EXECUTION
AMORTIZING RESIDENTIAL COLLATERAL TRUST MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 2000-BC1
TERMS AGREEMENT
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Dated: February 7, 2000
To: Structured Asset Securities Corporation, as Depositor under the Trust
Agreement dated as of January 1, 2000 (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 2000-BC1.
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Terms of the Series 2000-BC1 Certificates: Amortizing Residential Collateral
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Trust Mortgage Pass-Through Certificates, Series 2000-BC1, Class A1, Class A2,
Class M1, Class M2, Class B, Class X, Class R and Class P (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
10,844 conventional, adjustable and fixed rate, fully amortizing and balloon,
first and junior lien residential mortgage loans (the "Mortgage Loans") having
a Scheduled Principal Balance as of the Cut-off Date of $1,353,485,647.72.
Only the Class A1, Class A2, Class M1, Class M2 and Class B (the "Offered
Certificates") are being sold pursuant to the terms hereof.
Registration Statement: File Number 333-68513.
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Certificate Ratings: It is a condition to the issuance of the Class A1
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Certificates and the Class A2 Certificates that they be rated "Aaa" by Xxxxx'x
Investors Service, Inc. ("Xxxxx'x") and "AAA" by each of Standard & Poor's
Rating Services, a division of The XxXxxx-Xxxx Companies, Inc. ("S&P") and
Fitch IBCA, Inc. ("Fitch," and together with Xxxxx'x and S&P, the "Rating
Agencies"). It is a condition to the issuance of the Class M1 Certificates
that they be rated "Aa2" by Xxxxx'x and "AA" by each of S&P and Fitch. It is a
condition to the issuance of the Class M2 Certificates that they be rated "A2"
by Xxxxx'x and "A" by each of S&P and Fitch. It is a condition to the issuance
of the Class B Certificates that they be rated "Baa2" by Xxxxx'x and "BBB" by
each of S&P and Fitch.
Terms of Sale of Offered Certificates: The Depositor agrees to sell to Xxxxxx
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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: January 1, 2000.
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Closing Date: 10:00 A.M., New York time, on or about February 9, 2000. On the
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Closing Date, the Depositor will 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: /s/ Xxxxxxx Xxxxxxxxxx
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Name: Xxxxxxx Xxxxxxxxxx
Title: Vice President
Accepted:
STRUCTURED ASSET SECURITIES
CORPORATION
By: /s/ Xxxxxxx Xxxxxxxxxx
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Name: Xxxxxxx Xxxxxxxxxx
Title: Vice President
Schedule 1
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Purchase
Initial Certificate Principal Certificate Price
Class Amount(1) Interest Rate Percentage
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Class A1 $983,064,000 (2) 100.00%
Class A2 $275,679,000 8.05% 100.00%
Class M1 $ 40,604,000 (2) 100.00%
Class M2 $ 40,604,000 (2) 100.00%
Class B $ 13,534,000 (2) 100.00%
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(1) Approximate.
(2) Interest will accrue on the Class A1, M1, M2 and B Certificates
based upon one-month LIBOR plus a specified margin, subject to
limitation, as described in the Prospectus Supplement.
