STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1995-4
TERMS AGREEMENT
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Dated: December 18, 1995
To: Structured Asset Securities Corporation, as Depositor under the Trust
Agreement dated as of December 1, 1995 (the "Trust Agreement").
Re: Underwriting Agreement Standard Terms dated as of December 18, 1995 (the
"Standard Terms," and together with this Terms Agreement, the "Agreement").
SERIES DESIGNATION: Series 1995-4.
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TERMS OF THE SERIES 1995-4 CERTIFICATES: Structured Mortgage Asset
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Residential Trust, Series 1995-4 Mortgage Pass-Through Certificates, Class
A, Class R, Class B1, Class B2, Class B3, Class B4 and Class B5 (the
"Certificates") will evidence, in the aggregate, all of the beneficial
ownership interest in a trust (the "Trust"). The primary assets of the Trust
consist of a pool of adjustable-rate, fully amortizing, conventional, first
lien residential mortgage loans (the "Mortgage Loans"). The Certificates
consist of seven classes: Class A, Class R, Class B1, Class B2, Class B3,
Class B4 and Class B5. Only the Class A, Class B1, Class B2, Class B3 and
Class R Certificates (collectively, the "Offered Certificates") are being
sold pursuant to the terms hereof.
REGISTRATION STATEMENT: File Number 33-(99598).
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CERTIFICATE RATINGS: It is a condition of Closing that at the Closing Date
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the Class A and Class R Certificates be rated "AAAr" by Standard & Poor's
Rating Services ("S&P") and "AAA" by Fitch Investors Service, L.P. ("Fitch");
that the Class B1 Certificates be rated "AAr" by S&P and "AA" by Fitch; that
the Class B2 Certificates be rated "Ar" by S&P and "A" by Fitch; and that the
Class B3 Certificates be rated "BBBr" by S&P and "BBB" by Fitch.
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TERMS OF SALE OF OFFERED CERTIFICATES: The Depositor agrees to sell to
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Xxxxxx Brothers Inc. and Mellon Financial Markets, Inc. (the "Underwriters")
and Xxxxxx Brothers Inc. and Mellon Financial Markets, Inc. each agree,
severally and not jointly, to purchase from the Depositor, the Offered
Certificates in the principal amounts and prices set forth beneath their
respective names on Schedule 1. 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 Underwriters 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: December 1, 1995
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CLOSING DATE: 10:00 A.M., New York time, on or about December 28, 1995. On
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the Closing Date, the Depositor will deliver the Offered Certificates to the
Underwriters against payment therefor for the account of Xxxxxx Brothers Inc.
and for the account of Mellon Financial Markets, Inc.
XXXXXX BROTHERS INC.
By: /s/ Xxxxxxx X. X'Xxxxxx
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Name: Xxxxxxx X. X'Xxxxxx
Title: Managing Director
MELLON FINANCIAL MARKETS, INC.
By: /s/ Xxxxxxx Xxxxxx
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Name: Xxxxxxx Xxxxxx
Title: Vice President
Accepted:
STRUCTURED ASSET SECURITIES
CORPORATION
By: /s/ Xxxxxxx X. X'Xxxxxx
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Name: Xxxxxxx X. X'Xxxxxx
Title: Chairman of the Board
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Schedule 1
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Approximate
Approximate Amount
Approximate Amount Purchased by
Initial Certificate Purchase Purchased by Mellon
Certificate Principal Price Xxxxxx Financial
Class Rate Amount (1) Percentage Brothers Inc. Markets, Inc.
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Class A (2) $195,223,841 101.344% $180,223,841 $15,000,000
Class R (2) $ 100 0% $ 100 $ 0
Class B1 (2) $ 3,568,062 101.109% $ 3,568,062 $ 0
Class B2 (2) $ 1,529,169 97.750% $ 1,529,169 $ 0
Class B3 (2) $ 1,019,446 91.563% $ 1,019,446 $ 0
============ ======== ============ ===========
Total/ $201,340,618 101.259% $186,340,618 $15,000,000
Wtd Avg
(1) Approximate.
(2) The interest rate on the Class A, Class B1, Class B2, Class B3 and Class
R Certificates is equal to the weighted average of the Net Mortgage Rates
(as set forth in the Prospectus Supplement) on the Mortgage Loans.
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