CITICORP MORTGAGE SECURITIES, INC. CMALT (CitiMortgage Alternative Loan Trust), Series 2006-A6 REMIC Pass-Through Certificates Underwriting Agreement
EXHIBIT
1.1
CITICORP
MORTGAGE SECURITIES, INC.
REMIC
Pass-Through Certificates
October
19, 2006
To:
Greenwich
Capital Markets, Inc., as Underwriter
000
Xxxxxxxxx Xxxx
Xxxxxxxxx,
Xxxxxxxxxxx 00000
Ladies
and Gentlemen:
Citicorp
Mortgage Securities, Inc., a Delaware corporation (“CMSI”), proposes to sell to
you, as underwriter (the “Underwriter”), the offered class A and class B REMIC
Pass-Through Certificates (the “offered certificates”) described in Schedule I.
The offered certificates evidence ownership interests in a trust (the “Trust”)
consisting of the mortgage loans described in Schedule I (the “mortgage
loans”) and related property. The mortgage loans were originated or acquired by
the affiliates of CMSI identified in Schedule I (the “originators”), and will
have, at the close of business on the “cut-off date” specified in Schedule I,
the aggregate principal balance set forth in Schedule I. CMSI will elect
to
treat the Trust, or one or more segregated pools of assets within the Trust,
as
one or more real estate mortgage investment conduits (each a “REMIC”) for
purposes of federal income taxation. The offered certificates are to be issued
under a pooling and servicing agreement (the “Pooling Agreement”), dated as of
the cut-off date, between CMSI, as Depositor, CitiMortgage, Inc. (“CMI”), as
Servicer and Master Servicer, U.S. Bank National Association, in its individual
capacity and as Trustee (in such capacity, the “Trustee”), and Citibank, N.A.,
in its individual capacity and as Paying Agent, Certificate Registrar and
Authentication Agent.
CMSI,
Citigroup Inc., and the Underwriter agree as follows:
1. Purchase
and Sale
Subject
to the terms and conditions of, and in reliance upon the representations
and
warranties made in, this Agreement, CMSI agrees to sell to the Underwriter,
and
the Underwriter agrees to purchase from CMSI, all of the offered certificates
at
the purchase
price set forth in Schedule I.
2. Delivery
and Payment
CMSI
will
deliver one or more certificates representing each class of offered certificates
to the Underwriter’s account at the office, on the date and at the time
(the
1
“closing
date”) specified in Schedule I against payment by the Underwriter of the
purchase price to or upon the order of CMSI in the manner provided in Schedule
I. Unless otherwise specified in Schedule I, the offered certificates will
be
registered in the name of Cede & Co., as nominee for The Depository Trust
Company (“DTC”), and the interests of beneficial owners of such offered
certificates will be represented by book entries on the records of DTC and
its
participants. Definitive Certificates representing the offered Certificates
will
be available as set forth in Schedule I.
CMSI
will
have the offered certificates available for inspection by the Underwriter
in New
York, New York, one business day prior to the closing date.
3. Registration
Statement and Prospectus
(a) CMSI
represents and warrants to the Underwriter that CMSI has filed a registration
statement (File No. 333-130333), including a prospectus, with the
Securities
and
Exchange Commission (the “Commission”) on Form S-3 that is effective under the
Securities Act of 1933, as amended (the “Securities Act”) and no stop order
suspending the effectiveness of the registration statement has been issued
and
no proceedings for that purpose have been initiated by the Commission. CMSI
further represents and warrants to the Underwriter that CMSI is not an
“ineligible issuer” as defined in Rule 405 under the Securities Act, at the date
specified in paragraph 3.ii of such definition.
Such
registration statement, as revised, amended or supplemented, including
by the filing of the Prospectus (as defined below), will at the relevant
date be
the “Registration Statement” at that date. As used in this Agreement, the
Registration Statement will include, at the date of their filing, any documents
filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
that are incorporated by reference into the prospectus included in the
Registration Statement pursuant to Item 12 of Form S-3 under the Securities
Act,
and the terms “amend,” “amendment” or “supplement” with respect to the
Registration Statement or the Prospectus will refer to and include the filing
of
any document under the Exchange Act so incorporated by reference.
(b) The
Underwriter will advise CMSI of the final structure of the offered certificates
sufficiently in advance of the closing date so that CMSI can prepare a final
prospectus relating to the offered certificates (the “Prospectus”) for delivery
to the Underwriter no later than the closing date. CMSI will use its best
efforts to deliver the Prospectus to the Underwriter as soon as reasonably
practicable following the Underwriter’s advice
of
the final structure of the offered certificates. CMSI will file the Prospectus
with the Commission pursuant to and in conformity with Rule 424 under the
Securities Act. References to the Prospectus at any time will refer to the
Prospectus as amended or supplemented at such time. CMSI will, prior to the
termination of the offering of the offered certificates (the “offering”),
promptly advise the Underwriter
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(i)
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when
any amendment to the Registration Statement relating to the offered
certificates has become effective or any revision of or supplement
to the
Prospectus has been filed,
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(ii)
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of
any request by the Commission for an amendment of the Registration
Statement or the Prospectus or for any additional information,
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(iii)
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of
the issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement or the institution
or
threatening of any proceeding for that purpose, and
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(iv)
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of
the receipt by CMSI of any notification with respect to the suspension
of
the qualification of the offered certificates for sale in any jurisdiction
or the initiation or threatening of any proceeding for such purpose.
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CMSI
will
use its best efforts to prevent the issuance of any such stop order and,
if
issued, to obtain its withdrawal as soon as possible. CMSI will not file
prior
to the termination of the offering any amendment to the Registration Statement
relating to the offered certificates, or any revision of or supplement to
the
Prospectus, unless a copy has been furnished
to the Underwriter for its review prior to filing.
(c) CMSI
represents and warrants to the Underwriter that the Registration Statement
on
each of the date of this Agreement, the closing date, and each time of sale
(as
defined below), and the Prospectus as of its date, the closing date, and
each
time of sale following the date of the Prospectus
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(i)
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will
conform in all material respects to the requirements of the Securities
Act
and the applicable rules and regulations of the Commission,
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(ii)
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the
Registration Statement will not include an untrue statement of
a material
fact or omit to state a material fact required to be stated therein
or
necessary to make the statements therein not misleading,
and
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(iii)
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the
Prospectus will not include an untrue statement of a material fact
or omit
to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were
made, not
misleading, except
that CMSI makes no representation or warranty concerning the statements
in
Schedule I under the heading “Underwriter’s Statements to be Included in
the Prospectus” furnished to CMSI by or on behalf of the Underwriter
specifically for use in connection with the preparation of the
Prospectus
(the “Underwriter supplied Prospectus
information”).
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For
purposes of clause (ii) of this section 3(c), the Prospectus will include
static
pool information on a website for which a URL address or hyperlink was provided
in the Prospectus but which information is, pursuant to Item 1105(d) of
Regulation AB, not deemed to be part of the Prospectus or the Registration
Statement.
In
this
agreement, “time of sale” means the time of sale (as such term is used in Rule
159 under the Securities Act) of offered certificates by the Underwriter
to an
investor.
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(d) The
Underwriter represents and warrants to CMSI that the Underwriter supplied
Prospectus information does not include an untrue statement of a material
fact
or omit to state a material fact necessary to make the statements therein
in the
light of the circumstances under which they are made, not misleading when
considered in conjunction with the rest of the Prospectus. CMSI acknowledges
that the Underwriter supplied Prospectus information comprises the only written
information furnished by or on behalf of the Underwriter for inclusion
in
the Prospectus.
(e) If,
at
any time when the Prospectus is required to be delivered under the Securities
Act,
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(i)
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an
event occurs as a result of which the Prospectus at such time would
include an untrue statement of a material fact or omit to state
a material
fact necessary to make the statements therein in the light of the
circumstances under which they were made not misleading, or
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(ii)
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the
Prospectus must be revised, amended or supplemented to comply with
the
Securities Act or the rules and regulations of the Commission
thereunder,
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CMSI
will
promptly prepare and file with the Commission a revision, amendment or
supplement that corrects such statement or omission or effects such
compliance.
CMSI will consult with the Underwriter, to the extent reasonably practicable,
on
the preparation of such revision, amendment or supplement.
(f) CMSI
will
furnish to the Underwriter and its counsel, without charge, so long as delivery
of the Prospectus is required under the Securities Act, as many copies of
the
Prospectus and any revisions or amendments thereof or supplements thereto
as
reasonably requested.
(g) If
the
third anniversary of the effective date of the Registration Statement occurs
within three months after the closing date, CMSI will take action as
necessary
to
permit the public offering and sale of the offered certificates as contemplated
by this Agreement.
4. Free
writing prospectuses and loan tape
(a) CMSI
will
deliver electronically to the Underwriter in Portable Document Format, not
later
than two business days following the date on which CMSI notifies
the
Underwriter that CMSI has chosen it to underwrite the offering, and will
promptly file with the Commission, a “free writing prospectus” (as defined in
Rule 405 under the Securities Act) containing general information about the
offering, the structure of the transaction (exclusive of a description of
the
properties of any particular class of offered certificates), the expected
parameters of the mortgage loan pools, the expected subordination levels
(±
0.5%), risk factors applicable to the mortgage loans, transaction parties
known
to CMSI, the material tax and ERISA treatment of the Certificates, whether
the
Certificates will be “mortgage related securities” as defined in the
Exchange
4
Act,
and
URL addresses of or hyperlinks to the core prospectus most recently filed
by
CMSI with the Commission and to the portion of CMSI’s static pool website
containing static pool information with respect to REMIC pass-through
certificates of the same asset type (as determined by CMSI) as the mortgage
loans (including all such static pool information, whether or not included
in
the Prospectus or Registration Statement pursuant to Item 1105(d) or Regulation
AB, the “CMSI free writing prospectus”). CMSI will promptly deliver to the
Underwriter electronically in Portable Document Format updated CMSI free
writing
prospectuses to correct any material misstatements, or omissions to state
a
material fact necessary to make the statements therein in the light of the
circumstances under which they were made not misleading, in previous CMSI
free
writing prospectuses. References to the CMSI free writing prospectus at any
time
will refer to the CMSI free writing prospectus most recently delivered to
the
Underwriter (including by correction of static pool information on a website
referred to in the CMSI free writing prospectus) sufficiently prior to such
time
as to reasonably permit the Underwriter to deliver the CMSI free writing
prospectus to the relevant investor.
(b) CMSI
represents and warrants to the Underwriter that:
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(i)
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The
CMSI free writing prospectus will conform in all material respects
to the
requirements of the Securities Act and the applicable rules and
regulations of the Commission
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(ii)
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At
the time of sale, the CMSI free writing prospectus, and any loan
tape
furnished by CMSI to the Underwriter (as supplemented or corrected
by CMSI
sufficiently prior to such time as to reasonably permit the Underwriter
to
correct any statement made to the investor in reliance on the
unsupplemented or uncorrected loan tape), will not contain any
untrue
statement of a material fact or omit to state a material fact necessary
to
make the statements therein, in light of the circumstances under
which
they were made, not misleading , except
that CMSI makes no representation or warranty to the extent that
such
untrue statement or omission was the result of an untrue statement
or
omission in, or a failure to provide structural
information.
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In
this
agreement, “structural information” means any of the following types of
information supplied
by the Underwriter to the investor,
to the
extent not included in the CMSI free writing prospectus:
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The
interest rate or any interest rate formula, the anticipated price
range,
the yield to maturity and/or call, the weighted average life at the
pricing speed and under other scenarios that illustrate the material
effects of prepayments or changes in interest rates on offered
certificates (with a description of related prepayment, collateral
and
other assumptions), and other pricing
information.
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Principal
and loss allocations to various classes.
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Interest
accrual periods for offered certificates.
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Whether
offered certificates represent interests in the entire mortgage pool
or in
one or more mortgage loan groups.
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A
description of third party credit enhancement or derivative instruments
selected by the Underwriter for the offered certificates, together
with
the identity of and material information about any related provider
or
counterparty and the ratings assigned to the provider or
counterparty.
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The
identity of and material information about any special servicer or
credit
risk manager selected by the Underwriter for the offered certificates.
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The
fees and expenses payable to transaction
parties.
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(c) CMSI
will
provide the Underwriter with one or more loan tapes containing “loan level”
listings of the mortgage loans that may contain “nonpublic personal information”
within the meaning of Regulation S-P of the Commission. The Underwriter
acknowledges that, to the extent the listing of the mortgage loans contains
any
nonpublic personal information, the Underwriter will be bound by the provisions
of Rule 11 of Regulation S-P and other applicable law regarding limits on
redisclosure and reuse of such information.
(d) The
Underwriter represents and warrants to CMSI that any written communication
containing material information about CMSI or its affiliates or the offered
certificates furnished to a prospective investor by the Underwriter, other
than
a CMSI free writing prospectus, the Prospectus, the Registration Statement
or
the loan tape most recently furnished by CMSI to the Underwriter (as
supplemented or corrected by CMSI prior to such time)
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(i)
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conformed
to the terms and conditions for a communication in Rule 134 or
a free
writing prospectus in Rule 433 under the Securities Act,
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(ii)
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if
a free writing prospectus, consisted solely of ABS informational
and
computational material (as defined in Item 1101(a) of Regulation
AB under
the Securities Act) and information regarding status, oversubscription,
allocation and confirmation of sale, and
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(iii)
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if
a free writing prospectus, did not at the time of sale include
any untrue
statement of a material fact or omit any material fact necessary
to make
the statements contained therein, when considered in conjunction
with the
CMSI free writing prospectus delivered to the investor, in light
of the
circumstances under which they were made, not misleading, except
that the Underwriter makes no representation or warranty to the
extent
that (A) the misstatement or omission was the result of a
misstatement or omission in information supplied by CMSI to the
Underwriter that was not corrected by information
subsequently
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5
supplied
by CMSI to the Underwriter sufficiently prior to the time of sale as to
reasonably permit the Underwriter to correct any statement made to the investor
based on such misstatement, or
(B) the free writing prospectus substantially restates a statement (which
statement may include structural information) in the Prospectus or CMSI free
writing prospectus (a “restatement”), and does not omit a statement in the
Prospectus or CMSI free writing prospectus necessary to make the restatement,
when considered in conjunction with the free writing prospectus and other
information delivered to the prospective investor, in light of the circumstances
under which the restatement was made, not misleading.
(e) CMSI
will
file a CMSI free writing prospectus containing (i) a description of the
final structure of the offered certificates and (ii) the information
contained in the final loan tape delivered to the Underwriter, all in conformity
with Rule 433 under the Securities Act.
(f) The
Underwriter will not sell, and will obligate each dealer to whom it sells
any
offered certificates (which obligation may be in the form of a trade stipulation
and which must name CMSI as an intended third party beneficiary) not to sell
any
offered certificates
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(i)
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to
any investor who is not an institutional investor unless the sale
is
accompanied or preceded by delivery of the Prospectus,
and
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(ii)
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to
any investor prior to the time the Prospectus is filed with the
SEC unless
at the time of sale the Underwriter delivers to the investor the
CMSI free
writing prospectus and the supplemental information that is then
known or
available to the Underwriter.
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(g) The
Underwriter will file with the Commission not later than the date of its
first
use any free writing prospectus that is distributed by or on behalf of the
Underwriter in a manner reasonably designed to lead to its broad, unrestricted
dissemination.
CMSI will provide the Underwriter with any filing information needed to complete
such filing.
(h) The
Underwriter will, in conformity with Rule 433(g) under the Securities Act,
retain all free writing prospectuses that it has used in the offering and
that
are not filed with the Commission for three years following the initial bona
fide offering of the offered certificates. If there is any litigation or
threatened litigation against CMSI or any of its affiliates with respect
to the
offering, the Underwriter will, on CMSI’s request, make copies of such documents
available to CMSI.
(i) The
Underwriter will promptly provide CMSI with any information within the
Underwriter’s reasonable control that CMSI reasonably requests to enable CMSI to
meet its disclosure and reporting obligations under the Securities Act and
the
Exchange Act in connection with the offered certificates. The Underwriter
will
use its best efforts to cause any credit enhancement provider, derivative
counterparty, special servicer or credit
6
risk
manager arranged by the Underwriter in connection with the offered certificates
to promptly provide to CMSI such narrative disclosure, financial information,
including required accountants’ consents, and other information as CMSI may
reasonably request to enable CMSI to meet its disclosure and reporting
obligations under the Securities Act and the Exchange Act.
5. Other
representations and warranties
CMSI
represents and warrants to the Underwriter that:
(a) Each
of
the class A and class B-1 offered certificates will, when issued, be a “mortgage
related security,” as defined in section 3(a)(41) of the Exchange Act, and each
of the offered certificates, when validly authenticated, issued and delivered
in
accordance with the Pooling Agreement, will be duly and validly issued and
outstanding
and entitled to the benefits of the Pooling Agreement.
(b) Compliance
by CMSI with the provisions of this Agreement and the Pooling Agreement do
not,
and will not on the closing date, conflict with CMSI’s certificate of
incorporation or by-laws or any contract to which CMSI is a party.
(c) On
the
closing date, each of this Agreement and the Pooling Agreement will have
been
duly authorized, executed and delivered by CMSI and, assuming the valid
execution of such agreements by the other parties, each such agreement will
constitute a valid and binding agreement of CMSI enforceable against it in
accordance with its terms, except as the same may be limited by bankruptcy,
insolvency, reorganization or other laws relating to or affecting the
enforcement of creditors’ rights and by general equity principles.
(d) CMSI
has
been duly organized and is validly existing under the laws of the State of
Delaware, with corporate power and authority to own its properties and conduct
its business as described in the Prospectus.
6. Expenses;
Blue Sky
(a) CMSI
will
pay all expenses incidental to the performance of its obligations under this
Agreement, including expenses of
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(i)
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preparing,
filing and reproducing the Prospectus, of preparing, filing and
reproducing the CMSI free writing prospectus, the Registration
Statement,
this Agreement, and the Pooling
Agreement,
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(ii)
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KPMG
LLP, and
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(iii)
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preparing
and delivering the offered certificates to DTC,
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provided,
however,
that
except as provided in this section (a) and in section 10, the Underwriter
will
pay (A) all of its own expenses, including the fees of Cadwalader, Xxxxxxxxxx
& Xxxx LLP
and any
other counsel to the Underwriter, (B) any transfer taxes
7
on
resale
of any of the offered certificates by it, (C) advertising expenses connected
with any offers made by the Underwriter, and (D) expenses of printing the
Prospectus.
(b) CMSI
will
use its best efforts to arrange for, and will pay all expenses of, the
qualification of the offered certificates for sale under the laws of such
jurisdictions as the Underwriter may designate, to maintain such qualifications
in effect so long as required for the distribution of the offered
certificates and to arrange for the determination of the legality of the
offered
certificates for purchase by institutional investors, However, CMSI will
not be
required to qualify to do business in any jurisdiction where it is not now
so
qualified or to take any action that would subject it to general or unlimited
service of process in any jurisdiction where it is not now so
subject.
(c) If
for
any reason other than default by the Underwriter in its obligation to purchase
the offered certificates or termination by the Underwriter pursuant to section
11, CMSI does not deliver the offered certificates as provided in this
agreement, CMSI will reimburse the Underwriter for its out-of-pocket expenses
(including reasonable fees and disbursements of its counsel) reasonably incurred
by the Underwriter in preparing to purchase the offered certificates, but
CMSI
will have no further liability to the Underwriter with respect to the offered
certificates, except as provided in sections 6(a) and 6(b) above.
7. No
Fiduciary Relationship
(a) The
Underwriter has been retained solely to act as underwriter in connection
with the sale of the offered certificates, and no fiduciary, advisory or
agency
relationship between CMSI or Citigroup Inc., on the one hand, and the
Underwriter on the other, has been created in respect of any of the transactions
contemplated by this Agreement, irrespective of whether the Underwriter has
advised or is advising CMSI or Citigroup Inc. on other matters. CMSI and
Citigroup Inc. acknowledge that the Underwriter has not provided, and is
not
expected to provide, any legal, accounting, regulatory or tax advice to CMSI
or
Citigroup Inc. with respect to such transactions.
(b) The
purchase price was established by CMSI following discussions and arm’s-length
negotiations with the Underwriter, and CMSI is capable of evaluating and
understanding and understands and accepts the terms, risks and conditions
of the
transactions contemplated by this Agreement, and the Underwriter will have
no
fiduciary responsibility or liability to CMSI or Citigroup Inc. regarding
such
transactions.
(c) Each
of
CMSI and Citigroup Inc. has been advised that the Underwriter and its affiliates
are engaged in a broad range of transactions that may involve interests that
differ from those of CMSI and Citigroup Inc., and that the Underwriter has
no
obligation to disclose such interests and transactions to CMSI or Citigroup
Inc.
by virtue of any fiduciary, advisory or agency relationship.
(d) Each
of
CMSI and Citigroup Inc. waives, to the fullest extent permitted by applicable
law, any claims it may have against the Underwriter for breach of fiduciary
duty, and agrees that the Underwriter will have no liability (whether direct
or
indirect) to
8
CMSI
or
Citigroup Inc. in respect of such a fiduciary duty claim or to any person
asserting a fiduciary duty claim on behalf of or in right of CMSI or Citigroup
Inc., including stockholders, employees or creditors of CMSI or Citigroup
Inc.
Any review by the Underwriter of CMSI, the transactions contemplated by this
agreement, or any related matters will be performed solely for the Underwriter’s
benefit and not on behalf of CMSI or Citigroup Inc.
8. Conditions
to the Obligation of the Underwriter
The
Underwriter’s obligation to purchase the offered certificates will be subject to
the accuracy in all material respects of CMSI’s representations and warranties
in this Agreement at the date of this Agreement and the closing date, to
the
accuracy of the statements of CMSI made in any officer’s certificate delivered
pursuant to this Agreement, to the performance by CMSI of its obligations
under
this Agreement, and to the following additional conditions
on
the closing date:
(a) No
stop
order suspending the effectiveness of the Registration Statement has been
issued
and no proceedings for that purpose instituted and pending or
threatened.
(b) CMSI
has
delivered to the Underwriter a certificate of CMSI, dated the closing date
and
signed by the President, Senior Vice President, Vice President or an Assistant
Vice President of CMSI, to the effect that the signer of the certificate
has
examined the Registration Statement, the Prospectus and this Agreement and
that:
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(i)
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CMSI’s
representations and warranties in this Agreement are true and correct
in
all material respects on the closing date with the same effect
as if made
on the closing date, and CMSI has complied with all agreements
and
satisfied all the conditions on its part to be performed or satisfied
at
or prior to the closing date; and
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(ii)
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no
stop order suspending the effectiveness of the Registration Statement
has
been issued, and no proceedings for that purpose instituted and
pending
or, to such officer’s knowledge, threatened as of the closing
date.
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(c) CMSI
has
delivered to the Underwriter an opinion, dated the closing date, of the General
Counsel, Finance and Capital Markets of Citigroup Inc., to the effect
that:
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(i)
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Each
of CMSI and CMI is a validly existing corporation in good standing
under
the laws of the State of Delaware and the State of New York, respectively,
with corporate power and authority under such laws to own its properties
and assets and conduct its business as described in the
Prospectus;
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(ii)
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Citibank,
N.A. has been duly chartered and is validly existing as a national
banking
association in good standing under the laws of the United States;
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(iii)
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This
Agreement has been duly authorized, executed and delivered by each
of CMSI
and Citigroup Inc.;
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(iv)
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The
Mortgage Loan Purchase Agreement has been duly authorized, executed
and
delivered by CMSI and each originator and constitutes the valid
and
legally binding obligation of CMSI and each such originator, enforceable
in accordance with its terms, except as enforceability may be limited
by
bankruptcy, insolvency, reorganization or other similar laws relating
to
or affecting the enforcement of creditors’ rights and by general
principles of equity;
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(v)
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The
Pooling Agreement has been duly authorized, executed and delivered
by
CMSI, CMI, as Servicer and Master Servicer, and Citibank, N.A.,
in its
individual capacity and as Paying Agent, Certificate Registrar
and
Authentication Agent and, assuming valid execution thereof by U.S.
Bank
National Association, in its individual capacity and as Trustee,
constitutes a valid and legally binding agreement of CMSI, CMI,
and
Citibank, N.A., enforceable in accordance with its terms, except
as
enforceability may be limited by bankruptcy, insolvency, reorganization
or
other similar laws relating to or affecting the enforcement of
creditors’
rights and by general principles of equity;
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(vi)
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The
Pooling Agreement is not required to be qualified under the Trust
Indenture Act of 1939, as amended, and the Trust Fund (as defined
in the
Pooling Agreement) is not required to be registered under the Investment
Company Act of 1940, as amended;
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(vii)
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The
offered certificates have been duly authorized, executed, issued,
authenticated and delivered, and are validly issued and outstanding
and
entitled to the benefits provided by the Pooling Agreement;
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(viii)
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Assuming
that the offered class A and class B-1 offered certificates are
rated at
the time of issuance in one of the two highest rating categories
by a
nationally recognized statistical rating organization, each such
offered
certificate at such time will be a “mortgage related security,” as defined
in section 3(a)(41) of the Exchange Act;
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(ix)
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The
Registration Statement is effective under the Securities Act, and,
to the
best knowledge of such counsel:
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(A)
No
stop order suspending the effectiveness of the Registration Statement has
been
issued and no proceedings for that purpose have been instituted or are pending
or have been threatened under the Securities Act.
(B)
Each
of the Registration Statement at its effective date and the closing date,
and
the Prospectus at its date and the closing date (in
10
each
case, with the exception of any information incorporated by reference therein
and any numerical, financial, statistical or quantitative data) appeared
on its
face to conform in all material respects to the requirements of the Securities
Act and the applicable rules and regulations of the Commission.
(C)
The
descriptions in the Prospectus and the Pooling Agreement at the closing date
of
the offered certificates, and of the aspects of certain statutes as set forth
in
the Prospectus under the heading “Core prospectus—ERISA considerations” and
“Prospectus supplement—Additional ERISA considerations,” are, to the extent that
they constitute statements of matters of law or legal conclusions with respect
thereto, accurate in all material respects; and
|
(x)
|
Such
other opinions with regard to secured transactions, bankruptcy,
insolvency
and related matters as the Underwriter reasonably
requests.
|
Such
opinion may express its reliance (1) as to factual matters on the
representations
and warranties made by, and on certificates or other documents furnished
by
officers of, the parties to this Agreement and the Pooling Agreement,
(2) as to legal matters relating to the Employee Retirement Income Security
Act of 1974, on an opinion, dated the closing date, of counsel acceptable
to the
Underwriter, and (3) as to legal matters relating to secured transactions,
bankruptcy, insolvency and related matters, on an opinion, dated the closing
date, of Cadwalader, Xxxxxxxxxx & Xxxx LLP,
special
bankruptcy counsel to CMSI. Such opinion may assume the due authorization,
execution and delivery of the instruments and documents referred to therein
by
the parties thereto other than CMSI, CMI, Citibank, N.A., Citigroup Inc.
and the
originators. Such opinion may be qualified as an opinion only on the General
Corporation Law of the State of Delaware, the laws of each state in which
the
writer of the opinion is admitted to practice law, and the federal law of
the
United States.
(d) CMSI
has
delivered to the Underwriter a letter, dated the closing date, of the General
Counsel, Finance and Capital Markets of Citigroup Inc., to the effect that
in
the course of such counsel’s review of the Registration Statement and the
Prospectus and discussion of the same with certain officers of CMSI and the
originators and their auditors, no facts came to the attention
of
such counsel that led such counsel to believe that
|
(i)
|
the
Registration Statement as of its effective date or the closing
date
included an untrue statement of a material fact or omitted to state
a
material fact required to be stated therein or necessary to make
the
statements therein not misleading, or
|
|
(ii)
|
the
Prospectus as of its date or the closing date, included an untrue
statement of a material fact or omitted to state a material fact
necessary
in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading,
|
11
it
being
understood that such counsel need express no view as to any information
incorporated by reference or any financial, numerical, statistical or
quantitative data in the Registration Statement or the Prospectus.
(e) CMSI
has
delivered to the Underwriter an opinion, dated the closing date, of Cadwalader,
Xxxxxxxxxx & Xxxx LLP,
special
tax counsel to CMSI, to the effect that the statements in the Prospectus
under
the headings “Core prospectus-Taxation of certificate holders,” “Core
prospectus—Taxation of the Trust,” and “Prospectus supplement—Federal income tax
consequences,” to the extent such statements summarize material tax consequences
of the purchase, beneficial ownership and disposition of the offered
certificates to the holders thereof described therein, are correct in all
material respects.
(f) The
Underwriter have received from Cadwalader, Xxxxxxxxxx & Xxxx LLP,
counsel
for the Underwriter, such opinion or opinions, dated the closing date, with
respect to the issuance and sale of the offered certificates, the Registration
Statement and the Prospectus, and such other related matters as the Underwriter
may reasonably request.
(g) KPMP
LLP
have furnished to the Underwriter a letter, dated the closing date, in form
and
substance satisfactory to the Underwriter, stating in effect that they have
performed certain specified procedures, agreed upon between KPMG LLP, CMSI
and
the Underwriter, as a result of which they have determined that the information
of an accounting, financial or statistical nature with respect to “static pool
information” contained on CMSI’s website at xxx.xxxxxxxxxxxxxxx.xxx relating to
REMIC pass-through certificates issued after January 1, 2006 and included
in the
Prospectus under Rule 312 of the Commission’s Regulation S-T, agrees with the
accounting records of the originators, excluding any questions of legal
interpretation
(h) KPMG
LLP
have furnished to the Underwriter a letter, dated the closing date, in form
and
substance satisfactory to the Underwriter, stating in effect that:
|
(i)
|
They
have performed certain specified procedures, agreed upon between
KPMG LLP
CMSI and the Underwriter, as a result of which they have determined
that
the information of an accounting, financial or statistical nature
(which
is limited to accounting, financial or statistical information
derived
from the general accounting records of the originators and which
is
obtained from an analysis of a sample of the mortgage loans) set
forth in
the Prospectus under the caption “Prospectus supplement—Summary—Series
overview—the mortgage loans at November 1, 2006 (the cut-off date)” and in
the detailed description relating to such prospectus supplement
and the
mortgage loans agrees with the accounting records of the originators,
excluding any questions of legal interpretation.
|
|
(ii)
|
They
have compared the data contained in a data sheet or computer tape
prepared
by CMI for the mortgage loans to information contained in the mortgage
loan files furnished by the originators and in such
other
|
12
sources
as will be specified by them, based on an appropriate sampling thereof, and
found such data and information to be in agreement, unless otherwise noted
in
such letter.
(i) If
there
is more than one class of offered certificates, KPMG LLP have furnished to
the
Underwriter a letter, dated the date of the Prospectus, in form and substance
satisfactory to the Underwriter, stating in effect that:
|
(i)
|
Using
the assumptions and methodology used by CMSI (which include and
do not
conflict with any assumptions and methodology set forth in the
Prospectus), all of which will be described by reference in such
letter,
they have recalculated the percentages and weighted average lives
set
forth in the Prospectus in the tables relating to the “Prospectus
supplement—Principal balance as percent of initial principal balance” for
each class of offered certificates at certain percentages of the
prepayment model to be set forth in the Prospectus, compared the
results
of their calculations to the corresponding items in the respective
table
and found each such percentage and weighted average life set forth
in each
such table to be in agreement with the respective results of such
calculations.
|
|
(ii)
|
Using
the assumptions and methodology prescribed in the Prospectus, they
have
recalculated, for each distribution day (as defined in the Prospectus),
the aggregate of the amount of cash to be on deposit in the Trust
on the
determination day immediately preceding such distribution day and
found
that such aggregate amount equals or exceeds the aggregate amount
of
interest and distributions in reduction of principal balance that
is
distributable on the offered certificates on the following distribution
day, as recalculated by them.
|
|
(iii)
|
Using
the assumptions and methodology prescribed in the Pooling Agreement
and
the Prospectus, they have recomputed the last distribution day
for each
class of offered certificates and found such dates to be in agreement
with
those set forth in the Prospectus.
|
|
(iv)
|
If
one or more classes of offered certificates will be entitled to
receive
distributions in respect of interest at other than a fixed rate
or
distributions in reduction of principal balance according to a
schedule of
planned or targeted balances, or have other characteristics which
give
rise to the use of tables in the Prospectus reflecting yield or
cash flow,
such letters will also set forth such other statements as are customarily
set forth by KPMG LLP in such letters with respect to such
classes.
|
|
(v)
|
Using
the assumptions and methodology used by CMSI set forth in the Prospectus,
all of which will be described by reference in such letter, they
have
recalculated the percentages set forth in the Prospectus in the
tables
entitled “Prospectus supplement—Weighted average lives
and
|
13
yields
to
maturity—Pre-tax yield to maturity” of classes B-2 and B-3, compared the results
of their calculations to the corresponding items in such table and found
each
such percentage set forth in such table to be in agreement with the results
of
such calculations.
(j) Subsequent
to the date hereof, there will not have occurred any change, or any development
involving a prospective change, in or affecting the business or properties
of
CMSI which the Underwriter concludes, after consultation with CMSI, in the
judgment of the Underwriter, materially impairs the investment quality of
the
offered certificates
so as to make it impractical or inadvisable to proceed with the public offering
or the delivery of the offered certificates as contemplated by the
Prospectus.
(k) The
offered certificates have been rated at least the rating or ratings specified
in
Schedule I by the rating agency or agencies specified in Schedule I and such
ratings will not have been rescinded or placed under review.
(l) CMSI
have
furnished to the Underwriter such further information, certificates and
documents as the Underwriter may reasonably have requested not less than
three
full business days prior to the closing date.
If
any of
the conditions specified in this section 8 are not fulfilled in all
material
respects when and as provided in this Agreement, or if any of the opinions
and
certificates mentioned above or elsewhere in this Agreement are not in all
material respects reasonably satisfactory in form and substance to the
Underwriter and its counsel, this Agreement and all obligations of the
Underwriter hereunder may be canceled at, or at any time prior to, the closing
date by the Underwriter. Notice of such cancellation will be given to CMSI
in
writing, or by telephone or telegraph confirmed in writing.
9. Condition
to the Obligation of CMSI
The
obligation of CMSI to issue and sell the offered certificates will be subject
to
the satisfaction of the conditions that
(a) on
the
closing date the
class
X-0, X-0 and B-6 certificates (as described in the Prospectus) have been
issued
and sold under the Purchase Agreement dated the date of this Agreement among
CMSI, Citigroup Inc. and the purchaser
thereof; and
(b) the
Underwriter has advised CMSI of the final structure of the offered certificates
sufficiently in advance of the closing date so as to enable CMSI to prepare
the
Prospectus for delivery to the Underwriter by the closing date.
10. Indemnification
and Contribution
(a) In
this
section 10,
|
(i)
|
“claims”
includes losses, claims, damages, expenses (including legal and
other
expenses reasonably incurred in investigating or defending the
claims, and
damages resulting from the Underwriter’s having
to
|
14
reform
a
contract for the sale of securities to an investor) or liabilities, joint
or
several, (or actions in respect thereof) under the Securities Act, the Exchange
Act, or other federal or state statutory law or regulation, at common law
or
otherwise, and
|
(ii)
|
a
“controlling person” of a party is a person that controls the party within
the meaning of either the Securities Act or the Exchange Act, and in the
case of CMSI includes any person who signed the Registration
Statement.
|
(b) CMSI
will
indemnify and hold harmless the Underwriter and each of its controlling persons
against any claims to which any of them becomes subject, to the extent such
claims arise out of or are based upon a breach of any representation or warranty
given by CMSI to the Underwriter
in section 3(a), 3(c) or 4(b).
(c) The
Underwriter will indemnify and hold harmless CMSI and each of its controlling
persons against any claims to which any of them becomes subject, to the extent
such claims are based upon breach of any express representation or warranty
given by the Underwriter to CMSI in section 3(d) or 4(d).
(d) The
indemnities in sections 10(b) and 10(c) will be in addition to any liability
that CMSI or the Underwriter may otherwise have.
(e) If
a
person entitled to indemnification under this section 10 is notified of any
action or threatened action involving a claim for which the person may be
entitled to seek indemnification or reimbursement under this section 10,
the
person must promptly notify the indemnifying party in writing of the action.
However, such person’s failure to notify the indemnifying party will not relieve
the indemnifying party from any liability to such person (i) under this
section 10 except to the extent that the indemnifying party is materially
prejudiced by such failure, or (ii) otherwise than under this section 10.
The
indemnifying party will be entitled to participate in any such action, and
to
the extent that it may elect by written notice delivered to the indemnified
person promptly after being notified by the indemnified person of the action,
to
assume the defense thereof, with counsel selected by the indemnifying party
and
reasonably satisfactory to the indemnified person. However, if the defendants
in
any such action include both indemnified persons and the indemnifying party,
and
an indemnified person reasonably
concludes that there may be legal defenses available to it and/or other
indemnified persons that are different from or additional to those available
to
the indemnifying party, the indemnified person or persons may select a single
separate counsel to assert such legal defenses and to otherwise participate
in
the defense of the action on behalf of such indemnified person or
persons.
Upon
the
indemnifying party’s so assuming the defense of the action, the indemnifying
party will not be liable to the indemnified person in connection with the
defense thereof, except
15
|
(i)
|
for
the expenses of a single separate counsel to represent indemnified
persons
in accordance with the last sentence in the preceding paragraph,
or
|
|
(ii)
|
where
the indemnifying party does not employ counsel reasonably satisfactory
to
the indemnified person within a reasonable time after the indemnified
person notifies the indemnifying party of the action.
|
The
indemnifying party will not be liable for a settlement of any proceeding
effected without its written consent, but if settled with such consent or
if
there is a final judgment for the plaintiff, the indemnifying party will
indemnify the indemnified person from and against any loss or liability by
reason of such settlement or judgment. No indemnifying party will settle
any
pending or threatened proceeding without the prior written consent of each
person who could seek indemnity under this section 10 with respect to such
proceeding, unless such settlement
|
(i)
|
does
not include a statement as to or admission of, fault, culpability
or a
failure to act by or on behalf of such person, and
|
|
(ii)
|
includes
an unconditional release of such indemnified person from all liability
on
claims that are the subject matter of such
proceeding.
|
(f) In
order
to provide for just and equitable contribution in circumstances in which
the
indemnification provided for in this section 10 is due in accordance with
its
terms but is legally unavailable or insufficient to hold harmless an indemnified
person, CMSI and the Underwriter will contribute to the aggregate claims
to
which CMSI and the Underwriter may be subject in an appropriate proportion
to
reflect both the relative benefits received
by and the relative fault of CMSI and the Underwriter, except
that no
person guilty of fraudulent misrepresentation (within the meaning of section
11(f) of the Securities Act) will be entitled to contribution from any person
who was not guilty of fraudulent misrepresentation. The relative benefits
received by CMSI and the Underwriter will be deemed to be in the same proportion
as the total net proceeds received by CMSI bears to the total underwriting
discount and commission received by the Underwriter. Relative fault will
be
determined by reference to whether any untrue or alleged untrue statement
of a
material fact or omission or alleged omission to state a material fact, or
such
inaccurate or untrue statement or representation, relates to information
supplied by CMSI or the Underwriter, the intent of the parties and their
relative knowledge, access to information and opportunity to correct or prevent
such statement, omission or representation. For purposes of this section
10,
each controlling person will have the same rights to contribution as the
related
party. Any person entitled to contribution will, promptly after receipt of
notice of commencement of any action, suit or proceeding against such person
for
which a claim for contribution may be made against a party under this section
(f), notify the party from whom contribution may be sought, but the omission
to
so notify such party will not relieve such party from any other obligation
it
may have under this section (f) or otherwise. Notwithstanding the foregoing,
the
Underwriter will not be required to contribute any amount in excess of the
amount by which the total price at which the offered certificates were offered
to the public exceeds
16
the
amount of any damages that the Underwriter has otherwise been required to
pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission.
11. Termination
This
Agreement will be subject to termination in the absolute discretion of the
Underwriter, by notice given to CMSI prior to delivery of and payment for
the
offered
certificates, if prior to such time (i) trading in securities generally on
the
New York Stock Exchange has been suspended or materially limited, (ii) a
general
moratorium on commercial banking activities in New York is declared by either
federal or New York State authorities, or (iii) there is a material outbreak
or
escalation of hostilities or other calamity or crisis the effect of which
on the
financial markets of the United States makes it, in the reasonable judgment
of
the Underwriter after consultation with CMSI, impracticable to market the
offered certificates.
12. Representations
and indemnities to survive
The
respective agreements, representations, warranties, indemnities and other
statements of CMSI and Citigroup Inc. and their respective officers and of
the
Underwriter set forth in or made pursuant to this Agreement will remain in
full
force and effect, regardless of any investigation made by or on behalf of
the
Underwriter, CMSI or Citigroup Inc. or any of the officers, directors or
controlling persons
referred to in section 10 hereof, and will survive delivery of and payment
for
the offered certificates. The provisions of sections 10 and 13 hereof will
survive the termination or cancellation of this Agreement.
13. Obligation
of Citigroup Inc.
Citigroup
Inc. agrees, in consideration of and as an inducement to the Underwriter’s
purchase of the offered certificates from CMSI, to indemnify and hold harmless
the Underwriter, and each person who controls the Underwriter against any
failure by CMSI to perform any of its obligations under this Agreement,
including any obligation of CMSI to the Underwriter pursuant to sections
6 and
10 hereof, after receipt from the Underwriter
of written notice of any such failure.
14. Successors
This
Agreement will inure to the benefit of and be binding upon the parties hereto
and their respective successors and the officers, directors and controlling
persons referred to in section 10 hereof and their respective successors
and
assigns, and no other person will have any right or obligation
hereunder.
15. Applicable
law
This
Agreement will be governed by and construed in accordance with the laws of
the
State of New York.
17
16. Miscellaneous
This
Agreement supersedes all prior or contemporaneous agreements and understandings
relating to its subject matter. Neither this Agreement nor any term hereof
may
be changed, waived, discharged or terminated except by a writing signed by
the
party against whom enforcement of such change, waiver, discharge or termination
is sought.
17. Notices
All
communications hereunder will be in writing and effective only upon receipt
and,
if sent to the Underwriter, will be delivered to the Underwriter’s
address first stated in this Agreement (with a copy to its General Counsel’s
Office), or if sent to CMSI, will be delivered to Citicorp Mortgage Securities,
Inc., 0000 Xxxxxxxxxx Xxxxx, X’Xxxxxx, Xxxxxxxx 00000, Attn: Xxxxxx X. Xxxxxxx,
or if sent to Citigroup Inc., will be delivered to Citigroup Inc., Citigroup
Center, 000 Xxxx 00xx Xxxxxx, 0xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attn:
Xxxxxxx
Xxxxx.
18
If
the
foregoing is in accordance with your understanding of our agreement, please
sign
and return to each of the undersigned a copy hereof, whereupon this letter
and
your acceptance will represent a binding agreement among CMSI, Citigroup
Inc.
and the Underwriter.
Very
truly yours,
CITICORP
MORTGAGE SECURITIES, INC.
By: /s/
Xxxxxx X. Xxxxxxx
Xxxxxx
X.
Xxxxxxx
President
CITIGROUP
INC.
By: /s/
Xxxxxxx X. Xxxxx
Xxxxxxx
X. Xxxxx
Assistant
Treasurer
The
foregoing Agreement is hereby confirmed and
accepted
as of the date first above written.
GREENWICH
CAPITAL MARKETS, INC.
By: /s/
Xxxx Xxxxxxx
Name:
Xxxx Xxxxxxx, Managing Director
Authorized
Signatory
19
SCHEDULE
I
Underwriting
Agreement dated October
19, 2006
REMIC
Pass-Through Certificates
|
Description
of mortgage loans:
|
For
each pool of mortgage loans, the description under COLLATERAL
INFORMATION
on
the Trade Ticket that is attached as Attachment A hereto. Any reference
in
the Trade Ticket to 15 YR
REG N/C
means 10- to 15- year fixed-rate conventional one- to four-family
mortgage
loans, any reference to 15
YR
NC ALT-A means
10- to 15- year fixed-rate Alt-A one- to four-family mortgage loans,
any
reference to 30 YR
REG N/C
means 20- to 30- year fixed-rate conventional one- to four-family
mortgage
loans, any reference to 30 YR
RELO N/C
means 20- to 30- year fixed-rate conventional one- to four-family
mortgage
loans that are originated through corporate relocation programs,
any
reference to 30 YR
REG N/C IO
means 20- to 30- year fixed-rate conventional one- to four-family
mortgage
loans that have an interest-only period of ten years following
origination, any reference to 30
YR NC ALT-A means
20- to 30- year fixed-rate Alt-A one- to four-family mortgage loans,
and
any reference to 30
YR NC ALT-A IO means
20- to 30- year fixed-rate Alt-A one- to four-family mortgage loans
that
have an interest-only period of ten years following origination.
The
aggregate principal balance of the mortgage loans in each pool
is shown on
the Trade Ticket under Trade Amount, and is subject to an upward
or
downward variance by closing of up to 5%. The weighted average
per annum
interest rate of the mortgage loans in each pool as of the cut-off
date is
expected to be the percentage shown for the pool under WAC—Final
Pool on the Trade Ticket, plus or minus the basis points per annum
shown
on the Trade Ticket. The weighted average remaining term to stated
maturity of the mortgage loans in each pool as of the cut-off date
is
expected to be the number of months for the pool shown under WAM—Final
Pool on the Trade Ticket, plus or minus the number of months shown
on the
Trade Ticket, except that the number of months can not exceed 180
for a
pool of 15 YR
REG N/C
and 15
YR
NC ALT-A mortgage
loans or 360 for a pool of 30 YR
REG N/C,
30
YR
RELO N/C, 30
YR
REG N/C IO or
30
YR NC ALT-A
mortgage loans.
|
|
Offered
certificates:
|
Senior
class A (NON-PO) and, if shown on a Trade Ticket, class A-PO and/or
class
A-IO certificates (the “offered
|
I-1
class
A
certificates”) and subordinated class X-0, X-0 and B-3 certificates (the
“offered class B certificates”).
If
there
is only a single pool of mortgage loans, each class of offered certificates
has
a principal balance equal to the percentage for the class specified under
SIZE
in the
Trade Ticket of the Trade Amount specified in the Trade Ticket.
If
there
is more than one pool of mortgage loans:
(a) The
offered class A certificates (other than any offered class A-IO certificates)
in
each “group” (as defined in the Pooling Agreement) have a principal balance
equal to the percentage for the class specified under SIZE
for the
related pool of the related Trade Amount specified in the Trade Ticket, and
(b) Each
class of offered class
B
certificates
has a principal balance equal to the aggregate of the principal balance of
its
component classes. The principal balance of a component class of a class
of
certificates equals the percentage for such class specified under SIZE
of the
Trade Amount,
as such
SIZE
and
Trade Amount are
specified for the pool related to the group for the component class on the
Trade
Ticket.
The
principal balance of each class of certificates is subject to upward or downward
variance at closing of up to 5%.
The
offered class A certificates may include one or more classes of class A
certificates with the
prior
consent of an authorized officer of CMSI, which consent will not unreasonably
be
withheld. Additionally, class A-PO and A-IO certificates may be composite
classes of certificates formed from ratio-stripped PO and IO component classes,
respectively, from different pools.
|
Purchase
price:
|
If
there is a single pool of mortgage loans, the
sum of (a), (b) and (c):
|
(a) The
aggregate of the prices of each class of offered certificates. The price
of a
class of certificates is calculated
by multiplying the principal balance (or for any ratio-stripped IO class,
notional balance) of the class
at
closing by the PRICE
INFORMATION
percentage for the class shown on the Trade Ticket.
(b) Accrued
interest on the aggregate principal balance (or, for any ratio-stripped IO
class, notional balance) at closing of each class of offered
certificates from (and including) the ISSUE
DATE shown
on
the Trade Ticket to (but excluding) the SETTLEMENT
DATE
shown
I-2
on
the
Trade Ticket at a rate per annum equal to the target rate stated in the Pooling
Agreement.
(c) $75,000.00.
If
there
is more than one pool of mortgage loans, the sum of (d), (e) and
(f):
(d) The
aggregate, for each pool, of the prices of each class (or component class)
of
offered certificates listed on the Trade Ticket, calculated by multiplying
the
principal balance (or for any ratio-stripped IO class, notional balance)
at
closing of each class (or component class) of offered certificates in the
group
related to the pool (other than any composite classes) by the PRICE
INFORMATION
percentage for the class (or component class) shown for such pool on the
Trade
Ticket.
(e) accrued
interest on the aggregate principal balance (or, for any ratio-stripped IO
certificates, notional balance) at closing of the offered certificates (other
than any composite classes or ratio-stripped PO classes of certificates)
from
(and including) the ISSUE
DATE shown
on
the Trade Ticket to (but excluding) the SETTLEMENT
DATE
shown on
the Trade Ticket at a rate per annum equal to the target rate for the pool
stated in the Pooling Agreement.
(f) $75,000.00.
|
Originator
and Address:
|
CitiMortgage,
Inc.
|
0000 Xxxxxxxxxx Xxxxx
X’Xxxxxx,
Xxxxxxxx 00000
|
Cut-off
date:
|
The
ISSUE
DATE
shown on the Trade Ticket
|
Ratings
of
|
offered
certificates:
|
Each
class of offered certificates will have the ratings of the rating
agencies
shown on the Trade Ticket. “S&P” on the Trade Ticket refers to
Standard & Poor’s Ratings Services, “Moody’s” refers to Xxxxx’x
Investors Service, Inc., and “Fitch” refers to Fitch Ratings.
|
|
Denominations:
|
The
denominations of each class of offered certificates will be as
set forth
in the Prospectus. Such denominations will be set by the Underwriter,
except that (1) the minimum denomination of each certificate of a
class of offered certificates will be $1,000, and (2) if the initial
principal or notional balance of an offered class of certificates
is not a
permitted denomination for a certificate of that class, one certificate
of
the class may be issued in a different
denomination.
|
I-3
Underwriter’s
Statements to
|
be
Included in the Prospectus:
|
The
purchase price for the offered certificates will be set by the
underwriter
or negotiated by the purchaser and the underwriter at the time
of
sale.
|
Subject
to the terms and conditions of the underwriting agreement among Citigroup
Inc.,
CMSI and the underwriter, the underwriter will purchase the offered certificates
from CMSI upon issuance. The underwriter has committed to purchase all of
the
offered certificates if any certificates are purchased. The underwriter will
distribute the offered certificates from time to time in negotiated transactions
or otherwise at varying prices to be determined at the time of
sale.
In
connection with the purchase and sale of the offered certificates, the
underwriter may be deemed to have received compensation from CMSI in the
form of
underwriting discounts.
In
connection with this offering, the underwriter may over-allot or effect
transactions that stabilize or maintain the market price of the offered
certificates at a level above that which might otherwise prevail in the open
market. Such stabilizing, if commenced, may be discontinued at any
time.
|
Delivery
and Payment:
|
Same
day funds by federal funds wire.
|
|
Closing
date and Location:
|
10:00
a.m. (New York City time) on the
SETTLEMENT
DATE
shown on the Trade Ticket at
the offices of:
|
Citigroup
Inc.
000
Xxxx
Xxxxxx, 0xx Xxxxx
Xxx
Xxxx,
Xxx Xxxx 00000
I-4
ATTACHMENT
A
A-1
