Exhibit 1.1
STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-BC1
TERMS AGREEMENT
Dated: January 26, 1999
To: Structured Asset Securities Corporation, as Depositor under the
Trust Agreement dated as of January 1, 1999 (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 1999-BC1.
Terms of the Series 1999-BC1 Certificates: Structured Asset Securities
Corporation, Series 1999-BC1 Mortgage Pass-Through Certificates, Class A1,
Class A2, Class AIO, Class M1, Class M2, Class B, Class P, Class X1, Class X2,
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 two pools of adjustable and fixed rate,
fully amortizing and balloon, conventional, first lien residential mortgage
loans (the "Mortgage Loans"). Only the Class A1, Class A2, Class AIO, Class
M1, Class M2 and Class B Certificates (the "Offered Certificates") are being
sold pursuant to the terms hereof.
Registration Statement: File Number 333-68513.
Certificate Ratings: It is a condition to the issuance of the Class A1, Class
A2 and Class AIO Certificates that they be rated "AAA" by each of Duff &
Xxxxxx Credit Rating Co. ("DCR") and Standard & Poor's Rating Services, a
division of The XxXxxx-Xxxx Companies, Inc. ("S&P," and together with DCR, the
"Rating Agencies"). It is a condition to the issuance of the Class M1
Certificates that they be rated "AA" by each of the Rating Agencies. It is a
condition to the issuance of the Class M2 Certificates that they be rated "A"
by each of the Rating Agencies. It is a condition to the issuance of the Class
B Certificates that they be rated "BBB" by each of the Rating Agencies.
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: January 1, 1999.
Closing Date: 10:00 A.M., New York time, on or aT bout January 28, 1999. 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:
Title:
Accepted:
STRUCTURED ASSET SECURITIES
CORPORATION
By:
Name:
Title:
Schedule 1
Initial Certificate Purchase
Principal or Notional Certificate Price
Class Amount(1) Interest Rate Percentage
----- --------------------- ------------- ----------
Class A1 251,958,000 (2) 100.00%
Class A2 1,220,747,000 (2) 100.00%
Class AIO 491,402,008(3) 4.0% 7.75%
Class M1 142,808,000 (2) 100.00%
Class M2 79,825,000 (2) 100.00%
Class B 74,035,000 (2) 100.00%
-----------------
(1) Approximate.
(2) Interest will accrue on the Class A1, Class A2, Class M1, Class M2
and Class B Certificates at the applicable per annum rate described
in the Prospectus Supplement.
(3) The Class A-IO Certificate will be an interest-only Certificate and
will accrue interest on a notional principal amount ("Notional
Amount") as described in the Prospectus Supplement.
