EXECUTION
STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2001-17
TERMS AGREEMENT
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Dated: November 29, 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 2001-17.
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Terms of the Series 2001-17 Certificates: Structured Asset Securities
Corporation, Series 2001-17 Mortgage Pass-Through Certificates, Class 1-A1,
Class 1-A2, Class 1-A3, Class 1-A5, Class 1-A6, Class 1-AP, Class 1-AX, Class
2-A1, Class 2-A2, Class 2-A3, Class 2-A5, Class 2-A6, Class 2-A7, Class 2-A8,
Class 2-A9, Class 2-A10, Class 2-A11, Class 2-A12, Class 2-AX, Class 3-A1, Class
3-A2, Class 3-A3, Class 3-A5, Class 3-AP, Class 3-AX, Class 4-A1, Class 4-A2,
Class 4-A3, Class 4-A5, Class 4-A6, Class 4-A7, Class 4-AP, Class 4-AX, Class
A4, 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 four pools of fixed rate, fully amortizing, first lien,
residential mortgage loans (the "Mortgage Loans"). Only the Class 1-A1, Class
1-A2, Class 1-A3, Class 1-A5, Class 1-A6, Class 1-AP, Class 1-AX, Class 2-A1,
Class 2-A2, Class 2-A3, Class 2-A5, Class 2-A6, Class 2-A7, Class 2-A8, Class
2-A9, Class 2-A10, Class 2-A11, Class 2-A12, Class 2-AX, Class 3-A1, Class 3-A2,
Class 3-A3, Class 3-A5, Class 3-AP, Class 3-AX, Class 4-A1, Class 4-A2, Class
4-A3, Class 4-A5, Class 4-A6, Class 4-A7, Class 4-AP, Class 4-AX, Class A4,
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 333-63602.
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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 1-A3, Class 1-A5, Class 1-A6, Class 1-AP, Class
1-AX, Class 2-A1, Class 2-A2, Class 2-A3, Class 2-A5, Class 2-A6, Class 2-A7,
Class 2-A8, Class 2-A9, Class 2-A10, Class 2-A11, Class 2-A12, Class 2-AX,
Class 3-A1, Class 3-A2, Class 3-A3, Class 3-A5, Class 3-AP, Class 3-AX, Class
4-A1, Class 4-A2, Class 4-A3, Class 4-A5, Class 4-A6, Class 4-A7, Class
4-AP, Class 4-AX and Class A4 Certificates be rated "AAA" by Standard & Poor's
Ratings Service, a division of The XxXxxx-Xxxx Companies, Inc. ("S&P") and be
rated "AAA" by Fitch, Inc., ("Fitch" and, together with S&P, the "Rating
Agencies"); the Class R Certificate be rated "AAA" by S&P; the Class B1
Certificates be rated "AA" by S&P and Fitch; the Class B2 Certificates be rated
"A" by S&P; and the Class B3 Certificates be rated "BBB" by S&P.
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
Cut-off 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.
Counsel: XxXxx Xxxxxx LLP will act as counsel for the Underwriters.
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: /s/ Xxxxxx X. Xxxxx
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Name: Xxxxxx X. Xxxxx
Title: Senior Vice President
Accepted:
STRUCTURED ASSET SECURITIES
CORPORATION
By: /s/ Xxxxx X. Xxxxxxx
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Name: Xxxxx X. Xxxxxxx
Title: Vice President
SCHEDULE 1
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Initial Certificate
Principal Amount or Certificate Purchase Price
Class Initial Notional Amount (1) Interest Rate Percentage
----- -------------------------- ------------- ----------
1-A1................... $ 68,725,000 6.60% 100%
1-A2................... $ 19,850,000 Adjustable(3) 100%
1-A3................... $ 19,850,000(2) Adjustable(3) 100%
1-A5................... $ 100,000,000 6.60% 100%
1-A6................... $ 679,152(2) 6.80% 100%
1-AP................... $ 608,967 0.00%(4) 100%
1-AX................... $ 5,651,037(2) 6.80% 100%
2-A1................... $ 50,000,000 4.10% 100%
2-A2................... $ 61,160,000 5.20% 100%
2-A3................... $ 20,579,766(2) 6.50% 100%
2-A5................... $ 69,985,386 (5) 100%
2-A6................... $ 3,166,800(2) 6.50% 100%
2-A7................... $ 15,000,000 5.90% 100%
2-A8................... $ 34,500,000 5.85% 100%
2-A9................... $ 15,000,000 6.00% 100%
2-A10.................. $ 35,000,000 6.50% 100%
2-A11(6)............... $ 8,814,000 6.50% 100%
2-A12.................. $ 1,050,000 6.50% 100%
2-AX................... $ 17,182,318(2) 6.50% 100%
3-A1................... $ 100,000,000 6.50% 100%
3-A2................... $ 15,000,000 6.50% 100%
3-A3(7)................ $ 15,700,000 6.50% 100%
3-A5................... $ 96,000 0.00%(4) 100%
3-AP................... $ 425,343 0.00%(4) 100%
3-AX................... $ 4,268,547(2) 6.50% 100%
4-A1................... $ 18,181,000 5.75% 100%
4-A2................... $ 20,000,000 7.50% 100%
4-A3................... $ 10,000,000 6.75% 100%
4-A5................... $ 3,761,586(2) 7.25% 100%
4-A6................... $ 203,310(2) 7.25% 100%
4-A7(7)................ $ 6,500,000 7.25% 100%
4-AP................... $ 304,919 0.00%(4) 100%
4-AX................... $ 1,661,826(2) 7.25% 100%
A4..................... $ 30,924,000 6.50% 100%
B1..................... $ 15,861,000 Variable(3) 100%
B2..................... $ 6,024,000 Variable(3) 100%
B3..................... $ 4,351,000 Variable(3) 100%
R...................... $ 100 6.50% 100%
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(1) These balances are approximate, as described in the prospectus supplement.
(2) The Class 1-A3, 1-A6, 1-AX, 2-A3, 2-A6, 2-AX, 3-AX, 4-A5, 4-A6 and 4-AX
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.
(3) The Class 1-A2, 1-A3, B1, B2 and B3 Certificates accrue interest based on
adjustable or variable interest rates, as described in the prospectus
supplement.
(4) The Class 1-AP, 3-A5, 3-AP and 4-AP Certificates will be principal-only
certificates; they will not be entitled to payments of interest.
(5) The Class 2-A5 Certificates will consist of seven components having the
characteristics described in the prospectus supplement.
(6) The amount of interest accruing on the Class 2-A11 Certificates will not be
payable to the holders of this class until such time as described in the
prospectus supplement.
(7) The Class 3A-3 and 4A-7 Certificates will not receive the benefit of
accelerated payment of principal to the same extent as the other related
senior certificates, as described in the prospectus supplement.