Exhibit 1.2
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
(DEPOSITOR)
PREFERRED CREDIT ASSET-BACKED CERTIFICATES,
SERIES 1997-1
TERMS AGREEMENT
March 17, 1997
To: Credit Suisse First Boston Mortgage Securities Corp., as
Depositor under the Pooling and Servicing Agreement
dated as of March 1, 1997.
Re: Underwriting Agreement dated March 17, 1997.
Title: Preferred Credit Asset-Backed Certificates,
Series 1997-1, Class A-1, Class X-0, Xxxxx X-0, Class A-4,
Class A-5, Class A-6.
Principal Amount: $200,000,000.00
Terms of the Certificates:
Original Pass-Through
Class Principal Amount Rate
A-1 $47,800,000.00 6.20%
A-2 $29,500,000.00 6.71%
A-3 $23,200,000.00 6.91%
A-4 $50,600,000.00 7.15%
A-5 $11,500,000.00 7.39%
A-6 $37,400,000.00 7.59%
Certificate Rating:
Standard &
Class Xxxxx'x Poor's
A-1 Aaa AAA
A-2 Aaa AAA
A-3 Aaa AAA
A-4 Aaa AAA
A-5 Aaa AAA
A-6 Aaa AAA
SERVICER: Advanta Mortgage Corp. U.S.A. (in such capacity, the
"Servicer").
TRUSTEE: Bankers Trust Company (in such capacity, the "Trustee").
TERMS OF SALE: The purchase price payable by the Underwriters for each
Class of Certificates is 99.353866% of the principal amount of the Class A-1
Certificates, 99.638428% of the principal amount of the Class A-2 Certificates,
99.483919% of the principal amount of the Class A-3 Certificates, 99.364569% of
the principal amount of the Class A-4 Certificates 99.277618% of the principal
amount of the Class A-5 Certificates, and 99.215304% of the principal amount of
the Class A-6 Certificates, in each case plus accrued interest at the related
Pass-Through Rate from the date of initial issuance.
Payment of the purchase price shall be in immediately available
Federal funds wired to such bank as may be designated by the Depositor.
The Class B and R Certificates issued pursuant to the Pooling and
Servicing Agreement are not subject to this Agreement.
UNDERWRITING COMMISSIONS:
Notwithstanding anything to the contrary in the Underwriting
Agreement, no additional underwriting commission shall be payable by the
Depositor to the Underwriter in connection with the purchase of the
Certificates.
Public offering price and/or method of determining price at which the
Underwriter will sell the Certificates:
Class A-1: 99.578866%
Class A-2: 99.950928%
Class A-3: 99.983919%
Class A-4: 99.989569%
Class A-5: 99.952618%
Class A-6: 99.990304%
MORTGAGE LOANS: The mortgage loans (the "Mortgage Loans") sold by
Preferred Credit Corporation (the "Seller") to the Depositor pursuant to the
Sale and Purchase Agreement, dated as of March 1, 1997, between the Depositor,
as purchaser, and the Seller, as seller and conveyed by the Depositor to the
Trust pursuant to the Pooling and Servicing Agreement, dated as of March 1, 1997
(the "Pooling and Servicing Agreement"), among the Depositor, the Seller, the
Servicer and the Trustee, as more fully described in Exhibit C to the Pooling
and Servicing Agreement.
DISTRIBUTION DATES: The 25th day (or, if such day is not a business
day, the next succeeding business day) of each month, commencing with April 25,
1997.
DELIVERY DATE AND LOCATION: 10:00 a.m., New York Time, on or about
March 27, 1997, or at such other time not later than seven full business days
thereafter as may be agreed upon, at the offices of Stroock & Stroock & Xxxxx
LLP, 000 Xxxxxx Xxxx, Xxx Xxxx, Xxx Xxxx 00000.
COMPUTATIONAL MATERIALS: As no Computational Materials have been
distributed by the Underwriter in connection with the offering of the
Certificates, the provisions of Section VIII of the Underwriting Agreement shall
not apply to the offering of the Class A Certificates.
CREDIT SUISSE FIRST BOSTON CORPORATION,
as Underwriter
By: /s/ Xxxx Xxxxxx
Accepted:
CREDIT SUISSE FIRST BOSTON MORTGAGE
SECURITIES CORP.,
as Depositor
By:/s/ Xxx Xxxxxxxxx
