STRUCTURED ASSET MORTGAGE INVESTMENTS II INC. Luminent Mortgage Trust 2006-3 Mortgage Pass-Through Certificates, Series 2006-3 TERMS AGREEMENT
EXHIBIT
1.1
STRUCTURED
ASSET MORTGAGE INVESTMENTS II INC.
Mortgage
Pass-Through Certificates, Series 2006-3
Dated:
as
of April 28, 2006
To: STRUCTURED
ASSET MORTGAGE INVESTMENTS II INC.
Re: Underwriting
Agreement dated March 22, 2006
Underwriters: Bear,
Xxxxxxx & Co. Inc. and Wachovia Capital Markets, LLC
Series
Designation: Series
2006-3.
Class
Designation Schedule of the Certificates: Class I-1A-1, Class I-1A-2, Class
I-1A-3, Class I-2A-1, Class I-2A-2, Class I-2A-3, Class I-2X, Class I-M-1,
Class
I-M-2, Class I-M-3, Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class
II-1A-1, Class II-1A-2, Class II-1X-1, Class II-2X-1, Class II-3A-1, Class
II-3A-2, Class II-3X-1, Class II-B-1, Class II-B-2 and Class II-B-3
Certificates.
Terms
of the Certificates:
Class
|
Original
Principal Amount
|
Interest
Rate
|
|
Class
I-1A-1
|
$
|
100,908,000
|
Adjustable
Rate
|
Class
I-1A-2
|
$
|
50,454,000
|
Adjustable
Rate
|
Class
I-1A-3
|
$
|
16,818,000
|
Adjustable
Rate
|
Class
I-2A-1
|
$
|
97,258,000
|
Adjustable
Rate
|
Class
I-2A-2
|
$
|
48,629,000
|
Adjustable
Rate
|
Class
I-2A-3
|
$
|
16,210,000
|
Adjustable
Rate
|
Class
I-2X
|
$
|
0
|
Fixed
Rate
|
Class
I-M-1
|
$
|
11,908,000
|
Adjustable
Rate
|
Class
I-M-2
|
$
|
7,380,000
|
Adjustable
Rate
|
Class
I-M-3
|
$
|
2,583,000
|
Adjustable
Rate
|
Class
I-B-1
|
$
|
4,244,000
|
Adjustable
Rate
|
Class
I-B-2
|
$
|
1,845,000
|
Adjustable
Rate
|
Class
I-B-3
|
$
|
4,982,000
|
Adjustable
Rate
|
Class
I-B-4
|
$
|
1,845,000
|
Adjustable
Rate
|
Class
II-1A-1
|
$
|
47,535,000
|
Adjustable
Rate
|
Class
II-1A-2
|
$
|
4,096,000
|
Adjustable
Rate
|
Class
II-1X-1
|
$
|
0
|
Fixed
Rate
|
Class
II-2A-1
|
$
|
147,795,000
|
Adjustable
Rate
|
Class
II-2A-2
|
$
|
12,735,000
|
Adjustable
Rate
|
Class
II-2X-1
|
$
|
0
|
Fixed
Rate
|
Class
II-3A-1
|
$
|
72,093,000
|
Adjustable
Rate
|
Class
II-3A-2
|
$
|
6,212,000
|
Adjustable
Rate
|
Class
II-3X-1
|
$
|
0
|
Fixed
Rate
|
Class
II-B-1
|
$
|
11,755,000
|
Adjustable
Rate
|
Class
II-B-2
|
$
|
3,763,000
|
Adjustable
Rate
|
Class
II-B-3
|
$
|
2,822,000
|
Adjustable
Rate
|
The
Certificates purchased by the Underwriters will be offered from time to time
by
the Underwriters in negotiated transactions at varying prices to be determined
at the time of sale.
Defined
Terms:
Terms
not otherwise defined herein shall have the meanings given to such terms in
the
Pooling and Servicing Agreement, dated as of April 1, 2006, among Structured
Asset Mortgage Investments II Inc., as depositor, Luminent
Mortgage Capital, Inc., as sponsor,
Xxxxx
Fargo Bank, National Association, as master servicer and securities
administrator and HSBC Bank USA, National Association, as trustee.
Form
of Certificates Being Purchased by the Underwriters:
Book-Entry.
Distribution
Dates:
The
25th
day of
each month or, if such 25th
day is
not a business day, the next succeeding business day beginning on May 25,
2006.
Note
Rating for the Certificates Being Purchased by the
Underwriters:
Ratings
|
|||
Class
|
S&P
|
Fitch
|
Xxxxx’x
|
Class
I-1A-1
|
AAA
|
--
|
Aaa
|
Class
I-1A-2
|
AAA
|
--
|
Aaa
|
Class
I-1A-3
|
AAA
|
--
|
Aaa
|
Class
I-2A-1
|
AAA
|
--
|
Aaa
|
Class
I-2A-2
|
AAA
|
--
|
Aaa
|
Class
I-2A-3
|
AAA
|
--
|
Aaa
|
Class
I-2X
|
AAA
|
--
|
Aaa
|
Class
I-M-1
|
AA+
|
--
|
Aa1
|
Class
I-M-2
|
AA
|
--
|
Aa2
|
Class
I-M-3
|
AA-
|
--
|
Aa3
|
Class
I-B-1
|
A+
|
--
|
A2
|
Class
I-B-2
|
A
|
--
|
Baa1
|
Class
I-B-3
|
BBB
|
--
|
Baa2
|
Class
I-B-4
|
BBB-
|
--
|
Baa3
|
Class
II-1A-1
|
--
|
AAA
|
Aaa
|
Class
II-1A-2
|
--
|
AAA
|
Aaa
|
Class
II-1X-1
|
--
|
AAA
|
Aaa
|
Class
II-2A-1
|
--
|
AAA
|
Aaa
|
Class
II-2A-2
|
--
|
AAA
|
Aaa
|
Class
II-2X-1
|
--
|
AAA
|
Aaa
|
Class
II-3A-1
|
--
|
AAA
|
Aaa
|
Class
II-3A-2
|
--
|
AAA
|
Aaa
|
Class
II-3X-1
|
--
|
AAA
|
Aaa
|
Class
II-B-1
|
--
|
AA
|
--
|
Class
II-B-2
|
--
|
A
|
--
|
Class
II-B-3
|
--
|
BBB
|
--
|
Mortgage
Assets:
The
Mortgage Loans to be included in the Trust Fund are as described in Annex A
hereto.
Purchase
Price:
The
aggregate purchase price payable by the Underwriters for the Certificates
covered by this Agreement will be $____________*
(plus
$_____________*
in
accrued interest).
Credit
Enhancement:
With
respect to Group I, excess spread, overcollateralization and subordination
and
with respect to Group II, subordination, each as described in the related
Prospectus Supplement. Also, the Group I Offered Certificates benefit from
a
series of interest rate corridor contracts agreements.
Closing
Date:
April
28, 2006.
___________________
* Please
contact Bear, Xxxxxxx & Co. Inc. for pricing information.
The
undersigned, as the Underwriters, agrees, subject to the terms and provisions
of
the above-referenced Underwriting Agreement, which is incorporated herein in
its
entirety and made a part hereof, to purchase the respective principal amounts
of
the Classes of the above-referenced Series of Certificates as set forth
herein.
BEAR,
XXXXXXX & CO. INC.
|
WACHOVIA
CAPITAL MARKETS, LLC
|
|||
By:
|
/s/
Xxxxxxx Xxxxxxx
|
By:
|
/s/ Xxxxxx X. Xxxxxx | |
Name:
|
Xxxxxxx Xxxxxxx |
Name:
|
Xxxxxx X. Xxxxxx | |
Title:
|
Senior Managing Director |
Title:
|
Director |
Accepted:
STRUCTURED
ASSET MORTGAGE
INVESTMENTS
II INC.
|
||||
By:
|
/s/ Xxxxx Xxxxxxxxxxx | |||
Name:
|
Xxxxx
Xxxxxxxxxxx
|
|||
Title:
|
Vice
President
|
Annex
A
Mortgage
Loan Schedule
[Available
Upon Request]