STRUCTURED ASSET MORTGAGE INVESTMENTS II INC. Thornburg Mortgage Securities Trust 2004-4 Mortgage Pass-Through Certificates, Series 2004-4 TERMS AGREEMENT
EXECUTION COPY
STRUCTURED ASSET MORTGAGE INVESTMENTS II INC.
▇▇▇▇▇▇▇▇▇ Mortgage Securities Trust 2004-4
Mortgage Pass-Through Certificates, Series 2004-4
TERMS AGREEMENT
Dated: as of December 20, 2004
To: STRUCTURED ASSET MORTGAGE INVESTMENTS II INC.
Re: Underwriting Agreement dated July 29, 2003
Underwriters: Bear, ▇▇▇▇▇▇▇ & Co. Inc., ▇▇▇▇▇▇ Brothers Inc. and Greenwich Capital Markets, Inc.
Series Designation: ▇▇▇▇▇▇▇▇▇ Mortgage Securities Trust 2004-4, Mortgage Pass-Through Certificates, Series 2004-4
Class Designation Schedule of the Certificates: Class I-A, Class I-AX, Class II-A, Class II-AX, Class III-A, Class III-AX, Class IV-A, Class IV-AX, Class V-A, Class V-AX, Class B-1, Class B-2, Class B-3, Class R-I and Class R-II Certificates
Terms of the Public Certificates:
Class Original Principal or Notional Amount Interest Rate1 I-A $ 354,186,000 Adjustable Rate I-AX $ 354,186,0002 Variable Rate II-A $ 221,244,000 Fixed Rate/Variable Rate II-AX $ 221,444,000 2 Variable Rate/Fixed Rate III-A $ 295,636,000 Fixed Rate/Variable Rate III-AX $ 295,636,000 2 Variable Rate/Fixed Rate IV-A $ 87,680,000 Fixed Rate/Variable Rate IV-AX $ 87,680,000 2 Variable Rate/Fixed Rate V-A $ 139,057,000 Fixed Rate/Variable Rate V-AX $ 139,057,000 2 Variable Rate/Fixed Rate B-13 $ 14,168,000 Variable Rate B-23 $ 9,068,000 Variable Rate B-33 $ 5,101,000 Variable Rate R-I $ 50 N/A R-II $ 50 N/A
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1 The interest rates are more fully described in the Prospectus Supplement, dated the date hereof, relating to the Certificates.
2 This class is an interest-only certificate.
3 This class is a subordinate certificate.
The Underwriters are purchasing, severally, only the Principal or Notional Amount of each Class of Certificates set forth opposite their names in the tables below:
CLASS I-A CERTIFICATES
Underwriting
Underwriters Discount Principal Amount Purchase Price (%)
------------ ------------- ---------------- ------------------
Bear, ▇▇▇▇▇▇▇ & Co. Inc. 0.25% $118,062,000 99.75000%
▇▇▇▇▇▇ Brothers Inc. 0.25% $118,062,000 99.75000%
Greenwich Capital Markets, Inc. 0.25% $118,062,000 99.75000%
CLASS I-AX CERTIFICATES
Underwriting
Underwriters Discount Notional Amount Purchase Price (%)
------------ ------------ --------------- ------------------
Bear, ▇▇▇▇▇▇▇ & Co. Inc. 0.25% $118,062,000 0.81250%
▇▇▇▇▇▇ Brothers Inc. 0.25% $118,062,000 0.81250%
Greenwich Capital Markets, Inc. 0.25% $118,062,000 0.81250%
CLASS II-A CERTIFICATES
Underwriting
Underwriters Discount Principal Amount Purchase Price (%)
------------ ------------- ---------------- ------------------
Bear, ▇▇▇▇▇▇▇ & Co. Inc. 0.25% $73,748,000 99.75000%
▇▇▇▇▇▇ Brothers Inc. 0.25% $73,748,000 99.75000%
Greenwich Capital Markets, Inc. 0.25% $73,748,000 99.75000%
CLASS II-AX CERTIFICATES
Underwriting
Underwriters Discount Notional Amount Purchase Price (%)
------------ ------------- --------------- ------------------
Bear, ▇▇▇▇▇▇▇ & Co. Inc. 0.25% $73,748,000 0.32813%
▇▇▇▇▇▇ Brothers Inc. 0.25% $73,748,000 0.32813%
Greenwich Capital Markets, Inc. 0.25% $73,748,000 0.32813%
CLASS III-A CERTIFICATES
Underwriting
Underwriters Discount Principal Amount Purchase Price (%)
------------ ------------- ---------------- ------------------
Bear, ▇▇▇▇▇▇▇ & Co. Inc. 0.25% $98,545,334 99.75000%
▇▇▇▇▇▇ Brothers Inc. 0.25% $98,545,333 99.75000%
Greenwich Capital Markets, Inc. 0.25% $98,545,333 99.75000%
CLASS III-AX CERTIFICATES
Underwriting
Underwriters Discount Notional Amount Purchase Price (%)
------------ ------------- --------------- ------------------
Bear, ▇▇▇▇▇▇▇ & Co. Inc. 0.25% $98,545,334 0.39063%
▇▇▇▇▇▇ Brothers Inc. 0.25% $98,545,333 0.39063%
Greenwich Capital Markets, Inc. 0.25% $98,545,333 0.39063%
CLASS IV-A CERTIFICATES
Underwriting
Underwriters Discount Principal Amount Purchase Price (%)
------------ ------------- --------------- ------------------
Bear, ▇▇▇▇▇▇▇ & Co. Inc. 0.25% $29,226,666 99.75000%
▇▇▇▇▇▇ Brothers Inc. 0.25% $29,226,667 99.75000%
Greenwich Capital Markets, Inc. 0.25% $29,226,667 99.75000%
CLASS IV-AX CERTIFICATES
Underwriting
Underwriters Discount Notional Amount Purchase Price (%)
------------ ------------- --------------- ------------------
Bear, ▇▇▇▇▇▇▇ & Co. Inc. 0.25% $29,226,666 0.46875%
▇▇▇▇▇▇ Brothers Inc. 0.25% $29,226,667 0.46875%
Greenwich Capital Markets, Inc. 0.25% $29,226,667 0.46875%
CLASS V-A CERTIFICATES
Underwriting
Underwriters Discount Principal Amount Purchase Price (%)
------------ ------------ ---------------- ------------------
Bear, ▇▇▇▇▇▇▇ & Co. Inc. 0.25% $46,352,334 99.87500%
▇▇▇▇▇▇ Brothers Inc. 0.25% $46,352,333 99.87500%
Greenwich Capital Markets, Inc. 0.25% $46,352,333 99.87500%
CLASS V-AX CERTIFICATES
Underwriting
Underwriters Discount Notional Amount Purchase Price (%)
------------ ------------ --------------- ------------------
Bear, ▇▇▇▇▇▇▇ & Co. Inc. 0.25% $46,352,334 0.48438%
▇▇▇▇▇▇ Brothers Inc. 0.25% $46,352,333 0.48438%
Greenwich Capital Markets, Inc. 0.25% $46,352,333 0.48438%
CLASS B-1 CERTIFICATES
Underwriting
Underwriters Discount Principal Amount Purchase Price (%)
------------ ------------- ---------------- ------------------
Bear, ▇▇▇▇▇▇▇ & Co. Inc. 0.25% $4,722,666 98.39063%
▇▇▇▇▇▇ Brothers Inc. 0.25% $4,722,667 98.39063%
Greenwich Capital Markets, Inc. 0.25% $4,722,667 98.39063%
CLASS B-2 CERTIFICATES
Underwriting
Underwriters Discount Principal Amount Purchase Price (%)
------------ ------------- ---------------- ------------------
Bear, ▇▇▇▇▇▇▇ & Co. Inc. 0.25% $3,022,666 97.57813%
▇▇▇▇▇▇ Brothers Inc. 0.25% $3,022,667 97.57813%
Greenwich Capital Markets, Inc. 0.25% $3,022,667 97.57813%
CLASS B-3 CERTIFICATES
Underwriting
Underwriters Discount Principal Amount Purchase Price (%)
------------ ------------ ---------------- ------------------
Bear, ▇▇▇▇▇▇▇ & Co. Inc. 0.25% $1,700,334 96.60938%
▇▇▇▇▇▇ Brothers Inc. 0.25% $1,700,334 96.60938%
Greenwich Capital Markets, Inc. 0.25% $1,700,334 96.60938%
CLASS R-I CERTIFICATES
Underwriting
Underwriters Discount Principal Amount Purchase Price (%)
------------ ------------ ---------------- ------------------
Bear, ▇▇▇▇▇▇▇ & Co. Inc. -- $ 50 100.00%
▇▇▇▇▇▇ Brothers Inc. -- -- --
Greenwich Capital Markets, Inc. -- -- --
CLASS R-II CERTIFICATES
Underwriting
Underwriters Discount Principal Amount Purchase Price (%)
------------ ------------ ---------------- -----------------
Bear, ▇▇▇▇▇▇▇ & Co. Inc. -- $ 50 100.00%
▇▇▇▇▇▇ Brothers Inc. -- -- --
Greenwich Capital Markets, Inc. -- -- --
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 Trust, Pooling and Servicing Agreement dated as of December 1, 2004 among Structured Asset Mortgage Investments II Inc., as depositor, ▇▇▇▇▇ Fargo Bank, N.A., as master servicer and securities administrator, Deutsche Bank National Trust Company, as trustee, Deutsche Bank Trust Company Delaware, as Delaware trustee, and ▇▇▇▇▇▇▇▇▇ Mortgage Home Loans, Inc. (the “Trust, Pooling and Servicing Agreement”).
Amendments to Underwriting Agreement: The following provisions of the above-referenced Underwriting Agreement are hereby deleted and shall have no force or effect with respect to the Certificates: (a) Section 5(d) of the Underwriting Agreement is hereby deleted in its entirety and replaced with “[Reserved];”; (b) the phrase “and the stabilization legend required by item 502(d)(1) under Regulation S-K of the Act” is hereby deleted from the third sentence in Section 7(b) and (c) Section 7(d) of the Underwriting Agreement is hereby amended by deleting in the proviso to the last sentence of the first paragraph thereof the phrase “the aggregate Purchase Price for the Offered Certificates” and replacing it with “the underwriting discounts and commissions received by such Underwriter.”
Form of Certificates Being Purchased by the Underwriters: Book-Entry except for the Class R-I and Class R-II Certificates which will be in certificated, fully registered form.
Distribution Dates: The 25th day of each month or, if such 25th day is not a business day, the next succeeding business day beginning in January 2005.
Certificate Rating for the Certificates Being Purchased by the Underwriters:
Class Ratings
S&P / ▇▇▇▇▇'▇
I-A..................................... AAA/Aaa
I-AX.................................... AAA/Aaa
II-A.................................... AAA/Aaa
II-AX................................... AAA/Aaa
III-A................................... AAA/Aaa
III-AX.................................. AAA/Aaa
IV-A.................................... AAA/Aaa
IV-AX................................... AAA/Aaa
V-A..................................... AAA/Aaa
V-AX.................................... AAA/Aaa
B-1..................................... NR/Aa2
B-2..................................... NR/A2
B-3..................................... NR/Baa2
R-I..................................... AAA/Aaa
R-II.................................... AAA/Aaa
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* NR indicates that such Class is “not rated” by such Rating Agency.
Mortgage Assets: The Mortgage Loans to be included in the Trust are as described in a schedule to the Trust, Pooling and Servicing Agreement.
Credit Enhancement: None other than the subordination and limited cross-collateralization described in the related Prospectus Supplement.
Closing Date: December 22, 2004
Each of the undersigned 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, ▇▇▇▇▇▇▇ & CO. INC. By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇ Title: Senior Managing Director ▇▇▇▇▇▇ BROTHERS INC. By: /s/ ▇▇▇▇ ▇▇▇▇▇ Name: ▇▇▇▇ ▇▇▇▇▇ Title: Vice President GREENWICH CAPITAL MARKETS, INC. By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ Title: Vice President Accepted: STRUCTURED ASSET MORTGAGE INVESTMENTS II INC. By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ Name: ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ Title: Vice President |