STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-6
TERMS AGREEMENT
Dated: July 3, 1998
To: Structured Asset Securities Corporation, as Depositor under the Trust
Agreement dated as of June 1, 1998 (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 1998-6.
Terms of the Series 1998-6 Certificates: Structured Asset Securities
Corporation, Series 1998-6 Mortgage Pass-Through Certificates, Class A1, Class
A2, Class AX1, Class AX2, 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 adjustable rate,
conventional, first lien residential mortgage loans (the "Mortgage Loans").
Only the Class A1, Class A2, Class AX1, 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 333-47499.
Certificate Ratings: It is a condition of Closing that at the Closing Date the
Class A1 and Class A2 Certificates that they be rated "AAA" by Standard &
Poor's Ratings Services, a division of The XxXxxx-Xxxx Companies, Inc. ("S&P");
that the Class AX1 Certificates be rated "AAAr" by S&P; that the Class B1
Certificates be rated "AA" by S&P; that the Class B2 Certificates be rated "A"
by S&P; and that the Class B3 Certificates be rated "BBB" by S&P.
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: June 1, 1998.
Closing Date: 10:00 A.M., New York time, on or about July 7, 1998. 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: Xxxxxx Xxxxx
Title: Vice President
Accepted:
STRUCTURED ASSET SECURITIES
CORPORATION
By: ______________________________________
Name: Xxxx Xxxxxx
Title: Senior Vice President
Schedule 1
Initial Certificate Certificate Purchase
Principal Interest Price
Class Amount(1) Rate Percentage
Class A1 $112,727,000 6.50% 100.15410%
Class A2 2,003,000 6.50 95.61403%
Class AX1 (2) (2) 9.56250%
Class B1 8,552,000 6.50 98.83776%
Class B2 5,701,000 6.50 97.61682%
Class B3 3,563,000 6.50 94.65450%
Class R 100 6.50 100.0000%
--------------------------------
(1) Approximate.
(2) The Class AX1 Certificates will have no Certificate Principal Amount
and will accrue interest on a calculated aggregate Notional Amount
described in the Prospectus Supplement. Interest will accrue on the
applicable Notional Amount at a per annum rate as described in the
Prospectus Supplement.