STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-ALS2
TERMS AGREEMENT
Dated: May 14, 1999
To: Structured Asset Securities Corporation, as Depositor under the
Trust Agreement dated as of May 1, 1999 (the "Trust Agreement").
Re: Underwriting Agreement Standard Terms dated as of May 16, 1996
(the "Standard Terms," and together with this Terms Agreement,
the "Agreement").
Series Designation: Series 1999-ALS2.
Terms of the Series 1999-ALS2 Certificates: Structured Asset Securities
Corporation, Series 1999-ALS2 Mortgage Pass-Through Certificates, Class A1,
Class A2, Class A3, Class A4, Class A5, Class AP, 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
a pool of fixed rate, conventional, first lien residential mortgage loans (the
"Mortgage Loans"). Only the Class A1, Class A2, Class A3, Class A4, Class A5,
Class AP, 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 333-68513.
Certificate Ratings: It is a condition of Closing that at the Closing Date:
the Class A1, Class A2, Class A3 and Class A4 Certificates 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," together with
DCR, the "Rating Agencies"); the Class AP and Class A5 Certificates be rated
"AAA" by each of DCR and "AAAr" by S&P; the Class B1 Certificates be rated
"AA" by DCR; the Class B2 Certificates be rated "A" by DCR; and the Class B3
Certificates be rated "BBB" by DCR.
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: May 1, 1999.
Closing Date: 10:00 A.M., New York time, on or about May 27, 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: /s/ Xxxxxxx Xxxxxxxxxx
Name: Xxxxxxx Xxxxxxxxxx
Title: Vice President
Accepted:
STRUCTURED ASSET SECURITIES
CORPORATION
By: /s/ Xxxxxx X. Xxxxx
Name: Xxxxxx X. Xxxxx
Title: Vice President
Schedule 1
Certificate Purchase
Initial Certificate Interest Price
Class Principal Amount(1) Rate Percentage
Class A1 $ 59,060,000 6.75% 99.3046875%
Class A2 228,800,000 6.75% 99.3046875%
Class A3 23,000,000 6.65% 99.3046875%
Class A4 15,000,000 6.75% 99.3046875%
Class A5 (2) 6.75% 0.0000000%
Class AP 245,747.46 (3) 65.0000000%
Class B1 20,404,000 6.75% 94.1250000%
Class B2 7,651,000 6.75% 91.6250000%
Class B3 3,643,000 6.75% 84.0000000%
Class R 100 6.75% 99.3046875%
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(1) Approximate.
(2) The Class A5 Certificates will have no Certificate Principal Amount and
will accrue interest on a calculated aggregate Notional Amount as
described in the Prospectus Supplement under "Description of the
Certificates - Distributions of Interest".
(3) The Class AP Certificates are principal-only certificates and,
accordingly, will not accrue interest.
