paid or due to the
          Mortgagee pursuant to the Mortgage Note or Mortgage;

         

        (xv)  Ownership.
          The
          Seller is the sole legal, beneficial and equitable owner of the Mortgage
          Note
          and the Mortgage. The Seller has full right and authority under all governmental
          and regulatory bodies having jurisdiction over such Seller, subject to
          no
          interest or participation of, or agreement with, any party, to transfer
          and sell
          the Mortgage Loan to the Purchaser pursuant to this Agreement free and
          clear of
          any encumbrance or right of others, equity, lien, pledge, charge, mortgage,
          claim, participation interest or security interest of any nature (collectively,
          a “Lien”); and immediately upon the transfers and assignments herein
          contemplated, the Seller shall have transferred and sold all of its right,
          title
          and interest in and to each Mortgage Loan and the Purchaser will hold good,
          marketable and indefeasible title to, and be the owner of, each Mortgage
          Loan
          subject to no Lien;

         

        (xvi)  Doing
          Business.
          All
          parties which have had any interest in the Mortgage Loan, whether as originator,
          mortgagee, assignee, pledgee or otherwise, are (or, during the period in
          which
          they held and disposed of such interest, were): (A) organized under the
          laws of
          such state, or (B) qualified to do business in such state, or (C) federal
          savings and loan associations or national banks having principal offices
          in such
          state, or (D) not doing business in such state so as to require qualification
          or
          licensing, or (E) not otherwise required to be licensed in such state.
          All
          parties which have had any interest in the Mortgage Loan were in compliance
          with
          any and all applicable “doing business” and licensing requirements of the laws
          of the state wherein the Mortgaged Property is located or were not required
          to
          be licensed in such state;

         

        (xvii)  Title
          Insurance.
          The
          Mortgage Loan is covered by an American Land Title Association (“ALTA”) ALTA
          lender’s title insurance policy acceptable to Fannie Mae and Freddie Mac or for
          a Mortgage Loan secured by Mortgaged Property located in Iowa, an attorney’s
          opinion and a certificate of title guaranty (which, in the case of an Adjustable
          Rate Mortgage Loan has an adjustable rate mortgage endorsement in the form
          of
          ALTA 6.0 or 6.1), issued by a title insurer acceptable to Fannie Mae and
          Freddie
          Mac and qualified to do business in the jurisdiction where the Mortgaged
          Property is located, insuring (subject to the exceptions contained above
          in
          (xi)(a) and (b) and, with respect to each Mortgage Loan which is indicated
          by
          the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage
          Loan
          Schedule) clause (d)) the Seller, its successors and assigns as to the
          first
          priority lien of the Mortgage in the original principal amount of the Mortgage
          Loan and, with respect to any Adjustable Rate Mortgage Loan, against any
          loss by
          reason of the invalidity or unenforceability of the lien resulting from
          the
          provisions of the Mortgage providing for adjustment in the Mortgage Interest
          Rate and Monthly Payment. Additionally, such lender’s title insurance policy
          affirmatively insures ingress and egress to and from the Mortgaged Property,
          and
          against encroachments by or upon the Mortgaged Property or any interest
          therein.
          The Seller is the sole insured of such lender’s title insurance policy, and such
          lender’s title insurance policy is in full force and effect and will be in full
          force and effect upon the consummation of the transactions contemplated
          by this
          Agreement. No claims have been made under such lender’s title insurance policy,
          and no prior holder of the related Mortgage, including the Seller, has
          done, by
          act or omission, anything which would impair the coverage of such lender’s title
          insurance policy;

         

        (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 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)  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;

         

        (xx)  Origination.
          The
          Mortgage Loan was originated by the Seller or by a savings and loan association,
          a savings bank, a commercial bank or similar banking institution which
          is
          supervised and examined by a federal or state authority, or by a mortgagee
          approved as such by the Secretary of HUD;

         

        (xxi)  Payment
          Terms.
          Payments on the Mortgage Loan shall commence (with respect to any newly
          originated Mortgage Loans) or commenced no more than sixty days after the
          proceeds of the Mortgage Loan were disbursed. The Mortgage Loan bears interest
          at the Mortgage Interest Rate. With respect to each Mortgage Loan, the
          Mortgage
          Note is payable on the first day of each month in Monthly Payments, which,
          (A)
          in the case of a Fixed Rate Mortgage Loan, are sufficient to fully amortize
          the
          original principal balance over the original term thereof (other than with
          respect to a Mortgage Loan identified on the related Mortgage Loan Schedule
          as
          an interest-only Mortgage Loan during the interest-only period or a Mortgage
          Loan which is identified on the related Mortgage Loan Schedule as a Balloon
          Mortgage Loan) and to pay interest at the related Mortgage Interest Rate,
          and
          (B) in the case of an Adjustable Rate Mortgage Loan, are changed on each
          Adjustment Date, and in any case, are sufficient to fully amortize the
          original
          principal balance over the original term thereof (other than with respect
          to a
          Mortgage Loan identified on the related Mortgage Loan Schedule as an
          interest-only Mortgage Loan during the interest-only period or a Mortgage
          Loan
          which is identified on the related Mortgage Loan Schedule as a Balloon
          Mortgage
          Loan) and to pay interest at the related Mortgage Interest Rate. The Index
          for
          each Adjustable Rate Mortgage Loan is as defined in the related Mortgage
          Loan
          Schedule. With respect to each Mortgage Loan identified on the Mortgage
          Loan
          Schedule as an interest-only Mortgage Loan, the interest-only period shall
          not
          exceed the period specified on the Mortgage Loan Schedule and following
          the
          expiration of such interest-only period, the remaining Monthly Payments
          shall be
          sufficient to fully amortize the original principal balance over the remaining
          term of the Mortgage Loan. With respect to each Balloon Mortgage Loan,
          the
          Mortgage Note requires a monthly payment which is sufficient to fully amortize
          the original principal balance over a term greater than the original term
          thereof and to pay interest at the related Mortgage Interest Rate and requires
          a
          final Monthly Payment substantially greater than the preceding monthly
          payment
          which is sufficient to repay the remaining unpaid principal balance of
          the
          Balloon Mortgage Loan as of the Due Date of such Monthly Payment. No Balloon
          Mortgage Loan has an original stated maturity of less than seven (7) years.
          The
          Mortgage Note does not permit negative amortization. No Mortgage Loan had
          an
          original term to maturity of more than thirty (30) years;

         

        (xxii)  Origination
          and Collection Practices; Escrow Deposits.
          The
          origination, servicing and collection practices used by the Seller with
          respect
          to each Mortgage Note and Mortgage, including without limitation the
          establishment, maintenance and servicing of the Escrow Accounts and Escrow
          Payments, if any, since origination have been in all respects legal, proper,
          prudent and customary in the mortgage origination and servicing industry.
          The
          Mortgage Loan has been serviced by the Seller and any predecessor servicer
          in
          accordance with all applicable laws, rules and regulations, the terms of
          the
          Mortgage Note and Mortgage, and the Fannie Mae and Freddie Mac servicing
          guides.
          With respect to escrow deposits and Escrow Payments (other than with respect
          to
          each Mortgage Loan which is indicated by the Seller to be a Second Lien
          Mortgage
          Loan and for which the mortgagee under the First Lien is collecting Escrow
          Payments (as reflected on the Mortgage Loan Schedule)), if any, all such
          payments are in the possession of, or under the control of, the Seller
          and there
          exist no deficiencies in connection therewith for which customary arrangements
          for repayment thereof have not been made. No escrow deposits or Escrow
          Payments
          or other charges or payments due the Seller have been capitalized under
          any
          Mortgage or the related Mortgage Note and no such escrow deposits or Escrow
          Payments are being held by the Seller for any work on a Mortgaged Property
          which
          has not been completed;

         

        (xxiii)  Mortgaged
          Property Undamaged.
          The
          Mortgaged Property is free of damage and waste and is in good repair, and
          there
          is no proceeding pending or threatened for the total or partial condemnation
          thereof nor is such a proceeding currently occurring;

         

        (xxiv)  Customary
          Provisions.
          The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including, (a) in the case of a Mortgage designated as
          a deed
          of trust, by trustee’s sale, and (b) otherwise by judicial foreclosure. The
          Mortgaged Property has not been subject to any bankruptcy proceeding or
          foreclosure proceeding and the Mortgagor has not filed for protection under
          applicable bankruptcy laws. There is no homestead or other exemption available
          to the Mortgagor which would interfere with the right to sell the Mortgaged
          Property at a trustee’s sale or the right to foreclose the Mortgage; The
          Mortgagor has not notified the Seller and the Seller has no knowledge of
          any
          relief requested or allowed to the Mortgagor under the Servicemembers Civil
          Relief Act;

         

        (xxv)  Appraisal.
          Unless
          otherwise set forth on the Mortgage Loan Schedule, the Mortgage File contains
          an
          appraisal of the related Mortgaged Property which (a) is a “full appraisal” as
          defined by Fannie Mae and (b) was made and signed, prior to the approval
          of the
          Mortgage Loan application, by a qualified appraiser, acceptable to the
          Seller,
          who had no interest, direct or indirect in the Mortgaged Property or in
          any loan
          made on the security thereof, whose compensation is not affected by the
          approval
          or disapproval of the Mortgage Loan and who met the minimum qualifications
          of
          Fannie Mae and Freddie Mac. Each appraisal of the Mortgage Loan was made
          in
          accordance with the relevant provisions of the Financial Institutions Reform,
          Recovery, and Enforcement Act of 1989;

         

        (xxvi)  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;

         

        (xxvii)  Construction
          or Rehabilitation of Mortgaged Property.
          No
          Mortgage Loan was made in connection with (a) the construction or rehabilitation
          of a Mortgaged Property or (b) facilitating the trade-in or exchange of
          a
          Mortgaged Property;

         

        (xxviii)   LTV;
          CLTV.
          The
          Loan-to-Value Ratio of any Mortgage Loan at origination was not more than
          100%
          and the CLTV of any Mortgage Loan at origination was not more than 100%;
          

         

        (xxix)   Occupancy
          of the Mortgaged Property.
          The
          Mortgaged Property is lawfully occupied under applicable law; all inspections,
          licenses and certificates required to be made or issued with respect to
          all
          occupied portions of the Mortgaged Property and, with respect to the use
          and
          occupancy of the same, including but not limited to certificates of occupancy
          and fire underwriting certificates, have been made or obtained from the
          appropriate authorities. No improvement located on or being part of any
          Mortgaged Property is in violation of any applicable zoning and subdivision
          law,
          ordinance or regulation;

         

        (xxx)  No
          Error, Omission, Fraud etc.
          No
          error, omission, misrepresentation, negligence, fraud or similar occurrence
          with
          respect to a Mortgage Loan has taken place on the part of any person, including
          without limitation the Mortgagor, any appraiser, any builder or developer,
          or
          any other party involved in the origination of the Mortgage Loan or in
          the
          application of any insurance in relation to such Mortgage Loan;

         

        (xxxi)  Consolidation
          of Advances; Lien Priority.
          Any
          principal advances made to the Mortgagor prior to the Cut-off Date have
          been
          consolidated with the outstanding principal amount secured by the Mortgage,
          and
          the secured principal amount, as consolidated, bears a single interest
          rate and
          single repayment term reflected on the Mortgage Loan Schedule. The lien
          of the
          Mortgage securing the consolidated principal amount is expressly insured
          as
          having (A) first lien priority with respect to each Mortgage Loan which
          is
          indicated by the Seller to be a First Lien (as reflected on the Mortgage
          Loan
          Schedule), or (B) second lien priority with respect to each Mortgage Loan
          which
          is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected
          on
          the Mortgage Loan Schedule), in either case, by a title insurance policy,
          an
          endorsement to the policy insuring the mortgagee’s consolidated interest or by
          other title evidence acceptable to Fannie Mae and Freddie Mac. The consolidated
          principal amount does not exceed the original principal amount of the Mortgage
          Loan;

         

        (xxxii)   Environmental
          Matters.
          The
          Mortgaged Property is in material compliance with all applicable environmental
          laws pertaining to environmental hazards including, without limitation,
          asbestos, and neither the Seller nor, to the Seller’s knowledge, the related
          Mortgagor, has received any notice of any violation or potential violation
          of
          such law;

         

        (xxxiii)   HOEPA.
          No
          Mortgage Loan is (a) subject to the provisions of the Homeownership and
          Equity
          Protection Act of 1994 as amended (“HOEPA”), (b) a “high cost” mortgage loan,
“covered” mortgage loan, “high risk home” mortgage loan, or “predatory” mortgage
          loan or any other comparable term, no matter how defined under any federal,
          state or local law, (c) subject to any comparable federal, state or local
          statutes or regulations, or any other statute or regulation providing for
          heightened regulatory scrutiny or assignee liability to holders of such
          mortgage
          loans, or (d) a High Cost Loan or Covered Loan, as applicable (as such
          terms are
          defined in the current Standard & Poor’s LEVELS® Glossary Revised, Appendix
          E);

         

        (xxxiv)   Due-On-Sale.
          Each
          Mortgage contains an enforceable provision for the acceleration of the
          payment
          of the unpaid principal balance of the related Mortgage Loan in the event
          the
          related Mortgaged Property is sold or transferred without the prior consent
          of
          the mortgagee thereunder;

         

        (xxxv)  Second
          Liens.
          With
          respect to each Mortgage Loan which is a Second Lien, (i) the related First
          Lien
          does not provide for negative amortization, (ii) either no consent for
          the
          Mortgage Loan is required by the holder of the First Lien or such consent
          has
          been obtained and is contained in the Mortgage File and (iii) such Second
          Lien
          is on a Residential Dwelling that is (or will be) the principal or secondary
          residence of the Mortgagor upon origination of the Second Lien; 

         

        (xxxvi)  Prepayment
          Charges in Mortgage Loan Documents.
          The
          Mortgage Loan Documents with respect to each Mortgage Loan subject to Prepayment
          Charges specifically authorizes such Prepayment Charges to be collected,
          such
          Prepayment Charges are permissible and enforceable in accordance with the
          terms
          of the related Mortgage Loan Documents and all applicable federal, state
          and
          local laws (except to the extent that the enforceability thereof may be
          limited
          by bankruptcy, insolvency, moratorium, receivership and other similar laws
          relating to creditors’ rights generally or the collectability thereof may be
          limited due to acceleration in connection with a foreclosure) and each
          Prepayment Charge was originated in compliance with all applicable federal,
          state and local laws;

         

        (xxxvii)   Compliance
          with Patriot Act.
          The
          Seller has complied with all applicable anti-money laundering laws and
          regulations, including without limitation the USA Patriot Act of 2001
          (collectively, the “Anti-Money Laundering Laws”). The Seller has established an
          anti-money laundering compliance program as required by the Anti-Money
          Laundering Laws, has conducted the requisite due diligence in connection
          with
          the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
          Laws, including with respect to the legitimacy of the applicable Mortgagor
          and
          the origin of the assets used by the said Mortgagor to purchase the property
          in
          question, and maintains, and will maintain, sufficient information to identify
          the applicable Mortgagor for purposes of the Anti-Money Laundering Laws;
          no
          Mortgage Loan is subject to nullification pursuant to Executive Order 13224
          (the
“Executive Order”) or the regulations promulgated by the Office of Foreign
          Assets Control of the United States Department of the Treasury (the “OFAC
          Regulations”) or in violation of the Executive Order or the OFAC Regulations,
          and no Mortgagor is subject to the provisions of such Executive Order or
          the
          OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
          Regulations; 

         

        (xxxviii)  MERS
          Mortgage Loans.
          With
          respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
          such MIN
          is accurately provided on the related Mortgage Loan Schedule. The related
          Assignment of Mortgage to MERS has been duly and properly recorded or has
          been
          delivered for recording to the applicable recording office. With respect
          to each
          MERS Mortgage Loan, the Seller has not received any notice of liens or
          legal
          actions with respect to such Mortgage Loan and no such notices have been
          electronically posted by MERS;

         

        (xxxix)  FACT
          Act.
          The
          sale or transfer of the Mortgage Loan by the Seller complies with all applicable
          federal, state, and local laws, rules, and regulations governing such sale
          or
          transfer, including, without limitation, the Fair and Accurate Credit
          Transactions Act (“FACT Act”) and the Fair Credit Reporting Act, each as may be
          amended from time to time, and the Seller has not received any actual or
          constructive notice of any identity theft, fraud, or other misrepresentation
          in
          connection with such Mortgage Loan or any party thereto.

         

        (xl)  Qualified
          Mortgage.
          Each
          Mortgage Loan constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of
          the Code and Treasury Regulation Section 1.860G-2(a)(1); 

         

        (xli)  Condos
          and PUDs.
          If the
          Residential Dwelling on the Mortgaged Property is a condominium unit or
          a unit
          in a planned unit development (other than a de minimis planned unit development)
          such condominium or planned unit development project meets the eligibility
          requirements of Fannie Mae and Freddie Mac;

         

        (xlii)  Appraised
          Value.
          All
          improvements which were considered in determining the Appraised Value of
          the
          related Mortgaged Property lay wholly within the boundaries and building
          restriction lines of the Mortgaged Property, and no improvements on adjoining
          properties encroach upon the Mortgaged Property;

         

        (xliii)  No
          Additional Collateral.
          The
          Mortgage Note is not and has not been secured by any collateral except
          the lien
          of the corresponding Mortgage on the Mortgaged Property and the security
          interest of any applicable security agreement or chattel mortgage referred
          to in
          (xi) above;

         

        (xliv)  Buydown
          Mortgage Loans.
          Unless
          provided for in the related Confirmation, 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. If Buydown Mortgage Loans are provided for in the related
          Confirmation, 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
          two
          years of the term of such Mortgage Loan at an interest rate of not more
          than
          2.0% less per annum than the Mortgage Interest Rate. The effective interest
          rate
          will increase in the twelfth and twenty-fourth month of the Buydown Mortgage
          Loan so that the effective interest rate will be equal to the interest
          rate as
          set forth in the related Mortgage Note.

         

        (b)  The
          Mortgage and Mortgage Note reflect the permanent payment terms rather than
          the
          payment terms of the Buydown Agreement. The Buydown Agreement provides
          for the
          payment by the Mortgagor of the full amount of the Monthly Payment on any
          Due
          Date that the Buydown Funds are not available. The Buydown Funds were not
          used
          to reduce the original principal balance of the Mortgage Loan or to increase
          the
          Appraised Value of the Mortgaged Property when calculating the Loan-to-Value
          Ratios for purposes of this Agreement and, if the Buydown Funds were provided
          by
          the Seller and if required under Agency Guidelines, the terms of the Buydown
          Agreement were disclosed to the appraiser of the Mortgaged
          Property;

         

        (c)  The
          Buydown Funds may not be refunded to the Mortgagor unless the Mortgagor
          makes a
          principal payment for the outstanding balance of the Mortgage Loan;

         

        (d)  As
          of the
          Cut-off Date, the Buydown Funds are 5% or less of the aggregate Stated
          Principal
          Balance of the Mortgage Loans; and

         

        (e)  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;] 

         

        (xlv)  No
          Convertible Mortgage Loans; No Graduated Payments or Contingent
          Interests.
          No
          Mortgage Loan is a Convertible Mortgage Loan. The Mortgage Loan is not
          a
          graduated payment mortgage loan, and the Mortgage Loan does not have a
          shared
          appreciation or other contingent interest feature;

         

        (xlvi)  Disclosure
          Materials.
          The
          Mortgagor has executed a statement to the effect that the Mortgagor has
          received
          all disclosure materials required by applicable law with respect to the
          making
          of fixed rate mortgage loans in the case of Fixed Rate Mortgage Loans,
          and
          adjustable rate mortgage loans in the case of Adjustable Rate Mortgage
          Loans and
          rescission materials with respect to Refinanced Mortgage Loans, and such
          statement is and will remain in the Mortgage File;

         

        (xlvii)  Recordation
          of Mortgages.
          Each
          original Mortgage was recorded and all subsequent assignments of the original
          Mortgage (other than the assignment to the Purchaser) have been recorded,
          or are
          in the process of being recorded, in the appropriate jurisdictions wherein
          such
          recordation is necessary to perfect the lien thereof as against creditors
          of the
          Seller. As to any Mortgage Loan which is not a MERS Mortgage Loan, the
          Assignment of Mortgage is in recordable form (except for the name of the
          assignee which is blank) and is acceptable for recording under the laws
          of the
          jurisdiction in which the Mortgaged Property is located;

         

        (xlviii)  Texas
          Refinance Loans.
          Each
          Mortgage Loan originated in the state of Texas pursuant to Article XVI,
          Section
          50(a)(6) of the Texas Constitution (a “Texas Refinance Loan”) has been
          originated in compliance with the provisions of Article XVI, Section 50(a)(6)
          of
          the Texas Constitution, Texas Civil Statutes and the Texas Finance Code.
          With
          respect to each Texas Refinance Loan that is a Cash Out Refinancing, the
          related
          Mortgage Loan Documents state that the Mortgagor may prepay such Texas
          Refinance
          Loan in whole or in part without incurring a Prepayment Charge. The Seller
          does
          not collect any such Prepayment Charges in connection with any such Texas
          Refinance Loan;

         

        (xlix)  Verification
          of Down Payment.
          Unless
          otherwise set forth on the Mortgage Loan Schedule, the source of the down
          payment with respect to each Mortgage Loan has been fully verified by the
          Seller;

         

        (l)  Tax
          Service Contracts.
          The
          Seller shall, at its own expense, cause each Mortgage Loan to be covered
          by a
“life of loan” Tax Service Contract which is assignable to the Purchaser or its
          designee at no cost to the Purchaser or its designee; provided however,
          that if
          the Seller fails to purchase such Tax Service Contract, the Seller shall
          be
          required to reimburse the Purchaser for all costs and expenses incurred
          by the
          Purchaser in connection with the purchase of any such Tax Service
          Contract;

         

        (li)  Flood
          Zone Service Contracts.
          Each
          Mortgage Loan is covered by a “life of loan” Flood Zone Service Contract which
          is assignable to the Purchaser or its designee at no cost to the Purchaser
          or
          its designee or, for each Mortgage Loan not covered by such Flood Zone
          Service
          Contract, the Seller agrees to purchase such Flood Zone Service
          Contract;

         

        (lii)  No
          Cooperatives; No Commercial Property; No Mixed Use Property, No Manufacture
          Housing.
          No
          Mortgage Loan is secured by cooperative housing, commercial property,
          manufactured housing, a mobile home or mixed use property;

         

        (liii)  Secondary
          Market Sales.
          Each
          Mortgage Loan is eligible for sale in the secondary market or for inclusion
          in a
          Securitization Transaction without unreasonable credit enhancement;

         

        (liv)  No
          Adverse Selection.
          No
          selection procedures were used by the Seller that identified the Mortgage
          Loans
          as being less desirable or valuable than other comparable mortgage loans
          in the
          Seller’s portfolio;

         

        (lv)  Georgia.
          No
          Mortgage Loan originated or modified on or after October 1, 2002 and prior
          to
          March 7, 2003 is secured by a Mortgaged Property located in the State of
          Georgia. No Mortgage Loan originated on or after March 7, 2003 is a “high cost
          home loan” as defined under the Georgia Fair Lending Act.

         

        (lvi)  New
          Jersey Manufactured Housing Loans.
          No
          Mortgage Loan is a “manufactured housing loan” pursuant to the NJ Act, and one
          hundred percent of the amount financed of any purchase money Second Lien
          Mortgage Loan subject to the NJ Act was used for the purchase of the related
          Mortgaged Property;

         

        (lvii)  Reserved;

         

        (lviii)  Ground
          Leases.
          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:

         

        (a)  The
          Mortgagor is the owner of a valid and subsisting interest as tenant under
          the
          Ground Lease;

         

        (b)  The
          Ground Lease is in full force and effect, unmodified and not supplemented
          by any
          writing or otherwise;

         

        (c)  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;

         

        (d)  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;

         

        (e)  The
          term
          of the Ground Lease exceeds the maturity date of the related Mortgage Loan
          by at
          least five years;

         

        (f)  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;

         

        (g)  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;

         

        (h)  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; 

         

        (i)  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;

         

        (j)  The
          Mortgagor has not commenced any action or given or received any notice
          for the
          purpose of terminating the Ground Lease;

         

        (k)  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

         

        (l)  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;

         

        (lix)  Massachusetts
          Refinanced Mortgage Loans.
          No
          Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
          of
          Massachusetts was made to pay off or refinance an existing loan or other
          debt of
          the related borrower (as the term “borrower” is defined in the regulations
          promulgated by the Massachusetts Secretary of State in connection with
          Massachusetts House Bill 4880 (2004)) unless either (1) (a) the related
          Mortgage
          Interest Rate (that would be effective once the introductory rate expires,
          with
          respect to Adjustable Rate Mortgage Loans) did or would not exceed by more
          than
          2.25% the yield on United States Treasury securities having comparable
          periods
          of maturity to the maturity of the related Mortgage Loan as of the fifteenth
          day
          of the month immediately preceding the month in which the application for
          the
          extension of credit was received by the related lender or (b) the Mortgage
          Loan
          is an “open-end home loan” (as such term is used in the Massachusetts House Bill
          4880 (2004)) and the related Mortgage Note provides that the related Mortgage
          Interest Rate may not exceed at any time the Prime rate index as published
          in
          The Wall Street Journal plus a margin of one percent, or (2) such Mortgage
          Loan
          is in the "borrower's interest," as documented by a "borrower's interest
          worksheet" for the particular Mortgage Loan, which worksheet incorporates
          the
          factors set forth in Massachusetts House Bill 4880 (2004) and the regulations
          promulgated thereunder for determining "borrower's interest," and otherwise
          complies in all material respects with the laws of the Commonwealth of
          Massachusetts;

         

        (lx)  Broker
          Fees.
          The
          Mortgagor has not made or caused to be made any payment in the nature of
          an
“average” or “yield spread premium” to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

         

        (lxi)  Acceptable
          Investment.
          The
          Seller has no knowledge of any circumstances or condition with respect
          to the
          Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
          standing that can reasonably be expected to cause the Mortgage Loan to
          be an
          unacceptable investment, cause the Mortgage Loan to become delinquent,
          cause the
          Mortgage Loan to not be paid in full when due, or adversely affect the
          value of
          the Mortgage Loan;

         

        (lxii)  No
          Notification of Prepayments in Full.
          The
          Mortgage Loan was not prepaid in full prior to the Closing Date and the
          Seller
          has not received notification from a Mortgagor that a prepayment in full
          shall
          be made after the Closing Date;

         

        (lxiii)  Limitation
          on number of Mortgage Notes per Borrower.
          No
          Mortgagor is the obligor on more than two Mortgage Notes;

         

        (lxiv)  Prepayment
          Charges; With
          respect to any Mortgage Loan that contains a provision permitting imposition
          of
          a Prepayment Charge upon a Principal Prepayment prior to maturity: (i)
          prior to
          the Mortgage Loan’s origination, the Mortgagor agreed to such Prepayment Charge
          in exchange for a monetary benefit, including but not limited to a Mortgage
          Interest Rate or fee reduction, (ii) the Prepayment Charge is disclosed
          to the
          Mortgagor in the Mortgage Loan Documents pursuant to applicable state and
          federal law, (iii) for Mortgage Loans originated on or after October 1,
          2002,
          the duration of the prepayment period shall not exceed three (3) years
          from the
          date of the Mortgage Note, unless the Mortgage Loan was modified to reduce
          the
          prepayment period to no more than three years from the date of the Mortgage
          Note
          and the Mortgagor was notified in writing of such reduction in the prepayment
          period, (iv) no Mortgage Loan originated prior to October 1, 2002 has a
          Prepayment Charge longer than five years and (v) notwithstanding any state
          or
          federal law to the contrary, prior to the transfer of servicing, the Seller
          shall not impose such Prepayment Charge in any instance when the Mortgage
          Loan
          is accelerated or paid off in connection with the workout of a delinquent
          mortgage or due to the Mortgagor’s default. Each Prepayment Charge is
          permissible, collectable and enforceable.

         

        (lxv)  No
          Predatory Lending.
          No
          predatory, abusive or deceptive lending practices, including but not limited
          to,
          the extension of credit to a Mortgagor without regard for the Mortgagor’s
          ability to repay the Mortgage Loan and the extension of credit to a Mortgagor
          which has no tangible net benefit to the Mortgagor, were employed in connection
          with the origination of the Mortgage Loan; 

         

        (lxvi)  Underwriting
          Methodology.
          The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          employs objective mathematical principles which relate the Mortgagor’s income,
          assets and liabilities to the proposed payment and such underwriting methodology
          does not rely on the extent of the Mortgagor’s equity in the collateral as the
          principal determining factor in approving such credit extension. Such
          underwriting methodology confirmed that at the time of origination
          (application/approval) the Mortgagor had a reasonable ability to make timely
          payments on the Mortgage Loan;

         

        (lxvii)  Points
          and Fees Disclosed.
          All
          points and fees related to each Mortgage Loan were disclosed in writing
          to the
          related Borrower in accordance with applicable state and federal laws and
          regulations. Unless indicated on the related Mortgage Loan Schedule, no
          Borrower
          was charged “points and fees” (whether or not financed) in an amount greater
          than (a) $1,000 or (b) 5% of the principal amount of such Mortgage Loan,
          whichever is greater, such 5% limitation is calculated in accordance with
          Fannie
          Mae’s anti-predatory lending requirements as set forth in the Fannie Mae Guides.
          For purposes of this representation, “points and fees” (x) include origination,
          underwriting, broker and finder’s fees and charges that the lender imposed as a
          condition of making the Mortgage Loan, whether they are paid to the lender
          or a
          third party, and (y) exclude bona fide discount points, fees paid for actual
          services rendered in connection with the origination of the mortgage (such
          as
          attorneys’ fees, notaries fees and fees paid for property appraisals, credit
          reports, surveys, title examinations and extracts, flood and tax certifications,
          and home inspections); the cost of mortgage insurance or credit-risk price
          adjustments; the costs of title, hazard, and flood insurance policies;
          state and
          local transfer taxes or fees; escrow deposits for the future payment of
          taxes
          and insurance premiums; and other miscellaneous fees and charges that,
          in total,
          do not exceed 0.25 percent of the loan amount. All fees and charges (including
          finance charges), whether or not financed, assessed, collected or to be
          collected in connection with the origination and servicing of each Mortgage
          Loan
          were disclosed in writing to the related Mortgagor in accordance with applicable
          state and federal laws and regulations; 

         

        (lxviii)  Full
          File Credit Reporting (Fannie Mae).
          The
          Seller will transmit full-file credit reporting data for each Mortgage
          Loan
          pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan,
          Seller agrees it shall report one of the following statuses each month
          as
          follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
          foreclosed, or charged-off;

         

        (lxix)  No
          Credit Life Policies.
          No
          Mortgagor was required to purchase any single premium credit insurance
          policy
          (e.g. life, mortgage, disability, accident, unemployment, or health insurance
          product) or debt cancellation agreement as a condition of obtaining the
          extension of credit. No Mortgagor obtained a prepaid single premium credit
          insurance policy (e.g. life, mortgage, disability, accident, unemployment,
          or
          health insurance product) in connection with the origination of the Mortgage
          Loan, and no proceeds from any Mortgage Loan were used to purchase
          single-premium credit insurance policies or debt cancellation agreements
          as part
          of the origination of, or as a condition to closing, such Mortgage Loan;
          

         

        (lxx)  Full
          File Credit Reporting (Past Practice; Future Practice).
          The
          Seller and any predecessor servicer has fully furnished, in accordance
          with the
          Fair Credit Reporting Act and its implementing regulations, accurate and
          complete information (e.g., favorable and unfavorable) on its borrower
          credit
          files to Equifax, Experian and Trans Union Credit Information Company (three
          of
          the credit repositories) on a monthly basis; and the Seller will fully
          furnish,
          in accordance with the Fair Credit Reporting Act and its implementing
          regulations, accurate and complete information (e.g., favorable and unfavorable)
          on its borrower credit files to Equifax, Experian and Trans Credit Information
          Company (three of the credit repositories), on a monthly basis; 

         

        (lxxi)  No
          Arbitration.
          With
          respect to each Mortgage Loan, neither the related Mortgage nor the related
          Mortgage Note requires the Mortgagor to submit to arbitration to resolve
          any
          dispute arising out of or relating in any way to the Mortgage Loan; No
          Mortgagor
          agreed to submit to arbitration to resolve any dispute arising out of or
          relating in any way to the Mortgage Loan;

         

        (lxxii)  Date
          of
          Credit Score. The date on which the Mortgagor’s Credit Score was obtained not
          earlier than sixty (60) days prior to the date of origination of the related
          Mortgage Loan; 

         

        (lxxiii)  Delivery
          of Mortgage Loan Documents.
          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; 

         

        (lxxiv)  Owner
          of Record.
          Immediately prior to the payment of the Purchase Price for each Mortgage
          Loan,
          the Seller was the owner of record 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 the Seller retains 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 and only for the purpose of servicing and
          supervising the servicing of each Mortgage Loan; 

         

        (lxxv)  Information
          Provided.
          Neither
          this Agreement nor any written statement, report or other document prepared
          and
          furnished or to be prepared and furnished with respect to any individual
          Mortgage Loan by the Seller pursuant to this Agreement or in connection
          with the
          transactions contemplated hereby contains any untrue statement of material
          fact
          or omits to state a material fact necessary to make the statements contained
          herein or therein not misleading; and

         

        (lxxvi)  MERS
          Mortgage Loans.
          The
          Seller 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 each MERS Mortgage Loan for as long as any such Mortgage Loans are registered
          with MERS.

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      EXHIBIT
        E

       

      REQUEST
        FOR RELEASE

       

      TO:       
         Citibank
        West

      5280
        Corporate Drive

      MS
        0052

      Frederick,
        MD 21703

      

      
        	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of December 1, 2006, among Citigroup
                  Mortgage Loan Trust Inc., as Depositor, Wells Fargo Bank, N.A.,
                  Ocwen Loan
                  Servicing, LLC, Countrywide Home Loans Servicing LP and JPMorgan
                  Chase
                  Bank, National Association as Servicers, 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

              

      

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      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-HE3, 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 December 1, 2006, among
        Citigroup Mortgage Loan Trust Inc., as Depositor, Wells Fargo Bank, N.A.,
        Ocwen
        Loan Servicing, LLC, Countrywide Home Loans Servicing LP and JPMorgan Chase
        Bank, National Association as Servicers, 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.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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]

       

      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-HE3, 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
        December 1, 2006, among Citigroup Mortgage Loan Trust Inc., as Depositor,
        Wells
        Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide Home Loans Servicing
        LP
        and JPMorgan Chase Bank, National Association as Servicers, 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:

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

              

      

      

      
        	
                ___

                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:

              

      

      

      
        

        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.

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	
                )

              	 

      

      

       

      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 December 1, 2006
        (the “Agreement”),
        among
        Citigroup Mortgage Loan Trust Inc., as depositor (the “Depositor”),
        Wells
        Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide Home Loans Servicing
        LP
        and JPMorgan Chase Bank, National Association as servicers, (the “Servicers”),
        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:

       

      o  The
        present
        value of the anticipated tax liabilities associated with holding the
        Certificate, as applicable, does not exceed the sum of:

       

      
        	 	
                (i)

              	
                the
                  present value of any consideration given to the Transferee to acquire
                  such
                  Certificate;

              

      

       

      
        	 	
                (ii)

              	
                the
                  present value of the expected future distributions on such Certificate;
                  and

              

      

       

      
        	 	
                (iii)

              	
                the
                  present value of the anticipated tax savings associated with holding
                  such
                  Certificate as the related REMIC generates
                  losses.

              

      

       

      For
        purposes of this calculation, (i) the Transferee is assumed to pay tax at
        the
        highest rate currently specified in Section 11(b) of the Code (but the tax
        rate
        in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
        specified in Section 11(b) of the Code if the Transferee has been subject
        to the
        alternative minimum tax under Section 55 of the Code in the preceding two
        years
        and will compute its taxable income in the current taxable year using the
        alternative minimum tax rate) and (ii) present values are computed using
        a
        discount rate equal to the short-term Federal rate prescribed by Section
        1274(d)
        of the Code for the month of the transfer and the compounding period used
        by the
        Transferee.

       

      o  The
        transfer of the
        Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5)
        and
        (6) and, accordingly,

       

      
        	 	
                (i)

              	
                the
                  Transferee is an “eligible corporation,” as defined in U.S. Treasury
                  Regulations Section 1.860E-1(c)(6)(i), as to which income from
                  the
                  Certificate will only be taxed in the United
                  States;

              

      

       

      
        	 	
                (ii)

              	
                at
                  the time of the transfer, and at the close of the Transferee’s two fiscal
                  years preceding the year of the transfer, the Transferee had gross
                  assets
                  for financial reporting purposes (excluding any obligation of a
                  person
                  related to the Transferee within the meaning of U.S. Treasury Regulations
                  Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                  in
                  excess of $10 million;

              

      

       

      
        	 	
                (iii)

              	
                the
                  Transferee will transfer the Certificate only to another “eligible
                  corporation,” as defined in U.S. Treasury Regulations Section
                  1.860E-1(c)(6)(i), in a transaction that satisfies the requirements
                  of
                  Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5)
                  of
                  the U.S. Treasury Regulations;
                  and

              

      

       

      
        	 	
                (iv)

              	
                the
                  Transferee determined the consideration paid to it to acquire the
                  Certificate based on reasonable market assumptions (including,
                  but not
                  limited to, borrowing and investment rates, prepayment and loss
                  assumptions, expense and reinvestment assumptions, tax rates and
                  other
                  factors specific to the Transferee) that it has determined in good
                  faith.

              

      

       

      o  None
        of the
        above.

       

      13.  The
        Transferee is not an employee benefit plan that is subject to Title I of
        ERISA
        or a plan that is subject to Section 4975 of the Code or a plan subject to
        any Federal, state or local law that is substantially similar to Title I
        of
        ERISA or Section 4975 of the Code, and the Transferee is not acting on behalf
        of
        or investing plan assets of such a plan.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Transferee has caused this instrument to be executed
        on its
        behalf, pursuant to authority of its Board of Directors, by its duly authorized
        officer and its corporate seal to be hereunto affixed, duly attested, this
            
        day
        of
                  ,
        20  .

       

      

      
        	 	 	 	 	 	 	 	
                [NAME
                  OF TRANSFEREE]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:

              

      

       

      

       

      [Corporate
        Seal]

       

      ATTEST:

      
        	 	 

      

      [Assistant]
        Secretary

       

      Personally
        appeared before me the above-named __________, known or proved to me to be
        the
        same person who executed the foregoing instrument and to be the ___________
        of
        the Transferee, and acknowledged that he executed the same as his free act
        and
        deed and the free act and deed of the Transferee.

       

      Subscribed
        and sworn before me this     
        day
        of
        
        ,
        20  .

       

      

      
        	 	 
	 	
                NOTARY
                  PUBLIC

              
	 	 
	 	
                My
                  Commission expires the __ day

                of
                  _________, 20__

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      FORM
        OF
        TRANSFEROR AFFIDAVIT

       

      
        	
                STATE
                  OF 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.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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]

       

      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-HE3, Mortgage Class 

       

      Dear
        Sirs:

       

      _______________________
        (the “Transferee”) intends to acquire from _____________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance of Citigroup
        Mortgage Loan Trust, Series 2006-HE3, Mortgage Pass-Through Certificates,
        Class
        [CE] [P] [R] (the “Certificates”), issued pursuant to a Pooling and Servicing
        Agreement dated as of December 1, 2006 (the “Agreement”),
        among
        Citigroup Mortgage Loan Trust Inc., as depositor (the “Depositor”),
        Wells
        Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide Home Loans Servicing
        LP
        and JPMorgan Chase Bank, National Association as servicers, (the “Servicers”),
        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 Servicers that:

       

      The
        Certificates (i) are not being acquired by, and will not be transferred to,
        any
        employee benefit plan within the meaning of section 3(3) of the Employee
        Retirement Income Security Act of 1974, as amended (“ERISA”), or other
        retirement arrangement, including individual retirement accounts and annuities,
        Keogh plans and bank collective investment funds and insurance company general
        or separate accounts in which such plans, accounts or arrangements are invested,
        that is subject to Section 406 of ERISA or Section 4975 of the Internal Revenue
        Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being
        acquired with “plan assets,” of a Plan within the meaning of the Department of
        Labor (“DOL”) regulation, 29 C.F.R. § 2510.3-101 of a Plan, and (iii) will not
        be transferred to any entity that is deemed to be investing in plan assets
        of a
        Plan.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:

              

      

       

      EXHIBIT
        H-1

       

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

       

      
        	 	
                Re:

              	
                Citigroup
                  Mortgage Loan Trust, Series 2006-HE3

                Asset
                  Backed Pass-Through Certificates, Series
                  2006-HE3

              

      

      

       

      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-HE3 (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 Servicers has fulfilled each of its obligations under
        the
        servicing agreement; and

       

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

       

      In
        giving
        the certifications above, I have reasonably relied on information provided
        to me
        by the following unaffiliated parties: Wells Fargo Bank, N.A., Ocwen Loan
        Servicing, LLC, Countrywide Home Loans Servicing LP, JPMorgan Chase Bank,
        National Association and Citibank, N.A.

       

      Date:
        [__], 2006

      
        	 	 	 	 	 	 	 	
                CITIGROUP
                  MORTGAGE LOAN TRUST, INC.

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	
                Date:

              	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H-2

       

      FORM
        CERTIFICATION TO BE

      PROVIDED
        TO DEPOSITOR BY THE TRUST ADMINISTRATOR

       

      
        	 	
                Re:

              	
                Citigroup
                  Mortgage Loan Trust, Series 2006-HE3

                Asset
                  Backed Pass-Through Certificates, Series
                  2006-HE3

              

      

      

      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 December 1, 2006 (the “Pooling and
        Servicing Agreement”), among the Depositor as depositor, Wells Fargo Bank, N.A.,
        Ocwen Loan Servicing, LLC, Countrywide Home Loans Servicing LP and JPMorgan
        Chase Bank, National Association as servicers, Citibank, N.A. as trust
        administrator and U.S. Bank National Association as trustee.

       

      
        	 	 	 	 	 	 	 	
                CITIBANK,
                  N.A., 

                as
                  Trust Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Name:	 
	 	 	 	 	 	 	 	Title:	 
	 	 	 	 	 	 	 	Date:	 

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        H-3

       

      FORM
        CERTIFICATION TO BE

      PROVIDED
        TO DEPOSITOR BY THE SERVICERS

       

      

       

      
        	 	
                Re:

              	
                Citigroup
                  Mortgage Loan Trust, Series 2006-HE3

                Asset
                  Backed Pass-Through Certificates, Series
                  2006-HE3

              

      

      

       

      I,
        [identify the certifying individual], acting of [Wells Fargo Bank, N.A. (“Wells
        Fargo”)][Ocwen Loan Servicing, LLC], 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 Servicers
        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 Servicers has been provided as required under the Pooling
        and Servicing Agreement;

       

      4. I
        am
        responsible for reviewing the activities performed by the Servicers 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 Servicers has fulfilled in all material respects
        its obligations under the Pooling and Servicing Agreement; and

       

      5. I
        have
        disclosed to the Servicers’s certified public accountants and the Depositor all
        significant deficiencies relating to the Servicers’s compliance with the
        Servicing Criteria as set forth in the Pooling and Servicing
        Agreement.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in
        the

      Pooling
        and Servicing Agreement, dated December 1, 2006 (the “Pooling and Servicing
        Agreement”), among the Depositor as depositor, Wells Fargo Bank, N.A., Ocwen
        Loan Servicing, LLC, Countrywide Home Loans Servicing LP and JPMorgan Chase
        Bank, National Association as Servicers, Citibank, N.A. as trust administrator
        and U.S. Bank National Association as trustee.

       

      
         

        
          	 	 	 	 	 	 	 	
                  
                    [WELLS
                      FARGO BANK, N.A.] [Ocwen
                      Loan Servicing, LLC]

                  

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Name:	 
	 	 	 	 	 	 	 	Title:	 
	 	 	 	 	 	 	 	Date:	 

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      
 

      EXHIBIT
        H-4

       

      FORM
        CERTIFICATION TO BE

      PROVIDED
        TO DEPOSITOR BY THE JPMORGAN

       

      

       

      
        	 	
                Re:

              	
                Citigroup
                  Mortgage Loan Trust, Series 2006-HE3

                Asset
                  Backed Pass-Through Certificates, Series
                  2006-HE3

              

      

      

       

       

      JPMorgan
        Chase Bank, National Association (the “Company”) certifies to Citigroup Mortgage
        Loan Trust, Inc. (the “Depositor”) and their officers, with the knowledge and
        intent that they will rely upon this certification, that:

       

      (1) The
        Company has reviewed the Company compliance statement provided in accordance
        with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
        assessment of the Company’s compliance with the servicing criteria set forth in
        Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
        with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
        (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
        Assessment”), the registered public accounting firm’s attestation report
        provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
        and
        Section 1122(b) of Regulation AB (the “Attestation
        Report”), and all servicing reports, officer’s certificates and other
        information relating to the servicing of the Mortgage Loans by the Company
        during 200[ ] that were delivered by the Company to the Depositor (collectively,
        the “Company Servicing Information”) pursuant to the Pooling and Servicing
        Agreement, dated as of December 1, 2006, among the Depositor, the Company,
        Wells
        Fargo Bank, N.A., Ocwen Loan Servicing, LLC, Countrywide Home Loans Servicing
        LP, Citibank, N.A. and U.S. Bank national Association (the
“Agreement”);

       

      (2) Based
        on
        the Company’s knowledge, the Company Servicing Information, taken as a whole,
        does not contain any untrue statement of a material fact or omit to state
        a
        material fact necessary to make the statements made, in the light of the
        circumstances under which such statements were made, not misleading with
        respect
        to the period of time covered by the Company Servicing Information;

       

      (3) Based
        on
        the Company’s knowledge, all of the Company Servicing Information required to be
        provided by the Company under the Agreement has been provided to the
        Depositor;

       

      (4) Based
        upon the Company’s knowledge and the compliance review conducted in preparing
        the Compliance Statement and except as disclosed in the Compliance Statement,
        the Servicing Assessment or the Attestation Report, the Company has fulfilled
        its obligations under the Agreement in all material respects; and

       

      (5) The
        Compliance Statement required to be delivered by the Company pursuant to
        the
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Company and by any Subservicer or Subcontractor pursuant
        to the
        Agreement, have been provided to the Depositor. Any material instances of
        noncompliance described in such reports have been disclosed to the Depositor.
        Any material instance of noncompliance with the Servicing Criteria has been
        disclosed in such reports.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in
        the

      Agreement.

      
         

        
          	 	 	 	 	 	 	 	
                  
                    
                      JPMorgan
                        Chase Bank, National Association

                    

                  

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Name:	 
	 	 	 	 	 	 	 	Title:	 
	 	 	 	 	 	 	 	Date:	 

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        H-5

       

      FORM
        CERTIFICATION TO BE

      PROVIDED
        TO DEPOSITOR BY COUNTRYWIDE

       

      

       

      
        	 	
                Re:

              	
                Citigroup
                  Mortgage Loan Trust, Series 2006-HE3

                Asset
                  Backed Pass-Through Certificates, Series
                  2006-HE3

              

      

      

       

      I,
        [identify the certifying individual], acting Countrywide Home Loans Servicing
        LP, certify to Citigroup Mortgage Loan Trust, Inc. (the “Depositor”), and its
        respective officers, directors, and with the knowledge and intent that it
        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 (the “Servicing
        Information”);

       

      2. Based
        on
        my knowledge, the Servicing Information is true and accurate in all material
        respects;

       

      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 my knowledge, and except as
        disclosed to the Depositor, 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in
        the

      Pooling
        and Servicing Agreement, dated December 1, 2006 (the “Pooling and Servicing
        Agreement”), among the Depositor as depositor, Wells Fargo Bank, N.A., Ocwen
        Loan Servicing, LLC, Countrywide Home Loans Servicing LP and JPMorgan Chase
        Bank, National Association as Servicers, Citibank, N.A. as trust administrator
        and U.S. Bank National Association as trustee.

      
        
           

          
            	 	 	 	 	 	 	 	
                    
                      
                        
                          Countrywide
                            Home Loans Servicing LP, as Servicer

                           

                          By:
                            Countrywide GP, INC.

                        

                      

                    

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Name:	 
	 	 	 	 	 	 	 	Title:	 
	 	 	 	 	 	 	 	Date:	 

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

      

      

      EXHIBIT
        I

      

      FORM
        OF
        INTEREST RATE CAP AGREEMENT

       

       

      

        DATE:         
              December
          29, 2006    

        

        TO: 
                            Citibank,
          N.A., in its capacity as cap trustee for the trust created pursuant to
          the Cap
          Administration Agreement (the “Cap Trust”) with respect to the Citigroup
          Mortgage Loan Trust Inc., Asset-Backed Pass-Through Certificates, Series
          2006-HE3 (the “Trustee”) (“Party B”)

        c/o
          Citibank, N.A. 

        Valerie
          Delgado

        388
          Greenwich St., 14th Floor

        New
          York,
          NY 10013

        Phone:
          (212) 816-5680

        Fax:
          (212) 816-5527

         

        FROM:                  Swiss
          Re Financial Products Corporation

        

        SUBJECT:                                      
          Fixed
          Income Derivatives Confirmation 

        

        REFERENCE
          NUMBER:           
1168441

        

        The
          purpose of this long-form confirmation (“Confirmation”)
          is to
          confirm the terms and conditions of the current Transaction entered into
          on the
          Trade Date specified below (the “Transaction”)
          between
          [derivative provider] (“Party
          A”) and
          Citibank, N.A., in its capacity as cap trustee for the trust created pursuant
          to
          the Cap Administration Agreement (the “Cap Trust”) with respect to the Citigroup
          Mortgage Loan Trust Inc., Asset-Backed Pass-Through Certificates, Series
          2006-HE3 (the “Trustee”), (“Party
          B”)
          created
          under the Pooling and Servicing Agreement, dated as of December 1, 2006,
          among
          Party A and Party B (the
          “Pooling
          and Servicing Agreement”).
          This
          Confirmation evidences a complete and binding agreement between you and
          us to
          enter into the Transaction on the terms set forth below and replaces any
          previous agreement between us with respect to the subject matter hereof.
          This
          Confirmation constitutes a “Confirmation”
          and also
          constitutes a “Schedule”
          as
          referred to in the ISDA Master Agreement, and Paragraph 13 of a Credit
          Support
          Annex to the Schedule. 

        

        
          	1.        
                    	
                  This
                    Confirmation shall supplement, form a part of, and be subject
                    to an
                    agreement in the form of the ISDA Master Agreement (Multicurrency
                    - Cross
                    Border) as published and copyrighted in 1992 by the International
                    Swaps
                    and Derivatives Association, Inc. (the “ISDA
                    Master Agreement”),
                    as if Party A and Party B had executed an agreement in such form
                    on the
                    date hereof, with a Schedule as set forth in Item 3 of this Confirmation,
                    and an ISDA Credit Support Annex (Bilateral Form - ISDA Agreements
                    Subject
                    to New York Law Only version) as published and copyrighted in
                    1994 by the
                    International Swaps and Derivatives Association, Inc., with Paragraph
                    13
                    thereof as set forth in Annex A hereto (the “Credit
                    Support Annex”).
                    For the avoidance of doubt, the Transaction described herein
                    shall be the
                    sole Transaction governed by such ISDA Master Agreement. In the
                    event of
                    any inconsistency among any of the following documents, the relevant
                    document first listed shall govern: (i) this Confirmation, exclusive
                    of
                    the provisions set forth in Item 3 hereof and Annex A hereto;
                    (ii) the
                    provisions set forth in Item 3 hereof, which are incorporated
                    by reference
                    into the Schedule; (iii) the Credit Support Annex; (iv) the Definitions;
                    and (v) the ISDA Master Agreement.

                

        

        

        Each
          reference herein to a “Section” (unless specifically referencing the Pooling and
          Servicing Agreement) or to a “Section” “of this Agreement” will be construed as
          a reference to a Section of the ISDA Master Agreement; each herein reference
          to
          a “Part” will be construed as a reference to the provisions herein deemed
          incorporated in a Schedule to the ISDA Master Agreement; each reference
          herein
          to a “Paragraph” will be construed as a reference to a Paragraph of the Credit
          Support Annex.

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        

          
            	
                    2.

                  	 The
                    terms of the particular Transaction to which this Confirmation
                    relates are
                    as follows:
	 	 	 	 
	 	
                    Type
                      of Transaction:

                  	
                    Interest
                      Rate Cap

                  
	 	 	 	 
	 	
                    Notional
                      Amount:

                  	
                    With
                      respect to any Calculation Period, the amount set forth for
                      such period on
                      Schedule I attached hereto.

                  
	 	 	 	 
	 	
                    Trade
                      Date:

                  	
                    December
                      8, 2006

                  
	 	 	
                     

                  	 
	 	
                    Effective
                      Date:

                  	
                    December
                      29, 2006

                  
	 	 	
                     

                  	 
	 	
                    Termination
                      Date:

                  	
                    December
                      25, 2011, subject to adjustment in accordance with the Business
                      Day
                      Convention

                  
	 	 	
                     

                  	 
	 	
                    Fixed
                      Amounts:

                  	 
	 	 	 	 
	 	 	
                    Fixed
                      Rate Payer:

                  	
                    Party
                      B

                  
	 	 	
                     

                  	 
	 	 	
                    Fixed
                      Amount:

                  	
                    USD
                      2,018,000

                  
	 	 	
                     

                  	 
	 	 	
                    Fixed
                      Rate Payer

                  	 
	 	 	
                    Payment
                      Date:

                  	
                    December
                      29, 2006

                  
	 	 	
                     

                  	 
	 	Floating
                    Amounts:	 
	 	 	
                     

                  	 
	 	 	
                    Floating
                      Rate Payer:

                  	
                    Party
                      A

                  
	 	 	
                     

                  	 
	 	 	
                    Cap
                      Rate:

                  	
                    5.45%

                  
	 	 	
                     

                  	 
	 	 	
                    Floating
                      Rate Payer

                  	 
	 	 	
                    Period
                      End Dates:

                  	
                    The
                      25th
                      calendar day of each month during the Term of this Transaction,
                      commencing
                      January 25, 2007, and ending on the Termination Date subject
                      to adjustment
                      in accordance with the Business Day Convention.

                  
	 	 	
                     

                  	 
	 	 	
                    Floating
                      Rate Payer 

                  	 
	 	 	
                    Payment
                      Dates:

                  	
                    Early
                      payment shall be applicable. The Floating Rate Payer Payment
                      Date shall be
                      two (2) Business Days prior to each Period End Date, commencing
                      on January
                      23, 2007

                  
	 	 	
                     

                  	 
	 	 	
                    Floating
                      Rate Option:

                  	
                    USD-LIBOR-BBA; provided,
                      however, that all references in Sections 7.l(w)(xvii) and 7.l(w)(xx)
                      of
                      the Definitions to "on the day that is two London Banking Days
                      preceding
                      that Reset Date" shall be deleted and replaced with "on the
                      day that is
                      two New York and London Banking Days preceding that Reset
                      Date".

                  
	 	 	
                     

                  	 
	 	 	
                    Designated
                      Maturity:

                  	
                    One
                      month

                  
	 	 	
                     

                  	 
	 	 	
                    Floating
                      Rate Day 

                  	 
	 	 	
                    Count
                      Fraction:

                  	
                    Actual/360

                  
	 	 	
                     

                  	 
	 	 	
                    Reset
                      Dates:

                  	
                    The
                      first day of each Calculation Period.

                  
	 	 	
                     

                  	 
	 	 	
                    Compounding:

                  	
                    Inapplicable

                  
	 	 	
                     

                  	 
	 	 	
                    Business
                      Days:

                  	
                    New
                      York

                  
	 	 	 	 
	 	 	
                    Business
                      Day Convention:

                  	
                    Following

                  
	 	 	 	 
	 	 	
                    Calculation
                      Agent:

                  	
                    Party
                      A

                  
	 	 	 	 
	 	 	 	 
	
                    3.

                  	Provisions
                    Deemed Incorporated in a Schedule to the ISDA Master
                    Agreement:

          

        

         

         

        
          	
                  Part
                    1.

                	
                  Termination
                    Provisions.

                

        

        

        For
          the
          purposes of this Agreement:-

        

        (a)          
          “Specified
          Entity”
          will not
          apply to Party A or Party B for any purpose. 

        

        
          	
                  (b)

                	
                  “Specified
                    Transaction”
                    will have the meaning specified in Section
                    14.

                

        

        

        
          	
                  (c)

                	
                  Events
                    of Default.

                

        

        

        The
          statement below that an Event of Default will apply to a specific party
          means
          that upon the occurrence of such an Event of Default with respect to such
          party,
          the other party shall have the rights of a Non-defaulting Party under Section
          6
          of this Agreement; conversely, the statement below that such event will
          not
          apply to a specific party means that the other party shall not have such
          rights.

        

        
          	(i)  	
                  The
                    “Failure
                    to Pay or Deliver”
                    provisions of Section 5(a)(i) will apply to Party A and will
                    apply to
                    Party B; provided, however, that Section 5(a)(i) is hereby amended
                    by
                    replacing the word “third” with the word “first”; provided, further, that
                    notwithstanding anything to the contrary in Section 5(a)(i),
                    any failure
                    by Party A to comply with or perform any obligation to be complied
                    with or
                    performed by Party A under the Credit Support Annex shall not
                    constitute
                    an Event of Default under Section 5(a)(i) unless (A) a Required
                    Ratings
                    Downgrade Event has occurred and been continuing for 30 or more
                    Local
                    Business Days and (B) such failure is not remedied on or before
                    the third
                    Local Business Day after notice of such failure is given to Party
                    A.

                

        

        

        
          	(ii)  	
                  The
                    “Breach
                    of Agreement”
                    provisions of Section 5(a)(ii) will apply to Party A and will
                    not apply to
                    Party B.

                

        

        

        
          	(iii)  	
                  The
                    “Credit
                    Support Default”
                    provisions of Section 5(a)(iii) will apply to Party A and will
                    not apply
                    to Party B except that Section 5(a)(iii)(1) will apply to Party
                    B solely
                    in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                    Support Annex; provided, however, that notwithstanding anything
                    to the
                    contrary in Section 5(a)(iii)(1), any failure by Party A to comply
                    with or
                    perform any obligation to be complied with or performed by Party
                    A under
                    the Credit Support Annex shall not constitute an Event of Default
                    under
                    Section 5(a)(iii) unless (A) a Required Ratings Downgrade Event
                    has
                    occurred and been continuing for 30 or more Local Business Days
                    and (B)
                    such failure is not remedied on or before the third Local Business
                    Day
                    after notice of such failure is given to Party
                    A.

                

        

        

        
          	(iv)  	
                  The
                    “Misrepresentation”
                    provisions of Section 5(a)(iv) will apply to Party A and will
                    not apply to
                    Party B. 

                

        

        

        
          	(v)  	
                  The
                    “Default
                    under Specified Transaction”
                    provisions of Section 5(a)(v) will apply to Party A and will
                    not apply to
                    Party B.

                

        

        

        
          	(vi)  	
                  The
                    “Cross
                    Default”
                    provisions of Section 5(a)(vi) will apply to Party A and will
                    not apply to
                    Party B. For purposes of Section 5(a)(vi), solely with respect
                    to Party
                    A:

                

        

        

        “Specified
          Indebtedness” will have the meaning specified in Section 14, except that such
          term shall not include insurance contracts entered into in the ordinary
          course
          of Party A’s Credit Support Provider’s insurance business.

         

        “Threshold
          Amount” means with respect to Party A an amount equal to three percent (3%) of
          the Shareholders’ Equity of Party A or, if applicable, the Eligible Guarantor.

        

        “Shareholders’
          Equity” means with respect to an entity, at any time, the sum (as shown in the
          most recent annual audited financial statements of such entity) of (i)
          its
          capital stock (including preferred stock) outstanding, taken at par value,
          (ii)
          its capital surplus and (iii) its retained earnings, minus (iv) treasury
          stock,
          each to be determined in accordance with generally accepted accounting
          principles.

        

        
          	(vii)  	
                  The
                    “Bankruptcy”
                    provisions of Section 5(a)(vii) will apply to Party A and will
                    apply to
                    Party B except that the provisions of Section 5(a)(vii)(2), (6)
                    (to the
                    extent that such provisions refer to any appointment contemplated
                    or
                    effected by the Pooling and Servicing Agreement or any appointment
                    to
                    which Party B has not become subject), (7) and (9) will not apply
                    to Party
                    B; provided that, with respect to Party B only, Section 5(a)(vii)(4)
                    is
                    hereby amended by adding after the words “against it” the words
                    “(excluding any proceeding or petition instituted or presented
                    by Party A
                    or its Affiliates)”, and Section 5(a)(vii)(8) is hereby amended by
                    deleting the words “to (7) inclusive” and inserting in lieu thereof “,
                    (3), (4) as amended, (5), (6) as amended, or
                    (7)”.

                

        

        

        
          	(viii)  	
                  The
                    “Merger
                    Without Assumption”
                    provisions of Section 5(a)(viii) will apply to Party A and will
                    apply to
                    Party B.

                

        

        

        (d)           Termination
          Events.

        

        The
          statement below that a Termination Event will apply to a specific party
          means
          that upon the occurrence of such a Termination Event, if such specific
          party is
          the Affected Party with respect to a Tax Event, the Burdened Party with
          respect
          to a Tax Event Upon Merger (except as noted below) or the non-Affected
          Party
          with respect to a Credit Event Upon Merger, as the case may be, such specific
          party shall have the right to designate an Early Termination Date in accordance
          with Section 6 of this Agreement; conversely, the statement below that
          such an
          event will not apply to a specific party means that such party shall not
          have
          such right; provided, however, with respect to “Illegality” the statement that
          such event will apply to a specific party means that upon the occurrence
          of such
          a Termination Event with respect to such party, either party shall have
          the
          right to designate an Early Termination Date in accordance with Section
          6 of
          this Agreement.

        

        (i)           
          The
          “Illegality”
          provisions of Section 5(b)(i) will apply to Party A and will apply to Party
          B.

        

        
          	 	
                  (ii)

                	
                  The
                    “Tax
                    Event”
                    provisions of Section 5(b)(ii) will apply to Party A except that,
                    for
                    purposes of the application of Section 5(b)(ii) to Party A, Section
                    5(b)(ii) is hereby amended by deleting the words “(x) any action taken by
                    a taxing authority, or brought in a court of competent jurisdiction,
                    on or
                    after the date on which a Transaction is entered into (regardless
                    of
                    whether such action is taken or brought with respect to a party
                    to this
                    Agreement) or (y)”, and the “Tax
                    Event”
                    provisions of Section 5(b)(ii) will apply to Party B.
                    

                

        

        

        
          	 	
                  (iii)

                	
                  The
                    “Tax
                    Event Upon Merger”
                    provisions of Section 5(b)(iii) will apply to Party A and will
                    apply to
                    Party B, provided that Party A shall not be entitled to designate
                    an Early
                    Termination Date by reason of a Tax Event upon Merger in respect
                    of which
                    it is the Affected Party.

                

        

        

        
          	 	
                  (iv)

                	
                  The
                    “Credit
                    Event Upon Merger”
                    provisions of Section 5(b)(iv) will not apply to Party A and
                    will not
                    apply to Party B.

                

        

        

        
          	
                  (e)

                	
                  The
                    “Automatic
                    Early Termination”
                    provision of Section 6(a) will not apply to Party A and will
                    not apply to
                    Party B.

                

        

        

        (f)           
          Payments
          on Early Termination.
          For the
          purpose of Section 6(e) of this Agreement:

        

        
          	(i)  	
                  Market
                    Quotation will apply, provided, however, that, in the event of
                    a
                    Derivative Provider Trigger Event, the following provisions will
                    apply:

                

        

        

        
          	 	
                  (A)
                    

                	
                  The
                    definition of Market Quotation in Section 14 shall be deleted
                    in its
                    entirety and replaced with the
                    following:

                

        

        

        “Market
          Quotation” means,
          with respect to one or more Terminated Transactions, a Firm Offer which
          is (1)
          made by a Reference Market-maker that is an Eligible Replacement, (2) for
          an
          amount that would be paid to Party B (expressed as a negative number) or
          by
          Party B (expressed as a positive number) in consideration of an agreement
          between Party B and such Reference Market-maker to enter into a Replacement
          Transaction, and (3) made on the basis that Unpaid Amounts in respect of
          the
          Terminated Transaction or group of Transactions are to be excluded but,
          without
          limitation, any payment or delivery that would, but for the relevant Early
          Termination Date, have been required (assuming satisfaction of each applicable
          condition precedent) after that Early Termination Date is to be
          included.

        

        
          	 	
                  (B)

                	
                  The
                    definition of Settlement Amount shall be deleted in its entirety
                    and
                    replaced with the following:

                

        

        

        “Settlement
          Amount”
          means,
          with respect to any Early Termination Date, an amount (as determined by
          Party B
          at the written direction of the Depositor) equal to: 

        

        
          	 	
                  (a)

                	
                  If
                    a Market Quotation for the relevant Terminated Transaction or
                    group of
                    Terminated Transactions is accepted by Party B at the written
                    direction of
                    the Depositor so as to become legally binding on or before the
                    day falling
                    ten Local Business Days after the day on which the Early Termination
                    Date
                    is designated, or such later day as Party B at the written direction
                    of
                    the Depositor may specify in writing to Party A, but in either
                    case no
                    later than one Local Business Day prior to the Early Termination
                    Date
                    (such day, the “Latest Settlement Amount Determination Day”), the
                    Termination Currency Equivalent of the amount (whether positive
                    or
                    negative) of such Market Quotation;

                

        

        

        
          	 	
                  (b)

                	
                  If,
                    on the Latest Settlement Amount Determination Day, no Market
                    Quotation for
                    the relevant Terminated Transaction or group of Terminated Transactions
                    has been accepted by Party B at the written direction of the
                    Depositor so
                    as to become legally binding and one or more Market Quotations
                    from
                    Approved Replacements have
                    been made and remain capable of becoming legally binding upon
                    acceptance,
                    the Settlement Amount shall equal the Termination Currency Equivalent
                    of
                    the amount (whether positive or negative) of the lowest of such
                    Market
                    Quotations (for the avoidance of doubt, the lowest of such Market
                    Quotations shall be the lowest Market Quotation of
                    such Market Quotations
                    expressed as a positive number or, if any of such Market Quotations
                    is
                    expressed as a negative number, the Market Quotation expressed
                    as a
                    negative number with the largest absolute value);
                    or

                

        

        

        
          	 	
                  (c)

                	
                  If,
                    on the Latest Settlement Amount Determination Day, no Market
                    Quotation for
                    the relevant Terminated Transaction or group of Terminated Transactions
                    is
                    accepted by Party B so as to become legally binding and no Market
                    Quotation from an Approved Replacement remains capable of becoming
                    legally
                    binding upon acceptance, the Settlement Amount shall equal Party
                    B’s Loss
                    (whether positive or negative and without reference to any Unpaid
                    Amounts)
                    for the relevant Terminated Transaction or group of Terminated
                    Transactions.

                

        

        

        
          	 	
                  (C)

                	
                  If
                    Party B at the written direction of the Depositor requests Party
                    A in
                    writing to obtain Market Quotations, Party A shall use its reasonable
                    efforts to do so before the Latest Settlement Amount Determination
                    Day.

                

        

        

        
          	 	
                  (D)

                	
                  If
                    the Settlement Amount is a negative number, Section 6(e)(i)(3)
                    shall be
                    deleted in its entirety and replaced with the
                    following:

                

        

        

        “(3)
          Second
          Method and Market Quotation.
          If the
          Second Method and Market Quotation apply, (I) Party B shall pay to Party
          A an
          amount equal to the absolute value of the Settlement Amount in respect
          of the
          Terminated Transactions, (II) Party B shall pay to Party A the Termination
          Currency Equivalent of the Unpaid Amounts owing to Party A and (III) Party
          A
          shall pay to Party B the Termination Currency Equivalent of the Unpaid
          Amounts
          owing to Party B; provided, however, that (x) the amounts payable under
          the
          immediately preceding clauses (II) and (III) shall be subject to netting
          in
          accordance with Section 2(c) of this Agreement and (y) notwithstanding
          any other
          provision of this Agreement, any amount payable by Party A under the immediately
          preceding clause (III) shall not be netted-off against any amount payable
          by
          Party B under the immediately preceding clause (I).”

         

        
          	 	
                  (E)

                	
                  At
                    any time on or before the Latest Settlement Amount Determination
                    Day at
                    which two or more Market Quotations from Approved Replacements
                    remain
                    capable of becoming legally binding upon acceptance, Party B
                    shall be
                    entitled to accept only the lowest of such Market Quotations
                    (for the
                    avoidance of doubt, the lowest of such Market Quotations shall
                    be the
                    lowest Market Quotation of such Market Quotations expressed as
                    a positive
                    number or, if any of such Market Quotations is expressed as a
                    negative
                    number, the Market Quotation expressed as a negative number with
                    the
                    largest absolute value).

                

        

        

        
          	(ii)  	
                  The
                    Second Method will apply.

                

        

        

        (g)           
          “Termination
          Currency”
          means
          USD.

        

        (h)    Additional
          Termination Events.
          Additional Termination Events will apply as provided in Part 5(c).

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          2.  Tax
          Matters.

        

        (a)           Tax
          Representations. 

        

        
          	 	
                  (i)

                	
                  Payer
                    Representations.
                    For the purpose of Section 3(e) of this Agreement:
                    

                

        

         

        (A) Party
          A
          makes the following representation(s):

        

        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 this Agreement) to
          be made
          by it to the other party under this Agreement. In making this representation,
          it
          may rely on: the accuracy of any representations made by the other party
          pursuant to Section 3(f) of this Agreement; (ii) the satisfaction of the
          agreement contained in Section 4(a)(i) or 4(a)(iii) of this 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 this Agreement; and (iii) the satisfaction
          of
          the agreement of the other party contained in Section 4(d) of this 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) by reason of material prejudice to its legal or
          commercial position.

        
          	 	 	 

        

        (B) Party
          B
          makes the following representation(s):

        

        None.

        

        (ii)
           Payee
          Representations.
          For the
          purpose of Section 3(f) of this Agreement: 

         

        
          	(A)  	
                  Party
                    A makes the following
                    representation(s):

                

        

        

        Party
          A
          represents that it is a corporation organized under the laws of the State
          of
          Delaware.

        
          	 	 	 

        

                
          (B) Party
          B
          makes the following representation(s):

        

        None. 

        

        
          	
                  (b)

                	
                  Tax
                    Provisions.

                

        

        

        
          	 	
                  (i)

                	
                  Gross
                    Up.
                    Section 2(d)(i)(4) shall not apply to Party B as X, and Section 2(d)(ii)
                    shall not apply to Party B as Y, in each case such that Party
                    B shall not
                    be required to pay any additional amounts referred to
                    therein.

                

        

        

        
          	 	
                  (ii)

                	
                  Indemnifiable
                    Tax.
                    The definition of “Indemnifiable Tax” in Section 14 is deleted in its
                    entirety and replaced with the
                    following:

                

        

        

        “Indemnifiable
          Tax”
          means,
          in relation to payments by Party A, any Tax and, in relation to payments
          by
          Party B, no Tax. 

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          3.  Agreement
          to Deliver Documents.  

        

        (a) For
          the
          purpose of Section 4(a)(i), tax forms, documents, or certificates to be
          delivered are:

        

        
          	
                   

                  Party
                    required to deliver document

                	
                   

                  Form/Document/

                  Certificate

                	
                   

                  Date
                    by which to

                  be
                    delivered

                
	
                   

                  Party
                    A

                   

                	
                   

                  An
                    original properly completed and executed United States Internal
                    Revenue
                    Service Form W-9 including applicable attachments (or any successor
                    thereto) with respect to any payments received or to be received
                    by Party
                    A that eliminates U.S. federal withholding and backup withholding
                    Tax on
                    payments to Party A under this Agreement.

                	
                   

                  (i)
                    upon execution of this Agreement, (ii) on or before the first
                    payment date
                    under this Agreement, including any Credit Support Document,
                    (iii)
                    promptly upon the reasonable demand by Party B, (iv) prior to
                    the
                    expiration or obsolescence of any previously delivered form,
                    and (v)
                    promptly upon the information on any such previously delivered
                    form
                    becoming inaccurate or incorrect.

                
	
                   

                  Party
                    B

                   

                	
                   

                  (i)
                    Upon execution of this Agreement, an original properly completed
                    and
                    executed United States Internal Revenue Service Form W-9 including
                    applicable attachments (or any successor thereto) with respect
                    to any
                    payments received or to be received by the initial beneficial
                    owner of
                    payments to Party B under this Agreement, and (ii) thereafter,
                    the
                    appropriate tax certification form (i.e., IRS Form W-9 or IRS
                    Form W-8BEN,
                    W-8IMY, W-8EXP or W-8ECI, as applicable (or any successor form
                    thereto))
                    with respect to any payments received or to be received by the
                    beneficial
                    owner of payments to Party B under this Agreement from time to
                    time.
                    

                   

                	
                   

                  (i)
                    upon execution of this Agreement, (ii) on or before the first
                    payment date
                    under this Agreement, including any Credit Support Document,
                    (iii)
                    promptly upon the reasonable demand by Party A, (iv) prior to
                    the
                    expiration or obsolescence of any previously delivered form,
                    and (v)
                    promptly upon the information on any such previously delivered
                    form
                    becoming inaccurate or incorrect.

                   

                

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        (b) For
          the
          purpose of Section 4(a)(ii), other documents to be delivered are:

        

        
          	
                   

                  Party
                    required to deliver document

                	
                   

                  Form/Document/

                  Certificate

                	
                   

                  Date
                    by which to

                  be
                    delivered

                	
                   

                  Covered
                    by Section 3(d) Representation

                
	
                   

                  Party
                    A and

                   

                  Party
                    B

                   

                	
                   

                  Any
                    documents required by the receiving party to evidence the authority
                    of the
                    delivering party or its Credit Support Provider, if any, for
                    it to execute
                    and deliver the Agreement, this Confirmation, and any Credit
                    Support
                    Documents to which it is a party, and to evidence the authority
                    of the
                    delivering party or its Credit Support Provider to perform its
                    obligations
                    under the Agreement, this Confirmation and any Credit Support
                    Document, as
                    the case may be

                	
                   

                  Upon
                    the execution and delivery of this Agreement

                   

                	
                   

                  Yes

                   

                
	
                   

                  Party
                    A and

                   

                  Party
                    B

                   

                	
                   

                  A
                    certificate of an authorized officer of the party, as to the
                    incumbency
                    and authority of the respective officers of the party signing
                    the
                    Agreement, this Confirmation, and any relevant Credit Support
                    Document, as
                    the case may be

                	
                   

                  Upon
                    the execution and delivery of this Agreement

                   

                	
                   

                  Yes

                   

                
	
                   

                  Party
                    A

                   

                	
                   

                  Annual
                    Report of Party A’s Credit Support Provider containing consolidated
                    financial statements certified by independent certified public
                    accountants
                    and prepared in accordance with generally accepted accounting
                    principles
                    in the country in which Party A’s Credit Support Provider is
                    organized

                	
                   

                  Promptly
                    upon becoming publicly available

                   

                	
                   

                  Yes

                   

                
	
                   

                  Party
                    A

                   

                	
                   

                  Semi
                    Annual Financial Statements of Party A’s Credit Support Provider
                    containing unaudited, consolidated financial statements of Party
                    A’s
                    Credit Support Provider’s Interim Report prepared in accordance with
                    generally accepted accounting principles in the country in which
                    Party A’s
                    Credit Support Provider is organized

                	
                   

                  Promptly
                    upon becoming publicly available

                   

                	
                   

                  Yes

                   

                
	
                   

                   

                   

                   

                  Party
                    A

                	
                   

                   

                  A
                    guarantee of Swiss Re 

                	
                   

                   

                   

                   

                  Upon
                    the execution and delivery of this Agreement

                	
                   

                   

                   

                   

                  No

                
	
                   

                  Party
                    A

                   

                	
                   

                  An
                    opinion of counsel to Party A’s Guarantor 

                   

                	
                   

                  Upon
                    the execution and delivery of this Agreement

                   

                	
                   

                  No

                   

                

        

        

        Part
          4. Miscellaneous. 

        

        
          	
                  (a)

                	
                  Address
                    for Notices:
                    For the purposes of Section 12(a) of this
                    Agreement:

                

        

        

        Address
          for notices or communications to Party A:

        

        Address:              
          Swiss Re Financial Products Corporation

        55
          East
          52nd Street

        New
          York,
          New York 10055

        Attention:
          Head of Operations

        Facsimile
          No. (917) 322-7201

        

        (For
          all
          purposes)

        

        With
          a
          copy to:    Swiss Re Financial Products Corporation

                    
            55
          East
          52nd Street

        New
          York,
          New York 10055

        Attention:
          Legal Department

        Facsimile
          No.: (212) 317-5474

        

        Address
          for notices or communications to Party B:

        

        Citibank,
          N.A.

        Structured
          Finance- CMLTI 2006-HE3

        388
          Greenwich Street, 14th Floor

        New
          York,
          NY 10013

        

        (For
          all
          purposes)

        

        (b)          
          Process
          Agent.
          For the
          purpose of Section 13(c):

        

        Party
          A
          appoints as its Process Agent: Not applicable.

        

        Party
          B
          appoints as its Process Agent: Not applicable.

        

        
          	
                  (c)

                	
                  Offices.
                    The provisions of Section 10(a) will apply to this Agreement;
                    neither
                    Party A nor Party B has any Offices other than as set forth in
                    the Notices
                    Section. 

                

        

        

        
          	
                  (d)

                	
                  Multibranch
                    Party.
                    For the purpose of Section 10(c) of this
                    Agreement:

                

        

        

        Party
          A
          is not a Multibranch Party.

        

        
          	 	
                  Party
                    B is not a Multibranch Party.

                

        

        

        
          	
                  (e)

                	
                  Calculation
                    Agent.
                    The Calculation Agent is Party A; provided, however, that if
                    an Event of
                    Default shall have occurred with respect to Party A, Party B
                    shall have
                    the right to appoint as Calculation Agent a third party, reasonably
                    acceptable to Party A, the cost for which shall be borne by Party
                    A.

                

        

        

        (f)           
          Credit
          Support Document. 

         

        
          	 	
                  Party
                    A:

                	
                  The
                    Credit Support Annex, and any guarantee in support of Party A’s
                    obligations under this Agreement.

                

        

        

        Party
          B:                 
The
          Credit Support Annex, solely in respect of Party B’s obligations under Paragraph
          3(b) of the Credit Support Annex.

        

        
          	
                  (g)

                	
                  Credit
                    Support Provider.

                

        

        

        Party
          A:                
The
          guarantor under any guarantee in support of Party A’s obligations under this
          Agreement.

        

        Party
          B:                 
None.

        

        
          	
                  (h)

                	
                  Governing
                    Law.
                    The parties to this Agreement hereby agree that the law of the State of
                    New York shall govern their rights and duties in whole, without
                    regard to
                    the conflict of law provisions thereof other than New York General
                    Obligations Law Sections 5-1401 and 5-1402.

                

        

        

        
          	
                  (i)

                	
                  Netting
                    of Payments.
                    The parties agree that subparagraph (ii) of Section 2(c) will
                    apply to
                    each Transaction hereunder. 

                

        

        

        
          	
                  (j)

                	
                  Affiliate.“Affiliate”
                    shall have the meaning assigned thereto in Section 14; provided,
                    however,
                    that Party B shall be deemed to have no Affiliates for purposes
                    of this
                    Agreement, including for purposes of Section
                    6(b)(ii).

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          5.  Others
          Provisions.

        

        
          	
                  (a)

                	
                  Definitions.
                    Unless
                    otherwise specified in a Confirmation, this Agreement and each
                    Transaction
                    under this Agreement are subject to the 2000 ISDA Definitions
                    as published
                    and copyrighted in 2000 by the International Swaps and Derivatives
                    Association, Inc. (the “Definitions”),
                    and will be governed in all relevant respects by the provisions
                    set forth
                    in the Definitions, without regard to any amendment to the Definitions
                    subsequent to the date hereof. The provisions of the Definitions
                    are
                    hereby incorporated by reference in and shall be deemed a part
                    of this
                    Agreement, except that (i) references in the Definitions to a
“Swap
                    Transaction” shall be deemed references to a “Transaction” for purposes of
                    this Agreement, and (ii) references to a “Transaction” in this Agreement
                    shall be deemed references to a “Swap Transaction” for purposes of the
                    Definitions. Each term capitalized but not defined in this Agreement
                    shall
                    have the meaning assigned thereto in the Pooling and Servicing
                    Agreement.

                

        

         

        (b)          
          Amendments
          to ISDA Master Agreement.

        

        
          	 	
                  (i)

                	
                  Single
                    Agreement.
                    Section 1(c) is hereby amended by the adding the words “including, for the
                    avoidance of doubt, the Credit Support Annex” after the words “Master
                    Agreement”. 

                

        

        

        (ii)          
          Conditions
          Precedent. Section
          2(a)(iii) is hereby amended by adding the following at the end thereof:
          

        

        Notwithstanding
          anything to the contrary in Section 2(a)(iii)(1), if an Event of Default
          with
          respect to Party B or Potential Event of Default with respect to Party
          B has
          occurred and been continuing for more than 30 Local Business Days and no
          Early
          Termination Date in respect of the Affected Transactions has occurred or
          been
          effectively designated by Party A, the obligations of Party A under Section
          2(a)(i) shall cease to be subject to the condition precedent set forth
          in
          Section 2(a)(iii)(1) with respect to such specific occurrence of such Event
          of
          Default or such Potential Event of Default (the “Specific
          Event”);
          provided, however, for the avoidance of doubt, the obligations of Party
          A under
          Section 2(a)(i) shall be subject to the condition precedent set forth in
          Section
          2(a)(iii)(1) (subject to the foregoing) with respect to any subsequent
          occurrence of the same Event of Default with respect to Party B or Potential
          Event of Default with respect to Party B after the Specific Event has ceased
          to
          be continuing and with respect to any occurrence of any other Event of
          Default
          with respect to Party B or Potential Event of Default with respect to Party
          B
          that occurs subsequent to the Specific Event. 

        

        
          	 	
                  (iii)

                	
                  Change
                    of Account.
                    Section 2(b) is hereby amended by the addition of the following
                    after the
                    word “delivery” in the first line
                    thereof:

                

        

         

        “to
          another account in the same legal and tax jurisdiction as the original
          account”.

        

        
          	 	
                  (iv)

                	
                  Representations.
                    Section 3 is hereby amended by adding at the end thereof the
                    following
                    subsection (g): 

                

        

        

        
          	 	
                  “(g)

                	
                  Relationship
                    Between Parties. 

                

        

        

        
          	 	
                  (1)

                	
                  Nonreliance.
                    (i) It is not relying on any statement or representation of the
                    other
                    party regarding the Transaction (whether written or oral), other
                    than the
                    representations expressly made in this Agreement or the Confirmation
                    in
                    respect of that Transaction and (ii) it has consulted with its
                    own legal,
                    regulatory, tax, business, investment, financial and accounting
                    advisors
                    to the extent it has deemed necessary, and it has made its own
                    investment,
                    hedging and trading decisions based upon its own judgment and
                    upon any
                    advice from such advisors as it has deemed necessary and not
                    upon any view
                    expressed by the other party.

                

        

         

        
          	 	
                  (2)

                	
                  Evaluation
                    and Understanding. (i) It has the capacity to evaluate (internally
                    or
                    through independent professional advice) the Transaction and
                    has made its
                    own decision to enter into the Transaction and (ii) It understands
                    the
                    terms, conditions and risks of the Transaction and is willing
                    and able to
                    accept those terms and conditions and to assume those risks,
                    financially
                    and otherwise. 

                

        

        

        
          	 	
                  (3)

                	
                  Purpose.
                    It is entering into the Transaction for the purposes of managing
                    its
                    borrowings or investments, hedging its underlying assets or liabilities
                    or
                    in connection with a line of business.

                

        

        

        
          	 	
                  (4)

                	
                  Status
                    of Parties. The other party is not acting as an agent, fiduciary
                    or
                    advisor for it in respect of the Transaction.

                

        

        

        
          	 	
                  (5)

                	
                  Eligible
                    Contract Participant. It is an “eligible swap participant” as such term is
                    defined in, Section 35.1(b)(2) of the regulations (17 C.F.R.
                    35)
                    promulgated under, and an “eligible contract participant” as defined in
                    Section 1(a)(12) of the Commodity Exchange Act, as
                    amended.”

                

        

        

        
          	 	
                  (v)

                	
                  Transfer
                    to Avoid Termination Event.
                    Section 6(b)(ii) is hereby amended by (i) deleting the words
“or if a Tax
                    Event Upon Merger occurs and the Burdened Party is the Affected
                    Party,”
                    and (ii) by deleting the words “to transfer” and inserting the words “to
                    effect a Permitted Transfer” in lieu
                    thereof.

                

        

        

        
          	 	
                  (vi)

                	
                  Jurisdiction.
                    Section
                    13(b) is hereby amended by: (i) deleting in the second line of
                    subparagraph (i) thereof the word "non-", (ii) deleting “; and” from the
                    end of subparagraph 1 and inserting “.” in lieu thereof, and (iii)
                    deleting the final paragraph
                    thereof.

                

        

        

        
          	 	
                  (vii)

                	
                  Local
                    Business Day.
                    The definition of Local Business Day in Section 14 is hereby
                    amended by
                    the addition of the words “or any Credit Support Document” after “Section
                    2(a)(i)” and the addition of the words “or Credit Support Document” after
                    “Confirmation”. 

                

        

        

        
          	
                  (c)

                	
                  Additional
                    Termination Events.
                    The following Additional Termination Events will
                    apply:

                

        

        

        
          	(i)         
                   	
                  First
                    Rating Trigger Collateral.
                    If
                    (A) it is not the case that a Moody’s Second Trigger Ratings Event has
                    occurred and been continuing for 30 or more Local Business Days
                    and (B)
                    Party
                    A has failed to comply with or perform any obligation to be complied
                    with
                    or performed by Party A in accordance with the Credit Support
                    Annex, then
                    an Additional Termination Event shall have occurred with respect
                    to Party
                    A and Party A shall be the sole Affected Party with respect to
                    such
                    Additional Termination Event. 

                

        

        

        
          	(ii)        
                    	
                  Second
                    Rating Trigger Replacement.
                    If
                    (A) a Required Ratings Downgrade Event has occurred and been
                    continuing
                    for 30 or more Local Business Days and (B) (i) at least one Eligible
                    Replacement has made a Firm Offer to be the transferee of all
                    of Party A’s
                    rights and obligations under this Agreement (and such Firm Offer
                    remains
                    an offer that will become legally binding upon such Eligible
                    Replacement
                    upon acceptance by the offeree) and/or (ii) an Eligible Guarantor
                    has made
                    a Firm Offer to provide an Eligible Guarantee (and such Firm
                    Offer remains
                    an offer that will become legally binding upon such Eligible
                    Guarantor
                    immediately upon acceptance by the offeree), then an Additional
                    Termination Event shall have occurred with respect to Party A
                    and Party A
                    shall be the sole Affected Party with respect to such Additional
                    Termination Event. 

                

        

        

        
          	 	
                  (iii)

                	
                  Reserved. 

                

        

        

        
          	 	
                  (iv)

                	
                  Provision
                    of Information Required by Regulation AB. Party
                    A shall fail to comply with the provisions of Part 5(e) upon
                    the
                    occurrence of a Swap Disclosure Event. For all purposes of this
                    Agreement,
                    Party A shall be the sole Affected Party with respect to such
                    Additional
                    Termination Event.

                

        

        

        
          	 	
                  (v)

                	
                  Optional
                    Termination of the Securitization.
                    If, at any time, the Terminator purchases the Mortgage Loans
                    pursuant to
                    Section 9.01 of the Pooling and Servicing Agreement, then an
                    Additional
                    Termination Event shall have occurred and Party B shall be the
                    sole
                    Affected Party with respect thereto; provided, however, that
                    notwithstanding Section 6(b)(iv) of the Master Agreement, only
                    Party B
                    shall have the right to designate an Early Termination Date in
                    respect of
                    this Additional Termination Event; provided, further, that the
                    Early
                    Termination Date shall not be prior to the Optional Termination
                    Date.

                

        

        

        
          	
                  (d)

                	
                  Required
                    Ratings Downgrade Event. In
                    the event that a “Required
                    Ratings Downgrade Event”
                    from any of the Swap Rating Agencies shall occur and be continuing,
                    then
                    Party A shall, as soon as reasonably practicable, at its own
                    expense,
                    using commercially reasonable efforts, procure either (A) a Permitted
                    Transfer or (B) an Eligible Guarantee from an Eligible Guarantor.
                    

                

        

        

        
          	
                  (e)
                    

                	
                  Compliance
                    with Regulation AB. (i)
                    For purposes of Item 1115 of Subpart 229.1100 - Asset Backed
                    Securities
                    (Regulation AB) (17 C.F.R. ss.ss.229.1100 - 229.1123) (“Regulation AB”)
                    under the Securities Act of 1933, as amended, and the Securities
                    Exchange
                    Act of 1934, as amended (the “Exchange Act”), as amended and interpreted
                    by the Securities and Exchange Commission and its staff, if the
                    Depositor
                    or Party B makes a determination, acting reasonably and in good
                    faith,
                    that (x) the applicable “significance percentage” with respect to this
                    Agreement has been reached, and (y) it has a reporting obligation
                    under
                    the Exchange Act (a “Swap Disclosure Event”), then Party A shall (or shall
                    cause its Credit Support Provider to), within ten (10) calendar
                    days after
                    notice to that effect, at its sole expense, take one of the following
                    actions (each subject to satisfaction of the Rating Agency Condition):
                    (1)
                    provide (including, if permitted by Regulation AB, provision
                    by reference
                    to reports filed pursuant to the Exchange Act or otherwise publicly
                    available information): (A) the financial data required by Item
                    301 of
                    Regulation S-K (17 C.F.R. §229.301), pursuant to Item 1115(b)(1); (B)
                    financial statements meeting the requirements of Regulation S-X
                    (17 C.F.R.
                    §§210.1-01 through 210.12-29, but excluding 17 C.F.R. ss. 210.3-05
                    and
                    Article 11 of Regulation S-X (17 C.F.R. ss. ss. 210.11-01 through
                    210.11-03)), pursuant to Item 1115(b)(2); or (C) such other financial
                    information as may at the time be required or permitted to be
                    provided in
                    satisfaction of the requirements of Item 1115(b), together with
                    accountants consents and/or a procedure letter relating thereto;
                    or (2)
                    secure an Approved Replacement that is able to comply with the
                    requirements of Item 1115(b) of Regulation AB to replace Party
                    A as party
                    to this Agreement, on substantially similar terms, the debt rating
                    of
                    which entity (or credit support provider therefor) meets or exceeds
                    the
                    applicable requirements of the applicable Rating
                    Agencies.

                

        

        

        (ii)
          For
          so long as the aggregate significance percentage is 10% or more, Party
          A shall
          (or shall cause its Credit Support Provider to) provide any updates to
          the
          information provided pursuant to clause (i)(1) above to the Depositor within
          five (5) Business Days following availability thereof (but in no event
          more than
          45 days after the end of each of Party A’s Credit Support Provider’s fiscal half
          for any half-year update, and in no event more than 90 days after the end
          of
          each of Party A’s Credit Support Provider’s fiscal year for any annual
          update).

        

        (iii)
          All
          information provided pursuant to clauses (i)(1) and (ii) above (all such
          information, “Swap Financial Disclosure”) shall be in a form suitable for
          conversion to the format required for filing by the Depositor with the
          Commission via the Electronic Data Gathering and Retrieval System (EDGAR).
          In
          addition, any such information, if audited, shall be accompanied by any
          necessary auditor’s consents or, if such information is unaudited, shall be
          accompanied by an appropriate agreed-upon procedures letter from Party
          A’s
          accountants. If permitted by Regulation AB, any such information may be
          provided
          by reference to or incorporation by reference from reports filed pursuant
          to the
          Exchange Act.

        

        (iv)
          Third Party Beneficiary. The Depositor shall be an express third party
          beneficiary of this Agreement as if a party hereto to the extent of the
          Depositor’s rights explicitly specified in this Part 5(e).

        

        
          	
                  (f)

                	
                  Transfers. 

                

        

         

        (i)    Section
          7
          is hereby amended to read in its entirety as follows:

         

        “Except
          with respect to any Permitted Transfer pursuant to Section 6(b)(ii), Part
          5(d),
          Part 5(e), or the succeeding sentence, neither Party A nor Party B is permitted
          to assign, novate or transfer (whether by way of security or otherwise)
          as a
          whole or in part any of its rights, obligations or interests under the
          Agreement
          or any Transaction unless (a) the prior written consent of the other party
          is
          obtained, and (b) the Rating Agency Condition has been satisfied with respect
          to
          S&P and DBRS. At any time at which no Relevant Entity has credit ratings
          at
          least equal to the Approved Ratings Threshold, Party A may make a Permitted
          Transfer.” 

         

        
          	 	
                  (ii)

                	
                  If
                    an Eligible Replacement has made a Firm Offer (which remains
                    an offer that
                    will become legally binding upon acceptance by Party B) to be
                    the
                    transferee pursuant to a Permitted Transfer, Party B shall, at
                    Party A’s
                    written request and at Party A’s expense, take any reasonable steps
                    required to be taken by Party B to effect such transfer.
                    

                

        

         

        
          	
                  (g)

                	
                  Non-Recourse.
                    Party A acknowledges and agrees that, notwithstanding any provision
                    in
                    this Agreement to the contrary, the obligations of Party B hereunder
                    are
                    limited recourse obligations of Party B, payable solely from
                    the Cap Trust
                    and the proceeds thereof, in accordance with the priority of
                    payments and
                    other terms of the Pooling and Servicing Agreement and that Party
                    A will
                    not have any recourse to any of the directors, officers, employees,
                    shareholders or affiliates of the Party B with respect to any
                    claims,
                    losses, damages, liabilities, indemnities or other obligations
                    in
                    connection with any transactions contemplated hereby. In the
                    event that
                    the Cap Trust and the proceeds thereof, should be insufficient
                    to satisfy
                    all claims outstanding and following the realization of the account
                    held
                    by the Supplemental Interest Trust and the proceeds thereof,
                    any claims
                    against or obligations of Party B under the ISDA Master Agreement
                    or any
                    other confirmation thereunder still outstanding shall be extinguished
                    and
                    thereafter not revive. Party B shall not have liability for any
                    failure or
                    delay in making a payment hereunder to Party A due to any failure
                    or delay
                    in receiving amounts in the account held by the Supplemental
                    Interest
                    Trust from the Trust created pursuant to the Pooling and Servicing
                    Agreement. This provision will survive the termination of this
                    Agreement.

                

        

        

        
          	
                  (h)

                	
                  Timing
                    of Payments
                    by Party B upon Early Termination.
                    Notwithstanding anything to the contrary in Section 6(d)(ii),
                    to the
                    extent that all or a portion (in either case, the “Unfunded Amount”) of
                    any amount that is calculated as being due in respect of any
                    Early
                    Termination Date under Section 6(e) from Party B to Party A will
                    be paid
                    by Party B from amounts other than any upfront payment paid to
                    Party B by
                    an Eligible Replacement that has entered a Replacement Transaction
                    with
                    Party B, then such Unfunded Amount shall be due on the next subsequent
                    Distribution Date following the date on which the payment would
                    have been
                    payable as determined in accordance with Section 6(d)(ii), and
                    on any
                    subsequent Distribution Dates until paid in full (or if such
                    Early
                    Termination Date is the final Distribution Date, on such final
                    Distribution Date); provided, however, that if the date on which
                    the
                    payment would have been payable as determined in accordance with
                    Section
                    6(d)(ii) is a Distribution Date, such payment will be payable
                    on such
                    Distribution Date.

                

        

        

        
          	
                  (i)

                	
                  Rating
                    Agency Notifications. Notwithstanding
                    any other provision of this Agreement, no Early Termination Date
                    shall be
                    effectively designated hereunder by Party B and no transfer of
                    any rights
                    or obligations under this Agreement shall be made by either party
                    unless
                    each Swap Rating Agency has been given prior written notice of
                    such
                    designation or transfer. 

                

        

        

        
          	
                  (j)

                	
                  No
                    Set-off.
                    Except as expressly provided for in Section 2(c), Section 6 or
                    Part
                    1(f)(i)(D) hereof, and notwithstanding any other provision of
                    this
                    Agreement or any other existing or future agreement, each party
                    irrevocably waives any and all rights it may have to set off,
                    net, recoup
                    or otherwise withhold or suspend or condition payment or performance
                    of
                    any obligation between it and the other party hereunder against
                    any
                    obligation between it and the other party under any other agreements.
                    Section 6(e) shall be amended by deleting the following sentence:
“The
                    amount, if any, payable in respect of an Early Termination Date
                    and
                    determined pursuant to this Section will be subject to any
                    Set-off.”.

                

        

         

        
          	
                  (k)

                	
                  Amendment.
                    Notwithstanding any provision to the contrary in this Agreement,
                    no
                    amendment of either this Agreement or any Transaction under this
                    Agreement
                    shall be permitted by either party unless each of the Swap Rating
                    Agencies
                    has been provided prior written notice of the same and such amendment
                    satisfies the Rating Agency Condition with respect to S&P and
                    DBRS.

                

        

        

        
          	
                  (l)

                	
                  Notice
                    of Certain Events or Circumstances.
                    Each Party agrees, upon learning of the occurrence or existence
                    of any
                    event or condition that constitutes (or that with the giving
                    of notice or
                    passage of time or both would constitute) an Event of Default
                    or
                    Termination Event with respect to such party, promptly to give
                    the other
                    Party and to each Swap Rating Agency notice of such event or
                    condition;
                    provided that failure to provide notice of such event or condition
                    pursuant to this Part 5(l) shall not constitute an Event of Default
                    or a
                    Termination Event.

                

        

         

        (m)         
          Proceedings.
          No
          Relevant Entity shall institute against, or cause any other person to institute
          against, or join any other person in instituting against Party B in any
          bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
          or other proceedings under any federal or state bankruptcy or similar law
          for a
          period of one year (or, if longer, the applicable preference period) and
          one day
          following payment in full of the Certificates and any Notes. This provision
          will
          survive the termination of this Agreement. 

        

        
          	
                  (n)

                	
                  Cap
                    Trustee Liability Limitations.
                    It
                    is expressly understood and agreed by the parties hereto that
                    (a) this
                    Agreement is executed by Citibank, N.A. (“Citi”) not in its individual
                    capacity, but solely as Cap Trustee under the Cap Administration
                    Agreement
                    in the exercise of the powers and authority conferred and invested
                    in it
                    thereunder; (b) Citi has been directed by the Depositor pursuant
                    to the
                    Cap Administration Agreement to enter into this Agreement and
                    to perform
                    its obligations hereunder; (c) each of the representations, undertakings
                    and agreements herein made on behalf of the Cap Trust is made
                    and intended
                    not as personal representations of the Cap Trustee but is made
                    and
                    intended for the purpose of binding only the Cap Trust; and (d)
                    under no
                    circumstances shall Citi in its individual capacity be personally
                    liable
                    for any payments hereunder or for the breach or failure of any
                    obligation,
                    representation, warranty or covenant made or undertaken under
                    this
                    Agreement.

                

        

        

        
          	
                  (o)

                	
                  Severability.
                    If
                    any term, provision, covenant, or condition of this Agreement,
                    or the
                    application thereof to any party or circumstance, shall be held
                    to be
                    invalid or unenforceable (in whole or in part) in any respect,
                    the
                    remaining terms, provisions, covenants, and conditions hereof
                    shall
                    continue in full force and effect as if this Agreement had been
                    executed
                    with the invalid or unenforceable portion eliminated, so long
                    as this
                    Agreement as so modified continues to express, without material
                    change,
                    the original intentions of the parties as to the subject matter
                    of this
                    Agreement and the deletion of such portion of this Agreement
                    will not
                    substantially impair the respective benefits or expectations
                    of the
                    parties; provided, however, that this severability provision
                    shall not be
                    applicable if any provision of Section 2, 5, 6, or 13 (or any
                    definition
                    or provision in Section 14 to the extent it relates to, or is
                    used in or
                    in connection with any such Section) shall be so held to be invalid
                    or
                    unenforceable. 

                

        

        

        The
          parties shall endeavor to engage in good faith negotiations to replace
          any
          invalid or unenforceable term, provision, covenant or condition with a
          valid or
          enforceable term, provision, covenant or condition, the economic effect
          of which
          comes as close as possible to that of the invalid or unenforceable term,
          provision, covenant or condition. 

        

        
          	
                  (p)

                	
                  Agent
                    for Party B. Party
                    A acknowledges that Citi, may act as Party B’s agent pursuant to the Cap
                    Administration Agreement to carry out certain functions on behalf
                    of Party
                    B in respect of this Confirmation, and that Citi shall be entitled
                    to give
                    notices and to perform and satisfy the obligations of Party B
                    hereunder on
                    behalf of Party B.

                

        

         

        
          	
                  (q)

                	
                  Escrow
                    Payments.
                    If
                    (whether by reason of the time difference between the cities
                    in which
                    payments are to be made or otherwise) it is not possible for
                    simultaneous
                    payments to be made on any date on which both parties are required
                    to make
                    payments hereunder, either Party may at its option and in its
                    sole
                    discretion notify the other Party that payments on that date
                    are to be
                    made in escrow. In this case deposit of the payment due earlier
                    on that
                    date shall be made by 2:00 pm (local time at the place for the
                    earlier
                    payment) on that date with an escrow agent selected by the notifying
                    party, accompanied by irrevocable payment instructions (i) to
                    release the
                    deposited payment to the intended recipient upon receipt by the
                    escrow
                    agent of the required deposit of any corresponding payment payable
                    by the
                    other party on the same date accompanied by irrevocable payment
                    instructions to the same effect or (ii) if the required deposit
                    of the
                    corresponding payment is not made on that same date, to return
                    the payment
                    deposited to the party that paid it into escrow. The party that
                    elects to
                    have payments made in escrow shall pay all costs of the escrow
                    arrangements.

                

        

         

        
          	
                  (r)

                	
                  Consent
                    to Recording.
                    Each party hereto consents to the monitoring or recording, at
                    any time and
                    from time to time, by the other party of any and all communications
                    between trading, marketing, and operations personnel of the parties
                    and
                    their Affiliates, waives any further notice of such monitoring
                    or
                    recording, and agrees to notify such personnel of such monitoring
                    or
                    recording. 

                

        

        

        
          	
                  (s)

                	
                  Waiver
                    of Jury Trial.
                    Each party waives any right it may have to a trial by jury in
                    respect of
                    any in respect of any suit, action or proceeding relating to
                    this
                    Agreement or any Credit Support Document.

                

        

        

        
          	
                  (t)

                	
                  Form
                    of ISDA Master Agreement. Party
                    A and Party B hereby agree that the text of the body of the ISDA
                    Master
                    Agreement is intended to be the printed form of the ISDA Master
                    Agreement
                    (Multicurrency -
                    Crossborder) as published and copyrighted in 1992 by the International
                    Swaps and Derivatives Association,
                    Inc.

                

        

        

        
          	
                  (u)

                	
                  Payment
                    Instructions.
                    Party A hereby agrees that, unless notified in writing by Party
                    B of other
                    payment instructions, any and all amounts payable by Party A
                    to Party B
                    under this Agreement shall be paid to the account specified in
                    Item 4 of
                    this Confirmation, below. 

                

        

        

        
          	
                  (v)

                	
                  Additional
                    representations.

                

        

        

        
          	 	
                  (i)

                	
                  Representations
                    of Party A.
                    Party A represents to Party B on the date on which Party A enters
                    into
                    each Transaction that:--

                

        

         

        
          	 	
                  (1)

                	
                  Party
                    A’s obligations under this Agreement rank pari passu with all of
                    Party A’s
                    other unsecured, unsubordinated obligations except those obligations
                    preferred by operation of law.

                

        

        

        
          	 	
                  (ii)

                	
                  Capacity. Party
                    A represents to Party B on the date on which Party A enters into
                    this
                    Agreement that it is entering into the Agreement and the Transaction
                    as
                    principal and not as agent of any person. Party B represents
                    to Party A on
                    the date on which Party B enters into this Agreement that it
                    is entering
                    into the Agreement and the Transaction in its capacity as Cap
                    Trustee.

                

        

         

        (w)         
          Acknowledgements.

         

        

        
          	 	
                  (i)

                	
                  Substantial
                    financial transactions.
                    Each party hereto is hereby advised and acknowledges as of the
                    date hereof
                    that the other party has engaged in (or refrained from engaging
                    in)
                    substantial financial transactions and has taken (or refrained
                    from
                    taking) other material actions in reliance upon the entry by
                    the parties
                    into the Transaction being entered into on the terms and conditions
                    set
                    forth herein and in the Pooling and Servicing Agreement relating
                    to such
                    Transaction, as applicable. This paragraph shall be deemed repeated
                    on the
                    trade date of each Transaction.

                

        

         

        
          	 	
                  (ii)

                	
                  Bankruptcy
                    Code.
                    Subject to Part 5(m), without limiting the applicability if any,
                    of any
                    other provision of the U.S. Bankruptcy Code as amended (the “Bankruptcy
                    Code”) (including without limitation Sections 362, 546, 556, and 560
                    thereof and the applicable definitions in Section 101 thereof),
                    the
                    parties acknowledge and agree that all Transactions entered into
                    hereunder
                    will constitute “forward contracts” or “swap agreements” as defined in
                    Section 101 of the Bankruptcy Code or “commodity contracts” as defined in
                    Section 761 of the Bankruptcy Code, that the rights of the parties
                    under
                    Section 6 of this Agreement will constitute contractual rights
                    to
                    liquidate Transactions, that any margin or collateral provided
                    under any
                    margin, collateral, security, pledge, or similar agreement related
                    hereto
                    will constitute a “margin payment” as defined in Section 101 of the
                    Bankruptcy Code, and that the parties are entities entitled to
                    the rights
                    under, and protections afforded by, Sections 362, 546, 556, and
                    560 of the
                    Bankruptcy Code.

                

        

         

        (x)          
          Reserved.

         

        (y)         
          Reserved.

         

        (z)          Additional
          Definitions. 

         

        As
          used
          in this Agreement, the following terms shall have the meanings set forth
          below,
          unless the context clearly requires otherwise: 

         

        “Approved
          Ratings Threshold”
          means
          each of the S&P Approved Ratings Threshold, the Moody’s First Trigger
          Ratings Threshold, and the DBRS Approved Ratings Threshold.

        

        “Approved
          Replacement” means,
          with respect to a Market Quotation, an entity making such Market Quotation,
          which entity would satisfy conditions (a), (b), and (c) of the definition
          of
          Permitted Transfer (as determined by Party B in its sole discretion, acting
          in a
          commercially reasonable manner) if such entity were a Transferee, as defined
          in
          the definition of Permitted Transfer.

        

         “DBRS”
          means
          Dominion Bond Rating Service, or any successor thereto. 

        

        “DBRS
          Approved Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee, or
          an
          Eligible Replacement, a long-term unsecured and unsubordinated debt rating
          from
          DBRS of “AA(low)” and a short-term unsecured and unsubordinated debt rating from
          DBRS of “[R-1(middle)”.

        

        “DBRS
          Required Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a
          long-term unsecured and unsubordinated debt rating from DBRS of
“BBB”.

        

        “Derivative
          Provider Trigger Event”
          means
          (i) an Event of Default with respect to which Party A is a Defaulting Party,
          (ii) a Termination Event with respect to which Party A is the sole Affected
          Party or (iii) an Additional Termination Event with respect to which Party
          A is
          the sole Affected Party.

        

        “Eligible
          Guarantee”
          means an
          unconditional and irrevocable guarantee of all present and future obligations
          (for the avoidance of doubt, not limited to payment obligations) of Party
          A or
          an Eligible Replacement to Party B under this Agreement that is provided
          by an
          Eligible Guarantor as principal debtor rather than surety and that is directly
          enforceable by Party B, the form and substance of which guarantee are subject
          to
          the Rating Agency Condition with respect to S&P and DBRS], and either (A) a
          law firm has given a legal opinion confirming that none of the guarantor’s
          payments to Party B under such guarantee will be subject to Tax
          collected by withholding or
          (B)
          such guarantee provides that, in the event that any of such guarantor’s payments
          to Party B are subject to Tax collected by withholding, such guarantor
          is
          required to pay such additional amount as is necessary to ensure that the
          net
          amount actually received by Party B (free and clear of any Tax collected
          by
          withholding) will equal the full amount Party B would have received had
          no such
          withholding been required.

        

        “Eligible
          Guarantor” means
          an
          entity that (A) has credit ratings from S&P at least equal to the S&P
          Approved Ratings Threshold and from DBRS at least equal to the DBRS Approved
          Ratings Threshold and (B) has credit ratings from Moody’s at least equal to the
          Moody’s Second Trigger Ratings Threshold, provided, for the avoidance of doubt,
          that an Eligible Guarantee of an Eligible Guarantor with credit ratings
          below
          the Approved Ratings Threshold will not cause a Collateral Event (as defined
          in
          the Credit Support Annex) not to occur or continue. 

        

        “Eligible
          Replacement”
          means an
          entity (i) that (a) has credit ratings from S&P at least equal to the
          S&P Approved Ratings Threshold and from DBRS at least equal to the DBRS
          Approved Ratings Threshold and (b) has credit ratings from Moody’s at least
          equal to the Moody’s Second Trigger Ratings Threshold, provided, for the
          avoidance of doubt, that an Eligible Guarantee of an Eligible Guarantor
          with
          credit ratings below either the S&P Approved Ratings Threshold or the DBRS
          Approved Ratings Threshold will not cause a Collateral Event (as defined
          in the
          Credit Support Annex) not to occur or continue, or (ii) the present and
          future
          obligations (for the avoidance of doubt, not limited to payment obligations)
          of
          which entity to Party B under this Agreement are guaranteed pursuant to
          an
          Eligible Guarantee.

        

        “Estimated
          Swap Termination Payment”
          means,
          with respect to an Early Termination Date, an amount determined by Party
          A in
          good faith and in a commercially reasonable manner as the maximum payment
          that
          could be owed by Party B to Party A in respect of such Early Termination
          Date
          pursuant to Section 6(e) of the ISDA Master Agreement, taking into account
          then
          current market conditions.

        

        “Firm
          Offer”
          means
          (A) with respect to an Eligible Replacement, a quotation from such Eligible
          Replacement (i) in an amount equal to the actual amount payable by or to
          Party B
          in consideration of an agreement between Party B and such Eligible Replacement
          to replace Party A as the counterparty to this Agreement by way of novation
          or,
          if such novation is not possible, an agreement between Party B and such
          Eligible
          Replacement to enter into a Replacement Transaction (assuming that all
          Transactions hereunder become Terminated Transactions), and (ii) that
          constitutes an offer by such Eligible Replacement to replace Party A as
          the
          counterparty to this Agreement or enter a Replacement Transaction that
          will
          become legally binding upon such Eligible Replacement upon acceptance by
          Party
          B, and (B) with respect to an Eligible Guarantor, an offer by such Eligible
          Guarantor to provide an Eligible Guarantee that will become legally binding
          upon
          such Eligible Guarantor upon acceptance by the offeree.

        

        “Moody’s”
          means
          Moody’s Investors Service, Inc., or any successor thereto. 

        

        “Moody’s
          First Trigger Ratings Event” means
          that no
          Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s
          First Trigger Ratings Threshold.

        

        “Moody’s
          First Trigger Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, (i) if such entity has a short-term unsecured and
          unsubordinated debt rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
          short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”,
          or (ii) if such entity does not have a short-term unsecured and unsubordinated
          debt rating or counterparty rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of
“A1”.

        

        “Moody’s
          Second Trigger Ratings Event” means
          that no
          Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s
          Second Trigger Rating Threshold. 

        

        “Moody’s
          Second Trigger Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, (i) if such entity has a short-term unsecured and
          unsubordinated debt rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a
          short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”,
          or (ii) if such entity does not have a short-term unsecured and unsubordinated
          debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating
          or counterparty rating from Moody’s of “A3”.]

        

        “Permitted
          Transfer” means
          a
          transfer by novation by Party A pursuant to Section 6(b)(ii), Part 5(d),
          Part
          5(e), or the second sentence of Section 7 (as amended herein) to a transferee
          (the “Transferee”)
          of all,
          but not less than all, of Party A’s rights, liabilities, duties and obligations
          under this Agreement, with respect to which transfer each of the following
          conditions is satisfied: (a) the Transferee is an Eligible Replacement;
          (b)
          Party A and the Transferee are both “dealers in notional principal contracts”
within the meaning of Treasury regulations section 1.1001-4; (c) as of
          the date
          of such transfer the Transferee would not be required to withhold or deduct
          on
          account of Tax from any payments under this Agreement or would be required
          to
          gross up for such Tax under Section 2(d)(i)(4); (d) an Event of Default
          or
          Termination Event would not occur as a result of such transfer; (e) pursuant
          to
          a written instrument (the “Transfer
          Agreement”),
          the
          Transferee acquires and assumes all rights and obligations of Party A under
          the
          Agreement and the relevant Transaction; (f) Party B shall have determined,
          in
          its sole discretion, acting in a commercially reasonable manner, that such
          Transfer Agreement is effective to transfer to the Transferee all, but
          not less
          than all, of Party A’s rights and obligations under the Agreement and all
          relevant Transactions; (g) Party A will be responsible for any costs or
          expenses
          incurred in connection with such transfer (including any replacement cost
          of
          entering into a replacement transaction); (h) either (A) Moody’s has been given
          prior written notice of such transfer and the Rating Agency Condition is
          satisfied with respect to S&P and DBRS or (B) each Swap Rating Agency has
          been given prior written notice of such transfer and such transfer is in
          connection with the assignment and assumption of this Agreement without
          modification of its terms, other than party names, dates relevant to the
          effective date of such transfer, tax representations (provided that the
          representations in Part 2(a)(i) are not modified) and any other representations
          regarding the status of the substitute counterparty of the type included
          in Part
          5(b)(iv), Part 5(v)(i)(2) or Part 5(v)(ii), notice information and account
          details; and (i) such transfer otherwise complies with the terms of the
          Pooling
          and Servicing Agreement.

         

        “Rating
          Agency Condition”
          means,
          with respect to any particular proposed act or omission to act hereunder
          and
          each Swap Rating Agency specified in connection with such proposed act
          or
          omission, that the party acting or failing to act must consult with each
          of the
          specified Swap Rating Agencies and receive from each such Swap Rating Agency
          a
          prior written confirmation that the proposed action or inaction would not
          cause
          a downgrade or withdrawal of the then-current rating of any Certificates
          or
          Notes.

        

        “Relevant
          Entity” means
          Party A and, to the extent applicable, a guarantor under an Eligible
          Guarantee.

        

        “Replacement
          Transaction”
          means,
          with respect to any Terminated Transaction or group of Terminated Transactions,
          a transaction or group of transactions that (i) would have the effect of
          preserving for Party B the economic equivalent of any payment or delivery
          (whether the underlying obligation was absolute or contingent and assuming
          the
          satisfaction of each applicable condition precedent) by the parties under
          Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated
          Transactions that would, but for the occurrence of the relevant Early
          Termination Date, have been required after that Date, and (ii) has terms
          which
          are substantially the same as this Agreement, including, without limitation,
          rating triggers, Regulation AB compliance, and credit support documentation,
          save for the exclusion of provisions relating to Transactions that are
          not
          Terminated Transaction, as determined by Party B in its sole discretion,
          acting
          in a commercially reasonable manner.

        

        “Required
          Ratings Downgrade Event”
          means
          that no Relevant Entity has credit ratings from a Swap Rating Agency at
          least
          equal to the Required Ratings Threshold for that Swap Rating
          Agency.

        

        “Required
          Ratings Threshold” means
          each of the S&P Required Ratings Threshold, the Moody’s Second Trigger
          Ratings Threshold, and the DBRS Required Ratings Threshold.

        

        “S&P”
          means
          Standard & Poor's Rating Services, a division of The McGraw-Hill Companies,
          Inc., or any successor thereto. 

        

        “S&P
          Approved Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a short-term unsecured and unsubordinated debt rating
          from
          S&P of “A-1”, or, if such entity does not have a short-term unsecured and
          unsubordinated debt rating from S&P, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from S&P of
“A+”.

        

        “S&P
          Required Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a long-term unsecured and unsubordinated debt rating
          or
          counterparty rating from S&P of “BBB+”. 

        

        “Swap
          Rating Agencies”
          means,
          with respect to any date of determination, each of S&P, Moody’s, and DBRS,
          to the extent that each such rating agency is then providing a rating for
          any of
          the Citigroup Mortgage Loan Trust Inc., Asset-Backed Pass-Through Certificates,
          Series 2006-HE-3 (the “Certificates”) or any notes backed by the Certificates
          (the “Notes”).

        

         

        [Remainder
          of this page intentionally left blank.]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        4. Account
          Details and Settlement Information:  

         

        

        Payments
          to Party A:           
  JPMorgan
          Chase Bank

        SWIFT:
          CHASUS33

        Account
          of: Swiss Re Financial Products

        Account
          No.: 066-911184

        ABA#
          021000021

         

        
          Payments
            to Party
            B:                          
Citibank
            NA

        

        ABA#021-000-089

        Acct
          Name: Structured Finance Incoming Wire 

        Acct.
          No:
          3617-2242

        Ref:
          CMLTI 2006-HE3, A/C 106296

        

        

        This
          Agreement may be executed in several counterparts, each of which shall
          be deemed
          an original but all of which together shall constitute one and the same
          instrument.

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        We
          are
          very pleased to have executed this Transaction with you and we look forward
          to
          completing other transactions with you in the near future.

        

        Very
          truly yours,

        

        SWISS
          RE
          FINANCIAL PRODUCTS CORPORATION

        

        

        

        By: _______________________________

              
          Name:   

             Title:    

        

        

        Party
          B,
          acting through its duly authorized signatory, hereby agrees to, accepts
          and
          confirms the terms of the foregoing as of the date hereof.

        

        CITIBANK,
          N.A., IN ITS CAPACITY AS CAP TRUSTEE FOR THE TRUST CREATED PURSUANT TO
          THE CAP
          ADMINISTRATION AGREEMENT (THE “CAP TRUST”) WITH RESPECT TO THE CITIGROUP
          MORTGAGE LOAN TRUST INC., ASSET-BACKED PASS-THROUGH CERTIFICATES, SERIES
          2006-HE3 (THE “TRUSTEE”)

         

        

        By: _______________________________
          

              
          Name: 

             Title:

        

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        SCHEDULE
          I

        

        Amortization
          Schedule,
          subject
          to adjustment in accordance with the Following Business Day
          Convention

        

          
            	
                    From
                      and including

                  	
                    To
                      but excluding

                  	
                    Notional
                      Amount (USD)

                  
	
                    December
                      29, 2006

                  	
                    January
                      25, 2007

                  	
                    710,042,560.00

                  
	
                    January
                      25, 2007

                  	
                    February
                      25, 2007

                  	
                    703,344,258.20

                  
	
                    February
                      25, 2007

                  	
                    March
                      25, 2007

                  	
                    694,817,223.30

                  
	
                    March
                      25, 2007

                  	
                    April
                      25, 2007

                  	
                    684,466,009.50

                  
	
                    April
                      25, 2007

                  	
                    May
                      25, 2007

                  	
                    672,313,333.50

                  
	
                    May
                      25, 2007

                  	
                    June
                      25, 2007

                  	
                    658,391,353.30

                  
	
                    June
                      25, 2007

                  	
                    July
                      25, 2007

                  	
                    642,744,476.80

                  
	
                    July
                      25, 2007

                  	
                    August
                      25, 2007

                  	
                    625,475,571.10

                  
	
                    August
                      25, 2007

                  	
                    September
                      25, 2007

                  	
                    606,977,789.40

                  
	
                    September
                      25, 2007

                  	
                    October
                      25, 2007

                  	
                    587,439,490.50

                  
	
                    October
                      25, 2007

                  	
                    November
                      25, 2007

                  	
                    567,250,441.90

                  
	
                    November
                      25, 2007

                  	
                    December
                      25, 2007

                  	
                    546,809,720.90

                  
	
                    December
                      25, 2007

                  	
                    January
                      25, 2008

                  	
                    527,030,622.30

                  
	
                    January
                      25, 2008

                  	
                    February
                      25, 2008

                  	
                    507,934,103.60

                  
	
                    February
                      25, 2008

                  	
                    March
                      25, 2008

                  	
                    489,510,827.40

                  
	
                    March
                      25, 2008

                  	
                    April
                      25, 2008

                  	
                    471,708,115.30

                  
	
                    April
                      25, 2008

                  	
                    May
                      25, 2008

                  	
                    454,518,549.80

                  
	
                    May
                      25, 2008

                  	
                    June
                      25, 2008

                  	
                    437,518,900.30

                  
	
                    June
                      25, 2008

                  	
                    July
                      25, 2008

                  	
                    417,813,673.10

                  
	
                    July
                      25, 2008

                  	
                    August
                      25, 2008

                  	
                    398,140,080.40

                  
	
                    August
                      25, 2008

                  	
                    September
                      25, 2008

                  	
                    376,979,040.90

                  
	
                    September
                      25, 2008

                  	
                    October
                      25, 2008

                  	
                    354,764,844.50

                  
	
                    October
                      25, 2008

                  	
                    November
                      25, 2008

                  	
                    325,854,647.30

                  
	
                    November
                      25, 2008

                  	
                    December
                      25, 2008

                  	
                    301,267,281.10

                  
	
                    December
                      25, 2008

                  	
                    January
                      25, 2009

                  	
                    279,307,855.30

                  
	
                    January
                      25, 2009

                  	
                    February
                      25, 2009

                  	
                    260,529,259.00

                  
	
                    February
                      25, 2009

                  	
                    March
                      25, 2009

                  	
                    244,480,113.30

                  
	
                    March
                      25, 2009

                  	
                    April
                      25, 2009

                  	
                    234,035,056.00

                  
	
                    April
                      25, 2009

                  	
                    May
                      25, 2009

                  	
                    224,004,424.50

                  
	
                    May
                      25, 2009

                  	
                    June
                      25, 2009

                  	
                    214,337,865.30

                  
	
                    June
                      25, 2009

                  	
                    July
                      25, 2009

                  	
                    204,824,205.10

                  
	
                    July
                      25, 2009

                  	
                    August
                      25, 2009

                  	
                    195,493,650.90

                  
	
                    August
                      25, 2009

                  	
                    September
                      25, 2009

                  	
                    186,267,488.70

                  
	
                    September
                      25, 2009

                  	
                    October
                      25, 2009

                  	
                    177,359,207.20

                  
	
                    October
                      25, 2009

                  	
                    November
                      25, 2009

                  	
                    168,309,706.20

                  
	
                    November
                      25, 2009

                  	
                    December
                      25, 2009

                  	
                    159,855,008.70

                  
	
                    December
                      25, 2009

                  	
                    January
                      25, 2010

                  	
                    151,940,235.10

                  
	
                    January
                      25, 2010

                  	
                    February
                      25, 2010

                  	
                    151,940,235.10

                  
	
                    February
                      25, 2010

                  	
                    March
                      25, 2010

                  	
                    147,074,967.60

                  
	
                    March
                      25, 2010

                  	
                    April
                      25, 2010

                  	
                    146,542,915.30

                  
	
                    April
                      25, 2010

                  	
                    May
                      25, 2010

                  	
                    142,253,754.00

                  
	
                    May
                      25, 2010

                  	
                    June
                      25, 2010

                  	
                    136,854,741.70

                  
	
                    June
                      25, 2010

                  	
                    July
                      25, 2010

                  	
                    131,669,724.30

                  
	
                    July
                      25, 2010

                  	
                    August
                      25, 2010

                  	
                    126,689,547.80

                  
	
                    August
                      25, 2010

                  	
                    September
                      25, 2010

                  	
                    121,905,895.10

                  
	
                    September
                      25, 2010

                  	
                    October
                      25, 2010

                  	
                    117,310,718.10

                  
	
                    October
                      25, 2010

                  	
                    November
                      25, 2010

                  	
                    112,896,373.80

                  
	
                    November
                      25, 2010

                  	
                    December
                      25, 2010

                  	
                    108,655,486.20

                  
	
                    December
                      25, 2010

                  	
                    January
                      25, 2011

                  	
                    104,581,105.70

                  
	
                    January
                      25, 2011

                  	
                    February
                      25, 2011

                  	
                    100,666,346.30

                  
	
                    February
                      25, 2011

                  	
                    March
                      25, 2011

                  	
                    96,904,742.07

                  
	
                    March
                      25, 2011

                  	
                    April
                      25, 2011

                  	
                    93,290,068.93

                  
	
                    April
                      25, 2011

                  	
                    May
                      25, 2011

                  	
                    89,816,420.54

                  
	
                    May
                      25, 2011

                  	
                    June
                      25, 2011

                  	
                    86,478,081.58

                  
	
                    June
                      25, 2011

                  	
                    July
                      25, 2011

                  	
                    83,269,652.43

                  
	
                    July
                      25, 2011

                  	
                    August
                      25, 2011

                  	
                    80,185,666.06

                  
	
                    August
                      25, 2011

                  	
                    September
                      25, 2011

                  	
                    77,214,511.37

                  
	
                    September
                      25, 2011

                  	
                    October
                      25, 2011

                  	
                    74,226,790.97

                  
	
                    October
                      25, 2011

                  	
                    November
                      25, 2011

                  	
                    71,352,207.11

                  
	
                    November
                      25, 2011

                  	
                    December
                      25, 2011

                  	
                    68,587,376.49

                  

          

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Annex
          A

        

        Paragraph
          13 of the Credit Support Annex

        

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

        ANNEX
          A

        

        ISDA®

        CREDIT
          SUPPORT ANNEX

        to
          the
          Schedule to the

        ISDA
          Master Agreement

        dated
          as
          of December 29, 2006 between

        Swiss
          Re
          Financial Products Corporation (hereinafter referred to as “Party
          A”
          or
“Pledgor”)

        and

        Citibank,
          N.A., in its capacity as cap trustee for the trust created pursuant to
          the Cap
          Administration Agreement (the “Cap Trust”) with respect to the Citigroup
          Mortgage Loan Trust Inc., Asset-Backed Pass-Through Certificates, Series
          2006-HE3 (the “Trustee”) (hereinafter referred to as “Party
          B”
          or
“Secured
          Party”).

        

        For
          the
          avoidance of doubt, and notwithstanding anything to the contrary that may
          be
          contained in the Agreement, this Credit Support Annex shall relate solely
          to the
          Transaction documented in the Confirmation dated December 29, 2006, between
          Party A and Party B, Reference Number 1168441.

        

         

        Paragraph
          13. Elections and Variables.

         

        	(a)       
                  	
                Security
                  Interest for “Obligations”.
                  The term “Obligations”
                  as
                  used in this Annex includes the following additional
                  obligations:

              

         

        With
          respect to Party A: not applicable.

         

        With
          respect to Party B: not applicable.

         

        	(b)      
                  	
                Credit
                  Support Obligations.

              

         

        	(i)       
                  	
                Delivery
                  Amount, Return Amount and Credit Support
                  Amount.

              

         

        	(A)  	
                “Delivery
                  Amount”
                  has the meaning specified in Paragraph 3(a) as amended (I) by deleting
                  the
                  words “upon a demand made by the Secured Party on or promptly following
                  a
                  Valuation Date” and inserting in lieu thereof the words “not later than
                  the close of business on each Valuation Date” and (II) by deleting in its
                  entirety the sentence beginning “Unless otherwise specified in Paragraph
                  13” and ending “(ii) the Value as of that Valuation Date of all Posted
                  Credit Support held by the Secured Party.” and inserting in lieu thereof
                  the following:

              

         

        The
          “Delivery
          Amount”
          applicable to the Pledgor for any Valuation Date will equal the greatest
          of

         

        
          	 	
                  (1)
                    

                	
                  the
                    amount by which (a) the S&P Credit Support Amount for such Valuation
                    Date exceeds (b) the S&P Value as of such Valuation Date of all Posted
                    Credit Support held by the Secured Party,

                

        

         

        
          	 	
                  (2)
                    

                	
                  the
                    amount by which (a) the DBRS Credit Support Amount for such Valuation
                    Date
                    exceeds (b) the DBRS Value as of such Valuation Date of all Posted
                    Credit
                    Support held by the Secured Party,

                

        

         

        
          	 	
                  (3)

                	
                  the
                    amount by which (a) the Moody’s First Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                    Valuation Date of all Posted Credit Support held by the Secured
                    Party,
                    and

                

        

         

        
          	 	
                  (4)
                    

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                    such Valuation Date of all Posted Credit Support held by the
                    Secured
                    Party.

                

        

         

        	(B)  	
                “Return
                  Amount”
                  has the meaning specified in Paragraph 3(b) as amended by deleting
                  in its
                  entirety the sentence beginning “Unless otherwise specified in Paragraph
                  13” and ending “(ii) the Credit Support Amount.” and inserting in lieu
                  thereof the following:

              

         

        The
          “Return
          Amount”
          applicable to the Secured Party for any Valuation Date will equal the least
          of

         

        
          	 	
                  (1)
                    

                	
                  the
                    amount by which (a) the S&P Value as of such Valuation Date of all
                    Posted Credit Support held by the Secured Party exceeds (b) the
                    S&P
                    Credit Support Amount for such Valuation Date,

                

        

         

        
          	 	
                  (2)
                    

                	
                  the
                    amount by which (a) the DBRS Value as of such Valuation Date
                    of all Posted
                    Credit Support held by the Secured Party exceeds (b) the DBRS
                    Credit
                    Support Amount for such Valuation
                    Date,

                

        

         

        
          	 	
                  (3)
                    

                	
                  the
                    amount by which (a) the Moody’s First Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                    and

                

        

         

        
          	 	
                  (4)
                    

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s Second Trigger Credit Support Amount for such Valuation
                    Date.

                

        

         

        	(C)  	
                “Credit
                  Support Amount”
                  shall not apply. For purposes of calculating any Delivery Amount
                  or Return
                  Amount for any Valuation Date, reference shall be made to the S&P
                  Credit Support Amount, the DBRS Credit Support Amount, the Moody’s First
                  Trigger Credit Support Amount, or the Moody’s Second Trigger Credit
                  Support Amount, in each case for such Valuation Date, as provided
                  in
                  Paragraphs 13(b)(i)(A) and 13(b)(i)(B),
                  above.

              

         

        	(ii)       
                  	
                Eligible
                  Collateral.
                  

              

         

        On
          any
          date, the items set forth on the schedule of Eligible Collateral attached
          as
          Schedule A hereto will qualify as “Eligible
          Collateral”
(for
          the avoidance of doubt, all Eligible Collateral to be denominated in
          USD):

         

        	(iii)      
                  	
                Other
                  Eligible Support. 

              

         

        The
          following items will qualify as “Other
          Eligible Support”
          for the
          party specified: 

         

        Not
          applicable.

         

        	(iv)     
                  	
                Threshold.

              

         

        	(A)  	
                “Independent
                  Amount”
                  means zero with respect to Party A and Party
                  B.

              

         

        	(B)  	
                “Threshold”
                  means, with respect to Party A and any Valuation Date, zero if
                  (i) a
                  Collateral Event has occurred and has been continuing (x) for at
                  least 30
                  days or (y) since this Annex was executed, or (ii) either a S&P
                  Required Ratings Downgrade Event or a DBRS Required Ratings Downgrade
                  Event has occurred and is continuing; otherwise,
                  infinity.

              

         

          “Threshold”
          means,
          with respect to Party B and any Valuation Date, infinity.

         

        	(C)  	
                “Minimum
                  Transfer Amount” means
                  USD 100,000 with respect to Party A and Party B; provided, however,
                  that
                  if the aggregate Certificate Principal Balance and note principal
                  balance
                  of Certificates and Notes rated by S&P ceases to be more than USD
                  50,000,000, the “Minimum
                  Transfer Amount”
                  shall be USD 50,000.

              

         

        	(D)  	
                Rounding:
                  The Delivery Amount will be rounded up to the nearest integral
                  multiple of
                  USD 10,000. The Return Amount will be rounded down to the nearest
                  integral
                  multiple of USD 1,000.

              

         

        	(c)       
                 	
                Valuation
                  and Timing.

              

         

        	(i)        
                  	
                “Valuation
                  Agent”
                  means Party A; provided, however, that if an Event of Default shall
                  have
                  occurred with respect to which Party A is the Defaulting Party,
                  Party B
                  shall have the right to designate as Valuation Agent an independent
                  party,
                  reasonably acceptable to Party A, the cost for which shall be borne
                  by
                  Party A. All calculations by the Valuation Agent must be made in
                  accordance with standard market practice, including, in the event
                  of a
                  dispute as to the Value of any Eligible Credit Support or Posted
                  Credit
                  Support, by making reference to quotations received by the Valuation
                  Agent
                  from one or more Pricing Sources.

              

         

        	(ii)       
                  	
                “Valuation
                  Date” means
                  (A) the first Local Business Day in each week on which any of the
                  S&P
                  Credit Support Amount, the DBRS Credit Support Amount, the Moody’s First
                  Trigger Credit Support Amount or the Moody’s Second Trigger Credit Support
                  Amount is greater than zero, and (B), if no Relevant Entity has
                  a
                  long-term unsubordinated and unsecured debt rating of at least
                  BBB+ from
                  S&P, also the last Local Business Day in each calendar
                  month.

              

         

        	(iii)     
                  	
                “Valuation
                  Time” means
                  the close of business in the city of the Valuation Agent on the
                  Local
                  Business Day immediately preceding the Valuation Date or date of
                  calculation, as applicable; provided
                  that the calculations of Value and Exposure will be made as of
                  approximately the same time on the same date. The Valuation Agent
                  will
                  notify each party (or the other party, if the Valuation Agent is
                  a party)
                  of its calculations not later than the Notification Time on the
                  applicable
                  Valuation Date (or in the case of Paragraph 6(d), the Local Business
                  Day
                  following the day on which such relevant calculations are
                  performed).”

              

         

        	(iv)         	
                “Notification
                  Time” means
                  11:00 a.m., New York time, on a Local Business Day.
                  

              

         

        	(v)       
                  	
                External
                  Verification.
                  Notwithstanding anything to the contrary in the definitions of
                  Valuation
                  Agent or Valuation Date, at any time at which Party A (or, to the
                  extent
                  applicable, its Credit Support Provider) does not have a long-term
                  unsubordinated and unsecured debt rating of at least “BBB+” from S&P,
                  the Valuation Agent shall (A) calculate the Secured Party’s Exposure and
                  the S&P Value of Posted Credit Suppport on each Valuation Date based
                  on internal marks and (B) verify such calculations with external
                  marks
                  monthly by obtaining on the last Local Business Day of each calendar
                  month
                  two external marks for each Transaction to which this Annex relates
                  and
                  for all Posted Credit Suport; such verification of the Secured
                  Party’s
                  Exposure shall be based on the higher of the two external marks.
                  Each
                  external mark in respect of a Transaction shall be obtained from
                  an
                  independent Reference Market-maker that would be eligible and willing
                  to
                  enter into such Transaction in the absence of the current derivative
                  provider, provided that an external mark may not be obtained from
                  the same
                  Reference Market-maker more than four times in any 12-month period.
                  The
                  Valuation Agent shall obtain these external marks directly or through
                  an
                  independent third party, in either case at no cost to Party B.
                  The
                  Valuation Agent shall calculate on each Valuation Date (for purposes
                  of
                  this paragraph, the last Local Business Day in each calendar month
                  referred to above shall be considered a Valuation Date) the Secured
                  Party’s Exposure based on the greater of the Valuation Agent’s internal
                  marks and the external marks received. If the S&P Value on any such
                  Valuation Date of all Posted Credit Support then held by the Secured
                  Party
                  is less than the S&P Credit Support Amount on such Valuation Date (in
                  each case as determined pursuant to this paragraph), Party A shall,
                  within
                  three Local Business Days of such Valuation Date, Transfer to the
                  Secured
                  Party Eligible Credit Support having an S&P Value as of the date of
                  Transfer at least equal to such deficiency.

              

         

        	(vi)      
                  	
                Notice
                  to S&P.
                  At
                  any time at which Party A (or, to the extent applicable, its Credit
                  Support Provider) does not have a long-term unsubordinated and
                  unsecured
                  debt rating of at least “BBB+” from S&P, the Valuation Agent shall
                  provide to S&P not later than the Notification Time on the Local
                  Business Day following each Valuation Date its calculations of
                  the Secured
                  Party’s Exposure and the S&P Value of any Eligible Credit Support or
                  Posted Credit Support for that Valuation Date. The Valuation Agent
                  shall
                  also provide to S&P any external marks received pursuant to the
                  preceding paragraph.

              

         

        	(d)       
                 	
                Conditions
                  Precedent and Secured Party’s Rights and
                  Remedies.
                  The following Termination Events will be a “Specified
                  Condition”
                  for the party specified (that party being the Affected Party if
                  the
                  Termination Event occurs with respect to that party): With respect
                  to
                  Party A: any Additional Termination Event with respect to which
                  Party A is
                  the sole Affected Party. With respect to Party B:
                  None.

              

         

        	(e)         
                	
                Substitution.

              

         

        	(i)        
                  	
                “Substitution
                  Date”
                  has the meaning specified in Paragraph
                  4(d)(ii).

              

         

        	(ii)       
                  	
                Consent.
                  If
                  specified here as applicable, then the Pledgor must obtain the
                  Secured
                  Party’s consent for any substitution pursuant to Paragraph 4(d):
                  Inapplicable.

              

         

        	(f)       
                  	
                Dispute
                  Resolution.

              

         

        	(i)        
                  	
                “Resolution
                  Time”
                  means 1:00 p.m. New York time on the Local Business Day following
                  the date
                  on which the notice of the dispute is given under Paragraph
                  5.

              

         

        	(ii)       
                  	
                Value.
                  Notwithstanding anything to the contrary in Paragraph 12, for the
                  purpose
                  of Paragraphs 5(i)(C) and 5(ii), the S&P Value, the DBRS Value, the
                  Moody’s First Trigger Value, and the Moody’s Second Trigger Value, on any
                  date, of Eligible Collateral other than Cash will be calculated
                  as
                  follows: 

              

         

        For
          Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
          the
          sum of (A) the product of (1)(x) the bid price at the Valuation Time for
          such
          securities on the principal national securities exchange on which such
          securities are listed, or (y) if such securities are not listed on a national
          securities exchange, the bid price for such securities quoted at the Valuation
          Time by any principal market maker for such securities selected by the
          Valuation
          Agent, or (z) if no such bid price is listed or quoted for such date, the
          bid
          price listed or quoted (as the case may be) at the Valuation Time for the
          day
          next preceding such date on which such prices were available and (2) the
          applicable Valuation Percentage for such Eligible Collateral, and (B) the
          accrued interest on such securities (except to the extent Transferred to
          the
          Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price
          referred to in the immediately preceding clause (A)) as of such
          date.

         

        	(iii)      
                  	
                Alternative.
                  The provisions of Paragraph 5 will apply.

              

         

        	(g)      
                  	
                Holding
                  and Using Posted
                  Collateral.

              

         

        	(i)        
                  	
                Eligibility
                  to Hold Posted Collateral; Custodians.  Party
                  B (or any Custodian) will be entitled to hold Posted Collateral
                  pursuant
                  to Paragraph 6(b). 

              

         

        Party
          B
          may appoint as Custodian (A) the entity then serving as Cap Trustee or
          (B) any
          entity other than the entity then serving as Cap Trustee if such other
          entity
          (or, to the extent applicable, its parent company or credit support provider)
          shall then have a short-term unsecured and unsubordinated debt rating from
          S&P of at least “A-1.”

         

        Initially,
          the Custodian
          for
          Party B is: Not applicable.

         

        	(ii)       
                  	
                Use
                  of Posted Collateral. The
                  provisions of Paragraph 6(c)(i) will not apply to Party B, but
                  the
                  provisions of Paragraph 6(c)(ii) will apply to Party B.
                  

              

         

        	(h)      
                  	
                Distributions
                  and Interest Amount.

              

         

        	(i)        
                  	
                Interest
                  Rate.
                  The “Interest
                  Rate”
                  will be the actual interest rate earned on Posted Collateral in
                  the form
                  of Cash that is held by Party B or its
                  Custodian.

              

         

        	(ii)       
                  	
                Transfer
                  of Interest Amount.
                  The Transfer of the Interest Amount will be made on the second
                  Local
                  Business Day following the end of each calendar month and on any
                  other
                  Local Business Day on which Posted Collateral in the form of Cash
                  is
                  Transferred to the Pledgor pursuant to Paragraph 3(b); provided,
                  however,
                  that the obligation of Party B to Transfer any Interest Amount
                  to Party A
                  shall be limited to the extent that Party B has earned and received
                  such
                  funds and such funds are available to Party B.

              

         

        	(iii)     
                  	
                Alternative
                  to Interest Amount.
                  The provisions of Paragraph 6(d)(ii) will
                  apply.

              

         

        	(i)       
                  	
                Additional
                  Representation(s).
                  There are no additional representations by either
                  party.

              

         

        	(j)       
                  	
                Other
                  Eligible Support and Other Posted Support.

              

         

        	(i)        
                  	
                “Value”
                  with respect to Other Eligible Support and Other Posted Support
                  means: not
                  applicable. 

              

         

        	(ii)       
                  	
                “Transfer”
                  with respect to Other Eligible Support and Other Posted Support
                  means: not
                  applicable.

              

         

        	(k)        
                  	
                Demands
                  and Notices.All
                  demands, specifications and notices under this Annex will be made
                  pursuant
                  to the Notices Section of this Agreement, except that any demand,
                  specification or notice shall be given to or made at the following
                  addresses, or at such other address as the relevant party may from
                  time to
                  time designate by giving notice (in accordance with the terms of
                  this
                  paragraph) to the other party:

              

         

        If
          to
          Party A, at the address specified pursuant to the Notices Section of this
          Agreement.

         

        If
          to
          Party B, at the address specified pursuant to the Notices Section of this
          Agreement.

         

        If
          to
          Party B’s Custodian: Same as Party B

         

        	(l)       
                  	
                Address
                  for Transfers.
                  Each Transfer hereunder shall be made to the address specified
                  below or to
                  an address specified in writing from time to time by the party
                  to which
                  such Transfer will be made.

              

         

        Party
          A
          account details:    JPMorgan
          Chase Bank

        SWIFT:
            CHASUS33

        Account
          of:       Swiss
          Re
          Financial Products

        Account
          No.:     066-911184
          

        ABA#:             
            021000021

        

         

        Party
          B’s
          Custodian account
          details:           
 Citibank
          NA

        ABA#021-000-089

        Acct
          Name: Structured Finance Incoming Wire 

        Acct.
          No:
          3617-2242

        Ref: CMLTI
          2006-HE3, A/C 106299

         

        	(m)     
                  	
                Other
                  Provisions.

              

         

        	(i)        
                  	
                Collateral
                  Account.
                  Party B shall open and maintain a segregated account, which shall
                  be an
                  Eligible Account, and hold, record and identify all Posted Collateral
                  in
                  such segregated account.

              

         

        	(ii)       
                  	
                Agreement
                  as to Single Secured Party and Single Pledgor.
                  Party A and Party B hereby agree that, notwithstanding anything
                  to the
                  contrary in this Annex, (a) the term “Secured Party” as used in this Annex
                  means only Party B, (b) the term “Pledgor” as used in this Annex means
                  only Party A, (c) only Party A makes the pledge and grant in Paragraph
                  2,
                  the acknowledgement in the final sentence of Paragraph 8(a) and
                  the
                  representations in Paragraph 9.

              

         

        	(iii)      
                  	
                Calculation
                  of Value.
                  Paragraph 4(c) is hereby amended by deleting the word “Value” and
                  inserting in lieu thereof “S&P Value, DBRS Value, Moody’s First
                  Trigger Value, Moody’s Second Trigger Value”. Paragraph 4(d)(ii) is hereby
                  amended by (A) deleting the words “a Value” and inserting in lieu thereof
                  “an S&P Value, DBRS Value, Moody’s First Trigger Value, and Moody’s
                  Second Trigger Value” and (B) deleting the words “the Value” and inserting
                  in lieu thereof “S&P Value, DBRS Value, Moody’s First Trigger Value,
                  and Moody’s Second Trigger Value”. Paragraph 5 (flush language) is hereby
                  amended by deleting the word “Value” and inserting in lieu thereof
                  “S&P Value, DBRS Value, Moody’s First Trigger Value, or Moody’s Second
                  Trigger Value”. Paragraph 5(i) (flush language) is hereby amended by
                  deleting the word “Value” and inserting in lieu thereof “S&P Value,
                  DBRS Value, Moody’s First Trigger Value, and Moody’s Second Trigger
                  Value”. Paragraph 5(i)(C) is hereby amended by deleting the word “the
                  Value, if” and inserting in lieu thereof “any one or more of the S&P
                  Value, DBRS Value, Moody’s First Trigger Value, or Moody’s Second Trigger
                  Value, as may be”. Paragraph 5(ii) is hereby amended by (1) deleting the
                  first instance of the words “the Value” and inserting in lieu thereof “any
                  one or more of the S&P Value, DBRS Value, Moody’s First Trigger Value,
                  or Moody’s Second Trigger Value” and (2) deleting the second instance of
                  the words “the Value” and inserting in lieu thereof “such disputed S&P
                  Value, DBRS Value, Moody’s First Trigger Value, or Moody’s Second Trigger
                  Value”. Each of Paragraph 8(b)(iv)(B) and Paragraph 11(a) is hereby
                  amended by deleting the word “Value” and inserting in lieu thereof “least
                  of the S&P Value, DBRS Value, Moody’s First Trigger Value, and Moody’s
                  Second Trigger Value”. 

              

         

        	(iv)      
                  	
                Form
                  of Annex. Party
                  A and Party B hereby agree that the text of Paragraphs 1 through
                  12,
                  inclusive, of this Annex is intended to be the printed form of
                  ISDA Credit
                  Support Annex (Bilateral Form - ISDA Agreements Subject to New
                  York Law
                  Only version) as published and copyrighted in 1994 by the International
                  Swaps and Derivatives Association, Inc.

              

         

        	(v)        
                  	
                Events
                  of Default.
                  Paragraph 7 will not apply to cause any Event of Default to exist
                  with
                  respect to Party B except that Paragraph 7(i) will apply to Party
                  B solely
                  in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                  Support Annex. Notwithstanding anything to the contrary in Paragraph
                  7,
                  any failure by Party A to comply with or perform any obligation
                  to be
                  complied with or performed by Party A under the Credit Support
                  Annex shall
                  only be an Event of Default if (A) a
                  Required Ratings Downgrade Event has occurred and been continuing
                  for 30
                  or more Local Business Days, and (B) such failure is not remedied
                  on or
                  before the third Local Business Day after notice of such failure
                  is given
                  to Party A.

              

         

        	(vi)      
                  	
                Expenses.
                  Notwithstanding anything to the contrary in Paragraph 10, the Pledgor
                  will
                  be responsible for, and will reimburse the Secured Party for, all
                  transfer
                  and other taxes and other costs involved in any Transfer of Eligible
                  Collateral.

              

         

        	(vii)     
                  	
                Withholding.
                  Paragraph 6(d)(ii) is hereby amended by inserting immediately after
“the
                  Interest Amount” in the fourth line thereof the words “less any applicable
                  withholding taxes.”

              

         

        	(viii)    
                  	
                Notice
                  of Failure to Post Collateral. Upon
                  any failure by Party A to post collateral as required under this
                  Agreement, Party B shall, no later than the next Business Day after
                  the
                  date such collateral was required to be posted, give a written
                  notice of
                  such failure to Party A and to Depositor. For the avoidance of
                  doubt,
                  notwithstanding anything in this Agreement to the contrary, the
                  failure of
                  Party B to comply with the requirements of this paragraph shall
                  not
                  constitute an Event of Default or Termination Event.
                  

              

         

        (ix)       
           Additional
          Definitions.
          As used
          in this Annex:

         

        “Collateral
          Event” means
          that no Relevant Entity has credit ratings at least equal to the Approved
          Ratings Threshold.

         

        “DBRS
          Credit Support Amount”
          means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)
                    

                	
                  for
                    any Valuation Date on which (i) a DBRS Approved Ratings Downgrade
                    Event
                    has occurred and been continuing for at least 30 days, or (ii)
                    a DBRS
                    Required Ratings Downgrade Event has occurred and is continuing,
                    an amount
                    equal to the sum of (1) 100.0% of the Secured Party’s Exposure for such
                    Valuation Date and (2) the sum, for each Transaction to which
                    this Annex
                    relates, of the product of the Volatility Buffer for such Transaction
                    and
                    the Notional Amount of such Transaction for the Calculation Period
                    of such
                    Transaction which includes such Valuation Date, or
                    

                

        

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II)       
           the
          Threshold for Party A for such Valuation Date.

         

        “DBRS
          Value”
          means,
          on any date and with respect to any Eligible Collateral other than Cash,
          the
          product of (A) the bid price obtained by the Valuation Agent for such Eligible
          Collateral and (B) the DBRS Valuation Percentage for such Eligible Collateral
          set forth in paragraph 13(b)(ii).

         

        “DV01”
          means,
          with respect to a Transaction and any date of determination, the estimated
          change in the Secured Party’s Transaction Exposure with respect to such
          Transaction that would result from a one basis point change in the relevant
          swap
          curve on such date, as determined by the Valuation Agent in good faith
          and in a
          commercially reasonable manner. The Valuation Agent shall, upon request
          of Party
          B, provide to Party B a statement showing in reasonable detail such
          calculation.

         

        “Exposure”
          has the
          meaning specified in Paragraph 12, except that after the word “Agreement” the
          words “(assuming, for this purpose only, that Part 1(f) of the Schedule is
          deleted)” shall be inserted. 

         

        “Local
          Business Day”
means:
          any day on which (A) commercial banks are open for business (including
          dealings
          in foreign exchange and foreign currency deposits) in New York and the
          location
          of Party A, Party B and any Custodian, and (B) in relation to a Transfer
          of
          Eligible Collateral, any day on which the clearance system agreed between
          the
          parties for the delivery of Eligible Collateral is open for acceptance
          and
          execution of settlement instructions (or in the case of a Transfer of Cash
          or
          other Eligible Collateral for which delivery is contemplated by other means
          a
          day on which commercial banks are open for business (including dealings
          in
          foreign exchange and foreign deposits) in New York and the location of
          Party A,
          Party B and any Custodian. 

         

        “Moody’s
          First Trigger Credit Support Amount” means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which (I) a Moody’s First Trigger Ratings Event has
                    occurred and has been continuing (x) for at least 30 Local Business
                    Days
                    or (y) since this Annex was executed and (II) it is not the case
                    that a
                    Moody’s Second Trigger Event has occurred and been continuing for at
                    least
                    30 Local Business Days, an amount equal to the greater of (a)
                    zero and (b)
                    the sum of (i) the Secured Party’s Exposure for such Valuation Date and
                    (ii) the sum, for each Transaction to which this Annex relates,
                    of
                    

                

        

         

        the
          lesser of (x) the product of the Moody’s First Trigger DV01 Multiplier and DV01
          for such Transaction and such Valuation Date and (y) the product of Moody’s
          First Trigger Notional Amount Multiplier and the Notional Amount for such
          Transaction for the Calculation Period which includes such Valuation
          Date; 

         

        the
          product of the applicable Moody’s First Trigger Factor set forth in Table 1 and
          the Notional Amount for such Transaction for the Calculation Period which
          includes such Valuation Date; or 

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II)       
           the
          Threshold for Party A such Valuation Date.

         

        “Moody’s
          First Trigger DV01 Multiplier”
          means
          25.

         

        “Moody’s
          First Trigger Value”
          means,
          on any date and with respect to any Eligible Collateral other than Cash,
          the bid
          price obtained by the Valuation Agent multiplied by the Moody’s First Trigger
          Valuation Percentage for such Eligible Collateral set forth in Paragraph
          13(b)(ii).

         

        “Moody’s
          First Trigger Notional Amount Multiplier”
          means
          4%.

         

        “Moody’s
          Second Trigger Credit Support Amount”
          means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which it is the case that a Moody’s Second Trigger
                    Ratings Event has occurred and been continuing for at least 30
                    Local
                    Business Days, an amount equal to the greatest of (a) zero, (b)
                    the
                    aggregate amount of the next payment due to be paid by Party
                    A under each
                    Transaction to which this Annex relates, and (c) the sum of (x)
                    the
                    Secured Party’s Exposure for such Valuation Date and (y) the sum, for each
                    Transaction to which this Annex relates, of

                

        

         

        (1)        
           if such Transaction is not a Transaction-Specific Hedge, 

         

        the
          lesser of (i) the product of the Moody’s Second Trigger DV01 Multiplier and DV01
          for such Transaction and such Valuation Date and (ii) the product of the
          Moody’s
          Second Trigger Notional Amount Multiplier and the Notional Amount for such
          Transaction for the Calculation Period which includes such Valuation
          Date; 

         

        the
          product of the applicable Moody’s Second Trigger Factor set forth in Table 2 and
          the Notional Amount for such Transaction for the Calculation Period which
          includes such Valuation Date;
          or

         

        (2)        
           if such Transaction is a Transaction-Specific Hedge, 

         

        the
          lesser of (i) the product of the Moody’s Second Trigger Transaction-Specific
          Hedge DV01 Multiplier and DV01 for such Transaction and such Valuation
          Date and
          (ii) the product of the Moody’s Second Trigger Transaction-Specific Hedge
          Notional Amount Multiplier and the Notional Amount for such Transaction
          for the
          Calculation Period which includes such Valuation Date;

         

        the
          product of the applicable Moody’s Second Trigger Factor set forth in Table 3 and
          the Notional Amount for such Transaction for the Calculation Period which
          includes such Valuation Date; or 

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II)       
           the
          Threshold for Party A for such Valuation Date.

         

        “Moody’s
          Second Trigger DV01 Multiplier”
          means
          60.

         

        “Moody’s
          Second Trigger Transaction-Specific Hedge DV01
          Multiplier”
          means
          75.

         

        “Moody’s
          Second Trigger Transaction-Specific Hedge Notional Amount
          Multiplier”
          means
          11%.

         

        “Moody’s
          Second Trigger Value”
          means,
          on any date and with respect to any Eligible Collateral other than Cash,
          the bid
          price obtained by the Valuation Agent multiplied by the Moody’s Second Trigger
          Valuation Percentage for such Eligible Collateral set forth in Paragraph
          13(b)(ii).

         

        “Moody’s
          Second Trigger Notional Amount Multiplier”
          means
          9%.

         

        “Pricing
          Sources”
          means
          the sources of financial information commonly known as Bloomberg, Bridge
          Information Services, Data Resources Inc., Interactive Data Services,
          International Securities Market Association, Merrill Lynch Securities Pricing
          Service, Muller Data Corporation, Reuters, Wood Gundy, Trepp Pricing, JJ
          Kenny,
          S&P and Telerate.

         

        “S&P
          Credit Support Amount”
          means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)
                    

                	
                  for
                    any Valuation Date on which (i) a S&P Approved Ratings Downgrade Event
                    has occurred and been continuing for at least 30 days, or (ii)
                    a S&P
                    Required Ratings Downgrade Event has occurred and is continuing,
                    an amount
                    equal to the sum of (1) 100.0% of the Secured Party’s Exposure for such
                    Valuation Date and (2) the sum, for each Transaction to which
                    this Annex
                    relates, of the product of the Volatility Buffer for such Transaction
                    and
                    the Notional Amount of such Transaction for the Calculation Period
                    of such
                    Transaction which includes such Valuation Date, or
                    

                

        

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II)       
           the
          Threshold for Party A for such Valuation Date.

         

        “S&P
          Value”
          means,
          on any date and with respect to any Eligible Collateral other than Cash,
          the
          product of (A) the bid price obtained by the Valuation Agent for such Eligible
          Collateral and (B) the S&P Valuation Percentage for such Eligible Collateral
          set forth in paragraph 13(b)(ii).

         

        “Transaction
          Exposure”
          means,
          for any Transaction, Exposure determined as if such Transaction were the
          only
          Transaction between the Secured Party and the Pledgor.

         

        “Transaction-Specific
          Hedge” means
          any
          Transaction that is an interest rate cap, interest rate floor or interest
          rate
          swaption, or an interest rate swap if (x) the notional amount of the interest
          rate swap is “balance guaranteed” or (y) the notional amount of the interest
          rate swap for any Calculation Period otherwise is not a specific dollar
          amount
          that is fixed at the inception of the Transaction.

         

        “Valuation
          Percentage”
          shall
          mean, for purposes of determining the S&P Value, the DBRS Value, the Moody’s
          First Trigger Value, or the Moody’s Second Trigger Value with respect to any
          Eligible Collateral or Posted Collateral, the applicable S&P Valuation
          Percentage, DBRS Valuation Percentage, Moody’s First Trigger Valuation
          Percentage, or Moody’s Second Trigger Valuation Percentage for such Eligible
          Collateral or Posted Collateral, respectively, in each case as set forth
          in
          Paragraph 13(b)(ii).

         

        “Value”
          shall
          mean, in respect of any date, the related S&P Value, the related DBRS Value
          the related Moody’s First Trigger Value, and the related Moody’s Second Trigger
          Value.

         

        “Volatility
          Buffer”
          means,
          for any Transaction, the related percentage set forth in the following
          table.

         

        
          	
                  The
                    higher of the S&P credit rating of (i) Party A and (ii) the Credit
                    Support Provider of Party A, if applicable

                	
                  Remaining
                    Weighted Average Maturity 

                  up
                    to 3 years

                	
                  Remaining
                    Weighted Average Maturity

                  up
                    to 5 years

                	
                  Remaining
                    Weighted Average Maturity

                  up
                    to 10 years

                	
                  Remaining
                    Weighted Average Maturity

                  up
                    to 30 years

                
	
                  At
                    least “A-2”

                	
                  2.75%

                	
                  3.25%

                	
                  4.00%

                	
                  4.75%

                
	
                  “A-3”

                	
                  3.25%

                	
                  4.00%

                	
                  5.00%

                	
                  6.25%

                
	
                  “BB+”
                    or
                    lower

                	
                  3.50%

                	
                  4.50%

                	
                  6.75%

                	
                  7.50%

                

        

        

         

        

         

        

         

        [Remainder
          of this page intentionally left blank]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Table
          1

         

        Moody’s
          First Trigger Factor

         

         

        

        
          	
                  Remaining

                  Weighted
                    Average Life 

                  of
                    Hedge in Years

                	 	
                  Weekly

                  Collateral

                  Posting

                
	
                  1
                    or less

                	 	
                  0.25%

                
	
                  More
                    than 1 but not more than 2

                	 	
                  0.50%

                
	
                  More
                    than 2 but not more than 3

                	 	
                  0.70%

                
	
                  More
                    than 3 but not more than 4

                	 	
                  1.00%

                
	
                  More
                    than 4 but not more than 5

                	 	
                  1.20%

                
	
                  More
                    than 5 but not more than 6

                	 	
                  1.40%

                
	
                  More
                    than 6 but not more than 7

                	 	
                  1.60%

                
	
                  More
                    than 7 but not more than 8

                	 	
                  1.80%

                
	
                  More
                    than 8 but not more than 9

                	 	
                  2.00%

                
	
                  More
                    than 9 but not more than 10

                	 	
                  2.20%

                
	
                  More
                    than 10 but not more than 11

                	 	
                  2.30%

                
	
                  More
                    than 11 but not more than 12

                	 	
                  2.50%

                
	
                  More
                    than 12 but not more than 13

                	 	
                  2.70%

                
	
                  More
                    than 13 but not more than 14

                	 	
                  2.80%

                
	
                  More
                    than 14 but not more than 15

                	 	
                  3.00%

                
	
                  More
                    than 15 but not more than 16

                	 	
                  3.20%

                
	
                  More
                    than 16 but not more than 17

                	 	
                  3.30%

                
	
                  More
                    than 17 but not more than 18

                	 	
                  3.50%

                
	
                  More
                    than 18 but not more than 19

                	 	
                  3.60%

                
	
                  More
                    than 19 but not more than 20

                	 	
                  3.70%

                
	
                  More
                    than 20 but not more than 21

                	 	
                  3.90%

                
	
                  More
                    than 21 but not more than 22

                	 	
                  4.00%

                
	
                  More
                    than 22 but not more than 23

                	 	
                  4.00%

                
	
                  More
                    than 23 but not more than 24

                	 	
                  4.00%

                
	
                  More
                    than 24 but not more than 25

                	 	
                  4.00%

                
	
                  More
                    than 25 but not more than 26

                	 	
                  4.00%

                
	
                  More
                    than 26 but not more than 27

                	 	
                  4.00%

                
	
                  More
                    than 27 but not more than 28

                	 	
                  4.00%

                
	
                  More
                    than 28 but not more than 29

                	 	
                  4.00%

                
	
                  More
                    than 29

                	 	
                  4.00%

                

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Table
          2

        

         

        (Reserved)

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Table
          3

         

        Moody’s
          Second Trigger Factor for Transaction-Specific
          Hedges

         

        

        
          	
                  Remaining

                  Weighted
                    Average Life 

                  of
                    Hedge in Years

                	 	
                  Weekly

                  Collateral

                  Posting

                
	
                  1
                    or less

                	 	
                  0.75%

                
	
                  More
                    than 1 but not more than 2

                	 	
                  1.50%

                
	
                  More
                    than 2 but not more than 3

                	 	
                  2.20%

                
	
                  More
                    than 3 but not more than 4

                	 	
                  2.90%

                
	
                  More
                    than 4 but not more than 5

                	 	
                  3.60%

                
	
                  More
                    than 5 but not more than 6

                	 	
                  4.20%

                
	
                  More
                    than 6 but not more than 7

                	 	
                  4.80%

                
	
                  More
                    than 7 but not more than 8

                	 	
                  5.40%

                
	
                  More
                    than 8 but not more than 9

                	 	
                  6.00%

                
	
                  More
                    than 9 but not more than 10

                	 	
                  6.60%

                
	
                  More
                    than 10 but not more than 11

                	 	
                  7.00%

                
	
                  More
                    than 11 but not more than 12

                	 	
                  7.50%

                
	
                  More
                    than 12 but not more than 13

                	 	
                  8.00%

                
	
                  More
                    than 13 but not more than 14

                	 	
                  8.50%

                
	
                  More
                    than 14 but not more than 15

                	 	
                  9.00%

                
	
                  More
                    than 15 but not more than 16

                	 	
                  9.50%

                
	
                  More
                    than 16 but not more than 17

                	 	
                  9.90%

                
	
                  More
                    than 17 but not more than 18

                	 	
                  10.40%

                
	
                  More
                    than 18 but not more than 19

                	 	
                  10.80%

                
	
                  More
                    than 19 but not more than 20

                	 	
                  11.00%

                
	
                  More
                    than 20 but not more than 21

                	 	
                  11.00%

                
	
                  More
                    than 21 but not more than 22

                	 	
                  11.00%

                
	
                  More
                    than 22 but not more than 23

                	 	
                  11.00%

                
	
                  More
                    than 23 but not more than 24

                	 	
                  11.00%

                
	
                  More
                    than 24 but not more than 25

                	 	
                  11.00%

                
	
                  More
                    than 25 but not more than 26

                	 	
                  11.00%

                
	
                  More
                    than 26 but not more than 27

                	 	
                  11.00%

                
	
                  More
                    than 27 but not more than 28

                	 	
                  11.00%

                
	
                  More
                    than 28 but not more than 29

                	 	
                  11.00%

                
	
                  More
                    than 29

                	 	
                  11.00%

                

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have executed this Annex by their duly authorized
          representatives as of the date of the Agreement.

         

        
          	
                  Swiss
                    Re Financial Products Corporation

                	
                  Citibank,
                    N.A., in its capacity as cap trustee for the trust created pursuant
                    to the
                    Cap Administration Agreement with respect to the Citigroup Mortgage
                    Loan
                    Trust Inc., Asset-Backed Pass-Through Certificates, Series
                    2006-HE3

                
	 	 
	
                  By: _____________________________

                  Name
                    

                  Title:
                    

                  Date:
                    

                	
                  By:
                    ____________________________________ 

                  Name:
                    

                  Title:
                    

                  Date:
                    

                

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          A

         

        ELIGIBLE
          COLLATERAL

         

        
          	
                   

                  ISDA
                    Collateral Asset Definition
                    (ICAD) Code 

                	
                  Remaining
                    Maturity in Years

                	
                  Both
                    S&P

                  and
                    DBRS

                  Valuation
                    

                  Percentages

                	
                  Moody’s

                  First
                    Trigger Valuation
                    Percentage

                	
                  Moody’s

                  Second
                    Trigger

                  Valuation

                  Percentage

                
	
                  (A)
                    US-CASH

                	
                  N/A

                	
                  100%

                	
                  100%

                	
                  100%

                
	
                   

                  (B)
                    US-TBILL

                        
                    US-TNOTE

                        
                    US-TBOND

                  (USDollar
                    Fixed Rate in all cases)

                	 	 	 	 
	 	
                  1
                    or less

                	
                  98.6%

                	
                  100%

                	
                  100%

                
	 	
                  More
                    than 1 but not more than 2

                	
                  97.3%

                	
                  100%

                	
                  99%

                
	 	
                  More
                    than 2 but not more than 3

                	
                  95.8%

                	
                  100%

                	
                  98%

                
	 	
                  More
                    than 3 but not more than 5

                	
                  93.8%

                	
                  100%

                	
                  97%

                
	 	
                  More
                    than 5 but not more than 7

                	
                  91.4%

                	
                  100%

                	
                  95%

                
	 	
                  More
                    than 7 but not more than 10

                	
                  90.3%

                	
                  100%

                	
                  94%

                
	 	
                  More
                    than 10 but not more than 20

                	
                  86.9%

                	
                  100%

                	
                  89%

                
	 	
                  More
                    than 20

                	
                  84.6%

                	
                  100%

                	
                  87%

                
	
                   

                  (C)
                    US-GNMA

                        
                    US-FNMA

                        
                    US-FHLMC

                  (USDollar
                    Fixed Rate in all cases)

                	 	 	 	 
	 	
                  1
                    or less

                	
                  98.0%

                	
                  100%

                	
                  99%

                
	 	
                  More
                    than 1 but not more than 2

                	
                  96.8%

                	
                  100%

                	
                  98%

                
	 	
                  More
                    than 2 but not more than 3

                	
                  96.3%

                	
                  100%

                	
                  97%

                
	 	
                  More
                    than 3 but not more than 5

                	
                  92.5%

                	
                  100%

                	
                  96%

                
	 	
                  More
                    than 5 but not more than 7

                	
                  90.3%

                	
                  100%

                	
                  94%

                
	 	
                  More
                    than 7 but not more than 10

                	
                  86.9%

                	
                  100%

                	
                  93%

                
	 	
                  More
                    than 10 but not more than 20

                	
                  81.6%

                	
                  100%

                	
                  88%

                
	 	
                  More
                    than 20

                	
                  77.9%

                	
                  100%

                	
                  86%

                

        

        

         

        The
          ISDA
          Collateral Asset Definition (ICAD) Codes used in this Schedule A are taken
          from
          the Collateral Asset Definitions (First Edition - June 2003) as published
          and
          copyrighted in 2003 by the International Swaps and Derivatives Association,
          Inc.

         

         

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

      

      FORM
        OF
        CAP ADMINISTRATION AGREEMENT

       

      

        CAP
          ADMINISTRATION AGREEMENT

         

        This
          Cap
          Administration Agreement, dated as of December 29, 2006 (this “Agreement”),
          among Citibank, N.A. (“Citibank”), as cap trustee for the cap trust (in such
          capacity, the “Cap Trustee”),
          as
          trust administrator (in such capacity, the “Trust Administrator”) and as cap
          administrator (in such capacity, the “Cap Administrator”) and Citigroup Global
          Markets Realty Corp. (“CGMRC”), as majority holder of the Class CE Certificates,
          or its designee.

         

        WHEREAS,
          the Cap Trustee, on behalf of a separate trust established hereunder which
          holds
          an Interest Rate Cap Contract (the “Cap Contract”), a copy of which is attached
          hereto as Exhibit A, between the Cap Trustee and Swiss Re Financial Products
          Corporation (the “Cap Provider”) is a counterparty to the Cap
          Contract;
          and

         

        WHEREAS,
          it is desirable to irrevocably appoint the Cap Trustee, and the Cap Trustee
          desires to accept such appointment, to receive and distribute funds payable
          by
          the Cap Provider to the Cap Trustee 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 December 1, 2006 (the “Pooling and Servicing Agreement”), among
          Citigroup Mortgage Loan Trust Inc., as Depositor, JPMorgan Chase Bank,
          National
          Association, Ocwen Loan Servicing, LLC, Countrywide Home Loans Servicing
          LP and
          Wells Fargo Bank, N.A., as servicers, the Trust Administrator and U.S.
          Bank
          National Association as trustee (the “Trustee”) relating to the Citigroup
          Mortgage Loan Trust 2006-HE3 (the “Trust”), Asset-Backed Pass-Through
          Certificates, Series 2006-HE3 (the “Certificates”), or in the related Indenture
          as the case may be, as in effect on the date hereof. 

         

        2.  Cap
          Trust.
          There
          is hereby established a separate trust (the “Cap Trust”), into which the Cap
          Trustee shall deposit the Cap Contract. The Cap Trust shall be maintained
          by the
          Cap Trustee and administered on its behalf by the Cap Administrator. The
          sole
          assets of the Cap Trust shall be the Cap Contract and the Cap Trust Account.
          For
          the avoidance of doubt, the parties hereto acknowledge and agree that all
          functions of the Cap Trustee hereunder shall be performed on its behalf
          by the
          Cap Administrator.

         

        3.  Cap
          Trustee.
          

         

        (a)  The
          Cap
          Trustee is hereby irrevocably appointed to receive all funds paid to the
          Cap
          Trustee by the Cap Provider under the Cap Contract (including any Cap
          Termination Payment) and the Cap Trustee accepts such appointment and hereby
          agrees to receive such amounts, deposit such amounts into the Cap Trust
          Account
          and to distribute on each Distribution Date such amounts in the following
          order
          of priority:

         

        (i)  first,
          for deposit into the Cap Account (established under the Pooling and Servicing
          Agreement), an amount equal to the aggregate amount required for distribution
          to
          the holders of the Floating Rate Certificates pursuant to Section 4.01(a)(b)(i)
          through 4.01(a)(b)(vi) of the Pooling and Servicing Agreement;

         

        (ii)  second,
          to CGMRC, as majority holder of the Class CE Certificates, or its designee,
          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, as
          majority holder of the Class CE Certificates, or its designee, hereby instructs
          the Cap Trustee to make any payments under this clause 3(a)(ii):

         

        (A)  to
          the
          Indenture Trustee for the Trust, for deposit into the Note Account (each
          as
          defined in the related Indenture), for distribution in accordance with
          the terms
          of the Indenture until satisfaction and discharge of the Indenture;
          and

         

        (B)  after
          satisfaction and discharge of the Indenture, to the Holders of the Class
          CE
          Certificates, pro
          rata
          based on
          the outstanding Notional Amount of each such Certificate.

         

        (b)  The
          Cap
          Trustee agrees to hold any amounts received from the Cap Provider in trust
          upon
          the terms and conditions and for the exclusive use and benefit of the Trust
          Administrator (in turn for the benefit of the Certificateholders, the
          Noteholders and CGMRC) as set forth herein. The rights, duties and liabilities
          of the Cap Trustee in respect of this Agreement shall be as
          follows:

         

        (i) The
          Cap
          Trustee shall have the full power and authority to do all things not
          inconsistent with the provisions of this Agreement that may be deemed advisable
          in order to enforce the provisions hereof. The Cap Trustee shall not be
          answerable or accountable except for its own bad faith, willful misconduct
          or
          negligence. The Cap Trustee 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 Trustee, shall be likely to involve expense or liability to the Cap
          Trustee,
          unless the Cap Trustee shall have received an agreement satisfactory to
          it in
          its sole discretion to indemnify it against such liability and
          expense.

         

        (ii) The
          Cap
          Trustee 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 otherwise as provided herein, relating to the time, method and place
          of
          conducting any proceeding for any remedy available to the Cap Trustee or
          exercising any right or power conferred upon the Cap Trustee under this
          Agreement.

         

        (iii) The
          Cap
          Trustee may perform any duties hereunder either directly or by or through
          agents
          or attorneys of the Cap Trustee. The Cap Trustee shall not be liable for
          the
          acts or omissions of its agents or attorneys so long as the Cap Trustee
          chose
          such Persons with due care.

         

        4.  Cap
          Trust Account.
          The Cap
          Trustee shall segregate and hold all funds received from the Cap Provider
          (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
          Trustee one or more segregated accounts (the “Cap Trust Account”).

         

               
          5.      [Reserved].
          

         

        6.  Representations
          and Warranties of Citibank.
          Citibank represents and warrants as follows:

         

        (a)  Citibank
          is duly organized and validly existing as a national trust company under
          the
          laws of the United States and has all requisite power and authority to
          execute
          and deliver this Agreement and to perform its obligations as Cap Trustee
          hereunder.

         

        (b)  The
          execution, delivery and performance of this Agreement by Citibank as Cap
          Trustee
          have been duly authorized in the Pooling and Servicing Agreement.

         

        (c)  This
          Agreement has been duly executed and delivered by Citibank as Cap Trustee,
          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).

         

                        
          7.  Replacement
          of Cap Trustee.

         

        Any
          corporation, bank, trust company or association into which the Cap Trustee
          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 Trustee 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 Trustee, shall be the successor of
          the Cap
          Trustee 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 Trustee and no appointment of a successor
          Cap
          Trustee shall become effective until the appointment by CGMRC, as majority
          holder of the Class CE Certificates, or its designee, of a successor Cap
          Trustee. Any successor Cap Trustee shall execute such documents or instruments
          necessary or appropriate to vest in and confirm to such successor Cap Trustee
          all such rights and powers conferred by this Agreement.

         

        The
          Cap
          Trustee may resign at any time by giving written notice thereof to the
          other
          parties hereto. If a successor cap trustee shall not have accepted the
          appointment hereunder within 30 days after the giving by the resigning
          Cap
          Trustee of such notice of resignation, the resigning Cap Trustee may petition
          any court of competent jurisdiction for the appointment of a successor
          Cap
          Trustee.

         

        In
          the
          event of a resignation or removal of the Cap Trustee, CGMRC, as majority
          holder
          of the Class CE Certificates, or its designee, shall promptly appoint a
          successor Cap Trustee.

         

                        
          8.  Cap
          Trustee Obligations.

         

        Whenever
          the Cap Trustee, as a party to the Cap Contract, has the option or is requested
          in such capacity, whether such request is by the Cap Provider, to take
          any
          action or to give any consent, approval or waiver that it is on behalf
          of the
          Cap Trust 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 Cap Trustee shall promptly
          notify the parties hereto, of such request in such detail as is available
          to it
          and, shall, on behalf of the parties hereto, 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 CGMRC, as majority holder
          of the
          Class CE Certificates, or its designee, 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 Cap Trustee to the parties hereto, if any),
          the Cap
          Trustee may abstain from taking such action or giving such consent, approval
          or
          waiver.

         

        The
          Cap
          Trustee shall forward to the parties hereto, on the Distribution 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.

         

                        
          9.  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 Trustee irrevocably submits
          to
          the jurisdiction of each such court in respect of any such action or proceeding.
          The Cap Trustee 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 CGMRC.

         

        (d)  This
          Agreement may not be assigned or transferred without the prior written
          consent
          of CGMRC and the NIMS Insurer, if any; provided, however, the parties hereto
          acknowledge and agree to the assignment of the rights of CGMRC, as majority
          holder of the Class CE Certificates, or its designee, 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.

         

        10.  Third-Party
          Beneficiary.
          The
          Indenture Trustee, 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.

         

        11.  Cap
          Trustee and Trustee Rights.
          The Cap
          Trustee and the Cap Administrator shall be entitled to the same rights,
          protections and indemnities afforded to the Trust Administrator under the
          Pooling and Servicing Agreement, as if specifically set forth herein with
          respect to the Cap Trustee and the Cap Administrator.

         

        12.  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,
          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.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
          and
          delivered as of the day and year first above written. 

         

        

         

        
          	 	
                  CITIGROUP
                    GLOBAL MARKETS REALTY CORP., as majority holder of the Class
                    CE
                    Certificates

                
	 	
                  By:

                	 
	 	 	
                  Name: 

                
	 	 	
                  Title: 

                
	 	 
	 	
                  CITIBANK,
                    N.A., as Trust Administrator and as Cap Administrator

                
	 	
                  By:

                	 
	 	 	
                  Name: 

                
	 	 	
                  Title: 

                

        

        

        

        
          	 	
                  CITIBANK,
                    N.A., as
                    Cap Trustee

                
	 	 
	 	
                  By:

                	 
	 	 	
                  Name: 

                  Title:

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        EXHIBIT
          A

         

        CAP
          AGREEMENT

         

         

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

      
 

      FORM
        OF
        PMI POLICY

       

      

        
          	
                  Mortgage
                    Guaranty Insurance Corporation

                	
                  

                
	 	 
	
                  Steven
                    M. Thompson

                  Vice
                    President

                  Risk
                    Management

                	 

        

        

        December
          14, 2006

        

        
          	
                  Mr.
                    Matthew Fallon

                	
                  Ms.
                    Clare O’Brien

                
	
                  Citigroup
                    Global Markets, Inc.

                	
                  U.
                    S. Bank National Association as Trustee for 

                
	
                  390
                    Citigroup Street, 6th
                    Floor

                	
                  Citigroup
                    Mortgage Loan Trust 2006-HE3

                
	
                  New
                    York, New York 10013 

                	
                  Asset-Backed
                    Pass-Through Certificates, Series 2006-HE3

                
	 	
                  60
                    Livingston Avenue

                
	 	
                  St.
                    Paul, Minnesota 55107

                
	 	 

        

        

        
          	
                  RE:

                	
                  Terms
                    for MGIC Mortgage Insurance Coverage (“Coverage") on Approximately $92.8
                    Million in Principal Balances of Loans (the “Insurable Loans”) to be
                    included in the Trust known as Citigroup Mortgage Loan Trust
                    2006-HE3
                    Asset-Backed Pass-Through Certificates, Series 2006-HE3 (the
                    "Trust")
                    

                

        

        

        Dear
          Mr.
          Fallon and Ms. O’Brien:

        

        Mortgage
          Guaranty Insurance Corporation ("MGIC") has reviewed the information provided
          by
          Citigroup Global Markets, Inc. (“Citigroup”) concerning the Insurable Loans and
          is providing pricing and terms to issue lender-paid first lien Coverage
          under
          the Master Policy (as defined below) on the loans contained within the
          portfolio. This proposal is subject to due diligence findings and the following
          terms and conditions:

        

        
          	1.  	
                  Portfolio
                    Size.
                    MGIC has identified the following Insurable Loans from the Final
                    File
                    submitted by Citigroup:

                

        

        

        
          	
                  Insurable
                    Loans (Original LTV1 >80)

                	
                  $   Volume   

                
	
                  777

                	
                  $171,148,445.88

                

        

        

        The
          actual size of the final portfolio of Insurable Loans may be slightly different
          based on loan removals, additions and substitutions due to prepayments,
          delinquencies, and/or additional screening of loan eligibility.

         

        

          

          
            1 For
              purposes of this letter, an Insurable Loan’s "Original LTV" means the ratio,
              expressed as a percentage, of the initial principal balance of the
              Insurable
              Loan at origination to the Value of the related Property at origination.
              

             

            
               

              Terms
                for MGIC Mortgage Insurance Coverage on Loans to be included in the
                Trust known
                as Citigroup Mortgage Loan Trust 2006-HE3

              Asset-Backed
                Pass-Through Certificates, Series 2006-HE3 

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

        

        
 

        
          	2.  	
                  Loan
                    Coverage.
                    Lender-paid Coverage will be issued by MGIC on each Insurable
                    Loan that
                    meets the applicable Eligibility Criteria (as set forth in Section
                    11
                    below). The Coverage percent for an Insurable Loan is calculated
                    as the
                    Original LTV minus eighty percent (80%) divided by the Original
                    LTV ratio
                    with the result rounded to the next highest whole number.
                    Example:

                

        

        

        Original
          LTV = 88.83 (expressed as a percentage)

        Original
          LTV = .8883 (expressed as a ratio)

        

        Coverage
          percentage = ((88.83 - 80)/.8883) = 9.940 = 10

         

        
          	
                  3. 
                    

                	
                  Premium.
                    U.S. Bank National Association ("U.S. Bank"), solely in its capacity
                    as
                    Trustee, shall pay or direct the applicable Servicer to pay in
                    arrears a
                    nonrefundable monthly premium for the Coverage. Such premium
                    shall be
                    calculated at an annualized premium rate of 121 basis points,
                    applied to
                    the unpaid principal balances of insured loans determined as
                    of the
                    beginning of the prior calendar month. For purposes of this letter,
                    “Insured Loan” means an Insurable Loan as to which Coverage under the
                    Master Policy (as defined below) is issued by MGIC.
                    

                

        

        

        
          	 	
                  U.S.
                    Bank as Trustee shall provide or direct the applicable Servicer
                    to provide
                    to MGIC on a monthly basis via computer file (in a mutually acceptable
                    format), the unpaid principal balance, MGIC certificate number,
                    lender
                    loan number, and premium due for each Insured
                    Loan.

                

        

        

        
          	 	
                  The
                    premium rate quoted in this paragraph does not include premium
                    taxes that
                    are required to be paid by the Insured in the States of Kentucky
                    and West
                    Virginia. The Final File includes Insurable Loans in the States
                    of
                    Kentucky and West Virginia. The tax rates generally range from
                    1.0% - 17%
                    of the premium paid, and such rates shall be provided with respect
                    to any
                    Insured Loans on a loan-level basis to the Insured or its designee
                    by MGIC
                    and such amount shall be added to the payment of the premium
                    paid to MGIC
                    who will cause such taxes to be
                    paid.

                

        

        

        
          	 	
                  With
                    respect to all Insured Loans, Citigroup represents and warrants
                    that (a)
                    the borrower will not be charged a separate or identified amount
                    as
                    payment or reimbursement for premiums for Coverage and that such
                    premiums
                    will be paid from funds of the Insured or persons other than
                    the borrower,
                    and (b) that the Coverage will either not be subject to the Homeowners
                    Protection Act of 1998 or will be "lender paid mortgage insurance"
                    there
                    under. In addition, with respect to any Insured Loan secured
                    by a Property
                    in New York State for which, at the effective date of Coverage
                    or at any
                    time while the Master Policy is in effect for such Insured Loan,
                    the ratio
                    of the unpaid principal balance of such Insured Loan to the Value
                    of the
                    related Property at origination is less than 75%, Citigroup represents
                    and
                    warrants that all premiums for Coverage will not be paid by the
                    borrower,
                    directly or indirectly, including, for example, by a higher interest
                    rate
                    or other charges. It is acknowledged that these representations
                    and
                    warranties are relied upon by MGIC in insuring such Insured Loans
                    because
                    they relate to the maintenance of Coverage of such Insured Loans
                    under the
                    Master Policy.

                

        

        

        
          	4.  	
                  Authority
                    for Certain Information Access.
                    MGIC maintains MGICLink Servicing, a proprietary automated system
                    that
                    permits electronic access to specified information about loans
                    insured by
                    MGIC. Parties to the Trust Agreement forming the Trust may, at
                    some time,
                    request access to loan-level information via MGIClink Servicing
                    or other
                    media with respect to the Insured Loans. The Insured acknowledges
                    that
                    such parties are authorized to access loan-level information
                    through
                    MGICLink Servicing or other means with respect to the Insured
                    Loans until
                    such time as the Insured notifies MGIC in writing to suspend
                    or
                    discontinue such access.

                

        

        

        
          	5.  	
                  Effective
                    Date of Coverage.
                    Coverage for all Insured Loans shall take effect as of December
                    1, 2006.
                    The initial monthly premium shall be due on January 25, 2006.
                    Monthly
                    renewal premiums shall be due thereafter on the 25th day (or
                    if that day
                    is not a business day, the next business day) of each month while
                    the
                    Coverage is in effect. 

                

        

        

        Renewal
          payments are paid in arrears representing payment for coverage in the prior
          calendar month. For any loan that prepays in full between the 2nd and the
          end of
          that calendar month, a full month's premium payment will be due for that
          month
          representing the final premium due on such loan. If a loan is prepaid in
          full on
          the 1st day of a calendar month, no premium payments will be due for that
          month.

        

        
          	6.  	
                  Named
                    Insured. U.S.
                    Bank, solely in its capacity as Trustee, shall be the named insured
                    under
                    the Master Policy and all Certificates covering the Insured
                    Loans.

                

        

        

        
          	7.  	
                  Bulk
                    Certificate.
                    MGIC will provide to the Insured one bulk insurance Certificate
                    for all of
                    the Insured Loans, together with a summary of the coverage information
                    on
                    a loan-by-loan basis in an electronic format and thereafter a
                    Certificate
                    Number for each Insured Loan. MGIC will not be obligated to issue
                    individual Certificates for each Insured
                    Loan.

                

        

        

        
          	8.  	
                  Restrictions
                    on Cancellation and Assignment.
                    The premium rate for the Insured Loans was calculated based upon
                    a review
                    of information pertaining to the Insurable Loans. Citigroup and
                    the
                    Insured acknowledge that the terms of the Master Policy (as defined
                    below), including the restrictions on cancellation and assignment,
                    were
                    relied upon by MGIC in establishing such premium rate. Citigroup
                    and the
                    Insured also agree that the Coverage to be issued under the Master
                    Policy
                    is non-assignable except as provided for in the Master
                    Policy.

                

        

        

        For
          purposes of Section 3.6 of the Master Policy, MGIC approves assignment
          of
          coverage on all Insured Loans as a group from the Trustee to any successor
          Trustee, provided, in each such case, that the Trustee promptly notifies
          MGIC of
          such assignment.

        

        
          	9.  	
                  Cancellation
                    of Policy and Coverage of Insured Loans Upon Termination of
                    Trust.
                    As
                    provided in Section 2.9 of the Master Policy, except as otherwise
                    provided
                    below, in the event of a Redemption, or if the Trust is terminated
                    for any
                    other reason, or if there are no longer any Insured Loans that
                    are
                    security for, or represented by, the Trust, the Master Policy
                    and the
                    Coverage of all Insured Loans under the Master Policy shall automatically
                    be terminated effective upon such event, without further action
                    being
                    required by either the Insured or MGIC, and any Default on any
                    Insured
                    Loan existing at the time of such termination (other than Defaults
                    for
                    which a Claim had been filed prior to the date of such termination)
                    and
                    any future Default on an Insured Loan will not be covered under
                    the Master
                    Policy, nor will any refund of premium be paid.

                

        

        

        Notwithstanding
          the foregoing, in the event of a Redemption, the Coverage of Loans insured
          under
          the Policy shall not automatically terminate if all of the Loans then insured
          under the Policy, including, but not limited to, all such Loans then in
          Default,
          are purchased by Citigroup, or any successor to Citigroup by virtue of
          merger or
          consolidation, within thirty (30) days after the effective date of the
          Redemption and MGIC is promptly notified of such purchase.

        

        
          	10.  	
                  Cancellation
                    of Coverage of An Insured Loan Upon Repurchase from the
                    Trust.
                    In the event of the repurchase of an Insured Loan from the Trust
                    by
                    Citigroup or its affiliate due a defect or breach as provided
                    by a
                    mortgage loan purchase agreement, the Insured or the Servicer
                    on behalf of
                    the Insured shall notify MGIC of such repurchase, upon which
                    Coverage on
                    such Insured Loan shall automatically be terminated effective
                    as of such
                    event, and any Default existing at the time of such termination
                    and any
                    future Default on such Insured Loan will not be covered under
                    the Master
                    Policy, and a refund of all premium paid with respect thereto
                    shall be
                    made.

                

        

        

        
          	11.  	
                  Loan
                    Eligibility Criteria.
                    Under the Master Policy, "Eligibility Criteria" may be established
                    on the
                    Insured Loans by MGIC upon notice to the Insured. This letter
                    will serve
                    as such notice for purposes of the Master Policy and will apply
                    to all
                    Insured Loans. All Insured Loans must meet the following Eligibility
                    Criteria as of the Certificate Effective Date or as of such other
                    date as
                    otherwise noted below:

                

        

        

        
          	a)
                    	
                  CLTVs
                    (Combined LTVs). With
                    respect to any Insured Loan, the CLTV (as defined below) may
                    not exceed
                    the Original LTV, except for loans for which the CLTV is specifically
                    disclosed to exceed the Original LTV on the Final File. The CLTV
                    may not
                    exceed 100% in any case.

                

        

        

        The
          combined loan-to-value ratio ("CLTV") is defined as the ratio, expressed
          as a
          percentage, of the sum, as of the date of Insured Loan closing, of (1)
          the loan
          amount of the Insured Loan and (2) the outstanding principal balance of
          any
          other loan or loans secured by the property which are either (a) subordinated
          to
          the lien of the Insured Loan or (b) a second lien loan, divided by the
          Value of
          the property.

        

        
          	b)
                    	
                  Debt
                    Ratios.
                    Insured Loans may not have a "Total Debt Ratio" greater than
                    55%. As used
                    herein, the term "Total Debt Ratio" shall have the meaning ascribed
                    to
                    such term in the MGIC publication entitled "MGIC's Underwriting
                    Guide"
                    [#71-40600 (1/98)] b) .

                

        

        

        
          	c)
                    	
                  Section
                    32 (HOEPA) loans. No
                    Insured Loan can be a loan which would be required to comply
                    with Section
                    226.32 of the federal truth-in-lending regulations (commonly
                    referred to
                    as a "HOEPA loan"). 

                

        

        

        
          	d)
                    	
                  Compliance
                    with Applicable Laws.
                    For an Insured Loan, the originator, any lender or subsequent
                    owner, any
                    servicer, and any other Persons involved in the underwriting,
                    processing,
                    originating, or servicing of such Insured Loan, must have complied
                    in all
                    material respects with all applicable federal, state or other
                    laws and
                    regulations, including but not limited to any laws relating to
                    fair
                    lending or predatory lending practices, and such Insured Loan
                    must comply
                    with all of such laws and
                    regulations.

                

        

        

        
          	e)
                    	
                  Bankruptcies
                    and Foreclosures.

                

        

        

        Foreclosures
          - No
          borrower on any Insured Loan may have been the subject of a foreclosure
          proceeding within the 24 months prior to the closing of the Insured
          Loan.

        

        Bankruptcies
          - No
          borrower on any Insured Loan may have been a debtor who was the subject
          of a
          bankruptcy proceeding during the 24 months prior to the closing of the
          Insured
          Loan.

        

        
          	f)
                    	
                  Delinquencies.
                    Each Insured Loan must have a payment due for date of November
                    2, 2006 or
                    later (i.e., must be less than 30 days delinquent as of the effective
                    date
                    of Coverage). For the avoidance of doubt, an Insured Loan satisfies
                    the
                    foregoing sentence as of December 1, 2006 if the scheduled periodic
                    payment due on or before November 1, 2006 under the terms of
                    such Insured
                    Loan has been paid by the related
                    borrower.

                

        

        

        In
          the 12
          months prior to the effective date of Coverage, payments on any Insured
          Loan may
          not have been (1) thirty days delinquent on more than one occasion or (2)
          sixty
          days delinquent on any occasion.

        

        
          	g)
                    	
                  Single
                    Property.
                    An
                    Insured Loan may be secured by only one
                    Property.

                

        

        

        
          	h)
                    	
                  Loan
                    Instrument Type.
                    Insured Loans must be positively amortizing or interest-only
                    loans.
                    Negatively amortizing loans are not
                    eligible.

                

        

        

        
          	i)
                    	
                  Multiple
                    Loans to Same Borrower.
                    The portfolio of Insured Loans covered by the Master Policy cannot
                    include
                    more than two Insured Loans for any borrower (irrespective of
                    other
                    borrowers on either Insured Loan).

                

        

        

        
          	j)
                    	
                  Manufactured
                    Homes.
                    An
                    Insured Loan cannot be secured by a manufactured
                    home.

                

        

        

        
          	k)
                    	
                  Property
                    Type and Units.
                    An Insured Loan must be secured by only a 1-4 family residential
                    property
                    located in the United States. Eligible property types include
                    single-family detached and attached (including condominiums,
                    PUDs that
                    meet Fannie Mae or Freddie Mac requirements, and cooperative
                    housing).
                    

                

        

        

        
          	l)
                    	
                  Properties
                    with Physical Damage.
                    No
                    Insured Loan may be secured by a property which sustained Physical
                    Damage
                    at any time prior to the Certificate Issuance Date reflected
                    on the face
                    of the Certificate and for which the aggregate cost to repair
                    all such
                    Physical Damage to the property and restore such property to
                    its condition
                    at closing of such Insured Loan exceeds Five Thousand Dollars
                    ($5,000.00)
                    and for which such repair and restoration has not been completed
                    as of the
                    Certificate Issuance Date.

                

        

        

        
          	m)
                    	
                  Property
                    Valuation.
                    For an Insured Loan, the Value as represented on the Final File
                    must have
                    been obtained as the result of an appraisal as documented on
                    the Universal
                    Residential Appraisal Report or its equivalent and not as the
                    result of an
                    alternative valuation methodology such as an automated valuation
                    model
                    unless the use of such alternative evaluation methodology is
                    disclosed in
                    the Final File.

                

        

        

        
          	12.  	
                  Master
                    Policy.
                    All Coverage issued hereunder shall be subject to the terms and
                    conditions
                    of Mortgage Guaranty Master Policy for Multiple Loan Transactions
                    [MGIC
                    form #71-70275 (2/06) with #71-70276 (2/05)] (the “Master Policy”).
                    

                

        

        

        
          	13.  	
                  Accuracy
                    of Information on Final File; Representations and Warranties
                    and
                    Covenants.
                    It is understood that information relating to the Insured Loans
                    will be
                    delivered to MGIC by electronic format, and that MGIC will not
                    individually underwrite each Insured Loan. Citigroup will deliver
                    or cause
                    to be delivered to MGIC a final data file of Insurable Loans
                    that meet the
                    Eligibility Criteria and the other requirements for Coverage
                    under this
                    letter in a form mutually agreed to by the parties (the “Final File”), a
                    copy of which will be attached to the Certificate for Insured
                    Loans. The
                    Final File will constitute an Application for Coverage under
                    the Master
                    Policy and this letter and any other information provided to
                    MGIC will be
                    considered part of that
                    Application.

                

        

        

        MGIC
          has
          been advised that the Insured loans were made and underwritten by the
          originator(s) in accordance with the underwriting requirements of the originator
          in effect at the time of origination of the Insured Loans, including any
          variances in such underwriting requirements as reflected in the Final File
          (the
          "Underwriting Requirements"). Citigroup represents and warrants to MGIC
          that
          each Insured Loan meets (a) the Eligibility Criteria set forth in Section
          11
          above and (b) in all material respects, the Underwriting
          Requirements.

        

        In
          extending this offer to insure, MGIC is relying on the truth and accuracy
          of the
          information relating to the Insured Loans provided by Citigroup, and MGIC
          has no
          obligation to insure loans which do not meet the requirements of this letter.
          Citigroup acknowledges and agrees that (a) the mortgage loan information
          for
          each Insurable Loan contained on the Final File provided to MGIC prior
          to
          issuance of Coverage and the representations, warranties and covenants
          in this
          letter are material to MGIC’s decision as to whether to issue such Coverage on
          such Insurable Loan, (b) MGIC is relying on such information and
          representations, warranties and covenants in issuing such Coverage on such
          Insurable Loan, and (c) the submission of inaccurate information or the
          breach
          of such representations, warranties or covenants which is material to the
          acceptance or pricing of the risk with respect to any Insured Loan may
          result in
          rescission or cancellation of Coverage on the affected Insured Loan, with
          a
          refund of all premium paid with respect thereto. Citigroup represents and
          warrants to MGIC that all mortgage loan information provided to MGIC relevant
          to
          MGIC’s insurance decision on an Insurable Loan, including but not limited to
          information contained on the Final File provided by Citigroup prior to
          issuance
          of Coverage, is materially true, correct, and accurate.

        

        For
          purposes of the Master Policy, all of the representations and warranties
          and
          other covenants by Citigroup in this letter shall be deemed to have been
          made on
          behalf of the Insured. However, MGIC's rights and remedies for a breach
          thereof
          shall be limited to MGIC's rights and remedies under the Master Policy
          and no
          other rights or remedies of MGIC shall be implied or created by this
          letter.

        

        
          	14.  	
                  Servicing
                    of Insured Loans under the Master Policy.
                    Citigroup and the Insured acknowledge that (1) under Section
                    3.4 of the
                    Master Policy if there is a change of Servicer, Coverage of an
                    Insured
                    Loan continues provided that prior written notice of the new
                    Servicer is
                    given to MGIC and the new Servicer is approved in writing by
                    MGIC in
                    advance of such change of Servicer, and that (2) under Section
                    4.6 of the
                    Master Policy a Claim occurring on an Insured Loan when the Servicer
                    for
                    such Insured Loan is not approved by MGIC is excluded from Coverage
                    under
                    the Master Policy.

                

        

        

        
          	15.  	
                  GLB;
                    Consumer Privacy.
                    MGIC, the Insured, and Citigroup each represents to the others
                    that it
                    shall comply with all privacy and data protection laws, rules,
                    and
                    regulations which are or which may in the future be applicable
                    to the
                    information disclosed by Citigroup pursuant to this agreement
                    or in
                    connection with any transactions or activities covered by this
                    agreement.
                    Without limiting the generality of the preceding sentence, MGIC
                    agrees
                    that it will keep confidential and will not use nor disclose
                    to any other
                    party, except as necessary to fulfill its obligations under this
                    agreement
                    or as permitted by applicable law or regulation, any nonpublic
                    personal
                    information, if any, which it receives from or on behalf of Citigroup
                    or
                    the Insured in connection with the activities or transactions
                    covered by
                    this Agreement ("NPI"). For purposes of this provision, the term
                    “nonpublic personal information” shall have the meaning set forth in
                    Section 509 of the Gramm-Leach-Bliley Act (P.L. 106-102) (15
                    U.S.C.
                    Section 6801 et seq.) and implementing regulations thereof. MGIC
                    represents and warrants that it has, and will continue to have
                    for so long
                    as it retains NPI, adequate administrative, technical, and physical
                    safeguards designed (i) to insure the security and confidentiality
                    of
                    customer records and information, (ii) to protect against any
                    anticipated
                    threats or hazards to the security or integrity of such records,
                    and (iii)
                    to protect against unauthorized access to or use of such records
                    or
                    information which could result in substantial harm or inconvenience
                    to any
                    customer. MGIC shall immediately notify the Insured and Citigroup
                    if MGIC
                    discovers there has been a material breach in its security safeguards
                    required by this agreement, and such breach results in the security
                    of NPI
                    being compromised for any reason (which notice shall provide
                    information
                    related to the details of such event and a description of the
                    information), and MGIC shall take all reasonable and appropriate
                    steps to
                    protect such NPI in such event. MGIC shall at all times during
                    the term of
                    the Coverage, keep proper books and records of account, and shall
                    maintain
                    records and information sufficient to show compliance with the
                    terms of
                    this Section.

                

        

        

        
          	16.  	
                  Notices.
                    Copies of all notifications which are addressed to the Insured
                    shall be
                    sent to the attention of:

                

        

        

        Clare
          O’Brien, Vice President

        U.S.
          Bank
          N.A.

        1
          Federal
          Street 3rd
          Floor

        Boston,
          Massachusetts 02110

        

        
          	17.  	
                  Counterparts
                    and Facsimile Signatures.
                    This letter agreement may be executed in separate counterparts,
                    each of
                    which shall be deemed an original but all of which together will
                    constitute but one agreement, and will become effective when
                    each party
                    has executed one or more counterparts and delivered same to the
                    other
                    parties. This letter agreement may also be executed by facsimile
                    signatures, which will be as effective as original signatures.
                    All
                    capitalized terms in this letter, unless defined herein, shall
                    have the
                    respective meanings as set forth in the Master
                    Policy.

                

        

        

        

        If
          the
          foregoing terms and conditions accurately reflect the agreement among MGIC,
          Citigroup and U.S. Bank as Trustee, as the Insured, please acknowledge
          this
          letter as your request for insurance of the Insured Loans and your acceptance
          of
          its terms by signing it in the space provided below at your earliest
          convenience. It is acknowledged that although U.S. Bank has executed this
          letter
          prior to its becoming Trustee for the benefit of the holders of the Trust,
          its
          execution hereof only will become effective as of the date it becomes
          Trustee.

        

        In
          order
          for this letter to be binding on MGIC, it must be signed and returned to
          me
          within 30 days subsequent to the date of this letter, and the Master Policy
          must
          be issued no later than 60 days subsequent to the date of this letter.
          

        

        Please
          call me if you have any questions.

        

        Sincerely,

        

        

        Steven
          M.
          Thompson

        Vice
          President

        Risk
          Management

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        The
          foregoing terms, conditions and provisions are hereby accepted, acknowledged
          and
          agreed to by Citigroup Global Markets, Inc. and by U.S. Bank National
          Association as Trustee for the Trust.

        

        

        

        CITIGROUP
          GLOBAL MARKETS, INC.

        

        
          	
                  By:

                	 	 	
                  Dated:

                	 
	
                   

                   

                  Name:

                	 	 	 	 
	
                   

                   

                  Title:

                	 	 	 	 

        

        

        

        

        

        U.S.
          BANK NATIONAL ASSOCIATION AS TRUSTEE FOR CITIGROUP MORTGAGE LOAN TRUST
          2006-HE3
          ASSET-BACKED PASS-THROUGH CERTIFICATES, SERIES 2006-HE3

        

         

        
          

          
            	
                    By:

                  	 	 	
                    Dated:

                  	 
	
                     

                     

                    Name:

                  	 	 	 	 
	
                     

                     

                    Title:

                  	 	 	 	 

          

          

        

        
 

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        

          Table
            of Contents

          Mortgage
            Guaranty Master Policy for Multiple Loan Transactions

           

          
            	1  	
                    Definitions

                  

          

           

          
            	1.1  	
                    Application

                  

          

          
            	1.2  	
                    Appropriate
                      Proceedings 

                  

          

          
            	1.3  	
                    Borrower

                  

          

          
            	1.4  	
                    Borrower’s
                      Own Funds

                  

          

          
            	1.5  	
                    Borrower’s
                      Title 

                  

          

          
            	1.6  	
                    Certificate
                      

                  

          

          
            	1.7  	
                    Certificate
                      Effective Date

                  

          

          
            	1.8  	
                    Certificate
                      Number

                  

          

          
            	1.9  	
                    Certificate
                      Schedule 

                  

          

          
            	1.10  	
                    Claim

                  

          

          
            	1.11  	
                    Claim
                      Amount 

                  

          

          
            	1.12  	
                    Collateral
                      

                  

          

          
            	1.13  	
                    Conveyance
                      of Title 

                  

          

          
            	1.14  	
                    Default

                  

          

          
            	1.15  	
                    Eligibility
                      Criteria

                  

          

          
            	1.16  	
                    Environmental
                      Condition

                  

          

          
            	1.17  	
                    Good
                      and Merchantable Title 

                  

          

          
            	1.18  	
                    Insured

                  

          

          
            	1.19  	
                    Loan
                      

                  

          

          
            	1.20  	
                    Loan
                      File 

                  

          

          
            	1.21  	
                    Loss
                      

                  

          

          
            	1.22  	
                    Original
                      LTV

                  

          

          
            	1.23  	
                    Per
                      Loan Loss Percentage

                  

          

          
            	1.24  	
                    Perfected
                      Claim 

                  

          

          
            	1.25  	
                    Person
                      

                  

          

          
            	1.26  	
                    Physical
                      Damage 

                  

          

          
            	1.27  	
                    Policy
                      

                  

          

          
            	1.28  	
                    Possession
                      of the Property

                  

          

          
            	1.29  	
                    Primary
                      First Layer Policy 

                  

          

          
            	1.30  	
                    Property

                  

          

          
            	1.31  	
                    Residential
                      

                  

          

          
            	1.32  	
                    Security
                      

                  

          

          
            	1.33  	
                    Servicer
                      

                  

          

          
            	1.34  	
                    Settlement
                      Period 

                  

          

          
            	1.35  	
                    Value

                  

          

          

          
            	2  	
                    Obtaining
                      Coverage and Payment of
                      Premiums

                  

          

           

          
            	2.1  	
                    Obtaining
                      Coverage

                  

          

          
            	2.2  	
                    Representations
                      of the Insured

                  

          

          
            	2.3  	
                    Company’s
                      Remedies for
                      Misrepresentation

                  

          

          
            	2.4  	
                    Initial
                      Premium and Term of
                      Coverage

                  

          

          
            	2.5  	
                    Renewal
                      of Certificate and Termination for Non-Payment of Renewal
                      Premium

                  

          

          
            	2.6  	
                    Special
                      Procedures for Receipt and Deposit of Initial and Renewal
                      Premiums

                  

          

          
            	2.7  	
                    Cancellation
                      by the Insured of a
                      Certificate

                  

          

          
            	2.8  	
                    Cancellation
                      of Policy

                  

          

          
            	2.9  	
                    Cancellation
                      of Policy and Coverage of Loans Upon Termination of Security
                      or Removal of
                      Loans from Security

                  

          

          
            	2.10  	
                    Refund
                      of Premium for Certain
                      Circumstances

                  

          

          
            	2.11  	
                    Post
                      Underwriting Review and Copies of Loan
                      Files

                  

          

          

          
            	3  	
                    Changes
                      in Various Loan Terms, Servicing and Insured; Coordination
                      and Duplication
                      of Benefits 

                  

          

           

          
            	3.1  	
                    Loan
                      Modifications

                  

          

          
            	3.2  	
                    Open
                      End Provisions 

                  

          

          
            	3.3  	
                    Assumptions
                      

                  

          

          
            	3.4  	
                    Servicing

                  

          

          
            	3.5  	
                    Change
                      of Insured of this Policy

                  

          

          
            	3.6  	
                    Assignment
                      of Coverage of a Loan under this
                      Policy

                  

          

          
            	3.7  	
                    Coordination
                      and Duplication of Insurance
                      Benefits

                  

          

          
            	3.8  	
                    Indebtedness
                      and Liens with Respect to Collateral

                  

          

          

          
            	4  	
                    Exclusions
                      From Coverage

                  

          

           

          
            	4.1  	
                    Balloon
                      Payment

                  

          

          
            	4.2  	
                    Effective
                      Date

                  

          

          
            	4.3  	
                    First
                      Payment Default

                  

          

          
            	4.4  	
                    Incomplete
                      Construction

                  

          

          
            	4.5  	
                    Fraud,
                      Misrepresentation and
                      Negligence

                  

          

          
            	4.6  	
                    Non-Approved
                      Servicer

                  

          

          
            	4.7  	
                    Physical
                      Damage (Other than Relating to Pre-Existing Environmental
                      Conditions)

                  

          

          
            	4.8  	
                    Pre-Existing
                      Environmental Conditions

                  

          

          
            	4.9  	
                    Down
                      Payment

                  

          

          
            	4.10  	
                    First
                      Lien Status

                  

          

          
            	4.11  	
                    Payment
                      of the Full Benefit of the Primary First Layer Policy
                      

                  

          

          
            	4.12  	
                    Non-Eligible
                      Loans

                  

          

          
            	4.13  	
                    Breach
                      of the Insured’s Obligations or Failure to Comply with
                      Terms

                  

          

          

          
            	5  	
                    Conditions
                      Precedent to Payment of
                      Claim

                  

          

           

          
            	5.1  	
                    Notice
                      of Default

                  

          

          
            	5.2  	
                    Monthly
                      Reports

                  

          

          
            	5.3  	
                    Company’s
                      Option to Accelerate Filing of a
                      Claim

                  

          

          
            	5.4  	
                    Voluntary
                      Conveyance

                  

          

          
            	5.5  	
                    Appropriate
                      Proceedings

                  

          

          
            	5.6  	
                    Mitigation
                      of Damages 

                  

          

          
            	5.7  	
                    Advances

                  

          

          
            	5.8  	
                    Claim
                      Information and Other
                      Requirements

                  

          

          
            	5.9  	
                    Acquisition
                      of Borrower’s Title Not
                      Required

                  

          

          
            	5.10  	
                    Sale
                      of a Property by the Insured Before End of Settlement
                      Period

                  

          

          
            	5.11  	
                    Foreclosure
                      Bidding Instructions Given by the
                      Company

                  

          

          
            	5.12  	
                    Effect
                      of Unexpired Redemption Period on Payment of a Claim
                      

                  

          

          
            	5.13  	
                    Collection
                      Assistance

                  

          

          

          
            	6  	
                    Loss
                      Payment Procedure

                  

          

           

          
            	6.1  	
                    Filing
                      of Claim

                  

          

          
            	6.2  	
                    Calculation
                      of Claim Amount

                  

          

          
            	6.3  	
                    Payment
                      of Loss; Company’s Options

                  

          

          
            	6.4  	
                    Claim
                      Settlement Period

                  

          

          
            	6.5  	
                    Payment
                      by the Company After the Settlement
                      Period

                  

          

          
            	6.6  	
                    Discharge
                      of Obligation

                  

          

          

          
            	7  	
                    Additional
                      Conditions

                  

          

           

          
            	7.1  	
                    Proceedings
                      of Eminent Domain

                  

          

          
            	7.2  	
                    Pursuit
                      of Deficiencies

                  

          

          
            	7.3  	
                    Subrogation

                  

          

          
            	7.4  	
                    Policy
                      for Exclusive Benefit of the
                      Insured

                  

          

          
            	7.5  	
                    Effect
                      of Borrower Insolvency or Bankruptcy on Principal
                      Balance

                  

          

          
            	7.6  	
                    Arbitration
                      of Disputes; Suits and Actions Brought by the
                      Insured

                  

          

          
            	7.7  	
                    Release
                      of Borrower; Defenses of
                      Borrower

                  

          

          
            	7.8  	
                    Amendments;
                      No Waiver; Rights and Remedies; Use of Term
                      “Including”

                  

          

          
            	7.9  	
                    No
                      Agency

                  

          

          
            	7.10  	
                    Successors
                      and Assigns

                  

          

          
            	7.11  	
                    Applicable
                      Law and Conformity to Law 

                  

          

          
            	7.12  	
                    Notice

                  

          

          
            	7.13  	
                    Reports
                      and Examinations

                  

          

          
            	7.14  	
                    Electronic
                      Media

                  

          

          

          Terms
            and Conditions

           

          
            	1  	
                    Definitions

                  

          

           

          
            	1.1  	
                    Application
                      means all documents, materials, statements, representations,
                      warranties,
                      data and other information, irrespective of the Person or Persons
                      who
                      prepared same, submitted to the Company by or on behalf of
                      the Insured in
                      connection with the Insured’s request for insurance under this
                      Policy.

                  

          

           

          
            	1.2  	
                    Appropriate
                      Proceedings
                      means any legal or administrative action by the Insured affecting
                      either a
                      Loan or title to a Property,
                      including:

                  

          

           

          
            	(a)  	
                    Preserving
                      a deficiency recovery by making a bid at the foreclosure sale
                      and pursuing
                      a deficiency judgment until the end of the Settlement Period,
                      where
                      appropriate and permissible and where directed by the Company;
                      or

                  

          

           

          
            	(b)  	
                    Enforcing
                      the terms of the Loan as allowed by the laws where the Property
                      is located
                      or those laws affecting either the Loan or, if applicable,
                      the Collateral;
                      or

                  

          

           

          
            	(c)  	
                    Acquiring
                      Borrower’s Title or Good and Merchantable Title to the Property, as
                      either
                      may be required under this Policy, but excluding such title
                      as may be
                      acquired by a voluntary conveyance from the Borrower;
                      or

                  

          

           

          
            	(d)  	
                    Asserting
                      the Insured’s interest in the Property in a Borrower’s
                      bankruptcy.

                  

          

           

          
            	1.3  	
                    Borrower
                      means any Person legally obligated to repay the debt obligation
                      created by
                      a Loan, including any co-signer or guarantor of the
                      Loan.

                  

          

           

          
            	1.4  	
                    Borrower’s
                      Own Funds
                      means any funds used by the Borrower for the purpose of making
                      installment
                      payments, but will not include funds provided directly or indirectly
                      by
                      any Person (other than the Borrower) who is or was a party
                      to the Loan or
                      to the related Property transaction, unless expressly set forth
                      in the
                      Application.

                  

          

           

          
            	1.5  	
                    Borrower’s
                      Title
                      means such title to a Property as was vested in the Borrower
                      at the time
                      of a conveyance to the Insured arising out of or pursuant to
                      a foreclosure
                      of the Loan; provided, however, if the Insured so elects, the
                      redemption
                      period need not have expired. Borrower’s Title as conveyed to the Insured
                      may be, but need not be, the equivalent of Good and Merchantable
                      Title,
                      and the deed evidencing Borrower’s Title need not be recorded unless
                      required by applicable law.

                  

          

           

          
            	1.6  	
                    Certificate
                      means the document issued by the Company pursuant to this Policy
                      extending
                      the coverage indicated therein to one or more Loans as listed
                      on a
                      Certificate Schedule. A Certificate may take the form, without
                      limitation,
                      of a facsimile, electronic computer file, or other agreed-upon
                      data
                      interchange medium. As used in this Policy, the term “Certificate” shall
                      mean the Certificate and the Certificate Schedule attached
                      thereto and
                      listing the Certificate Number assigned to each Loan to which
                      coverage is
                      extended.

                  

          

           

          
            	1.7  	
                    Certificate
                      Effective Date
                      means 12:01 a.m. on the date upon which coverage of a Loan
                      under this
                      Policy begins, as specified in the
                      Certificate.

                  

          

           

          
            	1.8  	
                    Certificate
                      Number
                      means the identification number issued by the Company for a
                      Loan to which
                      coverage is extended as shown on the Certificate Schedule for
                      such
                      Loan.

                  

          

           

          
            	1.9  	
                    Certificate
                      Schedule
                      means a list of Loans to which coverage has been extended under
                      this
                      Policy, and which is attached to the
                      Certificate.

                  

          

           

          
            	1.10  	
                    Claim
                      means the timely filed written request, made on a form or in
                      a format
                      provided or approved by the Company, to receive the benefits
                      of this
                      Policy.

                  

          

           

          
            	1.11  	
                    Claim
                      Amount
                      means the amount calculated in accordance with Section 6.2
                      of this
                      Policy.

                  

          

           

          
            	1.12  	
                    Collateral
                      means

                  

          

           

          
            	(a)  	
                    the
                      stock or membership certificate issued to a tenant-stockholder
                      or
                      resident-member by a completed fee simple or leasehold cooperative
                      housing
                      corporation; and

                  

          

           

          
            	(b)  	
                    the
                      proprietary lease relating to one (1) unit in the cooperative
                      housing
                      corporation executed by such tenant-stockholder or resident-member
                      and any
                      other rights of such stockholder or member relating to any
                      of the
                      foregoing.

                  

          

           

          
            	1.13  	
                    Conveyance
                      of Title
                      means the transfer of title to the Property
                      through

                  

          

           

          
            	(a)  	
                    voluntary
                      conveyance to the Insured of Borrower’s
                      Title;

                  

          

           

          
            	(b)  	
                    Appropriate
                      Proceedings or exercise of rights of redemption;
                      or

                  

          

           

          
            	(c)  	
                    approved
                      sale of the Property.

                  

          

           

          
            	1.14  	
                    Default
                      means the failure by a Borrower

                  

          

           

          
            	(a)  	
                    to
                      pay when due any monthly or other regular periodic payment
                      under the terms
                      of a Loan; or

                  

          

           

          
            	(b)  	
                    to
                      pay all amounts due on acceleration of the Loan by the Insured
                      after
                      breach by the Borrower of a due-on-sale provision in the Loan,
                      granting
                      the Insured the right to accelerate the Loan upon transfer
                      of title to, or
                      an interest in, the Property and to institute Appropriate
                      Proceedings.

                  

          

           

          Violation
            by the Borrower of any other term or condition of the Loan which is a
            basis for
            Appropriate Proceedings shall not be considered to be a Default.

           

          A
            Loan is
            deemed to be in Default for that month as of the close of business on
            the
            installment due date for which a scheduled monthly or other regular periodic
            payment has not been made or as of the close of business on the due date
            stated
            in the notice of acceleration given pursuant to the due-on-sale provision
            in the
            Loan. The Loan will be considered to remain in Default until filing of
            a Claim
            so long as such periodic payment has not been made or such basis for
            Appropriate
            Proceedings remains. For example, a Loan is “four (4) months in Default” if the
            monthly installments due on January 1 through April 1 remain unpaid as
            of the
            close of business on April 1 or if a basis for acceleration and Appropriate
            Proceedings exists for a continuous period of four months.

           

          
            	1.15  	
                    Eligibility
                      Criteria
                      means the requirements established by the Company for the insurability
                      of
                      a Loan under this Policy and of which the Company has notified
                      the Insured
                      prior to issuance of the Policy.

                  

          

           

          
            	1.16  	
                    Environmental
                      Condition
                      means the presence of environmental contamination, including
                      nuclear
                      reaction or radioactive waste, toxic waste, poisoning, or mold,
                      contamination or pollution of the Property or of the earth
                      or water
                      subjacent to the Property or of the atmosphere above the Property;
                      or the
                      presence, on or under a Property, of any “Hazardous Substance” as that
                      term is defined by the federal Comprehensive Environmental
                      Response,
                      Compensation, and Liability Act (42 U.S.C. Sec. 9601 et. seq.,
                      as amended
                      from time to time) or as defined by any similar state law,
                      or of any
                      “Hazardous Waste” or “Regulated Substance” as those terms are defined by
                      the federal Resource Conservation and Recovery Act (42 U.S.C.
                      sec. 6901,
                      et seq., as amended from time to time) or as defined by any
                      similar state
                      law. Environmental Condition does not mean the presence of
                      radon, lead
                      paint, or asbestos.

                  

          

           

          
            	1.17  	
                    Good
                      and Merchantable Title
                      means title to a Property (or, with respect to the Collateral
                      securing a
                      Loan, the title to both the Collateral and the Property), free
                      and clear
                      of all liens, encumbrances, covenants, conditions, restrictions,
                      easements
                      and rights of redemption, except for any of the following or
                      as permitted
                      in writing by the Company:

                  

          

           

          
            	(a)  	
                    Any
                      lien established by public bond, assessment or tax, when no
                      installment,
                      call or payment of or under such bond, assessment or tax is
                      delinquent;

                  

          

           

          
            	(b)  	
                    Any
                      municipal and zoning ordinances and exceptions to title waived
                      by the
                      regulations of federal mortgage insurers and guarantors with
                      respect to
                      mortgages on one-to-four family residences in effect on the
                      date on which
                      the Loan was closed and all documents were
                      executed;

                  

          

           

          
            	(c)  	
                    With
                      respect to Collateral, a first mortgage lien on the entire
                      real estate
                      owned by the cooperative housing corporation which has been
                      disclosed to
                      the Person originating the Loan secured by the Collateral;
                      and

                  

          

           

          
            	(d)  	
                    Any
                      other impediments which will not have a materially adverse
                      effect on
                      either the transferability of the Property or the sale thereof
                      (or, if
                      applicable, the transferability or sale of the Collateral)
                      to a bona fide
                      purchaser.

                  

          

           

          Good
            and
            Merchantable Title will not exist if (i) there is any lien pursuant to
            the
            Comprehensive Environmental Response, Compensation, and Liability Act,
            or
            similar federal or state law, as in effect from time to time, providing
            for
            liens in connection with the removal and clean-up of environmental conditions,
            or if notice has been given of commencement of proceedings which could
            result in
            such a lien, or (ii) there are limitations on ingress and egress to the
            Property
            or on use of utilities. Any action or proceeding after a foreclosure
            sale
            relating to establishing a deficiency judgment will not be considered
            in
            determining whether the Insured has acquired Good and Merchantable
            Title.

           

          
            	1.18  	
                    Insured
                      means:

                  

          

           

          
            	(a)  	
                    the
                      Person designated on the face of this Policy;
                      or

                  

          

           

          
            	(b)  	
                    any
                      Person to whom coverage has been assigned as permitted by Sections
                      3.5 or
                      3.6 resulting in a change in the Insured named on a Certificate
                      for a Loan
                      in accordance with this Policy.

                  

          

           

          
            	1.19  	
                    Loan
                      means any note, bond, or other evidence of indebtedness secured
                      by a
                      mortgage, deed of trust, or other similar instrument, which
                      constitutes or
                      is equivalent to a first lien or charge on a Property and which
                      the
                      Company has approved for insurance and to which coverage under
                      this Policy
                      has been extended.

                  

          

           

          
            	1.20  	
                    Loan
                      File
                      means, with respect to a Loan, copies of all documents and
                      information
                      (irrespective of form or medium) created or received by any
                      Person in
                      connection with the origination or closing of the Loan, including
                      the
                      Borrower’s loan application, purchase contract, appraisal or other
                      evidence of valuation, credit report, verifications of employment,
                      income
                      and deposit, and HUD-1 or other settlement
                      statement.

                  

          

           

          
            	1.21  	
                    Loss
                      means the liability of the Company with respect to a Loan for
                      payment of a
                      Perfected Claim which is calculated in accordance with Section
                      6.3. A Loss
                      will be deemed to have occurred when a Default on a Loan occurs,
                      even
                      though the amount of Loss is not then either presently ascertainable
                      or
                      due and payable.

                  

          

           

          
            	1.22  	
                    Original
                      LTV
                      means the ratio of the principal balance of a Loan at its origination
                      to
                      the Value of the Property.

                  

          

           

          
            	1.23  	
                    Per
                      Loan Loss Percentage
                      means the indicated percentage as set forth for a Loan on the
                      applicable
                      Certificate.

                  

          

           

          
            	1.24  	
                    Perfected
                      Claim
                      means a Claim received by the Company which contains all information
                      or
                      proof required by the Company and for which all requirements
                      of this
                      Policy applicable to payment of a Claim are
                      satisfied.

                  

          

           

          
            	1.25  	
                    Person
                      means any individual, corporation, partnership, association
                      or other
                      entity.

                  

          

           

          
            	1.26  	
                    Physical
                      Damage
                      means any tangible injury to a Property, whether caused by
                      accident,
                      natural occurrence, or any other reason, including damage caused
                      by
                      defects in construction, land subsidence, earth movement or
                      slippage,
                      fire, flood, earthquake, riot, vandalism or any Environmental
                      Condition.

                  

          

           

          
            	1.27  	
                    Policy
                      means this contract of insurance and all Applications, endorsements,
                      schedules, and Certificates, which are incorporated in this
                      Policy,
                      related to Loans insured under this
                      Policy.

                  

          

           

          
            	1.28  	
                    Possession
                      of the Property
                      means, if the Company elects to acquire the Property, physical
                      and
                      undisputed occupancy and control of the Property at the time
                      of
                      acquisition, or in the case of a Loan secured by Collateral,
                      subject to
                      the terms of the proprietary lease from the cooperative housing
                      corporation.

                  

          

           

          
            	1.29  	
                    Primary
                      First Layer Policy
                      means the policy or guarantee issued by a mortgage guaranty
                      insurance
                      company approved for insurance of mortgage loans sold to either
                      the
                      Federal National Mortgage Association (“Fannie Mae”), or the Federal Home
                      Loan Mortgage Corporation (“Freddie Mac”), which for a Loan provides
                      coverage (a) in at least the coverage percent set forth for
                      such Loan on
                      the applicable Certificate, (b) that is issued under a form
                      of policy
                      issued by such company, approved by Fannie Mae or Freddie Mac
                      and in
                      general use for the mortgage loans sold to Fannie Mae or Freddie
                      Mac, as
                      applicable, and (c) that is maintained in full force and effect
                      until
                      cancellation thereof is required under applicable law. Upon
                      the Company’s
                      request, from time to time, the Insured shall provide to the
                      Company a
                      copy of the form of each Primary First Layer Policy under which
                      it obtains
                      coverage.

                  

          

           

          
            	1.30  	
                    Property
                      means a Residential real property and all improvements thereon
                      which
                      secure a Loan, together with all easements and appurtenances,
                      all rights
                      of access, all rights to use common areas, recreational and
                      other
                      facilities, and all of their replacements or additions. In
                      the case of a
                      Loan secured by Collateral, Property means the Residential
                      real property,
                      including all improvements thereon, which is owned by the cooperative
                      housing corporation, and which is leased to the Borrower who
                      holds an
                      ownership or membership interest in such cooperative housing
                      corporation,
                      which lease and interest secure the related Loan, together
                      with all
                      easements and appurtenances, all rights of access, all rights
                      to use
                      common areas, recreational and other facilities, and all replacements
                      or
                      additions to any of the foregoing.

                  

          

           

          For
            purposes of this Policy, wherever the term “Property” is used in reference to
            the stock or membership certificate, the lease, or any other asset or
            right
            related thereto (but not the physical condition or structure of the Property),
            it shall be deemed to be changed to “Collateral”, including for purposes of
            provisions relating to foreclosure, Appropriate Proceedings, or redemption;
            acquisition of title or other status of title, lien or ownership (including
            Borrower’s Title and Good and Merchantable Title); or acquisition, disposition
            or Conveyance of Title by any Person.

           

          
            	1.31  	
                    Residential
                      means a type of building or a portion thereof which is designed
                      for
                      occupancy by not more than four (4) families, or a single-family
                      condominium, or a unit in a planned unit development. In the
                      case of a
                      cooperative housing corporation, Residential means a type of
                      building or a
                      portion thereof which is designed for occupancy by more than
                      one family,
                      with ownership by a cooperative housing
                      corporation.

                  

          

           

          
            	1.32  	
                    Security
                      means a bond, certificate or other security instrument for
                      which a Loan is
                      security or in which a Loan is otherwise included and which
                      is identified
                      on the face of this Policy.

                  

          

           

          
            	1.33  	
                    Servicer
                      means that Person acting on behalf of the Insured of a Loan
                      (or on behalf
                      of the Insured’s designee, if any) to service the Loan. The Servicer acts
                      as a representative of the Insured of the Loan (and the Insured’s
                      designee, if any) and will bind the Insured and its designee
                      for all
                      purposes of this Policy, including providing information to
                      the Company,
                      receiving any notices, paying premiums, accepting Loss payments,
                      and
                      performing any other acts under this Policy. For purposes of
                      the Policy,
                      the term “Servicer” shall include the master servicer for a Loan of whom
                      the Company has been notified, as well as any servicer acting
                      on behalf of
                      the master servicer of whom the Company has been notified.
                      References in
                      this Policy to a Servicer’s obligations will not be construed as relieving
                      the Insured or its designee of responsibility for the Servicer’s
                      performance.

                  

          

           

          
            	1.34  	
                    Settlement
                      Period
                      means the sixty (60) day period as determined under Section
                      6.4, at the
                      end of the which a Loss is payable by the Company; provided
                      that if the
                      Company pays a Loss prior to expiration of such sixty (60)
                      day period, the
                      Settlement Period ends with such
                      payment.

                  

          

           

          
            	1.35  	
                    Value
                      means the lesser of the sales price of a Property (only applicable
                      in the
                      case of a Loan to finance the purchase of such Property) or
                      the value of
                      the Property as determined from an appraisal or other method
                      of valuation,
                      as set forth in the Certificate.

                  

          

           

          Any
            pronouns, when used in this Policy, will mean the singular or plural,
            masculine
            or feminine, as the case may be.

           

          
            	2  	
                    Obtaining
                      Coverage and Payment of
                      Premiums

                  

          

           

          
            	2.1  	
                    Obtaining
                      Coverage
                      -
                      This Policy shall extend to each Loan which the Insured submits
                      for
                      coverage under this Policy, provided that it is made in accordance
                      with
                      the terms and provisions of this Policy, including the Eligibility
                      Criteria, and is accepted for insurance by the Company, as
                      evidenced by a
                      Certificate issued by the Company. In order to obtain coverage
                      under this
                      Policy for a Loan, the Insured or the Person acting on its
                      behalf must
                      submit a duly completed Application to the Company and notify
                      the Company
                      of the Servicer of the Loan, all of which must be acceptable
                      to the
                      Company. If all applicable requirements are satisfied, extension
                      of
                      coverage to a Loan under this Policy shall be evidenced by
                      issuance of a
                      Certificate Number on the Certificate
                      Schedule.

                  

          

           

          
            	2.2  	
                    Representations
                      of the Insured
                      -
                      The Insured represents that:

                  

          

           

          
            	(a)  	
                    All
                      statements made and information provided to the Company in
                      the Application
                      (including as such is related to continuation of coverage upon
                      assumption
                      of a Loan) are supported by statements and information in the
                      Loan
                      File;

                  

          

           

          
            	(b)  	
                    All
                      statements made and information in the Application when provided
                      to the
                      Company, or contained in the Loan File when the Loan is closed,
                      are not
                      false or misleading in any material respect as of such date(s)
                      and do not
                      omit any fact necessary in order to make such statements and
                      information
                      not false or misleading in any material respect as of such
                      date(s); and
                      

                  

          

           

          
            	(c)  	
                    The
                      Loan complies with the Eligibility
                      Criteria.

                  

          

           

          The
            foregoing representations will apply to all statements and information
            provided
            to the Company in the Application or contained in the Loan File, whether
            made or
            submitted by the Insured, the Borrower or any other Person, and will
            be deemed
            to have been made and provided for and on behalf of the Insured. The
            foregoing
            representations shall be effective whether or not they are made by the
            Insured
            or other Person with the intent to deceive or mislead, or with the knowledge
            that they are not true and correct.

           

          It
            is
            understood and agreed that such statements and information in the Application
            or
            Loan File in the aggregate are, and in certain instances individually
            may be,
            material to the Company’s decision to offer or provide coverage of the related
            Loan; the Company issues the related Certificate in reliance on the accuracy
            and
            completeness of such statements and information submitted to it; and
            the
            Company’s reliance on the representations in this Section 2.2 survive the
            issuance of a Certificate or such continuation of coverage and any later
            review
            or audit of the Insured’s files by the Company. Without otherwise limiting the
            scope of this Section 2.2, a breach of Section 4.9 relating to down payment
            will
            be deemed a material misrepresentation for purposes of this Section
            2.2.

           

          
            	2.3  	
                    Company’s
                      Remedies for Misrepresentation
                      -
                      If any of the Insured’s representations as described in Section 2.2 are
                      materially false or misleading with respect to a Loan, the
                      Company will
                      have, at its option, the right to defend against a Claim, or
                      to the extent
                      permitted by applicable law, to cancel or rescind coverage
                      for such Loan
                      under the Certificate retroactively to commencement of coverage
                      (or if the
                      misrepresentation occurs with respect to continuation of coverage
                      upon
                      assumption of a Loan, to so defend, cancel or rescind retroactively
                      to the
                      date of such continuation). In the case of such cancellation
                      or
                      rescission, the Company shall return at that time all paid
                      premiums for
                      such Loan retroactively to such applicable
                      date.

                  

          

           

          
            	2.4  	
                    Initial
                      Premium and Term of Coverage
                      -
                      Within fifteen (15) days from the Certificate Effective Date,
                      or such
                      other date as the Company and the Insured may agree to in writing,
                      the
                      Insured must forward to the Company the appropriate initial
                      premium.
                      Payment of the initial premium shall be a condition precedent
                      to coverage
                      being extended to the Loan. Subject to cancellation by the
                      Insured or the
                      Company as provided in this Policy, coverage shall remain in
                      full force
                      and effect for the period covered by the initial
                      premium.

                  

          

           

          
            	2.5  	
                    Renewal
                      of Certificate and Termination for Non-Payment of Renewal
                      Premium
                      -
                      The Insured is obligated to continue coverage in effect and
                      pay any
                      premium which is due, as required by Section 2.7 of this Policy.
                      The
                      entire premium for all Loans (including all Loans then in Default)
                      must be
                      paid within a forty-five (45) day grace period (or such longer
                      grace
                      period generally allowed by the Company) after the due date
                      for payment.
                      Upon payment of the entire premium for all Loans within such
                      grace period,
                      this Policy will be in effect for the applicable period of
                      coverage and a
                      Default on a Loan occurring within said grace period which
                      is not cured,
                      and which results in a Claim being filed, will be covered.
                      If the entire
                      premium for all Loans is not paid within the grace period,
                      at the option
                      of the Company, the coverage of this Policy and the Company’s liability as
                      to all Loans will terminate effective as of 12:01 a.m. on the
                      first day
                      following the date through which the applicable premium has
                      been paid and
                      as a result, any future Defaults on any of the Loans will not
                      be covered
                      under this Policy.

                  

          

           

          If
            the
            applicable premium on a Loan in Default has been paid for a renewal term
            following the renewal term during which such Default occurred, and if
            such
            Default is not cured and results in a Claim, such premium paid shall
            be refunded
            in connection with the settlement of the Claim. If such premium on such
            Loan in
            Default is not paid, coverage on such Loan shall be cancelled retroactive
            to the
            date through which the premium has been paid, but a Claim resulting from
            a
            Default which occurred before the date through which the applicable premium
            has
            been paid shall be covered, subject to the terms and conditions of this
            Policy.

           

          
            	2.6  	
                    Special
                      Procedures for Receipt and Deposit of Initial and Renewal
                      Premiums
                      -
                      The Insured acknowledges that the Company deposits initial
                      and renewal
                      premium checks immediately upon receipt and agrees that the
                      receipt and
                      deposit of a premium check by the Company after the time specified
                      in this
                      Policy for receipt, does not constitute a waiver of the requirements
                      of
                      this Policy for timely receipt or an acceptance of premium
                      by the Company.
                      The Company will have the right to return such late premium
                      payment, but
                      only within sixty (60) days after receipt, in which case coverage
                      of all
                      Loans (including all Loans then in Default) will be cancelled
                      retroactively to the Certificate Effective Date for a late
                      initial
                      premium, or to the last day of the period covered by the previous
                      premium
                      payment for a late renewal premium. Receipt, deposit and retention
                      of a
                      premium check will not constitute a waiver of any defenses
                      with respect to
                      any other matters which the Company may have under this
                      Policy.

                  

          

           

          
            	2.7  	
                    Cancellation
                      by the Insured of a Certificate
                      -
                      Notwithstanding any provision to the contrary in this Policy,
                      the Insured
                      shall be obligated to maintain coverage of a Certificate for
                      a Loan (and
                      to pay corresponding premiums for continuation of such coverage
                      for each
                      month or partial month coverage is in effect) unless or until
                      (a) the Loan
                      is paid in full or (b) the ratio of the outstanding principal
                      balance of
                      the Loan to the Value (as defined in Section 1.35 of this Policy)
                      of the
                      Property securing the Loan is at least five (5) percentage
                      points less
                      than the Original LTV minus the product of the Per Loan Loss
                      Percentage
                      and the Original LTV for such Loan under this Policy or (c)
                      otherwise
                      permitted in writing by the Company. Subject to the foregoing
                      obligation
                      of the Insured to maintain coverage, the Insured may obtain
                      cancellation
                      of coverage on a Loan by making a written notification in the
                      case of (a)
                      or (b) above or a written request in the case of (c) above.
                      However, no
                      refund will be paid upon cancellation of coverage on a Loan.
                      Cancellation
                      of coverage on a Loan will not cancel this
                      Policy.

                  

          

           

          
            	2.8  	
                    Cancellation
                      of Policy
                      -
                      Either the Insured or the Company may cancel their respective
                      right or
                      obligation to receive or issue new Certificates immediately
                      upon written
                      notice of cancellation of this Policy. However, Certificates
                      issued prior
                      to such cancellation of this Policy will continue in force
                      so long as all
                      premiums are paid and all other terms and conditions of this
                      Policy for
                      coverage are complied with by the
                      Insured.

                  

          

           

          
            	2.9  	
                    Cancellation
                      of Policy and Coverage of Loans Upon Termination of Security
                      or Removal of
                      Loans from Security
                      -
                      Except as otherwise specified below, in the event
                      that

                  

          

           

          
            	(a)  	
                    the
                      bonds, certificates or other security instruments designated
                      or referred
                      to in this Policy as the Security are redeemed, paid in full,
                      cancelled or
                      otherwise terminated, or the trust created in connection with
                      the issuance
                      of the Security is terminated for any reason (individually,
                      a
                      “Redemption”), or

                  

          

           

          
            	(b)  	
                    there
                      are no longer any Loans that are security for, or represented
                      by, the
                      Security,

                  

          

           

          this
            Policy and the coverage of all Loans under this Policy shall automatically
            be
            terminated without further action being required by either the Insured
            or the
            Company, and the Company shall have no liability for any Default existing
            at the
            time of cancellation, other than Defaults on Loans for which a Claim
            had been
            filed in accordance with Section 6.1 of this Policy prior to the date
            of
            termination of coverage.

           

          The
            Insured shall notify the Company within thirty (30) days after the occurrence
            of
            either (a) or (b) above. The provisions of this Section 2.9 shall control,
            notwithstanding the right of the Insured to cancel coverage on some or
            all of
            the Loans and the exercise of such right by the Insured. No refund will
            be paid
            upon cancellation of this Policy and coverage of Loans under this Section
            2.9.

           

          Notwithstanding
            the foregoing, coverage of Loans insured under this Policy shall not
            automatically terminate in the event of a Redemption, if a change of
            Insured for
            all, but not less than all, of the Loans then insured under this Policy,
            is
            requested by the Insured and approved by the Company as provided for
            in Section
            3.5 within thirty (30) days after the effective date of the
            Redemption.

           

          
            	2.10  	
                    Refund
                      of Premium for Certain Circumstances
                      -
                      If, because of a provision in Sections 2, 3, or 4 (other than
                      Sections
                      4.4, 4.7, or 4.8), no Loss is payable to the Insured, the Company
                      shall
                      return to the Insured all paid premiums retroactively and pro
                      rata to the
                      date when the event or circumstance occurred which resulted
                      in no Loss
                      being payable.

                  

          

           

          
            	2.11  	
                    Post
                      Underwriting Review and Copies of Loan Files
                      -
                      The Company or representatives designated by it will have the
                      right, from
                      time to time, upon thirty (30) days advance notice to the Insured,
                      to
                      conduct a post underwriting review (including inspection) of
                      the Loan
                      Files and other information, papers, files, documents, books,
                      records,
                      agreements, and electronically stored data pertaining to or
                      in connection
                      with Loans insured under this Policy prepared or maintained
                      by or in the
                      possession of the Insured or of the Servicer, or which the
                      Insured or the
                      Servicer has a legal right to obtain. The Company will have
                      the right to
                      conduct the review on the Insured’s premises during normal business hours.
                      The Insured must cooperate fully with the
                      review.

                  

          

           

          In
            addition, either in connection with such review or separately, the Company
            will
            have the right upon ninety (90) days prior written notice to obtain from
            the
            Insured a copy of the Loan File for any Loan for which a Certificate
            has been
            issued pursuant to this Policy. If for any reason the Insured fails to
            provide a
            copy of a Loan File at the time of the Company’s review or upon the Company’s
            other notice, the Company will provide a second notice to the Insured,
            allowing
            the Insured to provide it within an additional ninety (90) day period.
            If for
            any reason the Insured fails to provide a copy of a Loan File within
            the
            additional ninety day period, then, at the Company’s option, the Company will
            have the right to cancel coverage for the Loan if, in the Company’s reasonable
            judgment, any portion of the Loan File not provided would be relevant
            to the
            Company’s assessment or assertion of its rights and defenses under this
            Policy.

           

          
            	3  	
                    Changes
                      in Various Loan Terms, Servicing, and Insured; Coordination
                      and
                      Duplication of Benefits

                  

          

           

          
            	3.1  	
                    Loan
                      Modifications
                      -
                      Unless advance written approval is provided by, or obtained
                      from, the
                      Company, the Insured may not make any change in the terms of
                      a Loan,
                      including the borrowed amount, interest rate, term or amortization
                      schedule of the Loan, except as permitted by terms of the Loan;
                      nor make
                      any change in the Property or other collateral securing the
                      Loan; nor
                      release the Borrower from liability on a
                      Loan.

                  

          

           

          
            	3.2  	
                    Open
                      End Provisions
                      -
                      The Insured may increase the principal balance of a Loan, provided
                      that
                      the written approval of the Company has been obtained. The
                      Insured will
                      pay the Company the additional premium due at the then prevailing
                      premium
                      rate.

                  

          

           

          
            	3.3  	
                    Assumptions
                      -
                      If a Loan is assumed with the Insured’s approval, the Company’s liability
                      for coverage under its Certificate will terminate as of the
                      date of such
                      assumption, unless the Company approves the assumption in writing.
                      The
                      Company will not unreasonably withhold approval of an assumption.
                      It is
                      understood that coverage will continue, and that the restriction
                      of this
                      Section 3.3 will not apply, if under the Loan or applicable
                      law the
                      Insured cannot exercise a “due-on-sale” clause or is obligated to consent
                      to such assumption under the Loan or applicable
                      law.

                  

          

           

          
            	3.4  	
                    Servicing
                      -

                  

          

           

          
            	(a)  	
                    If
                      the servicing rights for a Loan are sold, assigned or transferred
                      by the
                      Insured, coverage of the Loan hereunder will continue provided
                      that prior
                      written notice of the new Servicer is given to the Company
                      and the new
                      Servicer is approved in writing by the Company in advance of
                      such sale,
                      assignment, or transfer.

                  

          

           

          
            	(b)  	
                    The
                      Company may notify the Insured at any time in writing that
                      a Servicer is
                      no longer approved by the Company.

                  

          

           

          
            	3.5  	
                    Change
                      of Insured of this Policy
                      -
                          Change of Insured of this Policy shall only be allowed
                      if advance written
                      approval is obtained from the Company (which approval shall
                      be in the sole
                      and absolute discretion of the Company). If the Company approves
                      the
                      change of Insured, the Company shall, thereafter, change its
                      records to
                      identify the new Insured for this
                      Policy.

                  

          

           

          
            	3.6  	
                    Assignment
                      of Coverage of a Loan under this Policy
                      -
                      Assignment of coverage of a Loan shall only be allowed if advance
                      written
                      approval is obtained from the Company (which approval shall
                      be in the sole
                      and absolute discretion of the Company). If the Company approves
                      the
                      assignment, the Company shall, thereafter, change its records
                      to identify
                      the new Insured for such Loan. Coverage for any Person becoming
                      an Insured
                      pursuant to this Section 3.6 shall be subject to all of the
                      terms,
                      conditions, and exclusions contained in this Policy and to
                      all defenses to
                      coverage available to the Company against the original
                      Insured.

                  

          

           

          
            	3.7  	
                    Coordination
                      and Duplication of Insurance Benefits
                      -
                      The coverage under this Policy shall be excess over any other
                      insurance
                      which may apply to the Property or to the Loan, except for
                      mortgage
                      guaranty pool insurance or supplemental or second tier mortgage
                      insurance.

                  

          

           

          
            	3.8  	
                    Indebtedness
                      and Liens with Respect to Collateral
                      -
                      The Insured shall not consent to or approve, without the prior
                      written
                      approval of the Company:

                  

          

           

          
            	(a)  	
                    a
                      lien on the entire real estate or the Property that is owned
                      by a
                      cooperative housing corporation, other than that indebtedness
                      secured by a
                      first mortgage lien or other liens disclosed to the Person
                      originating the
                      Loan secured by the Collateral; or

                  

          

           

          
            	(b)  	
                    a
                      modification or termination of any rights of the Insured to
                      exercise its
                      consent or approval respecting the matters described in
                      (a).

                  

          

           

          
            	4  	
                    Exclusions
                      From Coverage

                  

          

           

          The
            Company will not be liable for, and this Policy will not apply to, extend
            to or
            cover the following:

           

          
            	4.1  	
                    Balloon
                      Payment
                      -
                      Any Claim arising out of or in connection with the failure
                      of the Borrower
                      to make any payment of principal and/or interest due under
                      a
                      Loan:

                  

          

           

          
            	(a)  	
                    as
                      a result of the Insured exercising its right to call the Loan
                      (other than
                      when the Loan is in Default) or because the term of the Loan
                      is shorter
                      than the amortization period, and

                  

          

           

          
            	(b)  	
                    which
                      is for an amount more than twice the regular periodic payments
                      of
                      principal and interest that are set forth in the Loan (commonly
                      referred
                      to as a “balloon payment”).

                  

          

           

          This
            exclusion will not apply:

           

          
            	(1)  	
                    if
                      the Insured or other Person acting on behalf of the Insured
                      offers the
                      Borrower, in writing, a renewal or extension of the Loan or
                      a new loan
                      which

                  

          

           

          
            	(A)  	
                    constitutes
                      a first lien,

                  

          

           

          
            	(B)  	
                    is
                      at rates and terms generally prevailing in the marketplace
                      (but otherwise
                      subject to Section 3.1),

                  

          

           

          
            	(C)  	
                    is
                      in an amount not less than the then outstanding principal
                      balance,

                  

          

           

          
            	(D)  	
                    has
                      no decrease in the amortization period,
                      and

                  

          

           

          
            	(E)  	
                    is
                      offered regardless of whether the Borrower is then qualified
                      under the
                      Insured’s underwriting standards, or whether the Borrower accepts such
                      offer, or

                  

          

           

          
            	(2)  	
                    if
                      the Loan has an original term to maturity of fifteen (15) or
                      more years
                      from the first due date thereunder and equal monthly payments
                      (except for
                      the related balloon payment) that otherwise would fully amortize
                      the
                      principal of the Loan over thirty (30) years and pay interest
                      at the
                      applicable interest rate.

                  

          

           

          
            	4.2  	
                    Effective
                      Date
                      -
                      Any Claim resulting from a Default existing at the Certificate
                      Effective
                      Date or occurring after lapse or cancellation of a
                      Certificate.

                  

          

           

          
            	4.3  	
                    First
                      Payment Default
                      -
                      Any Claim arising from a Default due to the failure of the
                      Borrower to
                      have made or to make the first regular periodic payment on
                      the Loan from
                      the Borrower’s Own Funds.

                  

          

           

          
            	4.4  	
                    Incomplete
                      Construction
                      -
                      Any Claim when, as of the date of such Claim, construction
                      of a Property
                      is not completed in accordance with the construction plans
                      and
                      specifications upon which the valuation of the Property at
                      origination of
                      the Loan was based.

                  

          

           

          
            	4.5  	
                    Fraud,
                      Misrepresentation and Negligence
                      -

                  

          

           

          
            	(a)  	
                    Any
                      Claim not otherwise within the scope of Section 2.3 where there
                      was fraud
                      or misrepresentation by the Insured or the Servicer with respect
                      to the
                      Loan, and the fraud or misrepresentation (1) materially contributed
                      to the
                      Default resulting in such Claim; or (2) increased the Loss,
                      except that if
                      the Company can reasonably determine the amount of such increase,
                      such
                      Claim will not be excluded, but the Loss will be reduced to
                      the extent of
                      such amount.

                  

          

           

          
            	(b)  	
                    Any
                      Claim where there was negligence by the Insured or the Servicer,
                      which (1)
                      was material to either the acceptance of the risk or the hazard
                      assumed by
                      the Company; (2) materially contributed to the Default resulting
                      in such
                      Claim; or (3) increased the Loss, except that if the Company
                      can
                      reasonably determine the amount of such increase, such Claim
                      will not be
                      excluded, but the Loss will be reduced to the extent of such
                      amount.

                  

          

           

          
            	4.6  	
                    Non-Approved
                      Servicer
                      -
                      Any Claim arising from a Loan for which the Servicer, at time
                      of Default
                      or thereafter, is not approved by the Company as described
                      in Section 3.4;
                      provided that this exclusion shall not apply if the Company
                      has notified
                      the Insured in writing under Section 3.4(b) that a Servicer
                      is no longer
                      approved and if within ninety (90) days thereafter the Insured
                      completed a
                      transfer of servicing to a new Servicer approved by the
                      Company.

                  

          

           

          
            	4.7  	
                    Physical
                      Damage (Other than Relating to Pre-Existing Environmental
                      Conditions)
                      -
                      Any Claim where, at any time after the Certificate Effective
                      Date,
                      Physical Damage to a Property (of a type other than as described
                      in
                      Section 4.8 and other than reasonable wear and tear), occurs
                      or manifests
                      itself subject to the following
                      provisions:

                  

          

           

          
            	(a)  	
                    This
                      exclusion will not apply if the Company in good faith determines
                      that the
                      aggregate cost of restoring all such Physical Damage is less
                      than fifteen
                      hundred dollars ($1,500), or such higher amount as the Company
                      may provide
                      from time to time.

                  

          

           

          
            	(b)  	
                    This
                      exclusion will apply only if such Physical Damage occurred
                      or manifested
                      itself:

                  

          

           

          
            	(i)  	
                    prior
                      to expiration of the Settlement Period and the Company elects
                      to acquire
                      the related Property in settlement of a Claim;
                      or

                  

          

           

          
            	(ii)  	
                    prior
                      to the filing of the Claim and was the most important cause
                      of the Claim
                      and the Property was either uninsured for loss arising from
                      such Physical
                      Damage or was insured for an amount which, disregarding normal
                      and
                      customary deductibles not to exceed fifteen hundred dollars
                      ($1,500) or
                      such higher amount as the Company may provide from time to
                      time, was
                      insufficient for the Property to be in the same condition (except
                      for
                      reasonable wear and tear) as it was in as of the Certificate
                      Effective
                      Date.

                  

          

           

          
            	(c)  	
                    The
                      exclusion resulting from paragraph (b)(i) will not apply if
                      the Property
                      is restored in a timely and diligent manner to its condition
                      (except
                      reasonable wear and tear) as of the Certificate Effective Date.
                      In lieu of
                      requiring restoration of the Property, the Company may, at
                      its option,
                      reduce the Claim Amount by an amount equal to the cost of such
                      restoration.

                  

          

           

          
            	(d)  	
                    For
                      purposes of this Section 4.7, the Property subject to restoration
                      will
                      consist only of the land, improvements or personal property
                      deemed part of
                      the real property under applicable law, and chattel items affixed
                      to the
                      real property and identified in the appraisal or other valuation
                      of the
                      Property at the time the Loan was made, whether or not they
                      are deemed
                      part of the real property.

                  

          

           

          
            	(e)  	
                    Cost
                      estimates relied upon by the Company in connection with this
                      Section 4.7
                      shall be provided in writing by an independent party selected
                      by the
                      Company. The Company will furnish the Insured with any such
                      written cost
                      estimates, if requested by the
                      Insured.

                  

          

           

          
            	4.8  	
                    Pre-Existing
                      Environmental Conditions
                      -
                      Any Claim where there is an Environmental Condition which existed
                      on the
                      Property (whether or not known by the Person submitting an
                      Application for
                      coverage of the Loan) as of the Certificate Effective Date,
                      subject to the
                      following provisions:

                  

          

           

          
            	(a)  	
                    This
                      exclusion will not apply if the existence of such Environmental
                      Condition,
                      or the suspected existence of such Environmental Condition,
                      was
                      specifically disclosed to the Company in the Application relating
                      to the
                      Property.

                  

          

           

          
            	(b)  	
                    This
                      exclusion will apply only if such Environmental
                      Condition

                  

          

           

          
            	(i)  	
                    was
                      a principal cause of the Default,
                      and

                  

          

           

          
            	(ii)  	
                    has
                      made the principal Residential structure on the Property uninhabitable.
                      A
                      structure will be considered “uninhabitable” if generally recognized
                      standards for residential occupancy are violated or if, in
                      the absence of
                      such standards, a fully informed and reasonable person would
                      conclude that
                      such structure was not safe to live in without fear of injury
                      to health or
                      safety.

                  

          

           

          
            	4.9  	
                    Down
                      Payment
                      -
                      Any Claim involving a Loan which is for the purchase of the
                      Property, and
                      for which the Borrower did not make a down payment as described
                      in the
                      Application or Loan File.

                  

          

           

          
            	4.10  	
                    First
                      Lien Status
                      -
                      Any Claim, if the mortgage, deed of trust or other similar
                      instrument
                      executed by the Borrower and insured hereunder did not provide
                      the Insured
                      at origination with a first lien on the
                      Property.

                  

          

           

          
            	4.11  	
                    Payment
                      of the Full Benefit of the Primary First Layer Policy
                      -
                      Any portion of any Claim for Loss to the extent the Insured
                      under the
                      related Primary First Layer Policy has not received the amount
                      of the full
                      benefit of the percentage option claim payment under the Primary
                      First
                      Layer Policy (irrespective of the reason or cause, including
                      insolvency of
                      the Primary First Layer Policy insurer or failure of the Insured
                      to
                      maintain the Primary First Layer Policy or to comply with the
                      terms and
                      conditions of the Primary First Layer
                      Policy).

                  

          

           

          
            	4.12  	
                    Non-Eligible
                      Loans
                      -
                      Any Claim on a Loan that did not meet the Eligibility Criteria
                      applicable
                      to the Loan.

                  

          

           

          
            	4.13  	
                    Breach
                      of the Insured’s Obligations or Failure to Comply with
                      Terms
                      -
                      Any Claim involving or arising out of any breach by the Insured
                      of its
                      obligations under, or its failure to comply
                      with:

                  

          

           

          
            	(a)  	
                    the
                      terms of this Policy (in any case where there is no exclusion
                      from
                      coverage or express remedy for such breach or noncompliance
                      under this
                      Policy), or

                  

          

           

          
            	(b)  	
                    its
                      obligations as imposed by operation of law,
                      and

                  

          

           

          
            	(c)  	
                    if
                      such breach or failure in (a) or
                      (b):

                  

          

           

          
            	(i)  	
                    materially
                      contributed to the Default resulting in such
                      Claim;

                  

          

           

          
            	(ii)  	
                    increased
                      the Loss, provided that if the Company can reasonably determine
                      the amount
                      of such increase, such Claim will not be excluded, but the
                      Loss will be
                      reduced to the extent of such amount;
                      or

                  

          

           

          
            	(iii)  	
                    resulted
                      from a breach of the Insured’s obligations under Section 5.8, irrespective
                      of whether such breach contributed to the Default resulting
                      in such Claim
                      or increased the Loss.

                  

          

           

          
            	5  	
                    Conditions
                      Precedent to Payment of
                      Claim

                  

          

           

          It
            is a
            condition precedent to the Company’s obligation to pay a Loss that the Insured
            comply with all of the following requirements:

           

          
            	5.1  	
                    Notice
                      of Default
                      -
                      The Insured must give the Company written
                      notice:

                  

          

           

          
            	(a)  	
                    Within
                      forty-five (45) days of the Default, if it occurs when the
                      first payment
                      is due under the Loan; or 

                  

          

           

          
            	(b)  	
                    Within
                      ten (10) days of either:

                  

          

           

          
            	(i)  	
                    the
                      date when the Borrower becomes four (4) months in Default on
                      the Loan;
                      or

                  

          

           

          
            	(ii)  	
                    the
                      date when any Appropriate Proceedings which affect the Loan
                      or the
                      Property or the Insured’s or Borrower’s interest therein have been
                      started;

                  

          

           

                  
            whichever occurs first.

           

          
            	5.2  	
                    Monthly
                      Reports
                      -
                      Following a notice of Default on the Loan, the Insured must
                      give the
                      Company monthly reports on forms or in a format acceptable
                      to the Company
                      on the status of the Loan and on the servicing efforts undertaken
                      to
                      remedy the Default. These monthly reports may be furnished
                      less frequently
                      if allowed in writing by the Company and must continue until
                      the Borrower
                      is no longer in Default, the Appropriate Proceedings terminate,
                      or until
                      the Insured has acquired the
                      Property.

                  

          

           

          
            	5.3  	
                    Company’s
                      Option to Accelerate Filing of a Claim
                      -
                      If the Company so directs, at any time after receiving the
                      Insured’s
                      notice of Default, the Insured must file a Claim within thirty
                      (30) days
                      after notice from the Company. The Company will then make a
                      payment of
                      Loss in accordance with the per loan loss percentage guaranty
                      option in
                      Section 6.3(b). Thereafter, following the acquisition of Borrower’s Title
                      by the Insured, the Insured will be entitled to file a supplemental
                      Claim
                      at the time prescribed in Section 6.1 in an amount equal to
                      the sum of its
                      advances, less the deductions, all as specified in Section
                      6.2, to the
                      extent not included in the payment of the initial Claim. Such
                      supplemental
                      Claim must be paid by the Company in accordance with Section
                      6.3(b). No
                      interest shall be included in the Claim Amount under this Section
                      5.3
                      after the date that the accelerated Claim is filed. If a Loan
                      for which
                      the Company has paid a Claim is subsequently brought current
                      by the
                      Borrower, the Insured shall refund to the Company the Loss
                      paid by the
                      Company with respect to that Loan. If the Company exercises
                      its option
                      under this Section 5.3, the Company shall not have the right
                      to direct or
                      participate in a deficiency recovery under Section
                      7.2.

                  

          

           

          
            	5.4  	
                    Voluntary
                      Conveyance
                      -
                      The Insured may only accept a conveyance of the Property from
                      the Borrower
                      in lieu of foreclosure or other proceeding if the prior written
                      approval
                      of the Company has been obtained. Such approval shall not be
                      considered as
                      an acknowledgement of liability by the Company with respect
                      to such
                      Loan.

                  

          

           

          
            	5.5  	
                    Appropriate
                      Proceedings
                      -
                      The Insured must begin Appropriate Proceedings no later than
                      when the Loan
                      becomes six (6) months in Default unless the Company provides
                      written
                      instructions that some other action be taken. Such instructions
                      may be
                      general or applicable only to specific Loans. The Company reserves
                      the
                      right to direct the Insured to institute Appropriate Proceedings
                      at any
                      time after Default. When either defending against or bringing
                      Appropriate
                      Proceedings, the Insured must report their status to the Company
                      as
                      reasonably and expeditiously as
                      possible.

                  

          

           

          In
            conducting Appropriate Proceedings, the Insured must:

           

          
            	(a)  	
                    diligently
                      pursue the Appropriate Proceedings once they have
                      begun;

                  

          

           

          
            	(b)  	
                    apply
                      for the appointment of a receiver and assignment of rents,
                      if permitted by
                      law and requested by the Company;

                  

          

           

          
            	(c)  	
                    upon
                      request by the Company in writing, furnish the Company with
                      the Loan File
                      (whether or not the Insured is the originator of the Loan),
                      the payment
                      and collection history from the servicing file since the inception
                      of
                      coverage of such Loan under this Policy, and copies of all
                      notices and
                      pleadings filed or required in the Appropriate
                      Proceedings;

                  

          

           

          
            	(d)  	
                    act
                      and bid at the foreclosure sale in accordance with Section
                      5.11 so that
                      its ability to preserve, transfer and assign to the Company
                      its rights
                      against the Borrower are not impaired; and so that the rights
                      of the
                      Company under this Policy against the Borrower are fully protected.
                      Such
                      rights include any rights to obtain a deficiency judgment,
                      subject to the
                      Company’s compliance with Sections 7.2 and 7.3 relating to establishing
                      a
                      deficiency; and

                  

          

           

          
            	(e)  	
                    when
                      requested by the Company, furnish the Company with a written
                      statement
                      indicating the estimated potential Claim Amount as computed
                      under Section
                      6.2 at least fifteen (15) days before the foreclosure
                      sale.

                  

          

           

          
            	5.6  	
                    Mitigation
                      of Damages
                      -
                      The Insured must take appropriate actions to mitigate the Loss.
                      Accordingly, in order to comply with this provision, the Insured’s
                      obligations include collecting amounts due under the Loan and
                      offering to
                      any Borrower who has the ability and desire to cure the Default,
                      a
                      repayment plan, a forbearance plan, or a loan modification
                      or other loan
                      workout plan. In the event such efforts fail to cure the Default,
                      the
                      Insured must use its best efforts to effectuate the early disposition
                      of
                      the Property.

                  

          

           

          The
            Company shall be entitled at its sole discretion to actively direct any
            such
            mitigation efforts. Such direction may be general or applicable only
            to specific
            Loans. The Company must administer this Policy in good faith. 

           

          
            	5.7  	
                    Advances
                      -
                      The Insured must advance:

                  

          

           

          
            	(a)  	
                    normal
                      and customary hazard insurance premiums and real estate property
                      taxes, in
                      each case as due and payable;

                  

          

           

          
            	(b)  	
                    reasonable
                      and necessary Property protection and preservation expenses
                      approved by
                      the Company at the time the Company reviews the Claim, which
                      shall not
                      include expenditures to remove an exclusion from coverage under
                      Section 4;
                      and

                  

          

           

          
            	(c)  	
                    reasonable
                      costs to complete Appropriate Proceedings and eviction and
                      moving of
                      occupants, including related court expenses and attorney’s
                      fees.

                  

          

           

          
            	5.8  	
                    Claim
                      Information and Other Requirements
                      -
                      The Insured must provide the Company
                      with:

                  

          

           

          
            	(a)  	
                    a
                      completed form furnished by or acceptable to the Company for
                      payment of a
                      Claim;

                  

          

           

          
            	(b)  	
                    unless
                      previously provided under Section 5.5(c), the Loan File which
                      is the
                      subject of the Claim (whether or not the Insured is the originator
                      of the
                      Loan), the payment and collection history from the servicing
                      file since
                      the inception of coverage of such Loan under this
                      Policy;

                  

          

           

          
            	(c)  	
                    if
                      the Property is not being acquired by the Company: a copy of
                      an executed
                      trustee’s or sheriff’s deed (which may be unrecorded) conveying Borrower’s
                      Title to the Property to the Insured (or satisfactory evidence
                      that the
                      foreclosure sale has been completed if the Borrower’s right of redemption
                      has not expired); or a deed from the Borrower (which may be
                      unrecorded) if
                      a voluntary conveyance has been approved by the Company, conveying
                      to the
                      Insured the title that was required by the Company in the approval
                      of the
                      conveyance;

                  

          

           

          In
            the
            event the most important cause of Default was a circumstance or event
            which
            would prevent the Insured from obtaining Good and Merchantable Title,
            the
            Insured shall instead provide the Company with evidence described in
            Section 5.8
            (d)(ii) below that it has acquired Good and Merchantable Title to the
            Property;

           

          
            	(d)  	
                    if
                      the Property is being acquired by the
                      Company:

                  

          

           

          
            	(i)  	
                    a
                      recordable deed in normal and customary form containing the
                      customary
                      warranties and covenants conveying to the Company or its designee
                      Good and
                      Merchantable Title to the Property;

                  

          

           

          
            	(ii)  	
                    a
                      title insurance policy acceptable to the Company or an attorney’s opinion
                      of title acceptable to the Company, confirming that the Insured
                      has and
                      can convey to the Company Good and Merchantable Title to the
                      Property;
                      and

                  

          

           

          
            	(iii)  	
                    Possession
                      of the Property, but only if the Company has required such
                      Possession in
                      writing;

                  

          

           

          
            	(e)  	
                    access
                      to the Property, pursuant to the terms and conditions of Section
                      6.4(b),
                      if requested by the Company under such
                      Section;

                  

          

           

          
            	(f)  	
                    a
                      copy of the claim and evidence of the payment of, and any adjustments
                      to,
                      the claim under the Primary First Layer Policy, if applicable,
                      and other
                      information related to such Primary First Layer Policy as the
                      Company may
                      reasonably request; and

                  

          

           

          
            	(g)  	
                    all
                      other information and documentation reasonably requested by
                      the
                      Company.

                  

          

           

          
            	5.9  	
                    Acquisition
                      of Borrower’s Title Not Required
                      -
                      The Insured will not be required to acquire Borrower’s Title to a Property
                      if (a) the Company approves a sale of the Property prior to
                      a foreclosure
                      sale and such sale is closed; (b) the Company requires an early
                      Claim
                      filing pursuant to Section 5.3, except that such acquisition
                      will be
                      required as a condition to the Insured’s filing of a supplemental Claim;
                      or (c) the Property is acquired by someone other than the Insured
                      at a
                      foreclosure sale, as provided in Section 5.11, or thereafter
                      pursuant to
                      exercise of rights of redemption.

                  

          

           

          
            	5.10  	
                    Sale
                      of a Property by the Insured Before End of Settlement
                      Period
                      -

                  

          

           

          
            	(a)  	
                    The
                      Insured must submit to the Company any offer to purchase a
                      Property which
                      is acceptable to the Insured until such time as a Claim is
                      settled under
                      this Policy. Upon such submission, the Company must then promptly
                      notify
                      the Insured that it will either approve or not approve such
                      offer. The
                      Insured shall promptly notify the Company if the approved offer
                      does not
                      close as scheduled.

                  

          

           

          
            	(b)  	
                    If
                      an approved offer expires or is terminated, the Company shall
                      be entitled
                      to pay the Loss payable by:

                  

          

           

          
            	(i)  	
                    paying
                      the per loan loss percentage guaranty option as calculated
                      under Section
                      6.3(b), or

                  

          

           

          
            	(ii)  	
                    paying
                      the property acquisition settlement option as calculated under
                      Section
                      6.3(a), and acquiring the Property; but if the Company’s right to acquire
                      the Property has expired pursuant to Section 6.5, or been waived,
                      then
                      such acquisition shall be under the same terms and conditions
                      as the
                      expired or terminated offer, except for terms and conditions
                      relating to
                      the sale price and method of payment of the sale price, which
                      shall
                      instead be governed by Section 6.3.

                  

          

           

          
            	(c)  	
                    The
                      following provisions shall apply to offers submitted to the
                      Company under
                      this Section 5.10:

                  

          

           

          
            	(i)  	
                    At
                      the time it presents an offer, the Insured must also provide
                      the Company
                      with a good faith estimate of gross proceeds and expenses in
                      sufficient
                      detail for the Company to calculate the estimated net proceeds
                      described
                      below. The Company may not require any changes to the offer, direct the
                      marketing of the Property, or require any expenditures by the
                      Insured for
                      restoration of the Property as a condition to its
                      approval.

                  

          

           

          
            	(ii)  	
                    If
                      the Company approves the offer submitted by the Insured, it
                      must also
                      advise the Insured of the estimated net proceeds which it has
                      calculated.
                      The estimated net proceeds calculated by the Company will be
                      the estimated
                      gross sales proceeds to be received by the Insured less all
                      reasonable
                      estimated expenses submitted by the Insured and approved by
                      the Company in
                      its approval of the offer which have been or are expected to
                      be paid by
                      the Insured in obtaining and closing the sale of the Property.
                      If the
                      estimated net proceeds as calculated by the Company are acceptable
                      to the
                      Insured, the Loss payable shall be computed as determined below.
                      If such
                      calculation is not acceptable to the Insured, the offer shall
                      be deemed to
                      have not been approved by the
                      Company.

                  

          

           

          
            	(iii)  	
                    If
                      the Company approves the offer, the Loss payable by the Company
                      under this
                      Section 5.10 will be the lesser of:

                  

          

           

          
            	 	
                    (A)

                  	
                    the
                      actual net amount as calculated below,
                      or

                  

          

           

          
            	 	
                    (B)

                  	
                    the
                      per loan loss percentage guaranty option under Section 6.3(b)
                      without
                      regard to a sale of the Property.

                  

          

           

          The
            actual net amount will be the Claim Amount calculated under Section 6.2,
            except
            that (a) delinquent interest will be computed through the closing date
            for sale
            of the Property, and (b) the Claim Amount shall be reduced by the actual
            net
            proceeds realized by the Insured from the sale of the Property. The actual
            net
            proceeds will be determined in the same manner as the estimated net proceeds,
            but on the basis of the actual sales proceeds. For purposes of computing
            a Loss,
            such actual net proceeds shall not be less than the estimated net proceeds
            calculated by the Company under this subparagraph (iii) or as otherwise
            approved
            by the Company.

           

          
            	(iv)  	
                    The
                      Company shall not unreasonably withhold its approval of expenses
                      submitted
                      to it after its approval of an offer. Expenses paid to Persons
                      employed or
                      controlled by the Insured or their internal costs will not
                      be allowed in
                      calculation of either the estimated or actual net
                      proceeds.

                  

          

           

          
            	(v)  	
                    If
                      requested by the Company, the Insured shall advise the Company
                      of the name
                      of the real estate broker or other Person marketing the Property
                      and
                      authorize such broker or other Person to release information
                      regarding the
                      marketing and physical condition of the Property to the
                      Company.

                  

          

           

          
            	5.11  	
                    Foreclosure
                      Bidding Instructions Given by the Company
                      -
                      Unless otherwise directed by the Company, the Insured will
                      be entitled to
                      bid at the foreclosure sale held as part of the Appropriate
                      Proceedings
                      any amount which it determines necessary to obtain Borrower’s Title to the
                      Property. The Company will be entitled to direct the Insured
                      to bid an
                      amount to be determined by the Insured within a minimum and
                      maximum range,
                      as follows:

                  

          

           

          
            	(a)  	
                    The
                      minimum amount shall not be less than the fair market value
                      of the
                      Property, but if there has been Physical Damage to the Property
                      which
                      affects its fair market value (as determined before such Physical
                      Damage)
                      by more than ten percent (10%), the fair market value of the
                      Property
                      shall be its fair market value after restoration of the
                      Property.

                  

          

           

          
            	(b)  	
                    The
                      maximum amount shall not exceed the greater
                      of

                  

          

           

          
            	(i)  	
                    the
                      fair market value of the Property as determined under subparagraph
                      (a)
                      above, or

                  

          

           

          
            	(ii)  	
                    the
                      estimated Claim Amount less the amount which the Company would
                      pay as the
                      per loan loss percentage guaranty option under Section
                      6.3(b).

                  

          

           

          
            	(c)  	
                    For
                      purposes of this Section 5.11, fair market value shall be determined
                      as of
                      a date acceptable to the Company by an opinion of an independent
                      real
                      estate broker, or by an independent appraiser, in either case
                      selected by
                      or acceptable to the Company.

                  

          

           

          The
            Insured is not required to acquire Borrower’s Title if it has bid in accordance
            with this Section 5.11, whether or not pursuant to directions from the
            Company.

           

          
            	5.12  	
                    Effect
                      of Unexpired Redemption Period on Payment of a Claim
                      -
                      If the Insured files a Claim prior to expiration of an applicable
                      redemption period, the Loss payable shall only be computed
                      through the
                      date of filing of the Claim, and if the Company elects to acquire
                      the
                      Property, the Insured will remain responsible for management
                      and control
                      of the Property until the Company’s acquisition thereof, which may be
                      after expiration of the redemption period, but not later than
                      as required
                      by Section 6.4.

                  

          

           

          If
            the
            Company has paid to the Insured a Claim under its per loan loss percentage
            guaranty option in Section 6.3(b), and the related Property is subsequently
            redeemed by the Borrower, the Insured shall promptly report such redemption
            to
            the Company and reimburse the Company for the amount of the Company’s Claim
            payment, to the extent that the sum of the Company’s Claim payment and the
            amount realized by the Insured from the redemption exceeds the Claim
            Amount, as
            would have been calculated through the date of redemption.

           

          
            	5.13  	
                    Collection
                      Assistance
                      -
                      If the Company so requests, the Insured shall permit the Company
                      to
                      cooperatively assist the Insured in the collection of moneys
                      due under the
                      Loan, including obtaining information from the Borrower, attempting
                      to
                      develop payment schedules acceptable to the Insured, conducting
                      Property
                      inspections and requesting appraisals of the
                      Property.

                  

          

           

          
            	6  	
                    Loss
                      Payment Procedure

                  

          

           

          
            	6.1  	
                    Filing
                      of Claim
                      -

                  

          

           

          
            	(a)  	
                    The
                      Insured shall file a Claim under this Policy after, but no
                      later than
                      sixty (60) days following, the later of

                  

          

           

          
            	(i)  	
                    Conveyance
                      of Title to the Property, or

                  

          

           

          
            	(ii)  	
                    if
                      applicable, the settlement of a claim under the Primary First
                      Layer
                      Policy.

                  

          

           

          
            	(b)  	
                    If
                      the Insured fails to file a Claim within the period of time
                      required under
                      paragraph 6.1(a) above, the Insured will not be entitled to,
                      and the
                      Company will not be obligated for, any payment under this Policy
                      for
                      amounts, including additional interest and expenses, which
                      would otherwise
                      be claimable, but which accrue or are incurred after the sixty
                      (60) day
                      period for filing of a Claim.

                  

          

           

          
            	(c)  	
                    If
                      the Insured fails to file a Claim within eighteen (18) months
                      following
                      the Conveyance of Title, the Insured will not be entitled to,
                      and the
                      Company will not be obligated for, any payment under this Policy.
                      

                  

          

           

          Once
            a
            Claim has been filed, if the Insured fails to satisfy the requirements
            for a
            Perfected Claim within one hundred eighty (180) days after such filing
            (or
            within such longer period of time as the Company may allow in writing),
            the
            Insured will no longer be entitled to payment of a Loss and the Company
            will not
            be obligated to make any payment under this Policy.

           

          
            	6.2  	
                    Calculation
                      of Claim Amount
                      -
                      Subject to Sections 7.5 and 5.3, the Claim Amount will be an
                      amount equal
                      to: the sum of:

                  

          

           

          
            	(a)  	
                    the
                      amount of unpaid principal balance due under the Loan as of
                      the date of
                      Default without capitalization of delinquent interest, penalties
                      or
                      advances; and

                  

          

           

          
            	(b)  	
                    the
                      amount of accrued and unpaid interest due on the Loan computed
                      at the
                      contract rate stated in the Loan through the date that the
                      Claim is filed
                      with the Company, but excluding applicable late charges, penalty
                      interest
                      or other changes to the interest rate by reason of Default;
                      and

                  

          

           

          
            	(c)  	
                    the
                      amount of advances incurred by the Insured under Section 5.7
                      prior to
                      filing of the Claim (except to Persons employed or controlled
                      by the
                      Insured or their other internal costs) provided
                      that:

                  

          

           

          
            	(i)  	
                    Attorney’s
                      fees advanced for completion of Appropriate Proceedings and
                      obtaining
                      Possession of the Property will not be allowed to the extent
                      they exceed
                      three percent (3%) of the sum of the unpaid principal balance
                      and the
                      accrued and accumulated interest due;
                      and

                  

          

           

          
            	(ii)  	
                    Such
                      advances, other than attorney’s fees, must have first become due and
                      payable after the Default, and payment of such advances must
                      be prorated
                      from the date of Default through the date the Claim is filed
                      with the
                      Company;

                  

          

           

          less
            the
            sum of:

           

          
            	(1)  	
                    the
                      amount of all rents and other payments (excluding proceeds
                      of a sale of
                      the Property and the proceeds of fire and extended coverage
                      insurance)
                      collected or received by the Insured, which are derived from
                      or in any way
                      related to the Property or the
                      Loan;

                  

          

           

          
            	(2)  	
                    the
                      amount of cash remaining in any escrow account as of the last
                      payment
                      date;

                  

          

           

          
            	(3)  	
                    the
                      amount of cash or other collateral to which the Insured has
                      retained the
                      right of possession as security for the
                      Loan;

                  

          

           

          
            	(4)  	
                    the
                      amount paid under applicable fire and extended coverage policies
                      which are
                      in excess of the cost of restoring and repairing the Property,
                      if the
                      Property is damaged, and which has not been paid to the Borrower
                      or
                      applied to the payment of the Loan as required by the terms
                      of the
                      Loan;

                  

          

           

          
            	(5)  	
                    the
                      greater of the amount of any claim payment pursuant to a Primary
                      First
                      Layer Policy which the Insured received, or which the Insured
                      should have
                      received as the full Primary First Layer Policy benefit as
                      described in
                      Section 4.11; and

                  

          

           

          
            	(6)  	
                    any
                      other amounts claimed by the Insured to the extent they are
                      excluded from
                      the Claim Amount by reason of Section
                      4.

                  

          

           

          
            	6.3  	
                    Payment
                      of Loss; Company’s Options
                      -
                      Within the Settlement Period, but only if the Insured has satisfied
                      all
                      requirements for a payment of Loss and the requirements for
                      a Perfected
                      Claim have been met, the Company shall at its sole option exercise
                      its:

                  

          

           

          
            	(a)  	
                    Property
                      Acquisition Settlement Option. Pay to the Insured as the Loss
                      the Claim
                      Amount calculated in accordance with Section 6.2 for the Company’s
                      acquisition of the Property; or

                  

          

           

          
            	(b)  	
                    Per
                      Loan Loss Percentage Guaranty Option. In the event the Company
                      does not
                      acquire the Property, allow the Insured to retain all rights
                      and title to
                      the Property and pay to the Insured as the Loss the lesser
                      of: (i) the
                      difference between the Claim Amount calculated in accordance
                      with Section
                      6.2 and the amount realized by the Insured pursuant to its
                      sale, if any,
                      of the Property as provided in Section 5.10 and (ii) the Per
                      Loan Loss
                      Percentage option which shall be calculated by multiplying
                      the applicable
                      Per Loan Loss Percentage for such Loan times the Claim Amount
                      (without any
                      reduction for the Primary First Layer Policy claim payment).
                      However, if
                      prior to the Company’s payment of the Loss, a third party acquires title
                      to the Property at the foreclosure sale or a Borrower redeems
                      the Property
                      (unless such acquisition or redemption occurs because the Insured
                      failed
                      to bid as provided in Section 5.11), then the Company shall
                      pay the lesser
                      of: (i) the per loan loss percentage guaranty option amount
                      described
                      above; or (ii) the difference between the Claim Amount and
                      the amount
                      realized by the Insured at the foreclosure sale or redemption;
                      or

                  

          

           

          
            	(c)  	
                    Pre-Claim
                      Sale Option. Pay to the Insured as the Loss the amount calculated
                      in
                      accordance with Section 5.10, if the terms and conditions of
                      Section 5.10
                      are met.

                  

          

           

          In
            addition to the sum due pursuant to the option described above which
            the Company
            selects, the Loss payable by the Company will include the other amounts
            provided
            for under Sections 6.5 or 7.2 when such Sections are applicable. The
            Company
            will deduct from its payment of Loss such amounts as may be permitted
            by this
            Policy and the aggregate amounts of any payments of Loss which it had
            previously
            made.

           

          Without
            limiting the requirements and conditions to filing and payment of a Claim
            contained in this Policy, if the Property has been acquired by the insurer
            under
            a Primary First Layer Policy, no Loss shall be payable under this Policy.
            For
            purposes of this Policy any references to “percentage guaranty option” shall be
            to the “per loan loss percentage guaranty option”.

           

          
            	6.4  	
                    Claim
                      Settlement Period
                      -
                      The Settlement Period will be a sixty (60) day period after
                      the Company’s
                      receipt of a Claim, calculated as
                      follows:

                  

          

           

          
            	(a)  	
                    No
                      later than the twentieth (20th) day after filing of a Claim,
                      the Company
                      may notify the Insured of additional documents or information
                      which it
                      requires for processing the Claim, upon which the sixty (60)
                      day period
                      shall be suspended until the Company receives such additional
                      documentation and information. Additional items may be requested
                      by the
                      Company after such twenty (20) day period and the Insured must
                      use
                      reasonable efforts to satisfy such request, but the sixty (60)
                      day limit
                      will not be tolled for their receipt.

                  

          

           

          
            	(b)  	
                    No
                      later than the sixtieth (60th) day after filing of a Claim,
                      the Company
                      may notify the Insured that it will require access to the Property
                      sufficient to inspect, appraise and evaluate the Property.
                      If the Company
                      does not notify the Insured by that date, its right to such
                      access will be
                      deemed waived. If such notice is given, the Insured will use
                      its best
                      efforts to provide access to the Company and, if access is
                      not then
                      available, the sixty (60) day period will be suspended from
                      the date such
                      notice was given until the Company receives notice from the
                      Insured that
                      access is available to it. If access is in fact not available
                      when sought
                      by the Company after such notice from the Insured, the Company
                      will
                      promptly notify the Insured of such unavailability, and the
                      passage of the
                      sixty day period will remain suspended as if the Insured’s notice of
                      availability had not been given to the
                      Company.

                  

          

           

          
            	(c)  	
                    If
                      the Company has elected to acquire the Property in settlement
                      of a Claim,
                      the sixty day period also will be suspended if necessary for
                      there to be a
                      period of ten (10) days after the date on which the Insured
                      satisfies all
                      conditions to acquisition, including any required restoration
                      of the
                      Property, for the Insured’s delivery of a recordable deed and title policy
                      or opinion evidencing Good and Merchantable Title (not subject
                      to any
                      rights of redemption, unless the Company waives such requirement)
                      and, if
                      applicable, delivery of Possession to the
                      Property.

                  

          

           

          
            	6.5  	
                    Payment
                      by the Company After the Settlement Period
                      -
                      If the Company has not paid a Loss during the Settlement Period,
                      then (a)
                      the Company will include in its payment of Loss, if a Loss
                      is ultimately
                      payable, simple interest on the amount payable accruing after
                      the
                      Settlement Period to the date of payment of Loss at the applicable
                      interest rate or rates which would have been payable on the
                      Loan during
                      such period, and (b) the Company will no longer be entitled
                      to acquire the
                      Property as an option for payment of the
                      Loss.

                  

          

           

          The
            Company must either pay the amount of applicable Loss (including any
            additional
            applicable interest as computed above) or deny the Claim in its entirety
            within
            (a) one hundred twenty (120) days after expiration of the Settlement
            Period, or
            (b) if the Settlement Period has not expired, no later than one hundred
            eighty
            (180) days after filing of the Perfected Claim. If at a later date it
            is finally
            determined by agreement between the Insured and the Company (or by completion
            of
            legal or other proceedings to which the Insured and the Company are parties)
            that the Company was not entitled to deny all or a portion of the Claim,
            the
            Company will include in any resulting subsequent payment of Loss interest
            as
            calculated above through the date of such payment on the amount of Loss
            which
            the Company was not entitled to deny.

           

          
            	6.6  	
                    Discharge
                      of Obligation
                      -
                      Payment by the Company of the amount of Loss required to be
                      paid in
                      accordance with this Policy will be a full and final discharge
                      of its
                      obligation with respect to such Loss under this Policy.
                      

                  

          

           

          
            	7  	
                    Additional
                      Conditions

                  

          

           

          
            	7.1  	
                    Proceedings
                      of Eminent Domain
                      -
                      In the event that part or all of a Property is taken by eminent
                      domain, or
                      condemnation or by any other proceedings by federal, state
                      or local
                      governmental unit or agency, the Insured must require that
                      the Borrower
                      apply the maximum permissible amount of any compensation awarded
                      in such
                      proceedings to reduce the principal balance of the Loan, in
                      accordance
                      with the law of the jurisdiction where the Property is
                      located.

                  

          

           

          
            	7.2  	
                    Pursuit
                      of Deficiencies
                      -

                  

          

           

          
            	(a)  	
                    The
                      Insured will be entitled to pursue Appropriate Proceedings,
                      or shall at
                      the direction of the Company pursue Appropriate Proceedings
                      through the
                      end of the Settlement Period, which may result in the Borrower
                      becoming
                      liable for a deficiency after completion of the Insured’s acquisition of a
                      Property. Such pursuit may not be directed by the Company unless
                      such
                      deficiency is estimated to exceed $7,500. If the Company proposes
                      to
                      pursue a deficiency judgment, in whole or in part for its account,
                      it will
                      notify the Insured at least thirty (30) days before the foreclosure
                      sale.
                      If the Company does not so notify the Insured, the deficiency
                      judgment, if
                      established by the Insured, will be solely for the account
                      of the Insured,
                      and the Company will not be subrogated to any rights to pursue
                      the
                      deficiency judgment.

                  

          

           

          
            	(b)  	
                    The
                      following provisions will apply if, in completing Appropriate
                      Proceedings
                      there are additional expenses advanced pursuant to Section
                      5.7 or
                      additional interest accrued on the Loan, due to (1) an additional
                      redemptive period or a delay in acquisition of Borrower’s Title, which
                      period or delay is directly related to establishing the deficiency
                      judgment or (2) legal proceedings which are necessary to establish
                      and
                      pursue the deficiency judgment and which would not otherwise
                      be the custom
                      and practice used.

                  

          

           

          
            	(i)  	
                    If
                      the deficiency judgment is to be established, in whole or in
                      part, for the
                      account of the Company, the Company must pay the Insured at
                      the time of
                      payment of the Claim, regardless of which settlement option
                      the Company
                      has selected, the full amount of:

                  

          

           

          
            	(A)  	
                    such
                      additional expenses advanced pursuant to Section 5.7 by the
                      Insured;
                      and

                  

          

           

          
            	(B)  	
                    such
                      additional interest accrued on the unpaid principal balance
                      of the Loan at
                      the contract rate stated in the Loan, but excluding applicable
                      late
                      charges, penalty interest, or other changes to the interest
                      rate by reason
                      of Default.

                  

          

           

          
            	(ii)  	
                    If
                      the deficiency judgment is not to be established, in whole
                      or in part, for
                      the account of the Company, none of the additional interest
                      or expenses of
                      the type described in subparagraph (i) above will be included
                      in the Claim
                      Amount or payable at any time by the
                      Company.

                  

          

           

          
            	(iii)  	
                    For
                      purposes of determining the additional expenses described in
                      subparagraph
                      (i) above resulting from pursuing the deficiency judgment,
                      the limitation
                      on attorney’s fees in Section 6.2 will not
                      apply.

                  

          

           

          
            	(iv)  	
                    All
                      of the additional interest, expenses, attorney’s fees and court expenses
                      described in subparagraph (i) above will be accrued or advanced
                      only
                      through acquisition of Borrower’s Title, including any additional
                      redemptive period.

                  

          

           

          
            	(c)  	
                    The
                      Company and the Insured may agree generally or with respect
                      to a Loan to
                      different terms and conditions than set forth in this Section
                      7.2. The
                      Company and the Insured also may agree to the joint pursuit
                      or other
                      arrangements for the collection of deficiency judgments on
                      mutually
                      acceptable terms and conditions.

                  

          

           

          
            	7.3  	
                    Subrogation
                      -
                      Subject to Section 7.2(a), and only to the extent that the
                      Company is
                      entitled under applicable law to pursue such deficiency rights,
                      the
                      Company will be subrogated, upon payment of the Loss, in the
                      amount
                      thereof and with an equal priority to all of the Insured’s rights of
                      recovery against a Borrower and any other Person relating to
                      the Loan or
                      to the Property. The Insured must execute and deliver at the
                      request of
                      the Company such instruments and papers and undertake such
                      actions as may
                      be necessary to transfer, assign and secure such rights. The
                      Insured shall
                      refrain from any action, either before or after payment of
                      a Loss, that
                      prejudices such rights.

                  

          

           

          
            	7.4  	
                    Policy
                      for Exclusive Benefit of the Insured
                      -
                      A Certificate issued as the result of any Application submitted
                      hereunder
                      and the coverage provided under this Policy will be for the
                      sole and
                      exclusive benefit of the Insured, its successors and permitted
                      assigns,
                      and in no event will any Borrower or other Person be deemed
                      a party to, or
                      an intended beneficiary of, this Policy or any
                      Certificate.

                  

          

           

          
            	7.5  	
                    Effect
                      of Borrower Insolvency or Bankruptcy on Principal
                      Balance
                      -
                      If under applicable insolvency or bankruptcy law, a Loan’s principal
                      balance secured by a Property is reduced (after all appeals
                      of such
                      reduction are final or the time for such appeals has lapsed
                      without
                      appeal), the portion of such principal balance of the Loan
                      not secured by
                      the Property, and related interest, will be included in the
                      Claim Amount,
                      as provided in this Section 7.5.

                  

          

           

          If
            a
            Default occurs on the Loan, the Insured has acquired Borrower’s Title or Good
            and Merchantable Title to the Property as required by this Policy, and
            all other
            requirements for filing of a Claim are complied with, the Insured will
            be
            entitled to include in the Claim Amount (a) the amount of the principal
            balance
            of the Loan which was deemed unsecured under applicable insolvency or
            bankruptcy
            law, less any collections or payments on such unsecured principal balance
            received by the Insured, and (b) interest thereon at the rate and as
            computed in
            Section 6.2, from the date of Default giving rise to the Claim (but for
            no prior
            period). In no event will any expenses or other amounts associated with
            the
            amount by which the principal balance of the Loan became unsecured be
            included
            in the Claim Amount, directly or by an addition to the principal balance
            included in the Claim Amount.

           

          
            	7.6  	
                    Arbitration
                      of Disputes, Suits and Actions Brought by the Insured
                      -

                  

          

           

          
            	(a)  	
                    Unless
                      prohibited by applicable law, all controversies, disputes or
                      other
                      assertions of liability or rights arising out of or relating
                      to this
                      Policy, including the breach, interpretation or construction
                      thereof,
                      shall be settled by arbitration. Notwithstanding the foregoing,
                      the
                      Company or the Insured both retain the right to seek a declaratory
                      judgment from a court of competent jurisdiction on matters
                      of
                      interpretation of this Policy. Such arbitration shall be conducted
                      in
                      accordance with the Title Insurance Arbitration Rules of the
                      American
                      Arbitration Association in effect on the date the demand for
                      arbitration
                      is made, or if such Rules are not then in effect, such other
                      Rules of the
                      American Arbitration Association as the Company may designate
                      as its
                      replacement.

                  

          

           

          The
            arbitrator(s) shall be neutral person(s) selected from the American Arbitration
            Association’s National Panel of Arbitrators familiar with the mortgage lending
            or mortgage guaranty insurance business. Any proposed arbitrator may
            be
            disqualified during the selection process, at the option of either party,
            if
            they are, or during the previous two (2) years have been, an employee,
            officer
            or director of any mortgage guaranty insurer, or of any entity engaged
            in the
            origination, purchase, sale or servicing of mortgage loans or mortgage-backed
            securities.

           

          
            	(b)  	
                    No
                      suit or action (including arbitration hereunder) brought by
                      the Insured
                      against the Company with respect to the Company’s liability for a Claim
                      under this Policy shall be sustained in any court of law or
                      equity or by
                      arbitration unless the Insured has substantially complied with
                      the terms
                      and conditions of this Policy, and unless the suit or action
                      is commenced
                      within three (3) years (five (5) years in Florida or Kansas)
                      after the
                      Insured has acquired Borrower’s Title to the Property or sale of the
                      Property approved by the Company is completed, whichever is
                      applicable to
                      a Loan. No such suit or action with respect to a Claim may
                      be brought by
                      the Insured against the Company until sixty (60) days after
                      such
                      acquisition of Borrower’s Title or sale, as applicable to a
                      Loan.

                  

          

           

          
            	(c)  	
                    If
                      a dispute arises concerning the Loan which involves either
                      the Property or
                      the Insured, the Company has the right to protect its interest
                      by
                      defending the suit, even if the allegations contained in such
                      suit are
                      groundless, false or fraudulent. The Company is not required
                      to defend any
                      lawsuit involving the Insured, the Property or the
                      Loan.

                  

          

           

          
            	7.7  	
                    Release
                      of Borrower; Defenses of Borrower
                      -
                      The Insured’s execution of a release or waiver of the right to collect
                      any
                      portion of the unpaid principal balance of a Loan or other
                      amounts due
                      under the Loan will release the Company from its obligation
                      under its
                      Certificate to the extent and amount of said release. If, under
                      applicable
                      law, the Borrower successfully asserts defenses which have
                      the effect of
                      releasing, in whole or in part, the Borrower’s obligation to repay the
                      Loan, or if for any other reason the Borrower is released from
                      such
                      obligation, the Company will be released to the same extent
                      and amount
                      from its liability under this Policy, except as provided by
                      Section
                      7.5.

                  

          

           

          
            	7.8  	
                    Amendments;
                      No Waiver; Rights and Remedies, Use of Term
                      “Including”
                      -

                  

          

           

          
            	(a)  	
                    The
                      Company reserves the right to amend the terms and conditions
                      of this
                      Policy from time to time; provided, however, that any such
                      amendment will
                      be effective only after the Company has given the Insured written
                      notice
                      thereof by endorsement setting forth the amendment. Such amendment
                      will
                      only be applicable to those Certificates issued on or after
                      the effective
                      date of the amendment.

                  

          

           

          
            	(b)  	
                    No
                      condition or requirement of this Policy will be deemed waived,
                      modified or
                      otherwise compromised unless that waiver, modification or compromise
                      is
                      stated in a writing properly executed on behalf of the Company.
                      Each of
                      the conditions and requirements of this Policy is severable,
                      and a waiver,
                      modification or compromise of one will not be construed as
                      a waiver,
                      modification or compromise of any
                      other.

                  

          

           

          
            	(c)  	
                    No
                      right or remedy of the Company provided for by this Policy
                      will be
                      exclusive of, or limit, any other rights or remedies set forth
                      in this
                      Policy or otherwise available to the Company at law or
                      equity.

                  

          

           

          
            	(d)  	
                    As
                      used in this Policy, the term “include” or “including” will mean “include
                      or including, without limitation.”

                  

          

           

          
            	7.9  	
                    No
                      Agency
                      -
                      Neither the Insured, any Servicer, nor any of their employees
                      or agents
                      (including the Persons underwriting the Loan on behalf of the
                      Insured)
                      will be deemed for any reason to be agents of the Company.
                      Neither the
                      Company, nor any of its employees or agents, will be deemed
                      for any reason
                      to be agents of any Insured or
                      Servicer.

                  

          

           

          
            	7.10  	
                    Successors
                      and Assigns
                      -
                      This Policy will inure to the benefit of and shall be binding
                      upon the
                      Company and the Insured and their respective successors and
                      permitted
                      assigns.

                  

          

           

          
            	7.11  	
                    Applicable
                      Law and Conformity to Law
                      -
                      All matters under this Policy will be governed by and construed
                      in
                      accordance with the laws of the jurisdiction in which the office
                      of the
                      original Insured on a Certificate is located. Any provision
                      of this Policy
                      which is in conflict with any provision of the law of such
                      jurisdiction is
                      hereby amended to conform to the provisions required by that
                      law.

                  

          

           

          
            	7.12  	
                    Notice
                      -
                      All claims, premium payments, tenders, reports, other data
                      and any other
                      notices required to be submitted to the Company by the Insured
                      must be
                      sent to the Company at MGIC Plaza, 250 East Kilbourn Avenue,
                      Milwaukee, WI
                      53202. The Company may change this address by giving written
                      notice to the
                      Insured. Unless the Insured otherwise notifies the Company
                      in writing, all
                      notices to the Insured must be sent to the address on the face
                      of this
                      Policy or, if the Insured is not located at such address, to
                      the last
                      known address of the Insured.

                  

          

           

          All
            notices under this Policy, whether or not identified in this Policy as
            required
            to be in writing, will be effective only if in writing and only upon
            receipt
            thereof. Written notices may instead be given in the form of telecopy
            or, if
            acceptable to the Company (for notices given to the Company) or to the
            Insured
            (for notices given to the Insured) in the form of computer tape or
            computer-generated or any other electronic message. A telecopy or such
            tape or
            message shall be effective only when received. The Company and the Insured
            may
            mutually agree that notices will be sent to any additional Person. Except
            as
            expressly agreed to by the Company and the Insured, no liability shall
            be
            incurred by the Company for the failure to give a notice to a Person
            other than
            the Insured.

           

          
            	7.13  	
                    Reports
                      and Examinations
                      -
                      The Company may request, and the Insured must provide, such
                      files, reports
                      or information as the Company may deem necessary pertaining
                      to any Loan,
                      and the Company will be entitled to inspect the files, books
                      and records
                      of the Insured or any of its representatives pertaining to
                      such
                      Loan.

                  

          

           

          
            	7.14  	
                    Electronic
                      Media
                      -
                      The Company and the Insured may, from time to time, deliver
                      or transfer
                      information, documents or other data between them by electronic
                      media
                      acceptable to them. In addition, the Company and the Insured
                      may maintain
                      information, documents or other data on electronic media or
                      other media
                      generally accepted for business records, including microfiche.
                      Such
                      electronic or other media will be as equally acceptable for
                      all purposes
                      between the Insured and the Company as information, documents
                      or other
                      data maintained in printed or written
                      form.

                  

          

           

           

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        1

       

      MORTGAGE
        LOAN SCHEDULE

       

       

      Available
        upon request

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        2

       

      PREPAYMENT
        CHARGE SCHEDULE

       

      AVAILABLE
        UPON REQUESTexv10w2a

 

Exhibit 10.2A

Aruba Wireless Networks, Inc.

2002 Stock Plan

Adopted on April 18, 2002

(As Amended on May 6, 2003, July 31, 2003, 

January 21,
2004, February 24, 2004, March 25, 2004, 
May 4, 2004, August
27, 2004, August 11, 2005, 
April 18, 2006,
July 14, 2006,
November 22, 2006, December 8, 2006 and December 28, 2006)

 

 

TABLE
OF CONTENTS

	 	 	 	 	 
	 	 	Page No.	 
	SECTION 1. ESTABLISHMENT AND PURPOSE
	 	 	1	 
	 
	 	 	 	 
	SECTION 2. ADMINISTRATION
	 	 	1	 
	 
	 	 	 	 
	(a)  Committees of the Board of Directors
	 	 	1	 
	(b)  Authority of the Board of Directors
	 	 	1	 
	 
	 	 	 	 
	SECTION 3. ELIGIBILITY
	 	 	1	 
	 
	 	 	 	 
	(a)  General Rule
	 	 	1	 
	(b)  Ten-Percent Stockholders
	 	 	1	 
	 
	 	 	 	 
	SECTION 4. STOCK SUBJECT TO PLAN
	 	 	2	 
	 
	 	 	 	 
	(a)  Basic Limitation
	 	 	2	 
	(b)  Additional Shares
	 	 	2	 
	 
	 	 	 	 
	SECTION 5. TERMS AND CONDITIONS OF AWARDS OR SALES
	 	 	2	 
	 
	 	 	 	 
	(a)  Stock Purchase Agreement
	 	 	2	 
	(b)  Duration of Offers and Nontransferability of Rights
	 	 	2	 
	(c)  Purchase Price
	 	 	2	 
	(d)  Withholding Taxes
	 	 	3	 
	(e)  Restrictions on Transfer of Shares and Minimum Vesting
	 	 	3	 
	 
	 	 	 	 
	SECTION 6. TERMS AND CONDITIONS OF OPTIONS
	 	 	3	 
	 
	 	 	 	 
	(a)  Stock Option Agreement
	 	 	3	 
	(b)  Number of Shares
	 	 	3	 
	(c)  Exercise Price
	 	 	3	 
	(d)  Exercisability
	 	 	4	 
	(e)  Accelerated Exercisability
	 	 	4	 
	(f)  Basic Term
	 	 	4	 
	(g)  Termination of Service (Except by Death)  
	 	 	4	 
	(h)  Leaves of Absence
	 	 	5	 
	(i)  Death of Optionee
	 	 	5	 
	(j)  Restrictions on Transfer of Shares and Minimum Vesting
	 	 	5	 
	(k)  Transferability of Options
	 	 	6	 
	(l)  Withholding Taxes
	 	 	6	 
	(m)  No Rights as a Stockholder
	 	 	6	 
	(n)  Modification, Extension and Assumption of Options
	 	 	6	 

i

 

	 	 	 	 	 
	 	 	Page No.	 
	SECTION 7. PAYMENT FOR SHARES
	 	 	6	 
	 
	 	 	 	 
	(a)  General Rule
	 	 	6	 
	(b)  Surrender of Stock
	 	 	6	 
	(c)  Services Rendered
	 	 	7	 
	(d)  Promissory Note
	 	 	7	 
	(e)  Exercise/Sale
	 	 	7	 
	(f)  Exercise/Pledge
	 	 	7	 
	 
	 	 	 	 
	SECTION 8. ADJUSTMENT OF SHARES
	 	 	7	 
	 
	 	 	 	 
	(a)  General
	 	 	7	 
	(b)  Mergers and Consolidations
	 	 	7	 
	(c)  Reservation of Rights
	 	 	8	 
	 
	 	 	 	 
	SECTION 9. SECURITIES LAW REQUIREMENTS
	 	 	8	 
	 
	 	 	 	 
	(a)  General
	 	 	8	 
	(b)  Financial Reports
	 	 	8	 
	 
	 	 	 	 
	SECTION 10. NO RETENTION RIGHTS
	 	 	8	 
	 
	 	 	 	 
	SECTION 11. DURATION AND AMENDMENTS
	 	 	9	 
	 
	 	 	 	 
	(a)  Term of the Plan
	 	 	9	 
	(b)  Right to Amend or Terminate the Plan
	 	 	9	 
	(c)  Effect of Amendment or Termination
	 	 	9	 
	 
	 	 	 	 
	SECTION 12. DEFINITIONS
	 	 	9	 

ii

 

Aruba Wireless Networks, Inc. 2002 Stock Plan

SECTION 1. ESTABLISHMENT AND PURPOSE.

          The purpose of the Plan is to offer selected persons an opportunity to acquire a proprietary
interest in the success of the Company, or to increase such interest, by purchasing Shares of the
Company’s Stock. The Plan provides both for the direct award or sale of Shares and for the grant
of Options to purchase Shares. Options granted under the Plan may include Nonstatutory Options as
well as ISOs intended to qualify under Section 422 of the Code.

          Capitalized terms are defined in Section 12.

SECTION 2. ADMINISTRATION.

          (a) Committees of the Board of Directors. The Plan may be administered by one or more
Committees. Each Committee shall consist of one or more members of the Board of Directors who have
been appointed by the Board of Directors. Each Committee shall have such authority and be
responsible for such functions as the Board of Directors has assigned to it. If no Committee has
been appointed, the entire Board of Directors shall administer the Plan. Any reference to the
Board of Directors in the Plan shall be construed as a reference to the Committee (if any) to whom
the Board of Directors has assigned a particular function.

          (b) Authority of the Board of Directors. Subject to the provisions of the Plan, the Board of
Directors shall have full authority and discretion to take any actions it deems necessary or
advisable for the administration of the Plan. All decisions, interpretations and other actions of
the Board of Directors shall be final and binding on all Purchasers, all Optionees and all persons
deriving their rights from a Purchaser or Optionee.

SECTION 3. ELIGIBILITY.

          (a) General Rule. Only Employees, Outside Directors and Consultants shall be eligible for the
grant of Nonstatutory Options or the direct award or sale of Shares. Only Employees shall be
eligible for the grant of ISOs.

          (b) Ten-Percent Stockholders. A person who owns more than 10% of the total combined voting
power of all classes of outstanding stock of the Company, its Parent or any of its Subsidiaries
shall not be eligible for designation as an Optionee or Purchaser unless (i) the Exercise Price is
at least 110% of the Fair Market Value of a Share on the date of grant, (ii) the Purchase Price (if
any) is at least 100% of the Fair Market Value of a Share and (iii) in the case of an ISO, such ISO
by its terms is not exercisable after the expiration of five years from the date of grant. For
purposes of this Subsection (b), in determining stock ownership, the attribution rules of Section
424(d) of the Code shall be applied.

 

 

SECTION 4. STOCK SUBJECT TO PLAN.

          (a) Basic
Limitation. Not more than 38,965,8371 Shares may be issued under the
Plan (subject to Subsection (b) below and Section 8). The number of Shares that are subject to
Options or other rights outstanding at any time under the Plan shall not exceed the number of
Shares that then remain available for issuance under the Plan. The Company, during the term of the
Plan, shall at all times reserve and keep available sufficient Shares to satisfy the requirements
of the Plan. Shares offered under the Plan may be authorized but unissued Shares or treasury
Shares.

          (b) Additional Shares. In the event that Shares previously issued under the Plan are
reacquired by the Company pursuant to a forfeiture provision, right of repurchase or right of first
refusal, such Shares shall be added to the number of Shares then available for issuance under the
Plan. However, the aggregate number of Shares issued upon the exercise of ISOs (including Shares
reacquired by the Company) shall in no event exceed 200% of the number specified in Subsection (a)
above. In the event that an outstanding Option or other right for any reason expires or is
canceled, the Shares allocable to the unexercised portion of such Option or other right shall not
reduce the number of Shares available for issuance under the Plan.

SECTION 5. TERMS AND CONDITIONS OF AWARDS OR SALES.

          (a) Stock Purchase Agreement. Each award or sale of Shares under the Plan (other than upon
exercise of an Option) shall be evidenced by a Stock Purchase Agreement between the Purchaser and
the Company. Such award or sale shall be subject to all applicable terms and conditions of the
Plan and may be subject to any other terms and conditions which are not inconsistent with the Plan
and which the Board of Directors deems appropriate for inclusion in a Stock Purchase Agreement.
The provisions of the various Stock Purchase Agreements entered into under the Plan need not be
identical.

          (b) Duration of Offers and Nontransferability of Rights. Any right to acquire Shares under
the Plan (other than an Option) shall automatically expire if not exercised by the Purchaser within
30 days after the grant of such right was communicated to the Purchaser by the Company. Such right
shall not be transferable and shall be exercisable only by the Purchaser to whom such right was
granted.

          (c) Purchase Price. The Purchase Price of Shares to be offered under the Plan shall not be
less than 85% of the Fair Market Value of such Shares, and a higher percentage may be required by
Section 3(b). Subject to the preceding sentence, the Board of Directors shall

 

			
	1	 	Reflects the 1.5-for-1 stock split effected
April 26, 2002. Also reflects the 2,693,051- share decrease in the share
reserve approved by the Board of Directors on May 6, 2003, the 3,651,494-share
increase in the share reserve approved by the Board of Directors on July 31,
2003, the 2,328,133-share increase approved by the Board of Directors on
January 21, 2004, the 290,000-share increase approved by the Board of Directors
on February 24, 2004, the 407,000-share increase approved by the Board of
Directors on March 25, 2004, the 2,535,000-share increase approved by the Board
of Directors on May 4, 2004, the 2,500,000 shares increase approved by the
Board of Directors on August 27, 2004, the 2,062,861 shares increase approved
by the Board of Directors on August 11, 2005, the 6,161,610 share increase
approved by the Board of Directors on April 18, 2006, the 4,122,790 share
increase approved by the Board of Directors on July 14, 2006, the 3,800,000
share increase approved by the Board of Directors on
November 22, 2006 and the 6,000,000 share increase approved by
the Board of Directors on December 8, 2006.

2

 

determine the Purchase Price at its sole discretion. The Purchase Price shall be payable in a
form described in Section 7.

          (d) Withholding Taxes. As a condition to the purchase of Shares, the Purchaser shall make
such arrangements as the Board of Directors may require for the satisfaction of any federal, state,
local or foreign withholding tax obligations that may arise in connection with such purchase.

          (e) Restrictions on Transfer of Shares and Minimum Vesting. Any Shares awarded or sold under
the Plan shall be subject to such special forfeiture conditions, rights of repurchase, rights of
first refusal and other transfer restrictions as the Board of Directors may determine. Such
restrictions shall be set forth in the applicable Stock Purchase Agreement and shall apply in
addition to any restrictions that may apply to holders of Shares generally. In the case of a
Purchaser who is not an officer of the Company, an Outside Director or a Consultant:

          (i) Any right to repurchase the Purchaser’s Shares at the original Purchase
Price (if any) upon termination of the Purchaser’s Service shall lapse at least as
rapidly as 20% per year over the five-year period commencing on the date of the
award or sale of the Shares;

          (ii) Any such right may be exercised only for cash or for cancellation of
indebtedness incurred in purchasing the Shares; and

          (iii) Any such right may be exercised only within 90 days after the termination
of the Purchaser’s Service.

SECTION 6. TERMS AND CONDITIONS OF OPTIONS.

          (a) Stock Option Agreement. Each grant of an Option under the Plan shall be evidenced by a
Stock Option Agreement between the Optionee and the Company. The Option shall be subject to all
applicable terms and conditions of the Plan and may be subject to any other terms and conditions
which are not inconsistent with the Plan and which the Board of Directors deems appropriate for
inclusion in a Stock Option Agreement. The provisions of the various Stock Option Agreements
entered into under the Plan need not be identical.

          (b) Number of Shares. Each Stock Option Agreement shall specify the number of Shares that are
subject to the Option and shall provide for the adjustment of such number in accordance with
Section 8. The Stock Option Agreement shall also specify whether the Option is an ISO or a
Nonstatutory Option.

          (c) Exercise Price. Each Stock Option Agreement shall specify the Exercise Price. The
Exercise Price of an ISO shall not be less than 100% of the Fair Market Value of a Share on the
date of grant, and a higher percentage may be required by Section 3(b). The Exercise Price of a
Nonstatutory Option shall not be less than 85% of the Fair Market Value of a Share on the date of
grant, and a higher percentage may be required by Section 3(b). Subject to the preceding two
sentences, the Exercise Price under any Option shall be determined by the

3

 

Board of Directors at its sole discretion. The Exercise Price shall be payable in a form
described in Section 7.

          (d) Exercisability. Each Stock Option Agreement shall specify the date when all or any
installment of the Option is to become exercisable. No Option shall be exercisable unless the
Optionee has delivered an executed copy of the Stock Option Agreement to the Company. In the case
of an Optionee who is not an officer of the Company, an Outside Director or a Consultant, an Option
shall become exercisable at least as rapidly as 20% per year over the five-year period commencing
on the date of grant. Subject to the preceding sentence, the Board of Directors shall determine
the exercisability provisions of the Stock Option Agreement at its sole discretion.

          (e) Accelerated Exercisability. Unless the applicable Stock Option Agreement provides
otherwise, all of an Optionee’s Options shall become exercisable in full if (i) the Company is
subject to a Change in Control before the Optionee’s Service terminates, (ii) such Options do not
remain outstanding, (iii) such Options are not assumed by the surviving corporation or its parent
and (iv) the surviving corporation or its parent does not substitute options with substantially the
same terms for such Options.

          (f) Basic Term. The Stock Option Agreement shall specify the term of the Option. The term
shall not exceed 10 years from the date of grant, and a shorter term may be required by Section
3(b). Subject to the preceding sentence, the Board of Directors at its sole discretion shall
determine when an Option is to expire.

          (g) Termination of Service (Except by Death). If an Optionee’s Service terminates for any
reason other than the Optionee’s death, then the Optionee’s Options shall expire on the earliest of
the following occasions:

               (i) The expiration date determined pursuant to Subsection (f) above;

               (ii) The date three months after the termination of the Optionee’s Service for
any reason other than Disability, or such later date as the Board of Directors may
determine; or

               (iii) The date six months after the termination of the Optionee’s Service by
reason of Disability, or such later date as the Board of Directors may determine.

The Optionee may exercise all or part of the Optionee’s Options at any time before the expiration
of such Options under the preceding sentence, but only to the extent that such Options had become
exercisable before the Optionee’s Service terminated (or became exercisable as a result of the
termination) and the underlying Shares had vested before the Optionee’s Service terminated (or
vested as a result of the termination). The balance of such Options shall lapse when the
Optionee’s Service terminates. In the event that the Optionee dies after the termination of the
Optionee’s Service but before the expiration of the Optionee’s Options, all or part of such Options
may be exercised (prior to expiration) by the executors or administrators of the Optionee’s estate
or by any person who has acquired such Options directly from the Optionee by

4

 

beneficiary designation, bequest or inheritance, but only to the extent that such Options had
become exercisable before the Optionee’s Service terminated (or became exercisable as a result of
the termination) and the underlying Shares had vested before the Optionee’s Service terminated (or
vested as a result of the termination).

          (h) Leaves of Absence. For purposes of Subsection (g) above, Service shall be deemed to
continue while the Optionee is on a bona fide leave of absence, if such leave was approved by the
Company in writing and if continued crediting of Service for this purpose is expressly required by
the terms of such leave or by applicable law (as determined by the Company).

          (i) Death of Optionee. If an Optionee dies while the Optionee is in Service, then the
Optionee’s Options shall expire on the earlier of the following dates:

          (i) The expiration date determined pursuant to Subsection (f) above; or

          (ii) The date 12 months after the Optionee’s death, or such later date as the
Board of Directors may determine.

All or part of the Optionee’s Options may be exercised at any time before the expiration of such
Options under the preceding sentence by the executors or administrators of the Optionee’s estate or
by any person who has acquired such Options directly from the Optionee by beneficiary designation,
bequest or inheritance, but only to the extent that such Options had become exercisable before the
Optionee’s death (or became exercisable as a result of the death) and the underlying Shares had
vested before the Optionee’s death (or vested as a result of the Optionee’s death). The balance of
such Options shall lapse when the Optionee dies.

          (j) Restrictions on Transfer of Shares and Minimum Vesting. Any Shares issued upon exercise
of an Option shall be subject to such special forfeiture conditions, rights of repurchase, rights
of first refusal and other transfer restrictions as the Board of Directors may determine. Such
restrictions shall be set forth in the applicable Stock Option Agreement and shall apply in
addition to any restrictions that may apply to holders of Shares generally. In the case of an
Optionee who is not an officer of the Company, an Outside Director or a Consultant:

          (i) Any right to repurchase the Optionee’s Shares at the original Exercise
Price upon termination of the Optionee’s Service shall lapse at least as rapidly as
20% per year over the five-year period commencing on the date of the option grant;

          (ii) Any such right may be exercised only for cash or for cancellation of
indebtedness incurred in purchasing the Shares; and

          (iii) Any such right may be exercised only within 90 days after the later of
(A) the termination of the Optionee’s Service or (B) the date of the option
exercise.

5

 

          (k) Transferability of Options. An Option shall be transferable by the Optionee only by (i) a
beneficiary designation, (ii) a will or (iii) the laws of descent and distribution, except as
provided in the next sentence. If the applicable Stock Option Agreement so provides, an NSO shall
also be transferable, in whole or in part, by the Optionee by a gift
to a Family Member.

          (l) Withholding Taxes. As a condition to the exercise of an Option, the Optionee shall make
such arrangements as the Board of Directors may require for the satisfaction of any federal, state,
local or foreign withholding tax obligations that may arise in connection with such exercise. The
Optionee shall also make such arrangements as the Board of Directors may require for the
satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in
connection with the disposition of Shares acquired by exercising an Option.

          (m) No Rights as a Stockholder. An Optionee, or a transferee of an Optionee, shall have no
rights as a stockholder with respect to any Shares covered by the Optionee’s Option until such
person becomes entitled to receive such Shares by filing a notice of exercise and paying the
Exercise Price pursuant to the terms of such Option.

          (n) Modification, Extension and Assumption of Options. Within the limitations of the Plan,
the Board of Directors may modify, extend or assume outstanding Options or may accept the
cancellation of outstanding Options (whether granted by the Company or another issuer) in return
for the grant of new Options for the same or a different number of Shares and at the same or a
different Exercise Price. The foregoing notwithstanding, no modification of an Option shall,
without the consent of the Optionee, impair the Optionee’s rights or increase the Optionee’s
obligations under such Option.

SECTION 7. PAYMENT FOR SHARES.

          (a) General Rule. The entire Purchase Price or Exercise Price of Shares issued under the Plan
shall be payable in cash or cash equivalents at the time when such Shares are purchased, except as
otherwise provided in this Section 7.

          (b) Surrender of Stock. To the extent that a Stock Option Agreement so provides, all or any
part of the Exercise Price may be paid by surrendering, or attesting to the ownership of, Shares
that are already owned by the Optionee. Such Shares shall be surrendered to the Company in good
form for transfer and shall be valued at their Fair Market Value on the date when the Option is
exercised. The Optionee shall not surrender, or attest to the ownership of, Shares in payment of
the Exercise Price if such action would cause the Company to recognize compensation expense (or
additional compensation expense) with respect to the Option for financial reporting purposes.

6

 

          (c) Services Rendered. At the discretion of the Board of Directors, Shares may be awarded
under the Plan in consideration of services rendered to the Company, a Parent or a Subsidiary prior
to the award.

          (d) Promissory Note. To the extent that a Stock Option Agreement or Stock Purchase Agreement
so provides, all or a portion of the Exercise Price or Purchase Price (as the case may be) of
Shares issued under the Plan may be paid with a full-recourse promissory note. However, the par
value of the Shares, if newly issued, shall be paid in cash or cash equivalents. The Shares shall
be pledged as security for payment of the principal amount of the promissory note and interest
thereon. The interest rate payable under the terms of the promissory note shall not be less than
the minimum rate (if any) required to avoid the imputation of additional interest under the Code.
Subject to the foregoing, the Board of Directors (at its sole discretion) shall specify the term,
interest rate, amortization requirements (if any) and other provisions of such note.

          (e) Exercise/Sale. To the extent that a Stock Option Agreement so provides, and if Stock is
publicly traded, payment may be made all or in part by the delivery (on a form prescribed by the
Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares
and to deliver all or part of the sales proceeds to the Company in payment of all or part of the
Exercise Price and any withholding taxes.

          (f) Exercise/Pledge. To the extent that a Stock Option Agreement so provides, and if Stock is
publicly traded, payment may be made all or in part by the delivery (on a form prescribed by the
Company) of an irrevocable direction to pledge Shares to a securities broker or lender approved by
the Company, as security for a loan, and to deliver all or part of the loan proceeds to the Company
in payment of all or part of the Exercise Price and any withholding taxes.

SECTION 8. ADJUSTMENT OF SHARES.

          (a) General. In the event of a subdivision of the outstanding Stock, a declaration of a
dividend payable in Shares, a declaration of an extraordinary dividend payable in a form other than
Shares in an amount that has a material effect on the Fair Market Value of the Stock, a combination
or consolidation of the outstanding Stock into a lesser number of Shares, a recapitalization, a
spin-off, a reclassification or a similar occurrence, the Board of Directors shall make appropriate
adjustments in one or more of (i) the number of Shares available for future grants under Section 4,
(ii) the number of Shares covered by each outstanding Option or (iii) the Exercise Price under each
outstanding Option.

          (b) Mergers and Consolidations. In the event that the Company is a party to a merger or
consolidation, outstanding Options shall be subject to the agreement of merger or consolidation.
Such agreement shall provide for:

          (i) The continuation of such outstanding Options by the Company (if the Company
is the surviving corporation);

7

 

          (ii) The assumption of the Plan and such outstanding Options by the surviving
corporation or its parent;

          (iii) The substitution by the surviving corporation or its parent of options
with substantially the same terms for such outstanding Options;

          (iv) The full exercisability of such outstanding Options and full vesting of
the Shares subject to such Options, followed by the cancellation of such Options; or

          (v) The settlement of the full value of such outstanding Options (whether or
not then exercisable) in cash or cash equivalents, followed by the cancellation of
such Options.

          (c) Reservation of Rights. Except as provided in this Section 8, an Optionee or Purchaser
shall have no rights by reason of (i) any subdivision or consolidation of shares of stock of any
class, (ii) the payment of any dividend or (iii) any other increase or decrease in the number of
shares of stock of any class. Any issuance by the Company of shares of stock of any class, or
securities convertible into shares of stock of any class, shall not affect, and no adjustment by
reason thereof shall be made with respect to, the number or Exercise Price of Shares subject to an
Option. The grant of an Option pursuant to the Plan shall not affect in any way the right or power
of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or
business structure, to merge or consolidate or to dissolve, liquidate, sell or transfer all or any
part of its business or assets.

SECTION 9. SECURITIES LAW REQUIREMENTS.

          (a) General. Shares shall not be issued under the Plan unless the issuance and delivery of
such Shares comply with (or are exempt from) all applicable requirements of law, including (without
limitation) the Securities Act of 1933, as amended, the rules and regulations promulgated
thereunder, state securities laws and regulations, and the regulations of any stock exchange or
other securities market on which the Company’s securities may then be traded.

          (b) Financial Reports. The Company each year shall furnish to Optionees, Purchasers and
stockholders who have received Stock under the Plan its balance sheet and income statement, unless
such Optionees, Purchasers or stockholders are key Employees whose duties with the Company assure
them access to equivalent information. Such balance sheet and income statement need not be
audited.

SECTION 10. NO RETENTION RIGHTS.

          Nothing in the Plan or in any right or Option granted under the Plan shall confer upon the
Purchaser or Optionee any right to continue in Service for any period of specific duration or
interfere with or otherwise restrict in any way the rights of the Company (or any Parent or
Subsidiary employing or retaining the Purchaser or Optionee) or of the Purchaser or

8

 

Optionee, which rights are hereby expressly reserved by each, to terminate his or her Service
at any time and for any reason, with or without cause.

SECTION 11. DURATION AND AMENDMENTS.

          (a) Term of the Plan. The Plan, as set forth herein, shall become effective on the date of
its adoption by the Board of Directors, subject to the approval of the Company’s stockholders. If
the stockholders fail to approve the Plan within 12 months after its adoption by the Board of
Directors, then any grants, exercises or sales that have already occurred under the Plan shall be
rescinded and no additional grants, exercises or sales shall thereafter be made under the Plan.
The Plan shall terminate automatically 10 years after the later of (i) its adoption by the Board of
Directors or (ii) the most recent increase in the number of Shares reserved under Section 4 that
was approved by the Company’s stockholders. The Plan may be terminated on any earlier date
pursuant to Subsection (b) below.

          (b) Right to Amend or Terminate the Plan. The Board of Directors may amend, suspend or
terminate the Plan at any time and for any reason; provided, however, that any amendment of the
Plan shall be subject to the approval of the Company’s stockholders if it (i) increases the number
of Shares available for issuance under the Plan (except as provided in Section 8) or (ii)
materially changes the class of persons who are eligible for the grant of ISOs. Stockholder
approval shall not be required for any other amendment of the Plan. If the stockholders fail to
approve an increase in the number of Shares reserved under Section 4 within 12 months after its
adoption by the Board of Directors, then any grants, exercises or sales that have already occurred
in reliance on such increase shall be rescinded and no additional grants, exercises or sales shall
thereafter be made in reliance on such increase.

          (c) Effect of Amendment or Termination. No Shares shall be issued or sold under the Plan
after the termination thereof, except upon exercise of an Option granted prior to such termination.
The termination of the Plan, or any amendment thereof, shall not affect any Share previously
issued or any Option previously granted under the Plan.

SECTION 12. DEFINITIONS.

          (a) “Board of Directors” shall mean the Board of Directors of the Company, as constituted from
time to time.

          (b) “Change in Control” shall mean:

          (i) The consummation of a merger or consolidation of the Company with or into
another entity or any other corporate reorganization, if persons who were not
stockholders of the Company immediately prior to such merger, consolidation or other
reorganization own immediately after such merger, consolidation or other
reorganization 50% or more of the voting power of the outstanding securities of each
of (A) the continuing or surviving entity and (B) any direct or indirect parent
corporation of such continuing or surviving entity; or

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          (ii) The sale, transfer or other disposition of all or substantially all of the
Company’s assets.

A transaction shall not constitute a Change in Control if its sole purpose is to change the state
of the Company’s incorporation or to create a holding company that will be owned in substantially
the same proportions by the persons who held the Company’s securities immediately before such
transaction.

          (c) “Code” shall mean the Internal Revenue Code of 1986, as amended.

          (d) “Committee” shall mean a committee of the Board of Directors, as described in Section
2(a).

          (e) “Company” shall mean Aruba Wireless Networks, Inc., a Delaware corporation.

          (f) “Consultant” shall mean a person who performs bona fide services for the Company, a Parent
or a Subsidiary as a consultant or advisor, excluding Employees and Outside Directors.

          (g) “Disability” shall mean that the Optionee is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment.

          (h) “Employee” shall mean any individual who is a common-law employee of the Company, a Parent
or a Subsidiary.

          (i) “Exercise Price” shall mean the amount for which one Share may be purchased upon exercise
of an Option, as specified by the Board of Directors in the applicable Stock Option Agreement.

          (j) “Fair Market Value” shall mean the fair market value of a Share, as determined by the
Board of Directors in good faith. Such determination shall be conclusive and binding on all
persons.

          
(k) “Family Member” shall have the meaning set forth
in Rule 701 promulgated under the Securities Act of 1933, as
amended.

          (l) “ISO” shall mean an employee incentive stock option described in Section 422(b) of the
Code.

          (m) “Nonstatutory Option” shall mean a stock option not described in Sections 422(b) or 423(b)
of the Code.

          (n) “Option” shall mean an ISO or Nonstatutory Option granted under the Plan and entitling the
holder to purchase Shares.

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          (o) “Optionee” shall mean a person who holds an Option.

          (p) “Outside Director” shall mean a member of the Board of Directors who is not an Employee.

          (q) “Parent” shall mean any corporation (other than the Company) in an unbroken chain of
corporations ending with the Company, if each of the corporations other than the Company owns stock
possessing 50% or more of the total combined voting power of all classes of stock in one of the
other corporations in such chain. A corporation that attains the status of a Parent on a date
after the adoption of the Plan shall be considered a Parent commencing as of such date.

          (r) “Plan” shall mean this Aruba Wireless Networks, Inc. 2002 Stock Plan.

          (s) “Purchase Price” shall mean the consideration for which one Share may be acquired under
the Plan (other than upon exercise of an Option), as specified by the Board of Directors.

          (t) “Purchaser” shall mean a person to whom the Board of Directors has offered the right to
acquire Shares under the Plan (other than upon exercise of an Option).

          (u) “Service” shall mean service as an Employee, Outside Director or Consultant.

          (v) “Share” shall mean one share of Stock, as adjusted in accordance with Section 8 (if
applicable).

          (w) “Stock” shall mean the Common Stock of the Company, with a par value of $0.0001 per Share.

          (x) “Stock Option Agreement” shall mean the agreement between the Company and an Optionee that
contains the terms, conditions and restrictions pertaining to the Optionee’s Option.

          (y) “Stock Purchase Agreement” shall mean the agreement between the Company and a Purchaser
who acquires Shares under the Plan that contains the terms, conditions and restrictions pertaining
to the acquisition of such Shares.

          (z) “Subsidiary” shall mean any corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company, if each of the corporations other than the last
corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain. A corporation that
attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a
Subsidiary commencing as of such date.

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