STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2002-18A
TERMS AGREEMENT
Dated: August 26, 2002
To: Structured Asset Securities Corporation, as Depositor under the Trust
Agreement dated as of August 1, 2002 (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 2002-18A.
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Terms of the Series 2002-18A Certificates: Structured Asset Securities
Corporation, Series 2002-18A Mortgage Pass-Through Certificates, Class 1-A1,
Class 1-A2, Class 2-A1, Class 2-A2, Class 3-A, Class 4-A, Class B1-I, Class
B1-I-X, Class B2-I, Class B2-I-X, Class B1-II, Class B2-II, 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 four pools of adjustable
rate, conventional, first lien, residential mortgage loans (the "Mortgage
Loans"). Only the Class 1-A1, Class 1-A2, Class 2-A1, Class 2-A2, Class 3-A,
Class 4-A, Class B1-I, Class B1-I-X, Class B2-I, Class B2-I-X, Class B1-II,
Class B2-II, Class B3 and Class R (the "Offered Certificates") are being sold
pursuant to the terms hereof.
Registration Statement: File Number 333-92140.
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Certificate Ratings: It is a condition of Closing that at the Closing Date the
Class 1-A1, Class 1-A2, Class 2-A1, Class 2-A2, Class 3-A, Class 4-A, 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-I,
Class B1-I-X and Class B1-II Certificates be rated "AA" by S&P and "Aa2" by
Moody's; the Class B2-I, Class B2-I-X and Class B2-II 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 from
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: August 1, 2002.
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Closing Date: 10:00 A.M., New York time, on or about August 30, 2002. On the
Closing Date, the Depositor will deliver the Offered Certificates to the
Underwriter against payment therefor for the account of the Underwriter.
[SIGNATURE PAGE IMMEDIATELY FOLLOWS]
2
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 X. Xxxxxxxxxx
Title: Senior Vice President
Accepted:
STRUCTURED ASSET SECURITIES
CORPORATION
By: _____________________________
Name: Xxxxxxx X. Xxxxxxxxxx
Title: Senior Vice President
Terms Agreement
Schedule 1
Initial Certificate
Principal Certificate Purchase Price
Class Amount(1) Interest Rate Percentage
----- --------- ------------- ----------
1-A1 $94,098,000 Adjustable(2) 100%
1-A2 (3) 0.70%(3) 100%
2-A1 $132,097,000 Adjustable(4) 100%
2-A2 (3) 5.75%(3) 100%
3-A $31,665,000 Adjustable(2) 100%
4-A $16,514,000 Adjustable(2) 100%
B1-I $2,681,000 Adjustable (2) 100%
B1-I-X (3) 0.95%(3) 100%
B2-I $1,416,000 Adjustable(2) 100%
B2-I-X (3) 0.73%(3) 100%
B1-II $2,648,000 Adjustable(2) 100%
B2-II $1,229,000 Adjustable(2) 100%
B3 $3,445,000 Adjustable(2) 100%
R $100 Adjustable(2) 100%
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(1) These balances are approximate, as described in the prospectus supplement.
(2) These Certificates will accrue interest based on adjustable interest rates,
as described in the prospectus supplement.
(3) The Class 1-A2, Class 2-A2, Class B1-I-X and Class B2-I-X Certificates will
be interest-only certificates; they will not be entitled to payments of
principal and will accrue interest on their respective notional amounts, as
described in the prospectus supplement (the initial notional amounts of
these bonds will be $94,098,000.00, $19,951,815.00, $2,681,000.00, and
$1,416,000.00, respectively). After the Distribution Date in January 2003,
the Class 1-A2 Certificates will no longer be entitled to receive
distributions of any kind. After the Distribution Date in May 2007, the
Class 2-A2 Certificates will no longer be entitled to receive distributions
of any kind.
(4) The Class 2-A1 Certificates will accrue interest based on the interest rate
specified above until the end of the accrual period in April 2007, subject
to a maximum rate equal to the Net WAC for pool 2. Beginning with the
accrual period in May 2007, the Class 2-A1 Certificates will accrue
interest at the Net WAC for pool 2, as described in the prospectus
supplement.
