[Execution Copy]
STRUCTURED ASSET MORTGAGE INVESTMENTS II INC.
Xxxxxxxxx Mortgage Securities Trust 2004-1
Mortgage Pass-Through Certificates, Series 2004-1
TERMS AGREEMENT
Dated: as of March 29, 2004
To: STRUCTURED ASSET MORTGAGE INVESTMENTS II INC.
Re: Underwriting Agreement dated July 29, 2003
Underwriters: Bear, Xxxxxxx & Co. Inc., Xxxxxx Brothers Inc. and Greenwich
Capital Markets, Inc.
Series Designation: Xxxxxxxxx Mortgage Securities Trust 2004-1, Mortgage
Pass-Through Certificates, Series 2004-1
Class Designation Schedule of the Certificates: Class I-1A, I-2A, II-1A, II-2A,
II-3A, II-4A, I-M, II-M, R-1 and R-2 Certificates
TERMS OF THE PUBLIC CERTIFICATES:
CLASS ORIGINAL PRINCIPAL AMOUNT INTEREST RATE
----- ------------------------- -------------
I-1A $ 109,478,000 Adjustable
I-2A $ 245,489,000 Adjustable
II-1A $ 197,987,000 Variable
II-2A $ 320,096,000 Variable
II-3A $ 110,737,000 Variable
II-4A $ 97,092,000 Variable
I-M(1) $ 8,357,500 Adjustable
II-M(1) $ 17,471,000 Variable
R-1 $ 50 N/A
R-2 $ 50 N/A
----------
(1) This class is a subordinate certificate.
The Underwriters are purchasing, severally, only the Principal Amount of each
Class of Certificates set forth opposite their names in the tables below:
CLASS I-1A CERTIFICATES
Underwriting
UNDERWRITERS DISCOUNT PRINCIPAL AMOUNT PURCHASE PRICE (%)
------------ ------------ ---------------- ------------------
Bear, Xxxxxxx & Co. Inc. 0.25% $71,162,000.00 99.75%
Xxxxxx Brothers Inc. 0.25% $19,158,000.00 99.75%
Greenwich Capital Markets, Inc. 0.25% $19,158,000.00 99.75%
CLASS I-2A CERTIFICATES
Underwriting
UNDERWRITERS DISCOUNT PRINCIPAL AMOUNT PURCHASE PRICE (%)
------------ ------------ ---------------- ------------------
Bear, Xxxxxxx & Co. Inc. 0.25% $159,567,000.00 99.75%
Xxxxxx Brothers Inc. 0.25% $42,961,000.00 99.75%
Greenwich Capital Markets, Inc. 0.25% $42,961,000.00 99.75%
CLASS II-1A CERTIFICATES
Underwriting
UNDERWRITERS DISCOUNT PRINCIPAL AMOUNT PURCHASE PRICE (%)
------------ ------------ ---------------- ------------------
Bear, Xxxxxxx & Co. Inc. 0.25% $128,691,000.00 99.75%
Xxxxxx Brothers Inc. 0.25% $34,648,000.00 99.75%
Greenwich Capital Markets, Inc. 0.25% $34,648,000.00 99.75%
CLASS II-2A CERTIFICATES
Underwriting
UNDERWRITERS DISCOUNT PRINCIPAL AMOUNT PURCHASE PRICE (%)
------------ ------------ ---------------- ------------------
Bear, Xxxxxxx & Co. Inc. 0.25% $208,062,000.00 99.75%
Xxxxxx Brothers Inc. 0.25% $56,017,000.00 99.75%
Greenwich Capital Markets, Inc. 0.25% $56,017,000.00 99.75%
CLASS II-3A CERTIFICATES
Underwriting
UNDERWRITERS DISCOUNT PRINCIPAL AMOUNT PURCHASE PRICE (%)
------------ ------------ ---------------- ------------------
Bear, Xxxxxxx & Co. Inc. 0.25% $71,979,000.00 99.75%
Xxxxxx Brothers Inc. 0.25% $19,379,000.00 99.75%
Greenwich Capital Markets, Inc. 0.25% $19,379,000.00 99.75%
CLASS II-4A CERTIFICATES
Underwriting
UNDERWRITERS DISCOUNT PRINCIPAL AMOUNT PURCHASE PRICE (%)
------------ ------------ ---------------- ------------------
Bear, Xxxxxxx & Co. Inc. 0.25% $63,110,000.00 99.75%
Xxxxxx Brothers Inc. 0.25% $16,991,000.00 99.75%
Greenwich Capital Markets, Inc. 0.25% $16,991,000.00 99.75%
CLASS I-M CERTIFICATES
Underwriting
UNDERWRITERS DISCOUNT PRINCIPAL AMOUNT PURCHASE PRICE (%)
------------ ------------ ---------------- ------------------
Bear, Xxxxxxx & Co. Inc. 0.25% $5,431,500.00 99.75%
Xxxxxx Brothers Inc. 0.25% $1,463,000.00 99.75%
Greenwich Capital Markets, Inc. 0.25% $1,463,000.00 99.75%
CLASS II-M CERTIFICATES
Underwriting
UNDERWRITERS DISCOUNT PRINCIPAL AMOUNT PURCHASE PRICE (%)
------------ ------------ ---------------- ------------------
Bear, Xxxxxxx & Co. Inc. 0.25% $11,355,000.00 99.75%
Xxxxxx Brothers Inc. 0.25% $3,058,000.00 99.75%
Greenwich Capital Markets, Inc. 0.25% $3,058,000.00 99.75%
CLASS R-1 CERTIFICATES
Underwriting
UNDERWRITERS DISCOUNT PRINCIPAL AMOUNT PURCHASE PRICE (%)
------------ ------------ ---------------- ------------------
Bear, Xxxxxxx & Co. Inc. -- $50.00 100.00%
Xxxxxx Brothers Inc. -- -- --
Greenwich Capital Markets, Inc. -- -- --
CLASS R-2 CERTIFICATES
Underwriting
UNDERWRITERS DISCOUNT PRINCIPAL AMOUNT PURCHASE PRICE (%)
------------ ------------ ---------------- ------------------
Bear, Xxxxxxx & Co. Inc. -- $50.00 100.00%
Xxxxxx Brothers Inc. -- -- --
Greenwich Capital Markets, Inc. -- -- --
The Certificates purchased by the Underwriters will be offered from time to time
by the Underwriters in negotiated transactions at varying prices to be
determined at the time of sale.
DEFINED TERMS: Terms not otherwise defined herein shall have the meanings given
to such terms in the Trust, Pooling and Servicing Agreement dated as of March 1,
2004 among Structured Asset Mortgage Investments II Inc., as depositor, Xxxxx
Fargo Bank, N.A., as master servicer and securities administrator, Deutsche Bank
National Trust Company, as trustee, Deutsche Bank Trust Company Delaware, as
Delaware trustee, and Xxxxxxxxx Mortgage Home Loans, Inc. (the "Trust, Pooling
and Servicing Agreement").
AMENDMENTS TO UNDERWRITING AGREEMENT: The following provisions of the
above-referenced Underwriting Agreement are hereby deleted and shall have no
force or effect with respect to the Certificates: (a) Section 5(d) of the
Underwriting Agreement is hereby deleted in its entirety and replaced with
"[Reserved];"; (b) the phrase "and the stabilization legend required by item
502(d)(1) under Regulation S-K of the Act" is hereby deleted from the third
sentence in Section 7(b) and (c) Section 7(d) of the Underwriting Agreement is
hereby amended by deleting in the proviso to the last sentence of the first
paragraph thereof the phrase "the aggregate Purchase Price for the Offered
Certificates" and replacing it with "the underwriting discounts and commissions
received by such Underwriter."
FORM OF CERTIFICATES BEING PURCHASED BY THE UNDERWRITERS: Book-Entry except for
the Class R-1 and Class R-2 Certificates which will be in certificated, fully
registered form.
DISTRIBUTION DATES: The 25th day of each month or, if such 25th day is not a
business day, the next succeeding business day beginning in April 2004.
CERTIFICATE RATING FOR THE CERTIFICATES BEING PURCHASED BY THE UNDERWRITERS:
---------------------------------------------------------------------------
CLASS RATINGS
S&P / XXXXX'X
I-1A.................................... AAA/Aaa
I-2A.................................... AAA/Aaa
II-1A................................... AAA/Aaa
II-2A................................... AAA/Aaa
II-3A................................... AAA/Aaa
II-4A................................... AAA/Aaa
I-M..................................... AA/XX
XX-M.................................... AA/NR
R-1..................................... AAA/NR
R-2..................................... AAA/NR
-----------
* NR indicates that such Class is "not rated" by such Rating Agency.
MORTGAGE ASSETS: The Mortgage Loans to be included in the Trust are as described
in a schedule to the Trust, Pooling and Servicing Agreement.
CREDIT ENHANCEMENT: None other than the subordination, overcollateralization and
limited cross-collateralization described in the related Prospectus Supplement.
Closing Date: March 31, 2004
Each of the undersigned Underwriters agrees, subject to the terms and provisions
of the above-referenced Underwriting Agreement, which is incorporated herein in
its entirety and made a part hereof, to purchase the respective principal
amounts of the Classes of the above-referenced Series of Certificates as set
forth herein.
BEAR, XXXXXXX & CO. INC.
By: /S/ XXXXXX XXXXXX
Name: Xxxxxx Xxxxxx
Title: Senior Managing Director
XXXXXX BROTHERS INC.
By: /S/ XXXX XXXXX
Name: Xxxx Xxxxx
Title: Vice President
GREENWICH CAPITAL MARKETS, INC.
By: /S/ XXXXXX XXXXXXXXXXX
Name: Xxxxxx Xxxxxxxxxxx
Title: Vice President
Accepted:
STRUCTURED ASSET MORTGAGE
INVESTMENTS II INC.
By: /S/ XXXX X. XXXXXXXX
Name: Xxxx X. Xxxxxxxx
Title: Vice President
