AMORTIZING RESIDENTIAL COLLATERAL TRUST
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-BC2
TERMS AGREEMENT
Dated: May 23, 2000
To: Structured Asset Securities Corporation, as Depositor under the Trust
Agreement dated as of May 1, 2000 (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 2000-BC2.
Terms of the Series 2000-BC2 Certificates: Amortizing Residential Collateral
Trust Mortgage Pass-Through Certificates, Series 2000-BC2, Class A1, Class A2,
Class M1, Class M2, Class B, Class X, Class R and Class P (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
20,432 conventional, first and second lien, fixed and adjustable rate, fully
amortizing and balloon, residential mortgage loans (the "Mortgage Loans")
having a Scheduled Principal Balance as of the Cut-off Date of $2,065,694,753.
Only the Class A2, Class M1, Class M2 and Class B (the "Offered Certificates")
are being sold pursuant to the terms hereof.
Registration Statement: File Number 333-35026.
Certificate Ratings: It is a condition to the issuance of the Class A2
Certificates that they be rated "Aaa" by Xxxxx'x Investors Service, Inc.
("Moody's") and "AAA" by each of Standard & Poor's Rating Services, a division
of The XxXxxx-Xxxx Companies, Inc. ("S&P") and Fitch IBCA, Inc. ("Fitch," and
together with Moody's and S&P, the "Rating Agencies"). It is a condition to
the issuance of the Class M1 Certificates that they be rated "Aa2" by Moody's
and "AA" by each of S&P and Fitch. It is a condition to the issuance of the
Class M2 Certificates that they be rated "A2" by Moody's and "A" by each of
S&P and Fitch. It is a condition to the issuance of the Class B Certificates
that they be rated "Baa2" by Moody's and "BBB" by each of S&P and Fitch.
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, 2000.
Closing Date: 10:00 A.M., New York time, on or about May 30, 2000. 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
Purchase
Initial Certificate Principal Certificate Price
Class Amount(1) Interest Rate Percentage
------------ ----------------------------- ------------- ----------
Class A2 $222,867,000.00 (2) 100.00%
Class M1 $ 72,299,000.00 (2) 100.00%
Class M2 $ 56,807,000.00 (2) 100.00%
Class B $ 15,493,000.00 (2) 100.00%
-----------------
(1) Approximate.
(2) Interest will accrue on the Class X0, X0, X0 and B Certificates
based upon one-month LIBOR plus a specified margin, subject to
limitation, as described in the Prospectus Supplement.
