Document:

exv4w3

 

COMCAST CORPORATION

Form of Officers’ Certificate

     Pursuant to Section 2.03 of the Indenture dated as of January 7, 2003 (the “Indenture”) by and
among Comcast Corporation (the “Company”), the Cable Guarantors (as defined below) other than
Comcast MO of Delaware, LLC and The Bank of New York, as Trustee (the “Trustee”), as amended by the
First Supplemental Indenture dated as of March 25, 2003 by and among the Company, the Cable
Guarantors and the Trustee, and guaranteed on an unsecured and unsubordinated basis by Comcast
Cable Communications, LLC (formerly known as Comcast Cable Communications, Inc.), Comcast Cable
Communications Holdings, Inc., Comcast Cable Holdings, LLC, Comcast MO Group, Inc., and Comcast MO
of Delaware, LLC (formerly known as Comcast MO of Delaware, Inc.) (the “Cable Guarantors”), the
undersigned officers of the Company do hereby certify, in connection with the issuance of the
Company’s 7.00% Notes Due 2055, Series B (the “Notes”), that the terms of the Notes are as follows:

	 	 	 
	Title:
	 	7.00% Notes Due 2055, Series B

	 	 	 

	Aggregate Principal Amount at

Maturity:
	 	$1,000,000,000 (or $1,150,000,000 if the underwriters exercise their over allotment option in full)

	 	 	 

	Principal Payment Date:
	 	September 15, 2055

	 	 	 

	Interest:
	 	7.00%

	 	 	 

	Redemption:
	 	The Company may at its option redeem
the Notes in whole or in part, at any
time or from time to time on or after
September 15, 2011 and prior to their
maturity, on at least 30 days, but not
more than 60 days, prior notice mailed
to the registered address of each
holder of the Notes, at a redemption
price equal to 100% of the principal
amount of the redeemed Notes plus
accrued and unpaid interest thereon to
the date of redemption, and as further
described in the Prospectus Supplement
dated September 14, 2006.

	 	 	 

	Additional Issuances:
	 	The Notes need not be issued at the
same time and the series may be
reopened for issuance of

 

 

	 	 	 
	 	 	an unlimited principal amount of additional Notes
under this series. Additional Notes of
this series will be consolidated with,
and form a single series with, Notes
then outstanding, including for
purposes of determining whether the
required percentage of the holders of
record has given approval or consent to
an amendment or waiver or joined in
directing the Trustee to take certain
actions on behalf of all holders.

	 	 	 

	Conversion:
	 	None

	 	 	 

	Sinking Fund:
	 	None

	 	 	 

	Miscellaneous:
	 	The terms of the Notes shall include
such other terms as are set forth in
the form of Notes Due 2055, Series B
attached hereto as Exhibit A.

     Each such officer has read and understands the provisions of the Indenture and the definitions
relating thereto. The statements made in this Officers’ Certificate are based upon the examination
of the provisions of the Indenture and upon the relevant books and records of the Company. In such
officer’s opinion, he has made such examination or investigation as is necessary to enable such
officer to express an informed opinion as to whether or not the covenants and conditions of such
Indenture relating to the issuance and authentication of the Notes have been complied with. In
such officer’s opinion, such covenants and conditions have been complied with.

2

 

     IN WITNESS WHEREOF, the undersigned officers of the Company have duly executed this
certificate as of September ___, 2006.

	 	 	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	Kenneth Mikalauskas 	 
	 	 	Title:  	Vice President - Finance 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	Arthur R. Block 	 
	 	 	Title:  	Senior Vice President, General Counsel and Secretary 	 

3

 

EXHIBIT A

[FORM OF NOTE]

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED
FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY 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.

COMCAST CORPORATION

7.00% Note Due 2055, Series B

			
	No. 1
	 	CUSIP No.: 2003N AQ 4

ISN No.: US2003N AQ 3

     COMCAST CORPORATION, a Pennsylvania corporation (the “Issuer”, which term includes any
successor corporation), for value received promises to pay to CEDE & CO. or registered assigns, the
principal sum of $[          ] ([          ]) on September 15, 2055.

     Interest Payment Dates: September 15, December 15, March 15 and June 15 (each, an “Interest
Payment Date”), commencing on December 15, 2006.

     Interest Record Dates: September 1, December 1, March 1 and June 1 (each, an “Interest Record
Date”).

     Reference is made to the further provisions of this Security contained herein, which will for
all purposes have the same effect as if set forth at this place.

A-1

 

     IN WITNESS WHEREOF, the Issuer has caused this Security to be signed manually or by facsimile
by its duly authorized officer under its corporate seal.

	 	 	 	 	 
	 	COMCAST CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	Kenneth Mikalauskas 	 
	 	 	Title:  	Vice President — Finance 	 
	 

[Seal of Comcast Corporation]

Attest:

	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Arthur R. Block	 	 
	 

	 	Title:
	 	Senior Vice President,	 	 
	 

	 	 	 	General Counsel and Secretary	 	 

A-2

 

     This is one of the series designated herein and referred to in the within-mentioned Indenture.

Dated:
September ___, 2006

	 	 	 	 	 
	 	THE BANK OF NEW YORK,

   as Trustee	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

A-3

 

(REVERSE OF SECURITY)

COMCAST CORPORATION

7.00% Note Due 2055, Series B

     1. Interest.

     COMCAST CORPORATION, a Pennsylvania corporation (the “Issuer”), promises to pay interest on
the principal amount of this Security at the rate per annum shown above. Cash interest on the
Securities will accrue from the most recent date to which interest has been paid or, if no interest
has been paid, from September 21, 2006. The Issuer will pay interest quarterly in arrears on each
Interest Payment Date, commencing December 15, 2006. Interest will be computed on the basis of a
360-day year of twelve 30-day months.

     The Issuer shall pay interest on overdue principal from time to time on demand at the rate
borne by the Securities and on overdue installments of interest (without regard to any applicable
grace periods) to the extent lawful.

     2. Method of Payment.

     The Issuer shall pay interest on the Securities (except defaulted interest) to the persons who
are the registered Holders at the close of business on the Interest Record Date immediately
preceding the Interest Payment Date notwithstanding any transfer or exchange of such Security
subsequent to such Interest Record Date and prior to such Interest Payment Date. Holders must
surrender Securities to the Trustee to collect principal payments. The Issuer shall pay principal
and interest in money of the United States that at the time of payment is legal tender for payment
of public and private debts (“U.S. Legal Tender”). However, the payments of interest, and any
portion of the principal (other than interest payable at maturity or on any redemption or repayment
date or the final payment of principal) shall be made by the Paying Agent, upon receipt from the
Issuer of immediately available funds by 11:00 a.m., New York City time (or such other time as may
be agreed to between the Issuer and the Paying Agent or the Issuer), directly to a Holder (by
Federal funds wire transfer or otherwise) if the Holder has delivered written instructions to the
Trustee 15 days prior to such payment date requesting that such payment will be so made and
designating the bank account to which such payments shall be so made and in the case of payments of
principal surrenders the same to the Trustee in exchange for a Security or Securities aggregating
the same principal amount as the unredeemed principal amount of the Securities surrendered.

     3. Paying Agent.

     Initially, The Bank of New York (the “Trustee”) will act as Paying Agent. The Issuer may
change any Paying Agent without notice to the Holders.

A-4

 

     4. Indenture.

     The Issuer issued the Securities under an Indenture dated as of January 7, 2003 (the
“Indenture”) by and among the Issuer, the Cable Guarantors other than Comcast MO of Delaware, LLC
and The Bank of New York, as Trustee (the “Trustee”), as amended by the First Supplemental
Indenture dated as of March 25, 2003 by and among the Issuer, the Cable Guarantors and the Trustee.
Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein.
The terms of the Securities include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C.
Sections 77aaa-77bbbb) (the “TIA”), as in effect on the date of the Indenture until such time as the Indenture is qualified
under the TIA, and thereafter as in effect on the date on which the Indenture is qualified under
the TIA. Notwithstanding anything to the contrary herein, the Securities are subject to all such
terms, and Holders of Securities are referred to the Indenture and the TIA for a statement of them.
To the extent the terms of the Indenture and this Security are inconsistent, the terms of the
Indenture shall govern.

     5. Cable Guarantees.

     Each Cable Guarantor has irrevocably, fully and unconditionally guaranteed, jointly and
severally, on an unsecured basis, the full and punctual payment (whether at maturity, upon
redemption or otherwise) of the principal of and interest on, and all other amounts payable under,
the Securities, and the full and punctual payment of all other amounts payable by the Issuer under
the Indenture, subject to certain terms and conditions set forth in the Indenture.

     6. Denominations; Transfer; Exchange.

     The Securities are in registered form, without coupons, in denominations of $25.00 and
multiples of $25.00. A Holder shall register the transfer of or exchange Securities in accordance
with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay certain transfer taxes or similar governmental
charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue,
authenticate, register the transfer of or exchange any Securities or portions thereof for a period
of fifteen (15) days before the mailing of a notice of redemption, nor need the Issuer register the
transfer or exchange any security selected for redemption in whole or in part.

     7. Persons Deemed Owners.

     The registered Holder of a Security shall be treated as the owner of it for all purposes.

     8. Unclaimed Funds.

     If funds for the payment of principal or interest remain unclaimed for two years, the Trustee
and the Paying Agent will repay the funds to the Issuer at its written request. After that, all
liability of the Trustee and such Paying Agent with respect to such funds shall cease.

A-5

 

     9. Legal Defeasance and Covenant Defeasance.

     The Issuer and the Cable Guarantors may be discharged from their respective obligations under
the Securities and under the Indenture with respect to the Securities except for certain provisions
thereof, and may be discharged from obligations to comply with certain covenants contained in the
Securities and in the Indenture with respect to the Securities, in each case upon satisfaction of
certain conditions specified in the Indenture.

     10. Amendment; Supplement; Waiver.

     Subject to certain exceptions, the Securities and the provisions of the Indenture relating to
the Securities may be amended or supplemented with the written consent of the Holders of at least a
majority in aggregate principal amount of the Securities then outstanding, and any existing Default
or Event of Default or compliance with certain provisions may be waived with the consent of the
Holders of a majority in aggregate principal amount of the Securities then outstanding. Without
notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture and
the Securities to, among other things, cure any ambiguity, defect or inconsistency, provide for
uncertificated Securities in addition to or in place of certificated Securities or comply with any
requirements of the Commission in connection with the qualification of the Indenture under the TIA,
or make any other change that does not adversely affect the rights of any Holder of a Security.

     11. Restrictive Covenants.

     The Indenture contains certain covenants that, among other things, limit the ability of the
Issuer and the Cable Guarantors to incur liens securing indebtedness, or to enter into sale and
leaseback transactions, and of the Issuer to merge or sell all or substantially all of its assets.
The limitations are subject to a number of important qualifications and exceptions. The Issuer
must annually report to the Trustee on compliance with such limitations.

     12. Redemption.

     The Issuer will have the right at its option to redeem any of the Securities in whole or in
part, at any time or from time to time on or after September 15, 2011 and prior to their maturity,
on at least 30 days, but not more than 60 days, prior notice mailed to the registered address of
each Holder of the Securities, at a redemption price equal to 100% of the principal amount of such
Securities plus accrued and unpaid interest thereon to the date of redemption.

     On and after the redemption date, interest will cease to accrue on the Securities or any
portion of the Securities called for redemption (unless the Issuer defaults in the payment of the
redemption price and accrued interest). On or before the redemption date, the Issuer will deposit
with the Trustee money sufficient to pay the redemption price of and (unless the redemption date
shall be an Interest Payment Date) accrued interest to the redemption date on the Securities to be
redeemed on such date. If less than all of the Securities are to be redeemed, the Securities to be
redeemed shall be selected by the Trustee by such method as the Trustee shall deem fair and
appropriate.

A-6

 

     13. Defaults and Remedies.

     If an Event of Default (other than certain bankruptcy Events of Default with respect to the
Issuer or any of the Cable Guarantors) occurs and is continuing, the Trustee or the Holders of at
least 25% in aggregate principal amount of Securities then outstanding may declare all of the
Securities to be due and payable immediately in the manner and with the effect provided in the
Indenture. If a bankruptcy Event of Default with respect to the Issuer or any of the Cable
Guarantors occurs and is continuing, all the Securities shall be immediately due and payable
immediately in the manner and with the effect provided in the Indenture without any notice or other
action on the part of the Trustee or any Holder. Holders of Securities may not enforce the
Indenture, the Securities or the Cable Guarantees except as provided in the Indenture. The Trustee
is not obligated to enforce the Indenture, the Securities or the Cable Guarantees unless it has
received indemnity satisfactory to it. The Indenture permits, subject to certain limitations
therein provided, Holders of a majority in aggregate principal amount of the Securities then
outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold
from Holders of Securities notice of certain continuing Defaults or Events of Default if it
determines that withholding notice is in their interest.

     14. Trustee Dealings with Issuer.

     The Trustee under the Indenture, in its individual or any other capacity, may become the owner
or pledgee of Securities and may otherwise deal with the Issuer as if it were not the Trustee.

     15. No Recourse Against Others.

     No stockholder, director, officer, employee or incorporator, as such, of the Issuer, any Cable
Guarantor or any successor Person thereof shall have any liability for any obligation under the
Securities, the Cable Guarantees or the Indenture or for any claim based on, in respect of or by
reason of, such obligations or their creation. Each Holder of a Security by accepting a Security
waives and releases all such liability. The waiver and release are part of the consideration for
the issuance of the Securities.

     16. Authentication.

     This Security shall not be valid until the Trustee manually signs the certificate of
authentication on this Security.

     17. Abbreviations and Defined Terms.

     Customary abbreviations may be used in the name of a Holder of a Security or an assignee, such
as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants
with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (=
Uniform Gifts to Minors Act).

A-7

 

     18. CUSIP Numbers.

     Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Issuer has caused CUSIP numbers to be printed on the Securities as a convenience to
the Holders of the Securities. No representation is made as to the accuracy of such numbers as
printed on the Securities and reliance may be placed only on the other identification numbers
printed hereon.

     19. Governing Law.

     The laws of the State of New York shall govern the Indenture and this Security thereof.

A-8

 

ASSIGNMENT FORM

I or we assign and transfer this Security to

 

(Print or type name, address and zip code of assignee or transferee)

 

(Insert Social Security or other identifying number of assignee or transferee)

and
irrevocably appoint                                                                                  agent to transfer this Security on the books of the
Issuer. The agent may substitute another to act for him.

	 	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Signed:	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

(Signed exactly as name appears on the other side of this Security)	 	 

	 	 	 	 	 
	Signature Guarantee:
	 	 	 	 
	 

	 	 

Participant in a recognized Signature Guarantee Medallion Program (or
other signature guarantor program reasonably acceptable to the Trustee) 	 	 

A-9Exhibit 4.1

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

                 CITICORP RESIDENTIAL MORTGAGE SECURITIES, INC.,

                                    Depositor

                               CITIMORTGAGE, INC.,

                     Servicer and Certificate Administrator

                         U.S. BANK NATIONAL ASSOCIATION,

                                     Trustee

                                       And

                                 CITIBANK, N.A.,

          Paying Agent, Certificate Registrar and Authenticating Agent

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

                         POOLING AND SERVICING AGREEMENT

                           Dated as of August 1, 2006

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

                        REMIC PASS-THROUGH CERTIFICATES,
                                  SERIES 2006-1

<PAGE>

ARTICLES I-XI  INCORPORATION BY REFERENCE

ARTICLE XII TERMS FOR SERIES 2006-1 CERTIFICATES

      Section 12.01. General Terms for Certificates.........................
      Section 12.02. Additional Terms and Definitions.......................
      Section 12.03. Wire Transfer Eligibility..............................
      Section 12.04. REMIC-Related Provisions...............................
      Section 12.05. Expenses and Liabilities of the Trust Fund.............
      Section 12.06. Tax Matters Person.....................................

ARTICLE XIII SUBORDINATION; PRIORITIES; ALLOCATION OF LOSSES

      Section 13.01. Subordination; Priority of Distributions...............
      Section 13.02. Allocation of Realized Losses; Recoveries..............
      Section 13.03. [Reserved].............................................
      Section 13.04. Distributions on the Class R Certificate...............

ARTICLE XIV ADDITIONAL PROVISIONS

      Section 14.01. Additional Representations and Warranties..............
      Section 14.02. Additional Servicing Events of Default.................
      Section 14.03. Additional Conditions for Subsequent Transfer Dates....
      Section 14.04. Additional Certificate Information.....................
      Section 14.05. Additional Pool Information............................

SCHEDULES
SCHEDULE 1       Servicing Criteria to be Addressed in Report on Assessment of
                 Compliance
SCHEDULE 2       Additional Form 10-D Disclosure
SCHEDULE 3       Additional Form 10-K Disclosure
SCHEDULE 4       Form 8-K Disclosure Information
EXHIBITS
EXHIBIT A-1      Form of Class A Certificates
EXHIBIT A-2      Form of Class M Certificates
EXHIBIT A-3      Form of Class CE Certificates
EXHIBIT A-4      Form of Class R Certificate
EXHIBIT B        Schedule of Mortgage Loans
EXHIBIT C        Form of Purchaser Letter
EXHIBIT D        Form of ERISA Letter
EXHIBIT E        Form of Servicer Certification
EXHIBIT F        Form of Mortgage Document Custodial Agreement

<PAGE>

      THIS POOLING AND SERVICING AGREEMENT ("this Pooling Agreement" or "this
Agreement"), dated as of August 1, 2006, among CITICORP RESIDENTIAL MORTGAGE
SECURITIES, INC., a Delaware corporation, as depositor ("CRMSI" or the
"Depositor"), CITIMORTGAGE, INC., a New York corporation, as servicer (the
"Servicer") and certificate administrator (the "Certificate Administrator"),
U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the
"Trustee"), and CITIBANK, N.A., a national banking association, as paying agent
(the "Paying Agent"), certificate registrar (the "Certificate Registrar") and
authenticating agent (the "Authenticating Agent").

                                WITNESSETH THAT:

      In the regular course of their business, certain affiliates of CRMSI
originate and acquire Mortgage Loans. CRMSI, the Servicer and the Trustee wish
to set forth the terms and conditions pursuant to which CRMSI will sell to the
Trust Fund the Mortgage Loans listed on Exhibit B hereto. Certificates will be
issued to Holders evidencing ownership interests in such Trust Fund and the
Servicer will manage and service such Mortgage Loans. In consideration of the
mutual agreements herein contained, CRMSI, the Servicer and the Trustee agree as
follows:

                                  ARTICLES I-XI

                           INCORPORATION BY REFERENCE

      Those certain Standard Terms for Pooling and Servicing Agreements dated as
of August 1, 2006 (the "Standard Terms"), a copy of which is attached hereto, as
amended, superseded and supplemented hereby, are incorporated by reference
herein as if set forth in full. Such Standard Terms, as so amended, superseded
and supplemented, are hereby affirmed by, and shall constitute a part of this
Agreement between, the parties hereto. For purposes of this Pooling Agreement
and the Certificates executed and delivered hereunder, the terms "this
Agreement," "herein," "hereof" and words of similar import shall refer to this
Pooling Agreement including the Standard Terms as incorporated herein with such
modifications or amendments for the related series of Certificates as may be set
forth in this Pooling Agreement.

                                   ARTICLE XII

                      TERMS FOR SERIES 2006-1 CERTIFICATES

      On August 30, 2006, there shall be established pursuant to the terms of,
and authenticated under, this Pooling Agreement a series of certificates known
and designated as "Citicorp Residential Mortgage Securities, Inc. REMIC
Pass-Through Certificates, Series 2006-1". Elections will be made pursuant to
this Agreement to treat the Trust as two REMICs for federal income tax purposes.
The Certificates shall consist of (i) one Class consisting of six Subclasses of
Certificates (each a "Class A Subclass") designated as "Citicorp Residential
Mortgage Securities, Inc. REMIC Pass-Through Certificates, Series 2006-1, Senior
Class A-1 Certificates" (the "Class A-1 Certificates"), "Citicorp Residential
Mortgage Securities, Inc. REMIC Pass-Through Certificates, Series 2006-1, Senior
Class A-2 Certificates" (the "Class A-2 Certificates"), "Citicorp Residential
Mortgage Securities, Inc. REMIC Pass-Through Certificates, Series 2006-1, Senior
Class A-3 Certificates" (the "Class A-3 Certificates"), "Citicorp Residential
Mortgage Securities, Inc. REMIC Pass-Through Certificates, Series 2006-1, Senior
Class A-4 Certificates" (the "Class A-4 Certificates"), "Citicorp Residential
Mortgage Securities, Inc. REMIC Pass-Through Certificates, Series 2006-1, Senior
Class A-5 Certificates" (the "Class A-5 Certificates"), and "Citicorp
Residential Mortgage Securities, Inc. REMIC Pass-Through Certificates, Series
2006-1, Senior Class A-6 Certificates" (the "Class A-6 Certificates" and,
collectively, together with the Class A-1, Class A-2, Class A-3, Class A-4 and
Class A-5 Certificates, the "Class A Certificates"); (ii) one Class consisting
of nine Subclasses (each a "Class M Subclass") of Certificates designated as
"Citicorp Residential Mortgage Securities, Inc., REMIC Pass-Through
Certificates, Series 2006-1, Subordinated Class M-1 Certificates" (the "Class
M-1 Certificates"), "Citicorp Residential Mortgage Securities, Inc. REMIC
Pass-Through Certificates, Series 2006-1, Subordinated Class M-2 Certificates"
(the "Class M-2 Certificates"), "Citicorp Residential Mortgage Securities, Inc.
REMIC Pass-Through Certificates, Series 2006-1, Subordinated Class M-3
Certificates" (the "Class M-3 Certificates"), "Citicorp Residential Mortgage
Securities, Inc. REMIC Pass-Through Certificates, Series 2006-1, Subordinated
Class M-4 Certificates" (the "Class M-4 Certificates"), "Citicorp Residential
Mortgage Securities, Inc. REMIC Pass-Through Certificates, Series 2006-1,
Subordinated Class M-5 Certificates" (the "Class M-5 Certificates"), "Citicorp
Residential Mortgage Securities, Inc. REMIC Pass-Through Certificates, Series
2006-1, Subordinated Class M-6 Certificates" (the "Class M-6 Certificates"),
"Citicorp Residential Mortgage Securities, Inc. REMIC Pass-Through Certificates,
Series 2006-1, Subordinated Class M-7 Certificates" (the "Class M-7
Certificates"), "Citicorp Residential Mortgage Securities, Inc. REMIC
Pass-Through Certificates, Series 2006-1, Subordinated Class M-8 Certificates"
(the "Class M-8 Certificates"), and "Citicorp Residential Mortgage Securities,
Inc. REMIC Pass-Through Certificates, Series 2006-1, Subordinated Class M-9
Certificates" (the "Class M-9 Certificates", and together with the Class M-1,
Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7 and Class M-8
Certificates, collectively, the "Class M Certificates"); (iii) one Class of
Certificates designated as "Citicorp Residential Mortgage Securities, Inc. REMIC
Pass-Through Certificates, Series 2006-1, Subordinated Class CE Certificates"
(the "Class CE Certificates") and (iv) one class of residual interests
designated as "Citicorp Residential Mortgage Securities, Inc. REMIC Pass-Through
Certificates, Series 2006-1, Class R Certificate" (the "Class R Certificate"
and, together with the Class A, Class M and Class CE Certificates, the
"Certificates").

      For the avoidance of doubt, all of the Certificates are of the same Group
(as such term is defined in the Standard Terms) and all of the Mortgage Loans
are in the same Pool (as such term is defined in the Standard Terms).

      The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6,
Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7,
Class M-8 and Class M-9 Certificates (exclusive of their respective rights to
receive Class A Subclass Cap Amounts or Class M Subclass Cap Amounts, as
applicable) and the Class CE Certificates (exclusive of their obligation to pay
Class A Subclass Cap Amounts or Class M Subclass Cap Amounts) are hereby
designated as "regular interests" in the Upper-Tier REMIC within the meaning of
Code Section 860G(a)(1). The Class R Certificate represents ownership of the
Class LT-R Interest, which is the "residual interest" in the Lower-Tier REMIC,
and the Class UT-R Interest, which is the "residual interest" in the Upper-Tier
REMIC within the meaning of Code Section 860G(a)(2). The Certificates shall have
the terms provided for in this Agreement.

      Section 12.01. General Terms for Certificates.

      (a) The Class A Certificates, the Class M Certificates, Class CE
Certificates and Class R Certificate shall have the following respective Initial
Principal Balances and Certificate Rates:

                                  Initial Principal         Certificate
                                      Balance                 Rate(1)
                                  -----------------         -----------
Class A-1 Certificates                 $313,881,000           5.956%
Class A-2 Certificates                  $62,647,000           5.682%
Class A-3 Certificates                 $100,102,000           5.706%
Class A-4 Certificates                  $90,816,000           5.939%
Class A-5 Certificates                  $48,260,000           6.208%
Class A-6 Certificates                  $68,412,000           5.836%
Class M-1 Certificates                  $19,433,000           6.112%
Class M-2 Certificates                  $17,847,000           6.142%
Class M-3 Certificates                  $11,105,000           6.191%
Class M-4 Certificates                   $6,345,000           6.270%
Class M-5 Certificates                   $7,535,000           6.370%
Class M-6 Certificates                   $5,156,000           6.469%
Class M-7 Certificates                   $5,156,000           6.717%
Class M-8 Certificates                   $4,759,000           6.964%
Class M-9 Certificates                   $5,552,000           7.500%
Class CE Certificates                       (2)                 (3)
Class R Certificate                         (4)                 (4)

(1)   For all Interest Accrual Periods commencing after the Optional Termination
      Date, the Certificate Rate for each Class of Certificates (other than
      Class R and Class CE) will be the applicable rate set forth above plus
      0.50% per annum.

(2)   For federal income tax purposes, the Class CE Certificates will be treated
      as having a Principal Balance equal to the Overcollateralization Amount.

(3)   The Class CE Certificates have no Certificate Rate.

(4)   The Class R Certificate has no Principal Balance or Certificate Rate.

      The Class CE Certificates and the Class R Certificate will be entitled to
distributions as set forth herein.

      The last scheduled distribution date is July 25, 2036 for each Class, and
is the "latest possible maturity date" of the related Subclass or Class for
purposes of Section 860G(a)(1) of the Code and Treasury Regulations Section
1.860G-1(a)(4)(iii).

      (b) For each Distribution Date, each of the Class A Certificates and Class
M Certificates will accrue interest on their respective Principal Balances
during the related Interest Accrual Period at the lesser of (x) the applicable
Certificate Rate for such Subclass or Class set forth in Section 12.01(a) and
(y) the Net WAC Rate for such Distribution Date. Interest accrued on the
Certificates during any Interest Accrual Period will be calculated on the
assumption that any distributions in reduction of Principal Balance on all
Certificates were made, and any allocations of any losses were made, on the day
immediately following the last day of the preceding Interest Accrual Period.
Each Class A Subclass Interest Amount and each Class M Subclass Interest Amount
relating to an Interest Accrual Period shall be distributable on the following
Distribution Date. Each Subclass and Class of Certificates shall accrue interest
from the applicable Accrual Date for such Subclass and Class of Certificates.

      Interest on the Certificates will be calculated on the basis of a 360-day
year comprised on twelve 30-day months. On each Distribution Date, each Class A
Subclass Interest Amount and each Class M Subclass Interest Amount for such
Subclass for such Distribution Date shall be distributable to such Subclass or
Class of Certificates.

      (c) [Reserved].

      (d) Subject to the provisions of Section 13.01, on each Distribution Date
prior to the Subordination Depletion Date, the Senior Principal Distribution
Amount will be allocated among and distributed in reduction of the Principal
Balance of the Subclasses of the Class A Certificates sequentially as follows:

            (I)   first, to the Class A-6 Certificates, the Class A-6 Priority
                  Amount for such Distribution Date; and

            (II)  then, the amount remaining after application according to
                  clause (I) above, sequentially as follows:

                  (1)   to the Class A-1 Certificates until their Principal
                        Balance is reduced to zero,

                  (2)   to the Class A-2 Certificates until their Principal
                        Balance is reduced to zero,

                  (3)   to the Class A-3 Certificates until their Principal
                        Balance is reduced to zero,

                  (4)   to the Class A-4 Certificates until their Principal
                        Balance is reduced to zero,

                  (5)   to the Class A-5 Certificates until their Principal
                        Balance is reduced to zero, and

                  (6)   to the Class A-6 Certificates until their Principal
                        Balance is reduced to zero.

      (e) On each Distribution Date on or after the Subordination Depletion
Date, notwithstanding the priorities set forth in Section 12.01(d), the Senior
Principal Distribution Amount will be distributed pro rata to the Class A
Subclasses, based on outstanding Principal Balances.

      (f) On each Distribution Date, distributions in reduction of the Principal
Balance made to each Class A Subclass will be distributed pro rata among the
holders of Certificates of such Class A Subclass.

      (g) On each Distribution Date, subject to the provisions of Section 13.01,
distributions in reduction of Principal Balance of the Subclasses of Class M
Certificates will be made in an aggregate amount equal to the applicable Class M
Subclass Principal Distribution Amount, respectively, in accordance with the
priorities set forth in Section 13.01(b).

      (h) Other distributions shall be made in respect of the Certificates as
provided in Section 13.01.

      Section 12.02. Additional Terms and Definitions.The Certificates shall
have and be subject to the following additional specific terms:

      Accrual Date. For each Class or Subclass of Fixed Rate Certificates, the
Cut-Off Date.

      Authenticating Agent. Citibank, N.A., Agency and Trust, 388 Greenwich
Street, 14th Floor, New York, New York 10013, Attention: CRMSI 2006-1 has been
appointed by the Trustee as an Authenticating Agent pursuant to Section 8.12.
Any such Authenticating Agent may be removed, and any other Authenticating Agent
appointed, as permitted by Section 8.12 and shall have the rights, privileges,
benefits, exculpatory provisions and protections of the Trustee as set forth in
Sections 8.01, 8.02, 8.03 and 8.04.

      Book-Entry Certificates. All Subclasses of Class A Certificates and all
Subclasses of Class M Certificates are Book-Entry Certificates.

      Cap Amounts. Any Class A Subclass Cap Amount or Class M Subclass Cap
Amount.

      Capitalized Interest Account. Not applicable.

      Cash Deposited into Collection Account. No cash will be deposited into the
Collection Account on the Issue Date.

      Certificate Administrator. CitiMortgage, Inc. shall act as the initial
Certificate Administrator, which appointment is hereby approved by the Trustee.
The Certificate Administrator is authorized to take actions permitted or
required thereof under this Agreement. The Certificate Administrator may be
removed, and any other Certificate Administrator reasonably acceptable to the
Trustee appointed, by the Servicer.

      Certificate Rate. The Certificate Rates for the Certificates are as set
forth in Section 12.01(a).

      Certificate Registrar. Citibank, N.A., having its principal offices
located at 111 Wall Street, 15th Floor, New York, New York 10005, Attention:
15th Floor Window, is hereby appointed as the Certificate Registrar for all of
the Certificates pursuant to Section 5.02 and shall have the rights, privileges,
benefits, exculpatory provisions and protections of the Trustee as set forth in
Sections 8.01, 8.02, 8.03, 8.04, 8.07, and 8.09.

      Class A Principal Balance. As of any date, the sum of the Class A Subclass
Principal Balances of the Class A Certificates.

      Class A Subclass Cap Amount. For a Distribution Date and any Class A
Subclass, the sum of (x) the difference (if greater than zero) between the
Normal Accrual for such Class A Subclass for the related Interest Accrual Period
and the WAC Accrual for such Class A Subclass for the related Interest Accrual
Period and (y) any Class A Subclass Cap Amount remaining unpaid on the prior
Distribution Date after giving effect to all payments made on such prior
Distribution Date, plus interest on the amount thereof at its Certificate Rate
for the related Interest Accrual Period for the Distribution Date in question.

      Class A Subclass Interest Shortfall. For a Distribution Date and any Class
A Subclass, the sum of (x) any Class A Subclass Interest Shortfall Amount for
such Subclass for such Distribution Date and (y) any Class A Subclass Interest
Shortfall for such Subclass for the prior Distribution Date and remaining unpaid
after application of all payments on such prior Distribution Date plus interest
on the amount thereof at the lower of (x) the applicable Certificate Rate for
the Interest Accrual Period related to the Distribution Date in question and (y)
the Net WAC Rate for the Distribution Date in question.

      Class A Subclass Principal Distribution Amount. For each Distribution Date
and any Class A Subclass, the amount of principal distributed to such Class A
Subclass pursuant to clause 1.d of Section 13.01(b).

      Class A-6 Percentage. The Principal Balance of the Class A-6 Certificates,
divided by the aggregate Subclass Principal Balances of the Class A
Certificates.

      Class A-6 Priority Amount. For any Distribution Date means the lesser of
(A) the Principal Balance of the Class A-6 Certificates and (B) the product of
(a) the Class A-6 Percentage, (b) the Class A-6 Shift Percentage and (c) the
Senior Principal Distribution Amount.

      Class A-6 Shift Percentage. For any Distribution Date will be the
percentage indicated below:

                                                                 Class A-6
Distribution Date Occurring In                               Shift Percentage
------------------------------                               ----------------

September 2006 through August 2009..............                    0%
September 2009 through August 2011..............                    45%
September 2011 through August 2012..............                    80%
September 2012 through August 2013..............                   100%
September 2013 and thereafter...................                   300%

      Class CE Distributable Amount. On any Distribution Date, the sum of (i) as
a distribution in respect of interest, the amount of interest that has accrued
on the Class CE Interest and not applied as an Extra Principal Distribution
Amount on such Distribution Amount on such Distribution Date, plus any such
accrued interest remaining undistributed from prior Distribution Dates, plus
(without duplication) (ii) as a distribution in respect of principal, any
portion of the Principal Balance of the Class CE Interest which is distributable
as a Release Amount, minus (iii) any amounts paid in respect of the Class A
Subclass Cap Amounts or the Class M Subclass Cap Amounts.

      Class LT-Accrual Interest. One of the separate non-certificated beneficial
ownership interests in the Lower-Tier REMIC issued hereunder and designated as a
regular interest in the Lower-Tier REMIC. Class LT-Accrual Interest shall accrue
interest at the related Interest 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 1/2 of the Pool Balance plus 1/2 of the
Overcollateralization Amount, as set forth in Section 12.04(a).

      Class LT-R Interest. The residual interest in the Lower-Tier REMIC as
described in Section 12.04(a) and the related footnote thereto.

      Class M Factor. For Class M-1, 77.4%; for Class M-2, 81.9%; for Class M-3,
84.7%; for Class M-4, 86.3%; for Class M-5, 88.2%; for Class M-6, 89.5%; for
Class M-7, 90.8%; for Class M-8, 92.0% and for Class M-9, 93.4%.

      Class M Subclass Cap Amount. For a Distribution Date and any Class M
Subclass, the sum of (x) the difference (if greater than zero) between the
Normal Accrual for such Class M Subclass for the related Interest Accrual Period
and the WAC Accrual for such Class M Subclass for the related Interest Accrual
Period and (y) any Class M Subclass Cap Amount remaining unpaid on the prior
Distribution Date after giving effect to all payments made on such prior
Distribution Date, plus interest on the amount thereof at the applicable
Certificate Rate for the related Interest Accrual Period for the Distribution
Date in question.

      Class M Subclass Interest Shortfall. For a Distribution Date and any Class
M Subclass, the sum of (x) any Class M Subclass Interest Shortfall Amount for
such Subclass for such Distribution Date and (y) any Class M Subclass Interest
Shortfall for such Subclass for the prior Distribution Date and remaining unpaid
after application of all payments on such prior Distribution Date plus interest
on the amount thereof at the lower of (x) the applicable Certificate Rate for
the Interest Accrual Period related to the Distribution Date in question and (y)
the Net WAC Rate for the Distribution Date in question.

      Class M Subclass Principal Distribution Amount. For any Distribution Date
on or after the Stepdown Date and on which a Trigger Event is not in effect, an
amount for a particular Class M Subclass equal to the excess of

      (a) the sum of (x) the Class A Principal Balance and the Class M Subclass
Principal Balance for each Class M Subclass having a lower numerical designation
(after giving effect to the payment on such Distribution Date of the Senior
Principal Distribution Amount and each Class M Subclass Principal Distribution
Amount for a Class M Subclass having a lower numerical designation) and (y) the
Class M Subclass Principal Balance of the Class M Subclass in question
immediately prior to such Distribution Date over

      (b) the lesser of (x) the Class M Factor for such Class M Subclass times
the Pool Balance as of the end of the related Collection Period and (y) the Pool
Balance as of the end of the related Collection Period minus the OC Floor
Amount.

For any other Distribution Date, (a) if the Class A Principal Balance has not
been reduced to zero and either (x) such Distribution Date is prior to the
Stepdown Date or (y) a Trigger Event is in effect, each Class M Subclass
Principal Distribution Amount shall be zero and (b) if the Class A Principal
Balance has been reduced to zero and either (x) such Distribution Date is prior
to the Stepdown Date or (y) a Trigger Event is in effect, the Class M Subclass
Principal Distribution Amount for a particular Class M Subclass shall be equal
to the lesser of (1) 100% of the Principal Distribution Amount minus the sum of
the Class M Subclass Principal Distribution Amounts for each Class M Subclass
with a lower numerical designation and (2) the Class M Subclass Principal
Balance of such Class M Subclass.

      Class UT-R Interest. The residual interest in the Upper-Tier REMIC as
described in Section 12.04(a) and the related footnote thereto.

      Closing Date. August 30, 2006.

      Constituent REMIC. The Upper-Tier REMIC and the Lower-Tier REMIC shall be
the "Constituent REMICs" for purposes of Section 3.11.

      Corporate Trust Office. The Corporate Trust Office is located at U.S. Bank
National Association, having its principal offices located at One Federal
Street--3rd Floor, Boston, Massachusetts 02110, Attention: Corporate Trust
Services, Citicorp Residential Mortgage Securities, Inc. REMIC Pass-Through
Certificates, Series 2006-1, or such other address as shall be identified to
CRMSI and all Certificateholders by or on behalf of the Trustee in writing.

      Cumulative Loss Test. The Cumulative Loss Test will be failed on a
Distribution Date if the Cumulative Loss Percentage equals or exceeds (1) with
respect to Distribution Dates from September 2008 through August 2009,
inclusive, 0.70%, (2) with respect to Distribution Dates from September 2009
through August 2010, inclusive, 1.55%, (3) with respect to Distribution Dates
from September 2010 through August 2011, inclusive, 2.65%, (4) with respect to
Distribution Dates from September 2011 through August 2012, inclusive, 3.50% and
(5) with respect to Distribution Dates from September 2012 and thereafter,
4.15%.

      Current Class A Enhancement Level. As of any Distribution Date, the
percentage obtained by dividing (i) the sum of the Class M Subclass Principal
Balances of the Class M Certificates and the Overcollateralization Amount (prior
to giving effect to any distributions in reduction of Principal Balance and the
allocation of any losses on such date) by (ii) the Pool Balance as of the last
day of the related Collection Period.

      Current Interest. For a Distribution Date, the sum of the Class A Subclass
Interest Amounts and Class M Subclass Interest Amounts.

      Current Pool Balance. For any date, the Pool Balance.

      Custodian. Citibank (West), fsb, is designated by the Trustee as the
Custodian.

      Cut-Off Date. The Cut-Off Date is August 1, 2006.

      Daily Servicing Fee Accrual Amount. For each Mortgage Loan during each day
during each Collection Period, an amount equal to (a) the product of (i) the
Servicing Fee Rate and (ii) the Loan Balance of such Mortgage Loan as of such
day, divided by (b) 360.

      Definitive Certificates. The Class CE Certificates and the Class R
Certificate will be issued in fully registered certificated form.

      Delinquency Test. The Delinquency Test will be failed on a Distribution
Date if the Rolling Sixty-Day Delinquency Rate for such Distribution Date is
greater than 50% of the Current Class A Enhancement Level as of such
Distribution Date.

      Denominations. The denominations of each Subclass of the Class A
Certificates and Class M Certificates are $100,000 Initial Principal Balance and
integral multiples of $1 in excess thereof (except that one Certificate of each
Class or Subclass may be issued in a different denomination). The denominations
of the Class CE Certificates and Class R Certificate are 100% Percentage
Interest.

      Depository. The initial Depository is Citibank (West) fsb.

      Determination Date. The Determination Date for each Distribution Date is
the close of business on the 18th day (or, if such day is not a Business Day,
the preceding Business Day) of the month in which the related Distribution Date
occurs.

      Distribution Date. Each Distribution Date shall be the 25th day of each
month (or if such day is not a Business Day, the next succeeding Business Day),
commencing in September 2006.

      Enhancement Date: The first Distribution Date on which the Current Class A
Enhancement Level is greater than or equal to the Required Class A Enhancement
Level.

      ERISA Restricted Certificates. Class CE Certificates and Class R
Certificate.

      Extra Principal Distribution Amount. For any Distribution Date, the lesser
of (x) Monthly Excess Interest and (y) the Deficiency Amount.

      Initial Pool Balance. $793,181,412.17.

      Initial Principal Balance. The Initial Principal Balance for each Subclass
of the Class A Certificates and for each Subclass of the Class M Certificates
and for the Class R Certificate is as set forth in Section 12.01(a).

      Interest Accrual Period. The Interest Accrual Period for any Distribution
Date is the first day of the month preceding the month of such Distribution Date
(or, in the case of the first Distribution Date, the Cut-Off Date) through the
last day of the month preceding the month of such Distribution Date.

      Investment Account. None of the Collection Account or the Certificate
Account will be an Investment Account.

      Issue Date. The Issue Date is August 30, 2006.

      Last Scheduled Distribution Date. The Last Scheduled Distribution Date for
each Class of Certificates is as set forth in Section 12.01(a).

      Lower-Tier REMIC. The designated portion of the Trust Fund consisting of
the Mortgage Loans, proceeds thereof, any related REO Property and all other
property of the Trust Fund other than the assets of the Upper-Tier REMIC and the
right of the Class A Certificates and the Class M Certificates to receive, and
the obligation of the Class CE Certificates to pay, Cap Amounts.

      Lower-Tier REMIC Principal Amount. On the Closing Date, with respect to
each Lower-Tier REMIC Regular Interest, the amount set forth in the chart under
the heading "Lower-Tier REMIC" in Section 12.04, and on any subsequent date, as
reduced by distributions of principal and Realized Losses and as increased by
Subsequent Recoveries, as set forth in Section 12.04.

      Lower-Tier REMIC Regular Interest. As defined in Section 12.04.

      LT Accretion Directed Classes. As defined in Section 12.04(a).

      Net Civil Relief Amount. For a Distribution Date and any Class A Subclass
and Class M Subclass, the sum of (x) any Civil Relief Shortfall Amount for such
Subclass for such Distribution Date and (y) the aggregate of all Civil Relief
Shortfall Amounts for such Subclass for all prior Distribution Dates, minus the
aggregate amount of payments made in respect thereof on all prior Distribution
Dates pursuant to Section 13.01(b)(1)(f).

      Net Class A WAC Cap Amount. For a Distribution Date and any Class A
Subclass, the sum of (x) any Class A Subclass Cap Amount for such Subclass for
such Distribution Date and (y) the aggregate of all Class A Subclass Cap Amounts
for such Subclass for all prior Distribution Dates, minus the aggregate amount
of payments made in respect thereof on all prior Distribution Dates pursuant to
Section 13.01(b)(1)(g), plus interest on the amount thereof at the applicable
Certificate Rate for the Interest Accrual Period related to the Distribution
Date in question.

      Net Class M WAC Cap Amount. For a Distribution Date and any Class M
Subclass, the sum of (x) any Class M Subclass Cap Amount for such Subclass for
such Distribution Date and (y) the aggregate of all Class M Subclass Cap Amounts
for such Subclass for all prior Distribution Dates, minus the aggregate amount
of payments made in respect thereof on all prior Distribution Dates pursuant to
Section 13.01(b)(1)(g), plus interest on the amount thereof at the applicable
Certificate Rate for the Interest Accrual Period related to the Distribution
Date in question.

      Net Non-Supported Amount. For a Distribution Date and any Class A Subclass
and Class M Subclass, the sum of (w) any Non-Supported Prepayment Interest
Shortfall for such Subclass for such Distribution Date, (x) the aggregate of all
Non-Supported Prepayment Interest Shortfalls for such Subclass for all prior
Distribution Dates, minus the aggregate amount of payments made in respect
thereof on all prior Distribution Dates pursuant to Section 13.01(b)(1)(f), (y)
any Non-Supported Simple Interest Shortfall for such Subclass for such
Distribution Date and (z) the aggregate of all Non-Supported Simple Interest
Shortfalls for such Subclass for all prior Distribution Dates, minus the
aggregate amount of payments made in respect thereof on all prior Distribution
Dates pursuant to Section 13.01(b)(1)(f).

      Net WAC Rate. For a Distribution Date, a per annum rate equal to the
product of (x) a fraction, expressed as a percentage, the numerator of which
equals the aggregate amount of interest that accrued on the Mortgage Loans
during the related Collection Period (net of the Servicing Fee for such
Collection Period), and the denominator of which equals the Pool Balance as of
the first day of such Collection Period, multiplied by (y) 12.

      Normal Accrual. For any Interest Accrual Period and for each Subclass, the
amount of interest accrued thereon at the applicable Certificate Rate, minus any
Civil Relief Shortfall Amount, any Non-Supported Prepayment Interest Shortfall
and any Non-Supported Simple Interest Shortfall allocated to such Subclass on
the related Distribution Date.

      Notices. The address of the Trustee to which notices should be sent is the
Corporate Trust Office. The address of CRMSI to which notices should be sent is
Citicorp Residential Mortgage Securities, Inc., 1000 Technology Drive, O'Fallon,
Missouri 63368-2240, Attention: Office of General Counsel. The address of the
Servicer to which notices should be sent is CitiMortgage, Inc., 1000 Technology
Drive, O'Fallon, Missouri 63368-2240, Attention: Office of General Counsel. The
address of S&P to which notices should be sent is 55 Water Street, New York, NY
10004. The address of Moody's to which notices should be sent is Structured
Finance Group, 99 Church Street, New York, New York 10007. The address of the
Paying Agent and Authenticating Agent is Citibank, N.A., 388 Greenwich Street,
14th Floor, New York, NY 10013, Attention: Agency and Trust, CRMSI 2006-1 or any
other address that the Paying Agent and Authenticating Agent may designate from
time to time by notice to the Certificateholders. The address of the Certificate
Registrar for certificate transfer purposes and for purposes of presentation and
surrender of certificates for the final distribution thereon is Citibank, N.A.,
Agency and Trust, 111 Wall Street, 14th floor, New York, New York 10005,
Attention: 15th Floor window or any other address that the Certificate Registrar
may designate from time to time for the Certificateholders.

      OC Floor Amount. For any date, 0.50% of the Initial Pool Balance.

      Optional Termination Date. The first Distribution Date on which the Right
to Purchase may be exercised.

      Overcollateralization Amount. For a Distribution Date, any excess of (x)
the Pool Balance as of the last day of the related Collection Period over (y)
the sum of the Class A Principal Balance and the Class M Principal Balance
(after giving effect to (i) distributions of Principal Proceeds on such
Distribution Date and (ii) and the increase of any Class M Subclass Principal
Balance as a result of Subsequent Recoveries, but prior to the payment of any
Extra Principal Distribution Amount).

      Paying Agent. Citibank, N.A. shall act as the initial Paying Agent, which
appointment is hereby approved by the Trustee. The Paying Agent shall take
actions permitted or required of the Trustee under Sections 3.06, 4.01, 4.02 and
4.03 and any other actions for the Paying Agent specifically set forth in the
Pooling Agreement and, in taking such actions, the Paying Agent (and not the
Trustee) shall have all of the rights, privilege, benefits, exculpatory
provisions and protections of the Trustee as set forth in Sections 8.01, 8.02,
8.03, 8.04, 8.07, and 8.09. The Servicer may at any time appoint an additional
Paying Agent reasonably acceptable to the Trustee for any particular Class or
all Classes of the Certificates. Any such Paying Agent may be removed, and any
other Paying Agent reasonably acceptable to the Trustee appointed, by the
Servicer. For purposes of Section 4.07, the website of the Paying Agent is
located at www.sf.citidirect.com.

      Principal Distribution Amount. For any Distribution Date, the lesser of
(x) the Certificate Balance and (y) Principal Proceeds plus any Extra Principal
Distribution Amount minus any Release Amount.

      Private Certificates. The Class CE Certificates and the Class R
Certificate.

      Prospectus. The prospectus dated August 28, 2006 relating to the Class A
Certificates and the Class M Certificates.

      Rating Agencies. The Rating Agencies are S&P and Moody's.

      Record Date. The Record Date for each Distribution Date will be the close
of business on the last day of the month preceding the month of the applicable
Distribution Date.

      Release Amount. For a Distribution Date on or after the Stepdown Date, the
lesser of (x) Principal Proceeds and (y) the excess of the Overcollateralization
Amount over the greater of (a) the Targeted Level and (b) the OC Floor Amount;
provided that if on such Distribution Date a Trigger Event is in effect, the
Release Amount is zero.

      Required Class A Enhancement Level. For any date, 27.50%.

      Right to Purchase. The right of the Servicer to purchase all of the
Mortgage Loans pursuant to Section 9.01 shall be conditioned upon, among other
things, the Current Pool Balance being less than 10% of the Initial Pool Balance
at the time of any such repurchase.

      Rolling Sixty-Day Delinquency Rate. For any Distribution Date on or after
the Stepdown Date, the average of the Sixty-Day Delinquency Rates for such
Distribution Date and the two immediately preceding Distribution Dates.

      Section 3.19 Applicability. Section 3.19 is not applicable to the Series
2006-1 Certificates.

      Senior Principal Distribution Amount. For any Distribution Date prior to
the Stepdown Date or on which a Trigger Event is in effect, the Principal
Distribution Amount for such Distribution Date; for all other Distribution
Dates, the lesser of (x) the Principal Distribution Amount and (y) the Class A
Principal Balance minus the lesser of (A) the Pool Balance minus the OC Floor
Amount and (B) 72.5% of the Pool Balance.

      Servicing Fee. The Servicing Fee is a monthly fee equal, for each
Collection Period, to the sum of Daily Servicing Fee Accrual Amounts for each
Mortgage Loan for each day during such Collection Period, payable to the
Servicer out of each payment received by it on account of interest on such
Mortgage Loan during such Collection Period.

      Servicing Fee Rate. 0.50% per annum.

      Sixty-Day Delinquency Rate. For any Distribution Date, the percentage
equivalent of a fraction, the numerator of which equals the aggregate Loan
Balances Delinquent more than 60 days (without regard to any grace period and
including, for this purpose, Mortgage Loans in foreclosure or subject to
Mortgagor bankruptcy proceedings and REO Properties) as of the last day of the
related Collection Period, and the denominator of which equals the Pool Balance
as of the last day of that Collection Period.

      Startup Day. The Startup Day will be the Issue Date.

      Stepdown Date. The earlier to occur of (a) the first Distribution Date on
or prior to which the Class A Principal Balance has been reduced to zero and (b)
the later to occur of (x) the Distribution Date in September 2009 and (y) the
Enhancement Date.

      Subordinated Certificates. The Class M Certificates.

      Subordination Depletion Date. The first Distribution Date on which the
Principal Balance of the Subordinated Certificates has been reduced to zero.

      Targeted Level. On any Distribution Date, (a) prior to the Stepdown Date,
3.30% of the Initial Pool Balance and (b) on any other Distribution Date, the
greater of (i) 6.60% of the Pool Balance and (ii) the OC Floor Amount. However,
in the event that a Trigger Event is in effect on a particular Distribution
Date, the Targeted Level for such Distribution Date shall not be less than the
Targeted Level on the preceding Distribution Date.

      Trigger Event. A Trigger Event will be in effect on a Distribution Date if
either the Delinquency Test or the Cumulative Loss Test is failed.

      Trust. The Trust created by this Agreement, which shall be named the
Citicorp Residential Mortgage Trust Series 2006-1.

      Upper-Tier REMIC. The designated portion of the Trust Fund consisting of
the Lower-Tier REMIC Regular Interests and proceeds thereof.

      Upper-Tier REMIC Regular Interests. As defined in Section 12.04.

      Voting Interest. As of any date, the Voting Interest of the Class A
Certificates shall equal 100% multiplied by a fraction the numerator of which is
the Class A Principal Balance and the denominator of which is the sum of the
Class A Principal Balance and the Class M Principal Balance. As of any date the
Voting Interest of the Class M Certificates will equal 100% minus the Class A
Voting Interest. The Voting Interest of the Class A Certificates and the Class M
Certificates will be allocated among the Subclasses of the Class A or Class M
Certificates, as the case may be, pro rata based on each such Subclass'
Principal Balance.

      WAC Accrual. For any Interest Accrual Period and for each Subclass, the
amount of interest accrued thereon at the Net WAC Rate.

      Section 12.03. Wire Transfer Eligibility.

      The minimum Initial Principal Balance for wire transfer on each
Distribution Date, in the case of Certificates (other than the Class CE and
Class R Certificates), is $1,000,000 and, in the case of each of the Class CE
Certificates and Class R Certificate, a 100% Percentage Interest.

      Section 12.04. REMIC-Related Provisions.

      (a) CRMSI and the Trustee will perform their respective duties in a manner
consistent with the REMIC provisions of the Code and will not knowingly take or
fail to take any action that would adversely affect the continuing treatment of
the Trust Fund as a segregated asset pool, and the treatment of such segregated
asset pool as two REMICs and to avoid the imposition of a tax on the Trust Fund
or either REMIC, and to carry out the covenants set forth in this Article XII
and the elections and reporting required in Section 8.11 on behalf of the
Upper-Tier REMIC and the Lower-Tier REMIC, including making the appropriate
elections to treat each such segregated asset pool as a REMIC and maintaining a
segregated account (the "Certificate Account"). The rights to the Cap Amounts
shall be accounted for as notional principal contracts (provided by the holder
of the Class CE Certificates and funded from amounts that would otherwise be
distributable thereon) and as assets of a grantor trust for federal income tax
purposes, and not as assets of either REMIC. CRMSI shall furnish or cause to be
furnished annually to the holders of the related Certificates information
regarding their allocable share of the income with respect to such grantor trust
and shall file or cause to be filed with the Internal Revenue Service Form 1041
(together with any necessary attachments) or such other applicable form.

                                Lower-Tier REMIC

      The Lower-Tier REMIC shall issue the interests designated in the table
below and the Class LT-R Interest, and each such interest, other than the Class
LT-R Interest, is hereby designated as a regular interest in the Lower-Tier
REMIC ("Lower-Tier REMIC Regular Interest"). The Class LT-R Interest is hereby
designated as the sole class of residual interest in the Lower-Tier REMIC and
shall be represented by the Class R Certificate.

                                                                  Corresponding
   Corresponding      Lower-Tier                                   Upper-Tier
  Lower-Tier REMIC       REMIC           Lower-Tier REMIC         REMIC Regular
  Regular Interest   Interest Rate       Principal Amount           Interest
------------------- -------------- ---------------------------- ----------------
Class LT-A-1              (1)      1/2 initial Certificate               A-1
                                   Balance of Corresponding
                                   Upper-Tier REMIC Regular
                                   Interest
Class LT-A-2              (1)      1/2 initial Certificate               A-2
                                   Balance of Corresponding
                                   Upper-Tier REMIC Regular
                                   Interest
Class LT-A-3              (1)      1/2 initial Certificate               A-3
                                   Balance of Corresponding
                                   Upper-Tier REMIC Regular
                                   Interest
Class LT-A-4              (1)      1/2 initial Certificate               A-4
                                   Balance of Corresponding
                                   Upper-Tier REMIC Regular
                                   Interest
Class LT-A-5              (1)      1/2 initial Certificate               A-5
                                   Balance of Corresponding
                                   Upper-Tier REMIC Regular
                                   Interest
Class LT-A-6              (1)      1/2 initial Certificate               A-6
                                   Balance of Corresponding
                                   Upper-Tier REMIC Regular
                                   Interest
Class LT-M-1              (1)      1/2 initial Certificate               M-1
                                   Balance of Corresponding
                                   Upper-Tier REMIC Regular
                                   Interest
Class LT-M-2              (1)      1/2 initial Certificate               M-2
                                   Balance of Corresponding
                                   Upper-Tier REMIC Regular
                                   Interest
Class LT-M-3              (1)      1/2 initial Certificate               M-3
                                   Balance of Corresponding
                                   Upper-Tier REMIC Regular
                                   Interest
Class LT-M-4              (1)      1/2 initial Certificate               M-4
                                   Balance of Corresponding
                                   Upper-Tier REMIC Regular
                                   Interest
Class LT-M-5              (1)      1/2 initial Certificate               M-5
                                   Balance of Corresponding
                                   Upper-Tier REMIC Regular
                                   Interest
Class LT-M-6              (1)      1/2 initial Certificate               M-6
                                   Balance of Corresponding
                                   Upper-Tier REMIC Regular
                                   Interest
Class LT-M-7              (1)      1/2 initial Certificate               M-7
                                   Balance of Corresponding
                                   Upper-Tier REMIC Regular
                                   Interest
Class LT-M-8              (1)      1/2 initial Certificate               M-8
                                   Balance of Corresponding
                                   Upper-Tier REMIC Regular
                                   Interest
Class LT-M-9              (1)      1/2 initial Certificate               M-9
                                   Balance of Corresponding
                                   Upper-Tier REMIC Regular
                                   Interest
Class LT-Accrual          (1)      1/2 Pool Balance plus 1/2             N/A
                                   Overcollateralization Amount

-----------------------------
(1)   The interest rate with respect to any Distribution Date for these
      interests is a per annum variable rate equal to the Net WAC Rate.

      Each Lower-Tier REMIC Regular Interest is hereby designated as a regular
interest in the Lower-Tier REMIC. The Class LT-A-1, Class LT-A-2, Class LT-A-3,
Class LT-A-4, Class LT-A-5, Class LT-A-6, Class LT-M-1, Class LT-M-2, Class
LT-M-3, Class LT-M-4, Class LT-M-5, Class LT-M-6, Class LT-M-7, Class LT-M-8 and
Class LT-M-9 Interests are hereby designated the LT Accretion Directed Classes
(the "LT Accretion Directed Classes").

      On each Distribution Date, 50% of the increase in the
Overcollateralization Amount shall be payable as a reduction of the Lower-Tier
REMIC Principal Amount of the LT Accretion Directed Classes (each such Class
will be reduced by an amount equal to 50% of any increase in the
Overcollateralization Amount that is attributable to a reduction in the
Certificate Balance of its Corresponding Class) and shall be accrued and added
to the Lower-Tier REMIC Principal Amount of the Class LT-Accrual Interest. On
each Distribution Date, the increase in the Lower-Tier REMIC Principal Amount of
the Class LT-Accrual Interest shall not exceed interest accruals for such
Distribution Date for the Class LT-Accrual Interest. In the event that: (i) 50%
of the increase in the Overcollateralization Amount exceeds (ii) interest
accruals on the Class LT-Accrual Interest for such Distribution Date, the excess
for such Distribution Date (accumulated with all such excesses for all prior
Distribution Dates) will be added to any increase in the Overcollateralization
Amount for purposes of determining the amount of interest accrual on the Class
LT-Accrual Interest payable as principal on the LT Accretion Directed Classes on
the next Distribution Date pursuant to the first sentence of this paragraph. All
payments of scheduled principal and prepayments of principal generated by the
Mortgage Loans and all Subsequent Recoveries allocable to principal shall be
allocated (i) 50% to the Class LT-Accrual Interest and (ii) 50% to the LT
Accretion Directed Classes (such principal payments and Subsequent Recoveries
shall be allocated among such LT Accretion Directed Classes in an amount equal
to 50% of the principal amounts and Subsequent Recoveries allocated to their
respective Corresponding Classes), until paid in full. Notwithstanding the
above, principal payments allocated to the Class CE Interest that result in the
reduction in the Overcollateralization Amount shall be allocated to the Class
LT-Accrual Interest (until paid in full). Realized Losses shall be applied so
that after all distributions have been made on each Distribution Date (i) the
Lower-Tier REMIC Principal Amount of each of the LT Accretion Directed Classes
is equal to 50% of the Certificate Balance of their Corresponding Class, and
(ii) the Class LT-Accrual Interest is equal to 50% of the aggregate Stated
Principal Balance of the Mortgage Loans plus 50% of the Overcollateralization
Amount. Any increase in the Certificate Balance of a Class of Certificates as a
result of a Subsequent Recovery shall increase the Lower-Tier REMIC Principal
Amount of the Corresponding Lower-Tier REMIC Regular Interest by 50% of such
increase, and the remaining 50% of such increase shall increase the Lower-Tier
REMIC Principal Amount of the Class LT-Accrual Interest.

                                Upper-Tier REMIC

      The Upper-Tier REMIC shall issue the interests designated in the table
below and the Class UT-R Interest, and each such interest, other than the Class
UT-R Interest, is hereby designated as a regular interest in the Upper-Tier
REMIC ("Upper-Tier REMIC Regular Interest"). The Class UT-R Interest is hereby
designated as the sole class of residual interests in the Upper-Tier REMIC and
shall be represented by the Class R Certificate.

                                         Initial Upper-Tier     Corresponding
  Upper-Tier REMIC    Upper-Tier REMIC     REMIC Principal        Class of
  Regular Interest      Interest Rate          Amount           Certificates
-------------------- ------------------ ---------------------- ----------------
Class A-1                    (1)            $  314,448,000        Class A-1
Class A-2                    (1)            $  62,749,000         Class A-2
Class A-3                    (1)            $  100,279,000        Class A-3
Class A-4                    (1)            $  90,963,000         Class A-4
Class A-5                    (1)            $  48,330,000         Class A-5
Class A-6                    (1)            $  68,530,000         Class A-6
Class M-1                    (1)            $  19,466,000         Class M-1
Class M-2                    (1)            $  17,877,000         Class M-2
Class M-3                    (1)            $  11,124,000         Class M-3
Class M-4                    (1)            $  6,356,000          Class M-4
Class M-5                    (1)            $  7,548,000          Class M-5
Class M-6                    (1)            $  5,165,000          Class M-6
Class M-7                    (1)            $  5,165,000          Class M-7
Class M-8                    (1)            $  4,767,000          Class M-8
Class M-9                    (1)            $  5,562,000          Class M-9
Class CE                     (2)                 (2)                 N/A
-----------------
(1)   For any Distribution Date (and the related Interest Accrual Period), this
      interest shall bear interest at the lesser of (i) the Certificate Rate
      (determined without regard to the Net WAC Rate) for the Corresponding
      Class of Certificates and (ii) the Net WAC Rate.

(2)   The Class CE Interest has an initial principal balance of $26,175,412.17
      but will not accrue interest on such balance but will accrue interest on a
      notional principal balance. As of any Distribution Date, the Class CE
      Interest shall have a notional principal balance equal to the aggregate of
      the Lower-Tier REMIC Principal Amounts of the Lower-Tier REMIC Regular
      Interests as of the first day of the related Interest Accrual Period. With
      respect to any Interest Accrual Period, the Class CE Interest shall bear
      interest at a rate equal to the excess, if any, of the Net WAC Rate over
      the product of (i) 2 and (ii) the weighted average of the Lower-Tier REMIC
      Interest Rates of the Lower-Tier REMIC Regular Interests, where the
      Lower-Tier REMIC Interest Rate on the Class LT-Accrual Interest is subject
      to a cap equal to zero and each LT Accretion Directed Class is subject to
      a cap equal to the Upper-Tier REMIC Interest Rate on its Corresponding
      Class of Upper-Tier REMIC Regular Interest. With respect to any
      Distribution Date, interest that so accrues on the notional principal
      balance of the Class CE Interest shall be deferred in an amount equal to
      any increase in the Overcollateralization Amount on such Distribution
      Date. Such deferred interest shall not itself bear interest.

      On each Distribution Date, interest distributable in respect of the
Lower-Tier REMIC Regular Interests for such Distribution Date shall be deemed to
be distributed on the interests in the Upper-Tier REMIC at the rates shown
above.

      On each Distribution Date, all Realized Losses, Subsequent Recoveries and
all payments of principal shall be allocated to the Upper-Tier REMIC Regular
Interests until the outstanding principal balance of each such interest equals
the outstanding Class A Subclass Principal Balance or Class M Subclass Principal
Balance of the Corresponding Class of Certificates as of such Distribution Date.

      (b) CRMSI, on behalf of the Trustee, shall deposit in the Collection
Account in accordance with Section 3.06 all Scheduled Payments received by it,
all other deposits required to be made to the Collection Account and all
investments made with moneys on deposit in the Collection Account, including all
income or gain from such investments, if any. If the Certificate Account is an
Investment Account, then funds on deposit in the Certificate Account shall be
held and invested in accordance with the applicable provisions of Section 4.03.
Distributions from the Certificate Account shall be made in accordance with the
provisions of Articles XII and XIII to make payments in respect of the
Certificates and to pay the Servicing Fee in accordance with Section 3.13.
Amounts distributable as Cap Amounts to the related Certificates pursuant to
Section 13.01(b) shall first be deemed distributed in respect of the Class CE
Interest and then paid outside of the Upper-Tier REMIC to the related
Certificates.

      The Servicer shall maintain books with respect to the Upper-Tier REMIC and
the Lower-Tier REMIC on a calendar year taxable year and on the accrual method
of accounting.

      (c) None of the Servicer, the Certificate Administrator, the Paying Agent,
the Certificate Registrar or the Trustee shall create, or permit the creation
of, any "interests" in either REMIC within the meaning of Code Section
860D(a)(2) other than the interests represented by the Certificates.

      (d) Except as otherwise provided in the Code, CRMSI shall not grant, and
none of the Servicer, the Certificate Administrator, the Paying Agent, the
Certificate Registrar or the Trustee shall accept, property unless (i)
substantially all of the property held by either REMIC constitutes either
"qualified mortgages" or "permitted investments" as defined in Code Sections
860G(a)(3) and (5), respectively, and (ii) no property shall be granted to
either REMIC after the Startup Day, unless such grant would not subject the
REMIC to the 100% tax on contributions to a REMIC after the Startup Day imposed
by Code Section 860G(d).

      (e) None of the Servicer, the Certificate Administrator, the Paying Agent,
the Certificate Registrar or the Trustee shall accept on behalf of the Trust
Fund or the Upper-Tier REMIC or the Lower-Tier REMIC any fee or other
compensation for services and shall not accept on behalf of the Trust Fund any
income from assets other than those permitted to be held by a REMIC.

      (f) None of the Servicer, the Certificate Administrator, the Paying Agent
or the Trustee shall sell or permit the sale of all or any portion of the
Mortgage Loans, or of an Eligible Investment held in an Investment Account
(other than in accordance with Sections 2.02, 2.03, 2.04 and 4.03(d)) unless
such sale is pursuant to a "qualified liquidation" as defined in Code Section
860F(a)(4)(A) and is in accordance with Section 9.01.

      Section 12.05. Expenses and Liabilities of the Trust Fund.

      The Depositor shall be liable for all expenses, liabilities and
obligations of the Trust Fund (other than the obligation to make distributions
in reduction of Principal Balance of the Certificates and the obligation to make
distributions of interest on the Certificates) including Trust Expenses. To the
extent such expenses, liabilities or obligations consist of federal income
taxes, including, without limitation, prohibited transaction taxes, taxes on net
income from foreclosure property and taxes on certain contributions to a REMIC
after the Startup Day, nothing shall prevent the Depositor from contesting any
such tax, if permitted by law, pending the outcome of such proceedings. If the
Paying Agent determines that on any Distribution Date the amount in the
Collection Account, after the distribution of all amounts required to be
distributed to the Holders of the Certificates has been made, is insufficient to
pay expenses or meet any obligation of the Trust Fund, the Paying Agent shall
give notice of any shortfall to the Depositor setting forth the basis for such
determination and, within ten Business Days of such notice, the Depositor shall
deliver to the Paying Agent immediately available funds in the amount of such
expenses.

      Section 12.06. Tax Matters Person.

      If in any taxable year there will be more than one holder of Class R
Certificate, a tax matters person may be designated with respect to the REMIC,
who will have the same duties with respect to the Upper-Tier REMIC and the
Lower-Tier REMIC as those of a "tax matters partner" under Subchapter C of
Chapter 63 of Subtitle F of the Code, and who will be, in order of priority, (i)
the Servicer or an affiliate of the Servicer, if the Servicer or such affiliate
is the holder of a residual certificate of the Upper-Tier REMIC or the
Lower-Tier REMIC at any time during the taxable year or at the time such
designation is made, (ii) if the Servicer is not a holder of a residual
certificate of the Upper-Tier REMIC or the Lower-Tier REMIC at the relevant
time, the Servicer as agent for the holder of the residual certificate of the
Upper-Tier REMIC or the Lower-Tier REMIC, if such designation is permitted to be
made under the Code, or (iii) such holder of a residual certificate of the
Upper-Tier REMIC or the Lower-Tier REMIC or person who may be designated a tax
matters person in the same manner in which a tax matters partner may be
designated under applicable Treasury Regulations, including Treasury Regulations
ss. 1.860F-4(d) and temporary Treasury Regulations ss. 301.6231(a)(7)-1T.

                                  ARTICLE XIII

                 SUBORDINATION; PRIORITIES; ALLOCATION OF LOSSES

      Section 13.01. Subordination; Priority of Distributions.

      (a) The rights of the holders of any Subclass of Class M Certificates to
receive distributions in respect thereof on any Distribution Date shall be
subordinated to the rights of the Class A Certificateholders and the holders of
each Class M Subclass having a lower numerical designation to receive
distributions to the extent, and only to the extent, described herein. The right
of the Servicer to receive its Servicing Fee and its Additional Servicing
Compensation shall not be subordinated to the rights of Certificateholders.

      (b) On each Distribution Date, the aggregate amount of Interest Proceeds
and Principal Proceeds will be applied in the following amounts, to the extent
the amount thereof is sufficient therefor, in the manner and in the order of
priority as follows:

      1. The sum of Interest Proceeds and Principal Proceeds will be applied
sequentially, as follows:

            a. concurrently, to the Subclasses of Class A Certificates, pro
      rata, their respective Class A Subclass Interest Amounts and any Class A
      Subclass Interest Shortfalls for such Distribution Date;

            b. sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4,
      Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in
      that order, their respective Class M Subclass Interest Amounts for such
      Distribution Date;

            c. to the Subclasses of Class A Certificates, the amounts provided
      in Section 12.01(d) or (e), as applicable;

            d. sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4,
      Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in
      that order, in each case until their respective Principal Balance is
      reduced to zero, an amount equal to their Class M Subclass Principal
      Distribution Amount;

            e. sequentially to the Class M-1, Class M-2, Class M-3, Class M-4,
      Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in
      that order, an amount equal to any Class M Subclass Interest Shortfall for
      such Class for such Distribution Date or previously allocated thereto, and
      then, sequentially, in that order, an amount equal to any Applied Loss
      Amount allocated to such Class pursuant to Section 13.02 on such
      Distribution Date plus any Class M Subclass Loss Amount for such Class;

            f. first, concurrently to the Class A Certificates, pro rata, any
      Net Civil Relief Amounts and Net Non-Supported Amounts for such
      Subclasses, and then, sequentially, to the Class M-1, Class M-2, Class
      M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9
      Certificates, in that order, any Net Civil Relief Amounts and Net
      Non-Supported Amounts for such Class;

            g. first, concurrently to the Class A Certificates, pro rata, any
      Net Class A WAC Cap Amounts for such Subclasses, and then, sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
      Class M-7, Class M-8 and Class M-9 Certificates, in that order, any Net
      Class M WAC Cap Amounts for such Class;

            h. to the Holder of the Class CE Certificates, the Class CE
      Distributable Amount; and

            i. to the Holder of the Class R Certificate, any remaining amount.

      2. It is the intention of the parties hereto that the portion of the Trust
Fund, exclusive of the Lower-Tier REMIC and Upper-Tier REMIC, be treated as a
grantor trust for purposes of Subpart E, Part I of Subchapter J of the Code. In
furtherance of such intention, neither the Servicer nor the Trustee shall vary
the investment of the Certificateholders in the grantor trust. Solely for REMIC
purposes, any amounts distributed pursuant to Section 13.01(b)(1)(g) shall be
deemed distributed to the Class CE Certificates in respect of the Class CE
Interest from the Upper-Tier REMIC and then deemed paid to the classes of
Certificates as described in Section 13.01(b)(1)(g) from the grantor trust.

      Section 13.02. Allocation of Realized Losses; Recoveries.

      (a) For any Distribution Date prior to the Subordination Depletion Date,
any Applied Loss Amount will be allocated to the Subclasses of Class M
Certificates, first to the Class M Subclass with the highest numerical
designation and then in order of decreasing numerical designation, until their
respective Class M Subclass Principal Balance has been reduced to zero.

      This allocation of Applied Loss Amounts will be effected through the
reduction of the applicable Subclass Principal Balance. Any Applied Loss Amount
allocated in accordance with this Section 13.02 will be allocated on the
Distribution Date following the Collection Period in which such loss was
incurred and after giving effect to distributions made under Section 13.01 on
such Distribution Date.

      (b) Any Applied Loss Amount allocated to a Subclass of Class M
Certificates pursuant to Section 13.02(a) shall be allocated among the
Certificates of such Subclass pro rata based on their respective Principal
Balances.

      (c) In the event that Net Subsequent Recoveries are received by the
Servicer during a Prepayment Collection Period, immediately prior to the
Distribution Date to which such Prepayment Collection Period relates, an amount
equal to the amount of such Net Subsequent Recoveries shall be added to the
outstanding Class M Subclass Principal Balances of the Class M Subclasses, in
order of increasing numerical designation, but only if and to the extent that
the Class M Subclass had theretofore been allocated any Applied Loss Amount.

      (d) No Civil Relief Shortfall Amount, Net Civil Relief Amount,
Non-Supported Prepayment Interest Shortfall, Non-Supported Simple Interest
Shortfall or Net Non-Supported Amount will accrue interest.

      Section 13.03. [Reserved]

      Section 13.04. Distributions on the Class R Certificate.

      Upon a termination of the Trust in accordance with Section 9.01, the Class
R Certificate shall receive all amounts remaining in the Certificate Account
after all required distributions on the Class A, Class M and Class CE
Certificates have been made and after all required payments and reimbursements
of fees and expenses have been made or provided for.

                                  ARTICLE XIV

                              ADDITIONAL PROVISIONS

      Section 14.01. Additional Representations and Warranties.

      CRMSI hereby represents and warrants to the Trustee, in addition to
Section 2.03(a) and with the same force and effect for all purposes of this
Agreement as though these representations and warranties were set forth in
Section 2.03(a), as follows:

      (i)   As of the Cut-Off Date, no principal or interest on a Mortgage Loan
            was more than 30 days Delinquent; and

      (ii)  All original executed Mortgage Notes have been or will be delivered
            to the Custodian.

      Section 14.02. Additional Servicing Events of Default.

      Not applicable.

      Section 14.03. Additional Conditions for Subsequent Transfer Dates.

      Not applicable.

      Section 14.04. Additional Certificate Information.

      Not applicable.

      Section 14.05. Additional Pool Information.

      Not applicable.

<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective officers as of the day and year first above
written.

                              CITICORP RESIDENTIAL MORTGAGE SECURITIES, INC.,
                              as Depositor

                              By: /s/ Daniel P. Hoffman
                                 ------------------------------------------
                                 Name: Daniel P. Hoffman
                                 Title: Vice President

                              U.S. BANK NATIONAL ASSOCIATION, as Trustee

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

                              CITIMORTGAGE, INC., as Servicer and Certificate
                              Administrator

                              By: /s/ Paul Ince
                                 ------------------------------------------
                                 Name: Paul Ince
                                 Title: Chief Financial Officer

                              CITIBANK, N.A., as Paying Agent, Certificate
                              Registrar and Authenticating Agent

                              By: /s/ Nancy Forte
                                 ------------------------------------------
                                 Name: Nancy Forte
                                 Title: Assistant Vice President

<PAGE>

State of Missouri      )
                       )  ss.:
County of St. Charles  )

            On the 30th day of August 2006 before me, a notary public in and for
the State of Missouri, personally appeared Daniel P. Hoffman known to me who,
being by me duly sworn, did depose and say that he is a Vice President of
Ciricorp Residential Mortgage Securities, Inc., a Delaware corporation, one of
the parties that executed the foregoing instrument; that he signed his name to
said instrument and that he has been authorized by Ciricorp Residential Mortgage
Securities, Inc. to execute said instrument.

----------------------------------
         Notary Public

[Notarial Seal]

<PAGE>

State of Massachusetts     )
                           )  ss.:
County of _________        )

            On the 30th day of August 2006 before me, a notary public in and for
the State of Massachusetts, personally appeared Clare M. O'Brien known to me
who, being by me duly sworn, did depose and say that she is a Vice President of
U.S. Bank National Association, one of the parties that executed the foregoing
instrument; that she signed her name to said instrument and that she has been
authorized by U.S. Bank National Association to execute said instrument.

----------------------------------
         Notary Public

[Notarial Seal]

<PAGE>

State of Missouri         )
                          )  ss.:
County of St. Charles     )

            On the 30th day of August 2006 before me, a notary public in and for
the State of Missouri, personally appeared Paul Ince known to me who, being by
me duly sworn, did depose and say that he is a Chief Financial Officer of
CitiMortgage, Inc., a New York corporation, one of the parties that executed the
foregoing instrument; that he signed his name to said instrument and that he has
been authorized by CitiMortgage, Inc. to execute said instrument.

----------------------------------
         Notary Public

[Notarial Seal]

<PAGE>

State of New York         )
                          )  ss.:
County of New York        )

            On the 30th day of August 2006 before me, a notary public in and for
the State of New York, personally appeared Nancy Forte known to me who, being by
me duly sworn, did depose and say that she resides at 388 Greenwich Street, New
York, New York 10013, that she is an Assistant Vice President of Citibank, N.A.,
a national banking association, one of the parties that executed the foregoing
instrument; that he signed his name to said instrument and that he has been
authorized by Citibank, N.A. to execute said instrument.

----------------------------------
         Notary Public

[Notarial Seal]

<PAGE>

                                   SCHEDULE 1

    SERVICING CRITERIA TO BE ADDRESSED IN REPORT ON ASSESSMENT OF COMPLIANCE

<TABLE>
<CAPTION>
     Regulation                                                                                 Responsible
     AB reference                             Servicing criteria                                 person(s)
----------------------- ------------------------------------------------------------------- --------------------
                                          General servicing considerations

<S>                     <C>                                                                  <C>
1122(d)(1)(i)           Policies and procedures are instituted to monitor any performance     Servicer
                        or other triggers and events of default in accordance with the
                        transaction agreements.

1122(d)(1)(ii)          If any material servicing activities are outsourced to third          Servicer
                        parties, policies and procedures are instituted to monitor the
                        third party's performance and compliance with such servicing
                        activities.

1122(d)(1)(iii)         Any requirements in the transaction agreements to
                        maintain a Servicer 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   Servicer
                        party participating in the servicing function throughout the
                        reporting period in the amount of coverage required by and
                        otherwise in accordance with the terms of the transaction
                        agreements.

                                         Cash collection and administration

1122(d)(2)(i)           Payments on pool assets are deposited into the appropriate            Servicer
                        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.

1122(d)(2)(ii)          Disbursements made via wire transfer on behalf of an obligor or to    Servicer,
                        an investor are made only by authorized personnel.                    Paying Agent

1122(d)(2)(iii)         Advances of funds or guarantees regarding collections,                Servicer
                        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.

1122(d)(2)(iv)          The related accounts for the transaction, such as cash reserve        Servicer,
                        accounts or accounts established as a form of over                    Paying Agent
                        collateralization, are separately maintained (e.g., with respect to
                        commingling of cash) as set forth in the transaction agreements.

1122(d)(2)(v)           Each custodial account is maintained at a federally insured           Servicer,
                        depository institution as set forth in the transaction agreements.    Paying Agent
                        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.

1122(d)(2)(vi)          Unissued checks are safeguarded so as to prevent unauthorized         Servicer,
                        access.                                                               Paying Agent

1122(d)(2)(vii)         Reconciliations are prepared on a monthly basis for all
                        asset-backed securities related bank accounts, including custodial    Servicer,
                        accounts and related bank clearing accounts. These reconciliations    Certificate
                        are (A) mathematically accurate; (B) prepared within 30 calendar      Administrator,
                        days after the bank statement cutoff date, or such other number of    Paying Agent
                        days specified in the transaction agreements; (C) reviewed and
                        approved by someone other than the person who prepared the
                        reconciliation; and (D) contain explanations for reconciling
                        items.  These reconciling items are resolved within 90 calendar
                        days of their original identification, or such other number of days
                        specified in the transaction agreements.

                                         Investor remittances and reporting

1122(d)(3)(i)           Reports to investors, including those to be filed with the            Servicer,
                        Commission, are maintained in accordance with the transaction         Certificate
                        agreements and applicable Commission requirements.  Specifically,     Administrator
                        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.

1122(d)(3)(ii)          Amounts due to investors are allocated and remitted in accordance     Servicer,
                        with timeframes, distribution priority and other terms set forth in   Certificate
                        the transaction agreements.                                           Administrator,
                                                                                              Paying Agent

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 Servicer, days specified in the
                        transaction agreements. Certificate
                                                                                              Administrator,
                                                                                              Paying Agent
1122(d)(3)(iv)          Amounts remitted to investors per the investor reports agree with
                        cancelled checks, or other form of payment, or custodial bank         Certificate
                        statements.                                                           Administrator,
                                                                                              Paying Agent
                                             Pool asset administration

1122(d)(4)(i)           Collateral or security on pool assets is maintained as                Servicer,
                        required by the transaction agreements or related pool asset          Custodian
                        documents.

1122(d)(4)(ii)          Pool assets and related documents are safeguarded as required by
                        the transaction agreements.                                           Custodian

1122(d)(4)(iii)         Any additions, removals or substitutions to the asset
                        pool are made, reviewed and approved in accordance with
                        any conditions or Servicer requirements in the
                        transaction agreements.

1122(d)(4)(iv)          Payments on pool assets, including any payoffs, made in accordance    Servicer
                        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.

1122(d)(4)(v)           The Servicer's records regarding the pool assets agree with the       Servicer
                        Servicer's records with respect to an obligor's unpaid principal
                        balance.

1122(d)(4)(vi)          Changes with respect to the terms or status of an obligor's pool      Servicer
                        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.

1122(d)(4)(vii)         Loss mitigation or recovery actions (e.g., forebearance               Servicer
                        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 requirement
                        established by the transaction agreements.

1122(d)(4)(viii)        Records documenting collection efforts are maintained during the      Servicer
                        period a pool asset is delinquent in accordance with the
                        transaction agreements.  Such records are maintained on at least a
                        monthly basis, or such other period specified in the transaction
                        agreements, and describe the entity's activities in monitoring
                        delinquent pool assets including, for example, phone calls, letters
                        and payment rescheduling plans in cases where delinquency is deemed
                        temporary (e.g., illness or unemployment).

1122(d)(4)(ix)          Adjustments to interest rates or rates of return for pool assets      Servicer
                        with variable rates are computed based on the related pool asset
                        documents.

1122(d)(4)(x)           Regarding any funds held in trust for an obligor (such as escrow      Servicer
                        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 related pool assets, or such other number of
                        days specified in the transaction agreements.

1122(d)(4)(xi)          Payments made on behalf of an obligor (such as tax or insurance       Servicer
                        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.

1122(d)(4)(xii)         Any late payment penalties in connection with any                     Servicer
                        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.

1122(d)(4)(xiii)        Disbursements made on behalf of an obligor are posted                 Servicer
                        within two business days to the obligor's
                        records maintained by the servicer, or such other number
                        of days specified in the transaction agreements.

1122(d)(4)(xiv)         Delinquencies, charge-offs and uncollectible accounts are             Servicer
                        recognized and recorded in accordance with the transaction
                        agreements.

1122(d)(4)(xv)          Any external enhancement or other support, identified in Item         Servicer
                        1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained
                        as set forth in the transaction agreements.
</TABLE>

<PAGE>

                                   SCHEDULE 2

                         ADDITIONAL FORM 10-D DISCLOSURE

-------------------------------------------------------------------------------
Item on Form 10-D                           Party Responsible
-------------------------------------------------------------------------------
Item 1: Distribution and Pool               Servicer, Certificate
       Performance Information              Administrator

      Any information required by 1121
      which is NOT included on the
      Distribution Date Statement
-------------------------------------------------------------------------------
Item 2: Legal Proceedings per Item          (i) All parties to the Pooling
      1117 of Reg AB                        and Servicing Agreement and the
                                            Custodian as to themselves, (ii) the
                                            Servicer as to the issuing entity,
                                            (iii) the Depositor as to the
                                            sponsor, any 1110(b) originator, any
                                            1100(d)(1) party
-------------------------------------------------------------------------------
Item 3: Sale of Securities and Use of       Depositor
       Proceeds
-------------------------------------------------------------------------------
Item 4: Defaults Upon Senior Securities     Servicer, Certificate
                                            Administrator
-------------------------------------------------------------------------------
Item 5: Submission of Matters to a          Servicer, Certificate
       Vote of Security Holders             Administrator, Trustee, Paying
                                            Agent, Authenticating Agent,
                                            Certificate Registrar (in each case,
                                            if such party is responsible for
                                            submission of such vote to Holders)
-------------------------------------------------------------------------------
Item 6: Significant Obligors of Pool        Depositor, if applicable
       Assets
-------------------------------------------------------------------------------
Item 7: Significant Enhancement             Depositor, if applicable
       Provider Information
-------------------------------------------------------------------------------
Item 8: Other Information                   Any party responsible for the
                                            applicable disclosure items on
                                            Form 8-K to the extent not
                                            previously filed on a Form 8-K
-------------------------------------------------------------------------------
Item 9: Exhibits                            Depositor, Servicer, Certificate
                                            Administrator
-------------------------------------------------------------------------------

<PAGE>

                                   SCHEDULE 3

                         ADDITIONAL 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 the
                                             applicable disclosure items on
                                             Form 8-K to the extent not
                                             previously filed on a Form 8-K
-------------------------------------------------------------------------------
Item 15: Exhibits, Financial Statement       Servicer, Certificate
       Schedules                             Administrator,
                                             Depositor
-------------------------------------------------------------------------------
Additional Item:                             (i) All parties to the Pooling
                                             and Servicing Agreement and the
                                             Custodian as to themselves, (ii)
                                             the Servicer as to the issuing
Disclosure per Item 1117 of Reg AB           entity, (iii) the Depositor as
                                             to the sponsor, any 1110(b)
                                             originator, any 1100(d)(1) party
-------------------------------------------------------------------------------
Additional Item:                             (i) All parties to the Pooling
Disclosure per Item 1119 of Reg AB           and Servicing Agreement and the
                                             Custodian as to themselves, (ii)
                                             the Servicer as to the issuing
                                             entity, (iii) the Depositor as
                                             to the sponsor, any 1110(b)
                                             originator, any 1100(d)(1)
                                             party, any significant obligor,
                                             any credit enhancement provider
                                             or derivative counterparty
-------------------------------------------------------------------------------
Additional Item:                             Depositor, if applicable
Disclosure per Item 1112(b) of Reg AB
-------------------------------------------------------------------------------
Additional Item:                             Depositor, if applicable
Disclosure per Items 1114(b) and
1115(b) of Reg AB
-------------------------------------------------------------------------------

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

<PAGE>

                                   SCHEDULE 4

                         FORM 8-K DISCLOSURE INFORMATION

-------------------------------------------------------------------------------
Item on Form 8-K                             Party Responsible
-------------------------------------------------------------------------------
Item 1.01- Entry into a Material             All parties to the Pooling and
         Definitive Agreement                Servicing Agreement and the
                                             Custodian entering into such
                                             material definitive agreement
                                             (provided, however, that with
                                             respect to the Paying Agent, the
                                             Certificate Registrar and the
                                             Authenticating Agent, no such
                                             disclosure shall be required for
                                             any agreement to which the
                                             Servicer, the Certificate
                                             Administrator, the Depositor or the
                                             Custodian is a party)
-------------------------------------------------------------------------------
Item 1.02- Termination of a Material         All parties to the Pooling and
         Definitive Agreement                Servicing Agreement and the
                                             Custodian terminating such material
                                             definitive agreement (provided,
                                             however, that with respect to the
                                             Paying Agent, the Certificate
                                             Registrar and the Authenticating
                                             Agent, no such disclosure shall be
                                             required for any agreement to which
                                             the Servicer, the Certificate
                                             Administrator, the Depositor or the
                                             Custodian is a party)
-------------------------------------------------------------------------------
Item 1.03- Bankruptcy or Receivership        (i) Depositor, as to itself, the
                                             sponsor, any 1100(d)(1) party,
                                             any significant obligor, any
                                             credit enhancement provider or
                                             derivative counterparty and any
                                             other transaction party, to the
                                             extent known to the Depositor,
                                             (ii) Trustee, as to itself,
                                             (iii) Certificate Administrator,
                                             as to itself, (iv) Paying Agent,
                                             as to itself, and (v) Servicer,
                                             as to itself and any other
                                             transaction party, to the extent
                                             known to the Servicer
-------------------------------------------------------------------------------
Item 2.04- Triggering Events that            Servicer
         Accelerate or Increase a
         Direct Financial Obligation
         or an Obligation under an
         Off-Balance Sheet Arrangement
-------------------------------------------------------------------------------
Item 3.03- Material Modification to          Servicer, Certificate
         Rights of Security Holders          Administrator
-------------------------------------------------------------------------------
Item 5.03- Amendments of Articles of         Depositor
         Incorporation or Bylaws;
         Change of Fiscal Year
-------------------------------------------------------------------------------
Item 6.01- ABS Informational and             Depositor
         Computational Material
-------------------------------------------------------------------------------
Item 6.02- Change of Servicer,               Servicer, Certificate
         Certificate Administrator,          Administrator, Trustee
         Paying Agent or Trustee
-------------------------------------------------------------------------------
Item 6.03- Change in Credit                  Depositor, Servicer
         Enhancement or External
         Support
-------------------------------------------------------------------------------
Item 6.04- Failure to Make a Required        Certificate Administrator,
         Distribution                        Paying Agent
-------------------------------------------------------------------------------
Item 6.05- Securities Act Updating           Depositor
         Disclosure
-------------------------------------------------------------------------------
Item 7.01- Reg FD Disclosure                 Depositor
-------------------------------------------------------------------------------
Item 8.01-Other Events                       Depositor, Certificate
                                             Administrator
-------------------------------------------------------------------------------
Item 9.01                                    Depositor, Certificate
                                             Administrator
-------------------------------------------------------------------------------

<PAGE>

                                   EXHIBIT A-1

                          FORM OF CLASS A CERTIFICATES

                 REMIC Pass-Through Certificates, Series 2006-1
                             Class A-[*] Certificate
          representing an ownership interest in a trust fund consisting
                     primarily of mortgage loans acquired by

                 CITICORP RESIDENTIAL MORTGAGE SECURITIES, INC.

certificate no. 1

distribution day: 25th of each month

first distribution day: September 25, 2006

stated final maturity: July 25, 2036

--------------------------------------------------------------------------------
Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC") to Issuer or its agent
for registration of transfer, exchange, or payment, and any certificate issued
is registered in the name of Cede & Co. or such other name as requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or 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.

Neither this certificate nor the underlying mortgage loans are insured or
guaranteed by the United States government, the Federal Deposit Insurance
Corporation or any other governmental agency or instrumentality. This
certificate does not represent an interest in or obligation of Citicorp
Residential Mortgage Securities, Inc., CitiMortgage, Inc., Citicorp Trust Bank,
fsb, any affiliate thereof, or their ultimate parent, Citigroup Inc.
--------------------------------------------------------------------------------

THIS CERTIFIES THAT, for value received, Cede & Co. is the registered holder of
the initial principal balance of the class of certificates listed below.

            initial principal
  class          balance        certificate rate      CUSIP             ISIN
--------------------------------------------------------------------------------
  A-[*]        $[      ]              [ ]%

Principal is paid on this certificate in accordance with the terms of the
Pooling Agreement. Accordingly, at any time the outstanding principal balance of
this certificate may be less than its initial principal amount.

This certificate represents an undivided beneficial ownership interest in the
Trust Fund created pursuant to the Pooling and Servicing Agreement dated as of
August 1, 2006 (the "Pooling Agreement") among Citicorp Residential Mortgage
Securities, Inc., as Depositor, CitiMortgage, Inc., as Servicer and Certificate
Administrator, Citibank, N.A., as Paying Agent, Certificate Registrar and
Authenticating Agent, and U.S. Bank National Association, as Trustee. Terms used
in this certificate that are defined in the Pooling Agreement have the meanings
assigned to them in the Pooling Agreement.

This certificate is one of a duly authorized issue of certificates designated as
Citicorp Residential Mortgage Securities, Inc. REMIC Pass-Through Certificates,
Series 2006-1, consisting of, for REMIC purposes, six senior classes, ten
subordinated classes and one class of residual certificates.

The class of securities represented by this certificate is a "regular interest"
in a real estate mortgage investment conduit ("REMIC") within the meaning of
Section 860G(a)(1) of the Internal Revenue Code of 1986, as amended.

                   Certificates governed by Pooling Agreement

The certificates are issued pursuant to the Pooling Agreement, which states the
rights, limitations (including restrictions on transfer), duties and immunities
of the Depositor, the Servicer, the Trustee, the Certificate Administrator, the
Paying Agent, the Certificate Registrar and the holders of the certificates,
specifies how amounts of interest and principal distributable on the classes of
certificates are calculated and when such amounts are payable, sets forth the
relative priorities of the classes of certificates to payments and to allocation
of losses, and sets forth the terms upon which the certificates are to be
authenticated and delivered, and other matters relevant to an investment in
certificates. Holders may obtain a copy of the Pooling Agreement (without
exhibits) from the Trustee.

                           Optional early termination

This certificate may receive a final distribution of all amounts owing in
respect of the class represented by this certificate before its last scheduled
distribution day if CitiMortgage, Inc. (or its assignee) exercises its right
under the Pooling Agreement to repurchase all of the mortgage loans in the Trust
Fund. This right cannot be exercised until the aggregate scheduled principal
balance of such mortgage loans is less than 10% of the aggregate scheduled
principal balance of the mortgage loans as of the cut-off date. In the event
this right is not exercised at such time, the certificate rate of the class
A-[*] Certificates will equal the certificate rate listed on the first page of
this Certificate plus 0.50% per annum, subject to and in accordance with the
terms of the Pooling Agreement.

                                  Governing law

This certificate and the Pooling Agreement are governed by the laws of the State
of New York.

                             Authentication required

Unless this certificate has been executed by the Trustee or a duly authorized
Authenticating Agent by manual signature, this certificate shall not be entitled
to any benefit under the Pooling Agreement or be valid for any purpose.

<PAGE>

      IN WITNESS WHEREOF, Citicorp Residential Mortgage Securities, Inc. has
caused this certificate to be duly executed.

                              CITICORP RESIDENTIAL MORTGAGE SECURITIES, INC.

                              By:
                                 ---------------------------------
                                 Name:
                                 Title:

<PAGE>

This is one of the certificates referred to in the Pooling Agreement referred to
above.

                              U.S. BANK NATIONAL ASSOCIATION,
                                 as Trustee

                              By:
                                 ---------------------------------
                                    Authorized Signatory

                               or

                              CITIBANK, N.A.,
                                 as Authenticating Agent

                              By:
                                 ---------------------------------
                                    Authorized Signatory

Date:

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
common

UNIF GIFT MIN ACT - _______________ Custodian ____________________
                        (Cust)                      (Minor)

Under Uniform Gifts to Minors Act ___________________________________
                                                (State)

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

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

            FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

________________________________________________________
________________________________________________________
(Please print or typewrite name and address, including zip code, of assignee)

________________________________________________________
the within certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

________________________________________________________
attorney to transfer said certificate on the books of the Certificate Registrar
with full power of substitution in the premises.

Dated: ________________  __________________________

Signature Guaranteed by:_________________________________________

NOTICE: the signature to this assignment must correspond with the name as
written upon the face of the within instrument in every particular, without
alteration or enlargement or any change whatever, and must be guaranteed by a
member of a Signature Guarantee Medallion Program.

<PAGE>

                                   Exhibit A-2

                          FORM OF CLASS M CERTIFICATES

                 REMIC Pass-Through Certificates, Series 2006-1
                      Subordinated Class M-[*] Certificate
          representing an ownership interest in a trust fund consisting
                     primarily of mortgage loans acquired by

                 CITICORP RESIDENTIAL MORTGAGE SECURITIES, INC.

certificate no. 1

distribution day: 25th of each month

first distribution day: September 25, 2006

stated final maturity: July 25, 2036

--------------------------------------------------------------------------------
This class M-[*] certificate is subordinated in right of payments to the class
A, class M-[*] and class M-[*] certificates, as described in the Pooling
Agreement referred to below.

Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC") to Issuer or its agent
for registration of transfer, exchange, or payment, and any certificate issued
is registered in the name of Cede & Co. or such other name as requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or 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.

Neither this certificate nor the underlying mortgage loans are insured or
guaranteed by the United States government, the Federal Deposit Insurance
Corporation or any other governmental agency or instrumentality. This
certificate does not represent an interest in or obligation of Citicorp
Residential Mortgage Securities, Inc., CitiMortgage, Inc., Citicorp Trust Bank,
fsb, any affiliate thereof, or their ultimate parent, Citigroup Inc.
--------------------------------------------------------------------------------

THIS CERTIFIES THAT, for value received, Cede & Co. is the registered holder of
the initial principal balance of the class of certificates listed below.

            initial principal
  class          balance        certificate rate      CUSIP             ISIN
--------------------------------------------------------------------------------
  M-[*]           $[ ]                [ ]%

Principal is paid on this certificate in accordance with the terms of the
Pooling Agreement. Accordingly, at any time the outstanding principal balance of
this certificate may be less than its initial principal amount.

This certificate represents an undivided beneficial ownership interest in the
Trust Fund created pursuant to the Pooling and Servicing Agreement dated as of
August 1, 2006 (the "Pooling Agreement") among Citicorp Residential Mortgage
Securities, Inc., as Depositor, CitiMortgage, Inc., as Servicer and Certificate
Administrator, Citibank, N.A., as Paying Agent, Certificate Registrar and
Authenticating Agent, and U.S. Bank National Association, as Trustee. Terms used
in this certificate that are defined in the Pooling Agreement have the meanings
assigned to them in the Pooling Agreement.

This certificate is one of a duly authorized issue of certificates designated as
Citicorp Residential Mortgage Securities, Inc. REMIC Pass-Through Certificates,
Series 2006-1, consisting of, for REMIC purposes, six senior classes, ten
subordinated classes and one class of residual certificates.

The class of securities represented by this certificate is a "regular interest"
in a real estate mortgage investment conduit ("REMIC") within the meaning of
Section 860G(a)(1) of the Internal Revenue Code of 1986, as amended.

                   Certificates governed by Pooling Agreement

The certificates are issued pursuant to the Pooling Agreement, which states the
rights, limitations (including restrictions on transfer), duties and immunities
of the Depositor, the Servicer, the Trustee, the Certificate Administrator, the
Paying Agent, the Certificate Registrar and the holders of the certificates,
specifies how amounts of interest and principal distributable on the classes of
certificates are calculated and when such amounts are payable, sets forth the
relative priorities of the classes of certificates to payments and to allocation
of losses, and sets forth the terms upon which the certificates are to be
authenticated and delivered, and other matters relevant to an investment in
certificates. Holders may obtain a copy of the Pooling Agreement (without
exhibits) from the Trustee.

                           Optional early termination

This certificate may receive a final distribution of all amounts owing in
respect of the class represented by this certificate before its last scheduled
distribution day if CitiMortgage, Inc. (or its assignee) exercises its right
under the Pooling Agreement to repurchase all of the mortgage loans in the Trust
Fund. This right cannot be exercised until the aggregate scheduled principal
balance of such mortgage loans is less than 10% of the aggregate scheduled
principal balance of the mortgage loans as of the cut-off date. In the event
this right is not exercised at such time, the certificate rate of the class
M-[*] Certificates will equal the certificate rate listed on the first page of
this Certificate plus 0.50% per annum, subject to and in accordance with the
terms of the Pooling Agreement.

                                  Governing law

This certificate and the Pooling Agreement are governed by the laws of the State
of New York.

                             Authentication required

Unless this certificate has been executed by the Trustee or a duly authorized
Authenticating Agent by manual signature, this certificate shall not be entitled
to any benefit under the Pooling Agreement or be valid for any purpose.

<PAGE>

IN WITNESS WHEREOF, Citicorp Residential Mortgage Securities, Inc. has caused
this certificate to be duly executed.

                              CITICORP RESIDENTIAL MORTGAGE SECURITIES, INC.

                              By:
                                 --------------------------------
                                 Name:
                                 Title:

<PAGE>

This is one of the certificates referred to in the Pooling Agreement referred to
above.

                              U.S. BANK NATIONAL ASSOCIATION,
                                 as Trustee

                              By:
                                 -------------------------------
                                    Authorized Signatory

                               or

                              CITIBANK, N.A.,
                                 as Authenticating Agent

                              By:
                                 -------------------------------
                                    Authorized Signatory

Date:

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
common

UNIF GIFT MIN ACT - _______________ Custodian ____________________
                        (Cust)                     (Minor)

Under Uniform Gifts to Minors Act ___________________________________
                                               (State)

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

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

            FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

____________________________________________________________________________
____________________________________________________________________________
(Please print or typewrite name and address, including zip code, of assignee)

____________________________________________________________________________
the within certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

____________________________________________________________________________
attorney to transfer said certificate on the books of the Certificate Registrar
with full power of substitution in the premises.

Dated:      ________________  __________________________

Signature Guaranteed by:_________________________________________

NOTICE: the signature to this assignment must correspond with the name as
written upon the face of the within instrument in every particular, without
alteration or enlargement or any change whatever, and must be guaranteed by a
member of a Signature Guarantee Medallion Program.

<PAGE>

                                   Exhibit A-3

                          Form of Class CE Certificates

                 REMIC Pass-Through Certificates, Series 2006-1
                              Class CE Certificate

          representing an ownership interest in a trust fund consisting
                     primarily of mortgage loans acquired by

                 CITICORP RESIDENTIAL MORTGAGE SECURITIES, INC.

certificate no. 1                         100% percentage interest

CUSIP [       ]                                    ISIN  [       ]
--------------------------------------------------------------------------------
      This class CE certificate is subordinated in right of payments to the
class A and class M certificates, as described in the Pooling Agreement referred
to below.

      This certificate has not been registered under the Securities Act of 1933,
as amended, and may not be sold, or offered for sale, transferred or otherwise
disposed of unless such sale, transfer or other disposition is made pursuant to
an effective registration statement under such act and any applicable blue sky
law or unless an exemption under such act and any applicable blue sky law is
available.

      This certificate may not be purchased by or transferred to any person that
is an employee benefit plan subject to Title I 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") or any Governmental Plan, as
defined in Section 3(32) of ERISA, subject to any federal, state or local law
which is, to a material extent, similar to the foregoing provisions of ERISA or
the Code (collectively, a "Plan") or any person investing the assets of a Plan
except as provided in section 5.02 of the Pooling Agreement referred to below.

      Neither this certificate nor the underlying mortgage loans are insured or
guaranteed by the United States government, the Federal Deposit Insurance
Corporation or any other governmental agency or instrumentality. This
certificate does not represent an interest in or obligation of Citicorp
Residential Mortgage Securities, Inc., CitiMortgage, Inc., Citicorp Trust Bank,
fsb, any affiliate thereof, or their ultimate parent, Citigroup Inc.
--------------------------------------------------------------------------------

THIS CERTIFIES THAT, for value received, Citicorp Residential Mortgage
Securities, Inc. is the registered holder of the percentage interest set forth
above, representing an ownership interest in the Trust Fund created pursuant to
the Pooling and Servicing Agreement dated as of August 1, 2006 (the "Pooling
Agreement") among Citicorp Residential Mortgage Securities, Inc., as Depositor,
CitiMortgage, Inc., as Servicer and Certificate Administrator, Citibank, N.A.,
as Paying Agent, Certificate Registrar and Authenticating Agent, and U.S. Bank
National Association, as Trustee. Terms used in this certificate that are
defined in the Pooling Agreement have the meanings assigned to them in the
Pooling Agreement.

The class CE certificate will not be entitled to payments until such time as
described in the Pooling Agreement.

This certificate is one of a duly authorized issue of certificates designated as
Citicorp Residential Mortgage Securities, Inc. REMIC Pass-Through Certificates,
Series 2006-1, consisting of, for REMIC purposes, six senior classes, ten
subordinated classes and one class of residual certificates.

                   Certificates governed by Pooling Agreement

The certificates are issued pursuant to the Pooling Agreement, which states the
rights, limitations (including restrictions on transfer), duties and immunities
of Depositor, the Servicer, the Trustee, the Certificate Administrator, the
Paying Agent, the Certificate Registrar and the holders of the certificates, the
Trustee and the holders of the certificates, specifies how amounts of interest
and principal distributable on the classes of certificates are calculated and
when such amounts are payable, sets forth the relative priorities of the classes
of certificates to payments and to allocation of losses, and sets forth the
terms upon which the certificates are to be authenticated and delivered, and
other matters relevant to an investment in certificates. Holders may obtain a
copy of the Pooling Agreement (without exhibits) from the Trustee.

                       U.S. federal income tax information

This class CE certificate (exclusive of its obligation to pay Cap Amounts, if
any) represents a "regular interest" in the Upper-Tier REMIC within the meaning
of Code Section 860G(a)(1). As a condition of ownership hereof, the holder
hereof agrees that it will not take or cause to be taken any action that would
adversely affect the status of the asset pool comprising the Trust Fund as two
separate REMICs.

                                  Governing law

This certificate and the Pooling Agreement are governed by the laws of the State
of New York.

                             Authentication required

Unless this certificate has been executed by the Trustee or a duly authorized
Authenticating Agent by manual signature, this certificate shall not be entitled
to any benefit under the Pooling Agreement or be valid for any purpose.

<PAGE>

IN WITNESS WHEREOF, Citicorp Residential Mortgage Securities, Inc. has caused
this certificate to be duly executed.

                              CITICORP RESIDENTIAL MORTGAGE SECURITIES, INC.

                              By:
                                 --------------------------------
                                 Name:
                                 Title:

<PAGE>

This is one of the certificates referred to in the Pooling Agreement referred to
above.

                              U.S. BANK NATIONAL ASSOCIATION,
                                 as Trustee

                              By:
                                 --------------------------------
                                    Authorized Signatory

                              or

                              CITIBANK, N.A.,
                                 as Authenticating Agent

                              By:
                                 --------------------------------
                                    Authorized Signatory

Date:

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
common

UNIF GIFT MIN ACT - _______________ Custodian ____________________
                        (Cust)                      (Minor)

Under Uniform Gifts to Minors Act ___________________________________
                                                (State)

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

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

            FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

__________________________________________________________________
__________________________________________________________________
(Please print or typewrite name and address, including zip code, of assignee)

__________________________________________________________________
the within certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

__________________________________________________________________
attorney to transfer said certificate on the books of the Certificate Registrar
with full power of substitution in the premises.

Dated:      ________________  __________________________

Signature Guaranteed by:_________________________________________

NOTICE: the signature to this assignment must correspond with the name as
written upon the face of the within instrument in every particular, without
alteration or enlargement or any change whatever, and must be guaranteed by a
member of a Signature Guarantee Medallion Program.

<PAGE>

                                   Exhibit A-4

                           Form of Class R Certificate

                 REMIC Pass-Through Certificates, Series 2006-1
                          Residual Class R Certificate

          representing an ownership interest in a trust fund consisting
                     primarily of mortgage loans acquired by

                 CITICORP RESIDENTIAL MORTGAGE SECURITIES, INC.

certificate no. 1                         100% percentage interest

CUSIP [           ]                             ISIN [           ]
--------------------------------------------------------------------------------
      This certificate has not been registered under the Securities Act of 1933,
as amended, and may not be sold, or offered for sale, transferred or otherwise
disposed of unless such sale, transfer or other disposition is made pursuant to
an effective registration statement under such act and any applicable blue sky
law or unless an exemption under such act and any applicable blue sky law is
available.

      This certificate may not be purchased by or transferred to any person that
is an employee benefit plan subject to Title I 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") or any Governmental Plan, as
defined in Section 3(32) of ERISA, subject to any federal, state or local law
which is, to a material extent, similar to the foregoing provisions of ERISA or
the Code (collectively, a "Plan") or any person investing the assets of a Plan
except as provided in section 5.02 of the Pooling Agreement referred to below.

      Transfer of this certificate is restricted as set forth in section 5.02 of
the Pooling Agreement. As a condition of ownership of this certificate, a
transferee must furnish an affidavit to the transferor and the Trustee that (a)
it is not a "disqualified organization," as defined in Section 860E(e)(5) of the
Code, (b) it is not acquiring this certificate as an agent (including a broker,
nominee or other middleman) on behalf of a disqualified organization, (c) it
understands that it may incur tax liabilities in excess of cash flows generated
by the residual interest and it intends to pay taxes associated with holding the
residual interest as they become due, (d) it historically has paid its debts as
they have come due and intends to pay its debts as they come due in the future,
(e) it will not cause the income with respect to this certificate to be
attributable to a foreign permanent establishment or fixed base, within the
meaning of an applicable income tax treaty, of it or any other person, and (f)
it is not a "Non-permitted Foreign holder," as defined in section 5.02 of the
Pooling Agreement. By accepting this certificate, a transferee will be subject
to such restrictions on transferability, and will have consented to any
amendments to the Pooling Agreement that are required to ensure that this
certificate is not transferred to a disqualified organization or its agent, or
to a Non-permitted Foreign holder. To satisfy a regulatory safe harbor against
the disregard of such transfer, the transferor may be required to conduct a
reasonable investigation of the financial condition of the transferee and either
transfer this certificate at a specified minimum price or transfer this
certificate to an eligible transferee.

      Neither this certificate nor the underlying mortgage loans are insured or
guaranteed by the United States government, the Federal Deposit Insurance
Corporation or any other governmental agency or instrumentality. This
certificate does not represent an interest in or obligation of Citicorp
Residential Mortgage Securities, Inc., CitiMortgage, Inc., Citicorp Trust Bank,
fsb, any affiliate thereof, or their ultimate parent, Citigroup Inc.
--------------------------------------------------------------------------------

THIS CERTIFIES THAT, for value received, Citicorp Residential Mortgage
Securities, Inc. is the registered holder of the percentage interest set forth
above, representing an ownership interest in the Trust Fund created pursuant to
the Pooling and Servicing Agreement dated as of August 1, 2006 (the "Pooling
Agreement") among Citicorp Residential Mortgage Securities, Inc., as Depositor,
CitiMortgage, Inc., as Servicer and Certificate Administrator, Citibank, N.A.,
as Paying Agent, Certificate Registrar and Authenticating Agent, and U.S. Bank
National Association, as Trustee. Terms used in this certificate that are
defined in the Pooling Agreement have the meanings assigned to them in the
Pooling Agreement.

The class R certificate will not be entitled to payments until such time as
described in the Pooling Agreement.

This certificate is one of a duly authorized issue of certificates designated as
Citicorp Residential Mortgage Securities, Inc. REMIC Pass-Through Certificates,
Series 2006-1, consisting of, for REMIC purposes, six senior classes, ten
subordinated classes and one class of residual certificates.

                   Certificates governed by Pooling Agreement

The certificates are issued pursuant to the Pooling Agreement, which states the
rights, limitations (including restrictions on transfer), duties and immunities
of Depositor, the Servicer, the Trustee, the Certificate Administrator, the
Paying Agent, the Certificate Registrar and the holders of the certificates,
specifies how amounts of interest and principal distributable on the classes of
certificates are calculated and when such amounts are payable, sets forth the
relative priorities of the classes of certificates to payments and to allocation
of losses, and sets forth the terms upon which the certificates are to be
authenticated and delivered, and other matters relevant to an investment in
certificates. Holders may obtain a copy of the Pooling Agreement (without
exhibits) from the Trustee.

                       U.S. federal income tax information

Election will be made to treat the asset pool within the Trust Fund as two
separate real estate mortgage investment conduits (each a "REMIC," or in the
alternative, the "Lower-Tier REMIC" and the "Upper-Tier REMIC"). This class R
certificate represents the "residual interest" in the Upper-Tier and Lower-Tier
REMICs within the meaning of Code Section 860G(a)(2). As a condition of
ownership hereof, the holder hereof agrees that it will not take or cause to be
taken any action that would adversely affect the status of the asset pool
comprising the Trust Fund as two separate REMICs.

The holder further agrees to the designation of the Servicer as its agent to act
as "tax matters person" of the Upper-Tier REMIC and the Lower-Tier REMIC for
purposes of Subchapter C of Chapter 63 of Subtitle F of the Code or, if
requested by the Servicer, to act as tax matters person.

                                  Governing law

This certificate and the Pooling Agreement are governed by the laws of the State
of New York.

                             Authentication required

Unless this certificate has been executed by the Trustee or a duly authorized
Authenticating Agent by manual signature, this certificate shall not be entitled
to any benefit under the Pooling Agreement or be valid for any purpose.

<PAGE>

IN WITNESS WHEREOF, Citicorp Residential Mortgage Securities, Inc. has caused
this certificate to be duly executed.

                              CITICORP RESIDENTIAL MORTGAGE SECURITIES, INC.

                              By:
                                 -------------------------------
                                 Name:
                                 Title:

<PAGE>

This is one of the certificates referred to in the Pooling Agreement referred to
above.

                              U.S. BANK NATIONAL ASSOCIATION,
                                 as Trustee

                              By:
                                 -------------------------------
                                      Authorized Signatory

                              or

                              CITIBANK, N.A.,
                                 as Authenticating Agent

                              By:
                                 -------------------------------
                                       Authorized Signatory

Date:

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
common

UNIF GIFT MIN ACT - _______________ Custodian ____________________
                        (Cust)                      (Minor)

Under Uniform Gifts to Minors Act ___________________________________
                                               (State)

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

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

            FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE
________________________________________________________________
________________________________________________________________
(Please print or typewrite name and address, including zip code, of assignee)

________________________________________________________________
the within certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

________________________________________________________________
attorney to transfer said certificate on the books of the Certificate Registrar
with full power of substitution in the premises.

Dated:      ________________  __________________________

Signature Guaranteed by:_________________________________________

      NOTICE: the signature to this assignment must correspond with the name as
written upon the face of the within instrument in every particular, without
alteration or enlargement or any change whatever, and must be guaranteed by a
member of a Signature Guarantee Medallion Program.

<PAGE>

                                    EXHIBIT B

                             MORTGAGE LOAN SCHEDULE

                             [Delivered to Trustee]

<PAGE>

                                    EXHIBIT C

                            FORM OF PURCHASER LETTER

                                   [Purchaser]

                                                                  [Date]

Citicorp Residential Mortgage Securities, Inc.
1000 Technology Drive
O'Fallon, Missouri 63368-2240

U.S. Bank National Association
Corporate Trust Services
One Federal Street-3rd Floor
Boston, Massachusetts 02110

Ladies and Gentlemen:

      In connection with the purchase by us of $________________ initial
principal balance of the Citicorp Residential Mortgage Trust Series 2006-1,
REMIC Pass-Through Certificates, class [CE][R] certificates, we confirm that:

      1. We understand that the class [CE][R] certificates are not being
registered under the Securities Act of 1933, as amended (the "Securities Act")
or any state securities or "blue sky" laws and are being transferred to us in a
transaction that is exempt from the registration requirements of the Securities
Act and any such laws.

      2. We (check one)

      |_| have such knowledge and experience in financial and business matters
      as to be capable of evaluating the merits and risks of investment in the
      class [CE][R] certificates, we are able to bear the economic risk of
      investment in the class [CE][R] certificates and we are an accredited
      investor as defined in Regulation D under the Securities Act. We have such
      knowledge and experience in financial and business matters, specifically
      in the field of mortgage related securities, as to be able to evaluate the
      risk of purchasing a certificate which is subordinate in right of payment,
      and we have direct, personal and significant experience in making
      investments in mortgage related securities. If we are non-institutional
      investors, our net worth (exclusive of our primary residence) is at least
      $1,000,000.

      |_| are "Qualified Institutional Buyers" within the meaning of Rule 144A
      promulgated under the Securities Act.

      3. We will acquire the class [CE][R] certificates for our own account or
for accounts as to which we exercise sole investment discretion and not with a
view to any distribution of the class [CE][R] certificates, subject,
nevertheless, to the understanding that disposition of our property shall at all
times be and remain within our control.

      4. We agree that our class [CE][R] certificates must be held indefinitely
by us unless subsequently registered under the Securities Act and any applicable
state securities or "blue sky" laws or unless exemptions from the registration
requirements of the Securities Act and such laws are available.

      5. We agree that in the event that at some future time we wish to sell,
dispose of or otherwise transfer any of our class [CE] [R] certificates, we will
not transfer any of such class [CE][R] certificates unless:

            (A) (1) the transfer is made to an Eligible Purchaser (as defined
below), (2) a letter to substantially the same effect as this letter is executed
promptly by such Eligible Purchaser or by an Eligible Dealer (as defined below)
on behalf of such Eligible Purchaser and (3) all offers or solicitations in
connection with the sale (if a sale), whether directly or through any agent on
our behalf, are limited only to Eligible Purchasers and are not made by means of
any form of general solicitation or general advertising whatsoever; or

            (B) Such class [CE][R] certificates are otherwise sold in a
transaction that does not require registration under the Securities Act.

      "Eligible Purchaser" means an Eligible Dealer or a corporation,
partnership or other entity which we have reasonable grounds to believe and do
believe can make representations with respect to itself to substantially the
same effect as the representations set forth herein; "Eligible Dealer" means any
corporation or other entity having as a principal business acting as a broker or
dealer in securities.

      6. We understand that each of the class [CE][R] certificates will bear a
legend to substantially the following effect:

      This class [CE] certificate is subordinated in right of payments to the
class A and class M certificates, as described in the Pooling Agreement referred
to herein. This certificate has not been registered under the Securities Act of
1933, as amended, and may not be sold, or offered for sale, transferred or
otherwise disposed of unless such sale, transfer or other disposition is made
pursuant to an effective registration statement under such act and any
applicable blue sky law or unless an exemption under such act and any applicable
blue sky law is available.

      This certificate may not be purchased by or transferred to any person that
is an employee benefit plan subject to Title I 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") or any Governmental Plan, as
defined in Section 3(32) of ERISA, subject to any federal, state or local law
which is, to a material extent, similar to the foregoing provisions of ERISA or
the Code (collectively, a "Plan") or any person investing the assets of a Plan
except as provided in section 5.2 of the Pooling Agreement referred to herein.

                                          Very truly yours,

                                          [Name of Purchaser]

                                          By:*
                                             ------------------------
                                          Name:
                                          Title:

-------------------
* This letter may be signed by Purchaser's attorney-in-fact if an executed power
of attorney to such attorney-in-fact is attached hereto; provided that, upon
written instruction from the Issuer to the Trustee, no such attachment shall be
required.

<PAGE>

                                    EXHIBIT D

                              FORM OF ERISA LETTER

                                   [Purchaser]

                                                                  [Date]

Citicorp Residential Mortgage Securities, Inc.
1000 Technology Drive
O'Fallon, Missouri 63368-2240

U.S. Bank National Association
One Federal Street, 3rd floor
Boston, Massachusetts 02110

Citibank, N.A.
111 Wall Street, 15th Floor
New York, New York 10005
Attention: 15th Floor Window

Ladies and Gentlemen:

      In connection with the purchase by us of $_______________ initial
principal balance of the Citicorp Residential Mortgage Trust Series 2006-1,
REMIC Pass-Through Certificates, class [CE][R] certificates we confirm that:

      We (check one)

|_| are not an employee benefit plan subject to the fiduciary responsibility
provisions 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") or any governmental plan, as defined in Section 3(32) of ERISA, subject
to any federal, state or local law ("Similar Law") which is, to a material
extent, similar to the foregoing provisions of ERISA or the Code (collectively,
a "Plan"), an agent acting on behalf of a Plan, or a person utilizing the assets
of a Plan or

|_| have provided a "Benefit Plan Opinion" satisfactory to Citicorp Residential
Mortgage Securities, Inc. and the Trustee of the trust fund. A Benefit Plan
Opinion is an opinion of counsel to the effect that the proposed transfer will
not (a) cause the assets of the trust fund to be regarded as "plan assets" and
subject to the fiduciary responsibility provisions of ERISA or the prohibited
transaction provisions of the Code or Similar Law, (b) give rise to a fiduciary
duty under ERISA, Section 4975 of the Code or Similar Law on the part of
Citicorp Mortgage Securities, Inc., the Servicer or the Trustee with respect to
any Plan, or (c) constitute a prohibited transaction under ERISA or Section 4975
of the Code or Similar Law.

      The certificates will be registered in the name of [Nominee Name] but the
undersigned will be the beneficial owner thereof.

<PAGE>

                                          Very truly yours,

                                          [Name of Purchaser]

                                          By:
                                             --------------------------
                                          Name:
                                          Title:

-----------------
      * This letter may be signed by Purchaser's attorney-in-fact if an executed
power of attorney to such attorney-in-fact is attached hereto; provided that,
upon written instruction from the Issuer to the Trustee, no such attachment
shall be required.

<PAGE>

                                    EXHIBIT E

                         FORM OF SERVICER CERTIFICATION

             Citicorp Residential Mortgage Trust Series 2006-1 Trust
                         REMIC Pass-Through Certificates

            I, [________], a [_____________] of CitiMortgage, Inc. (the
"Servicer"), certify that:

1.    I have reviewed this 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 the Citicorp Residential Mortgage Trust Series 2006-1 (the
      "Exchange Act Periodic Reports");

2.    Based on my knowledge, the Exchange Act Periodic Reports, taken as a
      whole, do not contain any untrue statement of a material fact or omit to
      state a material fact necessary to make the statements made, in light of
      the circumstances under which such statements were made, not misleading
      with respect to the period covered by this report;

3.    Based on my knowledge, all of the distribution, servicing and other
      information required to be provided under Form 10-D for the period covered
      by this report is included in the Exchange Act Periodic Reports;

4.    I am responsible for reviewing the activities performed by the Servicer
      and based upon my knowledge and the compliance review conducted in
      preparing the servicer compliance statement required in this report under
      Item 1123 of Regulation AB, and except as disclosed in the Exchange Act
      Periodic Reports, the Servicer has fulfilled its obligations under the
      pooling and servicing agreement, dated August 1, 2006, among Citicorp
      Residential Mortgage Securities, Inc., as depositor, Citibank, N.A., as
      paying agent, certificate registrar and authenticating agent, U.S. Bank
      National Association, as trustee, and the Servicer; and

5.    All of the reports on assessment of compliance with the servicing criteria
      for asset-backed securities and their related attestation reports on
      assessment of compliance with servicing criteria for asset-backed
      securities required to be included in this report in accordance with Item
      1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been
      included as an exhibit to this report, except as otherwise disclosed in
      this report. Any material instances of noncompliance described in such
      reports have been disclosed in this report on Form 10-K.

      In giving the certifications above, I have reasonably relied on
information provided to me by the following unaffiliated part[y][ies]:
[___________].

[_________], 2006

                                       By:
                                          ------------------------------------
                                          Name:
                                          Title:

<PAGE>

                                    EXHIBIT F

                      MORTGAGE DOCUMENT CUSTODIAL AGREEMENT

MORTGAGE DOCUMENT CUSTODIAL AGREEMENT
--------------------------------------------------------------------------------
August 1, 2006

PARTIES

o  U.S. Bank National Association, a national banking association, as trustee
   (the Trustee)

o  Citibank (West), FSB, a federal savings bank (Citibank (West))

o  Citicorp Residential Mortgage Securities, Inc., a Delaware corporation
   (CRMSI)

o  CitiMortgage, Inc., as Servicer and Certificate Administrator (CitiMortgage)

BACKGROUND

   The Trustee, CRMSI, CitiMortgage and Citibank, N.A. are entering into a
Pooling and Servicing Agreement dated August 1, 2006 relating to Citicorp
Residential Mortgage Securities Trust, Series 2006-1 REMIC Pass-Through
Certificates (the Pooling Agreement). Unless otherwise stated, terms defined in
the Pooling Agreement are used in this agreement with the same meaning.

   Pursuant to the Pooling Agreement,

o  CRMSI will sell to the Trustee, without recourse, the mortgage loans
   identified in exhibit B to the Pooling Agreement, and

o  Citibank (West) has been designated as Mortgage Document Custodian and
   Mortgage Note Custodian.

AGREEMENT

1  Appointment as Custodian; Acknowledgment of Receipt

   (a) Citibank (West) will serve as Mortgage Document Custodian and Mortgage
Note Custodian (collectively, Custodian) under the Pooling Agreement. Citibank
(West) certifies to the Trustee that Citibank (West) is qualified to serve as
Mortgage Document Custodian and Mortgage Note Custodian under the Pooling
Agreement. Citibank (West) will act as Custodian solely for the benefit of the
Trustee and the certificate holders.

   (b) CRMSI has delivered to Citibank (West), as Custodian, the Mortgage Files,
including the Mortgage Notes referred to in section 2.01 of the Pooling
Agreement. Citibank (West) acknowledges receipt of the Pooling Agreement and the
Mortgage Files.

   From time to time, CitiMortgage will forward to Citibank (West) additional
documents evidencing an assumption or modification of a mortgage loan, and
Citibank (West) will hold such documents in the related Mortgage File in
accordance with this agreement and the Pooling Agreement.

   (c) CitiMortgage will pay the reasonable custodial fees and expenses of
Citibank (West) or its successor, including the Trustee if the Trustee holds any
Mortgage Files directly as Custodian.

   (d) Upon CitiMortgage's receipt of notice from Citibank (West) or the Trustee
that Citibank (West) has breached this agreement or the Pooling Agreement,
CitiMortgage will cause Citibank (West) to comply with this agreement and the
Pooling Agreement.

2  Maintenance of office

   Citibank (West) will maintain the Mortgage Files, at the office of Citibank
(West) located at Citibank (West), FSB, 5280 Corporate Drive, M/C 0005,
Frederick, Md. 21703, or at such other office of Citibank (West) as it
designates by 30 days' prior written notice to the Trustee and CRMSI.

<PAGE>

3  Duties of Custodian

   As Custodian, Citibank (West) will have all of the rights and obligations of
the Mortgage Document Custodian and Mortgage Note Custodian set forth in the
Pooling Agreement, including but not limited to the following:

   (a) Safekeeping. Citibank (West) will

o  identify each Mortgage File by loan number, address of mortgaged property,
   and name of Mortgagor,

o  maintain the Mortgage Files in secure and fire resistant facilities in
   accordance with customary standards for such custody,

o  identify the Mortgage Files as being held and to hold the Mortgage Files for
   and on behalf of the Trustee for the benefit of all present and future
   certificate holders,

o  maintain accurate records pertaining to Mortgages in the Mortgage Files as
   will enable the Trustee to comply with the terms and conditions of the
   Pooling Agreement, and

o  maintain at all times a current inventory and conduct periodic physical
   inspections of the Mortgage Files in such a manner as will enable the Trustee
   and CitiMortgage to verify the accuracy of Citibank (West)'s record-keeping,
   inventory and physical possession.

   Citibank (West) will promptly report to the Trustee and CitiMortgage any
failure on its part to hold the Mortgage Files as herein provided and will
promptly take appropriate action to remedy any such failure.

   (b) Release of Files. Citibank (West) is authorized, upon receipt of a
direction from the Trustee pursuant to section 3.12, "Trustee to Cooperate;
Release of Files," of the Pooling Agreement, to release to CitiMortgage or its
designee, as directed, the Mortgage File or the documents set forth in such
direction. All documents so released will be held by the recipient in trust for
the benefit of the Trustee in accordance with the Pooling Agreement. Such
Mortgage Files will be returned to Citibank (West) when the need therefor in
connection with foreclosure or servicing no longer exists, unless the mortgage
loan is liquidated or paid in full. Citibank (West) is also authorized to
release any Mortgage or Mortgage Note to CRMSI after purchase by CRMSI of the
related mortgage loan or the property securing such mortgage loan, all as
provided in, and subject to the provisions of, the Pooling Agreement.

   (c) Review of Mortgage Files; Administration; Reports. Citibank (West) will
attend to all non-discretionary details in connection with maintaining custody
of the Mortgage Files, including reviewing each Mortgage File within 90 days
after issuance of the certificates, ascertaining that all documents required to
be delivered pursuant to section 2.01, "Conveyance of Trust Fund," of the
Pooling Agreement have been executed, received and recorded, if applicable, and,
in connection therewith, delivering, in electronic form, such reports and
certifications to the Trustee and CRMSI as are required by the Pooling
Agreement. If in the course of such review, or if at any time during the term of
this agreement, Citibank (West) determines that a document or documents
constituting part of a Mortgage File is defective or missing, it will promptly
so notify, in electronic form, the Trustee and CitiMortgage in accordance with
the provisions of section 2.02, "Acceptance by Trustee," of the Pooling
Agreement, and will, within 30 days thereafter, provide the Trustee with an
updated report certifying as to the completeness of the Mortgage File, with any
applicable exceptions noted thereon. Citibank (West) will assist the Trustee and
CitiMortgage generally in the preparation of reports (including by providing
information reasonably requested as necessary to such preparation) to
certificate holders or to regulatory bodies to the extent necessitated by
Citibank (West)'s custody of the Mortgage Files.

   (d) Successor trustees. Citibank (West) will, in accordance with section
8.08. "Successor Trustee," of the Pooling Agreement, amend this agreement to
make a successor Trustee the successor to the predecessor Trustee under this
agreement.

   (e) Assessments of Compliance and Attestation Statements. Citibank (West)
will, in its capacity as Custodian, perform the obligations of the Custodian
under Sections 3.15(a), 3.15(b) and 3.15(c) of the Pooling Agreement, and will
provide any Additional Form 10-D Disclosure, any Additional Form 10-K Disclosure
and any Form 8-K Disclosure Information (as such terms are defined in the
Pooling Agreement) required so to be delivered by the Custodian under Section
4.09 of the Pooling Agreement.

4  Access to Records

   Subject to section 3(b), upon not less than three days' notice, Citibank
(West) will permit the Trustee, CitiMortgage or any Subservicer appointed by
CitiMortgage or their duly authorized representatives, attorneys or auditors to
inspect the Mortgage Files and the books and records maintained by Citibank
(West) pursuant hereto at such times as the Trustee, CitiMortgage or any
Subservicer may reasonably request, subject only to compliance by the Trustee,
CitiMortgage or any Subservicer with the security procedures of Citibank (West)
applied by Citibank (West) to its own employees having access to these and
similar records.

5  Instructions; Authority to Act

   Citibank (West) will be deemed to have received proper instructions with
respect to the Mortgage Files upon its receipt of written instructions signed by
a Responsible Officer of the Trustee or a Servicing Officer of the Servicer. A
certified copy of a resolution of the Board of Directors of the Trustee may be
accepted by Citibank (West) as conclusive evidence of the authority of any such
officer to act and may be considered as in full force and effect until receipt
of written notice to the contrary by Citibank (West) from the Trustee,
CitiMortgage or any Subservicer. Such instructions may be general or specific in
terms. Citibank (West) may rely upon and will be protected in acting in good
faith upon any such written instructions received by it and which it reasonably
believes to be genuine and duly authorized with respect to all matters
pertaining to this agreement and its duties hereunder.

6  Indemnification

   (a) Citibank (West) will indemnify the Trustee for any and all liabilities,
obligations, losses, damages, payments, costs or expenses of any kind whatsoever
which may be imposed on, incurred or asserted against the Trustee as the result
of any act or omission in any way relating to the maintenance and custody by
Citibank (West) of the Mortgage Files; provided, however, that Citibank (West)
will not be liable for any portion of any such amount resulting from the gross
negligence or willful misconduct of the Trustee.

   (b) CitiMortgage will indemnify Citibank (West) and hold it harmless against
any loss, liability or expense incurred without gross negligence or bad faith on
Citibank (West)'s part, arising out of or in connection with the acceptance or
administration of the trust or trusts created under the Pooling Agreement or
Citibank (West)'s custody of the Mortgage Files, including the costs and
expenses of defending itself against any claim or liability in connection with
the exercise or performance of any of its powers or duties hereunder or under
the Pooling Agreement. Such indemnification will survive the payment of the
certificates and termination of the Trust Fund, as well as the resignation or
removal of CitiMortgage as Servicer (if such action which caused the need for
the indemnification occurred while CitiMortgage acted as Servicer), and for
purposes of such indemnification neither the negligence nor bad faith of the
Trustee will be imputed to, or adversely affect, the right of Citibank (West) to
indemnification.

7  Limitation of Custodian's Liabilities and Duties

   (a) Citibank (West) will not be responsible for preparing or filing any
reports or returns relating to federal, state or local income taxes with respect
to this agreement, other than for Citibank (West)'s compensation or for
reimbursement of expenses.

   (b) Citibank (West) will not be responsible or liable for, and makes no
representation or warranty with respect to, the validity, adequacy or perfection
of any lien upon or security interest in any Mortgage File.

   (c) Any other provision of this agreement to the contrary notwithstanding,
Citibank (West) will have no notice, and will not be bound by any of the terms
and conditions of any other document or agreement executed or delivered in
connection with, or intended to control any part of, the transactions
anticipated by or referred to in this agreement unless Citibank (West) is a
signatory party to that document or agreement. Notwithstanding the foregoing
sentence, Citibank (West) will be deemed to have notice of the terms and
conditions (including without limitation definitions not otherwise set forth in
full in this agreement) of other documents and agreements executed or delivered
in connection with, or intended to control any part of, the transactions
anticipated by or referred to in this agreement, to the extent such terms and
provisions are referenced, or are incorporated by reference, into this agreement
only as long as the Trustee or CitiMortgage will have provided a copy of any
such document or agreement to Citibank (West).

   (d) Citibank (West)'s rights and obligations will only be such as are
expressly set forth in this agreement or the Pooling Agreement. In no event will
Citibank (West) be obligated to ascertain or take action except as expressly
provided in this agreement or the Pooling Agreement.

   (e) Nothing in this agreement will be deemed to impose on Citibank (West) any
obligation to qualify to do business in any jurisdiction, other than (i) a
jurisdiction where a Mortgage File is or may be held by Citibank (West), and
(ii) where failure to qualify could have a material adverse effect on Citibank
(West) or its property or business or on the ability of Citibank (West) to
perform it duties hereunder.

   (f) Subject to section 3, under no circumstances will Citibank (West) be
obligated to verify the authenticity of any signature on any of the documents
received or examined by it in connection with this agreement or the authority or
capacity of any person to execute or issue such document, nor will Citibank
(West) be responsible for the value, form, substance, validity, perfection
(other than by taking and continuing possession of the Mortgage Files),
priority, effectiveness or enforceability of any of such documents, nor will
Citibank (West) be under a duty to inspect, review or examine the documents to
determine whether they are appropriate for the represented purpose or that they
have been actually recorded or that they are other than what they purport to be
on their face.

   (g) Citibank (West) will have no duty to ascertain whether or not any cash
amount or payment has been received by the Trustee, the CRMSI or any third
person.

   (h) Citibank (West) may assign its rights and obligations under this
agreement, in whole or in part, to any Affiliate; however, Citibank (West) will
notify CRMSI, CitiMortgage and the Trustee of any such assignment. Citibank
(West) may not assign its rights or obligations under this agreement, in whole
or in part, to any other entity without the prior written consent of CRMSI,
CitiMortgage and the Trustee, which consent will not be unreasonably withheld.
An "Affiliate" is an entity that directly or indirectly controls, is controlled
by or is under common control with Citibank (West). Notwithstanding any such
assignment, Citibank (West) will remain liable for all of its obligations under
this agreement unless the assignment has been approved by CRMSI, CitiMortgage
and the Trustee.

   (i) Subject to section 6, "Indemnification," neither Citibank (West) nor any
of its Affiliates, directors, officers, agents, and employees will be liable for

o  any action or omission to act hereunder except for its own or such person's
   gross negligence, willful misconduct, breach of this agreement or violation
   of applicable law, or

o  any special, indirect, punitive or consequential damages resulting from any
   action taken or omitted to be taken by it or them hereunder or in connection
   herewith even if advised of the possibility of such damages.

   (j) Citibank (West) will not be required to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties
under this Agreement or the Pooling Agreement or in the exercise of any of its
rights and obligations, if, in its sole judgment, it will believe that repayment
of such funds or adequate indemnity against such risk or liability is not
assured to it.

   (k) Citibank (West) will not be responsible for delays or failures in
performance resulting from acts beyond its control, such as acts of God,
strikes, lockouts, riots, acts of war or terrorism, epidemics, nationalization,
expropriation, currency restrictions, governmental regulations superimposed
after the fact, fire, communication line failures, computer viruses, power
failures, earthquakes or other disasters.

   (l) Any entity into which Citibank (West) may be merged or converted or with
which it may be consolidated, or any entity resulting from any merger,
conversion or consolidation to which Citibank (West) will be a party, or any
entity succeeding to the business of Citibank (West), will be the successor of
Citibank (West) 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.

8. Advice of Counsel

   Citibank (West) may rely and act upon advice of counsel with respect to its
performance as Custodian, and will not be liable for any action it reasonably
takes pursuant to such advice, provided that such action is not in violation of
applicable federal or state law.

9. Effective Period, Termination and Amendment, and Interpretive and Additional
Provisions

   This agreement may be terminated (a) by Citibank (West)'s resignation as
Custodian, or (b) by either CitiMortgage or the Trustee. In each case, such
termination will be effected by notice to the other parties given no less than
60 days prior to termination. Upon notice of such termination, CitiMortgage will
use its reasonable best efforts to select a successor Custodian reasonably
acceptable to the Trustee upon substantially the same terms and conditions as
set forth in this agreement. If no such successor Custodian has been selected by
the 50th day after such notice, the Trustee may, upon prior notice to
CitiMortgage, select a successor Custodian. If no successor Custodian has been
selected by CitiMortgage or the Trustee by the effective date of the Citibank
(West)'s termination, the Trustee will act as successor Custodian until the
Trustee and CitiMortgage agree on a successor Custodian.

   At, or as soon as practicable after, the termination of this agreement,
Citibank (West) will deliver the Mortgage Files to the successor Custodian at
such place as the successor Custodian reasonably designates.

10. Binding Arbitration

   Any misunderstanding or dispute between Citibank (West) and CRMSI or
CitiMortgage arising out of this agreement will be settled through consultation
and negotiation in good faith and a spirit of mutual cooperation. However, if
these attempts fail, such misunderstandings or disputes will be decided by
binding arbitration conducted, upon request by either of them, in New York, New
York, before a single arbitrator designated by the American Arbitration
Association (the AAA), in accordance with the terms of the Commercial
Arbitration Rules of the AAA, and to the maximum extent applicable, the United
States Arbitration Act (Title 9 of the United States Code). Notwithstanding
anything herein to the contrary, either Citibank (West), CRMSI or CitiMortgage
may proceed to a court of competent jurisdiction to obtain equitable relief at
any time. An arbitrator may not award punitive damages or other damages not
measured by the prevailing party's actual damages. To the maximum extent
practicable, an arbitration proceeding under this agreement will be concluded
within 180 days of the filing of the dispute with the AAA. This arbitration
clause will survive any termination or expiration of this agreement and if any
term, covenant, condition or provision of this arbitration clause is found to be
unlawful, invalid or unenforceable, the remaining parts of the arbitration
clause will not be affected thereby and will remain fully enforceable.

11. Governing Law

   This agreement will be governed by, and construed in accordance with, the
laws of the State of New York.

12. Notice

   Notices and other writings will be delivered or mailed, postage prepaid,

o to the Trustee at One Federal Street, 3rd Floor, Boston, Massachusetts 02110,
Attention: Corporate Trust Services,

o to Citibank (West) at 5280 Corporate Drive, M/C 0005, Frederick, Maryland
21703, Attention: Loretta Badgett, with a copy to Eric K. Kawamura, Vice
President & General Counsel, Citibank (West), FSB, One Sansome St., 19th fl.,
San Francisco, California 94104, tel: (415) 658-4371, fax: (415) 658-4294, and

o to CRMSI or CitiMortgage at 1000 Technology Drive, O'Fallon, Missouri 63368,
Attention: Daniel P. Hoffman
or to such other address as the Trustee, Citibank (West), CRMSI or CitiMortgage
subsequently specifies in writing to the other parties. Notices or other
writings will be effective only upon receipt.

13. Binding Effect

   This agreement will be binding upon and will inure to the benefit of the
Trustee and Citibank (West) and their respective successors and permitted
assigns. Concurrently with the appointment of a successor trustee as provided in
section 8.08 of the Pooling Agreement, the Trustee, CRMSI, CitiMortgage and
Citibank (West) will amend this agreement to make the successor trustee the
successor to the Trustee under this agreement.

<PAGE>

SIGNATURES

U.S. BANK NATIONAL ASSOCIATION,
as Trustee under the Pooling Agreement

By:
   ---------------------------------
Name:
Title:

CITIBANK (WEST), FSB,
as Custodian

By:
   ---------------------------------
Name:
Title:

CITICORP RESIDENTIAL MORTGAGE SECURITIES, INC.

By:
   -----------------------------------------
Name:
Title:

CITIMORTGAGE, INC.

By:
   -----------------------------------------
Name:
Title:

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