STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2001-18A
TERMS AGREEMENT
Dated: November 26, 2001
To: Structured Asset Securities Corporation, as Depositor under the Trust
Agreement dated as of November 1, 2001 (the "Trust Agreement").
Re: Underwriting Agreement Standard Terms dated as of April 16, 1996 (the
"Standard Terms," and together with this Terms Agreement, the
"Agreement").
Series Designation: Series 2001-18A.
Terms of the Series 2001-18A Certificates: Structured Asset Securities
Corporation, Series 2001-18A Mortgage Pass-Through Certificates, Class A1, Class
A2, Class A3, Class B1, Class B2, Class B3, Class B4, Class B5, Class B6 and
Class R (the "Certificates") will evidence, in the aggregate, the entire
beneficial ownership interest in a trust fund (the "Trust Fund"). The primary
assets of the Trust Fund consist of a pool of adjustable rate, conventional,
first lien, residential mortgage loans (the "Mortgage Loans"). Only the Class
A1, Class A2, Class A3, Class B1, Class B2, Class B3 and Class R Certificates
(the "Offered Certificates") are being sold pursuant to the terms hereof.
Registration Statement: File Number 333-35026.
Certificate Ratings: It is a condition of Closing that at the Closing Date the
Class A1, Class A2, Class A3 and Class R Certificates be rated "AAA" by Standard
& Poor's, a division of The XxXxxx-Xxxx Companies, Inc. ("S&P") and "Aaa" by
Xxxxx'x Investors Service, Inc., ("Xxxxx'x" and together with S&P, the "Rating
Agencies"); the Class B1 Certificates be rated "AA" by S&P and "Aa2" by Xxxxx'x;
the Class B2 Certificates be rated "A" by S&P and "A2" by Moody's; and the Class
B3 Certificates be rated "BBB" by S&P and "Baa2" by Moody's.
Terms of Sale of Offered Certificates: The Depositor agrees to sell to Xxxxxx
Brothers Inc., (the "Underwriter") and the Underwriter agrees to purchase froth
the Depositor, the Offered Certificates in the principal amounts and prices set
forth on Schedule 1 annexed hereto. The purchase price for the Offered
Certificates shall be the Purchase Price Percentage set forth in Schedule 1 plus
accrued interest at the initial interest rate per annum from and including the
Cutoff Date up to, but not including, the Closing Date.
The Underwriter will offer the Offered Certificates to the public from time to
time in negotiated transactions or otherwise at varying prices to be determined
at the time of sale.
Cut-off Date: November 1, 2001.
Closing Date: 10:00 A.M., New York time, on or about November 30, 2001. On
the Closing Date, the Depositor will deliver the Offered Certificates to the
Underwriter against payment therefor for the account of the Underwriter.
If the foregoing is in accordance with your understanding of our agreement,
please sign and return to us a counterpart hereof, whereupon this instrument
along with all counterparts will become a binding agreement between the
Depositor and the Underwriter in accordance with its terms.
XXXXXX BROTHERS INC.
By: ____________________________
Name: Xxxxxxx Xxxxxxxxxx
Title: Senior Vice President
Accepted:
STRUCTURED ASSET SECURITIES
CORPORATION
By: ____________________________
Name: Xxxxxxx Xxxxxxxxxx
Title: Senior Vice President
Schedule 1
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Initial Certificate
Principal Certificate Purchase Price
Class Amount(1) Interest Rate Percentage
A1 $248,232,000 3.50%(2) 100%
A2 297,000,000 5.00%(2) 100%
A3 (3) 5.00%(3) 100%
B1 5,902,000 Variable(4) 100%
B2 4,496,000 Variable(4) 100%
B3 3,091,000 Variable(4) 100%
R 100 3.50%(2) 100%
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(1) These balances are approximate, as described in the prospectus supplement.
(2) The Class A1, Class A2 and Class R Certificates will accrue interest based
on the interest rates specified above until the end of the Accrual Period
(as defined in the Prospectus Supplement) in July 2008, subject to a
mazimum rate equal to the Net WAC of the mortgage loans. Beginning with
the Accrual Period in August 2008, the Class A1, Class A2 and Class R
Certificates will accrue interest at the Net WAC of the mortgage loans, as
described in the Prospectus Supplement.
(3) The Class A3 Certificates will be interest-only certificates; they will
not be entitled to payments of principal and will accrue interest on a
notional amount, as described in the Prospectus Supplement. After the
Distribution Date in August 2008, the Class A3 Certificates will no longer
be entitled to receive distributions of any kind.
(4) The Class B1, B2 and B3 Certificates at a variable rate equal to
collateral net WAC, as described in the Prospectus Supplement.
