Document:

Amendment to Retention Agreement, dated December 23, 2005, between Aphton Corporation
      and James F. Smith

    Exhibit
      10.21A

    

    AMENDMENT
      TO RETENTION AGREEMENT

    

    This
      Amendment to the Retention Agreement is entered into on this 23rd
      day of
      December, 2005, by and between JAMES F. SMITH (“Executive”) and APHTON
      CORPORATION (the “Company”).

     

    WHEREAS,
      the
      Company and the Executive entered into a Retention Agreement (the “Retention
      Agreement”)
      on the
      12th
      day of
      August, 2005; and

     

    WHEREAS,
      the
      Company paid fifty percent (50%) of the Retention Bonus to the Executive
      pursuant to Section
      3.A.
      of the
      Retention Agreement; and

     

    WHEREAS,
      the
      Company and the Executive have determined that due to changed circumstances
      of
      the Company, it is in the best interests of the Company and the Executive to
      amend the Retention Agreement in certain respects; and

     

    NOW,
      THEREFORE,
      in
      consideration of their mutual promises in the Retention Agreement, and other
      good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties, intending to be legally bound, amend the Retention
      Agreement as follows:

     

    
      	1.  	
              Modification
                of Retention Bonus.
                

            

    

     

    
      	a.  	
              The
                parties hereby agree that the aggregate amount of Retention Bonus
                payable
                under the Retention Agreement shall be amended to be $168,000.00
                (the
                “Amended Bonus”); which sum represents that portion of the Retention Bonus
                previously earned by the Executive and timely paid by the Company
                pursuant
                to Section 3.A of the Retention Agreement as of the date of this
                Amendment. No further percentages of the Retention Bonus delineated
                in the
                Retention Agreement or any additional Retention Bonus of any kind
                shall be
                earned by the Executive nor become payable by the Company under the
                Retention Agreement.

            

    

     

    
      	b.  	
              Any
                references to amounts above the Amended Bonus that may be earned
                or become
                payable in the Retention Agreement, including any such references
                in
                Section 3, are hereby deleted.

            

    

     

    
      	2.  	
              Amendment
                of Retention Date in Section 2. 

            

    

     

    
      	a.  	
              The
                parties hereby agree that the Executive shall only be required to
                stay
                through the earlier of (i) March 16, 2006 or (ii) the date the Company
                files its annual report on Form 10-K with the Securities and Exchange
                Commission. 

            

    

     

    
      	b.  	
              In
                order to effect the above agreement, the first sentence of the first
                paragraph of Section 2 is hereby deleted in its entirety and the
                remainder
                of the paragraph is amended and restated by deleting the text appearing
                therein in its entirety and inserting the following text in
                lieu
                thereof:

            

    

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    If
      the
      Executive does not remain continuously employed with the Company from the date
      of this Amendment through the earlier of (i) March 16, 2006 or (ii) the date
      the
      Company files its annual report on Form 10-K with the Securities and Exchange
      Commission, the Executive must pay to the Company, within ten (10) business
      days
      of the last date of the Executive’s employment, an amount equal to that portion
      of the Retention Bonus the Company has paid to the Executive pursuant to the
      Retention Agreement minus any Withholdings (as defined in the Retention
      Agreement); provided, however, that if the effect of any such repayment results
      in the Executive having a tax credit with respect to any federal, state and/or
      local taxes previously paid, then Executive shall also have the obligation
      to
      pay the Company the amount of any such credit.

     

    
      	c.  	
              The
                second paragraph of Section 2 remains
                unchanged.

            

    

     

    
      	 	
              3.

            	
              Section
                5.C., Entire Agreement/Amendments,
                of the Retention Agreement is hereby amended and restated by deleting
                the
                text appearing therein in its entirety and inserting the following
                text
                in
                lieu
                thereof:

            

    

     

    The
      Retention Agreement, as amended by this Amendment, and the Employment Agreement
      contain the entire understanding of the parties with respect to the employment
      of the Executive by the Company and supersede any other agreements (oral or
      written) between the Company and the Executive with respect thereto. There
      are
      no restrictions, agreements, promises, warranties, covenants or undertakings
      between the parties with respect to the subject matter of the Executive’s
      employment by the Company other than those expressly set forth in the Retention
      Agreement, as amended by this Amendment, and the Employment Agreement. Neither
      the Retention Agreement nor this Amendment may be altered, modified, or amended
      except by written instrument signed by the parties hereto.

     

    

    4. All
      terms
      of the Retention Agreement not amended herein remain in full force and
      effect.

     

    

    [SIGNATURE
      PAGE FOLLOWS]

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    
      	 EXECUTIVE	 	 	 APHTON
              CORPORATION
	/s/ JAMES
              F.
              SMITH	 	 	/s/ PATRICK
              T. MOONEY, M.D.
	
              

            	 	 	
              

            
	James
              F.
              Smith
Chief Financial Officer	 	 	Patrick
              T.
              Mooney
Chief Executive OfficerUnassociated Document

    

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.,

    Depositor

     

    

     

    CREDIT-BASED
      ASSET SERVICING AND SECURITIZATION LLC,

    Sponsor

     

    

     

    LITTON
      LOAN SERVICING LP,

    Servicer

     

    

     

    and

     

    

     

    JPMORGAN
      CHASE BANK, NATIONAL ASSOCIATION

    Trustee

     

    

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of March 1, 2006

     

    

     

    2006-CB3
      Trust

     

    

     

    C-BASS
      Mortgage Loan Asset-Backed Certificates, Series 2006-CB3

     

    

     

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    TABLE
      OF
      CONTENTS

     

    

      
        	
                ARTICLE
                  I

              
	
                DEFINITIONS

                 

              
	
                Section
                  1.01

              	
                Defined
                  Terms.

              
	
                Section
                  1.02

              	
                Accounting.

              
	
                Section
                  1.03

              	
                Allocation
                  of Certain Interest Shortfalls.

              
	
                 

                ARTICLE
                  II

              
	
                CONVEYANCE
                  OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

                 

              
	
                Section
                  2.01

              	
                Conveyance
                  of Mortgage Loans.

              
	
                Section
                  2.02

              	
                Acceptance
                  by the Trustee.

              
	
                Section
                  2.03

              	
                Repurchase
                  or Substitution of Mortgage Loans by the Sponsor.

              
	
                Section
                  2.04

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

              
	
                Section
                  2.05

              	
                Representations,
                  Warranties and Covenants of the Servicer.

              
	
                Section
                  2.06

              	
                Representations
                  and Warranties of the Depositor.

              
	
                Section
                  2.07

              	
                Representations
                  and Warranties of the Sponsor.

              
	
                Section
                  2.08

              	
                Covenants
                  of the Sponsor.

              
	
                Section
                  2.09

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

              
	
                Section
                  2.10

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

              
	
                Section
                  2.11

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

              
	
                Section
                  2.12

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

              
	
                Section
                  2.13

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

              
	
                Section
                  2.14

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

              
	
                Section
                  2.15

              	
                Conveyance
                  of Class P Interest and Acceptance of REMIC 9 by the Trustee; Issuance
                  of
                  the Class P Certificates.

              
	
                Section
                  2.16

              	
                Conveyance
                  of Class IO Interest and Acceptance of REMIC 10 by the Trustee;
                  Issuance
                  of REMIC 10 Regular Interest SWAP IO.

              
	
                 

                ARTICLE
                  III

              
	
                ADMINISTRATION
                  AND SERVICING OF THE TRUST FUND

                 

              
	
                Section
                  3.01

              	
                Servicer
                  to Act as Servicer.

              
	
                Section
                  3.02

              	
                Collection
                  of Mortgage Loan Payments.

              
	
                Section
                  3.03

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              
	
                Section
                  3.04

              	
                Collection
                  Account and Distribution Account.

              
	
                Section
                  3.05

              	
                Permitted
                  Withdrawals From the Collection Account.

              
	
                Section
                  3.06

              	
                Establishment
                  of Escrow Accounts; Deposits in Escrow Accounts.

              
	
                Section
                  3.07

              	
                Permitted
                  Withdrawals From Escrow Account.

              
	
                Section
                  3.08

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

              
	
                Section
                  3.09

              	
                Transfer
                  of Accounts.

              
	
                Section
                  3.10

              	
                Maintenance
                  of Hazard Insurance.

              
	
                Section
                  3.11

              	
                Maintenance
                  of Mortgage Impairment Insurance Policy.

              
	
                Section
                  3.12

              	
                Fidelity
                  Bond, Errors and Omissions Insurance.

              
	
                Section
                  3.13

              	
                Title,
                  Management and Disposition of REO Property.

              
	
                Section
                  3.14

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

              
	
                Section
                  3.15

              	
                Notification
                  of Adjustments.

              
	
                Section
                  3.16

              	
                Optional
                  Purchases of Mortgage Loans by Servicer.

              
	
                Section
                  3.17

              	
                Trustee
                  to Cooperate; Release of Files.

              
	
                Section
                  3.18

              	
                Servicing
                  Compensation.

              
	
                Section
                  3.19

              	
                Annual
                  Statement as to Compliance.

              
	
                Section
                  3.20

              	
                Reports
                  on Assessment of Compliance and Attestation.

              
	
                Section
                  3.21

              	
                Access
                  to Certain Documentation and Information Regarding the Mortgage
                  Loans.

              
	
                Section
                  3.22

              	
                Periodic
                  Filings.

              
	
                Section
                  3.23

              	
                Obligations
                  of the Servicer in Respect of Compensating Interest.

              
	
                Section
                  3.24

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

              
	
                Section
                  3.25

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

              
	
                Section
                  3.26

              	
                Liability
                  of Servicer; Indemnification.

              
	
                Section
                  3.27

              	
                Reports
                  of Foreclosure and Abandonment of Mortgaged Properties.

              
	
                Section
                  3.28

              	
                Protection
                  of Assets.

              
	
                Section
                  3.29

              	
                Net
                  WAC Rate Carryover Reserve Account.

              
	
                Section
                  3.30

              	
                Advance
                  Facility.

              
	
                 

                ARTICLE
                  IV

              
	
                FLOW
                  OF FUNDS

                 

              
	
                Section
                  4.01

              	
                Interest
                  Distributions.

              
	
                Section
                  4.02

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

              
	
                Section
                  4.03

              	
                Allocation
                  of Losses.

              
	
                Section
                  4.04

              	
                Method
                  of Distribution.

              
	
                Section
                  4.05

              	
                Distributions
                  on Book-Entry Certificates.

              
	
                Section
                  4.06

              	
                Statements.

              
	
                Section
                  4.07

              	
                Remittance
                  Reports; Advances.

              
	
                Section
                  4.08

              	
                REMIC
                  Distributions.

              
	
                Section
                  4.09

              	
                Swap
                  Account.

              
	
                Section
                  4.10

              	
                Tax
                  Treatment of Swap Payments and Swap Termination Payments.

              
	
                 

                ARTICLE
                  V

              
	
                THE
                  CERTIFICATES

                 

              
	
                Section
                  5.01

              	
                The
                  Certificates.

              
	
                Section
                  5.02

              	
                Registration
                  of Transfer and Exchange of Certificates.

              
	
                Section
                  5.03

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              
	
                Section
                  5.04

              	
                Persons
                  Deemed Owners.

              
	
                Section
                  5.05

              	
                Appointment
                  of Paying Agent.

              
	
                 

                ARTICLE
                  VI

              
	
                THE
                  SPONSOR, THE SERVICER AND THE DEPOSITOR

                 

              
	
                Section
                  6.01

              	
                Liability
                  of the Sponsor, the Servicer and the Depositor.

              
	
                Section
                  6.02

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

              
	
                Section
                  6.03

              	
                Limitation
                  on Liability of the Servicer and Others.

              
	
                Section
                  6.04

              	
                Servicer
                  Not to Resign.

              
	
                Section
                  6.05

              	
                Delegation
                  of Duties.

              
	
                 

                ARTICLE
                  VII

                DEFAULT

                 

              
	
                Section
                  7.01

              	
                Servicer
                  Events of Termination.

              
	
                Section
                  7.02

              	
                Trustee
                  to Act; Appointment of Successor.

              
	
                Section
                  7.03

              	
                Waiver
                  of Defaults.

              
	
                Section
                  7.04

              	
                Notification
                  to Certificateholders.

              
	
                Section
                  7.05

              	
                Survivability
                  of Servicer Liabilities.

              
	
                 

                ARTICLE
                  VIII

                THE
                  TRUSTEE

                 

              
	
                Section
                  8.01

              	
                Duties
                  of Trustee.

              
	
                Section
                  8.02

              	
                Certain
                  Matters Affecting the Trustee.

              
	
                Section
                  8.03

              	
                Trustee
                  Not Liable for Certificates or Mortgage Loans.

              
	
                Section
                  8.04

              	
                Trustee
                  May Own Certificates.

              
	
                Section
                  8.05

              	
                Sponsor
                  to Pay Trustee Fees and Expenses.

              
	
                Section
                  8.06

              	
                Eligibility
                  Requirements for Trustee.

              
	
                Section
                  8.07

              	
                Resignation
                  or Removal of Trustee.

              
	
                Section
                  8.08

              	
                Successor
                  Trustee.

              
	
                Section
                  8.09

              	
                Merger
                  or Consolidation of Trustee.

              
	
                Section
                  8.10

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              
	
                Section
                  8.11

              	
                Limitation
                  of Liability.

              
	
                Section
                  8.12

              	
                Trustee
                  May Enforce Claims Without Possession of Certificates.

              
	
                Section
                  8.13

              	
                Suits
                  for Enforcement.

              
	
                Section
                  8.14

              	
                Waiver
                  of Bond Requirement.

              
	
                Section
                  8.15

              	
                Waiver
                  of Inventory, Accounting and Appraisal Requirement.

              
	
                Section
                  8.16

              	
                Compliance
                  with National Housing Act of 1934.

              
	
                 

                ARTICLE
                  IX

                REMIC
                  ADMINISTRATION

                 

              
	
                Section
                  9.01

              	
                REMIC
                  Administration.

              
	
                Section
                  9.02

              	
                Prohibited
                  Transactions and Activities.

              
	
                Section
                  9.03

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

              
	
                 

                ARTICLE
                  X

                TERMINATION

                 

              
	
                Section
                  10.01

              	
                Termination.

              
	
                Section
                  10.02

              	
                Additional
                  Termination Requirements.

              
	
                 

                ARTICLE
                  XI

                MISCELLANEOUS
                  PROVISIONS

                 

              
	
                Section
                  11.01

              	
                Amendment.

              
	
                Section
                  11.02

              	
                Recordation
                  of Agreement; Counterparts.

              
	
                Section
                  11.03

              	
                Limitation
                  on Rights of Certificateholders.

              
	
                Section
                  11.04

              	
                Governing
                  Law; Jurisdiction.

              
	
                Section
                  11.05

              	
                Notices.

              
	
                Section
                  11.06

              	
                Severability
                  of Provisions.

              
	
                Section
                  11.07

              	
                Article
                  and Section References.

              
	
                Section
                  11.08

              	
                Notice
                  to the Rating Agencies.

              
	
                Section
                  11.09

              	
                Further
                  Assurances.

              
	
                Section
                  11.10

              	
                Benefits
                  of Agreement.

              
	
                Section
                  11.11

              	
                Acts
                  of Certificateholders.

              
	
                Section
                  11.12

              	
                Compliance
                  with Regulation AB.

              
	 	 

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBITS:

     

    
      	
              Exhibit
                A-1

            	
              Form
                of Class AV-1 Certificates

            
	
              Exhibit
                A-2

            	
              Form
                of Class AV-2 Certificates

            
	
              Exhibit
                A-3

            	
              Form
                of Class AV-3 Certificates

            
	
              Exhibit
                A-4

            	
              Form
                of Class AV-4 Certificates

            
	
              Exhibit
                B-1

            	
              Form
                of Class B-1 Certificates

            
	
              Exhibit
                B-2

            	
              Form
                of Class B-2 Certificates

            
	
              Exhibit
                B-3

            	
              Form
                of Class B-3 Certificates

            
	
              Exhibit
                B-4

            	
              Form
                of Class B-4 Certificates

            
	
              Exhibit
                C-1-1

            	
              Form
                of Class R Certificates

            
	
              Exhibit
                C-1-2

            	
              Form
                of Class R-X Certificates

            
	
              Exhibit
                C-2

            	
              Form
                of Class M-1 Certificates

            
	
              Exhibit
                C-3

            	
              Form
                of Class M-2 Certificates

            
	
              Exhibit
                C-4

            	
              Form
                of Class M-3 Certificates

            
	
              Exhibit
                C-5

            	
              Form
                of Class M-4 Certificates

            
	
              Exhibit
                C-6

            	
              Form
                of Class M-5 Certificates

            
	
              Exhibit
                C-7

            	
              Form
                of Class M-6 Certificates

            
	
              Exhibit
                C-8

            	
              Form
                of Class CE Certificates

            
	
              Exhibit
                C-9

            	
              Form
                of Class P Certificates

            
	
              Exhibit
                D

            	
              Mortgage
                Loan Schedule

            
	
              Exhibit
                E

            	
              Form
                of Request for Release

            
	
              Exhibit
                F-1

            	
              Form
                of Trustee’s or Custodian’s Initial Certification

            
	
              Exhibit
                F-2

            	
              Form
                of Trustee’s or Custodian’s Final Certification

            
	
              Exhibit
                F-3

            	
              Form
                of Receipt of Mortgage Note

            
	
              Exhibit
                G

            	
              Mortgage
                Loan Purchase Agreement

            
	
              Exhibit
                H

            	
              Form
                of Lost Note Affidavit

            
	
              Exhibit
                I

            	
              Form
                of ERISA Representation

            
	
              Exhibit
                J-1

            	
              Form
                of Investment Letter Non-Rule 144A

            
	
              Exhibit
                J-2

            	
              Form
                of Investment Letter Rule 144A

            
	
              Exhibit
                K

            	
              Form
                of Residual Certificate Transfer Affidavit

            
	
              Exhibit
                L

            	
              Form
                of Transferor Certificate

            
	
              Exhibit
                M

            	
              Monthly
                Information Provided by Servicer

            
	
              Exhibit
                N

            	
              Form
                of Officer’s Certificate with Respect to Prepayments

            
	
              Exhibit
                O-1

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

            
	
              Exhibit
                O-2

            	
              Form
                of Certification to Be Provided to the Servicer by the
                Trustee

            
	
              Exhibit
                P

            	
              Form
                of Power of Attorney

            
	
              Exhibit
                Q

            	
              Form
                of Swap Agreement

            
	
              Exhibit
                R-1

            	
              Form
                1122(d) Servicing Criteria Letter

            
	
              Exhibit
                R-2

            	
              Form
                of Item 1123 Certification (Servicer)

            
	
              Exhibit
                S

            	
              Form
                8-K Disclosure

            
	
              Exhibit
                T

            	
              Form
                10-D Disclosure

            
	
              Exhibit
                U

            	
              Form
                10-K Disclosure

            

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    This
      Pooling and Servicing Agreement is dated as of March 1, 2006 (the “Agreement”),
      among CITIGROUP MORTGAGE LOAN TRUST INC., as depositor (the “Depositor”),
      CREDIT-BASED ASSET SERVICING AND SECURITIZATION LLC, as Sponsor (the “Sponsor”),
      LITTON LOAN SERVICING LP, as servicer (the “Servicer”) and JPMORGAN CHASE BANK,
      NATIONAL ASSOCIATION, as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    REMIC
      1

     

    As
      provided herein, the Trustee will make an election to treat the segregated
      pool
      of assets consisting of the Mortgage Loans and certain other related assets
      subject to this Agreement (exclusive of the Net WAC Rate Carryover Reserve
      Account, the Swap Account, the Supplemental Interest Trust and the Interest
      Rate
      Swap Agreement) as a real estate investment conduit (a “REMIC”) for federal
      income tax purposes, and such segregated pool of assets will be designated
      as
“REMIC 1.” The Class R-1 Interest will represent the sole class of “residual
      interests” in REMIC 1 for purposes of the REMIC Provisions. The following table
      irrevocably sets forth the designation, the Uncertificated REMIC 1 Pass-Through
      Rate, the initial Uncertificated Principal Balance, and solely for purposes
      of
      satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible
      maturity date” for each of the REMIC 1 Regular Interests. None of the REMIC 1
      Regular Interests will be certificated. 

     

    

      
        	
                Designation

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              	
                Initial

                Uncertificated
                  Principal Balance

              	
                Latest
                  Possible

                Maturity
                  Date(1)

              
	
                I

              	
                Variable(2)

              	
                $

              	
                41,700,715.61

              	
                March
                  25, 2036

              
	
                I-1-A

              	
                Variable(2)

              	
                $

              	
                6,454,973.75

              	
                March
                  25, 2036

              
	
                I-1-B

              	
                Variable(2)

              	
                $

              	
                6,454,973.75

              	
                March
                  25, 2036

              
	
                I-2-A

              	
                Variable(2)

              	
                $

              	
                7,837,541.25

              	
                March
                  25, 2036

              
	
                I-2-B

              	
                Variable(2)

              	
                $

              	
                7,837,541.25

              	
                March
                  25, 2036

              
	
                I-3-A

              	
                Variable(2)

              	
                $

              	
                9,186,402.50

              	
                March
                  25, 2036

              
	
                I-3-B

              	
                Variable(2)

              	
                $

              	
                9,186,402.50

              	
                March
                  25, 2036

              
	
                I-4-A

              	
                Variable(2)

              	
                $

              	
                10,468,137.50

              	
                March
                  25, 2036

              
	
                I-4-B

              	
                Variable(2)

              	
                $

              	
                10,468,137.50

              	
                March
                  25, 2036

              
	
                I-5-A

              	
                Variable(2)

              	
                $

              	
                11,768,526.25

              	
                March
                  25, 2036

              
	
                I-5-B

              	
                Variable(2)

              	
                $

              	
                11,768,526.25

              	
                March
                  25, 2036

              
	
                I-6-A

              	
                Variable(2)

              	
                $

              	
                13,004,881.25

              	
                March
                  25, 2036

              
	
                I-6-B

              	
                Variable(2)

              	
                $

              	
                13,004,881.25

              	
                March
                  25, 2036

              
	
                I-7-A

              	
                Variable(2)

              	
                $

              	
                14,052,652.50

              	
                March
                  25, 2036

              
	
                I-7-B

              	
                Variable(2)

              	
                $

              	
                14,052,652.50

              	
                March
                  25, 2036

              
	
                I-8-A

              	
                Variable(2)

              	
                $

              	
                14,921,756.25

              	
                March
                  25, 2036

              
	
                I-8-B

              	
                Variable(2)

              	
                $

              	
                14,921,756.25

              	
                March
                  25, 2036

              
	
                I-9-A

              	
                Variable(2)

              	
                $

              	
                15,278,500.00

              	
                March
                  25, 2036

              
	
                I-9-B

              	
                Variable(2)

              	
                $

              	
                15,278,500.00

              	
                March
                  25, 2036

              
	
                I-10-A

              	
                Variable(2)

              	
                $

              	
                14,794,597.50

              	
                March
                  25, 2036

              
	
                I-10-B

              	
                Variable(2)

              	
                $

              	
                14,794,597.50

              	
                March
                  25, 2036

              
	
                I-11-A

              	
                Variable(2)

              	
                $

              	
                14,220,532.50

              	
                March
                  25, 2036

              
	
                I-11-B

              	
                Variable(2)

              	
                $

              	
                14,220,532.50

              	
                March
                  25, 2036

              
	
                I-12-A

              	
                Variable(2)

              	
                $

              	
                13,554,045.00

              	
                March
                  25, 2036

              
	
                I-12-B

              	
                Variable(2)

              	
                $

              	
                13,554,045.00

              	
                March
                  25, 2036

              
	
                I-13-A

              	
                Variable(2)

              	
                $

              	
                12,914,986.25

              	
                March
                  25, 2036

              
	
                I-13-B

              	
                Variable(2)

              	
                $

              	
                12,914,986.25

              	
                March
                  25, 2036

              
	
                I-14-A

              	
                Variable(2)

              	
                $

              	
                12,321,875.00

              	
                March
                  25, 2036

              
	
                I-14-B

              	
                Variable(2)

              	
                $

              	
                12,321,875.00

              	
                March
                  25, 2036

              
	
                I-15-A

              	
                Variable(2)

              	
                $

              	
                11,746,146.25

              	
                March
                  25, 2036

              
	
                I-15-B

              	
                Variable(2)

              	
                $

              	
                11,746,146.25

              	
                March
                  25, 2036

              
	
                I-16-A

              	
                Variable(2)

              	
                $

              	
                11,218,341.25

              	
                March
                  25, 2036

              
	
                I-16-B

              	
                Variable(2)

              	
                $

              	
                11,218,341.25

              	
                March
                  25, 2036

              
	
                I-17-A

              	
                Variable(2)

              	
                $

              	
                10,795,555.00

              	
                March
                  25, 2036

              
	
                I-17-B

              	
                Variable(2)

              	
                $

              	
                10,795,555.00

              	
                March
                  25, 2036

              
	
                I-18-A

              	
                Variable(2)

              	
                $

              	
                10,721,403.75

              	
                March
                  25, 2036

              
	
                I-18-B

              	
                Variable(2)

              	
                $

              	
                10,721,403.75

              	
                March
                  25, 2036

              
	
                I-19-A

              	
                Variable(2)

              	
                $

              	
                12,769,751.25

              	
                March
                  25, 2036

              
	
                I-19-B

              	
                Variable(2)

              	
                $

              	
                12,769,751.25

              	
                March
                  25, 2036

              
	
                I-20-A

              	
                Variable(2)

              	
                $

              	
                16,913,932.50

              	
                March
                  25, 2036

              
	
                I-20-B

              	
                Variable(2)

              	
                $

              	
                16,913,932.50

              	
                March
                  25, 2036

              
	
                I-21-A

              	
                Variable(2)

              	
                $

              	
                15,915,953.75

              	
                March
                  25, 2036

              
	
                I-21-B

              	
                Variable(2)

              	
                $

              	
                15,915,953.75

              	
                March
                  25, 2036

              
	
                I-22-A

              	
                Variable(2)

              	
                $

              	
                15,040,482.50

              	
                March
                  25, 2036

              
	
                I-22-B

              	
                Variable(2)

              	
                $

              	
                15,040,482.50

              	
                March
                  25, 2036

              
	
                I-23-A

              	
                Variable(2)

              	
                $

              	
                13,280,311.25

              	
                March
                  25, 2036

              
	
                I-23-B

              	
                Variable(2)

              	
                $

              	
                13,280,311.25

              	
                March
                  25, 2036

              
	
                I-24-A

              	
                Variable(2)

              	
                $

              	
                10,737,392.50

              	
                March
                  25, 2036

              
	
                I-24-B

              	
                Variable(2)

              	
                $

              	
                10,737,392.50

              	
                March
                  25, 2036

              
	
                I-25-A

              	
                Variable(2)

              	
                $

              	
                7,418,622.50

              	
                March
                  25, 2036

              
	
                I-25-B

              	
                Variable(2)

              	
                $

              	
                7,418,622.50

              	
                March
                  25, 2036

              
	
                I-26-A

              	
                Variable(2)

              	
                $

              	
                6,592,790.00

              	
                March
                  25, 2036

              
	
                I-26-B

              	
                Variable(2)

              	
                $

              	
                6,592,790.00

              	
                March
                  25, 2036

              
	
                I-27-A

              	
                Variable(2)

              	
                $

              	
                5,814,253.75

              	
                March
                  25, 2036

              
	
                I-27-B

              	
                Variable(2)

              	
                $

              	
                5,814,253.75

              	
                March
                  25, 2036

              
	
                I-28-A

              	
                Variable(2)

              	
                $

              	
                5,484,587.50

              	
                March
                  25, 2036

              
	
                I-28-B

              	
                Variable(2)

              	
                $

              	
                5,484,587.50

              	
                March
                  25, 2036

              
	
                I-29-A

              	
                Variable(2)

              	
                $

              	
                5,176,336.25

              	
                March
                  25, 2036

              
	
                I-29-B

              	
                Variable(2)

              	
                $

              	
                5,176,336.25

              	
                March
                  25, 2036

              
	
                I-30-A

              	
                Variable(2)

              	
                $

              	
                4,885,891.25

              	
                March
                  25, 2036

              
	
                I-30-B

              	
                Variable(2)

              	
                $

              	
                4,885,891.25

              	
                March
                  25, 2036

              
	
                I-31-A

              	
                Variable(2)

              	
                $

              	
                4,612,266.25

              	
                March
                  25, 2036

              
	
                I-31-B

              	
                Variable(2)

              	
                $

              	
                4,612,266.25

              	
                March
                  25, 2036

              
	
                I-32-A

              	
                Variable(2)

              	
                $

              	
                4,354,230.00

              	
                March
                  25, 2036

              
	
                I-32-B

              	
                Variable(2)

              	
                $

              	
                4,354,230.00

              	
                March
                  25, 2036

              
	
                I-33-A

              	
                Variable(2)

              	
                $

              	
                4,110,251.25

              	
                March
                  25, 2036

              
	
                I-33-B

              	
                Variable(2)

              	
                $

              	
                4,110,251.25

              	
                March
                  25, 2036

              
	
                I-34-A

              	
                Variable(2)

              	
                $

              	
                2,003,415.00

              	
                March
                  25, 2036

              
	
                I-34-B

              	
                Variable(2)

              	
                $

              	
                2,003,415.00

              	
                March
                  25, 2036

              
	
                I-35-A

              	
                Variable(2)

              	
                $

              	
                2,628,496.25

              	
                March
                  25, 2036

              
	
                I-35-B

              	
                Variable(2)

              	
                $

              	
                2,628,496.25

              	
                March
                  25, 2036

              
	
                I-36-A

              	
                Variable(2)

              	
                $

              	
                2,483,572.50

              	
                March
                  25, 2036

              
	
                I-36-B

              	
                Variable(2)

              	
                $

              	
                2,483,572.50

              	
                March
                  25, 2036

              
	
                I-37-A

              	
                Variable(2)

              	
                $

              	
                2,347,077.50

              	
                March
                  25, 2036

              
	
                I-37-B

              	
                Variable(2)

              	
                $

              	
                2,347,077.50

              	
                March
                  25, 2036

              
	
                I-38-A

              	
                Variable(2)

              	
                $

              	
                2,218,340.00

              	
                March
                  25, 2036

              
	
                I-38-B

              	
                Variable(2)

              	
                $

              	
                2,218,340.00

              	
                March
                  25, 2036

              
	
                I-39-A

              	
                Variable(2)

              	
                $

              	
                2,096,905.00

              	
                March
                  25, 2036

              
	
                I-39-B

              	
                Variable(2)

              	
                $

              	
                2,096,905.00

              	
                March
                  25, 2036

              
	
                I-40-A

              	
                Variable(2)

              	
                $

              	
                38,193,787.50

              	
                March
                  25, 2036

              
	
                I-40-B

              	
                Variable(2)

              	
                $

              	
                38,193,787.50

              	
                March
                  25, 2036

              
	
                P

              	
                Variable(2)

              	
                $

              	
                100.00

              	
                March
                  25, 2036

              

      

    

     

     

    ________________

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

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      2

     

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

    

      
        	
                Designation

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              	
                Initial

                Uncertificated
                  Principal Balance

              	
                Latest
                  Possible

                Maturity
                  Date(1)

              
	
                LT2AA

              	
                Variable(2)

              	
                $

              	
                825,532,121.30

              	
                March
                  25, 2036

              
	
                LT2AV1

              	
                Variable(2)

              	
                $

              	
                3,728,260.00

              	
                March
                  25, 2036

              
	
                LT2AV2

              	
                Variable(2)

              	
                $

              	
                977,210.00

              	
                March
                  25, 2036

              
	
                LT2AV3

              	
                Variable(2)

              	
                $

              	
                1,277,620.00

              	
                March
                  25, 2036

              
	
                LT2AV4

              	
                Variable(2)

              	
                $

              	
                945,470.00

              	
                March
                  25, 2036

              
	
                LT2M1

              	
                Variable(2)

              	
                $

              	
                290,620.00

              	
                March
                  25, 2036

              
	
                LT2M2

              	
                Variable(2)

              	
                $

              	
                256,920.00

              	
                March
                  25, 2036

              
	
                LT2M3

              	
                Variable(2)

              	
                $

              	
                160,050.00

              	
                March
                  25, 2036

              
	
                LT2M4

              	
                Variable(2)

              	
                $

              	
                138,990.00

              	
                March
                  25, 2036

              
	
                LT2M5

              	
                Variable(2)

              	
                $

              	
                126,350.00

              	
                March
                  25, 2036

              
	
                LT2M6

              	
                Variable(2)

              	
                $

              	
                105,300.00

              	
                March
                  25, 2036

              
	
                LT2B1

              	
                Variable(2)

              	
                $

              	
                101,080.00

              	
                March
                  25, 2036

              
	
                LT2B2

              	
                Variable(2)

              	
                $

              	
                96,880.00

              	
                March
                  25, 2036

              
	
                LT2B3

              	
                Variable(2)

              	
                $

              	
                92,670.00

              	
                March
                  25, 2036

              
	
                LT2B4

              	
                Variable(2)

              	
                $

              	
                84,250.00

              	
                March
                  25, 2036

              
	
                LT2ZZ

              	
                Variable(2)

              	
                $

              	
                8,465,924.31

              	
                March
                  25, 2036

              
	
                LT2IO

              	
                Variable(2)

              	 	
                (3)

              	
                March
                  25, 2036

              
	
                LT2P

              	
                Variable(2)

              	
                $

              	
                100.00

              	
                March
                  25, 2036

              

      

    

     

    ________________

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

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

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      3

     

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

    

      
        	
                Class
                  Designation

              	
                Pass-Through

                Rate

              	
                Original
                  Class

                Certificate
                  Principal 

                Balance

              	
                Assumed
                  Final

                Maturity
                  Date(1)

              
	
                Class
                  AV-1

              	
                Variable(2)

              	
                $

              	
                372,826,000.00

              	
                March
                  25, 2036

              
	
                Class
                  AV-2

              	
                Variable(2)

              	
                $

              	
                97,721,000.00

              	
                March
                  25, 2036

              
	
                Class
                  AV-3

              	
                Variable(2)

              	
                $

              	
                127,762,000.00

              	
                March
                  25, 2036

              
	
                Class
                  AV-4

              	
                Variable(2)

              	
                $

              	
                94,547,000.00

              	
                March
                  25, 2036

              
	
                Class
                  M-1

              	
                Variable(2)

              	
                $

              	
                29,062,000.00

              	
                March
                  25, 2036

              
	
                Class
                  M-2 

              	
                Variable(2)

              	
                $

              	
                25,692,000.00

              	
                March
                  25, 2036

              
	
                Class
                  M-3

              	
                Variable(2)

              	
                $

              	
                16,005,000.00

              	
                March
                  25, 2036

              
	
                Class
                  M-4

              	
                Variable(2)

              	
                $

              	
                13,899,000.00

              	
                March
                  25, 2036

              
	
                Class
                  M-5

              	
                Variable(2)

              	
                $

              	
                12,635,000.00

              	
                March
                  25, 2036

              
	
                Class
                  M-6

              	
                Variable(2)

              	
                $

              	
                10,530,000.00

              	
                March
                  25, 2036

              
	
                Class
                  B-1 Interest

              	
                6.500%
                  per annum(3)

              	
                $

              	
                10,108,000.00

              	
                March
                  25, 2036

              
	
                Class
                  B-2 Interest

              	
                6.500%
                  per annum(3)

              	
                $

              	
                9,688,000.00

              	
                March
                  25, 2036

              
	
                Class
                  B-3 Interest

              	
                6.500%
                  per annum(3)

              	
                $

              	
                9,267,000.00

              	
                March
                  25, 2036

              
	
                Class
                  B-4 Interest

              	
                6.500%
                  per annum(3)

              	
                $

              	
                8,425,000.00

              	
                March
                  25, 2036

              
	
                Class
                  CE Interest 

              	
                Variable(4)

              	
                $

              	
                4,212,715.61

              	
                March
                  25, 2036

              
	
                Class
                  P Interest 

              	
                N/A(5)

              	
                $

              	
                100.00

              	
                March
                  25, 2036

              
	
                Class
                  IO Interest 

              	
                (6)

              	 	
                (7)

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

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

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

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

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

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      4

     

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

     

    
      	
              Class
                Designation

            	
              Pass-Through

              Rate

            	
              Original
                Class

              Certificate
                Principal Balance

            	
              Assumed
                Final

              Maturity
                Date(1)

            
	
              Class
                B-1

            	
              6.500%
                per annum(2)

            	
              $10,108,000.00

            	
              March
                25, 2036

            

    

    __________________

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

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      5

     

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

     

    
      	
              Class
                Designation

            	
              Pass-Through

              Rate

            	
              Original
                Class

              Certificate
                Principal Balance

            	
              Assumed
                Final

              Maturity
                Date(1)

            
	
              Class
                B-2

            	
              6.500%
                per annum(2)

            	
              $9,688,000.00

            	
              March
                25, 2036

            

    

    __________________

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

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      6

    

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

     

    
      	
              Class
                Designation

            	
              Pass-Through

              Rate

            	
              Original
                Class

              Certificate
                Principal Balance

            	
              Assumed
                Final

              Maturity
                Date(1)

            
	
              Class
                B-3

            	
              6.500%
                per annum(2)

            	
              $9,267,000.00

            	
              March
                25, 2036

            

    

    __________________

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

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      7

     

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

     

    
      	
              Class
                Designation

            	
              Pass-Through
                Rate

            	
              Original
                Class Certificate Principal Balance

            	
              Assumed
                Final 

              Maturity
                Date(1)

            
	
              Class
                B-4

            	
              6.500%
                per annum(2)

            	
              $8,425,000.00

            	
              March
                25, 2036

            

    

    __________________

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

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      8

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

     

    
      	
              Class
                Designation

            	
              Pass-Through

              Rate

            	
              Original
                Class

              Certificate

              Principal
                Balance

            	
              Assumed
                Final

              Maturity
                Date(1)

            
	
              Class
                CE

            	
              Variable(2)

            	
              $4,212,715.61

            	
              March
                25, 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
      9

     

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

     

    
      	
              Class
                Designation

            	
              Pass-Through

              Rate

            	
              Original
                Class

              Certificate

              Principal
                Balance

            	
              Assumed
                Final

              Maturity
                Date(1)

            
	
              Class
                P

            	
              N/A(2)

            	
              $100.00

            	
              March
                25, 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. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      10

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class IO Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC 10.”
The Class R-10 Interest represents the sole class of “residual interests” in
      REMIC 10 for purposes of the REMIC Provisions. The following table sets forth
      (or describes) the Class designation, Pass-Through Rate and Original Class
      Certificate Principal Balance for the Class of Certificates that represent
      the
“regular interest” in REMIC 10 created hereunder which will not be
      certificated.

     

    
      	
              Class
                Designation

            	
              Pass-Through

              Rate

            	
              Original
                Class

              Certificate

              Principal
                Balance

            	
              Assumed
                Final

              Maturity
                Date(1)

            
	
              SWAP
                IO

            	
              Variable(2)

            	
              N/A

            	
              March
                25, 2036

            

    

    __________________

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

    (2) REMIC
      10
      Regular Interest SWAP IO will receive 100% of amounts received in respect of
      the
      Class IO Interest. 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    ARTICLE
      I

    DEFINITIONS

     

    
      	Section
              1.01  	
              Defined
                Terms.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Applicable
      Regulations”: As to any Mortgage Loan, all federal, state and local laws,
      statutes, rules and regulations applicable thereto, including with respect
      to
      each FHA Loan, the FHA Regulations and the related FHA Insurance
      Contract.

     

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

     

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

     

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

     

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

     

    “Available
      Funds”: As to any Distribution Date, an amount equal to the excess of (i) the
      sum of (a) the aggregate of the Monthly Payments due during the related
      Collection Period and received by the Trustee one Business Day prior to the
      related Distribution Date, (b) Liquidation Proceeds, Insurance Proceeds,
      Principal Prepayments, Subsequent Recoveries, Substitution Adjustment Amounts,
      the Purchase Price for any repurchased Mortgage Loan, the Termination Price
      with
      respect to the termination of the Trust pursuant to Section 10.01 hereof and
      other unscheduled recoveries of principal and interest (excluding Prepayment
      Charges) in respect of the Mortgage Loans during the related Prepayment Period,
      (c) the aggregate of any amounts received in respect of an REO Property
      withdrawn from any REO Account and deposited in the Collection Account for
      such
      Distribution Date, (d) any Compensating Interest for such Distribution Date
      and
      (e) the aggregate of any Advances made by the Servicer for such Distribution
      Date over (ii) the sum of (a) amounts reimbursable or payable to the Servicer
      pursuant to Section 3.05, (b) Stayed Funds, (c) the Servicing Fee, (d) amounts
      payable to the Swap Provider (other than any Swap Termination Payment owed
      to
      the Swap Provider resulting from a Swap Provider Trigger Event) and (e) amounts
      deposited in the Collection Account or the Distribution Account, as the case
      may
      be, in error.

     

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

     

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

     

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

     

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

     

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

     

    “Certificate”:
      Any Regular Certificate or Residual Certificate.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Class
      AV-1 Certificate Margin”: For the Interest Accrual Period for each Distribution
      Date (i) prior to the Optional Termination Date, 0.060% per annum, and (ii)
      on
      or after the Optional Termination Date, 0.120% per annum.

     

    “Class
      AV-1 Interest Carry Forward Amount”: For the Interest Accrual Period for any
      Distribution Date, the Interest Carry Forward Amount for the Class AV-1
      Certificates for such Distribution Date.

     

    “Class
      AV-1 Pass-Through Rate”: For each Distribution Date, the lesser of (i) LIBOR as
      of the related LIBOR Determination Date, plus the Class AV-1 Certificate Margin
      and (ii) the Rate Cap for such Distribution Date.

     

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

     

    “Class
      AV-2 Certificate Margin”: For the Interest Accrual Period for each Distribution
      Date (i) prior to the Optional Termination Date, 0.110% per annum, and (ii)
      on
      or after the Optional Termination Date, 0.220% per annum.

     

    “Class
      AV-2 Interest Carry Forward Amount”: For the Interest Accrual Period for any
      Distribution Date, the Interest Carry Forward Amount for the Class AV-2
      Certificates for such Distribution Date.

     

    “Class
      AV-2 Pass-Through Rate”: For each Distribution Date, the lesser of (i) LIBOR as
      of the related LIBOR Determination Date, plus the Class AV-2 Certificate Margin
      and (ii) the Rate Cap for such Distribution Date.

     

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

     

    “Class
      AV-3 Certificate Margin”: For the Interest Accrual Period for each Distribution
      Date (i) prior to the Optional Termination Date, 0.170% per annum, and (ii)
      on
      or after the Optional Termination Date, 0.340% per annum.

     

    “Class
      AV-3 Interest Carry Forward Amount”: For the Interest Accrual Period for any
      Distribution Date, the Interest Carry Forward Amount for the Class AV-3
      Certificates for such Distribution Date.

     

    “Class
      AV-3 Pass-Through Rate”: For each Distribution Date, the lesser of (i) LIBOR as
      of the related LIBOR Determination Date, plus the Class AV-3 Certificate Margin
      and (ii) the Rate Cap for such Distribution Date.

     

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

     

    “Class
      AV-4 Certificate Margin”: For the Interest Accrual Period for each Distribution
      Date (i) prior to the Optional Termination Date, 0.260% per annum, and (ii)
      on
      or after the Optional Termination Date, 0.520% per annum.

     

    “Class
      AV-4 Interest Carry Forward Amount”: For the Interest Accrual Period for any
      Distribution Date, the Interest Carry Forward Amount for the Class AV-4
      Certificates for such Distribution Date.

     

    “Class
      AV-4 Pass-Through Rate”: For each Distribution Date, the lesser of (i) LIBOR as
      of the related LIBOR Determination Date, plus the Class AV-4 Certificate Margin
      and (ii) the Rate Cap for such Distribution Date.

     

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

     

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

     

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

     

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

     

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

     

    “Class
      B-1 Pass-Through Rate”: For each Distribution Date, the lesser of (i) prior to
      the Optional Termination Date, 6.500% per annum and on or after the Optional
      Termination Date, 7.000% per annum and (ii) the Rate Cap for such Distribution
      Date.

     

    “Class
      B-1 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the sum of the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account distributions of principal
      on
      the Class A Certificates on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      distributions of principal on the Class M-1 Certificates on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account distributions of principal on the Class M-2
      Certificates on such Distribution Date), (iv) the Certificate Principal Balance
      of the Class M-3 Certificates (after taking into account distributions of
      principal on the Class M-3 Certificates on such Distribution Date), (v) the
      Certificate Principal Balance of the Class M-4 Certificates (after taking into
      account distributions of principal on the Class M-4 Certificates on such
      Distribution Date), (vi) the Certificate Principal Balance of the Class M-5
      Certificates (after taking into account distributions of principal on the Class
      M-5 Certificates on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account distributions
      of principal on the Class M-6 Certificates on such Distribution Date) and (viii)
      the Certificate Principal Balance of the Class B-1 Certificates immediately
      prior to such Distribution Date over (y) the lesser of (A) the product of (i)
      92.50% and (ii) the Pool Balance as of the last day of the related Collection
      Period and (B) the Pool Balance as of the last day of the related Collection
      Period minus the Overcollateralization Floor, but in no event less than
      zero.

     

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

     

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

     

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

     

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

     

    “Class
      B-2 Pass-Through Rate”: For each Distribution Date, the lesser of (i) prior to
      the Optional Termination Date, 6.500% per annum and on or after the Optional
      Termination Date, 7.000% per annum and (ii) the Rate Cap for such Distribution
      Date.

     

    “Class
      B-2 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the sum of the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account distributions of principal
      on
      the Class A Certificates on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      distributions of principal on the Class M-1 Certificates on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account distributions of principal on the Class M-2
      Certificates on such Distribution Date), (iv) the Certificate Principal Balance
      of the Class M-3 Certificates (after taking into account distributions of
      principal on the Class M-3 Certificates on such Distribution Date), (v) the
      Certificate Principal Balance of the Class M-4 Certificates (after taking into
      account distributions of principal on the Class M-4 Certificates on such
      Distribution Date), (vi) the Certificate Principal Balance of the Class M-5
      Certificates (after taking into account distributions of principal on the Class
      M-5 Certificates on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account distributions
      of principal on the Class M-6 Certificates on such Distribution Date), (viii)
      the Certificate Principal Balance of the Class B-1 Certificates (after taking
      into account distributions of principal on the Class B-1 Certificates on such
      Distribution Date) and (ix) the Certificate Principal Balance of the Class
      B-2
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) 94.80% and (ii) the Pool Balance as of the last day
      of
      the related Collection Period and (B) the Pool Balance as of the last day of
      the
      related Collection Period minus the Overcollateralization Floor, but in no
      event
      less than zero.

     

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

     

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

     

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

     

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

     

    “Class
      B-3 Pass-Through Rate”: For each Distribution Date, the lesser of (i) prior to
      the Optional Termination Date, 6.500% per annum and on or after the Optional
      Termination Date, 7.000% per annum and (ii) the Rate Cap for such Distribution
      Date.

     

    “Class
      B-3 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the sum of the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account distributions of principal
      on
      the Class A Certificates on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      distributions of principal on the Class M-1 Certificates on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account distributions of principal on the Class M-2
      Certificates on such Distribution Date), (iv) the Certificate Principal Balance
      of the Class M-3 Certificates (after taking into account distributions of
      principal on the Class M-3 Certificates on such Distribution Date), (v) the
      Certificate Principal Balance of the Class M-4 Certificates (after taking into
      account distributions of principal on the Class M-4 Certificates on such
      Distribution Date), (vi) the Certificate Principal Balance of the Class M-5
      Certificates (after taking into account distributions of principal on the Class
      M-5 Certificates on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account distributions
      of principal on the Class M-6 Certificates on such Distribution Date), (viii)
      the Certificate Principal Balance of the Class B-1 Certificates (after taking
      into account distributions of principal on the Class B-1 Certificates on such
      Distribution Date), (ix) the Certificate Principal Balance of the Class B-2
      Certificates (after taking into account distributions of principal on the Class
      B-2 Certificates on such Distribution Date) and (x) the Certificate Principal
      Balance of the Class B-3 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 97.00% and (ii) the Pool
      Balance as of the last day of the related Collection Period and (B) the Pool
      Balance as of the last day of the related Collection Period minus
      Overcollateralization Floor, but in no event less than zero.

     

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

     

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

     

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

     

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

     

    “Class
      B-4 Pass-Through Rate”: For each Distribution Date, the lesser of (i) prior to
      the Optional Termination Date, 6.500% per annum and on or after the Optional
      Termination Date, 7.000% per annum and (ii) the Rate Cap for such Distribution
      Date.

     

    “Class
      B-4 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the sum of the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account distributions of principal
      on
      the Class A Certificates on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      distributions of principal on the Class M-1 Certificates on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account distributions of principal on the Class M-2
      Certificates on such Distribution Date), (iv) the Certificate Principal Balance
      of the Class M-3 Certificates (after taking into account distributions of
      principal on the Class M-3 Certificates on such Distribution Date), (v) the
      Certificate Principal Balance of the Class M-4 Certificates (after taking into
      account distributions of principal on the Class M-4 Certificates on such
      Distribution Date), (vi) the Certificate Principal Balance of the Class M-5
      Certificates (after taking into account distributions of principal on the Class
      M-5 Certificates on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account distributions
      of principal on the Class M-6 Certificates on such Distribution Date), (viii)
      the Certificate Principal Balance of the Class B-1 Certificates (after taking
      into account distributions of principal on the Class B-1 Certificates on such
      Distribution Date), (ix) the Certificate Principal Balance of the Class B-2
      Certificates (after taking into account distributions of principal on the Class
      B-2 Certificates on such Distribution Date), (x) the Certificate Principal
      Balance of the Class B-3 Certificates (after taking into account distributions
      of principal on the Class B-3 Certificates on such Distribution Date) and (xi)
      the Certificate Principal Balance of the Class B-4 Certificates immediately
      prior to such Distribution Date over (y) the lesser of (A) the product of (i)
      99.00% and (ii) the Pool Balance as of the last day of the related Collection
      Period and (B) the Pool Balance as of the last day of the related Collection
      Period minus the Overcollateralization Floor, but in no event less than
      zero.

     

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

     

    “Class
      CE
      Certificate”: Any one of the Certificates with a “CE” designated on the face
      thereof substantially in the form annexed hereto as Exhibit C-8, executed by
      the
      Trustee on behalf of the Trust and authenticated and delivered by the
      Certificate Registrar, representing (i) a Regular Interest in REMIC 8, (ii)
      the
      obligation to pay Net WAC Rate Carryover Amounts and (iii) the obligation to
      receive the Class IO Distribution Amount.

     

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

     

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

     

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

     

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

     

    “Class
      M-1 Certificate Margin”: For the Interest Accrual Period for each Distribution
      Date (i) prior to the Optional Termination Date, 0.320% per annum, and (ii)
      on
      or after the Optional Termination Date, 0.480% per annum.

     

    “Class
      M-1 Pass-Through Rate”: For each Distribution Date, the lesser of (i) LIBOR as
      of the related LIBOR Determination Date, plus the Class M-1 Certificate Margin
      and (ii) the Rate Cap for such Distribution Date.

     

    “Class
      M-1 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the aggregate Certificate Principal Balance of the Class A
      Certificates (after taking into account distributions of principal on the Class
      A Certificates on such Distribution Date) and (ii) the Certificate Principal
      Balance of the Class M-1 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 71.40% and (ii) the Pool
      Balance as of the last day of the related Collection Period and (B) the Pool
      Balance as of the last day of the related Collection Period minus the
      Overcollateralization Floor, but in no event less than zero.

     

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

     

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

     

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

     

    “Class
      M-2 Certificate Margin”: For the Interest Accrual Period for each Distribution
      Date (i) prior to the Optional Termination Date, 0.330% per annum, and (ii)
      on
      or after the Optional Termination Date, 0.495% per annum.

     

    “Class
      M-2 Pass-Through Rate”: For each Distribution Date, the lesser of (i) LIBOR as
      of the related LIBOR Determination Date, plus the Class M-2 Certificate Margin
      and (ii) the Rate Cap for such Distribution Date.

     

    “Class
      M-2 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the aggregate Certificate Principal Balance of the Class A
      Certificates (after taking into account distributions of principal on the Class
      A Certificates on such Distribution Date), (ii) the Certificate Principal
      Balance of the Class M-1 Certificates (after taking into account distributions
      of principal on the Class M-1 Certificates on such Distribution Date) and (iii)
      the Certificate Principal Balance of the Class M-2 Certificates immediately
      prior to such Distribution Date over (y) the lesser of (A) the product of (i)
      77.50% and (ii) the Pool Balance as of the last day of the related Collection
      Period and (B) the Pool Balance as of the last day of the related Collection
      Period minus the Overcollateralization Floor, but in no event less than
      zero.

     

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

     

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

     

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

     

    “Class
      M-3 Certificate Margin”: For the Interest Accrual Period for each Distribution
      Date (i) prior to the Optional Termination Date, 0.350% per annum, and (ii)
      on
      or after the Optional Termination Date, 0.525% per annum.

     

    “Class
      M-3 Pass-Through Rate”: For each Distribution Date, the lesser of (i) LIBOR as
      of the related LIBOR Determination Date, plus the Class M-3 Certificate Margin
      and (ii) the Rate Cap for such Distribution Date.

     

    “Class
      M-3 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the aggregate Certificate Principal Balance of the Class A
      Certificates (after taking into account distributions of principal on the Class
      A Certificates on such Distribution Date), (ii) the Certificate Principal
      Balance of the Class M-1 Certificates (after taking into account distributions
      of principal on the Class M-1 Certificates on such Distribution Date), (iii)
      the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account distributions of principal on the Class M-2 Certificates on such
      Distribution Date) and (iv) the Certificate Principal Balance of the Class
      M-3
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) 81.30% and (ii) the Pool Balance as of the last day
      of
      the related Collection Period and (B) the Pool Balance as of the last day of
      the
      related Collection Period minus the Overcollateralization Floor, but in no
      event
      less than zero.

     

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

     

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

     

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

     

    “Class
      M-4 Certificate Margin”: For the Interest Accrual Period for each Distribution
      Date (i) prior to the Optional Termination Date, 0.450% per annum, and (ii)
      on
      or after the Optional Termination Date, 0.675% per annum.

     

    “Class
      M-4 Pass-Through Rate”: For each Distribution Date, the lesser of (i) LIBOR as
      of the related LIBOR Determination Date, plus the Class M-4 Certificate Margin
      and (ii) the Rate Cap for such Distribution Date.

     

    “Class
      M-4 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the aggregate Certificate Principal Balance of the Class A
      Certificates (after taking into account distributions of principal on the Class
      A Certificates on such Distribution Date), (ii) the Certificate Principal
      Balance of the Class M-1 Certificates (after taking into account distributions
      of principal on the Class M-1 Certificates on such Distribution Date), (iii)
      the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account distributions of principal on the Class M-2 Certificates on such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account distributions of principal on the Class
      M-3 Certificates on such Distribution Date) and (v) the Certificate Principal
      Balance of the Class M-4 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 84.60% and (ii) the Pool
      Balance as of the last day of the related Collection Period and (B) the Pool
      Balance as of the last day of the related Collection Period minus the
      Overcollateralization Floor, but in no event less than zero.

     

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

     

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

     

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

     

    “Class
      M-5 Certificate Margin”: For the Interest Accrual Period for each Distribution
      Date (i) prior to the Optional Termination Date, 0.460% per annum, and (ii)
      on
      or after the Optional Termination Date, 0.690% per annum.

     

    “Class
      M-5 Pass-Through Rate”: For each Distribution Date, the lesser of (i) LIBOR as
      of the related LIBOR Determination Date, plus the Class M-5 Certificate Margin
      and (ii) the related Rate Cap for such Distribution Date.

     

    “Class
      M-5 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the aggregate Certificate Principal Balance of the Class A
      Certificates (after taking into account distributions of principal on the Class
      A Certificates on such Distribution Date), (ii) the Certificate Principal
      Balance of the Class M-1 Certificates (after taking into account distributions
      of principal on the Class M-1 Certificates on such Distribution Date), (iii)
      the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account distributions of principal on the Class M-2 Certificates on such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account distributions of principal on the Class
      M-3 Certificates on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account distributions
      of principal on the Class M-4 Certificates on such Distribution Date) and (vi)
      the Certificate Principal Balance of the Class M-5 Certificates immediately
      prior to such Distribution Date over (y) the lesser of (A) the product of (i)
      87.60% and (ii) the Pool Balance as of the last day of the related Collection
      Period and (B) the Pool Balance as of the last day of the related Collection
      Period minus the Overcollateralization Floor, but in no event less than
      zero.

     

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

     

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

     

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

     

    “Class
      M-6 Certificate Margin”: For the Interest Accrual Period for each Distribution
      Date (i) prior to the Optional Termination Date, 0.550% per annum, and (ii)
      on
      or after the Optional Termination Date, 0.825% per annum.

     

    “Class
      M-6 Pass-Through Rate”: For each Distribution Date, the lesser of (i) LIBOR as
      of the related LIBOR Determination Date, plus the Class M-6 Certificate Margin
      and (ii) the Rate Cap for such Distribution Date.

     

    “Class
      M-6 Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the sum of (i) the aggregate Certificate Principal Balance of the Class A
      Certificates (after taking into account distributions of principal on the Class
      A Certificates on such Distribution Date), (ii) the Certificate Principal
      Balance of the Class M-1 Certificates (after taking into account distributions
      of principal on the Class M-1 Certificates on such Distribution Date), (iii)
      the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account distributions of principal on the Class M-2 Certificates on such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account distributions of principal on the Class
      M-3 Certificates on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account distributions
      of principal on the Class M-4 Certificates on such Distribution Date), (vi)
      the
      Certificate Principal Balance of the Class M-5 Certificates (after taking into
      account distributions of principal on the Class M-5 Certificates on such
      Distribution Date) and (vii) the Certificate Principal Balance of the Class
      M-6
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) 90.10% and (ii) the Pool Balance as of the last day
      of
      the related Collection Period and (B) the Pool Balance as of the last day of
      the
      related Collection Period minus the Overcollateralization Floor, but in no
      event
      less than zero.

     

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

     

    “Class
      P
      Certificate”: Any one of the Class P Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit C-9, representing the right to distributions
      as
      set forth herein and therein.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Closing
      Date”: March 30, 2006.

     

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

     

    “Collection
      Account”: The account or accounts created and maintained by the Servicer
      pursuant to Section 3.04, which shall be entitled “Collection Account, Litton
      Loan Servicing LP, as Servicer, in trust for registered Holders of 2006-CB3
      Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB3,” and
      which must be an Eligible Account.

     

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

     

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

     

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

     

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

     

    “Conventional
      Mortgage Loan”: Any Mortgage Loan that is not an FHA Loan.

     

    “Corporate
      Trust Office”: With respect to the Trustee, the principal corporate trust office
      of the Trustee at which at any particular time its corporate trust business
      in
      connection with this Agreement shall be administered, which office at the date
      of the execution of this instrument is located at (a) 4 New York Plaza,
      6th
      Floor,
      New York, New York 10004, Attention: Worldwide Securities Services/Structured
      Finance Services, C-BASS CMLTI Series 2006-CB3 and (b) for purposes of
      Certificate transfer and exchange and surrender of the Certificates for final
      distribution, 2001 Bryon Street, 9th
      Floor,
      Dallas, Texas 75201, Attention Transfer Department C-BASS 2006-CB3, or at such
      other address as the Trustee may designate from time to time by notice to the
      Certificateholders, the Depositor, the Servicer and the Sponsor.

     

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

     

    
      	
              REMIC
                2 Regular Interest 

               

            	
              Regular
                Certificate

               

            
	
              LT2AV1

               

            	
              Class
                AV-1

               

            
	
              LT2AV2

               

            	
              Class
                AV-2

               

            
	
              LT2AV3

               

            	
              Class
                AV-3

               

            
	
              LT2AV4

               

            	
              Class
                AV-4

               

            
	
              LT2M1

               

            	
              Class
                M-1

               

            
	
              LT2M2

               

            	
              Class
                M-2

               

            
	
              LT2M3

               

            	
              Class
                M-3

               

            
	
              LT2M4
                

               

            	
              Class
                M-4

               

            
	
              LT2M5
                

               

            	
              Class
                M-5

               

            
	
              LT2M6
                

               

            	
              Class
                M-6

               

            
	
              LT2B1
                

               

            	
              Class
                B-1

               

            
	
              LT2B2
                

               

            	
              Class
                B-2

               

            
	
              LT2B3
                

               

            	
              Class
                B-3

               

            
	
              LT2B4

               

            	
              Class
                B-4

               

            
	
              LT2P

               

            	
              Class
                P

               

            

    

    

    “Custodial
      Agreement”: The Custodial Agreement, dated as of March 1, 2006, among the
      Trustee, the Servicer and the Custodian, as the same may be amended or
      supplemented pursuant to the terms thereof.

     

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

     

    “Cut-off
      Date”: With respect to each Mortgage Loan, March 1, 2006.

     

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

     

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

     

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

     

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

     

    “Deferred
      Interest”: With respect to any Mortgage Loan identified on the Mortgage Loan
      Schedule as having the possibility of negative amortization, the current portion
      of interest not currently paid by the Mortgagor that is added to the principal
      balance of such Mortgage Loan.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Distribution
      Account”: The trust account or accounts created and maintained by the Trustee
      pursuant to Section 3.04(b) which shall be entitled “Distribution Account,
      JPMorgan Chase Bank, National Association, as Trustee, in trust for the
      registered Holders of 2006-CB3 Trust, C-BASS Mortgage Loan Asset-Backed
      Certificates, Series 2006-CB3” and which must be an Eligible
      Account.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “ERISA
      Restricted Certificates”: Any of the Class CE Certificates, Class P Certificates
      and Residual Certificates.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “FHA”:
      The Federal Housing Administration, an agency within HUD.

     

    “FHA
      Approved Mortgagee”: Those institutions which are approved by FHA to act as
      servicer and mortgagee of record pursuant to FHA Regulations.

     

    “FHA
      Insurance Contract” or “FHA Insurance”: The contractual obligation of FHA
      respecting the insurance of an FHA Loan pursuant to the National Housing Act,
      as
      amended.

     

    “FHA
      Loan”: A Mortgage Loan which is the subject of an FHA Insurance Contract as
      evidenced by a Mortgage Insurance Certificate.

     

    “FHA
      Regulations”: Regulations promulgated by HUD under the National Housing Act,
      codified in 24 Code of Federal Regulations, and other HUD issuances relating
      to
      FHA Loans, including the related handbooks, circulars, notices and mortgagee
      letters.

     

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

     

    “Final
      Recovery Determination”: With respect to any defaulted Mortgage Loan or any REO
      Property (other than a Mortgage Loan or REO Property purchased by the Sponsor
      or
      the Servicer pursuant to or as contemplated by Section 2.03 or 10.01), a
      determination made by the Servicer that all Insurance Proceeds, Liquidation
      Proceeds and other payments or recoveries which the Servicer, in its reasonable
      good faith judgment, expects to be finally recoverable in respect thereof have
      been so recovered. The Servicer shall maintain records, prepared by a Servicing
      Officer, of each Final Recovery Determination made thereby.

     

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

     

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

     

    “Fixed
      Rate Certificates”: The Class B Certificates.

     

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

     

    “Floating
      Rate Certificates”: The Class A Certificates and the Mezzanine
      Certificates.

     

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

     

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

     

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

     

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

     

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

     

    “HUD”:
      The United States Department of Housing and Urban Development, or any successor
      thereto and including the Federal Housing Commissioner and the Secretary of
      Housing and Urban Development where appropriate under the FHA
      Regulations.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Interest
      Accrual Period”: With respect to any Distribution Date and (i) with respect to
      the Floating Rate Certificates, the period from the preceding Distribution
      Date
      to the day prior to the current Distribution Date (or, in the case of the first
      Distribution Date, the period from the Closing Date through April 24, 2006)
      and
      calculations of interest will be made on the basis of the actual number of
      days
      in the Interest Accrual Period and on a 360-day year, and (ii) with respect
      to
      the Fixed Rate Certificates and the Class CE Certificates, the calendar month
      immediately preceding the month in which such Distribution Date occurs, and
      calculations of interest will be made on the basis of a 360-day year assumed
      to
      consist of twelve 30-day months.

     

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

     

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

     

    “Interest
      Rate Swap Agreement”: The 1992 ISDA Master Agreement (Multicurrency-Cross
      Border) dated as of March 30, 2006 (together with the schedule thereto, the
      Master Agreement) between the Swap Provider and the Trustee (in its capacity
      as
      Supplemental Interest Trust Trustee).

     

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

     

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

     

    “LIBOR”:
      With respect to the Floating Rate Certificates and each Interest Accrual Period,
      the rate determined by the Trustee on the related LIBOR Determination Date
      on
      the basis of the offered rate for one month United States dollar deposits,
      as
      such rate appears on the Telerate Page 3750, as of 11:00 a.m. (London time)
      on
      such LIBOR Determination Date. If no such quotations are available on an LIBOR
      Determination Date, LIBOR for the related Interest Accrual Period will be
      established by the Trustee as follows:

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Losses”:
      As defined in Section 9.03.

     

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

     

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

     

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

     

    “Marker
      Rate”: With respect to the Class CE Interest and any Distribution Date, a per
      annum rate equal to two (2) times the weighted average of the Uncertificated
      REMIC 2 Pass-Through Rates for REMIC 2 Regular Interest LT2AV1, REMIC 2 Regular
      Interest LT2AV2, REMIC 2 Regular Interest LT2AV3, REMIC 2 Regular Interest
      LT2AV4, REMIC 2 Regular Interest LT2M1, REMIC 2 Regular Interest LT2M2, REMIC
      2
      Regular Interest LT2M3, REMIC 2 Regular Interest LT2M4, REMIC 2 Regular Interest
      LT2M5, REMIC 2 Regular Interest LT2M6, REMIC 2 Regular Interest LT2B1, REMIC
      2
      Regular Interest LT2B2, REMIC 2 Regular Interest LT2B3, REMIC 2 Regular Interest
      LT2B4 and REMIC 2 Regular Interest LT2ZZ, with the rate on each such REMIC
      2
      Regular Interest (other than REMIC 2 Regular Interest LT2ZZ) subject to a cap
      equal to the lesser of (i) (a) LIBOR as of the related LIBOR Determination
      Date,
      plus the related Certificate Margin for the Corresponding Certificate or (b)
      the
      fixed pass-through rate for the related Corresponding Certificate, as
      applicable, and (ii) the Rate Cap for such Distribution Date, and with the
      rate
      on REMIC 2 Regular Interest LT2ZZ subject to a cap of zero for the purpose
      of
      this calculation; provided, however, that for this purpose, calculations of
      the
      Uncertificated REMIC 2 Pass-Through Rate and the related caps with respect
      to
      REMIC 2 Regular Interest LT2AV1, REMIC 2 Regular Interest LT2AV2, REMIC 2
      Regular Interest LT2AV3, REMIC 2 Regular Interest LT2AV4, REMIC 2 Regular
      Interest LT2M1, REMIC 2 Regular Interest LT2M2, REMIC 2 Regular Interest LT2M3,
      REMIC 2 Regular Interest LT2M4, REMIC 2 Regular Interest LT2M5 and REMIC 2
      Regular Interest LT2M6, 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
      Loan Rate”: With respect to each Adjustable-Rate Mortgage Loan, the percentage
      set forth in the related Mortgage Note as the maximum Mortgage Interest Rate
      thereunder.

     

    “Maximum
      LT2ZZ Uncertificated Accrued Interest Deferral Amount”: With respect to any
      Distribution Date, the excess of (a) accrued interest at the Uncertificated
      REMIC 2 Pass-Through Rate applicable to REMIC 2 Regular Interest LT2ZZ for
      such
      Distribution Date on a balance equal to the Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest LT2ZZ minus the REMIC 2 Overcollateralized Amount,
      in
      each case for such Distribution Date, over (b) Uncertificated Accrued Interest
      on REMIC 2 Regular Interest LT2AV1, REMIC 2 Regular Interest LT2AV2, REMIC
      2
      Regular Interest LT2AV3, REMIC 2 Regular Interest LT2AV4, REMIC 2 Regular
      Interest LT2M1, REMIC 2 Regular Interest LT2M2, REMIC 2 Regular Interest LT2M3,
      REMIC 2 Regular Interest LT2M4, REMIC 2 Regular Interest LT2M5, REMIC 2 Regular
      Interest LT2M6, REMIC 2 Regular Interest LT2B1, REMIC 2 Regular Interest LT2B2,
      REMIC 2 Regular Interest LT2B3 and REMIC 2 Regular Interest LT2B4, with the
      rate
      on each such REMIC 2 Regular Interest subject to a cap equal to the lesser
      of
      (i) (a) LIBOR as of the related LIBOR Determination Date, plus the related
      Certificate Margin for the Corresponding Certificate or (b) the fixed
      pass-through rate for the related Corresponding Certificate, as applicable,
      and
      (ii) the Rate Cap for such Distribution Date for the purpose of this
      calculation; provided, however, that for this purpose, calculations of the
      Uncertificated REMIC 2 Pass-Through Rate and the related caps with respect
      to
      REMIC 2 Regular Interest LT2AV1, REMIC 2 Regular Interest LT2AV2, REMIC 2
      Regular Interest LT2AV3, REMIC 2 Regular Interest LT2AV4, REMIC 2 Regular
      Interest LT2M1, REMIC 2 Regular Interest LT2M2, REMIC 2 Regular Interest LT2M3,
      REMIC 2 Regular Interest LT2M4, REMIC 2 Regular Interest LT2M5 and REMIC 2
      Regular Interest LT2M6, shall be multiplied by a fraction, the numerator of
      which is the actual number of days elapsed in the related Interest Accrual
      Period and the denominator of which is 30.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Mortgage
      Insurance Certificate”: The certificate evidencing an FHA Insurance
      Contract.

     

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

     

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

     

    “Mortgage
      Loan Purchase Agreement”: The agreement between the Sponsor and the Depositor,
      dated as of March 27, 2006, regarding the transfer of the Mortgage Loans by
      the
      Sponsor to or at the direction of the Depositor.

     

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

     

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

     

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

     

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

     

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

     

    (5)
       the
      original months to maturity;

     

    (6)
       the
      date
      of origination;

     

    (7)
       the
      first
      payment date;

     

    (8)
       the
      stated maturity date;

     

    (9)
       the
      stated remaining months to maturity;

     

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

     

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

     

    (12)
       [reserved];

     

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

     

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

     

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

     

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

     

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

     

    (18)
       [reserved];

     

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

     

    (20)
       a
      code
      indicating whether the Mortgage Loan is conventional or insured by the
      FHA;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Mortgagor”:
      The obligor on a Mortgage Note.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Offered
      Certificates”: The Class A Certificates and the Mezzanine
      Certificates.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Pass-Through
      Rate”: Any of the Class AV-1 Pass-Through Rate, the Class AV-2 Pass-Through
      Rate, the Class AV-3 Pass-Through Rate, the Class AV-4 Pass-Through Rate, the
      Class M-1 Pass-Through Rate, the Class M-2 Pass-Through Rate, the Class M-3
      Pass-Through Rate, the Class M-4 Pass-Through Rate, the Class M-5 Pass-Through
      Rate, the Class M-6 Pass-Through Rate, the Class B-1 Pass-Through Rate, the
      Class B-2 Pass-Through Rate, the Class B-3 Pass-Through Rate or the Class B-4
      Pass-Through Rate. 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) interest on the Uncertificated Principal Balance
      of
      each REMIC 2 Regular Interest listed in clause (y) at a rate equal to the
      related Uncertificated REMIC 2 Pass-Through Rate minus the Marker Rate and
      the
      denominator of which is (y) the aggregate Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest LT2AA, REMIC 2 Regular Interest LT2AV1, REMIC 2 Regular
      Interest LT2AV2, REMIC 2 Regular Interest LT2AV3, REMIC 2 Regular Interest
      LT2AV4, REMIC 2 Regular Interest LT2M1, REMIC 2 Regular Interest LT2M2, REMIC
      2
      Regular Interest LT2M3, REMIC 2 Regular Interest LT2M4, REMIC 2 Regular Interest
      LT2M5, REMIC 2 Regular Interest LT2M6, REMIC 2 Regular Interest LT2B1, REMIC
      2
      Regular Interest LT2B2, REMIC 2 Regular Interest LT2B3, REMIC
      2
      Regular Interest LT2B4
      and
      REMIC 2 Regular Interest LT2ZZ.

     

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

     

    With
      respect to the Class B-1 Certificates, the Class B-2 Certificates, the Class
      B-3
      Certificates and the Class B-4 Certificates, 100% of the interest distributable
      to the Class B-1 Interest, the Class B-2 Interest, the Class B-3 Interest and
      the Class B-4 Interest, respectively, in each case expressed as a per annum
      rate.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Prepayment
      Period”: With respect to any Distribution Date, the period commencing on the
      16th
      day of
      the calendar month preceding the calendar month in which such Distribution
      Date
      occurs (or, in the case of the first Distribution Date, from March 1, 2006)
      and
      ending on the 15th
      day of
      the calendar month in which the related Distribution Date occurs.

     

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

     

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

     

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

     

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

     

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

     

    “Prospectus
      Supplement”: That certain Prospectus Supplement dated March 27, 2006 relating to
      the public offering of the Offered Certificates.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Reference
      Banks”: Those banks (i) with an established place of business in London,
      England, (ii) not controlling, under the control of or under common control
      with
      the Depositor or the Trustee, (iii) whose quotations appear on the Telerate
      Page
      3750 on the relevant LIBOR Determination Date and (iv) which have been
      designated as such by the Trustee; provided,
      however,
      that if
      fewer than two of such banks provide a LIBOR rate, then any leading banks
      selected by the Trustee which are engaged in transactions in United States
      dollar deposits in the international Eurocurrency market.

     

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

     

    “Regulation
      AB”: Subpart 22.1100 - Asset Backed Securities (Regulation AB), 17 C.F. R.
§§229.1100-229.1123 as such may be amended from time to time, and subject to
      such clarification and interpretation as have been provided by the Securities
      and Exchange Commission in the adopting release (Asset-Backed Securities,
      Securities Release No. 33-8518, 70 Fed. Reg. 1,506, 1.531 (January 7, 2005)
      or
      by the staff of the Securities and Exchange Commission, or as may be provided
      by
      the Securities and Exchange Commission or its staff from time to
      time.

     

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

     

    “Relief
      Act”: The Servicemembers Civil Relief Act.

     

    “Relief
      Act Interest Shortfall”: With respect to any Distribution Date, for any Mortgage
      Loan with respect to which there has been a reduction in the amount of interest
      collectible thereon for the most recently ended Collection Period as a result
      of
      the application of the Relief Act or any similar state law, the amount by which
      (i) interest collectible on such Mortgage Loan during such Collection Period
      is
      less than (ii) one month’s interest on the Principal Balance of such Mortgage
      Loan at the Mortgage Interest Rate for such Mortgage Loan before giving effect
      to the application of the Relief Act.

     

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

     

    “REMIC
      1”: The segregated pool of assets subject hereto, constituting the primary trust
      created hereby and to be administered hereunder, with respect to which a REMIC
      election is to be made consisting of: (i) such Mortgage Loans as from time
      to
      time are subject to this Agreement, together with the Mortgage Files relating
      thereto, and together with all collections thereon and proceeds thereof, (ii)
      any REO Property, together with all collections thereon and proceeds thereof,
      (iii) the Trustee’s rights with respect to the Mortgage Loans under all
      insurance policies, required to be maintained pursuant to this Agreement and
      any
      proceeds thereof, (iv) the Depositor’s rights under the Mortgage Loan Purchase
      Agreement (including any security interest created thereby) and (v) the
      Collection Account, the Distribution Account (subject to the last sentence
      of
      this definition) and any REO Account and such assets that are deposited therein
      from time to time and any investments thereof, together with any and all income,
      proceeds and payments with respect thereto. Notwithstanding the foregoing,
      however, a REMIC election will not be made with respect to the Net WAC Rate
      Carryover Reserve Account, the Supplemental Interest Trust, the Interest Rate
      Swap Agreement or the Swap Account.

     

    “REMIC
      1
      Regular Interests”: Any of the 82 separate non-certificated beneficial ownership
      interests in REMIC I issued hereunder and designated as a “regular interest” in
      REMIC 1. Each REMIC 1 Regular Interest shall accrue interest at the related
      Uncertificated REMIC 1 Pass-Through Rate in effect from time to time, and shall
      be entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Principal
      Balance as set forth in the Preliminary Statement hereto.

     

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

     

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

     

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

     

    “REMIC
      2
      Overcollateralized Amount”: With respect to any date of determination, (i) 1.00%
      of the aggregate Uncertificated Principal Balance of the REMIC 2 Regular
      Interests minus (ii) the aggregate Uncertificated Principal Balance of REMIC
      2
      Regular Interest LT2AV1, REMIC 2 Regular Interest LT2AV2, REMIC 2 Regular
      Interest LT2AV3, REMIC 2 Regular Interest LT2AV4, REMIC 2 Regular Interest
      LT2M1, REMIC 2 Regular Interest LT2M2, REMIC 2 Regular Interest LT2M3, REMIC
      2
      Regular Interest LT2M4, REMIC 2 Regular Interest LT2M5, REMIC 2 Regular Interest
      LT2M6, REMIC 2 Regular Interest LT2B1, REMIC 2 Regular Interest LT2B2, REMIC
      2
      Regular Interest LT2B3 and REMIC 2 Regular Interest LT2B4, in each case as
      of
      such date of determination.

     

    “REMIC
      2
      Principal Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to (a) the product of (i) the aggregate Principal Balance of the
      Mortgage Loans and related REO Properties then outstanding and (ii) 1 minus
      a
      fraction, the numerator of which is two times the aggregate Uncertificated
      Principal Balance of REMIC 2 Regular Interest LT2AV1, REMIC 2 Regular Interest
      LT2AV2, REMIC 2 Regular Interest LT2AV3, REMIC 2 Regular Interest LT2AV4, REMIC
      2 Regular Interest LT2M1, REMIC 2 Regular Interest LT2M2, REMIC 2 Regular
      Interest LT2M3, REMIC 2 Regular Interest LT2M4, REMIC 2 Regular Interest LT2M5,
      REMIC 2 Regular Interest LT2M6, REMIC 2 Regular Interest LT2B1, REMIC 2 Regular
      Interest LT2B2, REMIC 2 Regular Interest LT2B3 and REMIC 2 Regular Interest
      LT2B4, and the denominator of which is the aggregate Uncertificated Principal
      Balance of REMIC 2 Regular Interest LT2AV1, REMIC 2 Regular Interest LT2AV2,
      REMIC 2 Regular Interest LT2AV3, REMIC 2 Regular Interest LT2AV4, REMIC 2
      Regular Interest LT2M1, REMIC 2 Regular Interest LT2M2, REMIC 2 Regular Interest
      LT2M3, REMIC 2 Regular Interest LT2M4, REMIC 2 Regular Interest LT2M5, REMIC
      2
      Regular Interest LT2M6, REMIC 2 Regular Interest LT2B1, REMIC 2 Regular Interest
      LT2B2, REMIC 2 Regular Interest LT2B3, REMIC 2 Regular Interest LT2B4and REMIC
      2
      Regular Interest LT2ZZ.

     

    “REMIC
      2
      Regular Interests”: Any of the separate non-certificated beneficial ownership
      interests in REMIC 2 issued hereunder and designated as a “regular interest” in
      REMIC 2. Each REMIC 2 Regular Interest shall accrue interest at the related
      Uncertificated REMIC 2 Pass-Through Rate in effect from time to time, and shall
      be entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Principal
      Balance as set forth in the Preliminary Statement hereto. The following is
      a
      list of each of the REMIC I Regular Interests: REMIC 2 Regular Interest LT2AA,
      REMIC 2 Regular Interest LT2AV1, REMIC 2 Regular Interest LT2AV2, REMIC 2
      Regular Interest LT2AV3, REMIC 2 Regular Interest LT2AV4, REMIC 2 Regular
      Interest LT2M1, REMIC 2 Regular Interest LT2M2, REMIC 2 Regular Interest LT2M3,
      REMIC 2 Regular Interest LT2M4, REMIC 2 Regular Interest LT2M5, REMIC 2 Regular
      Interest LT2M6, REMIC 2 Regular Interest LT2B1, REMIC 2 Regular Interest LT2B2,
      REMIC 2 Regular Interest LT2B3, REMIC 2 Regular Interest LT2B4, REMIC 2 Regular
      Interest LT2P, REMIC 2 Regular Interest LT2IO and REMIC 2 Regular Interest
      LT2ZZ.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Senior
      Enhancement Percentage”: For any Distribution Date, the percentage obtained by
      dividing (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Mezzanine Certificates and the Class B Certificates and (ii) the
      Overcollateralization Amount, in each case before taking into account the
      distribution of the Principal Remittance Amount and the Extra Principal
      Distribution Amount on such Distribution Date by (y) the Pool Balance as of
      the
      last day of the related Collection Period.

     

    “Senior
      Principal Distribution Amount”: As of any Distribution Date on or after the
      Stepdown Date and as long as a Trigger Event is not in effect, the excess of
      (x)
      the aggregate Certificate Principal Balance of the Class A Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 64.50% and (ii) the Principal Balance of the Mortgage Loans
      as of
      the last day of the related Collection Period and (B) the Principal Balance
      of
      the Mortgage Loans as of the last day of the related Collection Period minus
      the
      Overcollateralization Floor, but in no event less than zero.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Servicing
      Fee Rate”: With respect to each Mortgage Loan, 0.50% per annum.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Stepdown
      Date”: The earlier to occur of (x) the Distribution Date on which the aggregate
      Certificate Principal Balance of the Class A Certificates is zero and (y) the
      later to occur of (A) the Distribution Date in April 2009 and (B) the first
      Distribution Date on which the Senior Enhancement Percentage is greater than
      or
      equal to 35.50%.

     

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

     

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

     

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

     

    “Supplemental
      Interest Trust Trustee”: JPMorgan Chase Bank, National Association, in its
      capacity as supplemental interest trust trustee of the Supplemental Interest
      Trust.

     

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

     

    “Swap
      Interest Shortfall Amount”: Any shortfall of interest with respect to any Class
      of Certificates resulting from the application of the Rate Cap due to a
      discrepancy between the Uncertificated Notional Amount of REMIC 10 Regular
      Interest SWAP IO and the scheduled notional amount.

     

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

     

    “Swap
      Provider”: The Bank of New York.

     

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

     

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

     

    “Targeted
      Overcollateralization Amount”: As of any Distribution Date, 0.50% of the Cut-off
      Date Principal Balance of the Mortgage Loans. The Targeted Overcollateralization
      Amount shall be zero when the aggregate Certificate Principal Balance of the
      Class A Certificates, the Mezzanine Certificates and the Class B Certificates
      has been reduced to zero.

     

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

     

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

     

    “Telerate
      Page 3750”: The display page currently so designated on the Bridge Telerate
      Service (or such other page as may replace the Telerate Page 3750 page on that
      service for the purpose of displaying London interbank offered rates of major
      banks).

     

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

     

    “Trigger
      Event”: With respect to any Distribution Date a Trigger Event is in effect, if
      (i) the six-month rolling average of 60+ Day Delinquent Loans (divided by the
      aggregate Principal Balance of the Mortgage Loans as of the last day of the
      previous calendar month) equals or exceeds 41.00% of the Senior Enhancement
      Percentage or (ii) the aggregate amount of Realized Losses incurred since the
      Cut-off Date through the last day of the related Collection Period (reduced
      by
      the amount of Subsequent Recoveries received since the Cut-off Date through
      the
      last day of the related Collection Period) divided by the Pool Balance exceeds
      the applicable percentages set forth below with respect to such distribution
      date: 

     

    
      	
              Distribution
                Date Occurring In

            	
              Percentage

            
	
              April
                2008 through March 2009

               

            	
              1.10%

               

            
	
              April
                2009 through March 2010

               

            	
              2.45%

               

            
	
              April
                2010 through March 2011

               

            	
              3.85%

               

            
	
              April
                2011 through March 2012

               

            	
              4.75%

               

            
	
              April
                2012 and thereafter

               

            	
              5.10%

               

            

    

    

    “Trust”:
      2006-CB3 Trust, the trust created hereunder.

     

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

     

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

     

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

     

    “Trustee
      Fee Rate”: With respect to any Distribution Date, 0.0025% per annum.

     

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

     

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

     

    
      	
              Distribution
                Date

            	
              REMIC
                2 Regular Interests

            
	
              1

            	
              I-1-A
                through I-40-A

            
	
              2

            	
              I-2-A
                through I-40-A

            
	
              3

            	
              I-3-A
                through I-40-A

            
	
              4

            	
              I-4-A
                through I-40-A

            
	
              5

            	
              I-5-A
                through I-40-A

            
	
              6

            	
              I-6-A
                through I-40-A

            
	
              7

            	
              I-7-A
                through I-40-A

            
	
              8

            	
              I-8-A
                through I-40-A

            
	
              9

            	
              I-9-A
                through I-40-A

            
	
              10

            	
              I-10-A
                through I-40-A

            
	
              11

            	
              I-11-A
                through I-40-A

            
	
              12

            	
              I-12-A
                through I-40-A

            
	
              13

            	
              I-13-A
                through I-40-A

            
	
              14

            	
              I-14-A
                through I-40-A

            
	
              15

            	
              I-15-A
                through I-40-A

            
	
              16

            	
              I-16-A
                through I-40-A

            
	
              17

            	
              I-17-A
                through I-40-A

            
	
              18

            	
              I-18-A
                through I-40-A

            
	
              19

            	
              I-19-A
                through I-40-A

            
	
              20

            	
              I-20-A
                through I-40-A

            
	
              21

            	
              I-21-A
                through I-40-A

            
	
              22

            	
              I-22-A
                through I-40-A

            
	
              23

            	
              I-23-A
                through I-40-A

            
	
              24

            	
              I-24-A
                through I-40-A

            
	
              25

            	
              I-25-A
                through I-40-A

            
	
              26

            	
              I-26-A
                through I-40-A

            
	
              27

            	
              I-27-A
                through I-40-A

            
	
              28

            	
              I-28-A
                through I-40-A

            
	
              29

            	
              I-29-A
                through I-40-A

            
	
              30

            	
              I-30-A
                through I-40-A

            
	
              31

            	
              I-31-A
                through I-40-A

            
	
              32

            	
              I-32-A
                through I-40-A

            
	
              33-37

            	
              I-33-A
                through I-40-A

            
	
              38

            	
              I-34-A
                through I-40-A

            
	
              39

            	
              I-35-A
                through I-40-A

            
	
              40

            	
              I-36-A
                through I-40-A

            
	
              41

            	
              I-37-A
                through I-40-A

            
	
              42

            	
              I-38-A
                through I-40-A

            
	
              43

            	
              I-39-A
                and I-40-A

            
	
              44

            	
              I-40-A

            
	
              thereafter

            	
              $0.00

            

    

    

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

     

    “Uncertificated
      Principal Balance”: With respect to each REMIC Regular Interest, the amount of
      such REMIC Regular Interest outstanding as of any date of determination. As
      of
      the Closing Date, the Uncertificated Principal Balance of each REMIC Regular
      Interest shall equal the amount set forth in the Preliminary Statement hereto
      as
      its initial Uncertificated Principal Balance. On each Distribution Date, the
      Uncertificated Principal Balance of each REMIC Regular Interest shall be reduced
      by all distributions of principal made on such REMIC Regular Interest on such
      Distribution Date pursuant to Section 4.03 and, if and to the extent necessary
      and appropriate, shall be further reduced on such Distribution Date by Realized
      Losses as provided in Section 4.03, and the Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest LT2ZZ shall be increased by interest deferrals as
      provided in Section 4.03. The Uncertificated Principal Balance of each REMIC
      Regular Interest that has an Uncertificated Principal Balance shall never be
      less than zero. With respect to the Class CE Interest as of any date of
      determination, an amount equal to the excess, if any, of (A) the then aggregate
      Uncertificated Principal Balance of the REMIC 2 Regular Interests over (B)
      the
      then aggregate Certificate Principal Balance of the Class A Certificates, the
      Mezzanine Certificates, the Class B Certificates and the Class P Certificates
      then outstanding.

     

    “Uncertificated
      REMIC 1 Pass-Through Rate”: With respect to REMIC 1 Regular Interest I and REMIC
      1 Regular Interest P, a per annum rate equal to the weighted average of the
      Net
      Mortgage Interest Rates of the Mortgage Loans. With respect to each REMIC 1
      Regular Interest ending with the designation “A”, a per annum rate equal to the
      weighted average of the Net Mortgage Interest Rates of the Mortgage Loans
      multiplied by 2, subject to a maximum rate of 10.316%. With respect to each
      REMIC 1 Regular Interest ending with the designation “B”, the greater of (x) a
      per annum rate equal to the excess, if any, of (i) 2 multiplied by the weighted
      average of the Net Mortgage Interest Rates of the Mortgage Loans over (ii)
      10.316% and (y) 0.00%.

     

    “Uncertificated
      REMIC 2 Pass-Through Rate”: With respect to REMIC 2 Regular Interest LTAA, REMIC
      2 Regular Interest LTAV1, REMIC 2 Regular Interest LTAV2, REMIC 2 Regular
      Interest LTAV3, REMIC 2 Regular Interest LTAV4, REMIC 2 Regular Interest LTM1,
      REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular
      Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6,
      REMIC 2 Regular Interest LTB1, REMIC 2 Regular Interest LTB2, REMIC 2 Regular
      Interest LTB3, REMIC 2 Regular Interest LTB4, REMIC 2 Regular Interest LTZZ
      and
      REMIC 2 Regular Interest LT2P, a
      per
      annum rate (but not less than zero) equal to the weighted average of (v) with
      respect to REMIC 1 Regular Interest I and REMIC 1 Regular Interest P, the
      Uncertificated REMIC 1 Pass-Through Rates for such REMIC 1 Regular Interests
      for
      each such Distribution Date, (w) with respect to REMIC 1 Regular Interests
      ending with the designation “B”, the weighted average of the Uncertificated
      REMIC 1 Pass-Through Rates for such REMIC 1 Regular Interests, weighted on
      the
      basis of the Uncertificated Principal Balance of such REMIC 1 Regular Interests
      for each such Distribution Date and (x) with respect to REMIC 1 Regular
      Interests ending with the designation “A”, for each Distribution Date listed
      below, the weighted average of the rates listed below for each such REMIC 1
      Regular Interest listed below, weighted on the basis of the Uncertificated
      Principal Balance of each such REMIC 1 Regular Interest for each such
      Distribution Date:

     

    
      	
              Distribution
                Date

            	
              REMIC
                1 Regular Interest

            	
              Rate

            
	
              1

            	
              I-1-A
                through I-40-A

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

            
	
              2

            	
              I-2-A
                through I-40-A

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

            
	 	
              I-1-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              3

            	
              I-3-A
                through I-40-A

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

            
	 	
              I-1-A
                and I-2-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              4

            	
              I-4-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-3-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              5

            	
              I-5-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-4-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              6

            	
              I-6-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-5-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              7

            	
              I-7-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-6-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              8

            	
              I-8-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-7-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              9

            	
              I-9-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-8-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              10

            	
              I-10-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-9-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              11

            	
              I-11-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-10-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              12

            	
              I-12-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-11-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              13

            	
              I-13-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-12-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              14

            	
              I-14-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-13-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              15

            	
              I-15-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-14-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              16

            	
              I-16-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-15-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              17

            	
              I-17-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-16-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              18

            	
              I-18-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-17-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              19

            	
              I-19-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-18-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              20

            	
              I-20-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-19-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              21

            	
              I-21-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-20-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              22

            	
              I-22-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-21-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              23

            	
              I-23-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-22-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              24

            	
              I-24-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-23-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              25

            	
              I-25-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-24-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              26

            	
              I-26-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-25-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              27

            	
              I-27-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-26-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              28

            	
              I-28-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-27-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              29

            	
              I-29-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-28-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              30

            	
              I-30-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-29-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              31

            	
              I-31-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-30-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              32

            	
              I-32-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-31-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              33-37

            	
              I-33-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-32-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              38

            	
              I-34-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-33-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              39

            	
              I-35-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-34-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              40

            	
              I-36-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-35-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              41

            	
              I-37-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-36-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              42

            	
              I-38-A
                through I-40-A

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

            
	 	
              I-1-A
                through I-37-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              43

            	
              I-39-A
                and I-40-A

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

            
	 	
              I-1-A
                through I-38-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              44

            	
              I-40-A

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

            
	 	
              I-1-A
                through I-39-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              thereafter

            	
              I-1-A
                through I-40-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            

    

    

    

    With
      respect to REMIC 2 Regular Interest LT2IO, and (a) the first 44 Distribution
      Dates, the excess of (i) the Uncertificated REMIC 1 Pass-Through Rates for
      REMIC
      1 Regular Interests ending with the designation “A” over (ii) 2 multiplied by
      Swap LIBOR, and (b) thereafter 0.00%.

     

    “Underwriters”:
      Citigroup Global Markets Inc., Banc of America Securities LLC, Lehman Brothers
      Inc. and Friedman, Billings, Ramsey & Co., Inc., as underwriters with
      respect to the Offered Certificates.

     

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

     

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

     

    “VA”:
      The
      U.S. Department of Veterans Affairs, an agency of the United States of America,
      or any successor thereto.

     

    “VA
      Guaranty Agreement”: The obligation of the United States to pay a specific
      percentage of a Mortgage Loan (subject to a maximum amount) upon default of
      the
      Mortgagor pursuant to the Serviceman’s Readjustment Act of 1944, as
      amended.

     

    “VA
      Loan”: A Mortgage Loan which is the subject of a VA Guaranty Agreement as
      evidenced by a Loan Guaranty Certificate.

     

    “VA
      Regulations”: Regulations promulgated by the Veterans Administration pursuant to
      the Serviceman’s Readjustment Act of 1944, as amended, codified in 36 Code of
      Federal Regulations, and other VA issuances relating to VA Loans, including
      related handbooks, circulars and notices.

     

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

     

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

     

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

     

    
      	Section
              1.02  	
              Accounting.

            

    

     

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

     

    
      	Section
              1.03  	
              Allocation
                of Certain Interest Shortfalls.

            

    

     

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

     

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

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 2 Regular Interests for any Distribution Date, the aggregate amount of
      any
      Prepayment Interest Shortfalls and the aggregate amount of any Relief Act
      Interest Shortfalls incurred in respect of the Mortgage Loans for any
      Distribution Date shall be allocated among REMIC 2 Regular Interest LT2AA,
      REMIC
      2 Regular Interest LT2AV1, REMIC 2 Regular Interest LT2AV2, REMIC 2 Regular
      Interest LT2AV3, REMIC 2 Regular Interest LT2AV4, REMIC 2 Regular Interest
      LT2M1, REMIC 2 Regular Interest LT2M2, REMIC 2 Regular Interest LT2M3, REMIC
      2
      Regular Interest LT2M4, REMIC 2 Regular Interest LT2M5, REMIC 2 Regular Interest
      LT2M6, REMIC 2 Regular Interest LT2B1, REMIC 2 Regular Interest LT2B2, REMIC
      2
      Regular Interest LT2B3 and REMIC 2 Regular Interest LT2B4 and REMIC 2 Regular
      Interest LT2ZZ, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 2 Pass-Through Rate on the respective Uncertificated
      Principal Balance of each such REMIC 2 Regular Interest.

     

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

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      II

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    
      	Section
              2.01  	
              Conveyance
                of Mortgage Loans.

            

    

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, on behalf of
      the
      Trust, without recourse for the benefit of the Certificateholders all the right,
      title and interest of the Depositor, including any security interest therein
      for
      the benefit of the Depositor, in and to (i) each Mortgage Loan identified on
      the
      Mortgage Loan Schedule, including the related Cut-off Date Principal Balance,
      all interest accruing thereon after the Cut-off Date and all collections in
      respect of interest and principal due after the Cut-off Date; (ii) property
      which secured each such Mortgage Loan and which has been acquired by foreclosure
      or deed in lieu of foreclosure; (iii) its interest in any insurance policies
      in
      respect of the Mortgage Loans; (iv) all proceeds of any of the foregoing; (v)
      the rights of the Depositor under the Mortgage Loan Purchase Agreement, (vi)
      the
      right to receive any amounts payable under the Interest Rate Swap Agreement
      and
      (vii) all other assets included or to be included in the Trust Fund;
provided,
      however,
      so long
      as the Servicer is an FHA Approved Mortgagee, the Commissioner of HUD shall
      have
      no obligation to recognize or deal with any person other than the Servicer
      with
      respect to FHA Insurance. Such assignment includes all interest and principal
      due to the Depositor or the Servicer after the Cut off Date with respect to
      the
      Mortgage Loans.

     

    In
      connection with such transfer and assignment, the Sponsor, on behalf of the
      Depositor, does hereby deliver or cause to be delivered to, and deposit with
      the
      Trustee, or its designated agent (the “Custodian”), the following documents or
      instruments with respect to each Mortgage Loan and shall, in accordance with
      Section 2.16, deliver or caused to be delivered to the Trustee (a “Mortgage
      File”) so transferred and assigned:

     

    
      	 	
              (i)

            	
              the
                original Mortgage Note, endorsed either (A) in blank or (B) in the
                following form: “Pay to the order of JPMorgan Chase Bank, National
                Association, as Trustee for the C-BASS Mortgage Loan Asset-Backed
                Certificates, Series 2006-CB3, without recourse,” or with respect to any
                lost Mortgage Note, an original Lost Note Affidavit, together with
                a copy
                of the related Mortgage Note;

            

    

     

    
      	 	
              (ii)

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

            

    

     

    
      	 	
              (iii)

            	
              an
                original Assignment of Mortgage, in form and substance acceptable
                for
                recording. The Mortgage shall be assigned either (A) in blank or
                (B) to
                “JPMorgan Chase Bank, National Association, as Trustee for the C-BASS
                Mortgage Loan Asset-Backed Certificates, Series 2006-CB3, without
                recourse”;

            

    

     

    
      	 	
              (iv)

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

            

    

     

    
      	 	
              (v)

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

            

    

     

    
      	 	
              (vi)

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

            

    

     

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

     

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

     

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

     

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

     

    In
      the
      event that any Mortgage Note is endorsed in blank as of the Closing Date,
      promptly following the Closing Date the Servicer shall cause to be completed
      such endorsements in the following form: “Pay to the order of JPMorgan Chase
      Bank, National Association, as Trustee for the C-BASS Mortgage Loan Asset-Backed
      Certificates, Series 2006-CB3, without recourse.”

     

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

     

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

     

    The
      Sponsor hereby directs the Trustee to execute, deliver and perform its
      obligations under the Interest Rate Swap Agreement (in its capacity as
      Supplemental Interest Trust Trustee). The Depositor, the Sponsor, the Servicer
      and the Holders of the Class A Certificates, the Mezzanine Certificates and
      the
      Class B Certificates by their acceptance of such Certificates acknowledge and
      agree that the Trustee shall execute, deliver and perform its obligations under
      the Interest Rate Swap Agreement and shall do so solely in its capacity as
      Supplemental Interest Trust Trustee, and not in its individual capacity. Every
      provision of this Agreement relating to the conduct or affecting the liability
      of or affording protection to the Trustee shall apply to the Trustee’s execution
      of the Interest Rate Swap Agreement, and the performance of its duties and
      satisfaction of its obligations thereunder.

     

    
      	Section
              2.02  	
              Acceptance
                by the Trustee.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

            

    

     

    (a)  Upon
      discovery or receipt of written notice of any materially defective document
      in,
      or that a document is missing from, a Mortgage File or of the breach by the
      Sponsor of any representation, warranty or covenant under the Mortgage Loan
      Purchase Agreement or in Section 2.04 in respect of any Mortgage Loan which
      materially adversely affects the value of such Mortgage Loan or the interest
      therein of the Certificateholders, the Trustee (or the Custodian, as applicable)
      shall promptly notify the Sponsor and the Servicer of such defect, missing
      document or breach and request that the Sponsor deliver such missing document
      or
      cure such defect or breach within 120 days or 150 days following the Closing
      Date, in the case of missing Mortgages or Assignments from the date the Sponsor
      was notified of such missing document, defect or breach, and if the Sponsor
      does
      not deliver such missing document or cure such defect or breach in all material
      respects during such period, the Trustee shall enforce the Sponsor’s obligation
      under the Mortgage Loan Purchase Agreement and inform the Sponsor of its
      obligation to repurchase such Mortgage Loan from the Trust Fund at the Purchase
      Price on or prior to the Determination Date following the expiration of such
      120
      day period (subject to Section 2.03(e)); provided that, in connection with
      any
      such breach that could not reasonably have been cured within such 120 day or
      150
      day period, if the Sponsor shall have commenced to cure such breach within
      such
      120 day or 150 day period, the Sponsor shall be permitted to proceed thereafter
      diligently and expeditiously to cure the same within the additional period
      provided under the Mortgage Loan Purchase Agreement. The Purchase Price for
      the
      repurchased Mortgage Loan shall be deposited in the Collection Account, and
      the
      Trustee, upon receipt of written certification from the Servicer of such
      deposit, shall release to the Sponsor the related Mortgage File and shall
      execute and deliver such instruments of transfer or assignment, in each case
      without recourse, representation or warranty, as the Sponsor shall furnish
      to it
      and as shall be necessary to vest in the Sponsor any Mortgage Loan released
      pursuant hereto and the Trustee shall have no further responsibility with regard
      to such Mortgage File. In lieu of repurchasing any such Mortgage Loan as
      provided above, the Sponsor may cause such Mortgage Loan to be removed from
      the
      Trust Fund (in which case it shall become a Defective Mortgage Loan) and
      substitute one or more Eligible Substitute Mortgage Loans in the manner and
      subject to the limitations set forth in Section 2.03(d). It is understood and
      agreed that the obligation of the Sponsor to cure or to repurchase (or to
      substitute for) any Mortgage Loan as to which a document is missing, a material
      defect in a constituent document exists or as to which such a breach has
      occurred and is continuing shall constitute the sole remedy against the Sponsor
      respecting such omission, defect or breach available to the Trustee on behalf
      of
      the Certificateholders.

     

    (b)  [Reserved].

     

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

     

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

     

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

     

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

     

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

     

    Notwithstanding
      anything to the contrary contained herein, the parties hereto acknowledge that
      the functions of the Trustee with respect to the custody, acceptance, inspection
      and release of the Mortgage Files pursuant to Sections 2.01, 2.02 and 2.03
      and
      preparation and delivery of the certifications in the form of Exhibit F-1,
      Exhibit F-2 and Exhibit F-3 shall be performed by the Custodian pursuant to
      the
      terms and conditions of the Custodial Agreement. The fees and expenses of the
      Custodian shall be paid by the Servicer.

     

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

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	Section
              2.05  	
              Representations,
                Warranties and Covenants of the Servicer.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	Section
              2.06  	
              Representations
                and Warranties of the Depositor.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	Section
              2.07  	
              Representations
                and Warranties of the Sponsor.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	Section
              2.08  	
              Covenants
                of the Sponsor.

            

    

     

    (a)  The
      Sponsor hereby covenants that except for the transfer hereunder, the Sponsor
      will not sell, pledge, assign or transfer to any other Person, or grant, create,
      incur, assume or suffer to exist any lien on any Mortgage Loan, or any interest
      therein; the Sponsor will notify the Trustee, as assignee of the Depositor,
      of
      the existence of any lien on any Mortgage Loan immediately upon discovery
      thereof, and the Sponsor will defend the right, title and interest of the Trust,
      as assignee of the Depositor, in, to and under the Mortgage Loans, against
      all
      claims of third parties claiming through or under the Sponsor; provided,
      however,
      that
      nothing in this Section 2.09 shall prevent or be deemed to prohibit the Sponsor
      from suffering to exist upon any of the Mortgage Properties any liens for
      municipal or other local taxes and other governmental charges if such taxes
      or
      governmental charges shall not at the time be due and payable or if the Sponsor
      shall currently be contesting the validity thereof in good faith by appropriate
      proceedings and shall have set aside on its books adequate reserves with respect
      thereto.

     

    (b)  The
      Sponsor hereby covenants that neither it nor any Affiliate of the Sponsor will
      directly solicit any Mortgagor hereunder to refinance the related Mortgage
      Loan.
      Notwithstanding the foregoing, the Sponsor and its Affiliates will be permitted
      to solicit a Mortgagor if the Sponsor or such Affiliate has received a request
      for verification of mortgage, a request for demand for payoff, a Mortgagor
      initiated written or verbal communication indicating a desire to prepay or
      refinance the related Mortgage Loan, or the Mortgagor initiates a title search
      and neither the Servicer nor its Affiliate will be deemed to directly solicit
      a
      Mortgagor if the Mortgagor receives marketing materials which are generally
      disseminated.

     

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

            

    

     

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

     

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

     

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

     

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

     

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

            

    

     

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

     

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

     

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

     

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

            

    

     

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

     

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

     

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

     

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

            

    

     

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

     

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

     

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

     

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

            

    

     

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

     

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

     

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

     

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

            

    

     

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

     

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

     

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

            

    

     

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

     

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

     

    
      	Section
              2.16  	
              Conveyance
                of Class IO Interest and Acceptance of REMIC 10 by the Trustee; Issuance
                of REMIC 10 Regular Interest SWAP IO.

            

    

     

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

     

    (b)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 10 (including
      the
      Residual Interest therein represented by the Class R-10 Interest) and the
      acceptance by the Trustee thereof, pursuant to Section 2.16(a), the Trustee,
      pursuant to the written request of the Depositor executed by an officer of
      the
      Depositor, has executed, authenticated and delivered to or upon the order of
      the
      Depositor, the Class R-10 Interest.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      III

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      TRUST FUND

     

    
      	Section
              3.01  	
              Servicer
                to Act as Servicer.

            

    

     

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

     

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

     

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

     

    In
      servicing and administering FHA Loans, if any, the Servicer shall comply
      strictly with the National Housing Act and the FHA Regulations, and
      administrative guidelines issued thereunder or pursuant thereto (insofar as
      the
      same apply to any Mortgage Loan) and, to the extent permitted hereunder,
      promptly discharge all of the obligations of the mortgagee thereunder and under
      each Mortgage including the timely giving of notices, the essence hereof being
      that the full benefits of each FHA Insurance Contract inure to the Trustee,
      on
      behalf of the Certificateholders.

     

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

     

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

     

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

     

    The
      Trustee shall make available on its website to the Depositor and the owner
      of
      the Class P Certificates, on a monthly basis, a statement setting forth the
      amounts received with respect to Prepayment Charges.

     

    
      	Section
              3.02  	
              Collection
                of Mortgage Loan Payments.

            

    

     

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

     

    
      	Section
              3.03  	
              Realization
                Upon Defaulted Mortgage Loans.

            

    

     

    In
      the
      event that any payment due under any Conventional Mortgage Loan is not paid
      when
      the same becomes due and payable, or in the event the Mortgagor fails to perform
      any other covenant or obligation under the Mortgage Loan and such failure
      continues beyond any applicable grace period, the Servicer shall take such
      action as it shall deem to be in the best interest of the Certificateholders.
      In
      the event that any payment due under any FHA Loan becomes delinquent, the
      Servicer shall take all such actions as are in the best interests of the
      Certificateholders and permitted under any applicable FHA loss mitigation
      proceedings, including, but not limited to, requesting the FHA to accept an
      assignment of such FHA Loan, and, upon the Servicer’s determination that
      foreclosure is in the best interest of the Certificateholders, commencing
      foreclosure proceedings. With respect to any defaulted Mortgage Loan, the
      Servicer shall have the right to review the status of the related forbearance
      plan and, subject to the second paragraph of Section 3.01, may modify such
      forbearance plan; including, extending the Mortgage Loan repayment date for
      a
      period of one year or reducing the Mortgage Interest Rate.

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	Section
              3.04  	
              Collection
                Account and Distribution Account.

            

    

     

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

     

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

     

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

     

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

     

    (iii)  all
      proceeds from a Final Recovery Determination;

     

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

     

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

     

    (vi)  all
      Subsequent Recoveries; and

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	Section
              3.05  	
              Permitted
                Withdrawals From the Collection Account.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

            

    

     

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

     

    The
      Servicer shall deposit in the Escrow Account or Accounts on a daily basis within
      two Business Days of receipt, and retain therein, (i) all Escrow Payments
      collected on account of the Mortgage Loans, for the purpose of effecting timely
      payment of any such items as required under the terms of this Agreement, and
      (ii) all Insurance Proceeds which are to be applied to the restoration or repair
      of any Mortgaged Property. The Servicer shall make withdrawals therefrom only
      to
      effect such payments as are required under this Agreement, and for such other
      purposes as shall be set forth in, or in accordance with, Section 3.07. The
      Servicer shall be entitled to retain any interest paid on funds deposited in
      the
      Escrow Account by the depository institution other than interest on escrowed
      funds required by law to be paid to the Mortgagor and, to the extent required
      by
      the related Mortgage Loan or Applicable Regulations, the Servicer shall pay
      interest on escrowed funds to the Mortgagor notwithstanding that the Escrow
      Account is non-interest bearing or that interest paid thereon is insufficient
      for such purposes.

     

    
      	Section
              3.07  	
              Permitted
                Withdrawals From Escrow Account.

            

    

     

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

     

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

     

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

            

    

     

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

     

    
      	Section
              3.09  	
              Transfer
                of Accounts.

            

    

     

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

     

    
      	Section
              3.10  	
              Maintenance
                of Hazard Insurance.

            

    

     

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

     

    
      	Section
              3.11  	
              Maintenance
                of Mortgage Impairment Insurance Policy.

            

    

     

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

     

    
      	Section
              3.12  	
              Fidelity
                Bond, Errors and Omissions Insurance.

            

    

     

    The
      Servicer shall maintain, at its own expense, a blanket fidelity bond (the
“Fidelity Bond”) and an errors and omissions insurance policy, with broad
      coverage with financially responsible companies on all officers, employees
      or
      other persons acting in any capacity with regard to the Mortgage Loans to handle
      funds, money, documents and papers relating to the Mortgage Loans. The Fidelity
      Bond and errors and omissions insurance shall be in the form of the Mortgage
      Banker’s Blanket Bond and shall protect and insure the Servicer against losses,
      including forgery, theft, embezzlement, fraud, errors and omissions and
      negligent acts of such persons. Such Fidelity Bond shall also protect and insure
      the Servicer against losses in connection with the failure to maintain any
      insurance policies required pursuant to this Agreement and the release or
      satisfaction of a Mortgage Loan without having obtained payment in full of
      the
      indebtedness secured thereby. No provision of this Section 3.12 requiring the
      Fidelity Bond and errors and omissions insurance shall diminish or relieve
      the
      Servicer from its duties and obligations as set forth in this Agreement. The
      minimum coverage under any such bond and insurance policy shall be at least
      equal to the corresponding amounts required by Fannie Mae in the Fannie Mae
      MBS
      Selling and Servicing Guide or by Freddie Mac in the Freddie Mac Servicer’s
      Guide. Each year, together with the Annual Statement as to Compliance delivered
      pursuant to Section 3.19, the Servicer shall cause to be delivered to the
      Trustee proof of coverage of the Fidelity Bond and Errors and omissions
      insurance policy and a statement from the surety and insurer that the surety
      and
      insurer shall endeavor to notify the Trustee within 30 days prior to such
      Fidelity Bond’s and errors and omissions insurance policy’s termination or
      material modification. In the absence of notice from the surety, insurer or
      Servicer of such termination or material modification, the Trustee shall be
      under no obligation to take any action to determine whether or not such Fidelity
      Bond or errors and omission policy has been terminated or materially
      modified.

     

    
      	Section
              3.13  	
              Title,
                Management and Disposition of REO Property.

            

    

     

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

     

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

     

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

     

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

     

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

     

    The
      Servicer shall deposit or cause to be deposited, on a daily basis, within two
      Business Days of receipt, in the Collection Account, all revenues received
      with
      respect to each REO Property and shall withdraw therefrom funds necessary for
      the proper operation, management and maintenance of the related REO Property,
      including the cost of maintaining any hazard insurance pursuant to Section
      3.10
      hereof and the fees of any managing agent acting on behalf of the
      Servicer.

     

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

     

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

     

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

     

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

     

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

            

    

     

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

     

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

     

    
      	Section
              3.15  	
              Notification
                of Adjustments.

            

    

     

    On
      each
      Adjustment Date, the Servicer shall make Mortgage Interest Rate adjustments
      for
      each Adjustable-Rate Mortgage Rate Loan in compliance with the requirements
      of
      the related Mortgage and Mortgage Note and Applicable Regulations. The Servicer
      shall execute and deliver the notices required by each Mortgage and Mortgage
      Note and Applicable Regulations regarding Mortgage Interest Rate adjustments.
      The Servicer also shall provide timely notification to the Trustee of all
      applicable data and information regarding such Mortgage Interest Rate
      adjustments and the Servicer’s methods of implementing such Mortgage Interest
      Rate adjustments. Upon the discovery by the Servicer or the Trustee that the
      Servicer has failed to adjust or has incorrectly adjusted a Mortgage Interest
      Rate or a Monthly Payment pursuant to the terms of the related Mortgage Note
      and
      Mortgage, the Servicer shall deliver to the Trustee for deposit in the
      Distribution Account from its own funds the amount of any interest loss caused
      thereby without reimbursement therefor; provided,
      however,
      the
      Servicer shall be held harmless with respect to any Mortgage Interest Rate
      adjustments made by any servicer prior to the Servicer.

     

    
      	Section
              3.16  	
              Optional
                Purchases of Mortgage Loans by Servicer.

            

    

     

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

     

    
      	Section
              3.17  	
              Trustee
                to Cooperate; Release of Files.

            

    

     

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

     

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

     

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

     

    
      	Section
              3.18  	
              Servicing
                Compensation.

            

    

     

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

     

    
      	Section
              3.19  	
              Annual
                Statement as to Compliance.

            

    

     

    (a)  The
      Servicer, at its own expense, will deliver to the Trustee and the Depositor,
      not
      later than March 15th
      of each
      year commencing in 2007, a Servicing Officer’s certificate in the form attached
      hereto as Exhibit R-2, stating, as to each signer thereof, that (i) a review
      of
      the activities of the Servicer during such preceding calendar year (or such
      shorter period in the case of the first such report) and of performance of
      such
      servicer under this Agreement has been made under such officers’ supervision,
      and (ii) to the best of such officers’ knowledge, based on such review, the
      Servicer has fulfilled all its obligations under this Agreement for such year,
      or, if there has been a failure to fulfill any such obligation in any material
      respect, specifying each such failure known to such officer and the nature
      and
      status thereof.

     

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

     

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

     

    
      	Section
              3.20  	
               Reports
                on Assessment of Compliance and
                Attestation.

            

    

     

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

     

    (b)  Not
      later
      than the earlier of (a) March 15 of each calendar year (other than the calendar
      year during which the Closing Date occurs) or (b) with respect to any calendar
      year during which an annual report on Form 10-K is required to be filed pursuant
      to Section 3.22 on behalf of the Trust, 15 calendar days before each date on
      which that annual report on Form 10-K is required to be filed pursuant to
      Section 3.22 (or if such day is not a Business Day, the immediately preceding
      Business Day), the Servicer, at its own expense, shall cause a nationally or
      regionally recognized firm of independent registered public accountants (who
      may
      also render other services to the Servicer, the Sponsor or any affiliate
      thereof), which is a member of the American Institute of Certified Public
      Accountants to furnish a statement to the Depositor and the Trustee, that
      attests to and reports on the assessment of compliance provided by the Servicer
      pursuant to Section 3.20(a) (the “Accountant’s Attestation”). Such Accountant’s
      Attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of
      Regulation S-X under the Securities Act and the Exchange Act.

     

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

     

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

     

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

     

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

     

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

     

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

     

    (i)  The
      Servicer agrees to indemnify and hold harmless each of the Depositor, the
      Trustee and each Person, if any, who “controls” the Depositor or the Trustee
      within the meaning of the Securities Act and their respective officers,
      directors and affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses that such Person actually sustains arising out
      of
      third party claims based on (i) the failure of the Servicer or any related
      subservicer or subcontractor to deliver or cause to be delivered when required
      any Assessment of Compliance or Accountant’s Attestation required of it pursuant
      to this Section 3.20, as applicable or (ii) any material misstatement contained
      in any Assessment of Compliance provided on its behalf pursuant to Section
      3.20,
      as applicable.

     

    (j)  The
      Trustee agrees to indemnify and hold harmless each of the Depositor, the
      Servicer and each Person, if any, who “controls” the Depositor or the Servicer
      within the meaning of the Securities Act and their respective officers,
      directors and affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses that such Person actually sustains arising out
      of
      third party claims based on (i) the failure of the Trustee to deliver or cause
      to be delivered when required any Assessment of Compliance required of it
      pursuant to Section 3.20 or (ii) any material misstatement contained in any
      Assessment of Compliance provided on its behalf pursuant to this Section 3.20,
      as applicable.

     

    (k)  Copies
      of
      such Assessments of Compliance and Accountant’s Attestations shall
      be
      provided by the Trustee to any Certificateholder,
      upon
      request, provided such documents are delivered to the Trustee. The initial
      Assessments of Compliance and Accountant’s Attestations required pursuant to
      this Section 3.20 shall be delivered to the Trustee and the Depositor, as
      applicable, by each party no later than March 15, 2007.

     

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

            

    

     

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

     

    
      	Section
              3.22  	
              Periodic
                Filings.

            

    

     

    (a)  The Trustee
      will prepare and file Current Reports on Form 8-K in respect of the Trust at
      the
      direction of the Depositor and at the expense of the Depositor, provided, that,
      as set forth on Exhibit S, the Depositor, the Sponsor or the Servicer shall
      have
      timely notified the Trustee of an item reportable on a Form 8-K and shall have
      delivered to the Trustee no later than three Business
      Days prior to the filing
      deadline for such Form 8-K, all information, data, and exhibits required to
      be
      provided or filed with such Form 8-K in electronic or other such other format
      reasonably acceptable to the Trustee. To the extent that a Responsible Officer
      of the Trustee has actual knowledge of an event relating to Items 3.03, 6.02,
      6.03 or 6.04 of Form 8-K, the Trustee shall notify the Depositor of such event.
      The Trustee shall not be responsible for determining what information is
      required to be filed on a Form 8-K in connection with the transactions
      contemplated by this Agreement or what events shall cause a Form 8-K to be
      required to be filed and shall not be liable for any late filing of a Form
      8-K
      in the event that it does not receive all information, data, signatures and
      exhibits required to be provided or filed on or prior to the second Business
      Day
      prior to the applicable filing deadline. The
      Trustee shall provide a copy of each Form 8-K to each of the Servicer and the
      Depositor. 

     

    Within
      15
      days after each Distribution Date, the Trustee shall, on behalf of the Trust
      and
      in accordance with industry standards, file with the Securities and Exchange
      Commission via the Electronic Data Gathering and Retrieval System (“EDGAR”), a
      Form 10-D
      (or
      other comparable form containing the same or comparable information or other
      information mutually agreed upon) with, as set forth on Exhibit T, (1) a
      copy of
      the report to the Certificateholders for such Distribution Date as an exhibit
      thereto and
      (2)
      such other information provided to the Trustee as identified on Exhibit T;
      provided that such information is provided to the Trustee no later than the
      first Business Day immediately following the related Distribution Date.
Upon
      the
      preparation of each Form 10-D filing by the Trustee, such Form 10-D filing
      shall
      be submitted to the Servicer. Upon receipt of written notice to the Trustee
      via
      electronic mail to absfs@jpmorgan.com
      (or such
      other address as notified by the Trustee) from the Servicer that the Form 10-D
      is ready for filing, the
      Trustee shall attach to any Form 10-D the signature page of the Servicer (such
      signature page to have been delivered by the Servicer to the Trustee on the
      Closing Date) and submit such Form 10-D for filing with the Securities and
      Exchange Commission. The Trustee shall provide a copy of each Form 10-D to
      each
      of the Servicer and the Depositor.

     

    Prior
      to
      March 30, 2007 (and,
      if
      applicable, prior to March 30 of each subsequent year), the Trustee shall,
      on
      behalf of the Trust and in accordance with industry standards, prepare and
      file
      with the Securities and Exchange Commission via EDGAR a Form 10-K
      with
      respect to the Trust Fund.
      As
      set
      forth on Exhibit U, such
      Form
      10-K shall include as exhibits, each annual statement of compliance required
      to
      be delivered pursuant to Section 3.19 and each Accountant’s Attestation and
      Assessment of Compliance required to be furnished pursuant to Section 3.20,
      in
      each case to the extent they have been timely delivered to the Trustee (or
      the
      Depositor, in the case of the Trustee’s Assessment of Compliance). Upon being
      directed to execute the 10-K by the Depositor, the Servicer will cause its
      senior officer in
      charge
      of securitization to
      execute the
      certification, in the form attached hereto as Exhibit O-1 (the “Form
      10-K
      Certification”) required
      pursuant to Rule 13a -14
      under
      the Securities Exchange Act of 1934, as amended, and
      the
      Trustee shall file the same with the Securities and Exchange Commission prior
      to
      March 30, 2007 (and, if applicable, prior to March 30 of each year). In
      connection therewith, the Trustee shall sign a certification (in the form
      attached hereto as Exhibit O-2) for the benefit of the
      Depositor and the Servicer and their officers, directors and
      affiliates
      regarding certain aspects
      of the
      Form 10-K Certification.
      To the
      extent any information or exhibits required to be included in the Form
      10-K
      are not
      timely received by the Trustee prior to March 30, the Trustee shall, on behalf
      of the Trust and at the expense of the party required to deliver such
      information or exhibits, file one or more amended Form 10-Ks to include such
      missing information or exhibits promptly after receipt thereof by the Trustee.
      

     

    Promptly
      following the first date legally permissible under applicable regulations and
      interpretations of the Securities and Exchange Commission, the Trustee shall,
      on
      behalf of the Trust and in accordance with industry standards, file with the
      Securities and Exchange Commission via EDGAR a Form 15 Suspension Notification
      with respect to the Trust Fund, if applicable. Each
      of
      the Depositor and the
      Servicer
agrees
      to
      furnish to the Trustee promptly, from time to time upon request, such further
      information, reports and financial statements within its control related to
      this
      Agreement and the Mortgage Loans as the Trustee reasonably deems appropriate
      to
      prepare and file the reports with the Securities and Exchange Commission as
      set
      forth in this Section.  The
      Trustee shall have no responsibility to file any items with the Securities
      and
      Exchange Commission other than those specified in this section and the
Servicer,
      upon
      being directed to do so by the Depositor,
      shall
      execute any and all Form 8-Ks, 10-Ds and 10-Ks required hereunder.
      All
      materials provided to the Trustee relating to the Form 8-Ks, 10-Ds and 10-Ks
      required hereunder shall be provided in electronic format compatible with the
      EDGAR system, which may be in Microsoft Word. To
      the
      extent that (i) no notice is provided to the Trustee of events or information
      reportable in any Form 8-K, (ii) no notice is provided of events or information
      reportable in any Form 10-D by the first Business Day after the related
      Distribution Date or (iii) no notice is provided of events or information
      reportable in any Form 10-K by March 15 of each year, in each case the Trustee
      shall without further notice conclude that there is no event or information
      to
      be reported. Notwithstanding anything set forth herein, the Servicer will not
      be
      responsible for the filing of any Form 8-K, Form 10-K or Form 10-D filed on
      behalf of the Trust (including but not limited to the timing of any filing
      or
      completeness of such filings) and neither the Servicer nor the Trustee will
      be
      responsible for determining whether the content of any Form 8-K or Form 10-D
      filed on behalf of the Trust is accurate or correct (unless (x) in the case
      of
      the Servicer, such information is contained in the Remittance Report or
      otherwise specific to the Servicer, in which case the Servicer will be
      responsible for making such a determination and (y) in the case of the Trustee,
      such information is provided by or otherwise specific to the Trustee, in which
      case the Trustee will be responsible for making such a
      determination).

     

    (b)  The
      Trustee shall indemnify and hold harmless the Servicer and its officers,
      directors and Affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses arising out of the Trustee’s failure to deliver the
      certification (in the form attached hereto as Exhibit O-2) pursuant to Section
      3.22(a) or any material misstatement in such certification, other than any
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses actually incurred
      and arising out of the Servicer’s breach of its obligations under this
      Agreement. If the indemnification provided for herein is unavailable or
      insufficient to hold harmless the Servicer and its officers, directors and
      Affiliates, then the Trustee shall contribute to the amount paid or payable
      by
      the Servicer, its officers, directors or Affiliates as a result of the losses,
      claims, damages or liabilities of the Servicer, its officers, directors or
      Affiliates in such proportion as is appropriate to reflect the relative fault
      of
      the Servicer and its officers, directors and Affiliates on the one hand and
      the
      Trustee on the other.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

            

    

     

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

     

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

            

    

     

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

     

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

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	Section
              3.26  	
              Liability
                of Servicer; Indemnification.

            

    

     

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

     

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

     

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

     

    
      	Section
              3.27  	
              Reports
                of Foreclosure and Abandonment of Mortgaged Properties.

            

    

     

    On
      or
      before the last day of February of each year beginning in 2007, the Servicer
      shall file the reports of foreclosure and abandonment of any Mortgaged Property
      required by Section 6050J of the Code with the Internal Revenue Service and
      provide an Officer’s Certificate certifying its compliance with this Section
      3.27 to the Trustee. The reports from the Servicer shall be in form and
      substance sufficient to meet the reporting requirements imposed by such Section
      6050J.

     

    
      	Section
              3.28  	
              Protection
                of Assets.

            

    

     

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

     

    (1) borrow
      money or issue debt;

     

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

     

    (3) engage
      in
      any business or activities.

     

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

     

    
      	Section
              3.29  	
              Net
                WAC Rate Carryover Reserve Account.

            

    

     

    No
      later
      than the Closing Date, the Trustee shall establish and maintain with itself
      a
      separate, segregated trust account titled, “Net WAC Rate Carryover Reserve
      Account, JPMorgan Chase Bank, National Association, as Trustee, in trust for
      the
      registered Holders of 2006-CB3 Trust, C-BASS Mortgage Loan Asset-Backed
      Certificates, Series 2006-CB3.

     

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

     

    For
      federal and state income tax purposes, the Class CE Certificateholders will
      be
      deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all
      amounts deposited into the Net WAC Rate Carryover Reserve Account (other than
      amounts paid to the Net WAC Rate Carryover Reserve Amount by the Cap Contracts)
      shall be treated as amounts distributed by REMIC 8 to the Holders of the Class
      CE Certificates. Upon the termination of the Trust, or the payment in full
      of
      the Class A Certificates, the Mezzanine Certificates and the Class B
      Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover
      Reserve Account shall be released by the Trust and distributed to the Class
      CE
      Certificateholders or their designees. The Net WAC Rate Carryover Reserve
      Account shall be part of the Trust but not part of any REMIC and any payments
      to
      the Holders of the Class A Certificates, the Mezzanine Certificates or the
      Class
      B Certificates of Net WAC Rate Carryover Amounts shall not be payments with
      respect to a “regular interest” in a REMIC within the meaning of Code Section
      860(G)(a)(1).

     

    By
      accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees
      to direct the Trustee, and the Trustee hereby is directed, to deposit into
      the
      Net WAC Rate Carryover Reserve Account the amounts described above on each
      Distribution Date as to which there is any Net WAC Rate Carryover Amount rather
      than distributing such amounts to the Class CE 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.

     

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

     

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

     

    
      	Section
              3.30  	
              Advance
                Facility.

            

    

     

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

     

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

     

    (c)  Notwithstanding
      the existence of an Advance Facility, the Servicer, on behalf of the Advance
      Financing Person and the Servicer’s Assignee, shall be entitled to receive
      reimbursements of Advances and/or Servicing Advances in accordance with Section
      3.05 hereof, which entitlement may be terminated by the Advance Financing Person
      pursuant to a written notice to the Trustee in the manner set forth in Section
      11.05 hereof. Upon receipt of such written notice, the Servicer shall no longer
      be entitled to receive reimbursement for any Advance Reimbursement Amounts
      and
      the Servicer’s Assignee shall immediately have the right to receive from the
      Collection Account all Advance Reimbursement Amounts. Notwithstanding the
      foregoing, and for the avoidance of doubt, (i) the Servicer and/or the
      Servicer’s Assignee shall only be entitled to reimbursement of Advance
      Reimbursement Amounts hereunder from withdrawals from the Collection Account
      pursuant to Section 3.05 of this Agreement and shall not otherwise be entitled
      to make withdrawals of, or receive, Advance Reimbursement Amounts that shall
      be
      deposited in the Distribution Account pursuant to Section 3.04(b) hereof, and
      (ii) none of the Trustee or the Certificateholders shall have any right to,
      or
      otherwise be entitled to, receive any Advance Reimbursement Amounts to which
      the
      Servicer or Servicer’s Assignee, as applicable, shall be entitled pursuant to
      Section 3.05 hereof. Without limiting the foregoing, none of the Trustee or
      the
      Certificateholders shall have any right to set off against Advance Reimbursement
      Amounts hereunder. An Advance Facility may be terminated by the joint written
      direction of the Servicer and the related Advance Financing Person. Written
      notice of such termination shall be delivered to the Trustee in the manner
      set
      forth in Section 11.05 hereof. None of the Depositor or the Trustee shall,
      as a
      result of the existence of any Advance Facility, have any additional duty or
      liability with respect to the calculation or payment of any Advance
      Reimbursement Amount, nor, as a result of the existence of any Advance Facility,
      shall the Depositor or the Trustee have any additional responsibility to track
      or monitor the administration of the Advance Facility or the payment of Advance
      Reimbursement Amounts to the Servicer’s Assignee. The Servicer shall indemnify
      the Depositor, the Trustee, any successor Servicer and the Trust Fund for any
      claim, loss, liability or damage resulting from any claim by the related Advance
      Financing Person, except to the extent that such claim, loss, liability or
      damage resulted from or arose out of negligence, recklessness or willful
      misconduct on the part of the Depositor, the Trustee or any successor Servicer,
      as the case may be, or failure by the successor Servicer or the Trustee, as
      the
      case may be, to remit funds as required by this Agreement or the commission
      of
      an act or omission to act by the successor Servicer or the Trustee, as the
      case
      may be, and the passage of any applicable cure or grace period, such that an
      Event of Default under this Agreement occurs or such entity is subject to
      termination for cause under this Agreement. The Servicer shall maintain and
      provide to any successor Servicer and, upon request, the Trustee a detailed
      accounting on a loan-by-loan basis as to amounts advanced by, pledged or
      assigned to, and reimbursed to any Advance Financing Person. The successor
      Servicer shall be entitled to rely on any such information provided by the
      predecessor Servicer, and the successor Servicer shall not be liable for any
      errors in such information.

     

    (d)  [Reserved].

     

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

     

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

     

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

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IV

    FLOW
      OF
      FUNDS

     

    
      	Section
              4.01  	
              Interest
                Distributions.

            

    

     

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

     

    (i)  to
      the
      Trustee, the Trustee Fee for such Distribution Date;

     

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

     

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

     

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

     

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

     

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

     

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

            

    

     

    (A)  Distributions
      of Principal:

     

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

     

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

     

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

     

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

     

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

     

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

     

    With
      respect to the Class A Certificates, all principal distributions will be
      distributed sequentially, to the Holders of the Class AV-1, the Class AV-2,
      the
      Class AV-3 and the Class AV-4 Certificates, in that order, until their
      respective Certificate Principal Balances have been reduced to zero; provided,
      however, on any Distribution Date on which the aggregate Certificate Principal
      Balance of the Mezzanine and Class B Certificates has been reduced to zero,
      all
      principal distributions will be distributed concurrently, to the Holders of
      the
      Class A Certificates, on a pro
      rata basis
      based on the Certificate Principal Balance of each such Class.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (iii)  concurrently,
      to each Class of Class A Certificates, the related Accrued Certificate Interest
      and Interest Carry Forward Amount remaining undistributed after the
      distributions of the Interest Remittance Amount, on a pro
      rata
      basis
      based on such respective remaining Accrued Certificate Interest and Interest
      Carry Forward Amount;

     

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

     

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

     

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

     

    (vii)  concurrently,
      to each Class of Class A Certificates, the related Net WAC Rate Carryover
      Amount, to the extent remaining undistributed after distributions are made
      from
      the Net WAC Rate Carryover Reserve Account, on a pro
      rata
      basis
      based on such respective Net WAC Rate Carryover Amounts remaining;

     

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

     

    (ix)  any
      remaining amounts to the Holders of the Class C Certificates.

     

    
      	Section
              4.03  	
              Allocation
                of Losses.

            

    

     

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

     

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

     

    (b)  With
      respect to the REMIC 1 Regular Interests, all Realized Losses on the Mortgage
      Loans shall be allocated by the Trustee on each Distribution Date, first to
      REMIC 1 Regular Interest I until the Uncertificated Principal Balance has been
      reduced to zero, and second, to REMIC 1 Regular Interest I-1-A through REMIC
      1
      Regular Interest I-40-B, starting with the lowest numerical denomination until
      such REMIC 1 Regular Interest has been reduced to zero, provided that, for
      REMIC
      1 Regular Interests with the same numerical denomination, such Realized Losses
      shall be allocated pro
      rata
      between
      such REMIC 1 Regular Interests.

     

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

     

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

     

    
      	Section
              4.04  	
              Method
                of Distribution.

            

    

     

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

     

    
      	Section
              4.05  	
              Distributions
                on Book-Entry Certificates.

            

    

     

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

     

    
      	Section
              4.06  	
              Statements.

            

    

     

    (a)  On
      each
      Distribution Date, based, as applicable, on the Mortgage Loan information
      contained in the Remittance Report, the Trustee shall make available on its
      website at for
      access by each Holder of the Regular Certificates, a statement as to the
      distributions made on such Distribution Date:

     

    (i)  the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Certificates (other than the Residual Certificates) allocable to
      principal or reduction of Notional Amount, separately identified and the amount
      of the distribution made to the Holders of the Class P Certificates allocable
      to
      Prepayment Charges (including amounts deposited in connection with the full
      or
      partial waiver of such Prepayment Charges pursuant to Section
      3.01);

     

    (ii)  the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Certificates (other than the Class P Certificates and the Residual
      Certificates) allocable to interest, separately identified;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (xviii)  the
      Available Funds;

     

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

     

    (xx)  the
      Liquidation Report for such Distribution Date;

     

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

     

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

     

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

     

    The
      Trustee may fully rely upon and shall have no liability with respect to
      information with respect to the Mortgage Loans provided by the
      Servicer.

     

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

     

    Parties
      that are unable to use www.jpmorgan.com/sfr are entitled to have a paper copy
      mailed to them via first class mail by calling the Trustee at (877) 722-1095
      and
      indicating such. The Trustee shall have the right to change the way such
      statements are distributed in order to make such distribution more convenient
      and/or more accessible to the above parties and the Trustee shall provide timely
      and adequate notification to all above parties regarding any such
      changes.

     

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

     

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

     

    
      	Section
              4.07  	
              Remittance
                Reports; Advances.

            

    

     

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

     

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

     

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

     

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

     

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

     

    
      	Section
              4.08  	
              REMIC
                Distributions.

            

    

     

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

     

    (i)  to
      Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest
      I-1-A
      through I-40-B, on a pro
      rata
      basis,
      in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1
      Regular Interests for such Distribution Date, plus (B) any amounts payable
      in
      respect thereof remaining unpaid from previous Distribution Dates;

     

    (ii)  to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (A)
      above, payments of principal shall be allocated as follows: first, to the REMIC
      1 Regular Interest I and then to REMIC 1 Regular interests I-1-A through I-40-B
      starting with the lowest numerical denomination until the Uncertificated
      Principal Balance of each such REMIC 1 Regular Interest is reduced to zero,
      provided that, for REMIC 1 Regular Interests with the same numerical
      denomination, such payments of principal shall be allocated pro rata between
      such REMIC 1 Regular Interests; and

     

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

     

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

     

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

     

    (ii)  to
      Holders of REMIC 2 Regular Interest LT2AA, REMIC 2 Regular Interest LT2AV1,
      REMIC 2 Regular Interest LT2AV2, REMIC 2 Regular Interest LT2AV3, REMIC 2
      Regular Interest LT2AV4, REMIC 2 Regular Interest LT2M1, REMIC 2 Regular
      Interest LT2M2, REMIC 2 Regular Interest LT2M3, REMIC 2 Regular Interest LT2M4,
      REMIC 2 Regular Interest LT2M5, REMIC 2 Regular Interest LT2M6, REMIC 2 Regular
      Interest LT2B1, REMIC 2 Regular Interest LT2B2, REMIC 2 Regular Interest LT2B3,
      REMIC 2 Regular Interest LT2B4 and REMIC 2 Regular Interest LT2ZZ, pro
      rata,
      in an
      amount equal to (A) the Uncertificated Accrued Interest for such Distribution
      Date, plus (B) any amounts in respect thereof remaining unpaid from previous
      Distribution Dates. Amounts payable as Uncertificated Accrued Interest in
      respect of REMIC 2 Regular Interest LT2ZZ shall be reduced and deferred when
      the
      REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization
      Target Amount, by the lesser of (x) the amount of such difference and (y) the
      Maximum LT2ZZ Uncertificated Accrued Interest Deferral Amount and such amount
      will be payable to the Holders of REMIC 2 Regular Interest LT2AV1, REMIC 2
      Regular Interest LT2AV2, REMIC 2 Regular Interest LT2AV3, REMIC 2 Regular
      Interest LT2AV4, REMIC 2 Regular Interest LT2M1, REMIC 2 Regular Interest LT2M2,
      REMIC 2 Regular Interest LT2M3, REMIC 2 Regular Interest LT2M4, REMIC 2 Regular
      Interest LT2M5, REMIC 2 Regular Interest LT2M6, REMIC 2 Regular Interest LT2B1,
      REMIC 2 Regular Interest LT2B2, REMIC 2 Regular Interest LT2B3 and REMIC 2
      Regular Interest LT2B4 in the same proportion as the Overcollateralization
      Deficiency is allocated to the Corresponding Certificates and the Uncertificated
      Principal Balance of REMIC 2 Regular Interest LT2ZZ shall be increased by such
      amount;

     

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

     

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

     

    (b) 2.00%
      of
      such remainder, first, to the Holders of REMIC 2 Regular Interest LT2AV1, REMIC
      2 Regular Interest LT2AV2, REMIC 2 Regular Interest LT2AV3, REMIC 2 Regular
      Interest LT2AV4, REMIC 2 Regular Interest LT2M1, REMIC 2 Regular Interest LT2M2,
      REMIC 2 Regular Interest LT2M3, REMIC 2 Regular Interest LT2M4, REMIC 2 Regular
      Interest LT2M5, REMIC 2 Regular Interest LT2M6, REMIC 2 Regular Interest LT2B1,
      REMIC 2 Regular Interest LT2B2, REMIC 2 Regular Interest LT2B3 and REMIC 2
      Regular Interest LT2B4, in the same proportion as principal payments are
      allocated to the Corresponding Certificates, until the Uncertificated Principal
      Balances of such REMIC 2 Regular Interests are reduced to zero; and second,
      to
      the Holders of REMIC 2 Regular Interest LT2ZZ until the Uncertificated Principal
      Balance of such REMIC 2 Regular Interest is reduced to zero;

     

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

     

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

     

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

     

    (c)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts to be distributed by REMIC 3 to REMIC 4 on account of
      the
      Class B-1 Interest or withdrawn from the Distribution Account and distributed
      to
      the Holders of the Class R-X Certificates (in respect of the Class R-4
      Interest), as the case may be:

     

    (i)  to
      the
      Holders of the Class B-1 Interest, in an amount equal to (A) the Accrued
      Certificate Interest for such Distribution Date, plus (B) any amounts in respect
      thereof remaining unpaid from previous Distribution Dates; and

     

    (ii)  to
      the
      Holders of the Class B-1 Interest, until the Certificate Principal Balance
      of
      the Class B-2 Interest is reduced to zero.

     

    (d)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts to be distributed by REMIC 3 to REMIC 5 on account of
      the
      Class B-2 Interest or withdrawn from the Distribution Account and distributed
      to
      the Holders of the Class R-X Certificates (in respect of the Class R-5
      Interest), as the case may be:

     

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

     

    (ii)  to
      the
      Holders of the Class B-2 Interest, until the Certificate Principal Balance
      of
      the Class B-2 Interest is reduced to zero.

     

    (e)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts to be distributed by REMIC 3 to REMIC 6 on account of
      the
      Class B-3 Interest or withdrawn from the Distribution Account and distributed
      to
      the Holders of the Class R-X Certificates (in respect of the Class R-6
      Interest), as the case may be:

     

    (i)  to
      the
      Holders of the Class B-3 Interest, in an amount equal to (A) the Accrued
      Certificate Interest for such Distribution Date, plus (B) any amounts in respect
      thereof remaining unpaid from previous Distribution Dates; and

     

    (ii)  to
      the
      Holders of the Class B-3 Interest, until the Certificate Principal Balance
      of
      the Class B-3 Interest is reduced to zero.

     

    (f)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts to be distributed by REMIC 3 to REMIC 7 on account of
      the
      Class B-4 Interest or withdrawn from the Distribution Account and distributed
      to
      the Holders of the Class R-X Certificates (in respect of the Class R-7
      Interest), as the case may be:

     

    (i)  to
      the
      Holders of the Class B-4 Interest, in an amount equal to (A) the Accrued
      Certificate Interest for such Distribution Date, plus (B) any amounts in respect
      thereof remaining unpaid from previous Distribution Dates; and

     

    (ii)  to
      the
      Holders of the Class B-4 Interest, until the Certificate Principal Balance
      of
      the Class B-4 Interest is reduced to zero.

     

    (g)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts to be distributed by REMIC 3 to REMIC 8 on account of
      the
      Class CE Interest or withdrawn from the Distribution Account and distributed
      to
      the Holders of the Class R-X Certificates (in respect of the Class R-8
      Interest), as the case may be:

     

    (i)  to
      the
      Holders of the Class CE Interest, in an amount equal to the Accrued Certificate
      Interest for such Distribution Date; and

     

    (ii)  on
      the
      Distribution Date on which the aggregate Certificate Principal Balance of the
      Class A Certificates, the Mezzanine Certificates and the Class B Certificates
      has been reduced to zero, to the Holders of the Class CE Interest, until the
      Certificate Principal Balance of the Class CE Interest is reduced to
      zero.

     

    (h) On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts to be distributed by REMIC 3 to REMIC 9 on account of
      the
      Class P Interest or withdrawn from the Distribution Account and distributed
      to
      the Holders of the Class R-X Certificates (in respect of the Class R-9
      Interest), as the case may be:

     

    (i)  to
      the
      Holders of the Class P Interest, in an amount equal to 100% of the amount paid
      in respect of Prepayment Charges; and 

     

    (ii)  on
      the
      Distribution Date immediately following the expiration of the latest Prepayment
      Charge as identified on the Prepayment Charge Schedule or any Distribution
      Date
      thereafter, to the Holders of the Class P Interest, until $100 has been
      distributed pursuant to this clause. 

     

    (i) On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts to be distributed by REMIC 3 to REMIC 10 on account of
      the
      Class IO Interest or withdrawn from the Distribution Account and distributed
      to
      the Holders of the Class R-X Certificates (in respect of the Class R-10
      Interest), as the case may be, to the Holders of the Class IO Interest, in
      an
      amount equal to 100% of the amounts received in respect of the Class IO
      Interest.

     

    
      	Section
              4.09  	
              Swap
                Account.

            

    

     

    (a)  On
      the
      Closing Date, there is hereby established a separate trust (the “Supplemental
      Interest Trust”), into which the Depositor shall deposit the Interest Rate Swap
      Agreement. The Supplemental Interest Trust shall be maintained by the
      Supplemental Interest Trust Trustee, who initially, shall be the Trustee. No
      later than the Closing Date, the Supplemental Interest Trust Trustee shall
      establish and maintain a separate, segregated trust account to be held in the
      Supplemental Interest Trust, titled, “Swap Account, JPMorgan Chase Bank,
      National Association, as Trustee, in trust for the registered Holders of
      2006-CB3 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series
      2006-CB3.” Such account shall be an Eligible Account and funds on deposit
      therein shall be held separate and apart from, and shall not be commingled
      with,
      any other moneys, including, without limitation, other moneys of the Trustee
      held pursuant to this Agreement. Amounts therein shall be held
      uninvested.

     

    (b)  On
      each
      Distribution Date, prior to any distribution to any Certificate, the
      Supplemental Interest Trust Trustee shall deposit into the Swap Account: (i)
      the
      amount of any Net Swap Payment or Swap Termination Payment (other than any
      Swap
      Termination Payment resulting from a Swap Provider Trigger Event) owed to the
      Swap Provider (after taking into account any upfront payment received from
      the
      counterparty to a replacement interest rate swap agreement) from funds received
      by it from the Servicer with respect to the Mortgage Loans prior to the
      determination of Available Funds with respect to such Distribution Date. For
      federal income tax purposes, any amounts paid to the Swap Provider on each
      Distribution Date shall first be deemed paid to the Swap Provider in respect
      of
      REMIC 10 Regular Interest SWAP IO to the extent of the amount distributable
      on
      REMIC 10 Regular Interest SWAP IO on such Distribution Date, and any remaining
      amount shall be deemed paid to the Swap Provider in respect of a Class IO
      Distribution Amount (as defined below).

     

    (c)  It
      is the
      intention and direction of the Sponsor that, for federal and state income and
      state and local franchise tax purposes, the Supplemental Interest Trust be
      disregarded as an entity separate from the Holder of the Class CE 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 Supplemental
      Interest Trust for federal income tax purposes, in which case it is the
      intention and direction of the Sponsor to the other parties hereto that, for
      federal and state income and state and local franchise tax purposes, the
      Supplemental Interest Trust be treated as a grantor trust.

     

    (d)  To
      the
      extent that the Supplemental Interest Trust is determined to be a separate
      legal
      entity from the Supplemental Interest Trust Trustee, any obligation of the
      Supplemental Interest Trust Trustee under the Interest Rate Swap Agreement
      shall
      be deemed to be an obligation of the Supplemental Interest Trust.

     

    (e)  The
      Trustee shall treat the Holders of Certificates (other than the Class CE
      Certificates, Class P Certificates and Residual Certificates) as having entered
      into a notional principal contract with respect to the Holders of the Class
      CE
      Certificates. Pursuant to each such notional principal contract, all Holders
      of
      Certificates (other than the Class CE Certificates, Class P Certificates and
      Residual Certificates) shall be treated as having agreed to pay, on each
      Distribution Date, to the Holder of the Class CE Certificates an aggregate
      amount equal to the excess, if any, of (i) the amount payable on such
      Distribution Date on the REMIC 2 Regular Interest corresponding to such Class
      of
      Certificates over (ii) the amount payable on such Class of Certificates on
      such
      Distribution Date (such excess, a “Class
      IO
      Distribution Amount”). A Class IO Distribution Amount payable from interest
      collections shall be allocated pro
      rata
      among
      such Certificates based on the excess of (a) the amount of interest otherwise
      payable to such Certificates over (ii) the amount of interest payable to such
      Certificates at a per annum rate equal to the Rate Cap, and a Class IO
      Distribution Amount payable from principal collections shall be allocated to
      the
      most subordinate Class of Certificates with an outstanding Certificate Principal
      Balance to the extent of such balance. In addition, pursuant to such notional
      principal contract, the Holder of the Class CE Certificates shall be treated
      as
      having agreed to pay Net WAC Rate Carryover Amounts to the Holders of the
      Certificates (other than the Class CE Certificates, Class P Certificates and
      Residual Certificates) in accordance with the terms of this Agreement. Any
      payments to such Certificates from amounts deemed received in respect of this
      notional principal contract shall not be payments with respect to a Regular
      Interest in a REMIC within the meaning of Section 860G(a)(1) of the Code.
      However, any payment from the Certificates (other than the Class CE
      Certificates, Class P Certificates and Residual Certificates) of a Class IO
      Distribution Amount shall be treated for tax purposes as having been received
      by
      the Holders of such Certificates in respect of their interests in REMIC 3 and
      as
      having been paid by such Holders pursuant to the notional principal contract.
      Thus, each Certificate (other than the Class CE Certificates, Class P
      Certificates and Residual Certificates) shall be treated as representing not
      only ownership of Regular Interests in REMIC 2, but also ownership of an
      interest in, and obligations with respect to, a notional principal
      contract.

     

    (f)  The
      Trustee shall, at the written direction of the Sponsor, enforce all of the
      Trustee’s rights and exercise any remedies under the Swap Agreement. In the
      event the Swap Agreement is terminated as a result of the designation by either
      party thereto of an Early Termination Date (as defined therein), the Trustee
      shall, at the written direction of the Sponsor, appoint a replacement
      counterparty to enter into a replacement swap agreement. The Trustee shall
      have
      no responsibility with regard to the selection of a replacement swap provider
      or
      the negotiation of a replacement swap agreement. Any Swap Termination Payment
      received by the Trustee shall be deposited in the Swap Account and shall be
      used
      to make any upfront payment required under a replacement swap agreement and
      any
      upfront payment received from the counterparty to a replacement swap agreement
      shall be used to pay any Swap Termination Payment owed to the Swap
      Provider.

     

    
      	Section
              4.10  	
              Tax
                Treatment of Swap Payments and Swap Termination Payments.

            

    

     

    For
      federal income tax purposes, each holder of a Floating Rate Certificate and
      Fixed Rate Certificate is deemed to own an undivided beneficial ownership
      interest in a REMIC regular interest and the right to receive payments from
      either the Net WAC Rate Carryover Reserve Account or the Swap Account in respect
      of the Net WAC Rate Carryover Amount or the obligation to make payments to
      the
      Swap Account. For federal income tax purposes, the Trustee shall account for
      payments to each Floating Rate Certificate and Fixed Rate Certificate as
      follows: each such Certificate shall be treated as receiving their entire
      payment from REMIC 3 (regardless of any Swap Termination Payment or obligation
      under the Interest Rate Swap Agreement) and subsequently paying their portion
      of
      any Swap Termination Payment in respect of each such Class’ obligation under the
      Interest Rate Swap Agreement. In the event that any such Class is resecuritized
      in a REMIC, the obligation under the Interest Rate Swap Agreement to pay any
      such Swap Termination Payment (or any shortfall in a Swap Payment owed to the
      Swap Provider), shall be made by one or more of the REMIC Regular Interests
      issued by the resecuritization REMIC subsequent to such REMIC Regular Interest
      receiving its full payment from any such Floating Rate Certificate or Fixed
      Rate
      Certificate.

     

    The
      REMIC
      regular interest corresponding to a Floating Rate Certificate or Fixed Rate
      Certificate shall be entitled to receive interest and principal payments at
      the
      times and in the amounts equal to those made on the certificate to which it
      corresponds, except that (i) the maximum interest rate of that REMIC regular
      interest will equal the Rate Cap computed for this purpose by limiting the
      Base
      Calculation Amount (as set forth in the Interest Rate Swap Agreement) to the
      aggregate Principal Balance of the Mortgage Loans and (ii) any Swap Termination
      Payment shall be treated as being payable solely from Monthly Excess Cashflow
      Amount. As a result of the foregoing, the amount of distributions and taxable
      income on the REMIC regular interest corresponding to a Floating Rate
      Certificate or Fixed Rate Certificate may exceed the actual amount of
      distributions on such Certificates.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      V

    THE
      CERTIFICATES

     

    
      	Section
              5.01  	
              The
                Certificates.

            

    

     

    Each
      of
      the Class A Certificates, the Mezzanine Certificates, the Class B Certificates,
      the Class CE Certificates, the Class P Certificates and the Residual
      Certificates shall be substantially in the forms annexed hereto as exhibits,
      and
      shall, on original issue, be executed by the Trustee and authenticated and
      delivered by the Certificate Registrar to or upon the receipt of a Written
      Order
      to Authenticate from the Depositor concurrently with the sale and assignment
      to
      the Trustee of the Trust Fund. Each Class of the Class A Certificates, the
      Mezzanine Certificates and the Class B Certificates shall be initially evidenced
      by one or more Certificates representing a Percentage Interest with a minimum
      dollar (or notional amount) denomination of $25,000 and integral multiples
      of $1
      in excess thereof. The Class CE, Class P and Residual Certificates are issuable
      only in minimum Percentage Interests of 10%.

     

    The
      Certificates shall be executed on behalf of the Trust by manual or facsimile
      signature on behalf of the Trustee by a Responsible Officer. Certificates
      bearing the manual or facsimile signatures of individuals who were, at the
      time
      when such signatures were affixed, authorized to sign on behalf of the Trustee
      shall bind the Trust, notwithstanding that such individuals or any of them
      have
      ceased to be so authorized prior to the authentication and delivery of such
      Certificates or did not hold such offices at the date of such Certificate.
      No
      Certificate shall be entitled to any benefit under this Agreement or be valid
      for any purpose, unless such Certificate shall have been manually authenticated
      by the Certificate Registrar substantially in the form provided for herein,
      and
      such authentication upon any Certificate shall be conclusive evidence, and
      the
      only evidence, that such Certificate has been duly authenticated and delivered
      hereunder. All Certificates shall be dated the date of their authentication.
      Subject to Section 5.02(c), the Class A Certificates, the Mezzanine Certificates
      and the Class B Certificates shall be Book-Entry Certificates. The Class CE,
      Class P and Residual Certificates shall not be Book-Entry Certificates but
      shall
      be issued in fully registered certificate form.

     

    
      	Section
              5.02  	
              Registration
                of Transfer and Exchange of Certificates.

            

    

     

    (a)  The
      Certificate Registrar shall cause to be kept at the Corporate Trust Office
      of
      the Trustee a Certificate Register in which, subject to such reasonable
      regulations as it may prescribe, the Certificate Registrar shall provide for
      the
      registration of Certificates and of transfers and exchanges of Certificates
      as
      herein provided. The Trustee shall initially serve as Certificate Registrar
      for
      the purpose of registering Certificates and transfers and exchanges of
      Certificates as herein provided. The Trustee as Certificate Registrar shall
      be
      subject to the same standards of care, limitations on liability and rights
      to
      indemnity as the Trustee, and the provisions of Sections 8.01, 8.02, 8.03,
      8.04,
      8.05, 8.14 and 8.15 shall apply to the Certificate Registrar to the same extent
      as they apply to the Trustee. Any Certificate Registrar appointed in accordance
      with this Section 5.02(a) may at any time resign by giving at least 30 days’
advance written notice of resignation to the Trustee, the Servicer and the
      Depositor, such resignation to become effective upon appointment of a successor
      Certificate Registrar.

     

    Upon
      surrender for registration of transfer of any Certificate at any office or
      agency of the Certificate Registrar maintained for such purpose pursuant to
      the
      foregoing paragraph and, in the case of a Residual Certificate, upon
      satisfaction of the conditions set forth below, the Trustee on behalf of the
      Trust shall execute and the Certificate Registrar shall authenticate and
      deliver, in the name of the designated transferee or transferees, one or more
      new Certificates of the same aggregate Percentage Interest.

     

    At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates in authorized denominations and the same aggregate Percentage
      Interests, upon surrender of the Certificates to be exchanged at any such office
      or agency. Whenever any Certificates are so surrendered for exchange, the
      Trustee shall execute on behalf of the Trust and the Certificate Registrar
      shall
      authenticate and deliver the Certificates which the Certificateholder making
      the
      exchange is entitled to receive. Every Certificate presented or surrendered
      for
      registration of transfer or exchange shall (if so required by the Trustee or
      the
      Certificate Registrar) be duly endorsed by, or be accompanied by a written
      instrument of transfer satisfactory to the Trustee and the Certificate Registrar
      duly executed by, the Holder thereof or his attorney duly authorized in
      writing.

     

    (b)  Upon
      original issuance, the Book-Entry Certificates shall be issued in the form
      of
      one or more typewritten certificates, to be delivered to the Depository, the
      initial Depository, by, or on behalf of, the Depositor; or to, and deposited
      with the Certificate Custodian, on behalf of the Depository, if directed to
      do
      so pursuant to instructions from the Depository. Except as provided in paragraph
      (c) below, the Book-Entry Certificates shall at all times remain registered
      in
      the name of the Depository or its nominee and at all times: (i) registration
      of
      such Certificates may not be transferred by the Trustee except to another
      Depository; (ii) the Depository shall maintain book-entry records with respect
      to the Certificate Owners and with respect to ownership and transfers of such
      Certificates; (iii) ownership and transfers of registration of such Certificates
      on the books of the Depository shall be governed by applicable rules established
      by the Depository; (iv) the Depository may collect its usual and customary
      fees,
      charges and expenses from its Depository Participants; (v) the Trustee shall
      for
      all purposes deal with the Depository as representative of the Certificate
      Owners of the Certificates for purposes of exercising the rights of Holders
      under this Agreement, and requests and directions for and votes of such
      representative shall not be deemed to be inconsistent if they are made with
      respect to different Certificate Owners; (vi) the Trustee may rely and shall
      be
      fully protected in relying upon information furnished by the Depository with
      respect to its Depository Participants and furnished by the Depository
      Participants with respect to indirect participating firms and Persons shown
      on
      the books of such indirect participating firms as direct or indirect Certificate
      Owners; and (vii) the direct participants of the Depository shall have no rights
      under this Agreement under or with respect to any of the Certificates held
      on
      their behalf by the Depository, and the Depository may be treated by the Trustee
      and its agents, employees, officers and directors as the absolute owner of
      the
      Certificates for all purposes whatsoever.

     

    All
      transfers by Certificate Owners of Book-Entry Certificates shall be made in
      accordance with the procedures established by the Depository Participant or
      brokerage firm representing such Certificate Owners. Each Depository Participant
      shall only transfer Book Entry Certificates of Certificate Owners that it
      represents or of brokerage firms for which it acts as agent in accordance with
      the Depository’s normal procedures. The parties hereto are hereby authorized to
      execute a Letter of Representations with the Depository or take such other
      action as may be necessary or desirable to register a Book-Entry Certificate
      to
      the Depository.

     

    (c)  If
      (i)(x)
      the Depository or the Depositor advises the Trustee in writing that the
      Depository is no longer willing or able to discharge properly its
      responsibilities as Depository and (y) the Depositor is unable to locate a
      qualified successor or (ii) after the occurrence of a Servicer Event of
      Termination, the Certificate Owners of each Class of Book-Entry Certificates
      representing Percentage Interests of such Classes aggregating not less than
      51%
      advises the Trustee and Depository through the Financial Intermediaries and
      the
      Depository Participants in writing that the continuation of a book-entry system
      through the Depository to the exclusion of definitive, fully registered
      certificates (the “Definitive Certificates”) to Certificate Owners is no longer
      in the best interests of the Certificate Owners. Upon surrender to the
      Certificate Registrar of the Book-Entry Certificates by the Depository,
      accompanied by registration instructions from the Depository for registration,
      the Trustee shall, at the Depositor’s expense, in the case of (ii) above, or the
      Sponsor’s expense, in the case of (i) and (iii) above, execute on behalf of the
      Trust and the Certificate Registrar shall authenticate the Definitive
      Certificates. Neither the Depositor nor the Trustee shall be liable for any
      delay in delivery of such instructions and may conclusively rely on, and shall
      be protected in relying on, such instructions. Upon the issuance of Definitive
      Certificates, the Trustee, the Certificate Registrar, the Servicer, any Paying
      Agent and the Depositor shall recognize the Holders of the Definitive
      Certificates as Certificateholders hereunder.

     

    (d)  Except
      with respect to (a) the initial transfer of the Private Certificates by the
      Depositor, (b) the transfer of a Class CE or Class P Certificate to the issuer
      under any Indenture or the indenture trustee under any Indenture and (c) a
      transfer of any such Class CE or Class P Certificate from the issuer under
      any
      Indenture or the indenture trustee under any Indenture, no transfer, sale,
      pledge or other disposition of any Private Certificate shall be made unless
      such
      disposition is exempt from the registration requirements of the Securities
      Act
      of 1933, as amended (the “1933 Act”), and any applicable state securities laws
      or is made in accordance with the 1933 Act and laws. In the event of any such
      transfer, (i) unless such transfer is made in reliance upon Rule 144A (as
      evidenced by the investment letter delivered to the Certificate Registrar,
      in
      substantially the form attached hereto as Exhibit J-2) under the 1933 Act,
      if
      the Certificate Registrar and the Depositor shall require a written Opinion
      of
      Counsel (which may be in-house counsel) acceptable to and in form and substance
      reasonably satisfactory to the Certificate Registrar and the Depositor that
      such
      transfer may be made pursuant to an exemption, describing the applicable
      exemption and the basis therefor, from the 1933 Act or is being made pursuant
      to
      the 1933 Act, which Opinion of Counsel shall not be an expense of the
      Certificate Registrar or the Depositor or (ii) the Certificate Registrar shall
      require the transferor to execute a transferor certificate (in substantially
      the
      form attached hereto as Exhibit L) and the transferee to execute an investment
      letter (in substantially the form attached hereto as Exhibit J-1) acceptable
      to
      and in form and substance reasonably satisfactory to the Depositor and the
      Certificate Registrar certifying to the Depositor and the Certificate Registrar
      the facts surrounding such transfer, which investment letter shall not be an
      expense of the Certificate Registrar or the Depositor. 

     

    If
      a
      transfer of an Ownership Interest in the Private Certificates is to be made
      without registration under the 1933 Act (other than in connection with (a)
      the
      initial transfer of the Private Certificates by the Depositor, (b) the transfer
      of a Class CE or Class P Certificate to the issuer under the Indenture or the
      indenture trustee under the Indenture and (c) a transfer of any such Class
      CE or
      Class P Certificate from the issuer under the Indenture or the indenture trustee
      under the Indenture) then the Certificate Registrar shall refuse to register
      such transfer unless it receives (and upon receipt, may conclusively rely upon)
      a certificate from the Certificateholder desiring to effect such transfer and
      a
      certificate from such Certificateholder’s prospective transferee (which in the
      case of the Book-Entry Certificates, the Certificateholder and the
      Certificateholder’s prospective transferee shall be deemed to have represented
      such certification), to the effect that, among other things, the transfer is
      being made to a qualified institutional buyer as defined in Rule 144A under
      the
      Securities Act in accordance with Rule 144A or in the manner set forth above
      and
      in the form of a Definitive Certificate. The Holder of a Private Certificate
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Certificate Registrar 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.

     

    If
      any
      Certificate Owner that is required under this Section 5.02(d) to transfer its
      Book-Entry Certificates in the form of Definitive Certificates, (i) notifies
      the
      Trustee of such transfer or exchange and (ii) transfers such Book-Entry
      Certificates to the Trustee, in its capacity as such, through the book-entry
      facilities of the Depository, then the Trustee shall decrease the balance of
      such Book-Entry Certificates or, the Trustee shall use reasonable efforts to
      cause the surrender to the Certificate Registrar of such Book-Entry Certificates
      by the Depository, and thereupon, the Trustee shall execute, authenticate and
      deliver to such Certificate Owner or its designee one or more Definitive
      Certificates in authorized denominations and with a like aggregate principal
      amount.

     

    Subject
      to the provisions of this Section 5.02(d) governing registration of transfer
      and
      exchange, Private Certificates (i) held as Definitive Certificates may be
      transferred in the form of Book-Entry Certificates in reliance on Rule 144A
      under the 1933 Act to one or more “qualified institutional buyers” that are
      acquiring such Definitive Certificates for their own accounts or for the
      accounts of other “qualified institutional buyers” and (ii) held as Definitive
      Certificates by a “qualified institutional buyer” for its own account or for the
      account of another “qualified institutional buyer” may be exchanged for
      Book-Entry Certificates, in each case upon surrender of such Private
      Certificates for registration of transfer or exchange at the offices of the
      Trustee maintained for such purpose. Whenever any such Private Certificates
      are
      so surrendered for transfer or exchange, either the Trustee shall increase
      the
      balance of the related Book-Entry Certificates or the Trustee shall execute,
      authenticate and deliver the Book-Entry Certificates for which such Private
      Certificates were transferred or exchanged, as necessary and appropriate. No
      Holder of Definitive Certificates other than a “qualified institutional buyer”
holding such Certificates for its own account or for the account of another
      “qualified institutional buyer” may exchange such Private Certificates for
      Book-Entry Certificates. Further, any Certificate Owner of a Book-Entry
      Certificate other than any such “qualified institutional buyers” shall notify
      the Trustee of its status as such and shall transfer such Book-Entry Certificate
      to the Trustee, through the book-entry facilities of the Depository, whereupon,
      and also upon surrender to the Trustee of such Book-Entry Certificate by the
      Depository, (which surrender the Trustee shall use reasonable efforts to cause
      to occur), the Trustee shall execute, authenticate and deliver to such
      Certificate Owner or such Certificate Owner’s nominee one or more Definitive
      Certificates in authorized denominations and with a like aggregate principal
      amount.

     

    No
      transfer of an ERISA Restricted Certificate (other than in connection with
      (a)
      the initial transfer of the Private Certificates by the Depositor, (b) the
      transfer of a Class CE or Class P Certificate to the issuer under the Indenture
      or the indenture trustee under the Indenture and (c) a transfer of any such
      Class CE or Class P Certificate from the issuer under the Indenture or the
      indenture trustee under the Indenture) shall be made unless the Certificate
      Registrar shall have received either (i) a representation from the transferee
      of
      such Certificate, acceptable to and in form and substance satisfactory to the
      Certificate Registrar and the Depositor, (such requirement is satisfied only
      by
      the Certificate Registrar’s receipt of a representation letter from the
      transferee substantially in the form of Exhibit I hereto, as appropriate),
      to
      the effect that such transferee is not an employee benefit plan or arrangement
      subject to Section 406 of ERISA or a plan subject to Section 4975 of the Code,
      nor a person acting on behalf of any such plan or arrangement nor using the
      assets of any such plan or arrangement to effect such transfer or (ii) (except
      in the case of a Residual Certificate) in the case of any such ERISA Restricted
      Certificate presented for registration in the name of an employee benefit plan
      subject to ERISA or a plan or arrangement subject to Section 4975 of the Code
      (or comparable provisions of any subsequent enactments), or a trustee of any
      such plan or any other person acting on behalf of any such plan or arrangement
      or using such plan’s or arrangement’s assets, an Opinion of Counsel satisfactory
      to the Certificate Registrar, to the effect that the purchase and holding of
      such ERISA Restricted Certificate will not result in a non-exempt prohibited
      transaction under ERISA and the Code and will not subject the Servicer, the
      Trustee or the Certificate Registrar to any obligation in addition to those
      expressly undertaken in this Agreement or to any liability. For purposes of
      the
      preceding sentence, the representation in (i) or (ii) shall be deemed to have
      been made to the Certificate Registrar by the acceptance by a Certificate Owner
      of the beneficial interest in any such Class of ERISA Restricted Certificates,
      unless the Certificate Registrar shall have received from the transferee an
      alternative representation acceptable in form and substance to the Depositor.
      Notwithstanding anything else to the contrary herein, any purported transfer
      of
      an ERISA Restricted Certificate to or on behalf of an employee benefit plan
      subject to ERISA in violation of this paragraph as described above shall be
      void
      and of no effect.

     

    For
      so
      long as the Supplemental Interest Trust is in existence, each beneficial owner
      of Certificate (other than an ERISA Restricted Certificate) or any interest
      therein, shall be deemed to have represented, by virtue of its acquisition
      or
      holding of the offered certificate, or interest therein, that either (i) it
      is
      not a Plan or (ii) (A) it is an accredited investor within the meaning of the
      Underwriters’ Exemption and (B) the acquisition and holding of such certificate
      and the separate right to receive payments from the Supplemental Interest Trust
      are eligible for the exemptive relief available under (I) for a Class A
      Certificate, one of either PTCE 95-60, 84-14, 96-23, 90-1 or 91-38 and (II)
      for
      a Mezzanine Certificate or a Class B Certificate, PTCE 95-60.

     

    Each
      beneficial owner of a Mezzanine Certificate or a Class B Certificate or any
      interest therein that is acquired after the termination of the Supplemental
      Interest Trust will 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
      benefit plan investor or (ii) (1) it is an insurance company, (2) the source
      of
      funds used to acquire or hold the certificate or interest therein is an
“insurance company general account,” as such term is defined in PTCE 95-60, and
      (3) the conditions in Sections I and III of PTCE 95-60 have been
      satisfied.

     

    Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      appointed the Depositor or its designee as its attorney-in-fact to negotiate
      the
      terms of any mandatory sale under clause (v) below and to execute all
      instruments of transfer and to do all other things necessary in connection
      with
      any such sale, and the rights of each Person acquiring any Ownership Interest
      in
      a Residual Certificate are expressly subject to the following
      provisions:

     

    (i)  Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall be a Permitted Transferee and shall promptly notify the Certificate
      Registrar of any change or impending change in its status as a Permitted
      Transferee.

     

    (ii)  No
      Person
      shall acquire an Ownership Interest in a Residual Certificate unless such
      Ownership Interest is a pro
      rata undivided
      interest.

     

    (iii)  In
      connection with any proposed transfer of any Ownership Interest in a Residual
      Certificate, the Certificate Registrar shall as a condition to registration
      of
      the transfer, require delivery to it, in form and substance satisfactory to
      it,
      of each of the following:

     

    A. an
      affidavit in the form of Exhibit K hereto from the proposed transferee to the
      effect that, among other things, such transferee is a Permitted Transferee
      and
      that it is not acquiring its Ownership Interest in the Residual Certificate
      that
      is the subject of the proposed transfer as a nominee, trustee or agent for
      any
      Person who is not a Permitted Transferee; and

     

    B. a
      covenant of the proposed transferee to the effect that the proposed transferee
      agrees to be bound by and to abide by the transfer restrictions applicable
      to
      the Residual Certificates.

     

    (iv)  Any
      attempted or purported transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section shall be absolutely
      null and void and shall vest no rights in the purported transferee. If any
      purported transferee shall, in violation of the provisions of this Section,
      become a Holder of a Residual Certificate, then the prior Holder of such
      Residual Certificate that is a Permitted Transferee shall, upon discovery that
      the registration of transfer of such Residual Certificate was not in fact
      permitted by this Section, be restored to all rights as Holder thereof
      retroactive to the date of registration of transfer of such Residual
      Certificate. The Certificate Registrar shall be under no liability to any Person
      for any registration of transfer of a Residual Certificate that is in fact
      not
      permitted by this Section or for making any distributions due on such Residual
      Certificate to the Holder thereof or taking any other action with respect to
      such Holder under the provisions of this Agreement so long as the Certificate
      Registrar received the documents specified in clause (iii). The Trustee shall
      be
      entitled to recover from any Holder of a Residual Certificate that was in fact
      not a Permitted Transferee at the time such distributions were made all
      distributions made on such Residual Certificate. Any such distributions so
      recovered by the Trustee shall be distributed and delivered by the Trustee
      to
      the prior Holder of such Residual Certificate that is a Permitted
      Transferee.

     

    (v)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Certificate Registrar shall have the right but not the obligation, without
      notice to the Holder of such Residual Certificate or any other Person having
      an
      Ownership Interest therein, to notify the Depositor to arrange for the sale
      of
      such Residual Certificate. The proceeds of such sale, net of commissions (which
      may include commissions payable to the Depositor or its affiliates in connection
      with such sale), expenses and taxes due, if any, will be remitted by the Trustee
      to the previous Holder of such Residual Certificate that is a Permitted
      Transferee, except that in the event that the Trustee determines that the Holder
      of such Residual Certificate may be liable for any amount due under this Section
      or any other provisions of this Agreement, the Trustee may withhold a
      corresponding amount from such remittance as security for such claim. The terms
      and conditions of any sale under this clause (v) shall be determined in the
      sole
      discretion of the Trustee and it shall not be liable to any Person having an
      Ownership Interest in a Residual Certificate as a result of its exercise of
      such
      discretion.

     

    (vi)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trustee will provide to the Internal Revenue Service, and to the persons
      specified in Sections 860E(e)(3) and (6) of the Code, information needed to
      compute the tax imposed under Section 860E(e)(5) of the Code on transfers of
      residual interests to disqualified organizations. The Trustee shall be entitled
      to reasonable compensation for providing such information from the person to
      whom it is provided.

     

    The
      foregoing provisions of this Section shall cease to apply to transfers occurring
      on or after the date on which there shall have been delivered to the Certificate
      Registrar, in form and substance satisfactory to the Certificate Registrar,
      (i)
      written notification from each Rating Agency that the removal of the
      restrictions on Transfer set forth in this Section will not cause such Rating
      Agency to downgrade its rating of the Certificates and (ii) an Opinion of
      Counsel to the effect that such removal will not cause any REMIC hereunder
      to
      fail to qualify as a REMIC.

     

    (e)  No
      service charge shall be made for any registration of transfer or exchange of
      Certificates of any Class, but the Certificate Registrar may require payment
      of
      a sum sufficient to cover any tax or governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    All
      Certificates surrendered for registration of transfer or exchange shall be
      cancelled by the Certificate Registrar and disposed of pursuant to its standard
      procedures.

     

    
      	Section
              5.03  	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            

    

     

    If
      (i)
      any mutilated Certificate is surrendered to the Certificate Registrar or the
      Certificate Registrar receives evidence to its satisfaction of the destruction,
      loss or theft of any Certificate and (ii) there is delivered to the Trustee,
      the
      Depositor and the Certificate Registrar such security or indemnity as may be
      required by them to save each of them harmless, then, in the absence of notice
      to the Trustee or the Certificate Registrar that such Certificate has been
      acquired by a bona fide purchaser, the Trustee shall execute on behalf of the
      Trust, and the Certificate Registrar shall authenticate and deliver, in exchange
      for or in lieu of any such mutilated, destroyed, lost or stolen Certificate,
      a
      new Certificate of like tenor and Percentage Interest. Upon the issuance of
      any
      new Certificate under this Section, the Trustee or the Certificate Registrar
      may
      require the payment of a sum sufficient to cover any tax or other governmental
      charge that may be imposed in relation thereto and any other expenses (including
      the fees and expenses of the Trustee and the Certificate Registrar) in
      connection therewith. Any duplicate Certificate issued pursuant to this Section,
      shall constitute complete and indefeasible evidence of ownership in the Trust,
      as if originally issued, whether or not the lost, stolen or destroyed
      Certificate shall be found at any time.

     

    
      	Section
              5.04  	
              Persons
                Deemed Owners.

            

    

     

    The
      Servicer, the Depositor, the Trustee, the Certificate Registrar, any Paying
      Agent and any agent of the Servicer, the Depositor, the Certificate Registrar,
      any Paying Agent or the Trustee may treat the Person, including a Depository,
      in
      whose name any Certificate is registered as the owner of such Certificate for
      the purpose of receiving distributions pursuant to Section 4.01 and Section
      4.02
      and for all other purposes whatsoever, and none of the Servicer, the Trust,
      the
      Trustee nor any agent of any of them shall be affected by notice to the
      contrary.

     

    
      	Section
              5.05  	
              Appointment
                of Paying Agent.

            

    

     

    The
      Paying Agent shall make distributions to Certificateholders from the
      Distribution Account pursuant to Section 4.01 and Section 4.02 and shall report
      the amounts of such distributions to the Trustee. The duties of the Paying
      Agent
      may include the obligation to distribute statements and provide information
      to
      Certificateholders as required hereunder. The Paying Agent hereunder shall
      at
      all times be an entity duly incorporated and validly existing under the laws
      of
      the United States of America or any state thereof, authorized under such laws
      to
      exercise corporate trust powers and subject to supervision or examination by
      federal or state authorities. The Paying Agent shall initially be the Trustee.
      The Trustee may appoint a successor to act as Paying Agent, which appointment
      shall be reasonably satisfactory to the Depositor and the Rating Agencies.
      The
      Trustee as Paying Agent shall be subject to the same standards of care,
      limitations on liability and rights to indemnity as the Trustee, and the
      provisions of Sections 8.01, 8.02, 8.03, 8.04, 8.05, 8.14 and 8.15 shall apply
      to the Paying Agent to the same extent as they apply to the Trustee. Any Paying
      Agent appointed in accordance with this Section 5.02(a) may at any time resign
      by giving at least 30 days’ advance written notice of resignation to the
      Trustee, the Servicer and the Depositor, such resignation to become effective
      upon appointment of a successor Paying Agent.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VI

    THE
      SPONSOR, THE SERVICER AND THE DEPOSITOR

     

    
      	Section
              6.01  	
              Liability
                of the Sponsor, the Servicer and the Depositor.

            

    

     

    The
      Sponsor and the Servicer shall be liable in accordance herewith only to the
      extent of the obligations specifically imposed upon and undertaken by the
      Sponsor or Servicer, as the case may be, herein. The Depositor shall be liable
      in accordance herewith only to the extent of the obligations specifically
      imposed upon and undertaken by the Depositor.

     

    
      	Section
              6.02  	
              Merger
                or Consolidation of, or Assumption of the Obligations of, the Sponsor,
                the
                Servicer or the Depositor.

            

    

     

    Any
      entity into which the Sponsor, the Servicer or the Depositor may be merged
      or
      consolidated, or any entity resulting from any merger, conversion or
      consolidation to which the Sponsor, the Servicer or the Depositor shall be
      a
      party, or any corporation succeeding to the business of the Sponsor, the
      Servicer or the Depositor, shall be the successor of the Sponsor, the Servicer
      or the Depositor, as the case may be, hereunder, without the execution or filing
      of any paper or any further act on the part of any of the parties hereto,
      anything herein to the contrary notwithstanding; provided,
      however,
      that
      the successor Servicer shall satisfy all the requirements of Section 7.02 with
      respect to the qualifications of a successor Servicer.

     

    
      	Section
              6.03  	
              Limitation
                on Liability of the Servicer and Others.

            

    

     

    Neither
      the Servicer, the Depositor nor any of the directors or officers or employees
      or
      agents of the Servicer or the Depositor shall be under any liability to the
      Trust or the Certificateholders for any action taken or for refraining from
      the
      taking of any action by the Servicer in good faith pursuant to this Agreement,
      or for errors in judgment; provided,
      however,
      that
      this provision shall not protect the Servicer, the Depositor or any such Person
      against any liability which would otherwise be imposed by reason of its willful
      misfeasance, bad faith or gross negligence in the performance of duties of
      the
      Servicer or the Depositor or by reason of its reckless disregard of its
      obligations and duties of the Servicer or the Depositor hereunder; provided,
      further,
      that
      this provision shall not be construed to entitle the Servicer to indemnity
      in
      the event that amounts advanced by the Servicer to retire any senior lien exceed
      Liquidation Proceeds (in excess of related liquidation expenses) realized with
      respect to the related Mortgage Loan. The Servicer, the Depositor and any
      director or officer or employee or agent of the Servicer or the Depositor may
      rely in good faith on any document of any kind prima facie
      properly
      executed and submitted by any Person respecting any matters arising hereunder.
      The Servicer, the Depositor and any director or officer or employee or agent
      of
      the Servicer or the Depositor shall be indemnified by the Trust and held
      harmless against any loss, liability or expense incurred in connection with
      any
      legal action relating to this Agreement or the Certificates, other than any
      loss, liability or expense incurred by reason of its willful misfeasance, bad
      faith or negligence in the performance of duties hereunder or by reason of
      its
      reckless disregard of obligations and duties hereunder. The Servicer or the
      Depositor may undertake any such action which it may deem necessary or desirable
      in respect of this Agreement, and the rights and duties of the parties hereto
      and the interests of the Certificateholders hereunder. In such event, the
      reasonable legal expenses and costs of such action and any liability resulting
      therefrom shall be expenses, costs and liabilities of the Trust and the Servicer
      or the Depositor shall be entitled to pay such expenses from the proceeds of
      the
      Trust or to be reimbursed therefor pursuant to Section 3.05 upon presentation
      to
      the Trustee of documentation of such expenses, costs and liabilities. The
      Servicer’s right to indemnity or reimbursement pursuant to this Section shall
      survive any resignation or termination of the Servicer pursuant to Section
      6.04
      or 7.01 with respect to any losses, expenses, costs or liabilities arising
      prior
      to such resignation or termination (or arising from events that occurred prior
      to such resignation or termination). This paragraph shall apply to the Servicer
      and the Depositor solely in their capacities as Servicer and Depositor hereunder
      and in no other capacities.

     

    
      	Section
              6.04  	
              Servicer
                Not to Resign.

            

    

     

    Subject
      to the provisions of Section 7.01 and the second paragraph of Section 7.02,
      Section 6.02 and the second paragraph of this Section 6.04, the Servicer shall
      not resign from the obligations and duties hereby imposed on it except (i)
      upon
      determination that the performance of its obligations or duties hereunder are
      no
      longer permissible under applicable law or are in material conflict by reason
      of
      applicable law with any other activities carried on by it or its subsidiaries
      or
      Affiliates, the other activities of the Servicer so causing such a conflict
      being of a type and nature carried on by the Servicer or its subsidiaries or
      Affiliates at the date of this Agreement or (ii) upon satisfaction of the
      following conditions: (a) the Servicer has proposed a successor servicer to
      the
      Trustee in writing and such proposed successor servicer is reasonably acceptable
      to the Trustee; and (b) each Rating Agency shall have delivered a letter to
      the
      Trustee prior to the appointment of the successor servicer stating that the
      proposed appointment of such successor servicer as Servicer hereunder will
      not
      result in the reduction or withdrawal of the then current rating of the Regular
      Certificates or the ratings that are in effect; provided,
      however,
      that no
      such resignation by the Servicer shall become effective until such successor
      servicer or, in the case of (i) above, the Trustee shall have assumed the
      Servicer’s responsibilities and obligations hereunder or the Trustee shall have
      designated a successor servicer in accordance with Section 7.02. Any such
      resignation shall not relieve the Servicer of responsibility for any of the
      obligations specified in Sections 7.01 and 7.02 as obligations that survive
      the
      resignation or termination of the Servicer. Any such determination permitting
      the resignation of the Servicer pursuant to clause (i) above shall be evidenced
      by an Opinion of Counsel to such effect delivered to the Trustee. Any such
      determination permitting the resignation of the Servicer shall be evidenced
      by
      an Opinion of Counsel to such effect delivered to the Trustee.

     

    Notwithstanding
      anything to the contrary which may be set forth above, the Trustee and the
      Depositor hereby specifically (i) consent to the pledge and assignment by the
      Servicer of all the Servicer’s right, title and interest in, to and under this
      Agreement to the Servicing Rights Pledgee, for the benefit of certain lenders,
      and (ii) provided that no Servicer Event of Termination exists, agree that
      upon
      delivery to the Trustee by the Servicing Rights Pledgee of a letter signed
      by
      the Servicer whereunder the Servicer shall resign as Servicer under this
      Agreement, the Trustee shall appoint the Servicing Rights Pledgee or its
      designee as successor Servicer, provided that at the time of such appointment,
      the Servicing Rights Pledgee or such designee meets the requirements of a
      successor Servicer pursuant to Section 7.02(a) and agrees to be subject to
      the
      terms of this Agreement. If, pursuant to any provision hereof, the duties of
      the
      Servicer are transferred to a successor, the entire amount of the Servicing
      Fee
      and other compensation payable to the Servicer pursuant hereto shall thereafter
      be payable to such successor.

     

    
      	Section
              6.05  	
              Delegation
                of Duties.

            

    

     

    In
      the
      ordinary course of business, the Servicer at any time may delegate any of its
      duties hereunder to any Person, including any of its Affiliates, who agrees
      to
      conduct such duties in accordance with standards comparable to those set forth
      in Section 3.01. Such delegation shall not relieve the Servicer of its
      liabilities and responsibilities with respect to such duties and shall not
      constitute a resignation within the meaning of Section 6.04. The Servicer shall
      provide the Trustee and the Rating Agencies with 60 days prior written notice
      prior to the delegation of any of its duties to any Person other than any of
      the
      Servicer’s Affiliates or their respective successors and assigns.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VII

    DEFAULT

     

    
      	Section
              7.01  	
              Servicer
                Events of Termination.

            

    

     

    (a)  If
      any
      one of the following events (“Servicer Events of Termination”) shall occur and
      be continuing:

     

    (i)  (A)
      The
      failure by the Servicer to make any Advance; or (B) any other failure by the
      Servicer to deposit in the Collection Account or Distribution Account any
      deposit required to be made under the terms of this Agreement which continues
      unremedied for a period of one Business Day after the date upon which written
      notice of such failure shall have been given to the Servicer by the Trustee
      or
      by any Holder of a Regular Certificate evidencing at least 25% of the Voting
      Rights; or

     

    (ii)  The
      failure by the Servicer to make any required Servicing Advance which failure
      continues unremedied for a period of 30 days, or the failure by the Servicer
      duly to observe or perform, in any material respect, any other covenants,
      obligations or agreements of the Servicer as set forth in this Agreement, which
      failure continues unremedied for a period of 30 days, after the date (A) on
      which written notice of such failure, requiring the same to be remedied, shall
      have been given to the Servicer by the Trustee or by any Holder of a Regular
      Certificate evidencing at least 25% of the Voting Rights or (B) actual knowledge
      of such failure by a Servicing Officer of the Servicer; or

     

    (iii)  The
      entry
      against the Servicer of a decree or order by a court or agency or supervisory
      authority having jurisdiction in the premises for the appointment of a trustee,
      conservator, receiver or liquidator in any insolvency, conservatorship,
      receivership, readjustment of debt, marshalling of assets and liabilities or
      similar proceedings, or for the winding up or liquidation of its affairs, and
      the continuance of any such decree or order unstayed and in effect for a period
      of 60 days; or

     

    (iv)  The
      Servicer shall voluntarily go into liquidation, consent to the appointment
      of a
      conservator or receiver or liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings of or relating to the Servicer or of or relating to all or
      substantially all of its property; or a decree or order of a court or agency
      or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a conservator, receiver, liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall have
      been entered against the Servicer and such decree or order shall have remained
      in force undischarged, unbonded or unstayed for a period of 60 days; or the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of any applicable insolvency
      or
      reorganization statute, make an assignment for the benefit of its creditors
      or
      voluntarily suspend payment of its obligations; or

     

    (v)  The
      aggregate amount of cumulative Realized Losses incurred since the Cut-off Date
      through the last day of the related Collection Period divided by the initial
      Pool Balance exceeds the applicable percentages set forth below with respect
      to
      such Distribution Date:

     

    
      	
              Distribution
                Date Occurring In

               

            	
              Percentage

               

            
	
              April
                2009 through March 2010

            	
              3.65%

            
	
              April
                2010 through March 2011

            	
              5.80%

            
	
              April
                2011 through March 2012

            	
              7.10%

            
	
              April
                2012 and thereafter 

            	
              8.70%

            

    

    

    (b)  Then,
      and
      in each and every such case, so long as a Servicer Event of Termination shall
      not have been remedied within the applicable grace period, (x) with respect
      solely to clause (i)(A) above, if such Advance is not made by 2:00 P.M., New
      York time, on the Business Day immediately following the Servicer Remittance
      Date, the Trustee may terminate all of the rights and obligations of the
      Servicer under this Agreement and the Trustee, or a successor servicer appointed
      in accordance with Section 7.02, shall immediately make such Advance and assume,
      pursuant to Section 7.02, the duties of a successor Servicer and (y) in the
      case
      of (i)(B), (ii), (iii), (iv) and (v) above, the Trustee shall, at the direction
      of the Holders of each Class of Regular Certificates evidencing Percentage
      Interests aggregating not less than 51%, by notice then given in writing to
      the
      Servicer and the Trustee, terminate all of the rights and obligations of the
      Servicer as servicer under this Agreement. Any such notice to the Servicer
      shall
      also be given to each Rating Agency, the Depositor and the Sponsor. On or after
      the receipt by the Servicer and the Trustee of such written notice, all
      authority and power of the Servicer under this Agreement, whether with respect
      to the Certificates or the Mortgage Loans or otherwise, shall pass to and be
      vested in the Trustee pursuant to and under this Section; and, without
      limitation, the Trustee is hereby authorized and empowered to execute and
      deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, any and
      all documents and other instruments, and to do or accomplish all other acts
      or
      things necessary or appropriate to effect the purposes of such notice of
      termination, whether to complete the transfer and endorsement of each Mortgage
      Loan and Related Documents or otherwise. The Servicer agrees to cooperate with
      the Trustee (or the applicable successor Servicer) in effecting the termination
      of the responsibilities and rights of the Servicer hereunder, including, without
      limitation, the delivery to the successor Servicer of all documents and records
      requested by it to enable it to assume the Servicer’s functions under this
      Agreement within ten Business Days subsequent to such notice, the transfer
      within one Business Day subsequent to such notice to the Trustee (or the
      applicable successor Servicer) for the administration by it of all cash amounts
      that shall at the time be held by the Servicer and to be deposited by it in
      the
      Collection Account, the Distribution Account, any REO Account or any Escrow
      Account or that have been deposited by the Servicer in such accounts or
      thereafter received by the Servicer with respect to the Mortgage Loans or any
      REO Property received by the Servicer. All reasonable costs and expenses
      (including attorneys’ fees) incurred in connection with transferring the
      servicing to the successor Servicer and amending this Agreement to reflect
      such
      succession as Servicer pursuant to this Section shall be paid by the predecessor
      Servicer (or if the predecessor Servicer is the Trustee, the initial Servicer)
      upon presentation of reasonable documentation of such costs and
      expenses.

     

    
      	Section
              7.02  	
              Trustee
                to Act; Appointment of Successor.

            

    

     

    (a)  Within
      90
      days of the time the Servicer and the Trustee receives a notice of termination
      or resignation pursuant to Section 7.01 or 6.04, the Trustee (or such other
      successor Servicer as is approved in accordance with this Agreement) shall
      be
      the successor in all respects to the Servicer in its capacity as servicer under
      this Agreement and the transactions set forth or provided for herein and shall
      be subject to all the responsibilities, duties and liabilities relating thereto
      placed on the Servicer by the terms and provisions hereof arising on and after
      its succession. As compensation therefor, the Trustee (or such other successor
      Servicer) shall be entitled to such compensation as the Servicer would have
      been
      entitled to hereunder if no such notice of termination had been given.
      Notwithstanding the above, (i) if the Trustee is unwilling to act as successor
      Servicer or (ii) if the Trustee is legally unable so to act, the Trustee shall
      appoint or petition a court of competent jurisdiction to appoint, any
      established housing and home finance institution, bank or other mortgage loan
      or
      home equity loan servicer having a net worth of not less than $50,000,000 as
      the
      successor to the Servicer hereunder in the assumption of all or any part of
      the
      responsibilities, duties or liabilities of the Servicer hereunder; provided,
      that
      the appointment of any such successor Servicer will not result in the
      qualification, reduction or withdrawal of the ratings assigned to the
      Certificates or the ratings that are in effect by the Rating Agencies as
      evidenced by a letter to such effect from the Rating Agencies. Pending
      appointment of a successor to the Servicer hereunder, unless the Trustee is
      prohibited by law from so acting, the Trustee shall act in such capacity as
      hereinabove provided. In connection with such appointment and assumption, the
      successor shall be entitled to receive compensation out of payments on Mortgage
      Loans in an amount equal to the compensation which the Servicer would otherwise
      have received pursuant to Section 3.18 (or such other compensation as the
      Trustee and such successor shall agree, not to exceed the Servicing Fee). The
      successor servicer shall be entitled to withdraw from the Collection Account
      all
      costs and expenses associated with the transfer of the servicing to the
      successor servicer. The appointment of a successor servicer shall not affect
      any
      liability of the predecessor Servicer which may have arisen under this Agreement
      prior to its termination as Servicer to pay any deductible under an insurance
      policy pursuant to Section 3.12 or to indemnify the parties indicated in Section
      3.26 pursuant to the terms thereof, nor shall any successor Servicer be liable
      for any acts or omissions of the predecessor Servicer or for any breach by
      such
      Servicer of any of its representations or warranties contained herein or in
      any
      related document or agreement. The Trustee and such successor shall take such
      action, consistent with this Agreement, as shall be necessary to effectuate
      any
      such succession.

     

    In
      the
      event of a Servicer Event of Termination, notwithstanding anything to the
      contrary above, the Trustee and the Depositor hereby agree that upon delivery
      to
      the Trustee by the Servicing Rights Pledgee of a letter signed by the Servicer
      within ten Business Days of when notification of such event shall have been
      provided to the Trustee, whereunder the Servicer shall resign as Servicer under
      this Agreement, the Servicing Rights Pledgee or its designee shall be appointed
      as successor Servicer (provided that at the time of such appointment the
      Servicing Rights Pledgee or such designee meets the requirements of a successor
      Servicer set forth above) and the Servicing Rights Pledgee agrees to be subject
      to the terms of this Agreement.

     

    (b)  Any
      successor, including the Trustee, to the Servicer as servicer shall during
      the
      term of its service as servicer continue to service and administer the Mortgage
      Loans for the benefit of Certificateholders, and maintain in force a policy
      or
      policies of insurance covering errors and omissions in the performance of its
      obligations as Servicer hereunder and a Fidelity Bond in respect of its
      officers, employees and agents to the same extent as the Servicer is so required
      pursuant to Section 3.12.

     

    
      	Section
              7.03  	
              Waiver
                of Defaults.

            

    

     

    The
      Majority Certificateholders may, on behalf of all Certificateholders, waive
      any
      events permitting removal of the Servicer as servicer pursuant to this Article
      VII, provided,
      however,
      that
      the Majority Certificateholders may not waive a default in making a required
      distribution on a Certificate without the consent of the Holder of such
      Certificate. Upon any waiver of a past default, such default shall cease to
      exist and any Servicer Event of Termination arising therefrom shall be deemed
      to
      have been remedied for every purpose of this Agreement. No such waiver shall
      extend to any subsequent or other default or impair any right consequent thereto
      except to the extent expressly so waived. Notice of any such waiver shall be
      given by the Trustee to the Rating Agencies.

     

    
      	Section
              7.04  	
              Notification
                to Certificateholders.

            

    

     

    (a)  On
      any
      termination or appointment of a successor the Servicer pursuant to this Article
      VII or Section 6.04, the Trustee shall give prompt written notice thereof to
      the
      Certificateholders at their respective addresses appearing in the Certificate
      Register and each Rating Agency.

     

    (b)  No
      later
      than 60 days after the occurrence of any event which constitutes or which,
      with
      notice or a lapse of time or both, would constitute a Servicer Event of
      Termination for five Business Days after a Responsible Officer of the Trustee
      becomes aware of the occurrence of such an event, the Trustee shall transmit
      by
      mail to all Certificateholders notice of such occurrence unless such default
      or
      Servicer Event of Termination shall have been waived or cured. Such notice
      shall
      be given to the Rating Agencies promptly after any such occurrence.

     

    
      	Section
              7.05  	
              Survivability
                of Servicer Liabilities.

            

    

     

    Notwithstanding
      anything herein to the contrary, upon termination of the Servicer hereunder,
      any
      liabilities of the Servicer which accrued prior to such termination shall
      survive such termination.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VIII

    THE
      TRUSTEE

     

    
      	Section
              8.01  	
              Duties
                of Trustee.

            

    

     

    The
      Trustee, prior to the occurrence of a Servicer Event of Termination of which
      a
      Responsible Officer of the Trustee shall have actual knowledge and after the
      waiver or curing of all Servicer Events of Termination which may have occurred,
      undertakes to perform such duties and only such duties as are specifically
      set
      forth in this Agreement. If a Servicer Event of Termination has occurred (which
      has not been cured) of which a Responsible Officer has actual knowledge, the
      Trustee shall exercise such of the rights and powers vested in it by this
      Agreement, and use the same degree of care and skill in their exercise, as
      a
      prudent person would exercise or use under the circumstances in the conduct
      of
      such person’s own affairs.

     

    The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee which
      are specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they conform on their face
      to
      the requirements of this Agreement to the extent specified herein; provided,
      however,
      that
      the Trustee shall not be responsible for the accuracy or content of any
      resolution, certificate, statement, opinion, report, document, order or other
      instrument furnished by the Servicer, the Sponsor or the Depositor hereunder.
      If
      any such instrument is found not to conform in any material respect to the
      requirements of this Agreement, the Trustee shall notify the Certificateholders
      of such instrument in the event that the Trustee, after so requesting, does
      not
      receive a satisfactorily corrected instrument.

     

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

     

    (i)  prior
      to
      the occurrence of a Servicer Event of Termination, and after the waiver or
      curing of all such Servicer Events of Termination which may have occurred,
      the
      duties and obligations of the Trustee shall be determined solely by the express
      provisions of this Agreement, the Trustee shall not be liable except for the
      performance of such duties and obligations as are specifically set forth in
      this
      Agreement, no implied covenants or obligations shall be read into this Agreement
      against the Trustee and, in the absence of bad faith on the part of the Trustee,
      the Trustee may conclusively rely, as to the truth of the statements and the
      correctness of the opinions expressed therein, upon any certificates or opinions
      furnished to the Trustee and conforming to the requirements of this
      Agreement;

     

    (ii)  the
      Trustee shall not be liable for an error of judgment made in good faith by
      a
      Responsible Officer of the Trustee unless it shall be proved that the Trustee
      was negligent in ascertaining or investigating the facts related
      thereto;

     

    (iii)  the
      Trustee shall not be liable with respect to any action taken, suffered or
      omitted to be taken by it in good faith in accordance with the direction of
      the
      Majority Certificateholders relating to the time, method and place of conducting
      any proceeding for any remedy available to the Trustee or exercising or omitting
      to exercise any trust or power conferred upon the Trustee under this Agreement;
      and

     

    (iv)  the
      Trustee shall not be charged with knowledge of any failure by the Servicer
      to
      comply with the obligations of the Servicer referred to in clauses (i) and
      (ii)
      of Section 7.01(a) or any Servicer Event of Termination unless a Responsible
      Officer of the Trustee at the applicable Corporate Trust Office obtains actual
      knowledge of such failure or the Trustee receives written notice of such failure
      from the Servicer or the Majority Certificateholders. In the absence of such
      receipt of such notice, the Trustee may conclusively assume that there is no
      Servicer Event of Termination.

     

    The
      Trustee shall not be required to expend or risk its own funds or otherwise
      incur
      financial liability in the performance of any of its duties hereunder, or in
      the
      exercise of any of its rights or powers, if there is reasonable ground for
      believing that the repayment of such funds or adequate indemnity against such
      risk or liability is not reasonably assured to it, and none of the provisions
      contained in this Agreement shall in any event require the Trustee to perform,
      or be responsible for the manner of performance of, any of the obligations
      of
      the Servicer under this Agreement, except with respect to the Trustee during
      such time, if any, as the Trustee shall be the successor to, and be vested
      with
      the rights, duties, powers and privileges of, the Servicer in accordance with
      the terms of this Agreement.

     

    The
      Trustee shall not have any duty (A) to see any recording, filing, or depositing
      of this Agreement or any agreement referred to herein or any financing statement
      or continuation statement evidencing a security interest, or to see to the
      maintenance of any such recording or filing or depositing or to any rerecording,
      refiling or redepositing of any thereof, (B) to see to any insurance or (C)
      to
      see to the payment or discharge of any tax, assessment, or other governmental
      charge or any lien or encumbrance of any kind owing with respect to, assessed
      or
      levied against, any part of the Trust Fund other than from funds available
      in
      the Distribution Account and to the extent set forth herein.

     

    
      	Section
              8.02  	
              Certain
                Matters Affecting the Trustee.

            

    

     

    (a)  Except
      as
      otherwise provided in Section 8.01:

     

    (i)  the
      Trustee may request and rely upon, and shall be protected in acting or
      refraining from acting upon, any resolution, Officer’s Certificate, certificate
      of auditors or any other certificate, statement, instrument, opinion, report,
      notice, request, consent, order, appraisal, bond or other paper or document
      reasonably believed by it to be genuine and to have been signed or presented
      by
      the proper party or parties;

     

    (ii)  the
      Trustee may consult with counsel and any advice or Opinion of Counsel shall
      be
      full and complete authorization and protection in respect of any action taken
      or
      suffered or omitted by it hereunder in good faith and in accordance with such
      advice or Opinion of Counsel;

     

    (iii)  the
      Trustee shall not be under any obligation to exercise any of the rights or
      powers vested in it by this Agreement, or to institute, conduct or defend any
      litigation hereunder or in relation hereto, at the request, order or direction
      of the Certificateholders pursuant to the provisions of this Agreement, unless
      such Certificateholders shall have offered to the Trustee reasonable security
      or
      indemnity against the costs, expenses and liabilities which may be incurred
      therein or thereby; the right of the Trustee to perform any discretionary act
      enumerated in this Agreement shall not be construed as a duty, and the Trustee
      shall not be answerable for other than its negligence or willful misconduct
      in
      the performance of any such act;

     

    (iv)  the
      Trustee shall not be liable for any action taken, suffered or omitted by it
      in
      good faith and believed by it to be authorized or within the discretion or
      rights or powers conferred upon it by this Agreement;

     

    (v)  prior
      to
      the occurrence of a Servicer Event of Termination and after the waiver or curing
      of all Servicer Events of Termination which may have occurred, the Trustee
      shall
      not be bound to make any investigation into the facts or matters stated in
      any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or documents, unless
      requested in writing to do so by the Majority Certificateholder; provided,
      however,
      that if
      the payment within a reasonable time to the Trustee of the costs, expenses
      or
      liabilities likely to be incurred by it in the making of such investigation
      is,
      in the opinion of the Trustee, not reasonably assured to the Trustee by the
      security afforded to it by the terms of this Agreement, the Trustee may require
      reasonable indemnity against such cost, expense or liability as a condition
      to
      such proceeding. The reasonable expense of every such examination shall be
      paid
      by the Servicer or, if paid by the Trustee, shall be reimbursed by the Servicer
      upon demand. Nothing in this clause (v) shall derogate from the obligation
      of
      the Servicer to observe any applicable law prohibiting disclosure of information
      regarding the Mortgagors;

     

    (vi)  the
      Trustee shall not be accountable, shall have any liability or make any
      representation as to any acts or omissions hereunder of the Servicer until
      such
      time as the Trustee may be required to act as Servicer pursuant to Section
      7.02;

     

    (vii)  the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents or attorneys or a custodian
      and the Trustee shall not be responsible for any misconduct or negligence on
      the
      part of any such agent, attorney or custodian appointed by it with due care;
      and

     

    (viii)  the
      right
      of the Trustee to perform any discretionary act enumerated in this Agreement
      shall not be construed as a duty, and the Trustee shall not be answerable for
      other than its negligence or willful misconduct in the performance of such
      act.

     

    (b)  The
      Depositor hereby directs the Trustee to execute, deliver and perform its
      obligations under the Cap Contract on the Closing Date and thereafter on behalf
      of the Holders of the Mezzanine Certificates. The Sponsor, the Depositor, the
      Servicer and the Holders of the Mezzanine Certificates by their acceptance
      of
      such Certificates, acknowledge and agree that the Trustee shall execute, deliver
      and perform its obligations under the Cap Contract and shall do so solely in
      its
      capacity as Trustee of the Trust Fund and not in its individual
      capacity.

     

    
      	Section
              8.03  	
              Trustee
                Not Liable for Certificates or Mortgage Loans.

            

    

     

    The
      recitals contained herein and in the Certificates (other than the authentication
      of the Trustee on the Certificates) shall be taken as the statements of the
      Sponsor, and the Trustee assumes no responsibility for the correctness of the
      same. The Trustee makes no representations as to the validity or sufficiency
      of
      this Agreement or of the Certificates (other than the signature of the Trustee
      and authentication of the Trustee on the Certificates) or of any Mortgage Loan
      or Related Document. The Trustee shall not be accountable for the use or
      application by the Servicer, or for the use or application of any funds paid
      to
      the Servicer in respect of the Mortgage Loans or deposited in or withdrawn
      from
      the Collection Account by the Servicer. The Trustee shall not at any time have
      any responsibility or liability for or with respect to the legality, validity
      and enforceability of any Mortgage or any Mortgage Loan, or the perfection
      and
      priority of any Mortgage or the maintenance of any such perfection and priority,
      or for or with respect to the sufficiency of the Trust or its ability to
      generate the payments to be distributed to Certificateholders under this
      Agreement, including, without limitation: the existence, condition and ownership
      of any Mortgaged Property; the existence and enforceability of any hazard
      insurance thereon (other than if the Trustee shall assume the duties of the
      Servicer pursuant to Section 7.02); the validity of the assignment of any
      Mortgage Loan to the Trustee or of any intervening assignment; the completeness
      of any Mortgage Loan; the performance or enforcement of any Mortgage Loan (other
      than if the Trustee shall assume the duties of the Servicer pursuant to Section
      7.02); the compliance by the Depositor, the Sponsor or the Servicer with any
      warranty or representation made under this Agreement or in any related document
      or the accuracy of any such warranty or representation prior to the Trustee’s
      receipt of notice or other discovery of any non-compliance therewith or any
      breach thereof; any investment of monies by or at the direction of the Servicer
      or any loss resulting therefrom, the acts or omissions of any of the Servicer
      (other than if the Trustee shall assume the duties of the Servicer pursuant
      to
      Section 7.02), or any Mortgagor; any action of the Servicer (other than if
      the
      Trustee shall assume the duties of the Servicer pursuant to Section 7.02),
      taken
      in the name of the Trustee; the failure of the Servicer to act or perform any
      duties required of it as agent of the Trustee hereunder; or any action by the
      Trustee taken at the instruction of the Servicer (other than if the Trustee
      shall assume the duties of the Servicer pursuant to Section 7.02); provided,
      however,
      that
      the foregoing shall not relieve the Trustee of its obligation to perform its
      duties under this Agreement. The Trustee shall not have any responsibility
      for
      filing any financing or continuation statement in any public office at any
      time
      or to otherwise perfect or maintain the perfection of any security interest
      or
      lien granted to it hereunder.

     

    
      	Section
              8.04  	
              Trustee
                May Own Certificates.

            

    

     

    The
      Trustee in its individual or any other capacity may become the owner or pledgee
      of Certificates with the same rights as it would have if it were not Trustee
      and
      may transact any banking and trust business with the Sponsor, the Servicer,
      the
      Depositor or their Affiliates.

     

    
      	Section
              8.05  	
              Sponsor
                to Pay Trustee Fees and Expenses.

            

    

     

    The
      Trustee shall withdraw from the Distribution Account on each Distribution Date
      and pay to itself its fees in an aggregate amount equal to the Trustee Fee
      pursuant to Section 4.01 and, to the extent the Interest Remittance Amount
      is at
      any time insufficient for such purpose, the Sponsor shall pay such fees as
      reasonable compensation (which shall not be limited by any provision of law
      in
      regard to the compensation of a trustee of an express trust) for all services
      rendered by it in the execution of the trusts hereby created and in the exercise
      and performance of any of the powers and duties hereunder of the Trustee, and
      the Sponsor will pay or reimburse the Trustee upon its request for all
      reasonable expenses, disbursements and advances incurred or made by the Trustee
      in accordance with any of the provisions of this Agreement (including the
      reasonable compensation and the expenses and disbursements of its counsel and
      of
      all persons not regularly in its employ) except any such expense, disbursement
      or advance as may arise from such party’s negligence or bad faith or which is
      the responsibility of Certificateholders or the Trustee hereunder.
      Notwithstanding any other provision of this Agreement, including Section 2.03(a)
      and Section 2.04, to the contrary, the Sponsor covenants and agrees to indemnify
      the Trustee and its respective officers, directors, employees and agents from,
      and hold each of them harmless against, any and all losses, liabilities,
      damages, claims or expenses incurred in connection with any legal action
      relating to this Agreement (including, without limitation, the last paragraph
      of
      Section 2.01), the Certificates or incurred in connection with the
      administration of the Trust, other than with respect to a party, any loss,
      liability or expense incurred by reason of willful misfeasance, bad faith or
      negligence of such party in the performance of their respective duties hereunder
      or by reason of such party’s reckless disregard of obligations and duties
      hereunder; provided, that the foregoing exclusion shall not apply with respect
      to any indemnification obligation to the Trustee hereunder relating to the
      last
      paragraph of Section 2.01 hereof. Anything in this Agreement to the contrary
      notwithstanding, in no event shall the Trustee be liable for special, indirect
      or consequential loss or damage of any kind whatsoever (including but not
      limited to lost profits), even if the Trustee has been advised of the likelihood
      of such loss or damage and regardless of the form of action. The Trustee and
      any
      director, officer, employee or agent of the Trustee shall be indemnified, to
      the
      extent not paid by the Sponsor pursuant to this Section, by the Trust Fund
      and
      held harmless against any loss, liability or expense (not including expenses,
      disbursements and advances incurred or made by the Trustee, in the ordinary
      course of the Trustee’s performance in accordance with the provisions of this
      Agreement) incurred by the Trustee or such party arising out of or in connection
      with the acceptance or administration of its duties under this Agreement, other
      than any loss, liability or expense incurred by reason of willful misfeasance,
      bad faith or negligence in the performance by the Trustee of its duties under
      this Agreement or by reason of the reckless disregard of the Trustee’s
      obligations and duties under this Agreement; provided, that the foregoing
      exclusion shall not apply with respect to any indemnification obligation to
      the
      Trustee hereunder relating to the last paragraph of Section 2.01 hereof. This
      section shall survive termination of this Agreement or the resignation or
      removal of any Trustee hereunder.

     

    
      	Section
              8.06  	
              Eligibility
                Requirements for Trustee.

            

    

     

    The
      Trustee hereunder shall at all times be a Department of Housing and Urban
      Development and Federal Housing Administration approved mortgagee, an entity
      duly organized and validly existing under the laws of the United States of
      America or any state thereof, authorized under such laws to exercise corporate
      trust powers, having a combined capital and surplus of at least $50,000,000
      and
      a minimum long-term debt rating of BBB by Fitch and S&P and a long term debt
      rating of at least A1 or better by Moody’s, and subject to supervision or
      examination by federal or state authority. If such entity publishes reports
      of
      condition at least annually, pursuant to law or to the requirements of the
      aforesaid supervising or examining authority, then for the purposes of this
      Section 8.06, the combined capital and surplus of such entity shall be deemed
      to
      be its combined capital and surplus as set forth in its most recent report
      of
      condition so published. The principal office of the Trustee (other than the
      initial Trustee) shall be in a state with respect to which an Opinion of Counsel
      has been delivered to such Trustee at the time such Trustee is appointed Trustee
      to the effect that the Trust will not be a taxable entity under the laws of
      such
      state. In case at any time the Trustee shall cease to be eligible in accordance
      with the provisions of this Section 8.06, the Trustee shall resign immediately
      in the manner and with the effect specified in Section 8.07.

     

    
      	Section
              8.07  	
              Resignation
                or Removal of Trustee.

            

    

     

    The
      Trustee may at any time resign and be discharged from the trusts hereby created
      by giving written notice thereof to the Depositor, the Servicer and each Rating
      Agency. Upon receiving such notice of resignation, the Depositor shall promptly
      appoint a successor Trustee by written instrument, in duplicate, one copy of
      which instrument shall be delivered to the resigning Trustee and one copy to
      the
      successor Trustee. If no successor Trustee shall have been so appointed and
      having accepted appointment within 30 days after the giving of such notice
      of
      resignation, the resigning Trustee may petition any court of competent
      jurisdiction for the appointment of a successor Trustee.

     

    If
      at any
      time the Trustee shall cease to be eligible in accordance with the provisions
      of
      Section 8.06 and shall fail to resign after written request therefor by the
      Depositor, or if at any time the Trustee shall be legally unable to act, or
      shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or
      of
      their property shall be appointed, or any public officer shall take charge
      or
      control of the Trustee or of their property or affairs for the purpose of
      rehabilitation, conservation or liquidation, then the Depositor may remove
      the
      Trustee. If the Depositor or the Servicer removes the Trustee under the
      authority of the immediately preceding sentence, the Depositor shall promptly
      appoint a successor Trustee by written instrument, in duplicate, one copy of
      which instrument shall be delivered to the Trustee so removed and one copy
      to
      the successor Trustee.

     

    The
      Majority Certificateholders may at any time remove the Trustee by written
      instrument or instruments delivered to the Servicer, the Depositor and the
      Trustee and any expenses incurred by the Trustee in connection with such removal
      shall be reimbursed to it by the Majority Certificateholders promptly upon
      demand therefor; the Depositor shall thereupon use its best efforts to appoint
      a
      successor Trustee in accordance with this Section.

     

    Any
      resignation or removal of the Trustee and appointment of a successor Trustee
      pursuant to any of the provisions of this Section 8.07 shall not become
      effective until acceptance of appointment by the successor Trustee as provided
      in Section 8.08.

     

    
      	Section
              8.08  	
              Successor
                Trustee.

            

    

     

    Any
      successor Trustee appointed as provided in Section 8.07 shall execute,
      acknowledge and deliver to the Depositor, the Rating Agencies, the Servicer
      and
      to its predecessor Trustee an instrument accepting such appointment hereunder,
      and thereupon the resignation or removal of the predecessor Trustee shall become
      effective, and such successor Trustee, without any further act, deed or
      conveyance, shall become fully vested with all the rights, powers, duties and
      obligations of its predecessor hereunder, with like effect as if originally
      named as Trustee. The Depositor, the Servicer and the predecessor Trustee shall
      execute and deliver such instruments and do such other things as may reasonably
      be required for fully and certainly vesting and confirming in the successor
      Trustee all such rights, powers, duties and obligations.

     

    No
      successor Trustee shall accept appointment as provided in this Section 8.08
      unless at the time of such acceptance such successor Trustee shall be eligible
      under the provisions of Section 8.06 and the appointment of such successor
      Trustee shall not result in a downgrading of the Regular Certificates by any
      Rating Agency, as evidenced by a letter from each Rating Agency.

     

    Upon
      acceptance of appointment by a successor Trustee as provided in this Section
      8.08, the successor Trustee shall mail notice of the appointment of a successor
      Trustee hereunder to all Holders of Certificates at their addresses as shown
      in
      the Certificate Register and to each Rating Agency.

     

    
      	Section
              8.09  	
              Merger
                or Consolidation of Trustee.

            

    

     

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

     

    
      	Section
              8.10  	
              Appointment
                of Co-Trustee or Separate Trustee.

            

    

     

    Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust or
      any
      Mortgaged Property may at the time be located, the Depositor and the Trustee
      acting jointly shall have the power and shall execute and deliver all
      instruments to appoint one or more Persons approved by the Trustee to act as
      co-trustee or co-trustees, jointly with the Trustee, or separate trustee or
      separate trustees, of all or any part of the Trust, and to vest in such Person
      or Persons, in such capacity and for the benefit of the Certificateholders,
      such
      title to the Trust, or any part thereof, and, subject to the other provisions
      of
      this Section 8.10, such powers, duties, obligations, rights and trusts as the
      Servicer and the Trustee may consider necessary or desirable. Any such
      co-trustee or separate trustee shall be subject to the written approval of
      the
      Servicer. If the Servicer shall not have joined in such appointment within
      15
      days after the receipt by it of a request so to do, or in the case a Servicer
      Event of Termination shall have occurred and be continuing, the Trustee alone
      shall have the power to make such appointment. No co-trustee or separate trustee
      hereunder shall be required to meet the terms of eligibility as a successor
      Trustee under Section 8.06, and no notice to Certificateholders of the
      appointment of any co-trustee or separate trustee shall be required under
      Section 8.08. The Servicer shall be responsible for the fees of any co-trustee
      or separate trustee appointed hereunder.

     

    Every
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provisions and
      conditions:

     

    (i)  all
      rights, powers, duties and obligations conferred or imposed upon the Trustee
      shall be conferred or imposed upon and exercised or performed by the Trustee
      and
      such separate trustee or co-trustee jointly (it being understood that such
      separate trustee or co-trustee is not authorized to act separately without
      the
      Trustee joining in such act), except to the extent that under any law of any
      jurisdiction in which any particular act or acts are to be performed (whether
      as
      Trustee hereunder or as successor to the Servicer hereunder), the Trustee shall
      be incompetent or unqualified to perform such act or acts, in which event such
      rights, powers, duties and obligations (including the holding of title to the
      Trust or any portion thereof in any such jurisdiction) shall be exercised and
      performed singly by such separate trustee or co-trustee, but solely at the
      direction of the Trustee;

     

    (ii)  no
      trustee hereunder shall be held personally liable by reason of any act or
      omission of any other trustee hereunder; and

     

    (iii)  the
      Servicer and the Trustee, acting jointly may at any time accept the resignation
      of or remove any separate trustee or co-trustee except that following the
      occurrence of a Servicer Event of Termination, the Trustee acting alone may
      accept the resignation or remove any separate trustee or
      co-trustee.

     

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

     

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

     

    
      	Section
              8.11  	
              Limitation
                of Liability.

            

    

     

    The
      Certificates are executed by the Trustee, not in its individual capacity but
      solely as Trustee of the Trust, in the exercise of the powers and authority
      conferred and vested in it by this Agreement. Each of the undertakings and
      agreements made on the part of the Trustee in the Certificates is made and
      intended not as a personal undertaking or agreement by the Trustee but is made
      and intended for the purpose of binding only the Trust.

     

    
      	Section
              8.12  	
              Trustee
                May Enforce Claims Without Possession of Certificates.

            

    

     

    (a)  All
      rights of action and claims under this Agreement or the Certificates may be
      prosecuted and enforced by the Trustee without the possession of any of the
      Certificates or the production thereof in any proceeding relating thereto,
      and
      such proceeding instituted by the Trustee shall be brought in its own name
      or in
      its capacity as Trustee for the benefit of all Holders of such Certificates,
      subject to the provisions of this Agreement. Any recovery of judgment shall,
      after provision for the payment of the reasonable compensation, expenses,
      disbursement and advances of the Trustee, its agents and counsel, be for the
      ratable benefit of the Certificateholders in respect of which such judgment
      has
      been recovered.

     

    (b)  The
      Trustee shall afford the Sponsor, the Depositor, the Servicer and each
      Certificateholder upon reasonable notice during normal business hours, access
      to
      all records maintained by the Trustee in respect of its duties hereunder and
      access to officers of the Trustee responsible for performing such duties. The
      Trustee shall cooperate fully with the Sponsor, the Servicer, the Depositor
      and
      such Certificateholder and shall make available to the Sponsor, the Servicer,
      the Depositor and such Certificateholder for review and copying at the expense
      of the party requesting such copies, such books, documents or records as may
      be
      requested with respect to the Trustee’s duties hereunder. The Sponsor, the
      Depositor, the Servicer and the Certificateholders shall not have any
      responsibility or liability for any action or failure to act by the Trustee
      and
      are not obligated to supervise the performance of the Trustee under this
      Agreement or otherwise.

     

    
      	Section
              8.13  	
              Suits
                for Enforcement.

            

    

     

    In
      case a
      Servicer Event of Termination or other default by the Servicer or the Sponsor
      hereunder shall occur and be continuing, the Trustee may proceed to protect
      and
      enforce its rights and the rights of the Certificateholders under this Agreement
      by a suit, action or proceeding in equity or at law or otherwise, whether for
      the specific performance of any covenant or agreement contained in this
      Agreement or in aid of the execution of any power granted in this Agreement
      or
      for the enforcement of any other legal, equitable or other remedy, as the
      Trustee, being advised by counsel, and subject to the foregoing, shall deem
      most
      effectual to protect and enforce any of the rights of the Trustee and the
      Certificateholders.

     

    
      	Section
              8.14  	
              Waiver
                of Bond Requirement.

            

    

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee post a bond or other surety with any court, agency
      or
      body whatsoever.

     

    
      	Section
              8.15  	
              Waiver
                of Inventory, Accounting and Appraisal Requirement.

            

    

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee file any inventory, accounting or appraisal of the
      Trust with any court, agency or body at any time or in any manner
      whatsoever.

     

    
      	Section
              8.16  	
              Compliance
                with National Housing Act of 1934.

            

    

     

    In
      performing its duties hereunder with respect to FHA Loans, if any, the Trustee
      shall comply with all requirements of the National Housing Act of 1934, as
      amended.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IX

    REMIC
      ADMINISTRATION

     

    
      	Section
              9.01  	
              REMIC
                Administration.

            

    

     

    (a)  REMIC
      elections as set forth in the Preliminary Statement shall be made by the Trustee
      on Form 1066 or other appropriate federal tax or information return for the
      taxable year ending on the last day of the calendar year in which the
      Certificates are issued. The regular interests and residual interest in each
      REMIC shall be as designated in the Preliminary Statement.

     

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

     

    (c)  The
      Servicer shall pay any and all tax related expenses (not including taxes) of
      each REMIC, including but not limited to any professional fees or expenses
      related to audits or any administrative or judicial proceedings with respect
      to
      each REMIC that involve the Internal Revenue Service or state tax authorities,
      but only to the extent that (i) such expenses are ordinary or routine expenses,
      including expenses of a routine audit but not expenses of litigation (except
      as
      described in (ii)); or (ii) such expenses or liabilities (including taxes and
      penalties) are attributable to the negligence or willful misconduct of the
      Servicer in fulfilling its duties hereunder. The Servicer shall be entitled
      to
      reimbursement of expenses to the extent provided in clause (i) above from the
      Collection Account.

     

    (d)  The
      Trustee shall prepare, sign and file, all of the REMICs’ federal and state tax
      and information returns as the direct representative each REMIC created
      hereunder. The expenses of preparing and filing such returns shall be borne
      by
      the Trustee.

     

    (e)  The
      Holder of the Residual Certificate at any time holding the largest Percentage
      Interest thereof shall be the “tax matters person” as defined in the REMIC
      Provisions (the “Tax Matters Person”) with respect to each REMIC and shall act
      as Tax Matters Person for each REMIC. The Trustee, as agent for the Tax Matters
      Person, shall perform on behalf of each REMIC all reporting and other tax
      compliance duties that are the responsibility of such REMIC under the Code,
      the
      REMIC Provisions, or other compliance guidance issued by the Internal Revenue
      Service or any state or local taxing authority. Among its other duties, if
      required by the Code, the REMIC Provisions, or other such guidance, the Trustee,
      as agent for the Tax Matters Person, shall provide (i) to the Treasury or other
      governmental authority such information as is necessary for the application
      of
      any tax relating to the transfer of a Residual Certificate to any disqualified
      person or organization and (ii) to the Certificateholders such information
      or
      reports as are required by the Code or REMIC Provisions. The Trustee, as agent
      for the Tax Matters Person, shall represent each REMIC in any administrative
      or
      judicial proceedings relating to an examination or audit by any governmental
      taxing authority, request an administrative adjustment as to any taxable year
      of
      any REMIC, enter into settlement agreements with any government taxing agency,
      extend any statute of limitations relating to any item of any REMIC and
      otherwise act on behalf of any REMIC in relation to any tax matter involving
      the
      Trust.

     

    (f)  The
      Trustee, the Servicer and the Holders of Certificates shall take any action
      or
      cause the REMIC to take any action necessary to create or maintain the status
      of
      each REMIC as a REMIC under the REMIC Provisions and shall assist each other
      as
      necessary to create or maintain such status. Neither the Trustee, the Servicer
      nor the Holder of any Residual Certificate shall take any action, cause any
      REMIC created hereunder to take any action or fail to take (or fail to cause
      to
      be taken) any action that, under the REMIC Provisions, if taken or not taken,
      as
      the case may be, could (i) endanger the status of such REMIC as a REMIC or
      (ii)
      result in the imposition of a tax upon such REMIC (including but not limited
      to
      the tax on prohibited transactions as defined in Code Section 860F(a)(2) and
      the
      tax on prohibited contributions set forth on Section 860G(d) of the Code)
      (either such event, an “Adverse REMIC Event”) unless the Trustee and the
      Servicer have received an Opinion of Counsel (at the expense of the party
      seeking to take such action) to the effect that the contemplated action will
      not
      endanger such status or result in the imposition of such a tax. In addition,
      prior to taking any action with respect to any REMIC created hereunder or the
      assets therein, or causing such REMIC to take any action, which is not expressly
      permitted under the terms of this Agreement, any Holder of a Residual
      Certificate will consult with the Trustee and the Servicer, or their respective
      designees, in writing, with respect to whether such action could cause an
      Adverse REMIC Event to occur with respect to any REMIC, and no such Person
      shall
      take any such action or cause any REMIC to take any such action as to which
      the
      Trustee or the Servicer has advised it in writing that an Adverse REMIC Event
      could occur.

     

    (g)  Each
      Holder of a Residual Certificate shall pay when due any and all taxes imposed
      on
      each REMIC created hereunder by federal or state governmental authorities.
      To
      the extent that such Trust taxes are not paid by a Residual Certificateholder,
      the Trustee shall pay any remaining REMIC taxes out of current or future amounts
      otherwise distributable to the Holder of the Residual Certificate in the REMICs
      or, if no such amounts are available, out of other amounts held in the
      Distribution Account, and shall reduce amounts otherwise payable to Holders
      of
      regular interests in the related REMIC.

     

    (h)  The
      Trustee, as agent for the Tax Matters Person, shall, for federal income tax
      purposes, maintain books and records with respect to each REMIC created
      hereunder on a calendar year and on an accrual basis.

     

    (i)  No
      additional contributions of assets shall be made to any REMIC created hereunder,
      except as expressly provided in this Agreement with respect to Eligible
      Substitute Mortgage Loans.

     

    (j)  Neither
      the Trustee nor the Servicer shall enter into any arrangement by which any
      REMIC
      created hereunder will receive a fee or other compensation for
      services.

     

    (k)  On
      or
      before April 15th
      of each
      calendar year beginning in 2007, the Servicer shall deliver to the Trustee
      and
      each Rating Agency an Officers’ Certificate stating the Servicer’s compliance
      with the provisions of this Section 9.01.

     

    (l)  The
      Trustee will apply for an Employee Identification Number from the Internal
      Revenue Service via a Form SS-4 or other acceptable method for all tax entities
      and shall complete the Form 8811.

     

    
      	Section
              9.02  	
              Prohibited
                Transactions and Activities.

            

    

     

    Neither
      the Sponsor, the Depositor, the Servicer nor the Trustee shall sell, dispose
      of,
      or substitute for any of the Mortgage Loans, except in a disposition pursuant
      to
      (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of any REMIC created hereunder pursuant to Article X
      of
      this Agreement, (iv) a substitution pursuant to Article II of this Agreement
      or
      (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement,
      nor
      acquire any assets for any REMIC, nor sell or dispose of any investments in
      the
      Distribution Account for gain, nor accept any contributions to either REMIC
      after the Closing Date, unless it has received an Opinion of Counsel (at the
      expense of the party causing such sale, disposition, or substitution) that
      such
      disposition, acquisition, substitution, or acceptance will not (a) affect
      adversely the status of any REMIC created hereunder as a REMIC or of the
      interests therein other than the Residual Certificates as the regular interests
      therein, (b) affect the distribution of interest or principal on the
      Certificates, (c) result in the encumbrance of the assets transferred or
      assigned to the Trust Fund (except pursuant to the provisions of this Agreement)
      or (d) cause any REMIC created hereunder to be subject to a tax on prohibited
      transactions or prohibited contributions pursuant to the REMIC
      Provisions.

     

    
      	Section
              9.03  	
              Indemnification
                with Respect to Certain Taxes and Loss of REMIC Status.

            

    

     

    In
      the
      event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or incurs federal, state or local taxes as a result of a prohibited transaction
      or prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Servicer of its duties and obligations set forth herein,
      the
      Servicer shall indemnify the Holder of the related Residual Certificates against
      any and all losses, claims, damages, liabilities or expenses (“Losses”)
      resulting from such negligence; provided,
      however,
      that
      the Servicer shall not be liable for any such Losses attributable to the action
      or inaction of the Trustee, the Depositor or the Holder of such Residual
      Certificate, as applicable, nor for any such Losses resulting from
      misinformation provided by the Holder of such Residual Certificate on which
      the
      Servicer has relied. The foregoing shall not be deemed to limit or restrict
      the
      rights and remedies of the Holder of such Residual Certificate now or hereafter
      existing at law or in equity. Notwithstanding the foregoing, however, in no
      event shall the Servicer have any liability (1) for any action or omission
      that
      is taken in accordance with and in compliance with the express terms of, or
      which is expressly permitted by the terms of, this Agreement, (2) for any Losses
      other than arising out of a negligent performance by the Servicer of its duties
      and obligations set forth herein, and (3) for any special or consequential
      damages to Certificateholders (in addition to payment of principal and interest
      on the Certificates).

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      X

    TERMINATION

     

    
      	Section
              10.01  	
              Termination.

            

    

     

    (a)  The
      respective obligations and responsibilities of the Sponsor, the Servicer, the
      Depositor, the Trustee and the Certificate Registrar created hereby (other
      than
      the obligation of the Trustee to make certain payments to Certificateholders
      after the final Distribution Date and the obligation of the Servicer to send
      certain notices as hereinafter set forth) shall terminate upon notice to the
      Trustee upon the earliest of (i) the Distribution Date on which the Certificate
      Principal Balance of each Class of Certificates has been reduced to zero, (ii)
      the final payment or other liquidation of the last Mortgage Loan in the Trust,
      and (iii) the optional purchase by the Servicer or an Affiliate of the Servicer
      of the Mortgage Loans as described below. Notwithstanding the foregoing, in
      no
      event shall the trust created hereby continue beyond the expiration of 21 years
      from the death of the last survivor of the descendants of Joseph P. Kennedy,
      the
      late ambassador of the United States to the Court of St. James, living on the
      date hereof.

     

    The
      Servicer or an Affiliate of the Servicer may, at its option, terminate the
      Mortgage Loans in the Trust Fund and retire the Class A Certificates, the
      Mezzanine Certificates and the Class B Certificates on the next succeeding
      Distribution Date upon which the current Pool Balance is 10% or less than the
      Pool Balance as of the Cut-off Date by purchasing all of the outstanding (i)
      Mortgage Loans in the Trust Fund at a price equal to the sum of the outstanding
      Principal Balance of the Mortgage Loans and except to the extent previously
      advanced by the Servicer, accrued and unpaid interest thereon at the weighted
      average of the Mortgage Interest Rates through the end of the Collection Period
      preceding the final Distribution Date plus unreimbursed Servicing Advances,
      Advances, unpaid Servicing Fees allocable to such Mortgage Loans and Swap
      Termination Payment payable to the Swap Provider and (ii) REO Properties in
      the
      Trust Fund at a price equal to their fair market value as determined in good
      faith by the Servicer (the “Termination Price”).

     

    In
      connection with any such purchase pursuant to the preceding paragraph, the
      Servicer shall deliver to the Trustee for deposit in the Distribution Account
      all amounts then on deposit in the Collection Account (less amounts permitted
      to
      be withdrawn by the Servicer pursuant to Section 3.07), which deposit shall
      be
      deemed to have occurred immediately following such purchase.

     

    Any
      such
      purchase shall be accomplished by delivery to the Trustee for deposit into
      the
      Distribution Account as part of Available Funds on the Determination Date before
      such Distribution Date of the Termination Price.

     

    (b)  Notice
      of
      any termination, specifying the Distribution Date (which shall be a date that
      would otherwise be a Distribution Date) upon which the Certificateholders may
      surrender their Certificates to the Trustee for payment of the final
      distribution and cancellation, shall be given promptly by the Trustee upon
      the
      Trustee receiving notice of such date from the Servicer, by letter to the
      Certificateholders mailed not earlier than the 15th
      day of
      the month preceding the month of such final distribution and not later than
      the
      15th
      day of
      the month of such final distribution specifying (1) the Distribution Date upon
      which final distribution of the Certificates will be made upon presentation
      and
      surrender of such Certificates at the office or agency of the Trustee therein
      designated, (2) the amount of any such final distribution and (3) that the
      Record Date otherwise applicable to such Distribution Date is not applicable,
      distributions being made only upon presentation and surrender of the
      Certificates at the office or agency of the Trustee therein
      specified.

     

    (c)  Upon
      presentation and surrender of the Certificates, the Trustee shall cause to
      be
      distributed to the Holders of the Certificates on the Distribution Date for
      such
      final distribution, in proportion to the Percentage Interests of their
      respective Class and to the extent that funds are available for such purpose,
      an
      amount equal to the amount required to be distributed to such Holders in
      accordance with the provisions of Sections 4.01 and Section 4.02 for such
      Distribution Date.

     

    (d)  In
      the
      event that all Certificateholders shall not surrender their Certificates for
      final payment and cancellation on or before such final Distribution Date, the
      Trustee shall promptly following such date cause all funds in the Distribution
      Account not distributed in final distribution to Certificateholders to be
      withdrawn therefrom and credited to the remaining Certificateholders by
      depositing such funds in a separate escrow account for the benefit of such
      Certificateholders, and the Servicer (if the Servicer has exercised its right
      to
      purchase the Mortgage Loans) or the Trustee (in any other case) shall give
      a
      second written notice to the remaining Certificateholders, to surrender their
      Certificates for cancellation and receive the final distribution with respect
      thereto. If within nine months after the second notice all the Certificates
      shall not have been surrendered for cancellation, the Residual
      Certificateholders shall be entitled to all unclaimed funds and other assets
      which remain subject hereto and the Trustee upon transfer of such funds shall
      be
      discharged of any responsibility for such funds, and such Certificateholders
      shall look to the Residual Certificateholders for payment.

     

    
      	Section
              10.02  	
              Additional
                Termination Requirements.

            

    

     

    (a)  In
      the
      event that the Servicer exercises its purchase option as provided in Section
      10.01, the Trust shall be terminated in accordance with the following additional
      requirements, unless the Trustee shall have been furnished with an Opinion
      of
      Counsel to the effect that the failure of the Trust to comply with the
      requirements of this Section will not (i) result in the imposition of taxes
      on
“prohibited transactions” of the Trust as defined in Section 860F of the Code or
      (ii) cause any REMIC constituting part of the Trust Fund to fail to qualify
      as a
      REMIC at any time that any Certificates are outstanding:

     

    (i)  The
      Trustee shall designate a date within 90 days prior to the final Distribution
      Date as the date of adoption of plans of complete liquidation of each REMIC
      prepared and delivered to it by the terminating party or its designee and shall
      specify such date in the final federal income tax return of each
      REMIC;

     

    (ii)  After
      the
      date of adoption of such plans of complete liquidation and at or prior to the
      final Distribution Date, the Trustee shall sell all of the assets of the Trust
      to the Servicer for cash; and

     

    (iii)  At
      the
      time of the making of the final payment on the Certificates, the Trustee shall
      distribute or credit, or cause to be distributed or credited in the following
      order of priority (A) (i) to the Holders of the Class A Certificates and (ii)
      to
      the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      B-1,
      Class B-2, Class B-3 and Class B-4 Certificates, the related Certificate
      Principal Balance, as applicable, plus one month’s interest thereon at the
      applicable Pass-Through Rate, (B) to the Class CE Certificates in respect of
      the
      Class CE Interest, the amount of any remaining Monthly Excess Cash Flow Amounts
      not previously distributed thereon, (C) to the remaining REMIC Regular Interests
      the amounts allocable thereto pursuant to Section 4.08 and (D) to the Class
      R
      and Class R-X Certificateholders, all cash on hand in respect of the related
      REMIC or REMICs after such payment (other than cash retained to meet claims)
      and
      the Trust shall terminate at such time.

     

    (b)  By
      their
      acceptance of Certificates, the Holders thereof hereby agree to appoint the
      Trustee as their attorney in fact to: (i) designate such date of adoption of
      plans of complete liquidation and (ii) to take such other action in connection
      therewith as may be reasonably required to carry out such plans of complete
      liquidation all in accordance with the terms hereof.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      XI

    MISCELLANEOUS
      PROVISIONS

     

    
      	Section
              11.01  	
              Amendment.

            

    

     

    This
      Agreement may be amended from time to time by the Sponsor, the Depositor, the
      Servicer and the Trustee; and without the consent of the Certificateholders,
      (i)
      to cure any ambiguity, (ii) to correct or supplement any provisions herein
      which
      may be defective or inconsistent with any other provisions herein, (iii) to
      amend the provisions of Section 3.22, (iv) to make any other provisions with
      respect to matters or questions arising under this Agreement, which shall not
      be
      inconsistent with the provisions of this Agreement, (v) to comply with any
      rules
      of the Securities and Exchange Commission coming into effect following the
      date
      hereof which apply to the Certificates or (vi) to comply with Regulation AB;
      provided,
      however,
      that
      any such action listed in clause (i) through (iv) above shall not adversely
      affect in any respect the interests of any Certificateholder, as evidenced
      by
      (i) notice in writing to the Depositor, the Servicer and the Trustee from the
      Rating Agencies that such action will not result in the reduction or withdrawal
      of the rating of any outstanding Class of Certificates with respect to which
      it
      is a Rating Agency, or (ii) an Opinion of Counsel delivered to the Servicer
      and
      the Trustee.

     

    In
      addition, this Agreement may be amended from time to time by Sponsor, the
      Depositor, the Servicer and the Trustee, with the consent of the Majority
      Certificateholders for the purpose of adding any provisions to or changing
      in
      any manner or eliminating any of the provisions of this Agreement or of
      modifying in any manner the rights of the Holders of Certificates or the Swap
      Provider; provided,
      however,
      that no
      such amendment or waiver shall (x) reduce in any manner the amount of, or delay
      the timing of, payments on the Certificates which are required to be made on
      any
      Certificate without the consent of the Holder of such Certificate, (y) adversely
      affect in any material respect the interests of the Holders of any Class of
      Certificates or the Swap Provider (as evidenced by (i) notice in writing to
      the
      Depositor, the Servicer and the Trustee from the Rating Agencies that such
      action will not result in the reduction or withdrawal of the rating of any
      outstanding Class of Certificates with respect to which it is a Rating Agency,
      or (ii) an Opinion of Counsel delivered to the Servicer and the Trustee) in
      a
      manner other than as described in clause (x) above, without the consent of
      the
      Holders of Certificates of such Class evidencing at least a 66% Percentage
      Interest in such Class, or (z) reduce the percentage of Voting Rights required
      by clause (y) above without the consent of the Holders of all Certificates
      of
      such Class then outstanding. Upon approval of an amendment, a copy of such
      amendment shall be sent to the Rating Agencies. Prior to the execution of any
      amendment to this Agreement, the Trustee shall be entitled to receive and rely
      upon an Opinion of Counsel (at the expense of the Person seeking such amendment)
      stating that the execution of such amendment is authorized or permitted by
      this
      Agreement. The Trustee may, but shall not be obligated to, enter into any such
      amendment which affects the Trustee’s own rights, duties or immunities under
      this Agreement.

     

    Notwithstanding
      any provision of this Agreement to the contrary, the Trustee shall not consent
      to any amendment to this Agreement unless it shall have first received an
      Opinion of Counsel, delivered by (and at the expense of) the Person seeking
      such
      Amendment, to the effect that such amendment will not result in the imposition
      of a tax on any REMIC constituting part of the Trust Fund pursuant to the REMIC
      Provisions or cause any REMIC constituting part of the Trust to fail to qualify
      as a REMIC at any time that any Certificates are outstanding and that the
      amendment is being made in accordance with the terms hereof.

     

    Promptly
      after the execution of any such amendment the Trustee shall furnish, at the
      expense of the Person that requested the amendment if such Person is the Sponsor
      or the Servicer (but in no event at the expense of the Trustee), otherwise
      at
      the expense of the Trust, a copy of such amendment and the Opinion of Counsel
      referred to in the immediately preceding paragraph to the Servicer and each
      Rating Agency.

     

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

     

    Notwithstanding
      anything to the contrary in this Section 11.01, the
      Trustee, the Sponsor and the Servicer shall reasonably cooperate with the
      Depositor and its counsel to enter into such amendments or modifications to
      the
      Agreement as may be necessary to comply with Regulation AB and any
      interpretation thereof by the Securities and Exchange Commission.

     

    Notwithstanding
      anything to the contrary in this Section 11.01, no amendment shall be permitted
      that adversely affects in any respect the rights and interests hereunder of
      the
      Swap Provider (as evidenced by an Opinion of Counsel delivered to the Servicer
      and the Trustee) without the prior written consent of the Swap
      Provider.

     

    
      	Section
              11.02  	
              Recordation
                of Agreement; Counterparts.

            

    

     

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

     

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

     

    
      	Section
              11.03  	
              Limitation
                on Rights of Certificateholders.

            

    

     

    The
      death
      or incapacity of any Certificateholder shall not (i) operate to terminate this
      Agreement or the Trust, (ii) entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust, or (iii)
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

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

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee a written notice of default and of the continuance
      thereof, as herein provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights shall have made written request
      upon the Trustee to institute such action, suit or proceeding in its own name
      as
      Trustee hereunder and shall have offered to the Trustee such reasonable
      indemnity as it may require against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee for 15 days after its receipt
      of
      such notice, request and offer of indemnity, shall have neglected or refused
      to
      institute any such action, suit or proceeding. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatever by virtue of any provision of this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, which priority or preference is not otherwise provided
      for herein, or to enforce any right under this Agreement, except in the manner
      herein provided and for the equal, ratable and common benefit of all
      Certificateholders. For the protection and enforcement of the provisions of
      this
      Section 11.03 each and every Certificateholder and the Trustee shall be entitled
      to such relief as can be given either at law or in equity.

     

    
      	Section
              11.04  	
              Governing
                Law; Jurisdiction.

            

    

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York, and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws (without regard to the conflicts of
      laws
      provisions thereof). With respect to any claim arising out of this Agreement,
      each party irrevocably submits to the exclusive jurisdiction of the courts
      of
      the State of New York and the United States District Court located in the
      Borough of Manhattan in The City of New York, and each party irrevocably waives
      any objection which it may have at any time to the laying of venue of any suit,
      action or proceeding arising out of or relating hereto brought in any such
      courts, irrevocably waives any claim that any such suit, action or proceeding
      brought in any such court has been brought in any inconvenient forum and further
      irrevocably waives the right to object, with respect to such claim, suit, action
      or proceeding brought in any such court, that such court does not have
      jurisdiction over such party, provided that service of process has been made
      by
      any lawful means.

     

    
      	Section
              11.05  	
              Notices.

            

    

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, or by express delivery service, to (a) in the
      case
      of the Sponsor, Credit-Based Asset Servicing and Securitization LLC, 335 Madison
      Avenue, 19th Floor, New York, New York, Attention: Director - Mortgage Finance
      (telecopy number (212) 850-7760), or such other address or telecopy number
      as
      may hereafter be furnished to the Depositor and the Trustee in writing by the
      Sponsor, (b) in the case of the Trustee, JPMorgan Chase Bank, National
      Association, 4 New York Plaza, 6th
      Floor,
      New York, New York 10004, Attn: Worldwide Securities Services/Structured Finance
      Services—Citigroup C-BASS 2006-CB3, or such other address as may hereafter be
      furnished to the Depositor, the Sponsor and the Servicer in writing by the
      Trustee, (c) in the case of the Depositor, Citigroup Mortgage Loan Trust Inc.,
      390 Greenwich Street, 4th
      Floor,
      New York, New York 10013 Attention: Mortgage Finance, or such other address
      as
      may be furnished to the Sponsor, the Servicer and the Trustee in writing by
      the
      Depositor, and (d) in the case of the Servicer, Litton Loan Servicing LP, 4828
      Loop Central Drive, Houston, Texas 77081, Attention: Janice McClure, or such
      other address as may be furnished to the Sponsor, the Depositor and the Trustee
      in writing by the Servicer. Any notice required or permitted to be mailed to
      a
      Certificateholder shall be given by first class mail, postage prepaid, at the
      address of such Holder as shown in the Certificate Register. Notice of any
      Servicer Event of Termination shall be given by telecopy and by certified mail.
      Any notice so mailed within the time prescribed in this Agreement shall be
      conclusively presumed to have duly been given when mailed, whether or not the
      Certificateholder receives such notice. A copy of any notice required to be
      telecopied hereunder shall also be mailed to the appropriate party in the manner
      set forth above.

     

    
      	Section
              11.06  	
              Severability
                of Provisions.

            

    

     

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

     

    
      	Section
              11.07  	
              Article
                and Section References.

            

    

     

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

     

    
      	Section
              11.08  	
              Notice
                to the Rating Agencies.

            

    

     

    (a)  Each
      of
      the Trustee and the Servicer shall be obligated to use its best reasonable
      efforts promptly to provide notice to the Rating Agencies with respect to each
      of the following of which a Responsible Officer of the Trustee or the Servicer,
      as the case may be, has actual knowledge:

     

    (i)  any
      material change or amendment to this Agreement;

     

    (ii)  the
      occurrence of any Servicer Event of Termination that has not been cured or
      waived;

     

    (iii)  the
      resignation or termination of the Servicer or the Trustee;

     

    (iv)  the
      final
      payment to Holders of the Certificates of any Class;

     

    (v)  any
      change in the location of any Account; and

     

    (vi)  if
      the
      Trustee is acting as successor Servicer pursuant to Section 7.02 hereof, any
      event that would result in the inability of the Trustee to make
      Advances.

     

    (vii)  In
      addition, the Servicer shall promptly furnish to each Rating Agency copies
      of
      the following:

     

    (A) each
      annual statement as to compliance described in Section 3.19 hereof;

     

    (B) each
      annual independent public accountants’ servicing report described in Section
      3.20 hereof; and

     

    (C) each
      notice delivered pursuant to Section 7.01(a) hereof which relates to the fact
      that the Servicer has not made an Advance.

     

    Any
      such
      notice pursuant to this Section 11.08 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered or mailed by first class mail,
      postage prepaid, or by express delivery service to Moody’s Investors Service,
      Inc., 99 Church Street, New York, New York 10007, Attention: Managing Director,
      Residential Mortgage-Backed Securities; Fitch Ratings, One State Street Plaza,
      New York, New York 10004, Attention: Managing Director, Residential
      Mortgage-Backed Securities; Standard & Poor’s, a division of The McGraw-Hill
      Companies, Inc., 55 Water Street, New York, New York 10041, Attention: Mortgage
      Surveillance Group; and Dominion Bond Rating Service, Inc., 55 Broadway, New
      York, New York 10006, Attention: Michael Nelson.

     

    
      	Section
              11.09  	
              Further
                Assurances.

            

    

     

    Notwithstanding
      any other provision of this Agreement, neither the Regular Certificateholders
      nor the Trustee shall have any obligation to consent to any amendment or
      modification of this Agreement unless they have been provided reasonable
      security or indemnity against their out-of-pocket expenses (including reasonable
      attorneys’ fees) to be incurred in connection therewith.

     

    
      	Section
              11.10  	
              Benefits
                of Agreement.

            

    

     

    Nothing
      in this Agreement or in the Certificates, expressed or implied, shall give
      to
      any Person, other than the Certificateholders and the parties hereto and their
      successors hereunder, any benefit or any legal or equitable right, remedy or
      claim under this Agreement.

     

    
      	Section
              11.11  	
              Acts
                of Certificateholders.

            

    

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by the Certificateholders
      may be embodied in and evidenced by one or more instruments of substantially
      similar tenor signed by such Certificateholders in person or by agent duly
      appointed in writing; and such action shall become effective when such
      instrument or instruments are delivered to the Trustee, the Sponsor and the
      Servicer. Such instrument or instruments (and the action embodied therein and
      evidenced thereby) are herein sometimes referred to as the “act” of the
      Certificateholders signing such instrument or instruments. Proof of execution
      of
      any such instrument or of a writing appointing any such agent shall be
      sufficient for any purpose of this Agreement and conclusive in favor of the
      Trustee and the Trust, if made in the manner provided in this Section
      11.11.

     

    (b)  The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      a notary public or other officer authorized by law to take acknowledgments
      of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by a
      signer acting in a capacity other than his or her individual capacity, such
      certificate or affidavit shall also constitute sufficient proof of his
      authority.

     

    (c)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by any Certificateholder shall bind every future Holder of such
      Certificate and the Holder of every Certificate issued upon the registration
      of
      transfer thereof or in exchange therefor or in lieu thereof, in respect of
      anything done, omitted or suffered to be done by the Trustee or the Trust in
      reliance thereon, whether or not notation of such action is made upon such
      Certificate.

     

    
      	Section
              11.12  	
              Compliance
                with Regulation AB.

            

    

     

    Each
      of
      the parties hereto acknowledges and agrees that the purpose of Sections 3.19,
      3.20 and 3.22 of this Agreement is to facilitate compliance by the Depositor
      with the provisions of Regulation AB, as such may be amended or clarified from
      time to time. Therefore, each of the parties agrees that (a) the obligations
      of
      the parties hereunder shall be interpreted in such a manner as to accomplish
      compliance with Regulation AB, (b) the parties’ obligations hereunder will be
      supplemented and modified as necessary to be consistent with any such
      amendments, interpretive advice or guidance, convention or consensus among
      active participants in the asset-backed securities markets, advice of counsel,
      or otherwise in respect of the requirements of Regulation AB and (c) the parties
      shall comply with reasonable requests made by the Depositor for delivery of
      such
      information as the Depositor may determine in good faith is necessary to comply
      with the provisions of Regulation AB.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    IN
      WITNESS WHEREOF, the Sponsor, the Depositor, the Servicer and the Trustee have
      caused their names to be signed hereto by their respective officers thereunto
      duly authorized, all as of the day and year first above written.

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC., as Depositor

     

    By:
      /s/ Matt Bollo

    Name:
      Matt Bollo

    Title:
      Assistant Vice President

     

    CREDIT-BASED
      ASSET SERVICING AND SECURITIZATION LLC, as Sponsor

     

    By:
      /s/ Stephanie Sparvero

    Name:
      Stephanie Sparvero

    Title:
      Vice-President

     

    LITTON
      LOAN SERVICING LP, as Servicer

     

    By:
      /s/ Janice McClure

    Name:
      Janice McClure

    Title:
      Senior Vice President

     

    JPMORGAN
      CHASE BANK, NATIONAL ASSOCIATION, as Trustee

     

    By:
      /s/ Ashia N. Miller 

    Name:
      Ashia N. Miller

    Title:
      Trust Officer

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

     

    On
      the
      ___ day
      of
      March, 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., a Delaware corporation that executed the within instrument,
      and
      also known to me to be the person who executed it on behalf of said corporation,
      and acknowledged to me that such corporation executed the within
      instrument.

     

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

     

    

     

    ________________________________

    Notary
      Public

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

     

    On
      the
      ___ day of March 2006 before me, a notary public in and for said State,
      personally appeared _______________ known to me to be a _______________ of
      Credit-Based Asset Servicing and Securitization LLC, a limited liability company
      that executed the within instrument, and also known to me to be the person
      who
      executed it on behalf of said limited liability company, and acknowledged to
      me
      that such limited liability company executed the within instrument.

     

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

     

    

     

    ________________________________

    Notary
      Public

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

     

    On
      the
      ___ day of March 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, a national banking association that executed
      the within instrument, and also known to me to be the person who executed it
      on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

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

     

    

     

    _________________________

    Notary
      Public

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF TEXAS

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF HARRIS

            	
              )

            	 

    

    

     

    On
      the
      ___ day of March 2006 before me, a notary public in and for said State,
      personally appeared _______________, known to me to be a _____________ of Litton
      Loan Servicing LP, a Delaware limited partnership, that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      said limited partnership, and acknowledged to me that such limited partnership
      executed the within instrument.

     

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

     

    

     

    ______________________

    Notary
      Public- State of Texas

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      EXHIBIT
        A-1

       

      FORM
        OF CLASS AV-1 CERTIFICATE

       

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

       

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

       

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

       

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES

      SERIES
        2006-CB3, CLASS AV-1

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund consisting
        primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
        loans formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

      

      
        	
                Series
                  2006-CB3, Class AV-1

                 

                Pass-Through
                  Rate: Variable

                 

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

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

                CUSIP:
                  12489W QU 1 

                 

              	
                Original
                  Class Certificate Principal Balance of the Class AV-1 Certificates
                  as of
                  the Closing Date:  $372,826,000.00

                 

                Initial
                  Certificate Principal Balance: 

                $372,826,000.00

                 

                Servicer:
                  Litton Loan Servicing LP

                 

                Trustee:
                  JPMorgan Chase Bank, National Association

                 

                Closing
                  Date: March 30, 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.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
        THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
        UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the Initial Certificate Principal Balance of this
        Certificate by the Original Class Certificate Principal Balance of the Class
        AV-1 Certificates) in that certain beneficial ownership interest evidenced
        by
        all the Class AV-1 Certificates in the Trust Fund created pursuant to a Pooling
        and Servicing Agreement, dated as specified above (the “Agreement”), among
        Citigroup Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer,
        Credit-Based Asset Servicing and Securitization LLC (the “Sponsor”) and the
        Trustee, a summary of certain of the pertinent provisions of which is set
        forth
        hereafter. To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Certificate is issued under
        and is subject to the terms, provisions and conditions of the Agreement,
        to
        which Agreement the Holder of this Certificate by virtue of the acceptance
        hereof assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the first Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Business Day immediately
        preceding such Distribution Date (the “Record Date”), from funds in the
        Distribution Account in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to the Holders of Class AV-1 Certificates on such Distribution Date pursuant
        to
        the Agreement provided, however, that if any Class AV-1 Certificate becomes
        a
        Definitive Certificate, the Record Date for such Certificate will be the
        last
        Business Day of the month immediately preceding the month in which the related
        Distribution Date occurs.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by or on behalf of the Trustee by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Trustee in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class AV-1 Certificates the aggregate Initial
        Certificate Principal Balance of which is in excess of $5,000,000, or by
        check
        mailed by first class mail to the address of the Person entitled thereto,
        as
        such name and address shall appear on the Certificate Register, provided
        that
        the Trustee may deduct a reasonable wire transfer fee from any payment made
        by
        wire transfer. Notwithstanding the above, the final distribution on this
        Certificate will be made after due notice by the Trustee of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trustee for that purpose as provided in
        the
        Agreement.

       

      The
        Class
        AV-1 Pass-Through Rate on each Distribution Date will be a rate per annum
        equal
        to the lesser of (i) the sum of one month LIBOR plus the Class AV-1 Certificate
        Margin and (ii) the Rate Cap for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on
        the
        face hereof (herein called the “Certificates”) and representing a Percentage
        Interest in the Class AV-1 Certificates.

       

      The
        Class
        AV-1 Certificates are limited in right of payment to certain collections
        and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

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

       

      Prior
        to
        termination of the Supplemental Interest Trust, any transferee of this
        Certificate or any interest herein who is an employee benefit plans or certain
        other retirement plans and arrangements, including individual retirement
        accounts and annuities, Keogh plans and collective investment funds and separate
        accounts in which such plans, accounts or arrangements are invested that
        are
        subject to the fiduciary responsibility provisions of ERISA and Section 4975
        of
        the Code (“Plans”) or any person who is directly or indirectly purchasing this
        Certificate or interest herein on behalf of, as named fiduciary of, as trustee
        of, or with assets of a Plan shall be deemed to make the representation in
        section 5.02 of the Pooling and Servicing Agreement.

       

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

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, Certificates are exchangeable for new Certificates of
        the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Certificate Registrar may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

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

       

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

       

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

       

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

      
 

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

         

        Dated:
          March ___, 2006

         

         

         

        

          
            	 	
                    JPMORGAN
                      CHASE BANK, NATIONAL 

                    
                      ASSOCIATION,
                        as Trustee

                    

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Officer

                  

          

          

           

          CERTIFICATE
            OF AUTHENTICATION

        

         

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

         

        
          
            	 	
                    JPMORGAN
                      CHASE BANK, NATIONAL

                    
                      ASSOCIATION,
                        as Certificate Registrar

                    

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Signatory

                  

          

        

        

         

        Date
          of
          authentication: March ___, 2006

       

      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 
                           

                  (Cust)
                    (Minor)

                  under
                    Uniform Gifts

                  to
                    Minors Act

                  __________________

                  (State)

                
	
                  TEN
                    ENT  

                	
                  -as
                    tenants by the entireties

                	 
	
                  JT
                    TEN  

                	
                  -as
                    joint tenants with right

                   of
                    survivorship and not as

                   tenants
                    in common

                	 

        

      

       

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

       

      ASSIGNMENT

       

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

      
        	 
	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

      a
        Percentage Interest equal to ____% evidenced by the within asset-backed
        Certificate and hereby authorize(s) the registration of transfer of such
        interest to assignee on the Certificate Register of the Trust Fund.

       

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

      

      
        	 

      

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

       

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to

       

      
        	 	 
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	 
	 	 
	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-2

       

      FORM
        OF CLASS AV-2 CERTIFICATE

       

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

       

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

       

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

      
 

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES

      SERIES
        2006-CB3, CLASS AV-2

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund consisting
        primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
        loans formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

      

      
        	
                Series
                  2006-CB3, Class AV-2

                 

                Pass-Through
                  Rate: Variable

                 

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

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

                CUSIP:
                  12489W QV 9 

                 

              	
                Original
                  Class Certificate Principal Balance of the Class AV-2 Certificates
                  as of
                  the Closing Date:  $97,721,000.00

                 

                Initial
                  Certificate Principal Balance: 

                $97,721,000.00

                 

                Servicer:
                  Litton Loan Servicing LP

                 

                Trustee:
                  JPMorgan Chase Bank, National Association

                 

                Closing
                  Date: March 30, 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.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
        THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
        UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the Initial Certificate Principal Balance of this
        Certificate by the Original Class Certificate Principal Balance of the Class
        AV-2 Certificates) in that certain beneficial ownership interest evidenced
        by
        all the Class AV-2 Certificates in the Trust Fund created pursuant to a Pooling
        and Servicing Agreement, dated as specified above (the “Agreement”), among
        Citigroup Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer,
        Credit-Based Asset Servicing and Securitization LLC (the “Sponsor”) and the
        Trustee, a summary of certain of the pertinent provisions of which is set
        forth
        hereafter. To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Certificate is issued under
        and is subject to the terms, provisions and conditions of the Agreement,
        to
        which Agreement the Holder of this Certificate by virtue of the acceptance
        hereof assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the first Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Business Day immediately
        preceding such Distribution Date (the “Record Date”), from funds in the
        Distribution Account in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to the Holders of Class AV-2 Certificates on such Distribution Date pursuant
        to
        the Agreement provided, however, that if any Class AV-2 Certificate becomes
        a
        Definitive Certificate, the Record Date for such Certificate will be the
        last
        Business Day of the month immediately preceding the month in which the related
        Distribution Date occurs.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by or on behalf of the Trustee by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Trustee in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class AV-2 Certificates the aggregate Initial
        Certificate Principal Balance of which is in excess of $5,000,000, or by
        check
        mailed by first class mail to the address of the Person entitled thereto,
        as
        such name and address shall appear on the Certificate Register, provided
        that
        the Trustee may deduct a reasonable wire transfer fee from any payment made
        by
        wire transfer. Notwithstanding the above, the final distribution on this
        Certificate will be made after due notice by the Trustee of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trustee for that purpose as provided in
        the
        Agreement.

       

      The
        Class
        AV-2 Pass-Through Rate on each Distribution Date will be a rate per annum
        equal
        to the lesser of (i) the sum of one month LIBOR plus the Class AV-2 Certificate
        Margin and (ii) the Rate Cap for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on
        the
        face hereof (herein called the “Certificates”) and representing a Percentage
        Interest in the Class AV-2 Certificates.

       

      The
        Class
        AV-2 Certificates are limited in right of payment to certain collections
        and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

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

       

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

       

      Prior
        to
        termination of the Supplemental Interest Trust, any transferee of this
        Certificate or any interest herein who is an employee benefit plans or certain
        other retirement plans and arrangements, including individual retirement
        accounts and annuities, Keogh plans and collective investment funds and separate
        accounts in which such plans, accounts or arrangements are invested that
        are
        subject to the fiduciary responsibility provisions of ERISA and Section 4975
        of
        the Code (“Plans”) or any person who is directly or indirectly purchasing this
        Certificate or interest herein on behalf of, as named fiduciary of, as trustee
        of, or with assets of a Plan shall be deemed to make the representation in
        section 5.02 of the Pooling and Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, Certificates are exchangeable for new Certificates of
        the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Certificate Registrar may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

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

       

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

       

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

       

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

       

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

         

        Dated:
          March ___, 2006

         

         

         

        

          
            	 	
                    JPMORGAN
                      CHASE BANK, NATIONAL 

                    
                      ASSOCIATION,
                        as Trustee

                    

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Officer

                  

          

          

           

          CERTIFICATE
            OF AUTHENTICATION

        

         

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

         

        
          
            	 	
                    JPMORGAN
                      CHASE BANK, NATIONAL

                    
                      ASSOCIATION,
                        as Certificate Registrar

                    

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Signatory

                  

          

        

        

         

        Date
          of
          authentication: March ___, 2006

      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 
                             

                    (Cust)
                      (Minor)

                    under
                      Uniform Gifts

                    to
                      Minors Act

                    __________________

                    (State)

                  
	
                    TEN
                      ENT  

                  	
                    -as
                      tenants by the entireties

                  	 
	
                    JT
                      TEN  

                  	
                    -as
                      joint tenants with right

                     of
                      survivorship and not as

                     tenants
                      in common

                  	 

          

        

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

       

      ASSIGNMENT

       

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

      
        	 
	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

      a
        Percentage Interest equal to ____% evidenced by the within asset-backed
        Certificate and hereby authorize(s) the registration of transfer of such
        interest to assignee on the Certificate Register of the Trust Fund.

       

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

      

      
        	 

      

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

       

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to

      
        	 	 
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	 
	 	 
	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-3

       

      FORM
        OF CLASS AV-3 CERTIFICATE

       

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

       

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

       

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

       

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES

      SERIES
        2006-CB3, CLASS AV-3

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund consisting
        primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
        loans formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

      

      
        	
                Series
                  2006-CB3, Class AV-3

                 

                Pass-Through
                  Rate: Variable

                 

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

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

                CUSIP:
                  12489W QW 7

                 

              	
                Original
                  Class Certificate Principal Balance of the Class AV-3 Certificates
                  as of
                  the Closing Date:  $127,762,000.00

                 

                Initial
                  Certificate Principal Balance: 

                $127,762,000.00

                 

                Servicer:
                  Litton Loan Servicing LP

                 

                Trustee:
                  JPMorgan Chase Bank, National Association

                 

                Closing
                  Date: March 30, 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.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
        THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
        UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the Initial Certificate Principal Balance of this
        Certificate by the Original Class Certificate Principal Balance of the Class
        AV-3 Certificates) in that certain beneficial ownership interest evidenced
        by
        all the Class AV-3 Certificates in the Trust Fund created pursuant to a Pooling
        and Servicing Agreement, dated as specified above (the “Agreement”), among
        Citigroup Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer,
        Credit-Based Asset Servicing and Securitization LLC (the “Sponsor”) and the
        Trustee, a summary of certain of the pertinent provisions of which is set
        forth
        hereafter. To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Certificate is issued under
        and is subject to the terms, provisions and conditions of the Agreement,
        to
        which Agreement the Holder of this Certificate by virtue of the acceptance
        hereof assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the first Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Business Day immediately
        preceding such Distribution Date (the “Record Date”), from funds in the
        Distribution Account in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to the Holders of Class AV-3 Certificates on such Distribution Date pursuant
        to
        the Agreement provided, however, that if any Class AV-3 Certificate becomes
        a
        Definitive Certificate, the Record Date for such Certificate will be the
        last
        Business Day of the month immediately preceding the month in which the related
        Distribution Date occurs.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by or on behalf of the Trustee by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Trustee in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class AV-3 Certificates the aggregate Initial
        Certificate Principal Balance of which is in excess of $5,000,000, or by
        check
        mailed by first class mail to the address of the Person entitled thereto,
        as
        such name and address shall appear on the Certificate Register, provided
        that
        the Trustee may deduct a reasonable wire transfer fee from any payment made
        by
        wire transfer. Notwithstanding the above, the final distribution on this
        Certificate will be made after due notice by the Trustee of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trustee for that purpose as provided in
        the
        Agreement.

       

      The
        Class
        AV-3 Pass-Through Rate on each Distribution Date will be a rate per annum
        equal
        to the lesser of (i) the sum of one month LIBOR plus the Class AV-3 Certificate
        Margin and (ii) the Rate Cap for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on
        the
        face hereof (herein called the “Certificates”) and representing a Percentage
        Interest in the Class AV-3 Certificates.

       

      The
        Class
        AV-3 Certificates are limited in right of payment to certain collections
        and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

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

       

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

       

      Prior
        to
        termination of the Supplemental Interest Trust, any transferee of this
        Certificate or any interest herein who is an employee benefit plans or certain
        other retirement plans and arrangements, including individual retirement
        accounts and annuities, Keogh plans and collective investment funds and separate
        accounts in which such plans, accounts or arrangements are invested that
        are
        subject to the fiduciary responsibility provisions of ERISA and Section 4975
        of
        the Code (“Plans”) or any person who is directly or indirectly purchasing this
        Certificate or interest herein on behalf of, as named fiduciary of, as trustee
        of, or with assets of a Plan shall be deemed to make the representation in
        section 5.02 of the Pooling and Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, Certificates are exchangeable for new Certificates of
        the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Certificate Registrar may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

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

       

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

       

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

       

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

       

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

         

        Dated:
          March ___, 2006

         

         

         

        

          
            	 	
                    JPMORGAN
                      CHASE BANK, NATIONAL 

                    
                      ASSOCIATION,
                        as Trustee

                    

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Officer

                  

          

          

           

          CERTIFICATE
            OF AUTHENTICATION

        

         

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

         

        
          
            	 	
                    JPMORGAN
                      CHASE BANK, NATIONAL

                    
                      ASSOCIATION,
                        as Certificate Registrar

                    

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Signatory

                  

          

        

        

         

        Date
          of
          authentication: March ___, 2006

         

      

      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 
                             

                    (Cust)
                      (Minor)

                    under
                      Uniform Gifts

                    to
                      Minors Act

                    __________________

                    (State)

                  
	
                    TEN
                      ENT  

                  	
                    -as
                      tenants by the entireties

                  	 
	
                    JT
                      TEN  

                  	
                    -as
                      joint tenants with right

                     of
                      survivorship and not as

                     tenants
                      in common

                  	 

          

           

        

      

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

       

      ASSIGNMENT

       

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

      
        	 
	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

      a
        Percentage Interest equal to ____% evidenced by the within asset-backed
        Certificate and hereby authorize(s) the registration of transfer of such
        interest to assignee on the Certificate Register of the Trust Fund.

       

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

      

      
        	 

      

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

       

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to

      
        	 	 
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	 
	 	 
	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-4

       

      FORM
        OF CLASS AV-4 CERTIFICATE

       

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

       

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

       

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

       

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES

      SERIES
        2006-CB3, CLASS AV-4

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund consisting
        primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
        loans formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

      

      
        	
                Series
                  2006-CB3, Class AV-4

                 

                Pass-Through
                  Rate: Variable

                 

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

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

                CUSIP:
                  12489W QX 5 

                 

              	
                Original
                  Class Certificate Principal Balance of the Class AV-4 Certificates
                  as of
                  the Closing Date:  $94,547,000.00

                 

                Initial
                  Certificate Principal Balance: 

                $94,547,000.00

                 

                Servicer:
                  Litton Loan Servicing LP

                 

                Trustee:
                  JPMorgan Chase Bank, National Association

                 

                Closing
                  Date: March 30, 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.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
        THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
        UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the Initial Certificate Principal Balance of this
        Certificate by the Original Class Certificate Principal Balance of the Class
        AV-4 Certificates) in that certain beneficial ownership interest evidenced
        by
        all the Class AV-4 Certificates in the Trust Fund created pursuant to a Pooling
        and Servicing Agreement, dated as specified above (the “Agreement”), among
        Citigroup Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer,
        Credit-Based Asset Servicing and Securitization LLC (the “Sponsor”) and the
        Trustee, a summary of certain of the pertinent provisions of which is set
        forth
        hereafter. To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Certificate is issued under
        and is subject to the terms, provisions and conditions of the Agreement,
        to
        which Agreement the Holder of this Certificate by virtue of the acceptance
        hereof assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the first Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Business Day immediately
        preceding such Distribution Date (the “Record Date”), from funds in the
        Distribution Account in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to the Holders of Class AV-4 Certificates on such Distribution Date pursuant
        to
        the Agreement provided, however, that if any Class AV-4 Certificate becomes
        a
        Definitive Certificate, the Record Date for such Certificate will be the
        last
        Business Day of the month immediately preceding the month in which the related
        Distribution Date occurs.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by or on behalf of the Trustee by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Trustee in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class AV-4 Certificates the aggregate Initial
        Certificate Principal Balance of which is in excess of $5,000,000, or by
        check
        mailed by first class mail to the address of the Person entitled thereto,
        as
        such name and address shall appear on the Certificate Register, provided
        that
        the Trustee may deduct a reasonable wire transfer fee from any payment made
        by
        wire transfer. Notwithstanding the above, the final distribution on this
        Certificate will be made after due notice by the Trustee of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trustee for that purpose as provided in
        the
        Agreement.

       

      The
        Class
        AV-4 Pass-Through Rate on each Distribution Date will be a rate per annum
        equal
        to the lesser of (i) the sum of one month LIBOR plus the Class AV-4 Certificate
        Margin and (ii) the Rate Cap for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on
        the
        face hereof (herein called the “Certificates”) and representing a Percentage
        Interest in the Class AV-4 Certificates.

       

      The
        Class
        AV-4 Certificates are limited in right of payment to certain collections
        and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

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

       

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

       

      Prior
        to
        termination of the Supplemental Interest Trust, any transferee of this
        Certificate or any interest herein who is an employee benefit plans or certain
        other retirement plans and arrangements, including individual retirement
        accounts and annuities, Keogh plans and collective investment funds and separate
        accounts in which such plans, accounts or arrangements are invested that
        are
        subject to the fiduciary responsibility provisions of ERISA and Section 4975
        of
        the Code (“Plans”) or any person who is directly or indirectly purchasing this
        Certificate or interest herein on behalf of, as named fiduciary of, as trustee
        of, or with assets of a Plan shall be deemed to make the representation in
        section 5.02 of the Pooling and Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, Certificates are exchangeable for new Certificates of
        the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Certificate Registrar may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

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

       

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

       

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

       

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

       

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

         

        Dated:
          March ___, 2006

         

         

         

        

          
            	 	
                    JPMORGAN
                      CHASE BANK, NATIONAL 

                    
                      ASSOCIATION,
                        as Trustee

                    

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Officer

                  

          

          

           

          CERTIFICATE
            OF AUTHENTICATION

        

         

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

         

        
          
            	 	
                    JPMORGAN
                      CHASE BANK, NATIONAL

                    
                      ASSOCIATION,
                        as Certificate Registrar

                    

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Signatory

                  

          

        

        

         

        Date
          of
          authentication: March ___, 2006

         

         
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 
                           

                  (Cust)
                    (Minor)

                  under
                    Uniform Gifts

                  to
                    Minors Act

                  __________________

                  (State)

                
	
                  TEN
                    ENT  

                	
                  -as
                    tenants by the entireties

                	 
	
                  JT
                    TEN  

                	
                  -as
                    joint tenants with right

                   of
                    survivorship and not as

                   tenants
                    in common

                	 

        

      

       

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

       

      ASSIGNMENT

       

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

      
        	 
	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

      a
        Percentage Interest equal to ____% evidenced by the within asset-backed
        Certificate and hereby authorize(s) the registration of transfer of such
        interest to assignee on the Certificate Register of the Trust Fund.

       

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

      

      
        	 

      

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

       

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to

      
        	 	 
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	 
	 	 
	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        B-1

       

      FORM
        OF CLASS B-1 CERTIFICATE

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
        AND
        THE MEZZANINE CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
        OF
        1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE. ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
        REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES
        NOT
        REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

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

      

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

      

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES

      SERIES
        2006-CB3, CLASS B-1

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund consisting
        primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
        loans formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

      

      
        	
                Series
                  2006-CB3, Class B-1

                 

                Pass-Through
                  Rate: Fixed

                 

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

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

                CUSIP:
                  12489W RE 6 

                 

              	
                Original
                  Class Certificate Principal Balance of the Class B-1 Certificates
                  as of
                  the Closing Date: $ 10,108,000.00

                 

                Initial
                  Certificate Principal Balance:

                $
                  10,108,000.00

                 

                Servicer:
                  Litton Loan Servicing LP

                 

                Trustee:
                  JPMorgan Chase Bank, National Association

                 

                Closing
                  Date: March 30, 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.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
        THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
        UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the Initial Certificate Principal Balance of this
        Certificate by the Original Class Certificate Principal Balance of the Class
        B-1
        Certificates) in that certain beneficial ownership interest evidenced by
        all the
        Class B-1 Certificates in the Trust Fund created pursuant to a Pooling and
        Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
        Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
        includes any successor entity under the Agreement), the Servicer, Credit-Based
        Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
        summary of certain of the pertinent provisions of which is set forth hereafter.
        To the extent not defined herein, the capitalized terms used herein have
        the
        meanings assigned in the Agreement. This Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound.

       

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

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by or on behalf of the Trustee by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Trustee in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class B-1 Certificates the aggregate Initial Certificate
        Principal Balance of which is in excess of $5,000,000, or by check mailed
        by
        first class mail to the address of the Person entitled thereto, as such name
        and
        address shall appear on the Certificate Register, provided that the Trustee
        may
        deduct a reasonable wire transfer fee from any payment made by wire transfer.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Trustee of the pendency of such distribution
        and
        only upon presentation and surrender of this Certificate at the office or
        agency
        appointed by the Trustee for that purpose as provided in the
        Agreement.

       

      The
        Class
        B-1 Pass-Through Rate on each Distribution Date is the lesser of (i) prior
        to
        the Optional Termination Date, 6.500% per annum and on or after the Optional
        Termination Date, 7.000% per annum and (ii) the related Rate Cap for such
        Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on
        the
        face hereof (herein called the “Certificates”) and representing a Percentage
        Interest in the Class B-1 Certificates.

       

      The
        Class
        B-1 Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      This
        certificate is subordinated in right of payment to the Class A Certificates
        and
        the Mezzanine Certificates as described in the Pooling and Servicing Agreement
        referred to herein.

       

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

       

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

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, Certificates are exchangeable for new Certificates of
        the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      No
        transfer of this Certificate shall be made unless that transfer is made pursuant
        to an effective registration statement under the 1933 Act and effective
        registration or qualification under applicable state securities laws, or
        is made
        in a transaction that does not require such registration or qualification.
        In
        the event that a transfer is to be made without registration or qualification,
        the Certificate Registrar shall require, in order to assure compliance with
        such
        laws, either (i) that the Certificateholder desiring to effect the transfer
        and
        such Certificateholder's prospective transferee each execute a representation
        letter in the form described by the Agreement certifying to the Certificate
        Registrar the facts surrounding the transfer, or (ii) that the Depositor
        and the
        Certificate Registrar shall require an Opinion of Counsel satisfactory to
        them
        that such transfer may be made without such registration or qualification,
        which
        Opinion of Counsel shall not be an expense of the Depositor, the Trustee
        or the
        Certificate Registrar, in their respective capacities as such. None of the
        Depositor, the Certificate Registrar nor the Trustee is obligated to register
        or
        qualify the Class of Certificates specified on the face hereof under the
        1933
        Act or any other securities law or to take any action not otherwise required
        under the Agreement to permit the transfer of such Certificates without
        registration or qualification. Any such Certificateholder desiring to effect
        such transfer shall, and does hereby agree to, indemnify the Trustee, the
        Depositor, the Certificate Registrar and any Servicer against any liability
        that
        may result if the transfer is not so exempt or is not made in accordance
        with
        such federal and state laws.

       

      No
        transfer of this Certificate or any interest herein may be made to employee
        benefit plans and certain other retirement plans and arrangements, including
        individual retirement accounts and annuities, Keogh plans and collective
        investment funds and separate accounts in which such plans, accounts or
        arrangements are invested that are subject to the fiduciary responsibility
        provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
        directly or indirectly purchasing this Certificate or interest herein on
        behalf
        of, as named fiduciary of, as trustee of, or with assets of a Plan unless
        the
        opinion letter in section 5.02 of the Pooling and Servicing Agreement is
        provided.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Certificate Registrar may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

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

       

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

       

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

       

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

       

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

         

        Dated:
          March ___, 2006

         

         

         

        

          
            	 	
                    JPMORGAN
                      CHASE BANK, NATIONAL 

                    
                      ASSOCIATION,
                        as Trustee

                    

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Officer

                  

          

          

           

          CERTIFICATE
            OF AUTHENTICATION

        

         

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

         

        
          
            	 	
                    JPMORGAN
                      CHASE BANK, NATIONAL

                    
                      ASSOCIATION,
                        as Certificate Registrar

                    

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Signatory

                  

          

        

        

         

        Date
          of
          authentication: March ___, 2006

         
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 
                             

                    (Cust)
                      (Minor)

                    under
                      Uniform Gifts

                    to
                      Minors Act

                    __________________

                    (State)

                  
	
                    TEN
                      ENT  

                  	
                    -as
                      tenants by the entireties

                  	 
	
                    JT
                      TEN  

                  	
                    -as
                      joint tenants with right

                     of
                      survivorship and not as

                     tenants
                      in common

                  	 

          

        

         

      

      ASSIGNMENT

       

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

      
        	 
	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

      a
        Percentage Interest equal to ____% evidenced by the within asset-backed
        Certificate and hereby authorize(s) the registration of transfer of such
        interest to assignee on the Certificate Register of the Trust Fund.

       

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

      

      
        	 

      

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

       

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to

      
        	 	 
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	 
	 	 
	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B-2

       

      FORM
        OF CLASS B-2 CERTIFICATE

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES,
        THE
        MEZZANINE CERTIFICATES AND THE CLASS B-1 CERTIFICATES AS DESCRIBED IN THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
        OF
        1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE. ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
        REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES
        NOT
        REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

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

      

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

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES

      SERIES
        2006-CB3, CLASS B-2

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund consisting
        primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
        loans formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

      

      
        	
                Series
                  2006-CB3, Class B-2

                 

                Pass-Through
                  Rate: Fixed

                 

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

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

                CUSIP:
                  12489W RF 3 

                 

              	
                Original
                  Class Certificate Principal Balance of the Class B-2 Certificates
                  as of
                  the Closing Date: $ 9,688,000.00

                 

                Initial
                  Certificate Principal Balance:

                $
                  9,688,000.00

                 

                Servicer:
                  Litton Loan Servicing LP

                 

                Trustee:
                  JPMorgan Chase Bank, National Association

                 

                Closing
                  Date: March 30, 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.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
        THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
        UNITED STATES.

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the Initial Certificate Principal Balance of this
        Certificate by the Original Class Certificate Principal Balance of the Class
        B-2
        Certificates) in that certain beneficial ownership interest evidenced by
        all the
        Class B-2 Certificates in the Trust Fund created pursuant to a Pooling and
        Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
        Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
        includes any successor entity under the Agreement), the Servicer, Credit-Based
        Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
        summary of certain of the pertinent provisions of which is set forth hereafter.
        To the extent not defined herein, the capitalized terms used herein have
        the
        meanings assigned in the Agreement. This Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound.

       

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

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by or on behalf of the Trustee by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Trustee in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class B-2 Certificates the aggregate Initial Certificate
        Principal Balance of which is in excess of $5,000,000, or by check mailed
        by
        first class mail to the address of the Person entitled thereto, as such name
        and
        address shall appear on the Certificate Register, provided that the Trustee
        may
        deduct a reasonable wire transfer fee from any payment made by wire transfer.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Trustee of the pendency of such distribution
        and
        only upon presentation and surrender of this Certificate at the office or
        agency
        appointed by the Trustee for that purpose as provided in the
        Agreement.

       

      The
        Class
        B-2 Pass-Through Rate on each Distribution Date is the lesser of (i) prior
        to
        the Optional Termination Date, 6.500% per annum and on or after the Optional
        Termination Date, 7.000% per annum and (ii) the related Rate Cap for such
        Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on
        the
        face hereof (herein called the “Certificates”) and representing a Percentage
        Interest in the Class B-2 Certificates.

       

      The
        Class
        B-2 Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      This
        certificate is subordinated in right of payment to the Class A Certificates,
        the
        Mezzanine Certificates and the Class B-1 Certificates as described in the
        Pooling and Servicing Agreement referred to herein.

       

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

       

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

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, Certificates are exchangeable for new Certificates of
        the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      No
        transfer of this Certificate shall be made unless that transfer is made pursuant
        to an effective registration statement under the 1933 Act and effective
        registration or qualification under applicable state securities laws, or
        is made
        in a transaction that does not require such registration or qualification.
        In
        the event that a transfer is to be made without registration or qualification,
        the Certificate Registrar shall require, in order to assure compliance with
        such
        laws, either (i) that the Certificateholder desiring to effect the transfer
        and
        such Certificateholder's prospective transferee each execute a representation
        letter in the form described by the Agreement certifying to the Certificate
        Registrar the facts surrounding the transfer, or (ii) that the Depositor
        and the
        Certificate Registrar shall require an Opinion of Counsel satisfactory to
        them
        that such transfer may be made without such registration or qualification,
        which
        Opinion of Counsel shall not be an expense of the Depositor, the Trustee
        or the
        Certificate Registrar, in their respective capacities as such. None of the
        Depositor, the Certificate Registrar nor the Trustee is obligated to register
        or
        qualify the Class of Certificates specified on the face hereof under the
        1933
        Act or any other securities law or to take any action not otherwise required
        under the Agreement to permit the transfer of such Certificates without
        registration or qualification. Any such Certificateholder desiring to effect
        such transfer shall, and does hereby agree to, indemnify the Trustee, the
        Depositor, the Certificate Registrar and any Servicer against any liability
        that
        may result if the transfer is not so exempt or is not made in accordance
        with
        such federal and state laws.

       

      No
        transfer of this Certificate or any interest herein may be made to employee
        benefit plans and certain other retirement plans and arrangements, including
        individual retirement accounts and annuities, Keogh plans and collective
        investment funds and separate accounts in which such plans, accounts or
        arrangements are invested that are subject to the fiduciary responsibility
        provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
        directly or indirectly purchasing this Certificate or interest herein on
        behalf
        of, as named fiduciary of, as trustee of, or with assets of a Plan unless
        the
        opinion letter in section 5.02 of the Pooling and Servicing Agreement is
        provided.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Certificate Registrar may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

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

       

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

       

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

       

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

      

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

       

      Dated:
        March ___, 2006

      
 

      
        
          	 	
                  JPMORGAN
                    CHASE BANK, NATIONAL 

                  
                    ASSOCIATION,
                      as Trustee

                  

                
	 	 	 
	 	
                  By:

                	 
	 	 	
                  Authorized
                    Officer

                

        

        

         

        CERTIFICATE
          OF AUTHENTICATION

      

       

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

       

      
        
          	 	
                  JPMORGAN
                    CHASE BANK, NATIONAL

                  
                    ASSOCIATION,
                      as Certificate Registrar

                  

                
	 	 	 
	 	
                  By:

                	 
	 	 	
                  Authorized
                    Signatory

                

        

      

      

       

      Date
        of
        authentication: March ___, 2006

      

      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 
                               

                      (Cust)
                        (Minor)

                      under
                        Uniform Gifts

                      to
                        Minors Act

                      __________________

                      (State)

                    
	
                      TEN
                        ENT  

                    	
                      -as
                        tenants by the entireties

                    	 
	
                      JT
                        TEN  

                    	
                      -as
                        joint tenants with right

                       of
                        survivorship and not as

                       tenants
                        in common

                    	 

            

          

           

           

        
ASSIGNMENT

       

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

      
        	 
	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

      a
        Percentage Interest equal to ____% evidenced by the within asset-backed
        Certificate and hereby authorize(s) the registration of transfer of such
        interest to assignee on the Certificate Register of the Trust Fund.

       

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

      

      
        	 

      

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

       

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to

      
        	 	 
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	 
	 	 
	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        B-3

       

      FORM
        OF CLASS B-3 CERTIFICATE

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES,
        THE
        MEZZANINE CERTIFICATES, THE CLASS B-1 CERTIFICATES AND THE CLASS B-2
        CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED
        TO
        HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
        OF
        1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE. ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
        REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES
        NOT
        REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

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

      

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

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES

      SERIES
        2006-CB3, CLASS B-3

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund consisting
        primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
        loans formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

      

      
        	
                Series
                  2006-CB3, Class B-3

                 

                Pass-Through
                  Rate: Fixed

                 

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

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

                CUSIP:
                  12489W RG 1

                 

              	
                Original
                  Class Certificate Principal Balance of the Class B-3 Certificates
                  as of
                  the Closing Date: $ 9,267,000.00

                 

                Initial
                  Certificate Principal Balance:

                $
                  9,267,000.00

                 

                Servicer:
                  Litton Loan Servicing LP

                 

                Trustee:
                  JPMorgan Chase Bank, National Association

                 

                Closing
                  Date: March 30, 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.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
        THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
        UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the Initial Certificate Principal Balance of this
        Certificate by the Original Class Certificate Principal Balance of the Class
        B-3
        Certificates) in that certain beneficial ownership interest evidenced by
        all the
        Class B-3 Certificates in the Trust Fund created pursuant to a Pooling and
        Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
        Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
        includes any successor entity under the Agreement), the Servicer, Credit-Based
        Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
        summary of certain of the pertinent provisions of which is set forth hereafter.
        To the extent not defined herein, the capitalized terms used herein have
        the
        meanings assigned in the Agreement. This Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the first Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the last Business Day of
        the
        month immediately preceding the month in which the related Distribution Date
        occurs (the “Record Date”), from funds in the Distribution Account in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class B-3
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by or on behalf of the Trustee by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Trustee in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class B-3 Certificates the aggregate Initial Certificate
        Principal Balance of which is in excess of $5,000,000, or by check mailed
        by
        first class mail to the address of the Person entitled thereto, as such name
        and
        address shall appear on the Certificate Register, provided that the Trustee
        may
        deduct a reasonable wire transfer fee from any payment made by wire transfer.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Trustee of the pendency of such distribution
        and
        only upon presentation and surrender of this Certificate at the office or
        agency
        appointed by the Trustee for that purpose as provided in the
        Agreement.

       

      The
        Class
        B-3 Pass-Through Rate on each Distribution Date is the lesser of (i) prior
        to
        the Optional Termination Date, 6.500% per annum and on or after the Optional
        Termination Date, 7.000% per annum and (ii) the related Rate Cap for such
        Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on
        the
        face hereof (herein called the “Certificates”) and representing a Percentage
        Interest in the Class B-3 Certificates.

       

      The
        Class
        B-3 Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      This
        certificate is subordinated in right of payment to the Class A Certificates,
        the
        Mezzanine Certificates, the Class B-1 Certificates and the Class B-2
        Certificates as described in the Pooling and Servicing Agreement referred
        to
        herein.

       

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

       

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

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, Certificates are exchangeable for new Certificates of
        the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      No
        transfer of this Certificate shall be made unless that transfer is made pursuant
        to an effective registration statement under the 1933 Act and effective
        registration or qualification under applicable state securities laws, or
        is made
        in a transaction that does not require such registration or qualification.
        In
        the event that a transfer is to be made without registration or qualification,
        the Certificate Registrar shall require, in order to assure compliance with
        such
        laws, either (i) that the Certificateholder desiring to effect the transfer
        and
        such Certificateholder's prospective transferee each execute a representation
        letter in the form described by the Agreement certifying to the Certificate
        Registrar the facts surrounding the transfer, or (ii) that the Depositor
        and the
        Certificate Registrar shall require an Opinion of Counsel satisfactory to
        them
        that such transfer may be made without such registration or qualification,
        which
        Opinion of Counsel shall not be an expense of the Depositor, the Trustee
        or the
        Certificate Registrar, in their respective capacities as such. None of the
        Depositor, the Certificate Registrar nor the Trustee is obligated to register
        or
        qualify the Class of Certificates specified on the face hereof under the
        1933
        Act or any other securities law or to take any action not otherwise required
        under the Agreement to permit the transfer of such Certificates without
        registration or qualification. Any such Certificateholder desiring to effect
        such transfer shall, and does hereby agree to, indemnify the Trustee, the
        Depositor, the Certificate Registrar and any Servicer against any liability
        that
        may result if the transfer is not so exempt or is not made in accordance
        with
        such federal and state laws.

       

      No
        transfer of this Certificate or any interest herein may be made to employee
        benefit plans and certain other retirement plans and arrangements, including
        individual retirement accounts and annuities, Keogh plans and collective
        investment funds and separate accounts in which such plans, accounts or
        arrangements are invested that are subject to the fiduciary responsibility
        provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
        directly or indirectly purchasing this Certificate or interest herein on
        behalf
        of, as named fiduciary of, as trustee of, or with assets of a Plan unless
        the
        opinion letter in section 5.02 of the Pooling and Servicing Agreement is
        provided.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Certificate Registrar may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

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

       

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

       

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

       

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

       

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

       

      Dated:
        March ___, 2006

       

      

        
          	 	
                  JPMORGAN
                    CHASE BANK, NATIONAL 

                  
                    ASSOCIATION,
                      as Trustee

                  

                
	 	 	 
	 	
                  By:

                	 
	 	 	
                  Authorized
                    Officer

                

        

        

         

        CERTIFICATE
          OF AUTHENTICATION

      

       

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

       

      
        
          	 	
                  JPMORGAN
                    CHASE BANK, NATIONAL

                  
                    ASSOCIATION,
                      as Certificate Registrar

                  

                
	 	 	 
	 	
                  By:

                	 
	 	 	
                  Authorized
                    Signatory

                

        

      

      

       

      Date
        of
        authentication: March ___, 2006

      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 
                                 

                        (Cust)
                          (Minor)

                        under
                          Uniform Gifts

                        to
                          Minors Act

                        __________________

                        (State)

                      
	
                        TEN
                          ENT  

                      	
                        -as
                          tenants by the entireties

                      	 
	
                        JT
                          TEN  

                      	
                        -as
                          joint tenants with right

                         of
                          survivorship and not as

                         tenants
                          in common

                      	 

              

            

             
ASSIGNMENT

        

      

       

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

      
        	 
	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

      a
        Percentage Interest equal to ____% evidenced by the within asset-backed
        Certificate and hereby authorize(s) the registration of transfer of such
        interest to assignee on the Certificate Register of the Trust Fund.

       

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

      

      
        	 

      

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

       

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to

      
        	 	 
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	 
	 	 
	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        B-4

       

      FORM
        OF CLASS B-4 CERTIFICATE

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES,
        THE
        MEZZANINE CERTIFICATES, THE CLASS B-1 CERTIFICATES, THE CLASS B-2 CERTIFICATES
        AND THE CLASS B-3 CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
        OF
        1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE. ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
        REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES
        NOT
        REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

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

      

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

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES

      SERIES
        2006-CB3, CLASS B-4

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund consisting
        primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
        loans formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

      

      
        	
                Series
                  2006-CB3, Class B-4

                 

                Pass-Through
                  Rate: Fixed

                 

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

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

                CUSIP:
                  12489W RH 9 

                 

              	
                Original
                  Class Certificate Principal Balance of the Class B-4 Certificates
                  as of
                  the Closing Date: $ 8,425,000.00

                 

                Initial
                  Certificate Principal Balance:

                $
                  8,425,000.00

                 

                Servicer:
                  Litton Loan Servicing LP

                 

                Trustee:
                  JPMorgan Chase Bank, National Association

                 

                Closing
                  Date: March 30, 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.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
        THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
        UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the Initial Certificate Principal Balance of this
        Certificate by the Original Class Certificate Principal Balance of the Class
        B-4
        Certificates) in that certain beneficial ownership interest evidenced by
        all the
        Class B-4 Certificates in the Trust Fund created pursuant to a Pooling and
        Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
        Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
        includes any successor entity under the Agreement), the Servicer, Credit-Based
        Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
        summary of certain of the pertinent provisions of which is set forth hereafter.
        To the extent not defined herein, the capitalized terms used herein have
        the
        meanings assigned in the Agreement. This Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the first Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the last Business Day of
        the
        month immediately preceding the month in which the related Distribution Date
        occurs (the “Record Date”), from funds in the Distribution Account in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class B-4
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by or on behalf of the Trustee by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Trustee in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class B-4 Certificates the aggregate Initial Certificate
        Principal Balance of which is in excess of $5,000,000, or by check mailed
        by
        first class mail to the address of the Person entitled thereto, as such name
        and
        address shall appear on the Certificate Register, provided that the Trustee
        may
        deduct a reasonable wire transfer fee from any payment made by wire transfer.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Trustee of the pendency of such distribution
        and
        only upon presentation and surrender of this Certificate at the office or
        agency
        appointed by the Trustee for that purpose as provided in the
        Agreement.

       

      The
        Class
        B-4 Pass-Through Rate on each Distribution Date is the lesser of (i) prior
        to
        the Optional Termination Date, 6.500% per annum and on or after the Optional
        Termination Date, 7.000% per annum and (ii) the related Rate Cap for such
        Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on
        the
        face hereof (herein called the “Certificates”) and representing a Percentage
        Interest in the Class B-4 Certificates.

       

      The
        Class
        B-4 Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      This
        certificate is subordinated in right of payment to the Class A Certificates,
        the
        Mezzanine Certificates, the Class B-1 Certificates, the Class B-2 Certificates
        and the Class B-3 Certificates as described in the Pooling and Servicing
        Agreement referred to herein.

       

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

       

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

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, Certificates are exchangeable for new Certificates of
        the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      No
        transfer of this Certificate shall be made unless that transfer is made pursuant
        to an effective registration statement under the 1933 Act and effective
        registration or qualification under applicable state securities laws, or
        is made
        in a transaction that does not require such registration or qualification.
        In
        the event that a transfer is to be made without registration or qualification,
        the Certificate Registrar shall require, in order to assure compliance with
        such
        laws, either (i) that the Certificateholder desiring to effect the transfer
        and
        such Certificateholder's prospective transferee each execute a representation
        letter in the form described by the Agreement certifying to the Certificate
        Registrar the facts surrounding the transfer, or (ii) that the Depositor
        and the
        Certificate Registrar shall require an Opinion of Counsel satisfactory to
        them
        that such transfer may be made without such registration or qualification,
        which
        Opinion of Counsel shall not be an expense of the Depositor, the Trustee
        or the
        Certificate Registrar, in their respective capacities as such. None of the
        Depositor, the Certificate Registrar nor the Trustee is obligated to register
        or
        qualify the Class of Certificates specified on the face hereof under the
        1933
        Act or any other securities law or to take any action not otherwise required
        under the Agreement to permit the transfer of such Certificates without
        registration or qualification. Any such Certificateholder desiring to effect
        such transfer shall, and does hereby agree to, indemnify the Trustee, the
        Depositor, the Certificate Registrar and any Servicer against any liability
        that
        may result if the transfer is not so exempt or is not made in accordance
        with
        such federal and state laws.

       

      No
        transfer of this Certificate or any interest herein may be made to employee
        benefit plans and certain other retirement plans and arrangements, including
        individual retirement accounts and annuities, Keogh plans and collective
        investment funds and separate accounts in which such plans, accounts or
        arrangements are invested that are subject to the fiduciary responsibility
        provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
        directly or indirectly purchasing this Certificate or interest herein on
        behalf
        of, as named fiduciary of, as trustee of, or with assets of a Plan unless
        the
        opinion letter in section 5.02 of the Pooling and Servicing Agreement is
        provided.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Certificate Registrar may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

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

       

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

       

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

       

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

      

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

      
         

        Dated:
          March ___, 2006

         

         

        
          
            	 	
                    JPMORGAN
                      CHASE BANK, NATIONAL 

                    
                      ASSOCIATION,
                        as Trustee

                    

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Officer

                  

          

          

           

          CERTIFICATE
            OF AUTHENTICATION

        

         

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

         

        
          
            	 	
                    JPMORGAN
                      CHASE BANK, NATIONAL

                    
                      ASSOCIATION,
                        as Certificate Registrar

                    

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Signatory

                  

          

        

        

         

        Date
          of
          authentication: March ___, 2006

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 
                                 

                        (Cust)
                          (Minor)

                        under
                          Uniform Gifts

                        to
                          Minors Act

                        __________________

                        (State)

                      
	
                        TEN
                          ENT  

                      	
                        -as
                          tenants by the entireties

                      	 
	
                        JT
                          TEN  

                      	
                        -as
                          joint tenants with right

                         of
                          survivorship and not as

                         tenants
                          in common

                      	 

              

            

             
ASSIGNMENT

        

      

       

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

      
        	 
	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

      a
        Percentage Interest equal to ____% evidenced by the within asset-backed
        Certificate and hereby authorize(s) the registration of transfer of such
        interest to assignee on the Certificate Register of the Trust Fund.

       

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

      

      
        	 

      

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

       

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to

      
        	 	 
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	 
	 	 
	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        C-1-1

       

      FORM
        OF CLASS R CERTIFICATE

       

      THIS
        CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES
        PERSON.

       

      FOR
        U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS THE “RESIDUAL
        INTEREST” IN THREE SEPARATE “REAL ESTATE MORTGAGE INVESTMENT CONDUITS,” AS THOSE
        TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
        REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE OFFERED CERTIFICATES AND THE CLASS B
        CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED HEREIN AND IN THE POOLING
        AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CLASS R CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS
        DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
        OF
        1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE. ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
        REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES
        NOT
        REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

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

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CLASS R CERTIFICATE MAY BE
        MADE
        ONLY IF THE PROPOSED TRANSFEREE PROVIDES (1) AN AFFIDAVIT TO THE CERTIFICATE
        REGISTRAR THAT SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE OR
        POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
        ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B)
        ANY
        ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE)
        WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
        ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (C)
        ANY
        ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE (ANY SUCH PERSON
        DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREINAFTER REFERRED
        TO
        AS A “DISQUALIFIED ORGANIZATION”), OR (D) AN AGENT OF A DISQUALIFIED
        ORGANIZATION AND (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT
        OR
        COLLECTION OF TAX, AND (3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL
        CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.
        NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OR ANY TRANSFER,
        SALE OR OTHER DISPOSITION OF THIS CLASS R CERTIFICATE TO A DISQUALIFIED
        ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION
        SHALL
        BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
        NOT
        BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING,
        BUT
        NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER
        OF
        A CLASS R CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO
        HAVE
        CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION
        5.02(d) OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ANY PERSON
        THAT IS A DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL
        OWNERSHIP OF THIS CLASS R CERTIFICATE.

       

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES

      SERIES
        2006-CB3, CLASS R

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund consisting
        primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
        loans formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

      

      
        	
                Series
                  2006-CB3, Class R

                 

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

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

                Percentage
                  Interest: 100%

              	
                Servicer:
                  Litton Loan Servicing LP

                 

                Trustee:
                  JPMorgan Chase Bank, National Association

                 

                Closing
                  Date: March 30, 2006

                 

              

      

      

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
        THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
        UNITED STATES.

       

      This
        certifies that Residual Interest Investments, LP is the registered owner
        of a
        Percentage Interest set forth above in that certain beneficial ownership
        interest evidenced by all the Class R Certificates in the Trust Fund created
        pursuant to a Pooling and Servicing Agreement, dated as specified above (the
        “Agreement”), among Citigroup Mortgage Loan Trust Inc. (hereinafter called the
“Depositor,” which term includes any successor entity under the Agreement), the
        Servicer, Credit-Based Asset Servicing and Securitization LLC (the “Sponsor”)
        and the Trustee, a summary of certain of the pertinent provisions of which
        is
        set forth hereafter. To the extent not defined herein, the capitalized terms
        used herein have the meanings assigned in the Agreement. This Certificate
        is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Certificate by virtue of
        the
        acceptance hereof assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the first Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the last Business Day of
        the
        month immediately preceding the month in which the related Distribution Date
        occurs or the Closing Date, in the case of the first Distribution Date (the
        “Record Date”), from funds in the Distribution Account in an amount equal to the
        product of the Percentage Interest evidenced by this Certificate and the
        amount
        required to be distributed to the Holders of Class R Certificates on such
        Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by or on behalf of the Trustee by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Trustee in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class R Certificates the aggregate Percentage Interest
        of which is in excess of a 66% Percentage Interest of the Class R Certificates,
        or by check mailed by first class mail to the address of the Person entitled
        thereto, as such name and address shall appear on the Certificate Register,
        provided that the Trustee may deduct a reasonable wire transfer fee from
        any
        payment made by wire transfer. Notwithstanding the above, the final distribution
        on this Certificate will be made after due notice by the Trustee of the pendency
        of such distribution and only upon presentation and surrender of this
        Certificate at the office or agency appointed by the Trustee for that purpose
        as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on
        the
        face hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified on the face hereof.

       

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

       

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

       

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

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, Certificates are exchangeable for new Certificates of
        the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      No
        transfer of this Certificate shall be made unless that transfer is made pursuant
        to an effective registration statement under the 1933 Act and effective
        registration or qualification under applicable state securities laws, or
        is made
        in a transaction that does not require such registration or qualification.
        In
        the event that a transfer is to be made without registration or qualification,
        the Certificate Registrar shall require, in order to assure compliance with
        such
        laws, either (i) that the Certificateholder desiring to effect the transfer
        and
        such Certificateholder's prospective transferee each execute a representation
        letter in the form described by the Agreement certifying to the Certificate
        Registrar the facts surrounding the transfer, or (ii) that the Depositor
        and the
        Certificate Registrar shall require an Opinion of Counsel satisfactory to
        them
        that such transfer may be made without such registration or qualification,
        which
        Opinion of Counsel shall not be an expense of the Depositor, the Trustee
        or the
        Certificate Registrar, in their respective capacities as such. None of the
        Depositor, the Certificate Registrar nor the Trustee is obligated to register
        or
        qualify the Class of Certificates specified on the face hereof under the
        1933
        Act or any other securities law or to take any action not otherwise required
        under the Agreement to permit the transfer of such Certificates without
        registration or qualification. Any such Certificateholder desiring to effect
        such transfer shall, and does hereby agree to, indemnify the Trustee, the
        Depositor, the Certificate Registrar and any Servicer against any liability
        that
        may result if the transfer is not so exempt or is not made in accordance
        with
        such federal and state laws.

       

      No
        transfer of this Certificate or any interest herein may be made to employee
        benefit plans and certain other retirement plans and arrangements, including
        individual retirement accounts and annuities, Keogh plans and collective
        investment funds and separate accounts in which such plans, accounts or
        arrangements are invested that are subject to the fiduciary responsibility
        provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
        directly or indirectly purchasing this Certificate or interest herein on
        behalf
        of, as named fiduciary of, as trustee of, or with assets of a Plan.

       

      The
        Holder of this Certificate, by its acceptance hereof, shall be deemed for
        all
        purposes to have consented to the provisions of Section 5.02 of the Agreement
        and to any amendment of the Agreement deemed necessary by counsel of the
        Depositor to ensure that the transfer of this Certificate to any Person other
        than a Permitted Transferee or any other Person will not cause the Trust
        to
        cease to qualify as eight separate REMICs or cause the imposition of a tax
        upon
        the Trust.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Certificate Registrar may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

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

       

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

       

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

       

      Unless
        the certificate of authentication hereon has been executed by the Certificate
        Registrar, by manual signature, this Certificate shall not be entitled to
        any
        benefit under the Agreement or be valid for any purpose.

      

      IN
        WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
        executed.

      
         

        Dated:
          March ___, 2006

         

         

         

        

          
            	 	
                    JPMORGAN
                      CHASE BANK, NATIONAL 

                    
                      ASSOCIATION,
                        as Trustee

                    

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Officer

                  

          

          

           

          CERTIFICATE
            OF AUTHENTICATION

        

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          
            	 	
                    JPMORGAN
                      CHASE BANK, NATIONAL

                    
                      ASSOCIATION,
                        as Certificate Registrar

                    

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Signatory

                  

          

        

        

         

        Date
          of
          authentication: March ___, 2006

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 
                                       

                              (Cust)
                                (Minor)

                              under
                                Uniform Gifts

                              to
                                Minors Act

                              __________________

                              (State)

                            
	
                              TEN
                                ENT  

                            	
                              -as
                                tenants by the entireties

                            	 
	
                              JT
                                TEN  

                            	
                              -as
                                joint tenants with right

                               of
                                survivorship and not as

                               tenants
                                in common

                            	 

                    

                  

                   

                

              

            
ASSIGNMENT

        

      

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 
	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

      a
        Percentage Interest equal to ____% evidenced by the within asset-backed
        Certificate and hereby authorize(s) the registration of transfer of such
        interest to assignee on the Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        Percentage Interest and Class to the above named assignee and deliver such
        Certificate to the following address:

      

      
        	 

      

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

       

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to

      
        	 	 
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	 
	 	 
	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        C-1-2

       

      FORM
        OF CLASS R-X CERTIFICATE

       

      THIS
        CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES
        PERSON.

       

      FOR
        U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS THE “RESIDUAL
        INTEREST” IN SEVEN SEPARATE “REAL ESTATE MORTGAGE INVESTMENT CONDUITS,” AS THOSE
        TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
        REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE OFFERED CERTIFICATES AND THE CLASS B
        CERTIFICATES OF THE SERIES TO THE EXTENT DESCRIBED HEREIN AND IN THE POOLING
        AND
        SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CLASS R-X CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS
        DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
        OF
        1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE. ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
        REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES
        NOT
        REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CLASS R-X CERTIFICATE MAY BE
        MADE
        ONLY IF THE PROPOSED TRANSFEREE PROVIDES (1) AN AFFIDAVIT TO THE CERTIFICATE
        REGISTRAR THAT SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE OR
        POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
        ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B)
        ANY
        ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE)
        WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
        ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (C)
        ANY
        ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE (ANY SUCH PERSON
        DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREINAFTER REFERRED
        TO
        AS A “DISQUALIFIED ORGANIZATION”), OR (D) AN AGENT OF A DISQUALIFIED
        ORGANIZATION AND (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT
        OR
        COLLECTION OF TAX, AND (3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL
        CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.
        NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OR ANY TRANSFER,
        SALE OR OTHER DISPOSITION OF THIS CLASS R-X CERTIFICATE TO A DISQUALIFIED
        ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION
        SHALL
        BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
        NOT
        BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING,
        BUT
        NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER
        OF
        A CLASS R-X CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED
        TO
        HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF
        SECTION
        5.02(d) OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ANY PERSON
        THAT IS A DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL
        OWNERSHIP OF THIS CLASS R-X CERTIFICATE.

       

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES

      SERIES
        2006-CB3, CLASS R-X

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund consisting
        primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
        loans formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

      

      
        	
                Series
                  2006-CB3, Class R-X

                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date: March 1,
                  2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

                Percentage
                  Interest: 100%

              	
                Servicer:
                  Litton Loan Servicing LP

                 

                Trustee:
                  JPMorgan Chase Bank, National Association

                 

                Closing
                  Date: March 30, 2006

                 

              

      

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
        THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
        UNITED STATES.

       

      This
        certifies that Paul Vianna is the registered owner of a Percentage Interest
        set
        forth above in that certain beneficial ownership interest evidenced by all
        the
        Class R-X Certificates in the Trust Fund created pursuant to a Pooling and
        Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
        Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
        includes any successor entity under the Agreement), the Servicer, Credit-Based
        Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
        summary of certain of the pertinent provisions of which is set forth hereafter.
        To the extent not defined herein, the capitalized terms used herein have
        the
        meanings assigned in the Agreement. This Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the first Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the last Business Day of
        the
        month immediately preceding the month in which the related Distribution Date
        occurs or the Closing Date, in the case of the first Distribution Date (the
        “Record Date”), from funds in the Distribution Account in an amount equal to the
        product of the Percentage Interest evidenced by this Certificate and the
        amount
        required to be distributed to the Holders of Class R-X Certificates on such
        Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by or on behalf of the Trustee by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Trustee in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class R-X Certificates the aggregate Percentage Interest
        of which is in excess of a 66% Percentage Interest of the Class R-X
        Certificates, or by check mailed by first class mail to the address of the
        Person entitled thereto, as such name and address shall appear on the
        Certificate Register, provided that the Trustee may deduct a reasonable wire
        transfer fee from any payment made by wire transfer. Notwithstanding the
        above,
        the final distribution on this Certificate will be made after due notice
        by the
        Trustee of the pendency of such distribution and only upon presentation and
        surrender of this Certificate at the office or agency appointed by the Trustee
        for that purpose as provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on
        the
        face hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified on the face hereof.

       

      The
        Class
        R-X Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Sponsor and the Trustee and the rights of the Certificateholders
        under the Agreement at any time by the Depositor, the Servicer, the Sponsor
        and
        the Trustee with the consent of the Holders of Certificates entitled to the
        Voting Rights identified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange herefor or in lieu hereof whether or not notation
        of such consent is made upon this Certificate. The Agreement also permits
        the
        amendment thereof, in certain limited circumstances, without the consent
        of the
        Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Certificate Registrar as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Trustee and the
        Certificate Registrar duly executed by, the Holder hereof or such Holder's
        attorney duly authorized in writing, and thereupon one or more new Certificates
        of the same Class in authorized denominations evidencing the same aggregate
        Percentage Interest will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, Certificates are exchangeable for new Certificates of
        the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      No
        transfer of this Certificate shall be made unless that transfer is made pursuant
        to an effective registration statement under the 1933 Act and effective
        registration or qualification under applicable state securities laws, or
        is made
        in a transaction that does not require such registration or qualification.
        In
        the event that a transfer is to be made without registration or qualification,
        the Certificate Registrar shall require, in order to assure compliance with
        such
        laws, either (i) that the Certificateholder desiring to effect the transfer
        and
        such Certificateholder's prospective transferee each execute a representation
        letter in the form described by the Agreement certifying to the Certificate
        Registrar the facts surrounding the transfer, or (ii) that the Depositor
        and the
        Certificate Registrar shall require an Opinion of Counsel satisfactory to
        them
        that such transfer may be made without such registration or qualification,
        which
        Opinion of Counsel shall not be an expense of the Depositor, the Trustee
        or the
        Certificate Registrar, in their respective capacities as such. None of the
        Depositor, the Certificate Registrar nor the Trustee is obligated to register
        or
        qualify the Class of Certificates specified on the face hereof under the
        1933
        Act or any other securities law or to take any action not otherwise required
        under the Agreement to permit the transfer of such Certificates without
        registration or qualification. Any such Certificateholder desiring to effect
        such transfer shall, and does hereby agree to, indemnify the Trustee, the
        Depositor, the Certificate Registrar and any Servicer against any liability
        that
        may result if the transfer is not so exempt or is not made in accordance
        with
        such federal and state laws.

       

      No
        transfer of this Certificate or any interest herein may be made to employee
        benefit plans and certain other retirement plans and arrangements, including
        individual retirement accounts and annuities, Keogh plans and collective
        investment funds and separate accounts in which such plans, accounts or
        arrangements are invested that are subject to the fiduciary responsibility
        provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
        directly or indirectly purchasing this Certificate or interest herein on
        behalf
        of, as named fiduciary of, as trustee of, or with assets of a Plan unless
        the
        opinion letter in Section 5.02 of the Pooling and Servicing Agreement is
        provided.

       

      The
        Holder of this Certificate, by its acceptance hereof, shall be deemed for
        all
        purposes to have consented to the provisions of Section 5.02 of the Agreement
        and to any amendment of the Agreement deemed necessary by counsel of the
        Depositor to ensure that the transfer of this Certificate to any Person other
        than a Permitted Transferee or any other Person will not cause the Trust
        to
        cease to qualify as eight separate REMICs or cause the imposition of a tax
        upon
        the Trust.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Certificate Registrar may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trustee and the Certificate Registrar and any
        agent
        of the Depositor, the Servicer, the Trustee or the Certificate Registrar
        may
        treat the Person in whose name this Certificate is registered as the owner
        hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
        the Certificate Registrar nor any such agent shall be affected by notice
        to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by or
        on
        behalf of the Trustee and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan remaining in the
        Trust
        Fund, and (ii) the purchase by the party designated in the Agreement at a
        price
        determined as provided in the Agreement from the Trust Fund of all Mortgage
        Loans and all property acquired in respect of such Mortgage Loans. The Agreement
        permits, but does not require, the party designated in the Agreement to purchase
        from the Trust Fund all Mortgage Loans and all property acquired in respect
        of
        any Mortgage Loan at a price determined as provided in the Agreement. The
        exercise of such right will effect early retirement of the Certificates;
        however, such right to purchase is subject to the aggregate Principal Balance
        of
        the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
        Date
        Principal Balance of the Mortgage Loans.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Certificate
        Registrar, by manual signature, this Certificate shall not be entitled to
        any
        benefit under the Agreement or be valid for any purpose.

      

      
        IN
          WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
          executed.

        
           

          Dated:
            March ___, 2006

           

           

           

          

            
              	 	
                      JPMORGAN
                        CHASE BANK, NATIONAL 

                      
                        ASSOCIATION,
                          as Trustee

                      

                    
	 	 	 
	 	
                      By:

                    	 
	 	 	
                      Authorized
                        Officer

                    

            

            

             

            CERTIFICATE
              OF AUTHENTICATION

          

           

          This
            is
            one of the Certificates referred to in the within-mentioned
            Agreement.

           

          
            
              	 	
                      JPMORGAN
                        CHASE BANK, NATIONAL

                      
                        ASSOCIATION,
                          as Certificate Registrar

                      

                    
	 	 	 
	 	
                      By:

                    	 
	 	 	
                      Authorized
                        Signatory

                    

            

          

          

           

          Date
            of
            authentication: March ___, 2006

      

      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 
                                   

                          (Cust)
                            (Minor)

                          under
                            Uniform Gifts

                          to
                            Minors Act

                          __________________

                          (State)

                        
	
                          TEN
                            ENT  

                        	
                          -as
                            tenants by the entireties

                        	 
	
                          JT
                            TEN  

                        	
                          -as
                            joint tenants with right

                           of
                            survivorship and not as

                           tenants
                            in common

                        	 

                

              

               

            

          

        
ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 
	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

      a
        Percentage Interest equal to ____% evidenced by the within asset-backed
        Certificate and hereby authorize(s) the registration of transfer of such
        interest to assignee on the Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        Percentage Interest and Class to the above named assignee and deliver such
        Certificate to the following address:

      

      
        	 

      

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

       

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to

      
        	 	 
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	 
	 	 
	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        C-2

       

      FORM
        OF CLASS M-1 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
        AS
        DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

       

      FOR
        U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
        OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
        CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
        THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
        PROPERTY.

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES

      SERIES
        2006-CB3, CLASS M-1

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund consisting
        primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
        loans formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

      

      
        	
                Series
                  2006-CB3, Class M-1

                 

                Pass-Through
                  Rate: Variable

                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date: March 1,
                  2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

                CUSIP:
                  12489W QY 3 

                 

              	
                Original
                  Class Certificate Principal Balance of the Class M-1 Certificates
                  as of
                  the Closing Date: $ 29,062,000.00

                 

                Initial
                  Certificate Principal Balance:

                $
                  29,062,000.00

                 

                Servicer:
                  Litton Loan Servicing LP

                 

                Trustee:
                  JPMorgan Chase Bank, National Association

                 

                Closing
                  Date: March 30, 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.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
        THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
        UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the Initial Certificate Principal Balance of this
        Certificate by the Original Class Certificate Principal Balance of the Class
        M-1
        Certificates) in that certain beneficial ownership interest evidenced by
        all the
        Class M-1 Certificates in the Trust Fund created pursuant to a Pooling and
        Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
        Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
        includes any successor entity under the Agreement), the Servicer, Credit-Based
        Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
        summary of certain of the pertinent provisions of which is set forth hereafter.
        To the extent not defined herein, the capitalized terms used herein have
        the
        meanings assigned in the Agreement. This Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the first Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Business Day immediately
        preceding such Distribution Date (the “Record Date”), from funds in the
        Distribution Account in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to the Holders of Class M-1 Certificates on such Distribution Date pursuant
        to
        the Agreement provided, however, that if any Class M-1 Certificate becomes
        a
        Definitive Certificate, the Record Date for such Certificate will be the
        last
        Business Day of the month immediately preceding the month in which the related
        Distribution Date occurs.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by or on behalf of the Trustee by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Trustee in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-1 Certificates the aggregate Initial Certificate
        Principal Balance of which is in excess of $5,000,000, or by check mailed
        by
        first class mail to the address of the Person entitled thereto, as such name
        and
        address shall appear on the Certificate Register, provided that the Trustee
        may
        deduct a reasonable wire transfer fee from any payment made by wire transfer.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Trustee of the pendency of such distribution
        and
        only upon presentation and surrender of this Certificate at the office or
        agency
        appointed by the Trustee for that purpose as provided in the
        Agreement.

       

      The
        Class
        M-1 Pass-Through Rate on each Distribution Date will be a rate per annum
        equal
        to the lesser of (i) the sum of one month LIBOR plus the Class M-1 Certificate
        Margin and (ii) the Rate Cap for such Distribution Date. 

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on
        the
        face hereof (herein called the “Certificates”) and representing a Percentage
        Interest in the Class M-1 Certificates.

       

      The
        Class
        M-1 Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      This
        certificate is subordinated in right of payment to the Class A Certificates
        as
        described in the Pooling and Servicing Agreement referred to
        herein.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
        under the Agreement at any time by the Depositor, the Servicer, the Sponsor
        and
        the Trustee with the consent of the Holders of Certificates entitled to the
        Voting Rights identified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange herefor or in lieu hereof whether or not notation
        of such consent is made upon this Certificate. The Agreement also permits
        the
        amendment thereof, in certain limited circumstances, without the consent
        of the
        Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Certificate Registrar as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Trustee and the
        Certificate Registrar duly executed by, the Holder hereof or such Holder's
        attorney duly authorized in writing, and thereupon one or more new Certificates
        of the same Class in authorized denominations evidencing the same aggregate
        Percentage Interest will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, Certificates are exchangeable for new Certificates of
        the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      No
        transfer of this Certificate or any interest herein may be made to employee
        benefit plans and certain other retirement plans and arrangements, including
        individual retirement accounts and annuities, Keogh plans and collective
        investment funds and separate accounts in which such plans, accounts or
        arrangements are invested that are subject to the fiduciary responsibility
        provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
        directly or indirectly purchasing this Certificate or interest herein on
        behalf
        of, as named fiduciary of, as trustee of, or with assets of a Plan unless
        the
        opinion letter in section 5.02 of the Pooling and Servicing Agreement is
        provided.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Certificate Registrar may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trustee and the Certificate Registrar and any
        agent
        of the Depositor, the Servicer, the Trustee or the Certificate Registrar
        may
        treat the Person in whose name this Certificate is registered as the owner
        hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
        the Certificate Registrar nor any such agent shall be affected by notice
        to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by or
        on
        behalf of the Trustee and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan remaining in the
        Trust
        Fund, and (ii) the purchase by the party designated in the Agreement at a
        price determined as provided in the Agreement from the Trust Fund of all
        Mortgage Loans and all property acquired in respect of such Mortgage Loans.
        The
        Agreement permits, but does not require, the party designated in the Agreement
        to purchase from the Trust Fund all Mortgage Loans and all property acquired
        in
        respect of any Mortgage Loan at a price determined as provided in the Agreement.
        The exercise of such right will effect early retirement of the Certificates;
        however, such right to purchase is subject to the aggregate Principal Balance
        of
        the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
        Date
        Principal Balance of the Mortgage Loans.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Certificate
        Registrar, by manual signature, this Certificate shall not be entitled to
        any
        benefit under the Agreement or be valid for any purpose.

      

      
        
          IN
            WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
            executed.

          
             

            Dated:
              March ___, 2006

             

             

             

            

              
                	 	
                        JPMORGAN
                          CHASE BANK, NATIONAL 

                        
                          ASSOCIATION,
                            as Trustee

                        

                      
	 	 	 
	 	
                        By:

                      	 
	 	 	
                        Authorized
                          Officer

                      

              

              

               

              CERTIFICATE
                OF AUTHENTICATION

            

             

            This
              is
              one of the Certificates referred to in the within-mentioned
              Agreement.

             

            
              
                	 	
                        JPMORGAN
                          CHASE BANK, NATIONAL

                        
                          ASSOCIATION,
                            as Certificate Registrar

                        

                      
	 	 	 
	 	
                        By:

                      	 
	 	 	
                        Authorized
                          Signatory

                      

              

            

            

             

            Date
              of
              authentication: March ___, 2006

        
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 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT  

              	
                -as
                  tenants by the entireties

              	 
	
                JT
                  TEN  

              	
                -as
                  joint tenants with right

                 of
                  survivorship and not as

                 tenants
                  in common

              	 

      

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 
	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

      a
        Percentage Interest equal to ____% evidenced by the within asset-backed
        Certificate and hereby authorize(s) the registration of transfer of such
        interest to assignee on the Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        Percentage Interest and Class to the above named assignee and deliver such
        Certificate to the following address:

      

      
        	 

      

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

       

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to

      
        	 	 
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	 
	 	 
	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        C-3

       

      FORM
        OF CLASS M-2 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
        AND
        THE CLASS M-1 CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

       

      FOR
        U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
        OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
        CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
        THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
        PROPERTY.

      

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES

      SERIES
        2006-CB3, CLASS M-2

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund consisting
        primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
        loans formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

      

      
        	
                Series
                  2006-CB3, Class M-2

                 

                Pass-Through
                  Rate: Variable

                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date: March 1,
                  2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

                CUSIP:
                  12489W QZ 0 

                 

              	
                Original
                  Class Certificate Principal Balance of the Class M-2 Certificates
                  as of
                  the Closing Date: $ 25,692,000.00

                 

                Initial
                  Certificate Principal Balance:

                $
                  25,692,000.00

                 

                Servicer:
                  Litton Loan Servicing LP

                 

                Trustee:
                  JPMorgan Chase Bank, National Association

                 

                Closing
                  Date: March 30, 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.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
        THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
        UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the Initial Certificate Principal Balance of this
        Certificate by the Original Class Certificate Principal Balance of the Class
        M-2
        Certificates) in that certain beneficial ownership interest evidenced by
        all the
        Class M-2 Certificates in the Trust Fund created pursuant to a Pooling and
        Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
        Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
        includes any successor entity under the Agreement), the Servicer, Credit-Based
        Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
        summary of certain of the pertinent provisions of which is set forth hereafter.
        To the extent not defined herein, the capitalized terms used herein have
        the
        meanings assigned in the Agreement. This Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the first Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Business Day immediately
        preceding such Distribution Date (the “Record Date”), from funds in the
        Distribution Account in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to the Holders of Class M-2 Certificates on such Distribution Date pursuant
        to
        the Agreement provided, however, that if any Class M-2 Certificate becomes
        a
        Definitive Certificate, the Record Date for such Certificate will be the
        last
        Business Day of the month immediately preceding the month in which the related
        Distribution Date occurs.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by or on behalf of the Trustee by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Trustee in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-2 Certificates the aggregate Initial Certificate
        Principal Balance of which is in excess of $5,000,000, or by check mailed
        by
        first class mail to the address of the Person entitled thereto, as such name
        and
        address shall appear on the Certificate Register, provided that the Trustee
        may
        deduct a reasonable wire transfer fee from any payment made by wire transfer.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Trustee of the pendency of such distribution
        and
        only upon presentation and surrender of this Certificate at the office or
        agency
        appointed by the Trustee for that purpose as provided in the
        Agreement.

       

      The
        Class
        M-2 Pass-Through Rate on each Distribution Date will be a rate per annum
        equal
        to the lesser of (i) the sum of one month LIBOR plus the Class M-2 Certificate
        Margin and (ii) the Rate Cap for such Distribution Date. 

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on
        the
        face hereof (herein called the “Certificates”) and representing a Percentage
        Interest in the Class M-2 Certificates.

       

      The
        Class
        M-2 Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      This
        certificate is subordinated in right of payment to the Class A Certificates
        and
        the Class M-1 Certificates as described in the Pooling and Servicing Agreement
        referred to herein.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
        under the Agreement at any time by the Depositor, the Servicer, the Sponsor
        and
        the Trustee with the consent of the Holders of Certificates entitled to the
        Voting Rights identified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange herefor or in lieu hereof whether or not notation
        of such consent is made upon this Certificate. The Agreement also permits
        the
        amendment thereof, in certain limited circumstances, without the consent
        of the
        Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Certificate Registrar as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Trustee and the
        Certificate Registrar duly executed by, the Holder hereof or such Holder's
        attorney duly authorized in writing, and thereupon one or more new Certificates
        of the same Class in authorized denominations evidencing the same aggregate
        Percentage Interest will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, Certificates are exchangeable for new Certificates of
        the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      No
        transfer of this Certificate or any interest herein may be made to employee
        benefit plans and certain other retirement plans and arrangements, including
        individual retirement accounts and annuities, Keogh plans and collective
        investment funds and separate accounts in which such plans, accounts or
        arrangements are invested that are subject to the fiduciary responsibility
        provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
        directly or indirectly purchasing this Certificate or interest herein on
        behalf
        of, as named fiduciary of, as trustee of, or with assets of a Plan unless
        the
        opinion letter in section 5.02 of the Pooling and Servicing Agreement is
        provided.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Certificate Registrar may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trustee and the Certificate Registrar and any
        agent
        of the Depositor, the Servicer, the Trustee or the Certificate Registrar
        may
        treat the Person in whose name this Certificate is registered as the owner
        hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
        the Certificate Registrar nor any such agent shall be affected by notice
        to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by or
        on
        behalf of the Trustee and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan remaining in the
        Trust
        Fund, and (ii) the purchase by the party designated in the Agreement at a
        price determined as provided in the Agreement from the Trust Fund of all
        Mortgage Loans and all property acquired in respect of such Mortgage Loans.
        The
        Agreement permits, but does not require, the party designated in the Agreement
        to purchase from the Trust Fund all Mortgage Loans and all property acquired
        in
        respect of any Mortgage Loan at a price determined as provided in the Agreement.
        The exercise of such right will effect early retirement of the Certificates;
        however, such right to purchase is subject to the aggregate Principal Balance
        of
        the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
        Date
        Principal Balance of the Mortgage Loans.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Certificate
        Registrar, by manual signature, this Certificate shall not be entitled to
        any
        benefit under the Agreement or be valid for any purpose.

      

      IN
        WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
        executed.

      
        
          
             

            Dated:
              March ___, 2006

             

             

             

            

              
                	 	
                        JPMORGAN
                          CHASE BANK, NATIONAL 

                        
                          ASSOCIATION,
                            as Trustee

                        

                      
	 	 	 
	 	
                        By:

                      	 
	 	 	
                        Authorized
                          Officer

                      

              

              

               

              CERTIFICATE
                OF AUTHENTICATION

            

             

            This
              is
              one of the Certificates referred to in the within-mentioned
              Agreement.

             

            
              
                	 	
                        JPMORGAN
                          CHASE BANK, NATIONAL

                        
                          ASSOCIATION,
                            as Certificate Registrar

                        

                      
	 	 	 
	 	
                        By:

                      	 
	 	 	
                        Authorized
                          Signatory

                      

              

            

            

             

            Date
              of
              authentication: March ___, 2006

        

      

      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 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT  

              	
                -as
                  tenants by the entireties

              	 
	
                JT
                  TEN  

              	
                -as
                  joint tenants with right

                 of
                  survivorship and not as

                 tenants
                  in common

              	 

      

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 
	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

      a
        Percentage Interest equal to ____% evidenced by the within asset-backed
        Certificate and hereby authorize(s) the registration of transfer of such
        interest to assignee on the Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        Percentage Interest and Class to the above named assignee and deliver such
        Certificate to the following address:

      

      
        	 

      

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

       

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to

      
        	 	 
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	 
	 	 
	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        C-4

       

      FORM
        OF CLASS M-3 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES,
        THE
        CLASS M-1 CERTIFICATES AND THE CLASS M-2 CERTIFICATES AS DESCRIBED IN THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

       

      FOR
        U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
        OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
        CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
        THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
        PROPERTY.

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES

      SERIES
        2006-CB3, CLASS M-3

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund consisting
        primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
        loans formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

      

      
        	
                Series
                  2006-CB3, Class M-3

                 

                Pass-Through
                  Rate: Variable

                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date: March 1,
                  2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

                CUSIP:
                  12489W RA 4 

                 

              	
                Original
                  Class Certificate Principal Balance of the Class M-3 Certificates
                  as of
                  the Closing Date: $ 16,005,000.00

                 

                Initial
                  Certificate Principal Balance:

                $
                  16,005,000.00

                 

                Servicer:
                  Litton Loan Servicing LP

                 

                Trustee:
                  JPMorgan Chase Bank, National Association

                 

                Closing
                  Date: March 30, 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.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
        THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
        UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the Initial Certificate Principal Balance of this
        Certificate by the Original Class Certificate Principal Balance of the Class
        M-3
        Certificates) in that certain beneficial ownership interest evidenced by
        all the
        Class M-3 Certificates in the Trust Fund created pursuant to a Pooling and
        Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
        Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
        includes any successor entity under the Agreement), the Servicer, Credit-Based
        Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
        summary of certain of the pertinent provisions of which is set forth hereafter.
        To the extent not defined herein, the capitalized terms used herein have
        the
        meanings assigned in the Agreement. This Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the first Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Business Day immediately
        preceding such Distribution Date (the “Record Date”), from funds in the
        Distribution Account in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to the Holders of Class M-3 Certificates on such Distribution Date pursuant
        to
        the Agreement provided, however, that if any Class M-3 Certificate becomes
        a
        Definitive Certificate, the Record Date for such Certificate will be the
        last
        Business Day of the month immediately preceding the month in which the related
        Distribution Date occurs.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by or on behalf of the Trustee by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Trustee in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-3 Certificates the aggregate Initial Certificate
        Principal Balance of which is in excess of $5,000,000, or by check mailed
        by
        first class mail to the address of the Person entitled thereto, as such name
        and
        address shall appear on the Certificate Register, provided that the Trustee
        may
        deduct a reasonable wire transfer fee from any payment made by wire transfer.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Trustee of the pendency of such distribution
        and
        only upon presentation and surrender of this Certificate at the office or
        agency
        appointed by the Trustee for that purpose as provided in the
        Agreement.

       

      The
        Class
        M-3 Pass-Through Rate on each Distribution Date will be a rate per annum
        equal
        to the lesser of (i) the sum of one month LIBOR plus the Class M-3 Certificate
        Margin and (ii) the Rate Cap for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on
        the
        face hereof (herein called the “Certificates”) and representing a Percentage
        Interest in the Class M-3 Certificates.

       

      The
        Class
        M-3 Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      This
        certificate is subordinated in right of payment to the Class A Certificates,
        the
        Class M-1 Certificates and the Class M-2 Certificates as described in the
        Pooling and Servicing Agreement referred to herein.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
        under the Agreement at any time by the Depositor, the Servicer, the Sponsor
        and
        the Trustee with the consent of the Holders of Certificates entitled to the
        Voting Rights identified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange herefor or in lieu hereof whether or not notation
        of such consent is made upon this Certificate. The Agreement also permits
        the
        amendment thereof, in certain limited circumstances, without the consent
        of the
        Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Certificate Registrar as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Trustee and the
        Certificate Registrar duly executed by, the Holder hereof or such Holder’s
        attorney duly authorized in writing, and thereupon one or more new Certificates
        of the same Class in authorized denominations evidencing the same aggregate
        Percentage Interest will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, Certificates are exchangeable for new Certificates of
        the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      No
        transfer of this Certificate or any interest herein may be made to employee
        benefit plans and certain other retirement plans and arrangements, including
        individual retirement accounts and annuities, Keogh plans and collective
        investment funds and separate accounts in which such plans, accounts or
        arrangements are invested that are subject to the fiduciary responsibility
        provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
        directly or indirectly purchasing this Certificate or interest herein on
        behalf
        of, as named fiduciary of, as trustee of, or with assets of a Plan unless
        the
        opinion letter in section 5.02 of the Pooling and Servicing Agreement is
        provided.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Certificate Registrar may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trustee and the Certificate Registrar and any
        agent
        of the Depositor, the Servicer, the Trustee or the Certificate Registrar
        may
        treat the Person in whose name this Certificate is registered as the owner
        hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
        the Certificate Registrar nor any such agent shall be affected by notice
        to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by or
        on
        behalf of the Trustee and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan remaining in the
        Trust
        Fund, and (ii) the purchase by the party designated in the Agreement at a
        price determined as provided in the Agreement from the Trust Fund of all
        Mortgage Loans and all property acquired in respect of such Mortgage Loans.
        The
        Agreement permits, but does not require, the party designated in the Agreement
        to purchase from the Trust Fund all Mortgage Loans and all property acquired
        in
        respect of any Mortgage Loan at a price determined as provided in the Agreement.
        The exercise of such right will effect early retirement of the Certificates;
        however, such right to purchase is subject to the aggregate Principal Balance
        of
        the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
        Date
        Principal Balance of the Mortgage Loans.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Certificate
        Registrar, by manual signature, this Certificate shall not be entitled to
        any
        benefit under the Agreement or be valid for any purpose.

      

      IN
        WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
        executed.

      
        
          
             

            Dated:
              March ___, 2006

            
 

            
              
                	 	
                        JPMORGAN
                          CHASE BANK, NATIONAL 

                        
                          ASSOCIATION,
                            as Trustee

                        

                      
	 	 	 
	 	
                        By:

                      	 
	 	 	
                        Authorized
                          Officer

                      

              

              

               

              CERTIFICATE
                OF AUTHENTICATION

            

             

            This
              is
              one of the Certificates referred to in the within-mentioned
              Agreement.

             

            
              
                	 	
                        JPMORGAN
                          CHASE BANK, NATIONAL

                        
                          ASSOCIATION,
                            as Certificate Registrar

                        

                      
	 	 	 
	 	
                        By:

                      	 
	 	 	
                        Authorized
                          Signatory

                      

              

            

            

             

            Date
              of
              authentication: March ___, 2006

             

          

        

      

      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 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT  

              	
                -as
                  tenants by the entireties

              	 
	
                JT
                  TEN  

              	
                -as
                  joint tenants with right

                 of
                  survivorship and not as

                 tenants
                  in common

              	 

      

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 
	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

      a
        Percentage Interest equal to ____% evidenced by the within asset-backed
        Certificate and hereby authorize(s) the registration of transfer of such
        interest to assignee on the Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        Percentage Interest and Class to the above named assignee and deliver such
        Certificate to the following address:

      

      
        	 

      

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

       

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to

      
        	 	 
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	 
	 	 
	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        C-5

       

      FORM
        OF CLASS M-4 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES,
        THE
        CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES AND THE CLASS M-3
        CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED
        TO
        HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

       

      FOR
        U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
        OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
        CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
        THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
        PROPERTY.

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES

      SERIES
        2006-CB3, CLASS M-4

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund consisting
        primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
        loans formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

      

      
        	
                Series
                  2006-CB3, Class M-4

                 

                Pass-Through
                  Rate: Variable

                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date: March 1,
                  2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

                CUSIP:
                  12489W RB 2 

                 

              	
                Original
                  Class Certificate Principal Balance of the Class M-4 Certificates
                  as of
                  the Closing Date: $ 13,899,000.00

                 

                Initial
                  Certificate Principal Balance:

                $
                  13,899,000.00

                 

                Servicer:
                  Litton Loan Servicing LP

                 

                Trustee:
                  JPMorgan Chase Bank, National Association

                 

                Closing
                  Date: March 30, 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.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
        THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
        UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the Initial Certificate Principal Balance of this
        Certificate by the Original Class Certificate Principal Balance of the Class
        M-4
        Certificates) in that certain beneficial ownership interest evidenced by
        all the
        Class M-4 Certificates in the Trust Fund created pursuant to a Pooling and
        Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
        Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
        includes any successor entity under the Agreement), the Servicer, Credit-Based
        Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
        summary of certain of the pertinent provisions of which is set forth hereafter.
        To the extent not defined herein, the capitalized terms used herein have
        the
        meanings assigned in the Agreement. This Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the first Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Business Day immediately
        preceding such Distribution Date (the “Record Date”), from funds in the
        Distribution Account in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to the Holders of Class M-4 Certificates on such Distribution Date pursuant
        to
        the Agreement provided, however, that if any Class M-4 Certificate becomes
        a
        Definitive Certificate, the Record Date for such Certificate will be the
        last
        Business Day of the month immediately preceding the month in which the related
        Distribution Date occurs.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by or on behalf of the Trustee by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Trustee in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-4 Certificates the aggregate Initial Certificate
        Principal Balance of which is in excess of $5,000,000, or by check mailed
        by
        first class mail to the address of the Person entitled thereto, as such name
        and
        address shall appear on the Certificate Register, provided that the Trustee
        may
        deduct a reasonable wire transfer fee from any payment made by wire transfer.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Trustee of the pendency of such distribution
        and
        only upon presentation and surrender of this Certificate at the office or
        agency
        appointed by the Trustee for that purpose as provided in the
        Agreement.

       

      The
        Class
        M-4 Pass-Through Rate on each Distribution Date will be a rate per annum
        equal
        to the lesser of (i) the sum of one month LIBOR plus the Class M-4 Certificate
        Margin and (ii) the Rate Cap for such Distribution Date. 

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on
        the
        face hereof (herein called the “Certificates”) and representing a Percentage
        Interest in the Class M-4 Certificates.

       

      The
        Class
        M-4 Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      This
        certificate is subordinated in right of payment to the Class A Certificates,
        the
        Class M-1 Certificates, Class M-2 Certificates and the Class M-3 Certificates
        as
        described in the Pooling and Servicing Agreement referred to
        herein.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
        under the Agreement at any time by the Depositor, the Servicer, the Sponsor
        and
        the Trustee with the consent of the Holders of Certificates entitled to the
        Voting Rights identified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange herefor or in lieu hereof whether or not notation
        of such consent is made upon this Certificate. The Agreement also permits
        the
        amendment thereof, in certain limited circumstances, without the consent
        of the
        Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Certificate Registrar as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Trustee and the
        Certificate Registrar duly executed by, the Holder hereof or such Holder’s
        attorney duly authorized in writing, and thereupon one or more new Certificates
        of the same Class in authorized denominations evidencing the same aggregate
        Percentage Interest will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, Certificates are exchangeable for new Certificates of
        the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      No
        transfer of this Certificate or any interest herein may be made to employee
        benefit plans and certain other retirement plans and arrangements, including
        individual retirement accounts and annuities, Keogh plans and collective
        investment funds and separate accounts in which such plans, accounts or
        arrangements are invested that are subject to the fiduciary responsibility
        provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
        directly or indirectly purchasing this Certificate or interest herein on
        behalf
        of, as named fiduciary of, as trustee of, or with assets of a Plan unless
        the
        opinion letter in section 5.02 of the Pooling and Servicing Agreement is
        provided.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Certificate Registrar may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trustee and the Certificate Registrar and any
        agent
        of the Depositor, the Servicer, the Trustee or the Certificate Registrar
        may
        treat the Person in whose name this Certificate is registered as the owner
        hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
        the Certificate Registrar nor any such agent shall be affected by notice
        to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by or
        on
        behalf of the Trustee and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan remaining in the
        Trust
        Fund, and (ii) the purchase by the party designated in the Agreement at a
        price determined as provided in the Agreement from the Trust Fund of all
        Mortgage Loans and all property acquired in respect of such Mortgage Loans.
        The
        Agreement permits, but does not require, the party designated in the Agreement
        to purchase from the Trust Fund all Mortgage Loans and all property acquired
        in
        respect of any Mortgage Loan at a price determined as provided in the Agreement.
        The exercise of such right will effect early retirement of the Certificates;
        however, such right to purchase is subject to the aggregate Principal Balance
        of
        the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
        Date
        Principal Balance of the Mortgage Loans.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Certificate
        Registrar, by manual signature, this Certificate shall not be entitled to
        any
        benefit under the Agreement or be valid for any purpose.

      

      
        
          IN
            WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
            executed.

          
             

            Dated:
              March ___, 2006

             

            

              
                	 	
                        JPMORGAN
                          CHASE BANK, NATIONAL 

                        
                          ASSOCIATION,
                            as Trustee

                        

                      
	 	 	 
	 	
                        By:

                      	 
	 	 	
                        Authorized
                          Officer

                      

              

              

               

              CERTIFICATE
                OF AUTHENTICATION

            

             

            This
              is
              one of the Certificates referred to in the within-mentioned
              Agreement.

             

            
              
                	 	
                        JPMORGAN
                          CHASE BANK, NATIONAL

                        
                          ASSOCIATION,
                            as Certificate Registrar

                        

                      
	 	 	 
	 	
                        By:

                      	 
	 	 	
                        Authorized
                          Signatory

                      

              

            

            

             

            Date
              of
              authentication: March ___, 2006

             

          

        
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 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT  

              	
                -as
                  tenants by the entireties

              	 
	
                JT
                  TEN  

              	
                -as
                  joint tenants with right

                 of
                  survivorship and not as

                 tenants
                  in common

              	 

      

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 
	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

      a
        Percentage Interest equal to ____% evidenced by the within asset-backed
        Certificate and hereby authorize(s) the registration of transfer of such
        interest to assignee on the Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        Percentage Interest and Class to the above named assignee and deliver such
        Certificate to the following address:

      

      
        	 

      

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

       

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to

      
        	 	 
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	 
	 	 
	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        C-6

       

      FORM
        OF CLASS M-5 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES,
        THE
        CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES
        AND THE CLASS M-4 CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

       

      FOR
        U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
        OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
        CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
        THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
        PROPERTY.

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES

      SERIES
        2006-CB3, CLASS M-5

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund consisting
        primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
        loans formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

      

      
        	
                Series
                  2006-CB3, Class M-5

                 

                Pass-Through
                  Rate: Variable

                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date: March 1,
                  2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

                CUSIP:
                  12489W RC 0 

                 

              	
                Original
                  Class Certificate Principal Balance of the Class M-5 Certificates
                  as of
                  the Closing Date: $ 12,635,000.00

                 

                Initial
                  Certificate Principal Balance:

                $
                  12,635,000.00

                 

                Servicer:
                  Litton Loan Servicing LP

                 

                Trustee:
                  JPMorgan Chase Bank, National Association

                 

                Closing
                  Date: March 30, 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.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
        THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
        UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the Initial Certificate Principal Balance of this
        Certificate by the Original Class Certificate Principal Balance of the Class
        M-5
        Certificates) in that certain beneficial ownership interest evidenced by
        all the
        Class M-5 Certificates in the Trust Fund created pursuant to a Pooling and
        Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
        Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
        includes any successor entity under the Agreement), the Servicer, Credit-Based
        Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
        summary of certain of the pertinent provisions of which is set forth hereafter.
        To the extent not defined herein, the capitalized terms used herein have
        the
        meanings assigned in the Agreement. This Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the first Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Business Day immediately
        preceding such Distribution Date (the “Record Date”), from funds in the
        Distribution Account in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to the Holders of Class M-5 Certificates on such Distribution Date pursuant
        to
        the Agreement provided, however, that if any Class M-5 Certificate becomes
        a
        Definitive Certificate, the Record Date for such Certificate will be the
        last
        Business Day of the month immediately preceding the month in which the related
        Distribution Date occurs.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by or on behalf of the Trustee by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Trustee in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-5 Certificates the aggregate Initial Certificate
        Principal Balance of which is in excess of $5,000,000, or by check mailed
        by
        first class mail to the address of the Person entitled thereto, as such name
        and
        address shall appear on the Certificate Register, provided that the Trustee
        may
        deduct a reasonable wire transfer fee from any payment made by wire transfer.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Trustee of the pendency of such distribution
        and
        only upon presentation and surrender of this Certificate at the office or
        agency
        appointed by the Trustee for that purpose as provided in the
        Agreement.

       

      The
        Class
        M-5 Pass-Through Rate on each Distribution Date will be a rate per annum
        equal
        to the lesser of (i) the sum of one month LIBOR plus the Class M-5 Certificate
        Margin and (ii) the Rate Cap for such Distribution Date. 

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on
        the
        face hereof (herein called the “Certificates”) and representing a Percentage
        Interest in the Class M-5 Certificates.

       

      The
        Class
        M-5 Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      This
        certificate is subordinated in right of payment to the Class A Certificates,
        the
        Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates and
        the
        Class M-4 Certificates as described in the Pooling and Servicing Agreement
        referred to herein.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
        under the Agreement at any time by the Depositor, the Servicer, the Sponsor
        and
        the Trustee with the consent of the Holders of Certificates entitled to the
        Voting Rights identified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange herefor or in lieu hereof whether or not notation
        of such consent is made upon this Certificate. The Agreement also permits
        the
        amendment thereof, in certain limited circumstances, without the consent
        of the
        Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Certificate Registrar as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Trustee and the
        Certificate Registrar duly executed by, the Holder hereof or such Holder’s
        attorney duly authorized in writing, and thereupon one or more new Certificates
        of the same Class in authorized denominations evidencing the same aggregate
        Percentage Interest will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, Certificates are exchangeable for new Certificates of
        the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      No
        transfer of this Certificate or any interest herein may be made to employee
        benefit plans and certain other retirement plans and arrangements, including
        individual retirement accounts and annuities, Keogh plans and collective
        investment funds and separate accounts in which such plans, accounts or
        arrangements are invested that are subject to the fiduciary responsibility
        provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
        directly or indirectly purchasing this Certificate or interest herein on
        behalf
        of, as named fiduciary of, as trustee of, or with assets of a Plan unless
        the
        opinion letter in section 5.02 of the Pooling and Servicing Agreement is
        provided.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Certificate Registrar may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trustee and the Certificate Registrar and any
        agent
        of the Depositor, the Servicer, the Trustee or the Certificate Registrar
        may
        treat the Person in whose name this Certificate is registered as the owner
        hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
        the Certificate Registrar nor any such agent shall be affected by notice
        to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by or
        on
        behalf of the Trustee and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan remaining in the
        Trust
        Fund, and (ii) the purchase by the party designated in the Agreement at a
        price determined as provided in the Agreement from the Trust Fund of all
        Mortgage Loans and all property acquired in respect of such Mortgage Loans.
        The
        Agreement permits, but does not require, the party designated in the Agreement
        to purchase from the Trust Fund all Mortgage Loans and all property acquired
        in
        respect of any Mortgage Loan at a price determined as provided in the Agreement.
        The exercise of such right will effect early retirement of the Certificates;
        however, such right to purchase is subject to the aggregate Principal Balance
        of
        the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
        Date
        Principal Balance of the Mortgage Loans.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Certificate
        Registrar, by manual signature, this Certificate shall not be entitled to
        any
        benefit under the Agreement or be valid for any purpose.

      

      
        
          IN
            WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
            executed.

          
             

            Dated:
              March ___, 2006

             

            
              
                	 	
                        JPMORGAN
                          CHASE BANK, NATIONAL 

                        
                          ASSOCIATION,
                            as Trustee

                        

                      
	 	 	 
	 	
                        By:

                      	 
	 	 	
                        Authorized
                          Officer

                      

              

              

               

              CERTIFICATE
                OF AUTHENTICATION

            

             

            This
              is
              one of the Certificates referred to in the within-mentioned
              Agreement.

             

            
              
                	 	
                        JPMORGAN
                          CHASE BANK, NATIONAL

                        
                          ASSOCIATION,
                            as Certificate Registrar

                        

                      
	 	 	 
	 	
                        By:

                      	 
	 	 	
                        Authorized
                          Signatory

                      

              

            

            

             

            Date
              of
              authentication: March ___, 2006

             

          

        
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 
                           

                  (Cust)
                    (Minor)

                  under
                    Uniform Gifts

                  to
                    Minors Act

                  __________________

                  (State)

                
	
                  TEN
                    ENT  

                	
                  -as
                    tenants by the entireties

                	 
	
                  JT
                    TEN  

                	
                  -as
                    joint tenants with right

                   of
                    survivorship and not as

                   tenants
                    in common

                	 

        

ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 
	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

      a
        Percentage Interest equal to ____% evidenced by the within asset-backed
        Certificate and hereby authorize(s) the registration of transfer of such
        interest to assignee on the Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        Percentage Interest and Class to the above named assignee and deliver such
        Certificate to the following address:

      

      
        	 

      

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

       

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to

      
        	 	 
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	 
	 	 
	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        C-7

       

      FORM
        OF CLASS M-6 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES,
        THE
        CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES,
        THE CLASS M-4 CERTIFICATES AND THE CLASS M-5 CERTIFICATES AS DESCRIBED IN
        THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

       

      FOR
        U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
        OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
        CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
        THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER
        PROPERTY.

       

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES

      SERIES
        2006-CB3, CLASS M-6

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund consisting
        primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
        loans formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

      

      
        	
                Series
                  2006-CB3, Class M-6

                 

                Pass-Through
                  Rate: Variable

                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date: March 1,
                  2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

                CUSIP:
                  12489W RD 8 

                 

              	
                Original
                  Class Certificate Principal Balance of the Class M-6 Certificates
                  as of
                  the Closing Date: $ 10,530,000.00

                 

                Initial
                  Certificate Principal Balance:

                $
                  10,530,000.00

                 

                Servicer:
                  Litton Loan Servicing LP

                 

                Trustee:
                  JPMorgan Chase Bank, National Association

                 

                Closing
                  Date: March 30, 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.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
        THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
        UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the Initial Certificate Principal Balance of this
        Certificate by the Original Class Certificate Principal Balance of the Class
        M-6
        Certificates) in that certain beneficial ownership interest evidenced by
        all the
        Class M-6 Certificates in the Trust Fund created pursuant to a Pooling and
        Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
        Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
        includes any successor entity under the Agreement), the Servicer, Credit-Based
        Asset Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a
        summary of certain of the pertinent provisions of which is set forth hereafter.
        To the extent not defined herein, the capitalized terms used herein have
        the
        meanings assigned in the Agreement. This Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the first Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Business Day immediately
        preceding such Distribution Date (the “Record Date”), from funds in the
        Distribution Account in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to the Holders of Class M-6 Certificates on such Distribution Date pursuant
        to
        the Agreement provided, however, that if any Class M-6 Certificate becomes
        a
        Definitive Certificate, the Record Date for such Certificate will be the
        last
        Business Day of the month immediately preceding the month in which the related
        Distribution Date occurs.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by or on behalf of the Trustee by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Trustee in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-6 Certificates the aggregate Initial Certificate
        Principal Balance of which is in excess of $5,000,000, or by check mailed
        by
        first class mail to the address of the Person entitled thereto, as such name
        and
        address shall appear on the Certificate Register, provided that the Trustee
        may
        deduct a reasonable wire transfer fee from any payment made by wire transfer.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Trustee of the pendency of such distribution
        and
        only upon presentation and surrender of this Certificate at the office or
        agency
        appointed by the Trustee for that purpose as provided in the
        Agreement.

       

      The
        Class
        M-6 Pass-Through Rate on each Distribution Date will be a rate per annum
        equal
        to the lesser of (i) the sum of one month LIBOR plus the Class M-6 Certificate
        Margin and (ii) the Rate Cap for such Distribution Date. 

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on
        the
        face hereof (herein called the “Certificates”) and representing a Percentage
        Interest in the Class M-6 Certificates.

       

      The
        Class
        M-6 Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      This
        certificate is subordinated in right of payment to the Class A Certificates,
        the
        Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates,
        the Class M-4 Certificates and the Class M-5 Certificates as described in
        the
        Pooling and Servicing Agreement referred to herein.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
        under the Agreement at any time by the Depositor, the Servicer, the Sponsor
        and
        the Trustee with the consent of the Holders of Certificates entitled to the
        Voting Rights identified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange herefor or in lieu hereof whether or not notation
        of such consent is made upon this Certificate. The Agreement also permits
        the
        amendment thereof, in certain limited circumstances, without the consent
        of the
        Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Certificate Registrar as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Trustee and the
        Certificate Registrar duly executed by, the Holder hereof or such Holder’s
        attorney duly authorized in writing, and thereupon one or more new Certificates
        of the same Class in authorized denominations evidencing the same aggregate
        Percentage Interest will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, Certificates are exchangeable for new Certificates of
        the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      No
        transfer of this Certificate or any interest herein may be made to employee
        benefit plans and certain other retirement plans and arrangements, including
        individual retirement accounts and annuities, Keogh plans and collective
        investment funds and separate accounts in which such plans, accounts or
        arrangements are invested that are subject to the fiduciary responsibility
        provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
        directly or indirectly purchasing this Certificate or interest herein on
        behalf
        of, as named fiduciary of, as trustee of, or with assets of a Plan unless
        the
        opinion letter in section 5.02 of the Pooling and Servicing Agreement is
        provided.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Certificate Registrar may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trustee and the Certificate Registrar and any
        agent
        of the Depositor, the Servicer, the Trustee or the Certificate Registrar
        may
        treat the Person in whose name this Certificate is registered as the owner
        hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
        the Certificate Registrar nor any such agent shall be affected by notice
        to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by or
        on
        behalf of the Trustee and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan remaining in the
        Trust
        Fund, and (ii) the purchase by the party designated in the Agreement at a
        price determined as provided in the Agreement from the Trust Fund of all
        Mortgage Loans and all property acquired in respect of such Mortgage Loans.
        The
        Agreement permits, but does not require, the party designated in the Agreement
        to purchase from the Trust Fund all Mortgage Loans and all property acquired
        in
        respect of any Mortgage Loan at a price determined as provided in the Agreement.
        The exercise of such right will effect early retirement of the Certificates;
        however, such right to purchase is subject to the aggregate Principal Balance
        of
        the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
        Date
        Principal Balance of the Mortgage Loans.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Certificate
        Registrar, by manual signature, this Certificate shall not be entitled to
        any
        benefit under the Agreement or be valid for any purpose.

      

      
        
          IN
            WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
            executed.

          
             

            Dated:
              March ___, 2006

             

             

            
              
                	 	
                        JPMORGAN
                          CHASE BANK, NATIONAL 

                        
                          ASSOCIATION,
                            as Trustee

                        

                      
	 	 	 
	 	
                        By:

                      	 
	 	 	
                        Authorized
                          Officer

                      

              

              

               

              CERTIFICATE
                OF AUTHENTICATION

            

             

            This
              is
              one of the Certificates referred to in the within-mentioned
              Agreement.

             

            
              
                	 	
                        JPMORGAN
                          CHASE BANK, NATIONAL

                        
                          ASSOCIATION,
                            as Certificate Registrar

                        

                      
	 	 	 
	 	
                        By:

                      	 
	 	 	
                        Authorized
                          Signatory

                      

              

            

            

             

            Date
              of
              authentication: March ___, 2006

             

          

        
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 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT  

              	
                -as
                  tenants by the entireties

              	 
	
                JT
                  TEN  

              	
                -as
                  joint tenants with right

                 of
                  survivorship and not as

                 tenants
                  in common

              	 

      

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 
	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

      a
        Percentage Interest equal to ____% evidenced by the within asset-backed
        Certificate and hereby authorize(s) the registration of transfer of such
        interest to assignee on the Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        Percentage Interest and Class to the above named assignee and deliver such
        Certificate to the following address:

      

      
        	 

      

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

       

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to

      
        	 	 
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	 
	 	 
	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        C-8

       

      FORM
        OF CLASS CE CERTIFICATES

       

      FOR
        U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A DIRECT OR
        INDIRECT BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
        INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G
        AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND IN
        CERTAIN OTHER PROPERTY.

       

      THIS
        CLASS CE CERTIFICATE IS SUBORDINATE TO THE OFFERED CERTIFICATES AND THE CLASS
        B
        CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED HEREIN AND IN THE POOLING
        AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THE
        CLASS CE CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS
        DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN

       

      THIS
        CLASS CE CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES
        ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE.
        ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
        REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES
        NOT
        REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES

       

      SERIES
        2006-CB3, CLASS CE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund consisting
        primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
        loans formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

      

      
        	
                Series
                  2006-CB3, Class CE

                 

                Pass-Through
                  Rate: Variable

                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date: March 1,
                  2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

              	
                Notional
                  Amount of the Class CE Certificate: $1,667,911,836.90

                 

                Aggregate
                  Certificate Principal Balance of the Class CE Certificate as of
                  the Issue
                  Date: $4,212,715.61

                 

                Denomination:
                  $$4,212,715.61

                 

                Servicer:
                  Litton Loan Servicing LP

                 

                Trustee:
                  JPMorgan Chase Bank, National Association

                 

                Closing
                  Date: March 30, 2006

                 

              

      

      

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
        THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
        UNITED STATES.

      This
        certifies that NIM I LLC is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class CE Certificates as of the Issue
        Date)
        above in that certain beneficial ownership interest evidenced by all the
        Class
        CE Certificates in the Trust Fund created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Servicer, Credit-Based Asset
        Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a summary of
        certain of the pertinent provisions of which is set forth hereafter. To the
        extent not defined herein, the capitalized terms used herein have the meanings
        assigned in the Agreement. This Certificate is issued under and is subject
        to
        the terms, provisions and conditions of the Agreement, to which Agreement
        the
        Holder of this Certificate by virtue of the acceptance hereof assents and
        by
        which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the first Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the last Business Day of
        the
        month immediately preceding the month in which the related Distribution Date
        occurs or the Closing Date in the case of the first Distribution Date (the
        “Record Date”), from funds in the Distribution Account in an amount equal to the
        product of the Percentage Interest evidenced by this Certificate and the
        amount
        required to be distributed to the Holders of Class CE Certificates on such
        Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by or on behalf of the Trustee by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Trustee in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class CE Certificates the aggregate Initial Certificate
        Principal Balance of which is in excess of a 66% Percentage Interest of the
        Class CE Certificates or by check mailed by first class mail to the address
        of
        the Person entitled thereto, as such name and address shall appear on the
        Certificate Register, provided that the Trustee may deduct a reasonable wire
        transfer fee from any payment made by wire transfer. Notwithstanding the
        above,
        the final distribution on this Certificate will be made after due notice
        by the
        Trustee of the pendency of such distribution and only upon presentation and
        surrender of this Certificate at the office or agency appointed by the Trustee
        for that purpose as provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on
        the
        face hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified on the face hereof.

       

      The
        Class
        CE Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
        under the Agreement at any time by the Depositor, the Servicer, the Sponsor
        and
        the Trustee with the consent of the Holders of Certificates entitled to the
        Voting Rights identified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange herefor or in lieu hereof whether or not notation
        of such consent is made upon this Certificate. The Agreement also permits
        the
        amendment thereof, in certain limited circumstances, without the consent
        of the
        Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Certificate Registrar as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Trustee and the
        Certificate Registrar duly executed by, the Holder hereof or such Holder's
        attorney duly authorized in writing, and thereupon one or more new Certificates
        of the same Class in authorized denominations evidencing the same aggregate
        Percentage Interest will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, Certificates are exchangeable for new Certificates of
        the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      No
        transfer of this Certificate shall be made unless that transfer is made pursuant
        to an effective registration statement under the 1933 Act and effective
        registration or qualification under applicable state securities laws, or
        is made
        in a transaction that does not require such registration or qualification.
        In
        the event that a transfer is to be made without registration or qualification,
        the Certificate Registrar shall require, in order to assure compliance with
        such
        laws, either (i) that the Certificateholder desiring to effect the transfer
        and
        such Certificateholder's prospective transferee each execute a representation
        letter in the form described by the Agreement certifying to the Certificate
        Registrar the facts surrounding the transfer, or (ii) that the Depositor
        and the
        Certificate Registrar shall require an Opinion of Counsel satisfactory to
        them
        that such transfer may be made without such registration or qualification,
        which
        Opinion of Counsel shall not be an expense of the Depositor, the Trustee
        or the
        Certificate Registrar, in their respective capacities as such. None of the
        Depositor, the Certificate Registrar nor the Trustee is obligated to register
        or
        qualify the Class of Certificates specified on the face hereof under the
        1933
        Act or any other securities law or to take any action not otherwise required
        under the Agreement to permit the transfer of such Certificates without
        registration or qualification. Any such Certificateholder desiring to effect
        such transfer shall, and does hereby agree to, indemnify the Trustee, the
        Depositor, the Certificate Registrar and the Servicer against any liability
        that
        may result if the transfer is not so exempt or is not made in accordance
        with
        such federal and state laws.

       

      No
        transfer of this Certificate or any interest herein may be made to employee
        benefit plans and certain other retirement plans and arrangements, including
        individual retirement accounts and annuities, Keogh plans and collective
        investment funds and separate accounts in which such plans, accounts or
        arrangements are invested that are subject to the fiduciary responsibility
        provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
        directly or indirectly purchasing this Certificate or interest herein on
        behalf
        of, as named fiduciary of, as trustee of, or with assets of a Plan unless
        the
        opinion letter in section 5.02 of the Pooling and Servicing Agreement is
        provided.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trustee may require payment of a sum sufficient to
        cover
        any tax or other governmental charge that may be imposed in connection with
        any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trustee and the Certificate Registrar and any
        agent
        of the Depositor, the Servicer, the Trustee or the Certificate Registrar
        may
        treat the Person in whose name this Certificate is registered as the owner
        hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
        the Certificate Registrar nor any such agent shall be affected by notice
        to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by or
        on
        behalf of the Trustee and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan remaining in the
        Trust
        Fund, and (ii) the purchase by the party designated in the Agreement at a
        price
        determined as provided in the Agreement from the Trust Fund of all Mortgage
        Loans and all property acquired in respect of such Mortgage Loans. The Agreement
        permits, but does not require, the party designated in the Agreement to purchase
        from the Trust Fund all Mortgage Loans and all property acquired in respect
        of
        any Mortgage Loan at a price determined as provided in the Agreement. The
        exercise of such right will effect early retirement of the Certificates;
        however, such right to purchase is subject to the aggregate Principal Balance
        of
        the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
        Date
        Principal Balance of the Mortgage Loans.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Certificate
        Registrar, by manual signature, this Certificate shall not be entitled to
        any
        benefit under the Agreement or be valid for any purpose.

      

      
        
          IN
            WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
            executed.

          
             

            Dated:
              March ___, 2006

            
 

            
              
                	 	
                        JPMORGAN
                          CHASE BANK, NATIONAL 

                        
                          ASSOCIATION,
                            as Trustee

                        

                      
	 	 	 
	 	
                        By:

                      	 
	 	 	
                        Authorized
                          Officer

                      

              

              

               

              CERTIFICATE
                OF AUTHENTICATION

            

             

            This
              is
              one of the Certificates referred to in the within-mentioned
              Agreement.

             

            
              
                	 	
                        JPMORGAN
                          CHASE BANK, NATIONAL

                        
                          ASSOCIATION,
                            as Certificate Registrar

                        

                      
	 	 	 
	 	
                        By:

                      	 
	 	 	
                        Authorized
                          Signatory

                      

              

            

            

             

            Date
              of
              authentication: March ___, 2006

             

          

        
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 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT  

              	
                -as
                  tenants by the entireties

              	 
	
                JT
                  TEN  

              	
                -as
                  joint tenants with right

                 of
                  survivorship and not as

                 tenants
                  in common

              	 

      

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 
	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

      a
        Percentage Interest equal to ____% evidenced by the within asset-backed
        Certificate and hereby authorize(s) the registration of transfer of such
        interest to assignee on the Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        Percentage Interest and Class to the above named assignee and deliver such
        Certificate to the following address:

      

      
        	 

      

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

       

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to

      
        	 	 
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	 
	 	 
	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        C-9

       

      FORM
        OF CLASS P CERTIFICATE

       

      FOR
        U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A DIRECT OR
        INDIRECT BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
        INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G
        AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND IN
        CERTAIN OTHER PROPERTY.

       

      THIS
        CLASS P CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS
        DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. THIS
        CLASS P CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE
        SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF
        ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE
        WITHOUT
        SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT
        DOES
        NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE
        PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED
        TO
        HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES

       

      SERIES
        2006-CB3, CLASS P

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund consisting
        primarily of a pool of fixed-rate and adjustable-rate, conventional mortgage
        loans formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

      

      
        	
                Series
                  2006-CB3, Class P

                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date: March 1,
                  2006

                 

                First
                  Distribution Date:  April 25, 2006

                 

                No.
                  1

              	
                Original
                  Class P Certificate Principal Balance as of the Closing Date:
                  $100.00

                 

                Denomination:
                  $100.00

                 

                Servicer:
                  Litton Loan Servicing LP

                 

                Trustee:
                  JPMorgan Chase Bank, National Association

                 

                Closing
                  Date: March 30, 2006

                 

              

      

      

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
        THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
        UNITED STATES.

       

      This
        certifies that NIM I LLC is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class P Certificate as of the Issue
        Date)
        in that certain beneficial ownership interest evidenced by all the Class P
        Certificates in the Trust Fund created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Servicer, Credit-Based Asset
        Servicing and Securitization LLC (the “Sponsor”) and the Trustee, a summary of
        certain of the pertinent provisions of which is set forth hereafter. To the
        extent not defined herein, the capitalized terms used herein have the meanings
        assigned in the Agreement. This Certificate is issued under and is subject
        to
        the terms, provisions and conditions of the Agreement, to which Agreement
        the
        Holder of this Certificate by virtue of the acceptance hereof assents and
        by
        which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the first Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the last Business Day of
        the
        month immediately preceding the month in which the related Distribution Date
        occurs or the Closing Date in the case of the first Distribution Date (the
        “Record Date”), from funds in the Distribution Account in an amount equal to the
        product of the Percentage Interest evidenced by this Certificate and the
        amount
        required to be distributed to the Holders of Class P Certificates on such
        Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by or on behalf of the Trustee by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Trustee in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class P Certificates the aggregate Initial Certificate
        Principal Balance of which is in excess of a 66% Percentage Interest of the
        Class P Certificates or by check mailed by first class mail to the address
        of
        the Person entitled thereto, as such name and address shall appear on the
        Certificate Register, provided that the Trustee may deduct a reasonable wire
        transfer fee from any payment made by wire transfer. Notwithstanding the
        above,
        the final distribution on this Certificate will be made after due notice
        by the
        Trustee of the pendency of such distribution and only upon presentation and
        surrender of this Certificate at the office or agency appointed by the Trustee
        for that purpose as provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on
        the
        face hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified on the face hereof.

       

      The
        Class P Certificates are limited in right of payment to certain collections
        and recoveries respecting the Mortgage Loans, all as more specifically set
        forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Sponsor, the Trustee and the rights of the Certificateholders
        under the Agreement at any time by the Depositor, the Servicer, the Sponsor
        and
        the Trustee with the consent of the Holders of Certificates entitled to the
        Voting Rights identified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange herefor or in lieu hereof whether or not notation
        of such consent is made upon this Certificate. The Agreement also permits
        the
        amendment thereof, in certain limited circumstances, without the consent
        of the
        Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Certificate Registrar as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Trustee and the
        Certificate Registrar duly executed by, the Holder hereof or such Holder's
        attorney duly authorized in writing, and thereupon one or more new Certificates
        of the same Class in authorized denominations evidencing the same aggregate
        Percentage Interest will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, Certificates are exchangeable for new Certificates of
        the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      No
        transfer of this Certificate shall be made unless that transfer is made pursuant
        to an effective registration statement under the 1933 Act and effective
        registration or qualification under applicable state securities laws, or
        is made
        in a transaction that does not require such registration or qualification.
        In
        the event that a transfer is to be made without registration or qualification,
        the Certificate Registrar shall require, in order to assure compliance with
        such
        laws, either (i) that the Certificateholder desiring to effect the transfer
        and
        such Certificateholder's prospective transferee each execute a representation
        letter in the form described by the Agreement certifying to the Certificate
        Registrar the facts surrounding the transfer, or (ii) that the Depositor
        and the
        Certificate Registrar shall require an Opinion of Counsel satisfactory to
        them
        that such transfer may be made without such registration or qualification,
        which
        Opinion of Counsel shall not be an expense of the Depositor, the Trustee
        or the
        Certificate Registrar, in their respective capacities as such. None of the
        Depositor, the Certificate Registrar nor the Trustee is obligated to register
        or
        qualify the Class of Certificates specified on the face hereof under the
        1933
        Act or any other securities law or to take any action not otherwise required
        under the Agreement to permit the transfer of such Certificates without
        registration or qualification. Any such Certificateholder desiring to effect
        such transfer shall, and does hereby agree to, indemnify the Trustee, the
        Depositor, the Certificate Registrar and the Servicer against any liability
        that
        may result if the transfer is not so exempt or is not made in accordance
        with
        such federal and state laws.

       

      No
        transfer of this Certificate or any interest herein may be made to employee
        benefit plans and certain other retirement plans and arrangements, including
        individual retirement accounts and annuities, Keogh plans and collective
        investment funds and separate accounts in which such plans, accounts or
        arrangements are invested that are subject to the fiduciary responsibility
        provisions of ERISA and Section 4975 of the Code (“Plans”) or any person who is
        directly or indirectly purchasing this Certificate or interest herein on
        behalf
        of, as named fiduciary of, as trustee of, or with assets of a Plan unless
        the
        opinion letter in section 5.02 of the Pooling and Servicing Agreement is
        provided.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Certificate Registrar may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer and the Trustee and the Certificate Registrar and
        any
        agent of the Depositor, the Servicer, the Trustee or the Certificate Registrar
        may treat the Person in whose name this Certificate is registered as the
        owner
        hereof for all purposes, and none of the Depositor, the Servicer, the Trustee,
        the Certificate Registrar nor any such agent shall be affected by notice
        to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by or
        on
        behalf of the Trustee and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan remaining in the
        Trust
        Fund, and (ii) the purchase by the party designated in the Agreement at a
        price
        determined as provided in the Agreement from the Trust Fund of all Mortgage
        Loans and all property acquired in respect of such Mortgage Loans. The Agreement
        permits, but does not require, the party designated in the Agreement to purchase
        from the Trust Fund all Mortgage Loans and all property acquired in respect
        of
        any Mortgage Loan at a price determined as provided in the Agreement. The
        exercise of such right will effect early retirement of the Certificates;
        however, such right to purchase is subject to the aggregate Principal Balance
        of
        the Mortgage Loans at the time of purchase being 10% or less of the Cut-off
        Date
        Principal Balance of the Mortgage Loans.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Certificate
        Registrar, by manual signature, this Certificate shall not be entitled to
        any
        benefit under the Agreement or be valid for any purpose.

      

      
        
          IN
            WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
            executed.

          
             

            Dated:
              March ___, 2006

             

             

            
              
                	
                      	
                        JPMORGAN
                          CHASE BANK, NATIONAL 

                        
                          ASSOCIATION,
                            as Trustee

                        

                      
	 	 	 
	 	
                        By:

                      	 
	 	 	
                        Authorized
                          Officer

                      

              

              

               

              CERTIFICATE
                OF AUTHENTICATION

            

             

            This
              is
              one of the Certificates referred to in the within-mentioned
              Agreement.

             

            
              
                	 	
                        JPMORGAN
                          CHASE BANK, NATIONAL

                        
                          ASSOCIATION,
                            as Certificate Registrar

                        

                      
	 	 	 
	 	
                        By:

                      	 
	 	 	
                        Authorized
                          Signatory

                      

              

            

            

             

            Date
              of
              authentication: March ___, 2006

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 
                           

                  (Cust)
                    (Minor)

                  under
                    Uniform Gifts

                  to
                    Minors Act

                  __________________

                  (State)

                
	
                  TEN
                    ENT  

                	
                  -as
                    tenants by the entireties

                	 
	
                  JT
                    TEN  

                	
                  -as
                    joint tenants with right

                   of
                    survivorship and not as

                   tenants
                    in common

                	 

        

      

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 
	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

      a
        Percentage Interest equal to ____% evidenced by the within asset-backed
        Certificate and hereby authorize(s) the registration of transfer of such
        interest to assignee on the Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        Percentage Interest and Class to the above named assignee and deliver such
        Certificate to the following address:

      

      
        	 

      

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

       

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to

      
        	 	 
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	 
	 	 
	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        D

       

      MORTGAGE
        LOAN SCHEDULE

       

      Previously
        Filed

      EXHIBIT
        E

       

      FORM
        OF REQUEST FOR RELEASE OF DOCUMENTS

       

      
        	To: 	 	JPMorgan Chase Bank, National
                Association
	 	 	4 New York Plaza
	 	 	6th
                Floor
	 	 	New York, New York 10004
	 	 	Attention: Worldwide Securities Services-
                Structured Finance Services
	 	 	Citigroup C-BASS
                2006-CB3

      

      

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of March 1, 2006 among Citigroup
                  Mortgage
                  Loan Trust Inc., as depositor, Credit-Based Asset Servicing and
                  Securitization LLC, as Sponsor, Litton Loan Servicing LP, as servicer
                  and
                  JPMorgan
                  Chase Bank, National Association, as
                  trustee

              

      

       

      All
        capitalized terms used herein shall have the means ascribed to them in the
        Pooling and Servicing Agreement (the “Agreement”) referenced above.

       

      In
        connection with the administration of the Mortgage Loans held by you as Trustee
        pursuant to the Agreement, we request the release, and hereby acknowledge
        receipt, of the Trustee's Mortgage File for the Mortgage Loan described below,
        for the reason indicated.

       

      Mortgage
        Loan Number:

       

      Mortgagor
        Name, Address & Zip Code:

       

      Reason
        for Requesting Documents (check one):

       

      _____ 1. Mortgage
        Paid in Full

       

      _____ 2. Foreclosure

       

      _____ 3. Substitution

       

      _____ 4. Other
        Liquidation (Repurchases, etc.)

       

      _____ 5. Nonliquidation 
Reason:

       

       

      
        	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (authorized
                  signer)

              
	 	 	 	 	 	 	 	
                Issuer:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Address:

              	 

      

      

       

      Date:

       

      Custodian

       

      The
        Bank
        of New York

       

      Please
        acknowledge the execution of the above request by your signature and date
        below:

       

      
        	 	
                Signature

              	 	
                Date

              

      

       

      Documents
        returned to Custodian:

       

      
        	 	
                Custodian

              	 	
                Date

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        F-1

       

      FORM
        OF TRUSTEE'S OR CUSTODIAN'S INITIAL CERTIFICATION

       

      Trust
        Receipt #__________

      Cut-off
        Date Principal Balance $__________

      

      

      JPMorgan
        Chase Bank, National Association

      as
        Trustee for the Citigroup Mortgage Loan Trust, Series 2006-CB3,

      C-BASS
        Mortgage Loan Asset-Backed Certificates, 

      4
        New
        York Plaza, 6th
        Floor

      New
        York,
        New York 1004

      Attention:
        Worldwide Securities Services-Structured Finance Services, C-BASS
        2006-CB3

      

       

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of March 1, 2006, among JPMorgan Chase Bank,
                  National
                  Association, as Trustee, Litton Loan Servicing LP, as Servicer,
                  and The
                  Bank of New York, as Custodian

              

      

       

      Ladies
        and Gentlemen:

      

      In
        accordance with the provisions of Section 6 of the above-referenced Custodial
        Agreement, the undersigned, as the Custodian, hereby certifies that as to
        each
        Mortgage Loan listed on the Mortgage Loan Schedule (other than any Mortgage
        Loan
        paid in full or any Mortgage Loan listed on the attachment hereto) it has
        reviewed the Custodial Files and has determined that: (i) all documents required
        to be delivered to it pursuant to Sections 2(a)(i)-(vi) of the Custodial
        Agreement are in its possession; (ii) such documents have been reviewed by
        it;
        and have not been mutilated, damaged or torn and relate to such Mortgage
        Loan
        (iii) based on its examination and only as to the foregoing, the information
        set
        forth in the Mortgage Loan Schedule relating to the Mortgage Loan identifying
        number, the city, state, and zip code of the Mortgaged Property, the type
        of
        Residential Dwelling constituting the Mortgaged Property or a designation
        that
        the Mortgaged Property is a multi-family property, the original months to
        maturity, the Mortgage Interest Rate of the Mortgage Loan as of the Cut-off
        Date, and whether the Mortgage Loan has a prepayment penalty accurately reflects
        information set forth in the Mortgage File; (iv) all Assignments of Mortgage
        or
        intervening assignments of mortgage, as applicable, have been submitted for
        recording; and (v) each Mortgage Note has been endorsed as provided in Section
        2(a)(i) of the Custodial Agreement and each Mortgage has been assigned in
        accordance with Section 2(a)(iii) of the Custodial Agreement. The Custodian
        makes no representations as to (i) the validity, legality, enforceability,
        sufficiency, due authorization or genuineness of any of the documents contained
        in each Custodial File or of any of the Mortgage Loans or (ii) the
        collectability, insurability, effectiveness or suitability of any such Mortgage
        Loan.

       

      The
        Custodian hereby confirms that it is holding each such Custodial File as
        agent
        and bailee of, and custodian for the exclusive use and benefit, and subject
        to
        the sole direction, of Trustee pursuant to the terms and conditions of the
        Custodial Agreement.

       

      This
        Trust Receipt and Initial Certification is not divisible or
        negotiable.

       

      The
        Custodian will accept and act on instructions with respect to the Mortgage
        Loans
        subject hereto upon surrender of this Trust Receipt and Final Certification
        at
        the office of the Subcustodian at Bank of New York Trust Company, N.A., 5730
        Katella Avenue, Cypress, California 90630, Attention: Reginald
        Carter.

       

      Capitalized
        terms used herein shall have the meaning ascribed to them in the Custodial
        Agreement.

       

      

      THE
        BANK
        OF NEW YORK 

      as
        Custodian

       

      By:
        ______________________________

      Name:
        

      Title:

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        F-2

       

      FORM
        OF TRUSTEE'S OR CUSTODIAN’S FINAL CERTIFICATION

       

      Trust
        Receipt #___________

      Cut-off
        Date Principal Balance $____________

      

      

      JPMorgan
        Chase Bank, National Association

      as
        Trustee for the Citigroup Mortgage Loan Trust, Series 2006-CB3,

      C-BASS
        Mortgage Loan Asset-Backed Certificates, 

      4
        New
        York Plaza, 6th
        Floor

      New
        York,
        New York 1004

      Attention:
        Worldwide Securities Services-Structured Finance Services, C-BASS
        2006-CB3

      

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of March 1, 2006, among JPMorgan Chase Bank,
                  National
                  Association, as Trustee, Litton Loan Servicing LP, as Servicer,
                  and The
                  Bank of New York, as Custodian

              

      

       

      Ladies
        and Gentlemen:

      

      In
        accordance with Section 6(b) of the Custodial Agreement, the undersigned,
        as
        Custodian, hereby certifies that as to each Mortgage Loan listed in the Mortgage
        Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule
        I
        hereto) it has received the applicable documents listed in Section 2(a) of
        the
        Custodial Agreement.

       

      The
        undersigned hereby certifies that as to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed above and has determined that
        each
        such document appears to be complete and, based on an examination of such
        documents, the information set forth in the Mortgage Loan Schedule is
        correct.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Custodial Agreement. This Certificate is qualified in all respects
        by the terms of said Custodial Agreement.

       

      THE
        BANK
        OF NEW YORK,

      as
        Custodian

      

      By:
        ______________________________

      Name:

      Title:

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        F-3

       

      FORM
        OF RECEIPT OF MORTGAGE NOTE

       

      [BANK
        OF
        NEW YORK LETTERHEAD]

       

      ACKNOWLEDGMENT
        OF RECEIPT

       

      March
        30,
        2006

       

      JPMorgan
        Chase Bank, National Association,

      as
        Trustee for C-BASS

      Mortgage
        Loan Asset-Backed

      Certificates,
        Series 2006-CB3

      4
        New
        York Plaza

      6th
        Floor

      New
        York,
        New York 10004

      Attention:
        Worldwide Securities Services- Structured Finance Services

      Citigroup
        C-BASS 2006-CB3

      

      Re: Custodial
        Agreement dated as of March 1, 2006 among JPMorgan Chase Bank, National
        Association, as Trustee, Litton Loan Servicing LP, as Servicer, and The Bank
        of
        New York, as Custodian

       

      Ladies
        and Gentlemen:

       

      In
        accordance with the provisions of Section 4 of the above-referenced Custodial
        Agreement, the undersigned, as the Custodian, hereby certifies as to each
        Mortgage Loan in the Mortgage Schedule that (i) it has received the original
        Mortgage Note with respect to each Mortgage Loan identified in the Mortgage
        Loan
        Schedule attached hereto as Exhibit A and (ii) such Mortgage Note has been
        reviewed by it and appears regular on its face and relates to such Mortgage
        Loan. The Custodian makes no representations as to (i) the validity, legality,
        enforceability, sufficiency, due authorization or genuineness of any of the
        documents contained in each Custodial File or of any of the Mortgage Loans
        or
        (ii) the collectability, insurability, effectiveness or suitability of any
        such
        Mortgage Loan.

       

      The
        Custodian hereby confirms that it is holding each such Mortgage Note as agent
        and bailee of, and custodian for the exclusive use and benefit, and subject
        to
        the sole direction of the Trustee pursuant to the terms and conditions of
        the
        Custodial Agreement.

       

      This
        Acknowledgment of Receipt is not divisible or negotiable.

       

      The
        Custodian will accept and act on instructions with respect to the Mortgage
        Loans
        subject hereto upon surrender of this Trust Receipt and Initial Certification
        at
        the office of the Subcustodian at Bank of New York Western Trust Company,
        700
        South Flower Street, Suite 200, Los Angeles, California 90017, Attention:
        Reginald Carter.

       

      Capitalized
        terms used herein shall have the meaning ascribed tot hem in the Custodial
        Agreement.

       

      
        
          	 	
                  THE
                    BANK OF NEW YORK,

                  
                    as
                      Custodian

                  

                
	 	 	 
	 	
                  By:

                	 

        

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        G

       

      FORM
        OF MORTGAGE LOAN PURCHASE AGREEMENT

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

        
           

        

        CITIGROUP
          MORTGAGE LOAN TRUST INC.

         

        as
          Purchaser

         

        and

         

        CREDIT-BASED
          ASSET SERVICING AND SECURITIZATION LLC

         

        as
          Seller

         

        MORTGAGE
          LOAN PURCHASE AGREEMENT

         

        Fixed
          Rate and Adjustable Rate Mortgage Loans

         

        Citigroup
          Mortgage Loan Trust, Series 2006-CB3

        C-BASS
          Mortgage Loan Asset-Backed Certificates

         

        Dated
          as
          of March 27, 2006

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        TABLE
          OF CONTENTS

         

        ARTICLE
          I

         

        DEFINITIONS

         

        Section
          1.01  Definitions

         

        ARTICLE
          II

         

        SALE
          OF
          MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

         

        Section
          2.01  Sale
          of
          Mortgage Loans and Interest Rate Swap Agreement.

        Section
          2.02  Obligations
          of Seller Upon Sale.

        Section
          2.03  Payment
          of Purchase Price for the Mortgage Loans

         

        ARTICLE
          III

        REPRESENTATIONS
          AND WARRANTIES; REMEDIES FOR BREACH

         

        Section
          3.01  Seller
          Representations and Warranties Relating to the Mortgage Loans

        Section
          3.02  Seller
          Representations and Warranties

         

        ARTICLE
          IV

        SELLER’S
          COVENANTS

         

        Section
          4.01  Covenants
          of the Seller.

         

        ARTICLE
          V

         

        OPTIONAL
          PURCHASE OF DEFAULTED MORTGAGE LOANS

         

         

        ARTICLE
          VI

         

        TERMINATION

         

        Section
          6.01  Termination

         

        ARTICLE
          VII

         

        MISCELLANEOUS
          PROVISIONS

         

        Section
          7.01  Amendment

        Section
          7.02  Governing
          Law

        Section
          7.03  Notices

        Section
          7.04  Severability
          of Provisions

        Section
          7.05  Counterparts

        Section
          7.06  Further
          Agreements

        Section
          7.07  Intention
          of the Parties

        Section
          7.08  Successors
          and Assigns; Assignment of this Agreement

        Section
          7.09  Survival

         

        Schedule
          I Mortgage
          Loan Schedule

         

        

        
          
            
               

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        MORTGAGE
          LOAN PURCHASE AGREEMENT, dated as of March 27, 2006, (the “Agreement”),
          between CREDIT-BASED ASSET SERVICING AND SECURITIZATION LLC (“C-BASS”
or
          the
“Seller”)
          and
          CITIGROUP MORTGAGE LOAN TRUST INC. (the “Purchaser”).

         

        W
          I T
          N E S S E T H:

         

        WHEREAS,
          the Seller is the owner of either the notes or other evidence of indebtedness
          (the “Mortgage
          Notes”)
          or
          other evidence of ownership so indicated on Schedule I hereto, and the
          other
          documents or instruments constituting the Mortgage File (collectively,
          the
“Mortgage
          Loans”);
          and

         

        WHEREAS,
          the Seller, as of the date hereof, owns the mortgages (the “Mortgages”)
          on the
          properties (the “Mortgaged
          Properties”)
          securing such Mortgage Loans, including rights (a) to any property acquired
          by
          foreclosure or deed in lieu of foreclosure or otherwise and (b) to the
          proceeds
          of any insurance policies covering the Mortgage Loans or the Mortgaged
          Properties or the obligors on the Mortgage Loans; and

         

        WHEREAS,
          the parties hereto desire that the Seller sell the Mortgage Loans to the
          Purchaser and the Purchaser purchase the Mortgage Loans from the Seller
          pursuant
          to the terms of this Agreement; and

         

        WHEREAS,
          pursuant to the terms of a Pooling and Servicing Agreement, dated as of
          March 1,
          2006 (the “Pooling
          and Servicing Agreement”),
          among
          the Seller as sponsor, the Purchaser, as depositor, Litton Loan Servicing
          LP
          (“Litton”), as servicer, and JPMorgan Chase Bank, National Association, as
          trustee (the “Trustee”), the Purchaser will convey the Mortgage Loans to
          Citigroup Mortgage Loan Trust, Series 2006-CB3.

         

        NOW,
          THEREFORE, in consideration of the mutual covenants herein contained, the
          parties hereto agree as follows:

        ARTICLE
          I

         

        

         

        DEFINITIONS

         

        Section
          1.01 Definitions.
          All
          capitalized terms used but not defined herein and below shall have the
          meanings
          assigned thereto in the Pooling and Servicing Agreement.

         

        “Custodian”:
          A
          custodian acceptable to the Trustee, which may be the Trustee and which
          shall
          not be the Seller or any affiliate of the Seller. The initial Custodian
          shall be
          The Bank of New York.

         

        ARTICLE
          II

         

        

         

        SALE
          OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

         

        Section
          2.01 Sale
          of Mortgage Loans and Interest Rate Swap Agreement.

         

        (a) The
          Seller does hereby agree to and does hereby sell, assign, set over, and
          otherwise convey to the Purchaser, without recourse, on the Closing Date,
          all
          its right, title and interest, in and to (i) each Mortgage Loan and the
          related
          Cut-off Date Principal Balance thereof, including any Related Documents;
          (ii)
          all payments on or collections in respect of the Mortgage Loans due after
          the
          Cut-off Date; (iii) property which secured such Mortgage Loan and which
          has been
          acquired by foreclosure or deed in lieu of foreclosure; (iv) its interest
          in any
          insurance policies in respect of the Mortgage Loans; and (v) all proceeds
          of any
          of the foregoing.

         

        (b) The
          Seller, concurrently with the execution and delivery of this Agreement
          does
          hereby sell, and in connection therewith hereby assigns to the Purchaser,
          effective as of the Closing Date, without recourse, (i) all of its right,
          title
          and interest in the Interest Rate Swap Agreement, dated March 30, 2006
          and (ii)
          all proceeds of the foregoing.

         

        Section
          2.02 Obligations
          of Seller Upon Sale.

         

        (a) In
          connection with any transfer pursuant to Section 2.01 hereof, the Seller
          further
          agrees, at its own expense, on or prior to the Closing Date, (x) to indicate
          in
          its books and records that the Mortgage Loans have been sold to the Purchaser
          pursuant to this Agreement and (y) to deliver to the Purchaser and the
          Trustee a
          computer file containing a true and complete list of all the Mortgage Loans
          specifying, among other things, for each Mortgage Loan, as of the Cut-off
          Date,
          its account number and Cut-off Date Principal Balance. Such file (the
“Mortgage
          Loan Schedule”)
          which
          is included as Exhibit D to the Pooling and Servicing Agreement, shall
          also be
          marked as Schedule I to this Agreement and is hereby incorporated into
          and made
          a part of this Agreement.

         

        In
          connection with such transfer and assignment, the Seller, on behalf of
          the
          Purchaser, does hereby deliver or cause to be delivered to, and deposit
          with the
          Trustee, or its designated agent (the “Custodian”), the following documents or
          instruments with respect to each Mortgage Loan (a “Mortgage File”) so
          transferred and assigned:

         

        (i) the
          original Mortgage Note, endorsed either (A) in blank or (B) in the following
          form: “Pay to the order of JPMorgan Chase Bank, National Association, as Trustee
          for the C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB3,
          without
          recourse,” or with respect to any lost Mortgage Note, an original lost note
          affidavit, together with a copy of the related Mortgage Note;

         

        (ii) the
          original Mortgage with evidence of recording thereon, and the original
          recorded
          power of attorney, if the Mortgage was executed pursuant to a power of
          attorney,
          with evidence of recording thereon or, if such Mortgage or power of attorney
          has
          been submitted for recording but has not been returned from the applicable
          public recording office, has been lost or is not otherwise available, a
          copy of
          such Mortgage or power of attorney, as the case may be, certified to be
          a true
          and complete copy of the original submitted for recording;

         

        (iii) an
          original Assignment of Mortgage, in form and substance acceptable for recording.
          The Mortgage shall be assigned either (A) in blank or (B) to “JPMorgan Chase
          Bank, National Association, as Trustee for the C-BASS Mortgage Loan Asset-Backed
          Certificates, Series 2006-CB3, without recourse”;

         

        (iv) an
          original or a certified copy of any intervening assignment of Mortgage
          showing a
          complete chain of assignments;

         

        (v) the
          original or a certified copy of lender’s title insurance policy;
          and

         

        (vi) the
          original or copies of each assumption, modification, written assurance
          or
          substitution agreement, if any.

         

        If
          any of
          the documents referred to in Section 2.02(ii), (iii) or (iv) above has
          as of the
          Closing Date been submitted for recording but either (x) has not been returned
          from the applicable public recording office or (y) has been lost or such
          public
          recording office has retained the original of such document, the obligations
          of
          the Seller to deliver such documents shall be deemed to be satisfied upon
          (1)
          delivery to the Trustee or the Custodian no later than the Closing Date,
          of a
          copy of each such document certified by the Seller in the case of (x) above
          or
          the applicable public recording office in the case of (y) above to be a
          true and
          complete copy of the original that was submitted for recording and (2)
          if such
          copy is certified by the Seller, delivery to the Trustee or the Custodian,
          promptly upon receipt thereof of either the original or a copy of such
          document
          certified by the applicable public recording office to be a true and complete
          copy of the original. The Seller shall deliver or cause to be delivered
          to the
          Trustee or the Custodian promptly upon receipt thereof any other documents
          constituting a part of a Mortgage File received with respect to any Mortgage
          Loan, including, but not limited to, any original documents evidencing
          an
          assumption or modification of any Mortgage Loan.

         

        Upon
          discovery or receipt of notice of any materially defective document in,
          or that
          a document is missing from, a Mortgage File, the Seller shall have 120
          days to
          cure such defect or 150 days following the Closing Date, in the case of
          missing
          Mortgages or Assignments or deliver such missing document to the Trustee
          or the
          Custodian. If the Seller does not cure such defect or deliver such missing
          document within such time period, the Seller shall either repurchase or
          substitute for such Mortgage Loan in accordance with Section 3.01
          hereof.

         

        The
          Purchaser hereby acknowledges its acceptance of all right, title and interest
          to
          the Mortgage Loans and other property, now existing and hereafter created,
          conveyed to it pursuant to Section 2.01.

         

        The
          parties hereto intend that the transaction set forth herein be a sale by
          the
          Seller to the Purchaser of all the Seller’s right, title and interest in and to
          the Mortgage Loans and other property described above. In the event the
          transaction set forth herein is deemed not to be a sale, the Seller hereby
          grants to the Purchaser a security interest in all of the Seller’s right, title
          and interest in, to and under the Mortgage Loans and other property described
          above, whether now existing or hereafter created, to secure all of the
          Seller’s
          obligations hereunder; and this Agreement shall constitute a security agreement
          under applicable law. The Seller and the Purchaser shall, to the extent
          consistent with this Agreement, take such actions as may be necessary to
          ensure
          that, if this Agreement were deemed to create a security interest in the
          Mortgage Loans, such security interest would be deemed to be a perfected
          security interest of first priority under applicable law and will be maintained
          as such throughout the term of this Agreement.

         

        (b) The
          Seller shall cause the Assignments of Mortgage which were delivered in
          blank to
          be completed and shall cause all Assignments referred to in Section 2.02(iii)
          hereof and, to the extent necessary, in Section 2.02(iv) hereof to be recorded.
          The Seller shall be required to deliver such assignments for recording
          within 30
          days of the Closing Date. The Seller shall furnish the Trustee, or its
          designated agent, with a copy of each assignment of Mortgage submitted
          for
          recording. In the event that any such Assignment is lost or returned unrecorded
          because of a defect therein, the Seller shall promptly have a substitute
          Assignment prepared or have such defect cured, as the case may be, and
          thereafter cause each such Assignment to be duly recorded.

         

        In
          the
          event that any Mortgage Note is endorsed in blank as of the Closing Date,
          promptly following the Closing Date the Seller shall cause to be completed
          such
          endorsements in the following form: “Pay to the order of JPMorgan Chase Bank,
          National Association, as Trustee for the C-BASS Mortgage Loan Asset-Backed
          Certificates, Series 2006-CB3, without recourse.”

         

        Section
          2.03 Payment
          of Purchase Price for the Mortgage Loans.
          In
          consideration of the sale of the Mortgage Loans from the Seller to the
          Purchaser
          on the Closing Date, the Purchaser agrees to pay to the Seller on the Closing
          Date by transfer of immediately available funds, as directed by the Seller,
          an
          amount equal to $842,379,815.61 in respect of the Mortgage Loans (the
“Purchase
          Price”),
          net
          of an expense reimbursement amount of $85,672.65 (the “Expense
          Reimbursement Amount”),
          and
          to transfer to the Seller or its designee on the Closing Date the Class
          B-1,
          Class B-2, Class B-3, Class B-4 and Residual Certificates (collectively,
          the
“Retained Certificates”). The Expense Reimbursement Amount shall reimburse the
          Purchaser for the Purchaser’s Securities and Exchange Commission registration
          statement fees and the Purchaser’s registration statement administration fees
          allocable to the Trust. The Seller shall pay, and be billed directly for,
          all
          expenses incurred by the Purchaser in connection with the issuance of the
          Certificates, including, without limitation, printing fees incurred in
          connection with the prospectus relating to the Certificates, blue sky
          registration fees and expenses, fees and reasonable expenses of Purchaser’s
          counsel, fees of the rating agencies requested to rate the Certificates,
          accountant’s fees and expenses and the fees and expenses of the Trustee and
          other out-of-pocket costs, if any. If the Purchaser shall determine that
          the
          Expense Reimbursement Amount is not sufficient to reimburse the Purchaser
          for
          all expenses incurred by it that are subject to reimbursement by the Seller
          hereunder as described above, the Seller shall promptly reimburse the Purchaser
          for such additional amounts upon written notice by the Purchaser to the
          Seller.

         

        ARTICLE
          III

         

        

         

        REPRESENTATIONS
          AND WARRANTIES; REMEDIES FOR BREACH

         

        Section
          3.01 Seller
          Representations and Warranties Relating to the Mortgage Loans.
          The
          Seller hereby represents and warrants to the Purchaser, with respect to
          the
          Mortgage Loans, that as of the Closing Date or as of such date specifically
          provided herein:

         

        (a) The
          information set forth in the Mortgage Loan Schedule is complete, true and
          correct as of the Cut-off Date.

         

        (b) There
          are
          no delinquent taxes, ground rents, water charges, sewer rents, assessments,
          including assessments payable in future installments, or other outstanding
          charges affecting the related Mortgaged Property.

         

        (c) The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments, recorded in the
          applicable public recording office if necessary to maintain the lien priority
          of
          the Mortgage and the interests of the Certificateholders, and which have
          been
          delivered to the Trustee; the substance of any such waiver, alteration
          or
          modification has been approved by the title insurer, to the extent required
          by
          the related policy, and is reflected on the Mortgage Loan Schedule. No
          instrument of waiver, alteration or modification has been executed, and
          no
          Mortgagor has been released, in whole or in part, except, in connection
          with an
          assumption agreement approved by the title insurer, to the extent required
          by
          the policy, and which assumption agreement has been delivered to the Trustee
          and
          the terms of which are reflected in the Mortgage Loan Schedule.

         

        (d) The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any right of rescission, set-off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set-off, counterclaim or defense has been asserted with respect
          thereto.

         

        (e) All
          buildings upon the Mortgaged Property are insured by a generally acceptable
          insurer against loss by fire, hazards of extended coverage and such other
          hazards as are customary in the area where the Mortgaged Property is located,
          pursuant to insurance policies conforming to the requirements of the Pooling
          and
          Servicing Agreement. All such insurance policies contain a standard mortgagee
          clause naming the Seller, its successors and assigns as mortgagee and all
          premiums thereon have been paid. If upon origination of the Mortgage Loan,
          the
          Mortgaged Property was in an area identified on a Flood Hazard Map or Flood
          Insurance Rate Map issued by the Federal Emergency Management Agency as
          having
          special flood hazards (and such flood insurance has been made available)
          a flood
          insurance policy meeting the requirements of the current guidelines of
          the
          Federal Insurance Administration is in effect which policy conforms to
          the
          requirements of the Federal National Mortgage Association (“FNMA”)
          and
          the Federal Home Loan Mortgage Corporation (“FHLMC”).
          The
          Mortgage obligates the Mortgagor thereunder to maintain all such insurance
          at
          the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so,
          authorizes the holder of the Mortgage to maintain such insurance at the
          Mortgagor’s cost and expense and to seek reimbursement therefor from the
          Mortgagor. All acts required to be performed to preserve the rights and
          remedies
          of the Trustee in any such insurance policies have been performed, including,
          without limitation, any necessary notifications of insurers and assignments
          of
          policies or interests therein.

         

        (f) As
          of the
          date of origination of the Mortgage Loan, any and all requirements of any
          federal, state or local law, including, without limitation, usury, truth
          in
          lending, real estate settlement procedures, consumer credit protection,
          equal
          credit opportunity or disclosure laws applicable to the origination of
          the
          Mortgage Loans have been complied with. Any and all requirements of any
          federal,
          state or local law, including, without limitation, usury, truth in lending,
          real
          estate settlement procedures, consumer credit protection, equal credit
          opportunity or disclosure laws applicable to the servicing of the Mortgage
          Loans
          have been complied with.

         

        (g) The
          Mortgage has not been satisfied, canceled, subordinated (other than with
          respect
          to second lien loans, the subordination to the first lien loan) rescinded,
          in
          whole or in part, and the Mortgaged Property has not been released from
          the lien
          of the Mortgage, in whole or in part, nor has any instrument been executed
          that
          would effect any such satisfaction, cancellation, subordination, rescission
          or
          release.

         

        (h) The
          Mortgage is a valid, existing and enforceable first or second lien on the
          Mortgaged Property, including all improvements on the Mortgaged Property
          subject
          only to (1) the lien of current real property taxes and assessments not
          yet due
          and payable, (2) covenants, conditions and restrictions, rights of way,
          easements and other matters of the public record as of the date of recording
          being acceptable to mortgage lending institutions generally, (3) other
          matters
          to which like properties are commonly subject which do not materially interfere
          with the benefits of the security intended to be provided by the Mortgage
          or the
          use, enjoyment, value or marketability of the related Mortgaged Property
          and (4)
          with respect to any second lien mortgage loan, the lien of the related
          first
          mortgage loan. Any security agreement, chattel mortgage or equivalent document
          related to and delivered in connection with the Mortgage Loan establishes
          and
          creates a valid, existing and enforceable first or second lien and first
          or
          second priority security interest on the property described therein and
          the
          Seller has full right to sell and assign the same to the Purchaser.

         

        (i) The
          Mortgage Note and the related Mortgage are genuine and each is the legal,
          valid
          and binding obligation of the maker thereof, enforceable in accordance
          with its
          terms.

         

        (j) The
          proceeds of the Mortgage Loan have been fully disbursed to or for the account
          of
          the Mortgagor and there is no obligation for the mortgagee to advance additional
          funds thereunder and any and all requirements as to completion of any on-site
          or
          off-site improvement and as to disbursements of any escrow funds therefor
          have
          been complied with. All costs, fees and expenses incurred in making or
          closing
          the Mortgage Loan and the recording of the Mortgage have been paid, and
          the
          Mortgagor is not entitled to any refund of any amounts paid or due to the
          mortgagee pursuant to the Mortgage Note or Mortgage.

         

        (k) Immediately
          prior to the transfer and assignment contemplated herein, the Seller was
          the
          sole owner and holder of the Mortgage Loans and has good and marketable
          title to
          each Mortgage Loan, free and clear of any and all liens, pledges, charges,
          claims, participation interests, mortgages, security interests or encumbrances
          or other interests of any nature and has full right and authority to sell
          and
          assign the same.

         

        (l) Each
          Mortgage Loan is covered by an ALTA mortgagee title insurance policy acceptable
          to FNMA or FHLMC, issued by a title insurer acceptable to FNMA and FHLMC,
          and
          qualified to do business in the jurisdiction where the Mortgaged Property
          is
          located, insuring (subject to the exceptions contained in (h)(1) and (2)
          above)
          the Seller, its successors and assigns as to the first or second priority
          lien
          of the Mortgage in the original principal amount of the Mortgage Loan and
          against any loss by reason of the invalidity or unenforceability of the
          lien
          resulting from the provisions of the Mortgage providing for adjustment
          in the
          mortgage interest rate and/or monthly payment including any negative
          amortization thereunder. Additionally, such mortgagee title insurance policy
          affirmatively insures ingress and egress to and from the Mortgaged Property,
          and
          against encroachments by or upon the Mortgaged Property or any interest
          therein.
          The Seller is the sole insured of such mortgagee title insurance policy,
          and
          such lender’s title insurance policy is in full force and effect and will be in
          full force and effect upon the consummation of the transactions contemplated
          by
          this Agreement. No claims have been made under such mortgagee title insurance
          policy, and no prior holder of the related Mortgage, including the Seller,
          has
          done, by act or omission, anything which would impair the coverage of such
          mortgagee title insurance policy.

         

        (m) There
          are
          no mechanics’ or similar liens or claims which have been filed for work, labor
          or material (and no rights are outstanding that under law could give rise
          to
          such lien) affecting the related Mortgaged Property which are or may be
          liens
          prior to, or equal or coordinate with, the lien of the related
          Mortgage.

         

        (n) The
          collection practices used by the Servicer with respect to each Mortgage
          Note and
          Mortgage have been in all respects legal, proper, prudent and customary
          in the
          mortgage servicing industry.

         

        (o) The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including, (1) in the case of a Mortgage designated as
          a deed
          of trust, by trustee’s sale, and (2) otherwise by judicial foreclosure. There is
          no homestead or other exemption available to the Mortgagor which would
          interfere
          with the right to sell the Mortgaged Property at a trustee’s sale or the right
          to foreclose the Mortgage. The Mortgagor has not notified the Seller and
          the
          Seller has no knowledge of any relief requested or allowed to the Mortgagor
          under the Servicemembers Civil Relief Act of 1940.

         

        (p) The
          Mortgage Note is not and has not been secured by any collateral except
          the lien
          of the corresponding Mortgage on the Mortgaged Property and the security
          interest of any applicable security agreement or chattel mortgage.

         

        (q) In
          the
          event the Mortgage constitutes a deed of trust, a trustee, duly qualified
          under
          applicable law to serve as such, has been properly designated and currently
          so
          serves and is named in the Mortgage, and no fees or expenses are or will
          become
          payable by the Purchaser to the trustee under the deed of trust, except
          in
          connection with a trustee’s sale after default by the Mortgagor.

         

        (r) No
          Mortgage Loan contains provisions pursuant to which monthly payments are
          (1)
          paid or partially paid with funds deposited in any separate account established
          by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (2)
          paid by
          any source other than the Mortgagor or (3) contains any other similar provisions
          which may constitute a “buydown” provision. The Mortgage Loan is not a graduated
          payment mortgage loan and the Mortgage Loan does not have a shared appreciation
          or other contingent interest feature.

         

        (s) The
          Mortgage Note, the Mortgage, the Assignment and any other documents required
          to
          be delivered with respect to each Mortgage Loan pursuant to Section 2.02
          hereof
          have been delivered to the Purchaser or its designee, all in compliance
          with the
          specific requirements of Section 2.02 hereof.

         

        (t) If
          the
          residential dwelling on the Mortgaged Property is a condominium unit or
          a unit
          in a planned unit development (other than a de minimis planned unit development)
          such condominium or planned unit development project meets FNMA’s eligibility
          requirements.

         

        (u) None
          of
          the Mortgage Loans are secured by a leasehold estate or constitute other
          than
          real property under applicable state law.

         

        (v) The
          rights with respect to each Mortgage Loan are assignable by the Seller
          without
          the consent of any Person other than consents which will have been obtained
          on
          or before the Closing Date.

         

        (w) The
          Mortgage Loans are not being transferred by the Seller with any intent
          to
          hinder, delay or defraud any creditors of the Seller.

         

        (x) All
          parties which have had any interest in each Mortgage Loan, whether as mortgagee,
          assignee, pledgee or otherwise, and including, without limitation, the
          Seller,
          are (or during the period in which they held and disposed such interest,
          were)
          in compliance with any and all applicable licensing requirements of the
          laws of
          the state wherein the property securing the Mortgage is located to the
          extent
          that any noncompliance thereunder would affect the value or marketability
          of the
          Mortgage Loans.

         

        (y) To
          the
          best of Seller’s knowledge, the Mortgaged Property is free from any and all
          toxic or hazardous substances and there exists no violation of any local,
          state
          or federal environmental law, rule or regulation.

         

        (z) The
          Mortgaged Property is free from material damage.

         

        (aa) Each
          Mortgage Loan has been serviced by the Servicer in accordance with the
          terms
          thereof and Applicable Regulations.

         

        (bb) [Reserved]

         

        (cc) [Reserved]

         

        (dd) There
          is
          no proceeding pending for the total or partial condemnation and no eminent
          domain proceedings pending affecting any Mortgaged Property.

         

        (ee) To
          the
          best of the Seller’s knowledge, there was no fraud or gross negligence involved
          in the origination of any Mortgage Loan by the applicable mortgagee or
          Mortgagor, and to the best of the Seller’s knowledge, there was no fraud or
          gross negligence by the appraiser or any other party involved in the origination
          of any such Mortgage Loan.

         

        (ff) Each
          mortgage file contains an appraisal of or a broker’s price opinion regarding the
          related Mortgaged Property indicating an appraised value equal to the appraised
          value identified for such Mortgaged Property on the Mortgage Loan Schedule.
          Each
          appraisal has been prepared on FNMA or FHLMC forms.

         

        (gg) No
          improvements on any Mortgaged Property encroach on adjoining properties
          (and in
          the case of a condominium unit, such improvements are within the project
          with
          respect to that unit), and no improvements on adjoining properties encroach
          upon
          such Mortgaged Property unless there exists in the applicable Mortgage
          File a
          title policy with endorsements which insure against losses sustained by
          the
          insured as a result of such encroachments.

         

        (hh) [Reserved].

         

        (ii) With
          respect to escrow deposits, if any, all such payments are in the possession
          of,
          or under the control of, the Servicer and there exists no deficiencies
          in
          connection therewith for which customary arrangements for repayment thereof
          have
          not been made. No escrow deposits or escrow advances or other charges or
          payments due the Servicer have been capitalized under any Mortgage or the
          related Note.

         

        (jj) No
          Mortgage Loan, other than a Bankruptcy Plan Mortgage Loan, is subject to
          any
          pending bankruptcy or insolvency proceeding. To the Seller’s best knowledge, no
          material litigation or lawsuit relating to any Mortgage Loan is
          pending.

         

        (kk) The
          Seller used no selection procedures that identified the Mortgage Loans
          as being
          less desirable or valuable than other comparable mortgage loans acquired
          by the
          Seller.

         

        (ll) The
          sale,
          transfer, assignment and conveyance of Mortgage Loans by the Seller pursuant
          to
          this Agreement will not result in any tax, fee or governmental charge (other
          than income taxes and related taxes) payable by the Seller, the Depositor
          or the
          Trustee to any federal, state or local government other than taxes which
          have or
          will be paid by the Seller as due (“Transfer
          Taxes”).
          In
          the event that the Depositor or the Trustee receives actual notice of any
          Transfer Taxes arising out of the transfer, assignment and conveyance of
          the
          Mortgage Loans, other than any taxes to be paid by the creditor, on written
          demand by the Depositor, or the Trustee, or upon the Seller’s otherwise being
          given notice thereof by the Depositor or the Trustee, the Seller shall
          pay, and
          otherwise indemnify and hold the Depositor and the Trustee harmless, on
          an
          after-tax basis, from and against any and all such Transfer Taxes (it being
          understood that the Certificateholders, the Trustee and the Depositor shall
          have
          no obligation to pay such Transfer Taxes).

         

        (mm) [Reserved].

         

        (nn) With
          respect to the Mortgage Loans, the Mortgaged Properties securing repayment
          of
          the related Mortgage Note consist of a fee simple interest in a single
          parcel or
          two contiguous parcels of real property (i) improved by a (A) detached
          or
          semi-detached one-family dwelling, (B) detached or semi-detached two-to
          four
          family dwelling, (C) one-family unit in a FNMA eligible condominium project,
          (D)
          detached or semi-detached one-family dwelling in a planned unit development,
          (E)
          multi-family dwelling or townhouse or (F) mobile home or manufactured dwelling
          which constitutes real property or (ii) unimproved by any residential
          dwelling.

         

        (oo) Except
          for the Mortgage Loans identified on the Mortgage Loan Schedule as delinquent,
          there is no default, breach, violation or event of acceleration existing
          under
          the Mortgage or the Mortgage Note and no event which, with the passage
          of time
          or with notice and the expiration of any grace or cure period, would constitute
          a default, breach, violation or event of acceleration, and the Seller has
          not
          waived any default, breach, violation or event of acceleration.

         

        (pp) The
          Seller has no actual knowledge that with respect to any Mortgage Loan (1)
          the
          Servicer has sent a notice of default to the related Mortgagor which the
          Servicer is currently seeking to enforce, or (2) any foreclosure proceedings
          have been commenced or acceleration been declared which is currently pending.
          The Seller is not transferring any Mortgage Loan to the Purchaser with
          the
          intention or knowledge that the Purchaser or the Trust will acquire the
          related
          Mortgaged Property.

         

        (qq) With
          respect to any Mortgage Loan that is secured by a second lien on the related
          Mortgaged Property, either (i) no consent for the Mortgage Loan is required
          by
          the holder of any related senior lien or (ii) such consent has been obtained
          and
          is contained in the Mortgage File.

         

        (rr) In
          any
          case in which a Mortgage Loan is secured by a second lien and a senior
          lien on
          the related Mortgaged Property provides for negative amortization or deferred
          interest, the balance of such senior lien on the related Mortgaged Property
          used
          to calculate the Combined Loan to Value Ratio for the Mortgage Loan is
          based on
          the maximum amount of negative amortization possible under such senior
          loan.

         

        (ss) With
          respect to a Mortgage Loan which is a second lien, as of the date hereof,
          the
          Seller has not received a notice of default of a senior lien on the related
          Mortgaged Property which has not been cured.

         

        (tt) No
          Mortgage Loan is delinquent (other than Mortgage Loans subject to a bankruptcy
          plan or forbearance plan). The Seller has not waived any default, breach,
          violation or event of acceleration, and the Seller has not taken any action
          to
          waive any default, breach, violation or event of acceleration, with respect
          to
          any Mortgage Loan.

         

        (uu) Each
          Mortgage Loan is a “qualified Mortgage” within the meaning of Section 860
          G(a)(3) of the Code.

         

        (vv) With
          respect to any Adjustable-Rate Mortgage Loan, all rate adjustments have
          been
          performed in accordance with the terms of the related Mortgage Note or
          subsequent modifications, if any.

         

        (ww) [Reserved].

         

        (xx) Each
          Mortgage Loan is directly secured by a Mortgage on a residential property,
          and
          either (1) substantially all of the proceeds of the Mortgage Loan were
          used to
          acquire, improve or protect the portion of the residential property that
          consists of an interest in real property (within the meaning of Treasury
          Regulations Sections 1.856-3(c) and 1.856-3(d)) and the interest in real
          property was the only security for the Mortgage Loan as of the Testing
          Date (as
          defined below), or (2) the fair market value of the interest in real property
          which secures the Mortgage Loan was at least equal to 80% of the principal
          amount of the Mortgage Loan (a) as of the Testing Date, or (b) as of the
          Closing
          Date. For purposes of the previous sentence, (1) the fair market value
          of the
          referenced interest in real property shall first be reduced by (a) the
          amount of
          any lien on the interest in real property that is senior to the Mortgage
          Loan,
          unless the Mortgage Loan includes both a first lien loan and a second lien
          loan
          on the same Mortgaged Property, in which case the 80% test shall be applied
          in
          the aggregate, and (b) a proportionate amount of any lien on the interest
          in
          real property that is on a parity with the Mortgage Loan, and (2) the
“Testing
          Date”
shall
          be the date on which the referenced Mortgage Loan was originated unless
          (a) the
          Mortgage Loan was modified after the date of its origination in a manner
          that
          would cause “significant modification” of the Mortgage Loan within the meaning
          of Treasury Regulations Section 1.1001-3, and (b) the “significant modification”
did not occur at a time when the Mortgage Loan was in default or when default
          with respect to the Mortgage Loan was reasonably foreseeable.

         

        (yy) With
          respect to each Mortgage Loan that is a mobile or manufactured housing
          unit,
          such unit is a “single family residence” within the meaning of Section 25(e)(1)
          of the Code, and has a minimum of 400 square feet of living space, a minimum
          width of 102 inches and is of a kind customarily used at a fixed
          location.

         

        (zz) Any
          written agreement between the Mortgagor in respect of a Mortgage Loan and
          the
          Servicer modifying such Mortgagor’s obligation to make payments under the
          Mortgage Loan (such modified Mortgage Loan, a “Modified Mortgage Loan”) involved
          some assessment of the Mortgagor’s ability to repay the Modified Mortgage
          Loan.

         

        (aaa) No
          Mortgage Loan is covered by the Home Ownership and Equity Protection Act
          of 1994
          (“HOEPA”) and no Mortgage Loan is in violation of any state law or ordinance
          similar to HOEPA.

         

        (bbb) No
          proceeds from any Mortgage Loan were used to finance single-premium credit
          insurance policies.

         

        (ccc) Any
          Mortgage Loan originated prior to October 1, 2002 will not impose a Prepayment
          Charge in excess of five years.

         

        (ddd) The
          Servicer has fully furnished and will continue to fully furnish, in accordance
          with the Fair Credit Reporting Act and its implementing regulations, accurate
          and complete information (e.g., favorable and unfavorable) on its borrower
          credit files to Equifax, Experian and Trans Union Credit Information Company
          (three of the credit repositories), on a monthly basis.

         

        (eee) There
          is
          no Mortgage Loan in the Trust Fund that was originated on or after October
          1,
          2002 and before March 7, 2003, which is secured by property located in
          the State
          of Georgia.

         

        (fff) There
          is
          no Mortgage Loan in the Trust Fund that was originated on or after March
          7,
          2003, which is a “high cost home loan” as defined under the Georgia Fair Lending
          Act.

         

        (ggg) (a)
          No
          Mortgage Loan is classified as a high cost mortgage loan under HOEPA; and
          (b) no
          Mortgage Loan in the Trust Fund is a “high cost home,” “covered” (excluding home
          loans defined as “covered home loans” pursuant to clause (1) of the definition
          of that term in the New Jersey Home Ownership Security Act of 2002), “high risk
          home” or “predatory” loan under any other applicable state, federal or local law
          (or 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).

         

        (hhh) None
          of
          the Mortgage Loans are High Cost as defined by the applicable

        predatory
          and abusive lending laws or any federal, state or local law.

         

        (iii) No
          Mortgage Loans are subject to the Georgia Fair Lending act (“GFLA”) effective
          from October 1, 2002 to March 6, 2003.

         

        (jjj) The
          Prepayment Charges included in the transaction are enforceable and were
          originated in compliance with all federal, state and local laws.

         

        (kkk) All
          Mortgage Loans were originated in compliance with all applicable laws,
          including, but not limited to all applicable anti-predatory lending
          laws.

         

        (lll) Information
          provided to the rating agencies, including the loan level detail, is true
          and
          correct according to the rating agency requirements.

         

        (mmm) No
          Mortgage Loan is a High Cost Loan or a Covered Loan, as applicable (as
          such
          terms are defined in the then current Standard & Poor’s LEVELS Glossary,
          which is now Version 5.6(c), Appendix E).

         

        With
          respect to the representations and warranties set forth in this Section
          3.01
          that are made to the best of the Seller’s knowledge or as to which the Seller
          has no knowledge, if it is discovered by the Depositor, the Seller, the
          Servicer
          or the Trustee, as set forth in Section 2.04 of the Pooling and Servicing
          Agreement, that the substance of such representation and warranty is inaccurate
          and such inaccuracy materially and adversely affects the value of the related
          Mortgage Loan or the interest therein of the Purchaser or the Purchaser’s
          assignee, transferee or designee for the benefit of the Certificateholders
          then,
          notwithstanding the Seller’s lack of knowledge with respect to the substance of
          such representation and warranty being inaccurate at the time the representation
          or warranty was made, such inaccuracy shall be deemed a breach of the applicable
          representation or warranty.

         

        Upon
          discovery by the Depositor, the Seller, the Servicer, the Purchaser or
          any
          assignee, transferee or designee of the Purchaser of a breach of any of
          the
          representations and warranties contained in this Article III or Section
          2.04 of
          the Pooling and Servicing Agreement that materially and adversely affects
          the
          value of any Mortgage Loan or the interest therein of the Purchaser or
          the
          Purchaser’s assignee, transferee or designee for the benefit of the
          Certificateholders, the party discovering the breach shall give prompt
          written
          notice to the others and in no event later than two Business Days from
          the date
          of such discovery. Within 90 days of the earlier of its discovery or its
          receipt
          of notice of any such breach of a representation or warranty, the Seller
          shall
          promptly cure such breach in all material respects, or in the event such
          defect
          or breach cannot be cured, the Seller shall repurchase the affected Mortgage
          Loan or cause the removal of such Mortgage Loan from the Trust Fund and
          substitute for it one or more Eligible Substitute Mortgage Loans, in either
          case, in accordance with Section 2.03 of the Pooling and Servicing
          Agreement.

         

        Upon
          discovery or receipt of written notice by the Seller of any materially
          defective
          document in, or that a document is missing from, a Mortgage File, the Seller
          shall have 120 days to cure such defect or 150 days following the Closing
          Date,
          in the case of missing Mortgages or Assignments (or within 90 days of the
          earlier of the Seller’s discovery or receipt of notification if such defect
          would cause the Mortgage Loan not to be a “qualified mortgage” for REMIC
          purposes), or in the event such defect cannot be cured, the Seller shall
          repurchase the affected Mortgage Loan or cause the removal of such Mortgage
          Loan
          from the Trust Fund and substitute for it one or more Eligible Substitute
          Mortgage Loans, in either case, within such time periods and in accordance
          with
          Section 2.03 of the Pooling and Servicing Agreement.

         

        It
          is
          understood and agreed that the representations and warranties set forth
          in this
          Section 3.01 shall survive delivery of the respective Mortgage Files to
          the
          Trustee or its agent, on behalf of the Purchaser and shall inure to the
          benefit
          of the Certificateholders notwithstanding any restrictive or qualified
          endorsement or assignment.

         

        It
          is
          understood and agreed that the obligations of the Seller set forth in this
          Section 3.01 to cure, repurchase or substitute for a defective Mortgage
          Loan
          constitute the sole remedies of the Purchaser, the Certificateholders or
          the
          Trustee on their behalf respecting a missing or defective document or a
          breach
          of the representations or warranties contained in this Section
          3.01.

         

        Section
          3.02 Seller
          Representations and Warranties.
          The
          Seller hereby represents and warrants to the Purchaser that as of the Closing
          Date or as of such date specifically provided herein:

         

        (i) The
          Seller is duly organized, validly existing and in good standing as a limited
          liability company under the laws of the State of Delaware and has the power
          and
          authority to own its assets and to transact the business in which it is
          currently engaged. The Seller is duly qualified to do business and is in
          good
          standing in each jurisdiction in which the character of the business transacted
          by it or properties owned or leased by it requires such qualification and
          in
          which the failure to so qualify would have a material adverse effect on
          (a) its
          business, properties, assets or condition (financial or other), (b) the
          performance of its obligations under this Agreement, (c) the value or
          marketability of the Mortgage Loans, or (d) its ability to foreclose on
          the
          related Mortgaged Properties.

         

        (ii) The
          Seller has the power and authority to make, execute, deliver and perform
          this
          Agreement and to consummate all of the transactions contemplated hereunder
          and
          has taken all necessary action to authorize the execution, delivery and
          performance of this Agreement. When executed and delivered, this Agreement
          will
          constitute the Seller’s legal, valid and binding obligations enforceable in
          accordance with its terms, except as enforcement of such terms may be limited
          by
          (1) bankruptcy, insolvency, reorganization, receivership, moratorium or
          similar
          laws affecting the enforcement of creditors’ rights generally and by the
          availability of equitable remedies, (2) general equity principals (regardless
          of
          whether such enforcement is considered in a proceeding in equity or at
          law) or
          (3) public policy considerations underlying the securities laws, to the
          extent
          that such policy considerations limit the enforceability of the provisions
          of
          this Agreement which purport to provide indemnification from securities
          laws
          liabilities.

         

        (iii) The
          Seller holds all necessary licenses, certificates and permits from all
          governmental authorities necessary for conducting its business as it is
          presently conducted, except for such licenses, certificates and permits
          the
          absence of which, individually or in the aggregate, would not have a material
          adverse effect on the ability of the Seller to conduct its business as
          it is
          presently conducted. It is not required to obtain the consent of any other
          party
          or any consent, license, approval or authorization from, or registration
          or
          declaration with, any governmental authority, bureau or agency in connection
          with the execution, delivery, performance, validity or enforceability of
          this
          Agreement, except for such consents, licenses, approvals or authorizations,
          or
          registrations or declarations as shall have been obtained or filed, as
          the case
          may be, prior to the Closing Date.

         

        (iv) The
          execution, delivery and performance of this Agreement by the Seller will
          not
          conflict with or result in a breach of, or constitute a default under,
          any
          provision of any existing law or regulation or any order or decree of any
          court
          applicable to the Seller or any of its properties or any provision of its
          Limited Liability Company Agreement, or constitute a material breach of,
          or
          result in the creation or imposition of any lien, charge or encumbrance
          upon any
          of its properties pursuant to any mortgage, indenture, contract or other
          agreement to which it is a party or by which it may be bound.

         

        (v) No
          certificate of an officer, written statement or report delivered pursuant
          to the
          terms hereof by the Seller contains any untrue statement of a material
          fact or
          omits to state any material fact necessary to make the certificate, statement
          or
          report not misleading.

         

        (vi) The
          transactions contemplated by this Agreement are in the ordinary course
          of the
          Seller’s business.

         

        (vii) The
          Seller is not insolvent, nor will the Seller be made insolvent by the transfer
          of the Mortgage Loans, nor is the Seller aware of any pending
          insolvency.

         

        (viii) The
          Seller is not in violation of, and the execution and delivery of this Agreement
          by it and its performance and compliance with the terms of this Agreement
          will
          not constitute a violation with respect to any order or decree of any court,
          or
          any order or regulation of any federal, state, municipal or governmental
          agency
          having jurisdiction, which violation would materially and adversely affect
          the
          Seller’s condition (financial or otherwise) or operations or any of the Seller’s
          properties, or materially and adversely affect the performance of any of
          its
          duties hereunder.

         

        (ix) There
          are
          no actions or proceedings against, or investigations of, the Seller pending
          or,
          to its knowledge, threatened, before any court, administrative agency or
          other
          tribunal (i) that, if determined adversely, would prohibit the Seller from
          entering into this Agreement and the Pooling and Servicing Agreement, (ii)
          seeking to prevent the consummation of any of the transactions contemplated
          by
          this Agreement or (iii) that, if determined adversely, would prohibit or
          materially and adversely affect the Seller’s performance of any of its
          respective obligations under, or the validity or enforceability of, this
          Agreement and the Pooling and Servicing Agreement.

         

        (x) The
          Seller is not transferring the Mortgage Loans to the Purchaser hereunder
          with
          any intent to hinder, delay or defraud any of its creditors.

         

        (xi) The
          Seller acquired title to the Mortgage Loans in good faith, without notice
          of any
          adverse claims.

         

        (xii) The
          transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
          by
          the Seller pursuant to this Agreement are not subject to the bulk transfer
          laws
          or any similar statutory provisions in effect in any applicable
          jurisdiction.

         

        (xiii) The
          Seller understands that (a) the Retained Certificates have not been and
          will not
          be registered or qualified under the Securities Act of 1933, as amended
          (the
“Securities
          Act”)
          or any
          state securities law, (b) the Purchaser is not required to so register
          or
          qualify the Retained Certificates, (c) the Retained Certificates may be
          resold
          only if registered and qualified pursuant to the provisions of the Act
          or any
          state securities law, or if an exemption from such registration and
          qualification is available, (d) the Pooling and Servicing Agreement contains
          restrictions regarding the transfer of the Retained Certificates and (e)
          the
          Retained Certificates will bear a legend to the foregoing effect.

         

        (xiv) The
          Seller is acquiring the Retained Certificates for its own account for investment
          only and not with a view to or for sale in connection with any distribution
          thereof in any manner that would violate the Securities Act or any applicable
          state securities laws.

         

        (xv) The
          Seller is (a) a substantial, sophisticated institutional investor having
          such
          knowledge and experience in financial and business matters, and, in particular,
          in such matters related to securities similar to the Retained Certificates,
          such
          that it is capable of evaluating the merits and risks of investment in
          the
          Retained Certificates, (b) able to bear the economic risks of such an investment
          and (c) an “accredited investor” within the meaning of Rule 501 (a) promulgated
          pursuant to the Securities Act.

         

        (xvi) The
          Seller has been furnished with such information concerning the Retained
          Certificates and the Purchaser as has been requested by the Seller from
          the
          Purchaser and is relevant to the Seller’s decision to purchase the Retained
          Certificates. The Seller has had any questions arising from such review
          answered
          by the Purchaser to the satisfaction of the Seller.

         

        (xvii) The
          Seller has not and will not nor has it authorized or will it authorize
          any
          person to (a) offer, pledge, sell, dispose of or otherwise transfer any
          Retained
          Certificate, any interest in any Retained Certificate or any other similar
          security to any person in any manner, (b) solicit any offer to buy or to
          accept
          a pledge, disposition of other transfer of any Retained Certificate, any
          interest in any Retained Certificate or any other similar security from
          any
          person in any manner, (c) otherwise approach or negotiate with respect
          to any
          Retained Certificate, any interest in any Retained Certificate or any other
          similar security with any person in any manner, (d) make any general
          solicitation by means of general advertising or in any other manner or
          (e) take
          any other action, that (as to any of (a) through (e) above) would constitute
          a
          distribution of any Retained Certificate under the Securities Act, that
          would
          render the disposition of any Retained Certificate a violation of Section
          5 of
          the Securities Act or any state securities law, or that would require
          registration or qualification pursuant thereto. The Seller will not sell
          or
          otherwise transfer any of the Retained Certificates, except in compliance
          with
          the provisions of the Pooling and Servicing Agreement.

         

        (xviii) The
          Seller is not an employee benefit plan or other retirement arrangement
          subject
          to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or
          Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
          (collectively, an “ERISA Plan”), and is not acting on behalf of, as named
          fiduciary of, as trustee of, or investing the assets of an ERISA
          Plan.

         

        ARTICLE
          IV

         

        

         

        SELLER’S
          COVENANTS

         

        Section
          4.01 Covenants
          of the Seller.

         

        (a) The
          Seller hereby covenants that except for the transfer hereunder, the Seller
          will
          not sell, pledge, assign or transfer to any other Person, or grant, create,
          incur, assume or suffer to exist any lien on any Mortgage Loan, or any
          interest
          therein; the Seller will notify the Trustee, as assignee of the Purchaser,
          of
          the existence of any lien on any Mortgage Loan immediately upon discovery
          thereof, and the Seller will defend the right, title and interest of the
          Trust,
          as assignee of the Purchaser, in, to and under the Mortgage Loans, against
          all
          claims of third parties claiming through or under the Seller; provided,
          however,
          that
          nothing in this Section 4.01 shall prevent or be deemed to prohibit the
          Seller
          from suffering to exist upon any of the Mortgage Loans any liens for municipal
          or other local taxes and other governmental charges if such taxes or
          governmental charges shall not at the time be due and payable or if the
          Seller
          shall currently be contesting the validity thereof in good faith by appropriate
          proceedings and shall have set aside on its books adequate reserves with
          respect
          thereto.

         

        (b) The
          Seller hereby covenants that neither it nor any affiliate of the Seller
          will
          directly solicit any Mortgagor hereunder to refinance the related Mortgage
          Loan.
          Notwithstanding the foregoing, the Seller and its Affiliates will be permitted
          to solicit a Mortgagor if the Seller or such Affiliate has received a request
          for verification of a Mortgage, a request for demand for payoff, a Mortgagor
          initiated written or verbal communication indicating a desire to prepay
          or
          refinance the related Mortgage Loan or the Mortgagor initiates a title
          search,
          or if the Mortgagor receives marketing materials which are generally
          disseminated.

         

        ARTICLE
          V

         

        

         

        OPTIONAL
          PURCHASE OF DEFAULTED MORTGAGE LOANS

         

        (a) In
          accordance with the terms of Section 3.16 of the Pooling and Servicing
          Agreement, as to any Mortgage Loan which is Delinquent in payment by 120
          days or
          more or any REO Property, an Affiliate of the Seller may, at its option,
          purchase such Mortgage Loan from the Trust Fund at the Purchase Price for
          such
          Mortgage Loan provided that an Affiliate of the Seller may exercise the
          purchase
          right during the period commencing on the first day of the calendar quarter
          succeeding the calendar quarter in which the Initial Delinquency Date occurred
          and ending on the last Business Day of such calendar quarter. The “Initial
          Delinquency Date” of a Mortgage Loan shall mean the date on which the Mortgage
          Loan first became 120 days Delinquent.

         

        (b) If
          an
          Affiliate of the Seller does not exercise the purchase right with respect
          to a
          Mortgage Loan during the period specified in the preceding paragraph, such
          Mortgage Loan shall thereafter again become eligible for purchase pursuant
          to
          the preceding paragraph only after the Mortgage Loan ceases to be 120 days
          or
          more Delinquent and thereafter becomes 120 day Delinquent again.

         

        ARTICLE
          VI

         

        

         

        TERMINATION

         

        Section
          6.01 Termination.
          The
          respective obligations and responsibilities of the Seller and the Purchaser
          created hereby shall terminate upon the termination of the Trust as provided
          in
          Section 8.01 of the Trust Agreement.

         

        ARTICLE
          VII

         

        

         

        MISCELLANEOUS
          PROVISIONS

         

        Section
          7.01 Amendment.
          This
          Agreement may be amended from time to time by the Seller and the Purchaser,
          by
          written agreement signed by the Seller and the Purchaser.

         

        Section
          7.02 Governing
          Law.
          This
          Agreement shall be governed by and construed in accordance with the laws
          of the
          State of New York and the obligations, rights and remedies of the parties
          hereunder shall be determined in accordance with such laws.

         

        Section
          7.03 Notices.
          All
          demands, notices and communications hereunder shall be in writing and shall
          be
          deemed to have been duly given if personally delivered at or mailed by
          registered mail, postage prepaid, addressed as follows:

         

        if
          to the
          Seller:

         

        Credit-Based
          Asset Servicing and Securitization LLC

         

        335
          Madison Avenue

         

        19th
          Floor

         

        New
          York,
          New York 10017

         

        Attention:
          General Counsel

         

        or
          such
          other address as may hereafter be furnished to the Purchaser in writing
          by the
          Seller.

         

        if
          to the
          Purchaser:

         

        Citigroup
          Mortgage Loan Trust Inc.

         

        390
          Greenwich Street

         

        New
          York,
          New York 10013

         

        Attention:
          Mortgage Finance Group

         

        or
          such
          other address as may hereafter be furnished to the Seller in writing by
          the
          Purchaser.

         

        Section
          7.04 Severability
          of Provisions.
          If any
          one or more of the covenants, agreements, provisions or terms of this Agreement
          shall be held invalid for any reason whatsoever, then such covenants,
          agreements, provisions or terms shall be deemed severable from the remaining
          covenants, agreements, provisions or terms of this Agreement and shall
          in no way
          affect the validity or enforceability of the other provisions of this
          Agreement.

         

        Section
          7.05 Counterparts.
          This
          Agreement may be executed in one or more counterparts by the different
          parties
          hereto on separate counterparts, each of which, when so executed, shall
          be
          deemed to be an original and such counterparts, together, shall constitute
          one
          and the same agreement.

         

        Section
          7.06 Further
          Agreements.
          The
          Purchaser and the Seller each agree to execute and deliver to the other
          such
          additional documents, instruments or agreements as may be necessary or
          reasonable and appropriate to effectuate the purposes of this Agreement
          or in
          connection with the issuance of any Series of Certificates representing
          interests in the Mortgage Loans.

         

        Without
          limiting the generality of the foregoing, as a further inducement for the
          Purchaser to purchase the Mortgage Loans from the Seller, the Seller will
          cooperate with the Purchaser in connection with the sale of any of the
          securities representing interests in the Mortgage Loans. In that connection,
          the
          Seller will provide to the Purchaser any and all information and appropriate
          verification of information, whether through letters of its auditors and
          counsel
          or otherwise, as the Purchaser shall reasonably request and will provide
          to the
          Purchaser such additional representations and warranties, covenants, opinions
          of
          counsel, letters from auditors, and certificates of public officials or
          officers
          of the Seller as are reasonably required in connection with such transactions
          and the offering of investment grade securities rated by the Rating
          Agencies.

         

        Section
          7.07 Intention
          of the Parties.
          It is
          the intention of the parties that the Purchaser is purchasing, and the
          Seller is
          selling, the Mortgage Loans rather than the pledging of the Mortgage Loans
          by
          the Seller to secure a loan by the Purchaser to the Seller. Accordingly,
          the
          parties hereto each intend to treat the transaction for Federal income
          tax
          purposes and all other purposes as a sale by the Seller and a purchase
          by the
          Purchaser of the Mortgage Loans. The Purchaser will have the right to review
          the
          Mortgage Loans and the related Mortgage Files to determine the characteristics
          of the Mortgage Loans which will affect the Federal income tax consequences
          of
          owning the Mortgage Loans and the Seller will cooperate with all reasonable
          requests made by the Purchaser in the course of such review.

         

        Section
          7.08 Successors
          and Assigns; Assignment of this Agreement.
          This
          Agreement shall bind and inure to the benefit of and be enforceable by
          the
          Seller, the Purchaser and the Trustee. The obligations of the Seller under
          this
          Agreement cannot be assigned or delegated to a third party without the
          consent
          of the Purchaser and which consent shall be at the Purchaser’s sole discretion,
          except that the Purchaser acknowledges and agrees that the Seller may assign
          its
          obligations hereunder to any Person into which the Seller is merged or
          any
          corporation resulting from any merger, conversion or consolidation to which
          the
          Seller is a party or any Person succeeding to the business of the Seller.
          The
          parties hereto acknowledge that the Purchaser is acquiring the Mortgage
          Loans
          for the purpose of contributing them to a trust that will issue a series
          of
          certificates representing undivided interests in such Mortgage Loans. As
          an
          inducement to the Purchaser to purchase the Mortgage Loans, the Seller
          acknowledges and consents to the assignment by the Purchaser to the Trustee
          of
          all of the Purchaser’s rights against the Seller pursuant to this Agreement
          insofar as such rights relate to Mortgage Loans transferred to the Trustee
          and
          to the enforcement or exercise of any right or remedy against the Seller
          pursuant to this Agreement by the Trustee. Such enforcement of a right
          or remedy
          by the Trustee shall have the same force and effect as if the right or
          remedy
          had been enforced or exercised by the Purchaser directly.

         

        Section
          7.09 Survival.
          The
          representations and warranties set forth in Sections 3.01 and 3.02 hereof
          shall
          survive the purchase of the Mortgage Loans hereunder.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the Seller and the Purchaser have caused their names to
          be
          signed to this Mortgage Loan Purchase Agreement by their respective officers
          thereunto duly authorized as of the day and year first above
          written.

         

        

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST INC.,

                  as
                    Purchaser

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  /s/

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  CREDIT-BASED
                    ASSET SERVICING AND SECURITIZATION LLC,

                  as
                    Seller

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  /s/

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        

        
          
            
              

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

        SCHEDULE
          I

         

        MORTGAGE
          LOAN SCHEDULE

         

        AVAILABLE
          UPON REQUEST

         

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        H

       

      FORM
        OF LOST NOTE AFFIDAVIT

       

       

      Personally
        appeared before me the undersigned authority to administer oaths,
        ______________________ who first being duly sworn deposes and says: Deponent
        is
        ______________________ of ______________________________, successor by merger
        to
        _________________________________________ (“Seller”) and who has personal
        knowledge of the facts set out in this affidavit.

       

      On
        ___________________, _________________________ did execute and deliver a
        promissory note in the principal amount of $__________.

       

      That
        said
        note has been misplaced or lost through causes unknown and is presently lost
        and
        unavailable after diligent search has been made. Seller's records show that
        an
        amount of principal and interest on said note is still presently outstanding,
        due, and unpaid, and Seller is still owner and holder in due course of said
        lost
        note.

       

      Seller
        executes this Affidavit for the purpose of inducing JPMorgan Chase Bank,
        National Association, as trustee on behalf of C-BASS Mortgage Loan Asset-Backed
        Certificates, Series 2006-CB3, to accept the transfer of the above described
        loan from Seller.

       

      Seller
        agrees to indemnify and hold harmless JPMorgan Chase Bank, National Association,
        Citigroup Mortgage Loan Trust Inc., Citigroup Global Markets Inc. and Greenwich
        Capital Markets, Inc. for any losses incurred by such parties resulting from
        the
        above described promissory note has been lost or misplaced.

       

      
        	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

       

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                SS:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

       

      On
        this
        ____ day of _______ 20__, before me, a Notary Public, in and for said County
        and
        State, appeared ________________________, who acknowledged the extension
        of the
        foregoing and who, having been duly sworn, states that any representations
        therein contained are true.

       

      Witness
        my hand and Notarial Seal this ____ day of _______ 20__.

       

      My
        commission expires _____.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        I

       

      FORM
        OF ERISA REPRESENTATION

       

      JPMorgan
        Chase Bank, National Association

      4
        New
        York Plaza

      6th
        Floor

      New
        York,
        New York 10004

      Attention:
        Worldwide Securities Services- Structured Finance Services

      Citigroup
        C-BASS 2006-CB3

      

      Citigroup
        Mortgage Loan Trust Inc.

      390
        Greenwich Street

      New
        York,
        New York 10013

       

      
        	 	
                Re:

              	
                C-BASS
                  Mortgage Loan Asset-Backed Certificates, Series
                  2006-CB3

              

      

       

      Ladies
        and Gentlemen:

       

      1. [The
        undersigned is the ______________________ of (the “Transferee”) a [corporation
        duly organized] and existing under the laws of __________, on behalf of which
        he
        makes this affidavit.] [The undersigned, ___________________, is the transferee
        (the “Transferee”).]

       

      2. The
        Transferee hereby acknowledges that under the terms of the Pooling and Servicing
        Agreement (the “Agreement”) among Citigroup Mortgage Loan Trust Inc., as
        depositor (the “Depositor”), Credit-Based Asset Servicing and Securitization
        LLC, as Sponsor, Litton Loan Servicing LP, as servicer and JPMorgan Chase
        Bank,
        National Association, as trustee (the “Trustee”), no transfer of the
        ERISA-Restricted Certificates shall be permitted to be made to any person
        unless
        the Depositor and the Certificate Registrar (as defined in the Agreement)
        have
        received a certificate from such transferee in the form hereof.

       

      3. The
        Transferee either (x) (i) is not an employee benefit plan subject to Section
        406
        or Section 407 of the Employee Retirement Income Security Act of 1974, as
        amended (“ERISA”), or Section 4975 of the Internal Revenue Code of 1986, as
        amended (the “Code”), the Trustee of any such plan or a person acting on behalf
        of any such plan nor a person using the assets of any such plan or (ii) (except
        in the case of the Residual, Class CE or Class P Certificates) is an insurance
        company which is purchasing such Certificates with funds contained in an
        “insurance company general account” (as such term is defined in Section V(e) of
        Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”) and that the
        purchase and holding of such Certificates are covered under Sections I and
        III
        of PTCE 95-60 or (y) (except in the case of a Mezzanine or Residual Certificate)
        shall deliver to the Certificate Registrar and the Depositor an opinion of
        counsel (a “Benefit Plan Opinion”) satisfactory to the Certificate Registrar,
        and upon which the Certificate Registrar and the Depositor shall be entitled
        to
        rely, to the effect that the purchase and holding of such Certificate by
        the
        Transferee will not result in the assets of the Trust Fund being deemed to
        be
        plan assets and subject to the prohibited transaction provisions of ERISA
        or the
        Code and will not subject the Trustee, the Certificate Registrar or the
        Depositor to any obligation in addition to those undertaken by such entities
        in
        the Pooling and Servicing Agreement, which opinion of counsel shall not be
        an
        expense of the Trustee or the Depositor.

       

      Capitalized
        terms used but not defined herein shall have the meanings ascribed to such
        terms
        in the Agreement.

       

      IN
        WITNESS WHEREOF, the Transferee has executed this certificate.

       

      
        	 	 	 	 	 	 	 	
                [Transferee]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        J-1

       

      FORM
        OF INVESTMENT LETTER NON-RULE 144A

       

      [DATE]

       

      Citigroup
        Mortgage Loan Trust Inc.

      390
        Greenwich Street

      New
        York,
        New York 10013

       

      JPMorgan
        Chase Bank, National Association

      4
        New
        York Plaza

      6th
        Floor

      New
        York,
        New York 10004

      Attention:
        Worldwide Securities Services- Structured Finance Services

      Citigroup
        C-BASS 2006-CB3

      

      

      
        	 	
                Re:

              	
                C-BASS
                  Mortgage Loan Asset-Backed Certificates, Series
                  2006-CB3

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the C-BASS Mortgage Loan Asset-Backed
        Certificates, Series 2006-CB3 (the “Certificates”), we certify that (a) we
        understand that the Certificates are not being registered under the Securities
        Act of 1933, as amended (the “Act”), or any state securities laws and are being
        transferred to us in a transaction that is exempt from the registration
        requirements of the Act and any such laws, (b) we are an “institutional
        accredited investor,” as defined in Section 501(a)(1), (2) or (3) under the Act,
        and have such knowledge and experience in financial and business matters
        that we
        are capable of evaluating the merits and risks of investments in the
        Certificates, (c) we have had the opportunity to ask questions of and receive
        answers from the Depositor concerning the purchase of the Certificates and
        all
        matters relating thereto or any additional information deemed necessary to
        our
        decision to purchase the Certificates, (d) we are acquiring the Certificates
        for
        investment for our own account and not with a view to any distribution of
        such
        Certificates (but without prejudice to our right at all times to sell or
        otherwise dispose of the Certificates in accordance with clause (g) below),
        (e)
        we agree that the Certificates must be held indefinitely by us and we
        acknowledge that we are able to bear the economic risk of investment in the
        Certificates, (f) we have not offered or sold any Certificates to, or solicited
        offers to buy any Certificates from, any person, or otherwise approached
        or
        negotiated with any person with respect thereto, or taken any other action
        which
        would result in a violation of Section 5 of the Act, (g) we will not sell,
        transfer or otherwise dispose of any Certificates unless (1) such sale, transfer
        or other disposition is made pursuant to an effective registration statement
        under the Act or is exempt from such registration requirements, and if
        requested, we will at our expense provide an opinion of counsel satisfactory
        to
        the addressees of this Certificate that such sale, transfer or other disposition
        may be made pursuant to an exemption from the Act, (2) the purchaser or
        transferee of such Certificate has executed and delivered to you a certificate
        to substantially the same effect as this certificate, and (3) the purchaser
        or
        transferee has otherwise complied with any conditions for transfer set forth
        in
        the Pooling and Servicing Agreement and (h) we acknowledge that the Certificates
        will bear a legend setting forth the applicable restrictions on
        transfer.

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                [NAME
                  OF TRANSFEREE]

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Officer

              
	 	 	 	 	 	 	 	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        J-2

       

      FORM
        OF INVESTMENT LETTER RULE 144A

       

      [DATE]

       

      Citigroup
        Mortgage Loan Trust Inc.

      390
        Greenwich Street

      New
        York,
        New York 10013

       

      JPMorgan
        Chase Bank, National Association

      4
        New
        York Plaza

      6th
        Floor

      New
        York,
        New York 10004

      Attention:
        Worldwide Securities Services- Structured Finance Services

      Citigroup
        C-BASS 2006-CB3

      

      
        	 	
                Re:

              	
                C-BASS
                  Mortgage Loan Asset-Backed Certificates, Series
                  2006-CB3

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the C-BASS Mortgage Loan Asset-Backed
        Certificates, Series 2006-CB3 (the “Certificates”), we certify that (a) we
        understand that the Certificates are not being registered under the Securities
        Act of 1933, as amended (the “Act”), or any state securities laws and are being
        transferred to us in a transaction that is exempt from the registration
        requirements of the Act and any such laws, (b) we have had the opportunity
        to
        ask questions of and receive answers from the Depositor concerning the purchase
        of the Certificates and all matters relating thereto or any additional
        information deemed necessary to our decision to purchase the Certificates,
        (c)
        we have not, nor has anyone acting on our behalf offered, transferred, pledged,
        sold or otherwise disposed of the Certificates, any interest in the Certificates
        or any other similar security to, or solicited any offer to buy or accept
        a
        transfer, pledge or other disposition of the Certificates, any interest in
        the
        Certificates or any other similar security from, or otherwise approached
        or
        negotiated with respect to the Certificates, any interest in the Certificates
        or
        any other similar security with, any person in any manner, or made any general
        solicitation by means of general advertising or in any other manner, or taken
        any other action, that would constitute a distribution of the Certificates
        under
        the Securities Act or that would render the disposition of the Certificates
        a
        violation of Section 5 of the Securities Act or require registration pursuant
        thereto, nor will act, nor has authorized or will authorize any person to
        act,
        in such manner with respect to the Certificates, (d) we are a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act and have completed either of the forms of certification to that effect
        attached hereto as Annex 1 or Annex 2. We are aware that the sale to us is
        being
        made in reliance on Rule 144A. We are acquiring the Certificates for our
        own
        account or for resale pursuant to Rule 144A and further, understand that
        such
        Certificates may be resold, pledged or transferred only (i) to a person
        reasonably believed to be a qualified institutional buyer that purchases
        for its
        own account or for the account of a qualified institutional buyer to whom
        notice
        is given that the resale, pledge or transfer is being made in reliance on
        Rule
        144A, or (ii) pursuant to another exemption from registration under the
        Securities Act.

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                [NAME
                  OF TRANSFEREE]

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Officer

              
	 	 	 	 	 	 	 	 	 

      

      ANNEX
        1 TO EXHIBIT J

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [FOR
        TRANSFEREES OTHER THAN REGISTERED INVESTMENT COMPANIES]

       

      The
        undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
        the Rule 144A Transferee Certificate to which this certification relates
        with
        respect to the Certificates described therein:

       

      i. As
        indicated below, the undersigned is the President, Chief Financial Officer,
        Senior Vice President or other executive officer of the Buyer.

       

      ii. In
        connection with purchases by the Buyer, the Buyer is a “qualified institutional
        buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
        amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
        discretionary basis $            1 
        in
        securities (except for the excluded securities referred to below) as of the
        end
        of the Buyer's most recent fiscal year (such amount being calculated in
        accordance with Rule 144A and (ii) the Buyer satisfies the criteria in the
        category marked below.

       

      ___ Corporation,
        etc.
        The
        Buyer is a corporation (other than a bank, savings and loan association or
        similar institution), Massachusetts or similar business trust, partnership,
        or
        charitable organization described in Section 501(c)(3) of the Internal Revenue
        Code of 1986, as amended.

       

      ___ Bank.
        The
        Buyer (a) is a national bank or banking institution organized under the laws
        of
        any State, territory or the District of Columbia, the business of which is
        substantially confined to banking and is supervised by the State or territorial
        banking commission or similar official or is a foreign bank or equivalent
        institution, and (b) has an audited net worth of at least $25,000,000 as
        demonstrated in its latest annual financial statements, a
        copy
        of which is attached hereto.

       

      ___ Savings
        and Loan.
        The
        Buyer (a) is a savings and loan association, building and loan association,
        cooperative bank, homestead association or similar institution, which is
        supervised and examined by a State or Federal authority having supervision
        over
        any such institutions or is a foreign savings and loan association or equivalent
        institution and (b) has an audited net worth of at least $25,000,000 as
        demonstrated in its latest annual financial statements, a
        copy
        of which is attached hereto.

       

      ___ Broker-dealer.
        The
        Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange
        Act of 1934.

       

      ___ Insurance
        Company.
        The
        Buyer is an insurance company whose primary and predominant business activity
        is
        the writing of insurance or the reinsuring of risks underwritten by insurance
        companies and which is subject to supervision by the insurance commissioner
        or a
        similar official or agency of a State, territory or the District of
        Columbia.

       

      ___ State
        or Local Plan.
        The
        Buyer is a plan established and maintained by a State, its political
        subdivisions, or any agency or instrumentality of the State or its political
        subdivisions, for the benefit of its employees.

       

      ___ ERISA
        Plan.
        The
        Buyer is an employee benefit plan within the meaning of Title I of the Employee
        Retirement Income Security Act of 1974.

       

      ___ Investment
        Advisor.
        The
        Buyer is an investment advisor registered under the Investment Advisors Act
        of
        1940.

       

      ___ Small
        Business Investment Company.
        Buyer
        is a small business investment company licensed by the U.S. Small Business
        Administration under Section 301(c) or (d) of the Small Business Investment
        Act
        of 1958.

       

      ___ Business
        Development Company.
        Buyer
        is a business development company as defined in Section 202(a)(22) of the
        Investment Advisors Act of 1940.

       

      iii. The
        term
“securities”
as
        used
        herein does
        not include
        (i)
        securities of issuers that are affiliated with the Buyer, (ii) securities
        that
        are part of an unsold allotment to or subscription by the Buyer, if the Buyer
        is
        a dealer, (iii) securities issued or guaranteed by the U.S. or any
        instrumentality thereof, (iv) bank deposit notes and certificates of deposit,
        (v) loan participations, (vi) repurchase agreements, (vii) securities owned
        but
        subject to a repurchase agreement and (viii) currency, interest rate and
        commodity swaps.

       

      iv. For
        purposes of determining the aggregate amount of securities owned and/or invested
        on a discretionary basis by the Buyer, the Buyer used the cost of such
        securities to the Buyer and did not include any of the securities referred
        to in
        the preceding paragraph, except (i) where the Buyer reports its securities
        holdings in its financial statements on the basis of their market value,
        and
        (ii) no current information with respect to the cost of those securities
        has
        been published. If clause (ii) in the preceding sentence applies, the securities
        may be valued at market. Further, in determining such aggregate amount, the
        Buyer may have included securities owned by subsidiaries of the Buyer, but
        only
        if such subsidiaries are consolidated with the Buyer in its financial statements
        prepared in accordance with generally accepted accounting principles and
        if the
        investments of such subsidiaries are managed under the Buyer's direction.
        However, such securities were not included if the Buyer is a majority-owned,
        consolidated subsidiary of another enterprise and the Buyer is not itself
        a
        reporting company under the Securities Exchange Act of 1934, as
        amended.

       

      v. The
        Buyer
        acknowledges that it is familiar with Rule 144A and understands that the
        seller
        to it and other parties related to the Certificates are relying and will
        continue to rely on the statements made herein because one or more sales
        to the
        Buyer may be in reliance on Rule 144A.

       

      vi. Until
        the
        date of purchase of the Rule 144A Securities, the Buyer will notify each
        of the
        parties to which this certification is made of any changes in the information
        and conclusions herein. Until such notice is given, the Buyer's purchase
        of the
        Certificates will constitute a reaffirmation of this certification as of
        the
        date of such purchase. In addition, if the Buyer is a bank or savings and
        loan
        is provided above, the Buyer agrees that it will furnish to such parties
        updated
        annual financial statements promptly after they become available.

       

      
        	 	 	 	 	 	 	 	
                Print
                  Name of Buyer

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Date:

              	 

      

      ANNEX
        2 TO EXHIBIT J

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [FOR
        TRANSFEREES THAT ARE REGISTERED INVESTMENT COMPANIES]

       

      The
        undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
        the Rule 144A Transferee Certificate to which this certification relates
        with
        respect to the Certificates described therein:

       

      1. As
        indicated below, the undersigned is the President, Chief Financial Officer
        or
        Senior Vice President of the Buyer or, if the Buyer is a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
        Investment Companies (as defined below), is such an officer of the
        Adviser.

       

      2. In
        connection with purchases by Buyer, the Buyer is a “qualified institutional
        buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
        company registered under the Investment Company Act of 1940, as amended and
        (ii)
        as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
        owned at least $100,000,000 in securities (other than the excluded securities
        referred to below) as of the end of the Buyer's most recent fiscal year.
        For
        purposes of determining the amount of securities owned by the Buyer or the
        Buyer's Family of Investment Companies, the cost of such securities was used,
        except (i) where the Buyer or the Buyer's Family of Investment Companies
        reports
        its securities holdings in its financial statements on the basis of their
        market
        value, and (ii) no current information with respect to the cost of those
        securities has been published. If clause (ii) in the preceding sentence applies,
        the securities may be valued at market.

       

      ___ The
        Buyer
        owned $_______in securities (other than the excluded securities referred
        to
        below) as of the end of the Buyer's most recent fiscal year (such amount
        being
        calculated in accordance with Rule 144A).

       

      ___ The
        Buyer
        is part of a Family of Investment Companies which owned in the aggregate
        $_______ in securities (other than the excluded securities referred to below)
        as
        of the end of the Buyer's most recent fiscal year (such amount being calculated
        in accordance with Rule 144A).

       

      3. The
        term
“Family
        of Investment Companies”
as
        used
        herein means two or more registered investment companies (or series thereof)
        that have the same investment adviser or investment advisers that are affiliated
        (by virtue of being majority owned subsidiaries of the same parent or because
        one investment adviser is a majority owned subsidiary of the
        other).

       

      4. The
        term
“securities”
as
        used
        herein does not include (i) securities of issuers that are affiliated with
        the
        Buyer or are part of the Buyer's Family of Investment Companies, (ii) securities
        issued or guaranteed by the U.S. or any instrumentality thereof, (iii) bank
        deposit notes and certificates of deposit, (iv) loan participations, (v)
        repurchase agreements, (vi) securities owned but subject to a repurchase
        agreement and (vii) currency, interest rate and commodity swaps.

       

      5. The
        Buyer
        is familiar with Rule 144A and understands that the parties listed in the
        Rule
        144A Transferee Certificate to which this certification relates are relying
        and
        will continue to rely on the statements made herein because one or more sales
        to
        the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
        purchase for the Buyer's own account.

       

      6. Until
        the
        date of purchase of the Certificates, the undersigned will notify the parties
        listed in the Rule 144A Transferee Certificate to which this certification
        relates of any changes in the information and conclusions herein. Until such
        notice is given, the Buyer's purchase of the Certificates will constitute
        a
        reaffirmation of this certification by the undersigned as of the date of
        such
        purchase.

       

      
        	 	 	 	 	 	 	 	
                Print
                  Name of Buyer or Adviser

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                IF
                  AN ADVISER:

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Print
                  Name of Buyer

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Date:

              	 
	 	 	 	 	 	 	 	 

      

      

      

        

      

      
        
          1 Buyer
            must own and/or invest on a discretionary basis at least $__________
            in
            securities unless Buyer is a dealer, and, in that case, Buyer must own
            and/or
            invest on a discretionary basis at least $__________ in
            securities.

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        K

       

      FORM
        OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT

       

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2006-CB3

       

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

       

      The
        undersigned, being first duly sworn, deposes and says as follows:

       

      1. The
        undersigned is [an officer of]                     ,
        the
        proposed Transferee of an Ownership Interest in a [Class R and/or Class R-X
        Certificates] (the “Certificates”) issued pursuant to the Pooling and Servicing
        Agreement, (the “Agreement”), relating to the above-referenced Certificates,
        among Citigroup Mortgage Loan Trust Inc., as depositor, Credit-Based Asset
        Servicing and Securitization LLC, as Sponsor, Litton Loan Servicing LP, as
        servicer and JPMorgan Chase Bank, National Association, as trustee. Capitalized
        terms used, but not defined herein shall have the meanings ascribed to such
        terms in the Agreement. The Transferee has authorized the undersigned to
        make
        this affidavit on behalf of the Transferee.

       

      2. The
        Transferee is, as of the date hereof, and will be, as of the date of the
        Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
        Interest in the Certificates either (i) for its own account or (ii) as nominee,
        trustee or agent for another Person and has attached hereto an affidavit
        from
        such Person in substantially the same form as this affidavit. The Transferee
        has
        no knowledge that any such affidavit is false.

       

      3. The
        Transferee has been advised of, and understands that (i) a tax will be imposed
        on Transfers of the Certificates to Persons that are not Permitted Transferees;
        (ii) such tax will be imposed on the transferor, or, if such Transfer is
        through
        an agent (which includes a broker, nominee or middleman) for a Person that
        is
        not a Permitted Transferee, on the agent; and (iii) the Person otherwise
        liable
        for the tax shall be relieved of liability for the tax if the subsequent
        Transferee furnished to such Person an affidavit that such subsequent Transferee
        is a Permitted Transferee and, at the time of Transfer, such Person does
        not
        have actual knowledge that the affidavit is false.

       

      4. The
        Transferee has been advised of, and understands that a tax will be imposed
        on a
“pass-through entity” holding the Certificates if at any time during the taxable
        year of the pass-through entity a Person that is not a Permitted Transferee
        is
        the record holder of an interest in such entity. The Transferee understands
        that
        such tax will not be imposed for any period with respect to which the record
        holder furnishes to the pass-through entity an affidavit that such record
        holder
        is a Permitted Transferee and the pass-through entity does not have actual
        knowledge that such affidavit is false. (For this purpose, a “pass-through
        entity” includes a regulated investment company, a real estate investment trust
        or common trust fund, a partnership, trust or estate, and certain cooperatives
        and, except as may be provided in Treasury Regulations, persons holding
        interests in pass-through entities as a nominee for another
        Person.)

       

      5. The
        Transferee has reviewed the provisions of Section 5.02(d) of the Agreement
        and
        understands the legal consequences of the acquisition of an Ownership Interest
        in the Certificates including, without limitation, the restrictions on
        subsequent Transfers and the provisions regarding voiding the Transfer and
        mandatory sales. The Transferee expressly agrees to be bound by and to abide
        by
        the provisions of Section 5.02(d) of the Agreement and the restrictions noted
        on
        the face of the Certificates. The Transferee understands and agrees that
        any
        breach of any of the representations included herein shall render the Transfer
        to the Transferee contemplated hereby null and void.

       

      6. The
        Transferee agrees to require a Transfer Affidavit from any Person to whom
        the
        Transferee attempts to Transfer its Ownership Interest in the Certificates,
        and
        in connection with any Transfer by a Person for whom the Transferee is acting
        as
        nominee, trustee or agent, and the Transferee will not Transfer its Ownership
        Interest or cause any Ownership Interest to be Transferred to any Person
        that
        the Transferee knows is not a Permitted Transferee. In connection with any
        such
        Transfer by the Transferee, the Transferee agrees to deliver to the Trustee
        a
        certificate substantially in the form set forth in this Exhibit K to the
        Agreement (a “Transferor Certificate”) to the effect that such Transferee has no
        actual knowledge that the Person to which the Transfer is to be made is not
        a
        Permitted Transferee.

       

      7. The
        Transferee does not have the intention to impede the assessment or collection
        of
        any tax legally required to be paid with respect to the
        Certificates.

       

      8. The
        Transferee's taxpayer identification number is_________.

       

      9. The
        Transferee is a U.S. Person as defined in Code Section 7701(a)(30).

       

      10. The
        Transferee is aware that the Certificates may be a “noneconomic residual
        interest” within the meaning of proposed Treasury regulations promulgated
        pursuant to the Code and that the transferor of a noneconomic residual interest
        will remain liable for any taxes due with respect to the income on such residual
        interest, unless no significant purpose of the transfer was to impede the
        assessment or collection of tax.

       

      11. The
        Transferee is not an employee benefit plan that is subject to ERISA or a
        plan
        that is subject to Section 4975 of the Code, nor are we acting on behalf
        of such
        a plan.

      IN
        WITNESS WHEREOF, the Transferee has caused this instrument to be executed
        on its
        behalf, pursuant to authority of its Board of Directors, by its duly authorized
        officer and its corporate seal to be hereunto affixed, duly attested, this
        __ ay
        of ________,
        20_.

       

      
        	 	 	 	 	 	 	 	
                [NAME
                  OF TRANSFEREE]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	 	 

      

      

       

      [Corporate
        Seal]

       

      ATTEST:

       

      [Assistant]
        Secretary

       

      Personally
        appeared before me the above-named _______, known or proved to me to be the
        same
        person who executed the foregoing instrument and to be the ___________ of
        the
        Transferee, and acknowledged that he executed the same as his free act and
        deed
        and the free act and deed of the Transferee.

       

      Subscribed
        and sworn before me this ___
        day of
        _______, 20__

       

      NOTARY
        PUBLIC

       

      My
        Commission expires the     
        day

       

      of_______,
        20  .

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        L

       

      FORM
        OF TRANSFEROR CERTIFICATE

       

      [DATE]

       

      JPMorgan
        Chase Bank, National Association

      4
        New
        York Plaza

      6th
        Floor

      New
        York,
        New York 10004

      Attention:
        Worldwide Securities Services- Structured Finance Services

      Citigroup
        C-BASS 2006-CB3

      

      

      Citigroup
        Mortgage Loan Trust Inc.

      390
        Greenwich Street

      New
        York,
        New York 10013

       

      
        	 	
                Re:

              	
                C-BASS
                  Mortgage Loan Asset-Backed Certificates, Series
                  2006-CB3

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our disposition of the C-BASS Mortgage Loan Asset-Backed
        Certificates, Series 2006-CB3 (the “Certificates”), we certify that (a) we
        understand that the Certificates have not been registered under the Securities
        Act of 1933, as amended (the “Act”), and are being disposed by us in a
        transaction that is exempt from the registration requirements of the Act,
        (b) we
        have not offered or sold any Certificates to, or solicited offers to buy
        any
        Certificates from, any person, or otherwise approached or negotiated with
        any
        person with respect thereto, in a manner that would be deemed, or taken any
        other action which would result in, a violation of Section 5 of the Act,
        (c) [in
        the case of a Residual Certificate only] to the extent we are disposing of
        a
        Class [R, or R-X] Certificate, we have no knowledge the Transferee is not
        a
        Permitted Transferee and (d) [in the case of a Residual Certificate only]
        no
        purpose of the proposed disposition of a Class [R, or R-X] Certificate is
        to
        impede the assessment or collection of tax.

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                [TRANSFEROR]

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        M

       

      MONTHLY
        INFORMATION PROVIDED BY SERVICER

       

      
        	
                1.

              	
                With
                  respect to the Mortgage Pool, the number and Principal Balances
                  of all
                  Mortgage Loans which were the subject of Principal Prepayments
                  during the
                  related Due Period.

              

      

       

      
        	
                2.

              	
                With
                  respect to the Mortgage Pool, the amount of all curtailments which
                  were
                  received during the related Due
                  Period.

              

      

       

      
        	
                3.

              	
                With
                  respect to the Mortgage Pool, the aggregate amount of principal
                  portion of
                  all Monthly Payments received during the related Due
                  Period.

              

      

       

      
        	
                4.

              	
                With
                  respect to the Mortgage Pool, the amount of interest received on
                  the
                  Mortgage Loans during the related Due
                  Period.

              

      

       

      
        	
                5.

              	
                With
                  respect to the Mortgage Pool, the aggregate amount of the Advances
                  made
                  and recovered with respect to such Distribution
                  Date.

              

      

       

      
        	
                6.

              	
                With
                  respect to the Mortgage Pool, the delinquency and foreclosure information
                  and the amount of Mortgage Loan Losses during the related Due
                  Period.

              

      

       

      
        	
                7.

              	
                With
                  respect to the Mortgage Pool, the weighted average maturity, the
                  weighted
                  average Mortgage Interest Rate and the weighted average Net Mortgage
                  Interest Rate as of the last day of the Due Period preceding of
                  the
                  related Interest Accrual Period.

              

      

       

      
        	
                8.

              	
                The
                  Servicing Fees paid and Servicing Fees accrued during the related
                  Due
                  Period.

              

      

       

      
        	
                9.

              	
                The
                  amount of all payments or reimbursements to the Servicer paid or
                  to be
                  paid since the prior Distribution Date (or in the case of the first
                  Distribution Date, since the Closing
                  Date).

              

      

       

      
        	
                10.

              	
                The
                  Pool Balance.

              

      

       

      
        	
                11.

              	
                With
                  respect to the Mortgage Pool, the number of Mortgage Loans outstanding
                  at
                  the beginning and at the end of the related Due
                  Period.

              

      

       

      
        	
                12.

              	
                The
                  aggregate interest accrued on the Mortgage Loans at their respective
                  Mortgage Interest Rates for the related Due
                  Period.

              

      

       

      
        	
                13.

              	
                The
                  amount deposited in the Collection Account which may not be withdrawn
                  therefrom pursuant to an Order of a United States Bankruptcy Court
                  of
                  competent jurisdiction imposing a stay pursuant to Section 362 of
                  U.S. Bankruptcy Code.

              

      

       

      
        	
                14.

              	
                The
                  aggregate Realized Losses since the Cut-off Date as of the end
                  of the
                  related Due Period.

              

      

       

      
        	
                15.

              	
                The
                  Net WAC Rate Carryover Amount for the Certificates, if any, with
                  respect
                  to such Distribution Date.

              

      

       

      
        	
                16.

              	
                The
                  Overcollateralized Amount, the Targeted Overcollateralization Amount
                  and
                  any Overcollateralization Deficiency, in each case after giving
                  effect to
                  distributions on such Distribution
                  Date.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        N

       

      FORM
        OF OFFICER'S CERTIFICATE WITH RESPECT TO PREPAYMENTS

       

      Officer's
        Certificate

      C-BASS
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2006-CB3

       

      [DATE]

       

      VIA
        FACSIMILE

       

      JPMorgan
        Chase Bank, National Association

      4
        New
        York Plaza

      6th
        Floor

      New
        York,
        New York 10004

      Attention:
        Worldwide Securities Services- Structured Finance Services

      Citigroup
        C-BASS 2006-CB3

      

       

      
        	 	
                Re:

              	
                Prepayments

              

      

       

      Dear
        Sir
        or Madam:

       

      __________________
        hereby certifies that he/she is an officer of the Servicer, holding the office
        set forth beneath his/her name and hereby further certifies as
        follows:

       

      With
        respect to the Mortgage Loans set forth in the attached schedule:

       

      
        	 	
                1.

              	
                A
                  Principal Prepayment in full was received during the related Collection
                  Period;

              

      

       

      2. Any
        prepayment penalty due under the terms of the Mortgage Note with respect
        to such
        Principal Prepayment in full was received from the mortgagor and deposited
        in
        the Collection Account: ____
        Yes ____
        No

       

      
        	 	
                3.

              	
                As
                  to each Mortgage Loan so noted on the attached schedule, all or
                  part of
                  the prepayment penalty required in connection with the Principal
                  Prepayment in full was waived based upon (Circle
                  one):

              

      

       

      (i) the
        Servicer's determination that such waiver would maximize recovery of Liquidation
        Proceeds for such Mortgage Loan, taking into account the value of such
        prepayment penalty, or

       

      (ii)(A)
        the enforceability thereof be limited (1) by bankruptcy insolvency, moratorium,
        receivership, or other similar law relating to creditors' rights generally
        or
        (2) due to acceleration in connection with a foreclosure or other involuntary
        payment, or (B) the enforceability is otherwise limited or prohibited by
        applicable law;

       

      
        	 	
                4.

              	
                We
                  certify that all amounts due in connection with the waiver of a
                  prepayment
                  penalty inconsistent with number 3 above which are required to
                  be
                  deposited by the Servicer pursuant to Section 3.01 of the Pooling
                  and
                  Servicing Agreement, have been or will be so
                  deposited.

              

      

       

      Capitalized
        terms used herein shall have the meanings ascribed to such terms in the Pooling
        and Servicing Agreement, dated March 1, 2006, among Citigroup Mortgage Loan
        Trust Inc., as depositor, Credit-Based Asset Servicing and Securitization
        LLC,
        as Sponsor, Litton Loan Servicing LP, as servicer and JPMorgan Chase Bank,
        National Association, as trustee.

       

      
        	 	 	 	 	 	 	 	
                LITTON
                  LOAN SERVICING LP

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        O-1

       

      FORM
        OF
        CERTIFICATION TO BE PROVIDED BY THE SERVICER WITH FORM 10-K

       

      CERTIFICATION

       

      1. I
        have
        reviewed the report on Form 10-K and all reports on Form 10-D required to
        be
        filed in respect of the period covered by this report on Form 10-K of [identify
        the issuing entity] (the “Exchange Act Periodic Reports”);

       

      2. Based
        on
        my knowledge, the Exchange Act Periodic Reports, taken as a whole, do not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in light of the circumstances under
        which
        such statements were made, not misleading with respect to the period covered
        by
        this report;

       

      3. Based
        on
        my knowledge, all of the distribution, servicing and other information required
        to be provided under Form 10-D for the period covered by this report is included
        in the Exchange Act Periodic Reports;

       

      4. [I
        am
        responsible for reviewing the activities performed by the servicer(s) and
        based
        on my knowledge and the compliance review(s) conducted in preparing the servicer
        compliance statement(s) required in this report under Item 1123 of Regulation
        AB, and except as disclosed in the Exchange Act Periodic Reports, the
        servicer(s) [has/have] fulfilled [its/their] obligations under the servicing
        agreement(s)]; and

       

      5. All
        of
        the reports on assessment of compliance with servicing criteria for ABS and
        their related attestation reports on assessment of compliance with servicing
        criteria for asset-backed securities required to be included in this report
        in
        accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
        and
        15d-18 have been included as an exhibit to this report, except as otherwise
        disclosed in this report. Any material instances of noncompliance described
        in
        such reports have been disclosed in this report on Form 10-K.

       

      [In
        giving the certifications above, I have reasonably relied on information
        provided to me by the following unaffiliated parties [name of servicer,
        sub-servicer, co-servicer, depositor, custodian or trustee].

       

      
        	 	 	 	 	 	 	 	
                LITTON
                  LOAN SERVICING LP

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	
                Date:

              	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        O-2

       

      FORM
        OF
        CERTIFICATION TO BE

      PROVIDED
        TO SERVICER BY THE TRUSTEE

       

      
        	 	
                Re:

              	
                C-BASS
                  Mortgage Loan Asset-Backed Certificates, Series
                  2006-CB3

              

      

       

      Reference
        is made to the Pooling and Servicing Agreement, dated as of March 1, 2006
        (the
“Pooling Agreement”), by and among JPMorgan Chase Bank, National Association
        (the “Trustee”), Credit-Based Asset Servicing and Securitization LLC, as
        Sponsor, Litton Loan Servicing LP, as servicer (the “Servicer”) and Citigroup
        Mortgage Loan Trust, Inc., as depositor (the “Depositor”). The Trustee hereby
        certifies to the Servicer and its officers, directors and affiliates, and
        with
        the knowledge and intent that they will rely upon this certification,
        that:

       

      (i) The
        Trustee has reviewed the annual report on Form 10-K for the fiscal year [
        ], and
        all reports on Form 10-D containing distribution reports filed in respect
        of
        periods included in the year covered by that annual report, relating to the
        above-referenced trust;

       

      (ii) Subject
        to paragraph (iv), the distribution information in the distribution reports
        contained in all Monthly Form 10-D’s included in the year covered by the annual
        report on Form 10-K for the calendar year [___], taken as a whole, does not
        contain any untrue statement of a material fact or omit to state a material
        fact
        required by the Pooling Agreement to be included therein and necessary to
        make
        the statements made, in light of the circumstances under which such statements
        were made, not misleading as of the last day of the period covered by that
        annual report;

       

      (iii) The
        distribution information required to be provided by the Trustee under the
        Pooling Agreement is included in these reports.

       

      (iv) In
        compiling the distribution information and making the foregoing certifications,
        the Trustee has relied upon information furnished to it by the Servicer under
        the Agreement. The Trustee shall have no responsibility or liability for
        any
        inaccuracy in such reports resulting from information so provided by the
        Servicer.

       

      
        	 	 	 	 	 	 	 	
                JPMORGAN
                  CHASE BANK, NATIONAL 

                ASSOCIATION,

                as
                  Trustee

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	
                Date:

              	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        P

       

      FORM
        OF POWER OF ATTORNEY

       

      RECORDING
        REQUESTED BY

      AND
        WHEN
        RECORDED MAIL TO

      LITTON
        LOAN SERVICING LP

      4828
        Loop
        Central Drive

      Houston,
        Texas 77081

      Attn:
        _________________________________

       

      LIMITED
        POWER OF ATTORNEY

       

      KNOW
        ALL
        MEN BY THESE PRESENTS, that JPMorgan Chase Bank, National Association, having
        its principal place of business at 4 New York Plaza, 6th
        Floor,
        New York, New York 10004-2477, as Trustee (the “Trustee”) pursuant to that
        Pooling and Servicing Agreement among Citigroup Mortgage Loan Trust Inc.
        as
        depositor (the “Depositor”), Litton Loan Servicing LP as servicer (the
“Servicer”), Credit-Based Asset Servicing and Securities LLC as sponsor (the
“Sponsor”) and the Trustee, dated as of March 1, 2006 (the “Pooling and
        Servicing Agreement”), hereby constitutes and appoints the Servicer, by and
        through the Servicer’s officers, the Trustee’s true and lawful Attorney-in-Fact,
        in the Trustee’s name, place and stead and for the Trustee’s benefit, in
        connection with all mortgage loans serviced by the Servicer pursuant to the
        Pooling and Servicing Agreement for the purpose of performing all acts and
        executing all documents in the name of the Trustee as may be customarily
        and
        reasonably necessary and appropriate to effectuate the following enumerated
        transactions in respect of any of the mortgages or deeds of trust (the
“Mortgages” and the “Deeds of Trust”, respectively) and promissory notes secured
        thereby (the “Mortgage Notes”) for which the undersigned is acting as Trustee
        for various certificateholders (whether the undersigned is named therein
        as
        mortgagee or beneficiary or has become mortgagee by virtue of endorsement
        of the
        Mortgage Note secured by any such Mortgage or Deed of Trust) and for which
        the
        Servicer is acting as servicer, all subject to the terms of the Pooling and
        Servicing Agreement.

       

      This
        appointment shall apply to the following enumerated transactions
        only:

       

      1. The
        modification or re-recording of a Mortgage or Deed of Trust, where said
        modification or re-recordings is for the purpose of correcting the Mortgage
        or
        Deed of Trust to conform same to the original intent of the parties thereto
        or
        to correct title errors discovered after such title insurance was issued
        and
        said modification or re-recording, in either instance, does not adversely
        affect
        the lien of the Mortgage or Deed of Trust as insured.

       

      2. The
        subordination of the lien of a Mortgage or Deed of Trust to an easement in
        favor
        of a public utility company of a government agency or unit with powers of
        eminent domain; this section shall include, without limitation, the execution
        of
        partial satisfactions/releases, partial reconveyances or the execution or
        requests to trustees to accomplish same.

       

      3. The
        conveyance of the properties to the mortgage insurer, or the closing of the
        title to the property to be acquired as real estate owned, or conveyance
        of
        title to real estate owned.

       

      4. The
        completion of loan assumption agreements.

       

      5. 
        The full
        satisfaction/release of a Mortgage or Deed of Trust or full conveyance upon
        payment and discharge of all sums secured thereby, including, without
        limitation, cancellation of the related Mortgage Note.

       

      6. The
        assignment of any Mortgage or Deed of Trust and the related Mortgage Note,
        in
        connection with the repurchase of the mortgage loan secured and evidenced
        thereby.

       

      7. The
        full
        assignment of a Mortgage or Deed of Trust upon payment and discharge of all
        sums
        secured thereby in conjunction with the refinancing thereof, including, without
        limitation, the assignment of the related Mortgage Note.

       

      8. With
        respect to a Mortgage or Deed of Trust, the foreclosure, the taking of a
        deed in
        lieu of foreclosure, or the completion of judicial or non-judicial foreclosure
        or termination, cancellation or rescission of any such foreclosure, including,
        without limitation, any and all of the following acts:

       

      a. the
        substitution of trustee(s) serving under a Deed of Trust, in accordance with
        state law and the Deed of Trust;

       

      b. the
        preparation and issuance of statements of breach or
        non-performance;

       

      c. the
        preparation and filing of notices of default and/or notices of
        sale;

       

      d. the
        cancellation/rescission of notices of default and/or notices of
        sale;

       

      e. the
        taking of a deed in lieu of foreclosure; and

       

      f. the
        preparation and execution of such other documents and performance of such
        other
        actions as may be necessary under the terms of the Mortgage, Deed of Trust
        or
        state law to expeditiously complete said transactions in paragraphs 8.a.
        through
        8.e., above.

       

      The
        undersigned gives said Attorney-in-Fact full power and authority to execute
        such
        instruments and to do and perform all and every act and thing necessary and
        proper to carry into effect the power or powers granted by or under this
        Limited
        Power of Attorney as fully as the undersigned might or could do, and hereby
        does
        ratify and confirm to all that said Attorney-in-Fact shall lawfully do or
        cause
        to be done by authority hereof.

       

      This
        Power of Attorney is effective for one (1) year from the date hereof or the
        earlier of (i) revocation by the Bank, (ii) the Attorney shall no longer
        be
        retained on behalf of the Bank or an affiliate of the Bank; or (iii) the
        expiration of one year from the date of execution.

       

      The
        authority granted to the attorney-in-fact by the Power of Attorney is not
        transferable to any other party or entity.

       

      IN
        WITNESS WHEREOF, JPMorgan Chase Bank, National Association as Trustee pursuant
        to that Pooling and Servicing Agreement among the Depositor, the Servicer,
        and
        the Trustee, dated as of March 1, 2006 (Citigroup Mortgage Loan Trust, Series
        2006-CB3, C-BASS Mortgage Loan Asset-Backed Certificates), has caused its
        corporate seal to be hereto affixed and these presents to be signed and
        acknowledged in its name and behalf by _______ its duly elected and authorized
        ______________ this _____ day of ______, 200__.

       

      
        	 	 	 	 	 	 	
                As
                  Trustee for Citigroup Mortgage Loan Trust, Series 2006-CB3, C-BASS
                  Mortgage Loan 

                Asset-Backed
                  Certificates

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

       

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

       

      On
        ___________, 200__, before me, the undersigned, a Notary Public in and for
        said
        state, personally appeared ___________, Vice President of JPMorgan Chase
        Bank,
        National Association as Trustee for Citigroup Mortgage Loan Trust, Series
        2006-CB3 C-BASS Mortgage Loan Asset-Backed Certificates, personally known
        to me
        to be the person whose name is subscribed to the within instrument and
        acknowledged to me that he/she executed that same in his/her authorized
        capacity, and that by his/her signature on the instrument the entity upon
        behalf
        of which the person acted and executed the instrument.

       

      WITNESS
        my hand and official seal.

      (SEAL)

      Notary
        Public

      

      My
        Commission Expires ________________________

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        Q

       

      FORM
        OF INTEREST RATE SWAP AGREEMENT

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

        (Multicurrency
          - Cross Border)

         

        ISDA®

        International
          Swap Dealers Association, Inc.

        MASTER
          AGREEMENT

        dated
          as
          of March 30, 2006

        

        
          	
                  THE
                    BANK OF NEW YORK

                	
                  and

                	
                  JPMORGAN
                    CHASE BANK, NATIONAL ASSOCIATION, NOT INDIVIDUALLY, BUT SOLELY
                    AS TRUSTEE
                    on behalf of the Supplemental Interest Trust with respect to
                    the C-Bass
                    Mortgage Loan Asset-Backed Certificates, Series
                    2006-CB3.

                

        

        

        have
          entered and/or anticipate entering into one or more transactions (each
          a
“Transaction”) that are or will be governed by this Master Agreement which
          includes the schedule (the “Schedule”), and the documents and other confirming
          evidence (each a “Confirmation”) exchanged between the parties confirming those
          Transactions.

         

        Accordingly,
          the parties agree as follows: -

         

        
          	
                  1.

                	
                  Interpretation

                

        

         

        
          	
                  (a)

                	
                  Definitions.
                     The
                    terms defined in Section 14 and in the Schedule will have the
                    meanings
                    therein specified for the purpose of this Master
                    Agreement.

                

        

         

        
          	
                  (b)

                	
                  Inconsistency. In
                    the event of any inconsistency between the provisions of the
                    Schedule and
                    the other provisions of this Master Agreement, the Schedule will
                    prevail.
                    In the event of any inconsistency between the provisions of any
                    Confirmation and this Master Agreement (including the Schedule),
                    such
                    Confirmation will prevail for the purpose of the relevant
                    Transaction.

                

        

         

        
          	
                  (c)

                	
                  Single
                    Agreement. All
                    Transactions are entered into in reliance on the fact that this
                    Master
                    Agreement and all Confirmations form a single agreement between
                    the
                    parties (collectively referred to as this “Agreement”), and the parties
                    would not otherwise enter into any
                    Transactions.

                

        

         

        
          	
                  2.

                	
                  Obligations

                

        

         

        
          
            	
                    (a)

                  	
                    General
                      Conditions.

                  

          

           

        

        
          	 	
                  (i)

                	
                  Each
                    party will make each payment or delivery specified in each Confirmation
                    to
                    be made by it, subject to the other provisions of this
                    Agreement.

                

        

         

        
          	 	
                  (ii)

                	
                  Payments
                    under this Agreement will be made on the due date for value on
                    that date
                    in the place of the account specified in the relevant Confirmation
                    or
                    otherwise pursuant to this Agreement, in freely transferable
                    funds and in
                    the manner customary for payments in the required currency. Where
                    settlement is by delivery (that is, other than by payment), such
                    delivery
                    will be made for receipt on the due date in the manner customary
                    for the
                    relevant obligation unless otherwise specified in the relevant
                    Confirmation or elsewhere in this
                    Agreement.

                

        

         

        
          	 	
                  (iii)

                	
                  Each
                    obligation of each party under Section 2(a)(i) is subject to
                    (1) the
                    condition precedent that no Event of Default or Potential Event
                    of Default
                    with respect to the other party, has occurred and is continuing,
                    (2) the
                    condition precedent that no Early Termination Date in respect
                    of the
                    relevant Transaction has occurred or been effectively designated
                    and (3)
                    each other applicable condition precedent specified in this
                    Agreement.

                

        

         

        Copyright
          © 1992 by International Swap Dealers Association, Inc.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        value
          of
          that which was (or would have been) required to be delivered as of the
          originally scheduled date for delivery, in each case together with (to
          the
          extent permitted under applicable law) interest, in the currency of such
          amounts, from (and including) the date such amounts or obligations were
          or would
          have been required to have been paid or performed to (but excluding) such
          Early
          Termination Date, at the Applicable Rate. Such amounts of interest will
          be
          calculated on the basis of daily compounding and the actual number of days
          elapsed. The fair market value of any obligation referred to in clause
          (b) above
          shall be reasonably determined by the party obliged to make the determination
          under Section 6(e) or, if each party is so obliged, it shall be the average
          of
          the Termination Currency Equivalents of the fair market values reasonably
          determined by both parties.

        IN
          WITNESS WHEREOF the parties have executed this document on the respective
          dates
          specified below with effect from the date specified on the first page of
          this
          document.

         

        

        
          	
                  THE
                    BANK OF NEW YORK

                	
                  JPMORGAN
                    CHASE BANK, NATIONAL ASSOCIATION, NOT INDIVIDUALLY, BUT SOLELY
                    AS TRUSTEE
                    on behalf of the Supplemental Interest Trust with respect to
                    the C-Bass
                    Mortgage Loan Asset-Backed Certificates, Series
                    2006-CB3.

                
	 	 
	 	 
	
                  (Name
                    of Party)

                	
                  (Name
                    of Party)

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                  By:

                	 	
                  By:

                	 
	
                  Name:

                	 	 	 	 	 	 	
                  Name:

                	 
	
                  Title:

                	 	 	 	 	 	 	
                  Title:

                	 

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        (Multicurrency
          — Cross Border)

        

        ISDA®

        International
          Swap Dealers Association, Inc.

        SCHEDULE

        to
          the

        Master
          Agreement

        dated
          as
          of March 30, 2006

         

        

         

        between
          THE
          BANK OF NEW YORK
          (“Party
          A”),
          a
          banking organization duly organized and existing under the laws of the
          State of
          New York and JPMORGAN
          CHASE BANK, NATIONAL ASSOCIATION, NOT INDIVIDUALLY, BUT SOLELY AS
          TRUSTEE
          (the “Trustee”)
          on behalf of the Supplemental Interest Trust with respect to the C-Bass
          Mortgage
          Loan Asset-Backed Certificates, Series 2006-CB3 (the “Trust”)
          formed pursuant to the Pooling and Servicing Agreement, dated as of March
          1,
          2006, among Citigroup Mortgage Loan Trust Inc., as depositor (the “Depositor”),
          Credit-Based Asset Servicing and Securitization LLC, as seller (the
“Seller”),
          Litton Loan Servicing LP, as servicer (the “Servicer”)
          and the Trustee (the “Pooling
          Agreement”)
          (“Party
          B”).

         

        Part
          1. Termination
          Provisions.

         

        
          	
                  (a)

                	
                  “Specified
                    Entity”
                    means in relation to Party A for the purpose
                    of:

                

        

         

        Section
          5(a)(v),  none.

         

        Section
          5(a)(vi),  none.

         

        Section
          5(a)(vii),  none.

         

        Section
          5(b)(iv),  none.

         

        and
          in
          relation to Party B for the purpose of:

         

        Section
          5(a)(v), none.

         

        Section
          5(a)(vi), none.

         

        Section
          5(a)(vii), none.

         

        Section
          5(b)(iv),  none.

         

        
          	
                  (b)

                	
                  “Specified
                    Transaction”
                    will have no meaning with respect to either
                    party.

                

        

         

        
          	
                  (c)

                	
                  Events
                    of Default.
                    The following Events of Default will not apply to the party or
                    parties so
                    specified below, and the definition of “Event of Default” in Section 14 is
                    deemed to be modified accordingly:

                

        

         

        
          	 	
                  (i)

                	
                  The
                    “Breach
                    of Agreement”
                    provision of Section 5(a)(ii) will not apply to Party A or Party
                    B.

                

        

         

        
          	 	
                  (ii)

                	
                  The
                    “Credit
                    Support Default”
                    provisions of Section 5(a)(iii) will not apply to Party A or
                    Party
                    B.

                

        

         

        
          	 	
                  (iii)

                	
                  The
                    “Misrepresentation”
                    provisions of Section 5(a)(iv) will not apply to Party A or Party
                    B.

                

        

         

        
          	 	
                  (iv)

                	
                  The
                    “Default
                    under Specified Transaction”
                    is not applicable to Party A or Party B for any purpose, and,
                    accordingly,
                    Section 5(a)(v) shall not apply to Party A or Party
                    B.

                

        

         

        
          	 	
                  (v)

                	
                  The
                    “Cross
                    Default”
                    provisions of Section 5(a)(vi) will not apply to Party A or Party
                    B.

                

        

         

        
          	 	
                  (vi)

                	
                  The
                    “Bankruptcy”
                    provisions of Section 5(a)(vii)(2) will not apply to Party
                    B.

                

        

         

        
          	 	
                  (vii)

                	
                  The
                    “Credit
                    Event Upon Merger”
                    provisions of Section 5(b)(iv) will not apply to Party A or Party
                    B.

                

        

         

        
          	
                  (d)

                	
                  The
                    “Automatic
                    Early Termination”
                    provision of Section 6(a) will not apply to Party A and will
                    not apply to
                    Party B.

                

        

         

        
          	
                  (e)

                	
                  Payments
                    on Early Termination.
                    For the purpose of Section 6(e) of this
                    Agreement:

                

        

         

        

          
            	 	
                    (i)

                  	
                    Market
                      Quotation will apply.

                  

          

           

          
            	 	
                    (ii)

                  	
                    Second
                      Method will apply.

                  

          

           

        

        
          	
                  (f)

                	
                  “Termination
                    Currency”
                    means United States dollars.

                

        

         

        
          	
                  (g)

                	
                  Additional
                    Termination Event will
                    apply.
                    The following shall constitute Additional Termination Events,
                    and the
                    party specified shall be the sole Affected Party with respect
                    thereto:—

                

        

         

        
          	 	
                  (i)

                	
                  Termination
                    of Trust Fund.
                    The Trust or Trust Fund shall be terminated pursuant to any provision
                    of
                    the Pooling Agreement. The Early Termination Date with respect
                    to such
                    Additional Termination Event shall be the Distribution Date upon
                    which the
                    Trust or Trust Fund is terminated and final payment is made in
                    respect of
                    the Certificates. Party B shall be the sole Affected
                    Party.

                

        

         

        
          	 	
                  (ii)

                	
                  Inability
                    to Pay Certificates.
                    If
                    the Trust is unable to pay its Class A Certificates or fails
                    or admits in
                    writing its inability to pay its Class A Certificates as they
                    become due.
                    Party B shall be the sole Affected
                    Party.

                

        

         

        
          	 	
                  (iii)

                	
                  Amendment
                    of Pooling Agreement.
                    If the Pooling Agreement is amended in a manner which could have
                    a
                    material adverse affect on Party A without first obtaining the
                    prior
                    written consent of Party A. Party B shall be the sole Affected
                    Party.

                

        

         

        
          	 	
                  (iv)

                	
                  Ratings
                    and Downgrade Events.
                    If
                    a Ratings Event or Downgrade Event (each as defined in Part 5(d)
                    hereof)
                    has occurred and Party A has not complied with the requirements
                    set forth
                    in Part 5(d). Party A shall be the sole Affected
                    Party.

                

        

         

        
          	 	
                  (v)

                	
                  Regulation
                    AB.
                    If, upon the occurrence of a Swap Disclosure Event (as defined
                    in Part
                    5(o) below) Party A has not, within thirty (30) days after such
                    Swap
                    Disclosure Event complied with any of the provisions set forth
                    in clause
                    (iii) of Part 5(o) below. Party A shall be the sole Affected
                    Party.

                

        

         

        Part
          2. Tax
          Representations.

         

        
          	
                  (a)

                	
                  Payer
                    Representations. For the purpose of Section 3(e) of this Agreement,
                    Party
                    A and Party B make the following
                    representations:

                

        

        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:

        

        
          	 	
                  (i)

                	
                  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 of its legal or commercial
                    position.

                

        

         

        
          	
                  (b)

                	
                  Payee
                    Representations. For the purpose of Section 3(f) of this Agreement,
                    Party
                    A and Party B make the following
                    representations.

                

        

         

        
          	 	
                  (i)

                	
                  The
                    following representation will apply to Party
                    A:

                

        

         

        Party
          A
          is a trust company duly organized and existing under the laws of the State
          of
          New York and its U.S. taxpayer identification number is 135160382.

         

        
          	
                	(ii)	
                  The
                    following representation will apply to the Party
                    B:

                

        

         

        The
          beneficial owner for United States federal income tax purposes of payments
          made
          to it under this Agreement is either:

         

        
          	 	
                  (A)

                	
                  a
                    “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of
                    United States Treasury Regulations (the “Regulations”)) for United States
                    federal income tax purposes, or

                

        

         

        
          	 	
                  (B)

                	
                  a
                    “non-U.S. branch of a foreign person” as that term is used in section
                    1.1441-4(a)(3)(ii) of the Regulations for United States federal
                    income tax
                    purposes, and a “foreign person” as that term is used in section
                    1.6041-4(a)(4) of the Regulations for United States federal income
                    tax
                    purposes.

                

        

         

        Part
          3. Agreement
          to Deliver Documents.

         

        (a) Tax
          forms, documents or certificates to be delivered are:

         

        
          	
                  Party
                    required to deliver document

                	 	
                  Form/Document/
                    Certificate

                	 	
                  Date
                    by which to be delivered

                
	
                  Party
                    B

                	 	
                  An
                    Internal Revenue Service Form W-9 or W-8BEN as applicable or
                    any successor
                    form, accurately completed and in a manner reasonably satisfactory
                    to
                    Party A.

                	 	
                  (A)
                    Upon first scheduled Payment Date; (B) promptly upon reasonable
                    demand by
                    Party A; and (C) promptly upon learning that any Form W-9 or
                    W-8BEN
                    previously provided by Party B to Party A has become obsolete
                    or
                    incorrect.

                

        

         

        (b) 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

                	
                  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 this Agreement, any 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 this Agreement, such Confirmation and/or Credit Support
                    Document, as
                    the case may be

                	
                  Upon
                    the execution and delivery of this Agreement

                	
                  Yes

                
	
                  Party
                    A

                	
                  A
                    certificate of an authorized officer of the party, as to the
                    incumbency
                    and authority of the respective officers of the party signing
                    this
                    Agreement, any relevant Credit Support Document, or any Confirmation,
                    as
                    the case may be

                	
                  Upon
                    the execution and delivery of this Agreement

                	
                  Yes

                
	
                  Party
                    B

                	
                  (i)
                    a copy of the executed Pooling Agreement, and (ii) an incumbency
                    certificate verifying the true signatures and authority of the
                    person or
                    persons signing this Agreement and each Confirmation evidencing
                    a
                    Tansaction on behalf of the Party B

                	
                  Upon
                    the execution and delivery of this Agreement and such
                    Confirmation

                	
                  Yes

                
	
                  Party
                    A

                	
                  A
                    copy of the most recent publicly available regulatory call
                    report.

                	
                  Promptly
                    after request by Party B

                	
                  Yes

                
	
                  Party
                    B

                	
                  Certified
                    copy of the Board of Directors resolution (or equivalent authorizing
                    documentation) which sets forth the authority of each signatory
                    to the
                    Confirmation signing on its behalf and the authority of such
                    party to
                    enter into Transactions contemplated and performance of its obligations
                    hereunder.

                	
                  Upon
                    the execution and delivery of this Agreement.

                	
                  Yes

                
	
                  Party
                    A and Party B

                	
                  An
                    opinion of counsel as to the due authorization, execution and
                    enforceability of this Agreement and any Confirmation.

                	 	 

        

         

         

        
          	
                  Part
                    4.

                	
                  Miscellaneous.

                

        

         

        
          	
                  (a)

                	
                  Addresses
                    for Notices.
                    For the purpose of Section 12(a) of this
                    Agreement:

                

        

         

        Address
          for notices or communications to Party A:

         

        The
          Bank
          of New York

        Global
          Risk Management Services

        Global
          Markets Division

        32
          Old
          Slip - 15th
          Floor

        New
          York,
          New York 10286

        Attention:
           Stephen
          M. Lawler, Managing Director

         

        Telex
          No.:  TRT
          17763 Answerback:
          BONY UT

         

        Telephone
          No.: (212)
          804-2137

         

        And
          provided, that any notice sent to Party A under Sections 5, 6, or 13(b)
          of the
          Agreement shall be given to:

         

        The
          Bank
          of New York

        Legal
          Department

        One
          Wall
          Street- 10th
          Floor

        New
          York,
          NY 10286

        Attention:
          General Counsel

         

        Address
          for notices or communications to Party B:

         

        JPMorgan
          Chase Bank, National Association

        4
          New
          York Plaza

        New
          York,
          NY 10004-2477

        Attention:
          Worldwide Securities Services/Structured Finance Services

         

        Facsimile
          No.:  (212)
          623-5858 Telephone
          No.: (212)
          623-5600

         

        (For
          all
          purposes)

         

        
          	
                  (b)

                	
                  Process
                    Agent.
                    For the purpose of Section 13(c) of this
                    Agreement:

                

        

         

        Party
          A
          appoints as its Process Agent - not applicable.

         

        Party
          B
          appoints as its Process Agent - not applicable.

         

        
          	
                  (c)

                	
                  Offices. The
                    provisions of Section 10(a) will apply to this
                    Agreement.

                

        

         

        
          	
                  (d)

                	
                  Multibranch
                    Party.
                    For the purpose of Section 10(c) of this
                    Agreement:

                

        

         

        Party
          A
          is not a Multibranch Party and may act through its Office in New
          York.

         

        Party
          B
          is not a Multibranch Party and may act out of its Office in New
          York.

         

        
          	
                  (e)

                	
                  Calculation
                    Agent.
                    The Calculation Agent is Party A.

                

        

         

        
          	
                  (f)

                	
                  Credit
                    Support Document.
                    Details of any Credit Support
                    Document:

                

        

         

        Party
          A’s
          obligations hereunder are supported by the following Credit Support Documents:
          none.

         

        Party
          B’s
          obligations hereunder are supported by the following Credit Support Documents:
          none.

         

        
          	
                  (g)

                	
                  Credit
                    Support Provider.

                

        

         

        Credit
          Support Provider means in relation to Party A: none.

         

        Credit
          Support Provider means in relation to 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
                    conflict of law provisions thereof other than New York General
                    Obligations
                    Law Sections 5-1401 and 5-1402.

                

        

         

        
          	
                  (i)

                	
                  Netting
                    of Payments.
                    Subparagraph (ii) of Section 2(c) of this Agreement will
                    apply.

                

        

         

        
          	
                  (j)

                	
                  “Affiliate” will
                    have the meaning specified in Section 14 of the Agreement, provided
                    that
                    Party B shall not be deemed to have any Affiliates for purposes
                    of this
                    Agreement, including for purposes of Section
                    6(b)(ii).

                

        

         

        
          	
                  Part
                    5.

                	
                  Other
                    Provisions.

                

        

         

        
          	
                  (a)

                	
                  Change
                    of Account.
                    Each party agrees that Section 2(b) of this Agreement shall only
                    allow
                    change of accounts within the country originally specified by
                    the
                    party.

                

        

         

        
          	
                  (b)

                	
                  Additional
                    Representations. Section
                    3 of the ISDA Form Master Agreement is hereby amended,
                    by substituting for the words “Section 3(f)” in the introductory sentence
                    thereof the words “Sections 3(f) and 3(h)”, and by
                    adding at the end thereof the following subsections (g) and
                    (h):

                

        

         

        “(g) Relationship
          Between Parties.

         

        Each
          party represents to the other party on each date when it enters into a
          Transaction that:

         

        
          	 	
                  (1)

                	
                  Nonreliance.
                    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.

                

        

         

        (2) Evaluation
          and Understanding.

         

        
          	 	
                  (i)

                	
                  Party
                    A is acting for its own account and Party B is acting solely
                    as Trustee
                    and each party has the capacity to evaluate (internally or through
                    independent professional advice) the Transaction and has made
                    its own
                    decision to enter into the Transaction; it is not relying on
                    any
                    communication (written or oral) of the other party as investment
                    advice or
                    as a recommendation to enter into such transaction; it being
                    understood
                    that information and explanations related to the terms and conditions
                    of
                    such transaction shall not be considered investment advice or
                    a
                    recommendation to enter into such transaction. No communication
                    (written
                    or oral) received from the other party shall be deemed to be
                    an assurance
                    or guarantee as to the expected results of 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 (and
                    does, in fact assume) those risks, financially and
                    otherwise.

                

        

         

        
          	 	
                  (3)

                	
                  Purpose.
                    (A)
                    It is an “eligible contract participant” within the meaning of Section
                    1a(12) of the Commodity Exchange Act, as amended; (B) this Agreement
                    and
                    each Transaction is subject to individual negotiation by such
                    party; and
                    (C) neither this Agreement nor any Transaction will be executed
                    or traded
                    on a “trading facility” within the meaning of Section 1a(33) of the
                    Commodity Exchange Act, as amended.

                

        

         

        
          	 	
                  (4)

                	
                  Principal.
                    The other party is not acting as a fiduciary or an advisor for
                    it in
                    respect of this Transaction.

                

        

         

        
          	 	
                  (h)

                	
                  ERISA
                    (Pension Plans). Each
                    party represents and warrants that it is not a pension plan or
                    employee
                    benefits plan and that it is not using assets of any such plan
                    in
                    connection with transactions
                    hereunder.”

                

        

         

        
          	
                  (c)

                	
                  Set-off.
                    Notwithstanding any provision of this Agreement or any other
                    existing or
                    future agreement, each party irrevocably waives any and all rights
                    it may
                    have to set off, net, recoup or otherwise withhold or suspend
                    or condition
                    payment or performance of any obligation between it and the other
                    party
                    hereunder against any obligation between it and the other party
                    under any
                    other agreements. The last sentence of the first paragraph of
                    Section 6(e)
                    of the ISDA Form Master Agreement shall not apply for purposes
                    of this
                    Transaction. For the avoidance of doubt, if more than one Transaction
                    is
                    entered into under this Agreement, nothing herein is intended
                    to prevent
                    the determination of a Settlement Amount with respect to all
                    such
                    Transactions pursuant to Section 6 of this
                    Agreement.

                

        

         

        
          	
                  (d)

                	
                  Provisions
                    Relating to Ratings.

                

        

         

        
          	 	
                  (i)

                	
                  Ratings
                    Event.
                    If a Ratings Event (as defined below) occurs with respect to
                    Party A (or
                    any applicable credit support provider), then Party A shall,
                    within thirty
                    (30) days of such Ratings Event, at its own expense, and subject
                    to the
                    Rating Agency Condition, (i) assign all Transactions to a third
                    party that
                    meets or exceeds, or as to which any applicable credit support
                    provider
                    meets or exceeds, the Approved Ratings Thresholds (as defined
                    below) on
                    terms substantially similar to this Agreement, (ii) obtain a
                    guaranty of,
                    or a contingent agreement of, another person with the Approved
                    Rating
                    Thresholds to honor Party A’s obligations under this Agreement, (iii) post
                    collateral which will be sufficient to restore the immediately
                    prior
                    ratings of the Certificates, or (iv) establish any other arrangement
                    satisfactory to Fitch, Inc. (“Fitch”),
                    Moody’s Investor Service, Inc. (“Moody’s”),
                    Standard and Poors Rating Service, a division of The McGraw Hill
                    Companies, Inc. (“S&P”)
                    and Dominion Bond Rating Service, Inc. (“DBRS”)
                    (the “Rating
                    Agencies”)
                    which will be sufficient to restore the immediately prior ratings
                    of the
                    Certificates. For avoidance of doubt, a downgrade of the rating
                    on the
                    Certificates could occur in the event that Party A does not post
                    sufficient collateral. For purposes of this Transaction, a “Ratings
                    Event”
                    shall occur with respect to Party A (or any applicable credit
                    support
                    provider) if (i) its short-term unsecured and unsubordinated
                    debt rating
                    is withdrawn or reduced below “F-1” by Fitch, or (ii) its short-term
                    unsecured and unsubordinated debt rating is withdrawn or reduced
                    below
                    “P-1” by Moody’s, or (iii) its short-term unsecured and unsubordinated
                    debt rating is withdrawn or reduced below “A-1” by S&P (including in
                    connection with a merger, consolidation or other similar transaction
                    by
                    Party A or any applicable credit support provider), such ratings
                    being
                    referred to herein as the “Approved
                    Ratings Thresholds,”
                    (unless, within 30 days thereafter, each of the Rating Agencies
                    has
                    reconfirmed the ratings of the Certificates, as applicable, which
                    was in
                    effect immediately prior thereto).

                

        

         

        
          	 	
                  (ii)

                	
                  Downgrade
                    Event.
                    If
                    a Downgrade Event (as defined below) occurs with respect to Party
                    A (or
                    any applicable credit support provider), then Party A shall within
                    ten
                    (10) Business Days of such Ratings Event, at its own expense
                    and subject
                    to the Rating Agency Condition, (i) assign all Transactions to
                    a third
                    party that meets or exceeds, or as to which any applicable credit
                    support
                    provider meets or exceeds, the Approved Ratings Thresholds (as
                    defined
                    below) on terms substantially similar to this Agreement or (ii)
                    obtain a
                    guaranty of, or a contingent agreement of, another person with
                    the
                    Approved Rating Thresholds to honor Party A’s obligations under this
                    Agreement. For purposes of this Transaction, a “Downgrade Event” shall
                    occur with respect to Party A (or any applicable credit support
                    provider)
                    if its long-term unsecured and unsubordinated debt rating is
                    withdrawn or
                    reduced below “BBB-” by S&P (including in connection with a merger,
                    consolidation or other similar transaction by Party A or any
                    applicable
                    credit support provider).

                

        

         

        
          	 	
                  (iii)

                	
                  Rating
                    Agency Condition.
                    As used in this Agreement, “Rating
                    Agency Condition”
                    means, with respect to any particular proposed act or omission
                    to act
                    hereunder, that the party acting or failing to act must consult
                    with each
                    of the Rating Agencies then providing a rating of the Certificates
                    and
                    receive from each of the Rating Agencies a prior written confirmation
                    that
                    the proposed action or inaction would not cause a downgrade or
                    withdrawal
                    of the then-current rating of the
                    Certificates.

                

        

         

        
          	
                  e)

                	
                  Payments
                    to Trustee.
                    Party A will, unless otherwise directed by the Trust, make all
                    payments
                    hereunder to the Trustee. Payment made to the Trustee at the
                    account
                    specified herein or to another account specified in writing by
                    the Trustee
                    shall satisfy the payment obligations of Party A hereunder to
                    the extent
                    of such payment.

                

        

         

        
          	
                  (f)

                	
                  Severability.
                    If any term, provision, covenant, or condition of this Agreement,
                    or the
                    application thereof to any party or circumstance, shall be held
                    to be
                    invalid or unenforceable (in whole or in part) for any reason,
                    the
                    remaining terms, provisions, covenants, and conditions hereof
                    shall
                    continue in full force and effect as if this Agreement had been
                    executed
                    with the invalid or unenforceable portion eliminated, so long
                    as this
                    Agreement as so modified continues to express, without material
                    change,
                    the original intentions of the parties as to the subject matter
                    of this
                    Agreement and the deletion of such portion of this Agreement
                    will not
                    substantially impair the respective benefits or expectations
                    of the
                    parties.

                

        

         

        The
          parties shall endeavor to engage in good faith negotiations to replace
          any
          invalid or unenforceable term, provision, covenant or condition with a
          valid or
          enforceable term, provision, covenant or condition, the economic effect
          of which
          comes as close as possible to that of the invalid or unenforceable term,
          provision, covenant or condition.

         

        
          	
                  (g)

                	
                  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 officers or employees of the parties, waives any further
                    notice of
                    such monitoring or recording, and agrees to notify its officers
                    and
                    employees of such monitoring or
                    recording.

                

        

         

        
          	
                  (h)

                	
                  Waiver
                    of Jury Trial.
                    Each party waives any right it may have to a trial by jury in
                    respect of
                    any Proceedings relating to this Agreement or any Credit Support
                    Document.

                

        

         

        
          	
                  (i)

                	
                  Non-Recourse.
                    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 Trust Fund (as defined in the Pooling
                    Agreement) and the proceeds thereof to satisfy Party B’s obligations
                    hereunder. In the event that the Trust Fund and proceeds thereof
                    should be
                    insufficient to satisfy all claims outstanding and following
                    the
                    realization of the assets contained in the Trust Fund and the
                    distribution
                    of the proceeds thereof in accordance with the Pooling Agreement,
                    any
                    claims against or obligations of Party B under the Agreement
                    or any
                    Confirmation, still outstanding shall be extinguished and thereafter
                    not
                    revive.

                

        

         

        
          	
                  (j)

                	
                  Transfer,
                    Amendment and Assignment.
                    No transfer, amendment, waiver, supplement, assignment or other
                    modification of any Transaction (other than the pledge of a Transaction
                    to
                    the Trustee pursuant to the Pooling Agreement) shall be permitted
                    by
                    either party unless each of Fitch, Moody’s, S&P and DBRS, has been
                    provided notice of the same and confirms in writing (including
                    by
                    facsimile transmission) that it will not downgrade, qualify,
                    withdraw or
                    otherwise modify its then-current rating of the Certificates
                    (as defined
                    in the Pooling Agreement).

                

        

         

        
          	
                  (k)

                	
                  Proceedings.
                    Party A shall not institute against or cause any other person
                    to institute
                    against, or join any other person in instituting against Party
                    B, any
                    bankruptcy, reorganization, arrangement, insolvency or liquidation
                    proceedings, or other proceedings under any of the laws of the
                    United
                    States, or any other jurisdiction for a period of one year and
                    one day
                    (or, if longer, the applicable preference period) following indefeasible
                    payment in full of the
                    Certificates.

                

        

         

        
          	
                  (l)

                	
                  Remedy
                    of Failure to Pay or Deliver.
                    The Agreement is hereby amended as
                    follows:

                

        

         

        The
          word
“third” shall be replaced by the word “second” in the third line of Section
          5(a)(i).

         

        
          	
                  (m)

                	
                  Trustee
                    Capacity.
                    It is expressly understood and agreed by the parties hereto that
                    insofar
                    as this Agreement is executed by the Trustee (i) the Agreement
                    is executed
                    and delivered by JPMorgan Chase Bank, National Association not
                    in its
                    individual capacity but solely as Trustee pursuant to the Pooling
                    Agreement in the exercise of the powers and authority conferred
                    and vested
                    in it thereunder (ii) each of the representations, undertakings
                    and
                    agreements herein made on behalf of the Trust is made and intended
                    not as
                    personal representations of the Trustee but is made and intended
                    for the
                    purpose of binding only the Trust, and (iii) under no circumstances
                    will
                    JPMorgan Chase Bank, National Association in its individual capacity
                    be
                    personally liable for the payment of any indebtedness or expenses
                    or be
                    personally liable for the breach or failure of any obligation,
                    representation, warranty or covenant made or undertaken under
                    this
                    Agreement.

                

        

         

        
          	
                  (n)

                	
                  Trustee
                    Representation.
                    JPMorgan Chase Bank, National Assocation, as Trustee represents
                    and
                    warrants that:

                

        

         

        It
          has
          been directed under the Pooling Agreement to enter into this Agreement
          as
          Trustee on behalf of the
          Trust.

         

        
          	
                  (o)

                	
                  Compliance
                    with Regulation AB.

                

        

         

        
          	 	
                  (i)

                	
                  Party
                    A agrees and acknowledges that the Depositor is required under
                    Regulation
                    AB as defined under the Pooling and Servicing Agreement, to disclose
                    certain financial information regarding Party A or its group
                    of affiliated
                    entities, if applicable, depending on the aggregate “significance
                    percentage” of this Agreement and any other derivative contracts between
                    Party A or its group of affiliated entities, if applicable, and
                    Counterparty, as calculated from time to time in accordance with
                    Item 1115
                    of Regulation AB.

                

        

         

        
          	 	
                  (ii)

                	
                  It
                    shall be a swap disclosure event (“Swap
                    Disclosure Event”)
                    if, on any Business Day after the date hereof, the Depositor
                    requests from
                    Party A the applicable financial information described in Item
                    1115(b) of
                    Regulation AB (such request to be based on a reasonable determination
                    by
                    Depositor, in good faith, that such information is required under
                    Regulation AB) (the “Company
                    Financial Information”).

                

        

         

        
          	 	
                  (iii)

                	
                  Upon
                    the occurrence of a Swap Disclosure Event, Party A, at its own
                    expense,
                    shall (1)(a) either (i) provide to the Depositor the current
                    Company
                    Financial Information in an EDGAR-compatible format (for example,
                    such
                    information may be provided in Microsoft Word® or Microsoft Excel® format
                    but not in .pdf format) or (ii) provide written consent to the
                    Depositor
                    to incorporation by reference of such current Company Financial
                    Information that are filed with the Securities and Exchange Commission
                    in
                    the [Exchange Act Reports of the Depositor], (b) if applicable,
                    cause its
                    outside accounting firm to provide its consent to filing or incorporation
                    by reference in the Exchange Act Reports of the Depositor of
                    such
                    accounting firm’s report relating to their audits of such current Company
                    Financial Information, and (c) provide to the Depositor any updated
                    Company Financial Information with respect to Party A or any
                    entity that
                    consolidates Party A within five days of the release of any such
                    updated
                    Company Financial Information; (2) secure another entity to replace
                    Party
                    A as party to this Agreement on terms substantially similar to
                    this
                    Agreement, which entity (or a guarantor therefor) meets or exceeds
                    the
                    Approved Rating Thresholds and which satisfies the Rating Agency
                    Condition
                    and which entity is able to comply with the requirements of Item
                    1115 of
                    Regulation AB, (3) obtain a guaranty of Party A’s obligations under this
                    Agreement from an affiliate of Party A that is able to comply
                    with the
                    financial information disclosure requirements of Item 1115(b)
                    of
                    Regulation AB, and cause such affiliate to provide Company Financial
                    Information and any future Company Financial Information, such
                    that
                    disclosure provided in respect of such affiliate will satisfy
                    any
                    disclosure requirements applicable to the Swap Provider, or (4)
                    post
                    collateral that will be sufficient to reduce the “significance percentage”
                    as defined under Item 1115 of Regulation AB such that no information
                    that
                    would otherwise have constituted Company Financial Information
                    will be
                    required to be filed with, or incorporated by reference into,
                    the Exchange
                    Act reports of the Depositor pursuant to Item 1115 of Regulation
                    AB.

                

        

         

        
          	 	
                  iv)

                	
                  Party
                    A’s obligation to comply with this Part 5(p) shall be suspended
                    on January
                    1, 2007 unless Party A receives notification from the Securities
                    Administrator that the Trust Fund’s obligation to file periodic reports
                    under the Exchange Act shall continue; provided, however, that
                    such
                    obligations shall not be suspended in respect of any Exchange
                    Act Report
                    or amendment to an Exchange Act Report in such fiscal year which
                    relates
                    to any fiscal year in which the Trust Fund was subject to the
                    reporting
                    requirements of the Exchange Act. This obligation shall continue
                    to be
                    suspended unless the Securities Administrator or the Depositor
                    notifies
                    Party A that the Trust Fund’s obligations to file reports under the
                    Exchange Act has resumed.

                

        

         

        
          	 	
                  (v)

                	
                  If
                    the Depositor reasonably requests, Party A shall provide such
                    other
                    information as may be necessary for the Depositor to comply with
                    Item 1115
                    of Regulation AB.

                

        

         

        
          	 	
                  (vi)

                	
                  The
                    Depositor shall be an express third party beneficiary of this
                    Agreement as
                    if a party hereto to the extent of Depositor’s rights explicitly specified
                    herein.

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF the parties have executed this document on the respective
          dates
          specified below with effect from the date specified on the first page of
          this
          Agreement:

         

        

        
          	 	 	 	 	 	 	 	
                  THE
                    BANK OF NEW YORK

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  /s/

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	
                  Managing
                    Director

                
	 	 	 	 	 	 	 	
                  Date:

                	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  JPMORGAN
                    CHASE BANK, NATIONAL ASSOCIATION, NOT INDIVIDUALLY, BUT SOLELY
                    AS TRUSTEE
                    on behalf of the Supplemental Interest Trust with respect to
                    the C-Bass
                    Mortgage Loan Asset-Backed Certificates, Series
                    2006-CB3.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  /s/

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	
                  Date:

                	 

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        [Missing
          Graphic Reference]

         

        Dated:
          March 30, 2006

         

        Rate
          Swap
          Transaction

         

        Re: BNY
          Reference No. 37539

         

        Ladies
          and Gentlemen:

         

        The
          purpose of this letter agreement is to confirm the terms and conditions
          of the
          rate swap Transaction entered into on the Trade Date specified below (the
          “Transaction”) between The Bank of New York (“BNY”), a trust company duly
          organized and existing under the laws of the State of New York and JPMorgan
          Chase Bank, National Association, not individually, but solely as trustee
          on
          behalf of the Supplemental Interest Trust with respect to C-BASS Mortgage
          Loan
          Asset-Backed Certificates, Series 2006-CB3 (the “Counterparty”). The
          definitions and provisions contained in the 2000 ISDA Definitions, as published
          by the International Swaps and Derivatives Association, Inc., are incorporated
          into this Confirmation. In the event of any inconsistency between those
          definitions and provisions and this Confirmation, this Confirmation will
          govern.

         

        
          	
                  1.

                	
                  This
                    Confirmation constitutes a “Confirmation” as referred to in and
                    supplements, forms part of and is subject to, the ISDA Master
                    Agreement
                    dated as of March 30, 2006, as amended and supplemented from
                    time to time
                    (the “Agreement”), between The Bank of New York and Counterparty. All
                    provisions contained in the Agreement govern this Confirmation
                    except as
                    expressly modified below.

                

        

         

        
          
            	
                    2.

                  	
                    The
                      terms of the particular Transaction to which this Confirmation
                      relates are
                      as follows:

                  

          

           

          

            
              	 	
                      Type
                        of Transaction:

                    	
                      Rate
                        Swap

                    

            

             

            
              	 	
                      Notional
                        Amount:

                    	
                      With
                        respect to any Calculation Period the amount set forth for
                        such period on
                        Schedule I attached hereto

                    

            

             

            
              	 	
                      Trade
                        Date:

                    	
                      March
                        23, 2006

                    

            

             

            
              	 	
                      Effective
                        Date:

                    	
                      March
                        30, 2006

                    

            

             

            
              	 	
                      Termination
                        Date:

                    	
                      November
                        25, 2009, subject to adjustment in accordance with the Following
                        Business
                        Day Convention

                    

            

             

            Fixed
              Amounts:

             

            
              	 	
                      Fixed
                        Rate Payer:

                    	
                      Counterparty

                    

            

             

            
              	 	
                      Fixed
                        Rate:

                    	
                      5.1580%

                    

            

             

            Fixed
              Rate Payer

            
              	 	
                      Period
                        End Dates:

                    	
                      The
                        25th
                        calendar day of each month during
                        the Term
                        of this Transaction, commencing April 25, 2006, and ending
                        on November 25,
                        2009, subject to adjustment in accordance with the Following
                        Business Day
                        Convention with No Adjustments.

                    

            

             

            Fixed
              Rate Payer

            
              	 	
                      Payment
                        Dates:

                    	
                      The
                        25th
                        calendar day of each month during
                        the Term
                        of this Transaction, commencing April 25, 2006, and ending
                        on the
                        Termination Date, subject to adjustment in accordance with
                        the Following
                        Business Day Convention.

                    

            

             

            
              	 	
                      Fixed
                        Amount:

                    	
                      250
                        * Notional Amount * Fixed Rate * Fixed Rate Day Count
                        Fraction

                    

            

             

            Fixed
              Rate Day

            
              	 	
                      Count
                        Fraction:

                    	
                      30/360

                    

            

             

            Floating
              Amounts:

             

            
              	 	
                      Floating
                        Rate Payer:

                    	
                      BNY

                    

            

             

            Floating
              Rate Payer

            
              	 	
                      Period
                        End Dates:

                    	
                      The
                        25th
                        calendar day of each month during
                        the Term
                        of this Transaction, commencing April 25, 2006, and ending
                        on the
                        Termination Date, subject to adjustment in accordance with
                        the Following
                        Business Day Convention.

                    

            

             

            Floating
              Rate Payer

            
              	 	
                      Payment
                        Dates:

                    	
                      The
                        25th
                        calendar day of each month during
                        the Term
                        of this Transaction, commencing April 25, 2006, and ending
                        on the
                        Termination Date, subject to adjustment in accordance with
                        the Following
                        Business Day Convention.

                    

            

             

            
              	 	
                      Floating
                        Rate Option:

                    	
                      USD-LIBOR-BBA

                    

            

             

            
              	 	
                      Floating
                        Amount:

                    	
                      250
                        * Notional Amount * Floating Rate Option * Floating Rate
                        Day Count
                        Fraction

                    

            

             

            
              	 	
                      Designated
                        Maturity:

                    	
                      One
                        month

                    

            

             

            Floating
              Rate Day

            
              	 	
                      Count
                        Fraction:

                    	
                      Actual/360

                    

            

             

            
              	 	
                      Reset
                        Dates:

                    	
                      The
                        first day of each Calculation
                        Period

                    

            

             

            
              	 	
                      Compounding:

                    	
                      Inapplicable

                    

            

             

            Additional
              Terms:

             

            
              	 	
                      Business
                        Days:

                    	
                      New
                        York

                    

            

             

            
              	 	
                      Calculation
                        Agent:

                    	
                      BNY

                    

            

             

            Account
              Details and

            
              	 	
                      Settlement
                        Information:

                    	
                      Payments
                        to BNY:

                    

            

            The
              Bank
              of New York

            Derivative
              Products Support Department

            32
              Old
              Slip, 16th
              Floor

            New
              York,
              New York 10286

            Attention:
              Renee Etheart

            ABA
              #021000018

            Account
              #890-0068-175

            Reference:
              Interest Rate Swaps

             

            Payments
              to Counterparty:

            JP
              Morgan Chase Bank, N.A.

            4
              New York Plaza, 6th
              Floor

            New
              York, NY 10004

            Attn:
              Worldwide Securities Services/ Structured Finance Services, C-BASS
              2006-CB3

            Tele:
              212-623-5600

            Fax:
              212-623-5858

             

            JPMorgan
              Chase Bank, N.A.

            ABA
              # 021-000-021

            DDA
              # 504-947-541

            FFC:
              10500383.2 C-BASS 2006-CB3 Swap Acct

            Attn:
              Ashia N. Miller

             

            Please
              confirm that the foregoing correctly sets forth the terms of our agreement
              by
              executing this agreement and returning it via facsimile to Derivative
              Products
              Support Dept., Attn: Eugene Chun/Kenny Au-Yeung at 212-804-5818/5837.
              Once we
              receive this we will send you two original confirmations for
              execution.

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        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,

                	 
	 	 
	 	 
	
                  THE
                    BANK OF NEW YORK

                	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                  By:

                	 	 	 
	
                  Name:

                	 	 	 
	
                  Title:

                	 	 	 

        

        

        Counterparty,
          acting through its duly authorized signatory, hereby agrees to, accepts
          and
          confirms the terms of the foregoing as of the Trade Date.

         

        JPMORGAN
          CHASE BANK, NATIONAL ASSOCIATION, NOT INDIVIDUALLY , BUT SOLELY AS TRUSTEE
          ON
          BEHALF OF THE SUPPLEMENTAL INTEREST TRUST WITH RESPECT TO C-BASS MORTGAGE
          LOAN
          ASSET BACKED CERTIFICATES, SERIES 2006-CB3

         

        

        
          	
                  By:

                	 	 	 
	
                  Name:

                	 	 	 
	
                  Title:

                	 	 	 

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        SCHEDULE
          I

         

        All
          dates
          subject to adjustment in accordance with the Following Business Day
          Convention.

        

        

          

            
              	
                      Accrual
                        Start Date

                    	 	
                      Accrual
                        End Date

                    	 	
                      Notional
                        Amount in USD

                    
	
                      30-Mar-06

                    	 	
                      25-Apr-06

                    	 	
                      3,202,716.00000

                    
	
                      25-Apr-06

                    	 	
                      25-May-06

                    	 	
                      3,151,076.20908

                    
	
                      25-May-06

                    	 	
                      25-Jun-06

                    	 	
                      3,088,375.88424

                    
	
                      25-Jun-06

                    	 	
                      25-Jul-06

                    	 	
                      3,014,884.66092

                    
	
                      25-Jul-06

                    	 	
                      25-Aug-06

                    	 	
                      2,931,139.56232

                    
	
                      25-Aug-06

                    	 	
                      25-Sep-06

                    	 	
                      2,836,991.35136

                    
	
                      25-Sep-06

                    	 	
                      25-Oct-06

                    	 	
                      2,732,952.29704

                    
	
                      25-Oct-06

                    	 	
                      25-Nov-06

                    	 	
                      2,620,531.08388

                    
	
                      25-Nov-06

                    	 	
                      25-Dec-06

                    	 	
                      2,501,157.03344

                    
	
                      25-Dec-06

                    	 	
                      25-Jan-07

                    	 	
                      2,378,929.02540

                    
	
                      25-Jan-07

                    	 	
                      25-Feb-07

                    	 	
                      2,260,572.24636

                    
	
                      25-Feb-07

                    	 	
                      25-Mar-07

                    	 	
                      2,146,807.99476

                    
	
                      25-Mar-07

                    	 	
                      25-Apr-07

                    	 	
                      2,038,375.63368

                    
	
                      25-Apr-07

                    	 	
                      25-May-07

                    	 	
                      1,935,055.74372

                    
	
                      25-May-07

                    	 	
                      25-Jun-07

                    	 	
                      1,836,480.73952

                    
	
                      25-Jun-07

                    	 	
                      25-Jul-07

                    	 	
                      1,742,511.56784

                    
	
                      25-Jul-07

                    	 	
                      25-Aug-07

                    	 	
                      1,652,764.83600

                    
	
                      25-Aug-07

                    	 	
                      25-Sep-07

                    	 	
                      1,566,400.40164

                    
	
                      25-Sep-07

                    	 	
                      25-Oct-07

                    	 	
                      1,480,629.16780

                    
	
                      25-Oct-07

                    	 	
                      25-Nov-07

                    	 	
                      1,378,471.16332

                    
	
                      25-Nov-07

                    	 	
                      25-Dec-07

                    	 	
                      1,243,159.69952

                    
	
                      25-Dec-07

                    	 	
                      25-Jan-08

                    	 	
                      1,115,832.06604

                    
	
                      25-Jan-08

                    	 	
                      25-Feb-08

                    	 	
                      995,508.20844

                    
	
                      25-Feb-08

                    	 	
                      25-Mar-08

                    	 	
                      889,265.71648

                    
	
                      25-Mar-08

                    	 	
                      25-Apr-08

                    	 	
                      803,366.58408

                    
	
                      25-Apr-08

                    	 	
                      25-May-08

                    	 	
                      744,017.59824

                    
	
                      25-May-08

                    	 	
                      25-Jun-08

                    	 	
                      691,275.28020

                    
	
                      25-Jun-08

                    	 	
                      25-Jul-08

                    	 	
                      644,761.24996

                    
	
                      25-Jul-08

                    	 	
                      25-Aug-08

                    	 	
                      600,884.55384

                    
	
                      25-Aug-08

                    	 	
                      25-Sep-08

                    	 	
                      559,473.85504

                    
	
                      25-Sep-08

                    	 	
                      25-Oct-08

                    	 	
                      520,386.72936

                    
	
                      25-Oct-08

                    	 	
                      25-Nov-08

                    	 	
                      483,488.59932

                    
	
                      25-Nov-08

                    	 	
                      25-Dec-08

                    	 	
                      448,654.76488

                    
	
                      25-Dec-08

                    	 	
                      25-Jan-09

                    	 	
                      415,772.75280

                    
	
                      25-Jan-09

                    	 	
                      25-Feb-09

                    	 	
                      415,772.75280

                    
	
                      25-Feb-09

                    	 	
                      25-Mar-09

                    	 	
                      415,772.75280

                    
	
                      25-Mar-09

                    	 	
                      25-Apr-09

                    	 	
                      415,772.75280

                    
	
                      25-Apr-09

                    	 	
                      25-May-09

                    	 	
                      415,772.75280

                    
	
                      25-May-09

                    	 	
                      25-Jun-09

                    	 	
                      399,745.42520

                    
	
                      25-Jun-09

                    	 	
                      25-Jul-09

                    	 	
                      378,717.45828

                    
	
                      25-Jul-09

                    	 	
                      25-Aug-09

                    	 	
                      358,848.87676

                    
	
                      25-Aug-09

                    	 	
                      25-Sep-09

                    	 	
                      340,072.25792

                    
	
                      25-Sep-09

                    	 	
                      25-Oct-09

                    	 	
                      322,325.53620

                    
	
                      25-Oct-09

                    	 	
                      25-Nov-09

                    	 	
                      305,550.29528

                    

            

          

        

        
 

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        R-1

      

      FORM
        OF 1122(d) SERVICING CRITERIA LETTER

       

      [DATE]

       

       

      JPMorgan
        Chase Bank, National Association

      4
        New
        York Plaza, 6th Floor

      New
        York,
        New York 10004

      Attention:
        Worldwide Securities Services/

      Structured
        Finance Services-C-BASS 2006-CB3

      

      The
        Bank
        of New York 

      101
        Barclay Street

      New
        York,
        New York 10286

      Attention:
        Glen Mitchell

      

      
        	 	
                Re:

              	
                Item
                  1122 of Regulation AB

              

      

       

      C-BASS
        Mortgage Loan Trust, Series 2006-CB3

       

      Ladies
        and Gentlemen:

       

      In
        connection with the above-referenced transaction, Litton Loan Servicing LP
        (the
“Servicer”), JPMorgan Chase Bank, National Association (the “Trustee”) and The
        Bank of New York (the “Custodian”) hereby acknowledge and agree that the purpose
        of this letter agreement (this “Letter Agreement”) is to facilitate compliance
        by the Servicer, the Trustee and the Custodian with identifying each party’s
        responsibility with respect to the servicing criteria identified in Item
        1122(d)
        of Regulation AB. Citigroup Mortgage Loan Trust Inc. (the “Depositor”) shall not
        exercise its right to request delivery of information or other performance
        under
        these provisions other than in good faith, or for purposes other than compliance
        with the Securities Act, the Exchange Act and the rules and regulations of
        the
        Commission thereunder. 

       

      The
        Servicer, the Trustee and the Custodian each agree that as of the Closing
        Date,
        each such party will, solely with respect to completing assessments as required
        with respect to Item 1122(d) of Regulation AB and not as an obligation with
        respect to the administration of the transaction, comply with the servicing
        criteria indicated on Exhibit
        A
        hereto
        applicable to it in order to comply with the requirements of Item 1122(d)
        of
        Regulation AB. 

       

      The
        Servicer, the Trustee and the Custodian each hereby acknowledge that
        interpretations of the requirements of Item 1122(d) of Regulation AB may
        change
        over time and agree in good faith to comply with requests made by the Depositor
        in good faith for delivery of information under these provisions on the basis
        of
        evolving interpretations of Regulation AB. In the event that the parties
        are not
        able to agree upon the servicing criteria applicable to it, the parties hereby
        agree to negotiate in good faith to come to a determination of the servicing
        criteria applicable to them under Item 1122(d) of Regulation AB using industry
        practice, industry groups’ recommended practices and SEC interpretative guidance
        as determining factors. If the parties cannot come to a resolution after
        such
        negotiations, the parties hereby agree to submit to binding arbitration by
        an
        arbitrator agreed to by the parties or if an arbitrator can not be agreed
        upon
        then an arbitrator selected by the Depositor.

       

      Capitalized
        terms used but not defined herein shall have the meanings assigned to them
        in
        the Pooling and Servicing Agreement, dated as of March 1, 2006 among
        Credit-Based Asset Servicing and Securitization LLC, the Servicer, the Trustee
        and the Depositor.

       

      This
        Letter
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, and the obligations, rights and remedies of the parties hereunder shall
        be
        determined in accordance with the laws of the State of New York except to
        the
        extent preempted by federal law. 

       

      For
        the
        purpose of facilitating the execution of this Letter Agreement, and for other
        purposes, this Letter Agreement may be executed simultaneously in any number
        of
        counterparts. Each counterpart shall be deemed to be an original, and all
        such
        counterparts shall constitute one and the same instrument.

       

      [NO
        FURTHER TEXT ON THIS PAGE]

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      LITTON
        LOAN SERVICING LP

      By:
        __________________________

      Name: 

      Title: 

      

      ACKNOWLEDGED
        AND AGREED:

       

      JPMORGAN
        CHASE BANK, NATIONAL ASSOCIATION

      

      By:
        __________________________

      Name: 

      Title: 

       

      THE
        BANK
        OF NEW YORK

      

      By:
        __________________________

      Name: 

      Title: 

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      By:
        __________________________

      Name: 

      Title: 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A

      

      SERVICING
        CRITERIA TO BE ADDRESSED

      IN
        ASSESSMENT OF COMPLIANCE

       

       

      
        	Definitions	Key:
	Primary Servicer
                -
                transaction party having borrower contact X
                -
                obligation    	 
	 	 
	
                Custodian
                  -
                  safe keeper of pool assets

              	 
	
                Trustee
                  -
                  fiduciary of the transaction

              	 

      

       

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements.

      
 

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Litton
                  Loan Servicing LP (Servicer)

              	
                (Custodian)

                The
                  Bank of New York

              	
                (Trustee)

                JPMorgan
                  Chase

              
	
                 General
                  Servicing Considerations

              
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              	 	
                X

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                If
                  applicable for a transaction participant

              	
                If
                  applicable for a transaction participant

              	
                If
                  applicable for a transaction participant

              
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the Pool Assets are maintained. 

              	 	 	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements. 

              	
                X

              	 	 
	
                 Cash
                  Collection and Administration

              
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	 	
                X*

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel. 

              	
                X

              	 	
                X

              
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction agreements.
                  

              	
                X

              	 	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements. 

              	
                X*

              	 	
                X*

              
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.
                  

              	
                X

              	 	
                X*

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                If
                  applicable

              	 	
                If
                  applicable

              
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	 	
                X

              
	
                 Investor
                  Remittances and Reporting

              
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the Servicer.
                  

              	
                X

              	 	
                X

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	
                X

              	 	
                X

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	 	
                X

              
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	
                X

              	 	
                X

              
	
                 Pool
                  Asset Administration

              
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	 	
                X

              	 
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	 	
                X

              	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	
                X

              	 	
                X

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents. 

              	
                X

              	 	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal balance.
                  

              	
                X

              	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	
                X

              	 	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	
                X

              	 	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	
                X

              	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	
                X

              	 	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements. 

              	
                X

              	 	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	 	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission. 

              	
                X

              	 	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements. 

              	
                X

              	 	 
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	
                X

              	 	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements. 

              	 	 	
                X

              

      

      

      

      *For
        (d)(2)(iv) Servicer needs to provide only if it is deemed that the collection
        account is subject to this criteria

      *For
        (d)(2)(i), (iv) and (v) Trustee needs to provide only if it is deemed that
        any
        account maintained by the Trustee is a custodial account for purposes of
        the
        these servicing criteria. Subject to further clarification from the
        SEC.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        R-2

       

      FORM
        OF ITEM 1123 CERTIFICATION OF SERVICER

       

      [DATE]

       

      Citigroup
        Mortgage Loan Trust Inc.

      390
        Greenwich Street

      New
        York,
        New York 10013

      

      JPMorgan
        Chase Bank, National Association

      4
        New
        York Plaza, 6th
        Floor

      New
        York,
        New York 10004

      Attention:
        Worldwide Securities Services/Structured Finance Services, C-BASS
        2006-CB3

      [and/or
        its designee]

      

      Re:
         Pooling
        and Servicing Agreement (the “Agreement”) dated as of March 1, 2006, among
        Citigroup Mortgage Loan Trust Inc., as depositor, Litton Loan Servicing LP,
        as
        servicer, Credit-Based Asset Servicing and Securitization LLC, as Sponsor,
        and
        JPMorgan Chase Bank, National Association, as trustee, relating to C-BASS
        Mortgage Loan Asset-Backed Certificates, Series 2006-CB3

       

      I,
        [identify name of certifying individual], [title of certifying individual]
        of
        Litton Loan Servicing LP (the “Servicer”), hereby certify that:

       

      (1) A
        review
        of the activities of the
        Servicer during the preceding calendar
        year
        and
        of
        the
        performance of
        the
        Servicer under
        the
        Agreement has been made under my
        supervision;
        and

       

      (2) To
        the
        best of my
        knowledge, based on such review, the
        Servicer has fulfilled all
        its
        obligations under the Agreement
        in all
        material respects
        throughout such year or a portion thereof[, or, if there has been a failure
        to
        fulfill any such obligation
        in any
        material respect,
        I have
        specified below each such failure
        known to
me
        and
        the nature and status thereof].

       

      Date:

       

      LITTON
        LOAN SERVICING LP,

      as
        Servicer

       

      By:
        ______________________________________

      Name:
        

      Title:
        

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        S

      

      Form
        8-K Disclosure

      

      

      
        	
                Item
                  on Form 8-K

              	
                Party
                  Responsible 

              
	
                Item
                  1.01- Entry into a Material Definitive Agreement

              	
                Depositor

              
	
                Item
                  1.02- Termination of a Material Definitive Agreement

              	
                Depositor

              
	
                Item
                  1.03- Bankruptcy or Receivership

              	
                Depositor

              
	
                Item
                  2.04- Triggering Events that Accelerate or Increase a Direct Financial
                  Obligation or an Obligation under an Off-Balance Sheet
                  Arrangement

              	
                Depositor

              
	
                Item
                  3.03- Material Modification to Rights of Security Holders

              	
                Depositor

              
	
                Item
                  5.03- Amendments of Articles of Incorporation or Bylaws; Change
                  of Fiscal
                  Year

              	
                Depositor

              
	
                Item
                  6.01- ABS Informational and Computational Material

              	
                Depositor

              
	
                Item
                  6.02- Change of Servicer or Trustee

              	
                Servicer,
                  Depositor

              
	
                Item
                  6.03- Change in Credit Enhancement or External Support

              	
                Depositor

              
	
                Item
                  6.04- Failure to Make a Required Distribution

              	
                Depositor

              
	
                Item
                  6.05- Securities Act Updating Disclosure

              	
                Depositor

              
	
                Item
                  7.01- Reg FD Disclosure

              	
                Depositor

              
	
                Item
                  8.01

              	
                Depositor

              
	
                Item
                  9.01

              	
                Depositor

              

      

      

      To
        the
        extent no written notice is provided by the designated responsible party
        or
        otherwise to the Trustee by the time specified in Section 3.22(a) of the
        events
        or information as described above in this Exhibit S, the Trustee shall without
        further notice conclude that there is no event or information to be
        reported.

      EXHIBIT
        T

      

      Form
        10-D Disclosure

      

      
        	
                Item

              	
                Description

              	
                Responsible
                  Party

              
	
                1

              	
                Distribution
                  and Pool Performance Information

              	 
	 	
                Item
                  1121(a) - Distribution and Pool Performance
                  Information

              	 
	 	
                (1)
                  Any applicable record dates, accrual dates, determination dates
                  for
                  calculating distributions and actual distribution dates for the
                  distribution period.

              	
                4.06
                  statement*

              
	 	
                (2)
                  Cash flows received and the sources thereof for distributions,
                  fees and
                  expenses.

              	
                4.06
                  statement

              
	 	
                (3)
                  Calculated amounts and distribution of the flow of funds for the
                  period
                  itemized by type and priority of payment, including:

              	
                4.06
                  statement

              
	 	
                (i)
                  Fees or expenses accrued and paid, with an identification of the
                  general
                  purpose of such fees and the party receiving such fees or
                  expenses.

              	
                4.06
                  statement

              
	 	
                (ii)
                  Payments accrued or paid with respect to enhancement or other support
                  identified in Item 1114 of Regulation AB (such as insurance premiums
                  or
                  other enhancement maintenance fees), with an identification of
                  the general
                  purpose of such payments and the party receiving such
                  payments.

              	
                4.06
                  statement

              
	 	
                (iii)
                  Principal, interest and other distributions accrued and paid on
                  the
                  asset-backed securities by type and by class or series and any
                  principal
                  or interest shortfalls or carryovers.

              	
                4.06
                  statement

              
	 	
                (iv)
                  The amount of excess cashflow or excess spread and the disposition
                  of
                  excess cashflow.

              	
                4.06
                  statement

              
	 	
                (4)
                  Beginning and ending principal balances of the asset-backed
                  securities.

              	
                4.06
                  statement

              
	 	
                (5)Interest
                  rates applicable to the pool assets and the asset-backed securities,
                  as
                  applicable. Interest rate information for pool assets in appropriate
                  distributional groups and incremental ranges.

              	
                4.06
                  statement

              
	 	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

              	
                4.06
                  statement

              
	 	
                (7)
                  Any amounts drawn on any credit enhancement or other support identified
                  in
                  Item 1114 of Regulation AB, as applicable, and the amount of coverage
                  remaining under any such enhancement, if known and
                  applicable.

              	
                4.06
                  statement

              
	 	
                (8)
                  Number and amount of pool assets at the beginning and ending of
                  each
                  period, and updated pool composition information, including weighted
                  average coupon, weighted average life, weighted average remaining
                  term,
                  pool factors and prepayment amounts.

              	
                4.06
                  statement

                 

                Pool
                  composition information fields may be updated as specified by Depositor
                  from time to time.

              
	 	
                (9)
                  Delinquency and loss information for the period.

                 

                In
                  addition, describe any material changes to the information specified
                  in
                  Item 1100(b)(5) of Regulation AB regarding the pool
                  assets.

              	
                4.06
                  statement

                 

                Form
                  10-D report: Servicer

              
	 	
                (10)
                  Information on the amount, terms and general purpose of any advances
                  made
                  or reimbursed during the period, including the general use of funds
                  advanced and the general source of funds for
                  reimbursements.

              	
                4.06
                  statement

              
	 	
                (11)
                  Any material modifications, extensions or waivers to pool asset
                  terms,
                  fees, penalties or payments during the distribution period or that
                  have
                  cumulatively become material over time.

              	
                4.06
                  statement

              
	 	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants

              	
                Form
                  10-D report: Servicer

              
	 	
                (13)
                  Information on ratio, coverage or other tests used for determining
                  any
                  early amortization, liquidation or other performance trigger and
                  whether
                  the trigger was met.

              	
                4.06
                  statement

              
	 	
                (14)
                  Information regarding any new issuance of asset-backed securities
                  backed
                  by the same asset pool, information regarding any pool asset changes
                  (other than in connection with a pool asset converting into cash
                  in
                  accordance with its terms), such as additions or removals in connection
                  with a prefunding or revolving period and pool asset substitutions
                  and
                  repurchases (and purchase rates, if applicable), and cash flows
                  available
                  for future purchases, such as the balances of any prefunding or
                  revolving
                  accounts, if applicable.

                Disclose
                  any material changes in the solicitation, credit-granting, underwriting,
                  origination, acquisition or pool selection criteria or procedures,
                  as
                  applicable, used to originate, acquire or select the new pool
                  assets.

              	
                Form
                  10-D report: Depositor

              
	 	
                Item
                  1121(b) - Pre-Funding or Revolving Period Information

                 

                Updated
                  pool information as required under Item 1121(b).

              	
                 

                 

                N/A

              
	
                2

              	
                Legal
                  Proceedings

              	 
	 	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

                Sponsor

                Depositor

                Trustee

                Issuing
                  Entity

                Originator

                Custodian

              	
                 

                 

                 

                Sponsor

                Depositor

                Trustee

                All
                  Parties

                Originator

                Custodian

              
	
                3

              	
                Sales
                  of Securities and Use of Proceeds

              	 
	 	
                Information
                  from Item 2(a) of Part II of Form 10-Q:

                 

                With
                  respect to any sale of securities by the Sponsor, Depositor or
                  Issuing
                  Entity that are backed by the same asset pool or are otherwise
                  issued by
                  the Issuing Entity, whether or not registered, provide the sales
                  and use
                  of proceeds information in Item 701 of Regulation S-K. Pricing
                  information
                  may be omitted if securities were not registered.

              	
                 

                 

                Depositor

              
	
                4

              	
                Default
                  Upon Senior Securities

              	 
	 	
                Information
                  from Item 3 of Part II Of Form 10-Q:

                 

                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice).

              	
                 

                 

                Trustee

              
	
                5

              	
                Submission
                  of Matters to a Vote of Security Holders 

              	 
	 	
                Information
                  from Item 4 of Part II of Form 10-Q

              	
                Trustee

              
	
                6

              	
                Significant
                  Obligors of Pool Assets

              	 
	 	
                Item
                  1112(b) - Significant Obligor Financial Information*

              	
                N/A

              
	 	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                7

              	
                Significant
                  Enhancement Provider Information

              	 
	 	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information*

                Determining
                  applicable disclosure threshold.

                Obtaining
                  required financial information or effecting incorporation by
                  reference.

              	
                 

                N/A

                N/A

              
	 	
                Item
                  1115(b) - Derivative Counterparty Financial Information*

                Determining
                  current maximum probable exposure.

                Determining
                  current significance percentage.

                Obtaining
                  required financial information or effecting incorporation by
                  reference.

              	
                 

                Depositor

                Depositor

                Depositor

              
	 	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	
                8

              	
                Other
                  Information

              	 
	 	
                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported.

              	
                The
                  Responsible Party for the applicable Form 8-K item.

              
	
                9

              	
                Exhibits

              	 
	 	
                Distribution
                  Report

              	
                Trustee

              
	 	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements.

              	
                Depositor

              

      

      

      *
“4.06
        statement” refers to the Statements to be prepared by the Trustee as described
        in Section 4.06 of the Pooling Agreement.

      

      To
        the
        extent no written notice is provided by the designated responsible party
        or
        otherwise to the Trustee by the time specified in Section 3.22(a) of the
        events
        or information as described above in this Exhibit T, the Trustee shall without
        further notice conclude that there is no event or information to be
        reported.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        U

      

      Form
        10-K Disclosure

      

      

      
        	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              
	
                Item
                  1B: Unresolved Staff Comments

                 

              	
                Depositor

              
	
                Item
                  9B: Other Information

              	
                Any
                  party responsible for disclosure items on Form 8-K

              
	
                Item
                  15: Exhibits, Financial Statement Schedules

              	
                Depositor

              
	
                Additional
                  Item:

                 

                Disclosure
                  per Item 1117 of Reg AB

              	
                All
                  parties to the Pooling and Servicing Agreement (as to themselves),
                  any
                  party with notice thereof with respect to the issuing entity, any
                  1100(d)(1) party

              
	
                Additional
                  Item:

                Disclosure
                  per Item 1119 of Reg AB

              	
                All
                  parties to the Pooling and Servicing Agreement, the sponsor, significant
                  obligor, enhancement or support provider

              
	
                Additional
                  Item:

                Disclosure
                  per Item 1112(b) of Reg AB

              	
                N/A

              
	
                Additional
                  Item:

                Disclosure
                  per Items 1114(b) and 1115(b) of Reg AB

              	
                Depositor

              
	
                Additional
                  Item:

                Disclosure
                  per Item 1122 of Reg AB

              	
                Trustee,
                  Servicer and Custodian

              
	
                Additional
                  Item:

                Disclosure
                  per Item 1123 of Reg AB

              	
                Servicer

              

      

      

      To
        the
        extent no written notice is provided by the designated responsible party
        or
        otherwise to the Trustee by the time specified in Section 3.22(a) of the
        events
        or information as described above in this Exhibit U, the Trustee shall without
        further notice conclude that there is no event or information to be
        reported.

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