BEAR STEARNS ASSET BACKED SECURITIES I LLC Bear Stearns Asset Backed Securities I Trust 2006-AC1 Asset-Backed Certificates, Series 2006-AC1 TERMS AGREEMENT
EXHIBIT 1.0
BEAR XXXXXXX ASSET BACKED SECURITIES I LLC
Bear Xxxxxxx Asset Backed Securities I Trust 2006-AC1
Asset-Backed Certificates, Series 2006-AC1
TERMS AGREEMENT
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Dated: as of January 30, 2006 | |||||||
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To: |
BEAR XXXXXXX ASSET BACKED SECURITIES I LLC |
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Re: |
Underwriting Agreement dated January 10, 2006 |
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Underwriter: |
Bear, Xxxxxxx & Co. Inc. |
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Series Designation: |
Series 2006-AC1 |
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Class Designation Schedule of the Certificates: Class I-A-1, Class I-A-2, Class 1-M-1, Class I-M-2, Class I-M-3, Class I-B-1, Class I-B-2, Class I-B-3, Class II-IA-1, Class II-1A-2, Class II-1X, Class II-1PO, Class II-2A-1, Class II-2A-2, Class II-2X, Class II-2PO, Class II-B-1, Class II-B-2 and Class II-B-3 Certificates.
Terms of the Certificates:
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Class |
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Principal Amount |
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Pass Through | ||
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I-A-1 |
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$ |
275,026,000 |
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5.75 |
% |
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I-A-2 |
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$ |
75,000,000 |
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5.75 |
% |
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I-M-1 |
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$ |
46,510,000 |
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Adjustable |
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I-M-2 |
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$ |
24,933,000 |
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Adjustable |
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I-M-3 |
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$ |
11,508,000 |
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Adjustable |
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I-B-1 |
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$ |
11,028,000 |
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Adjustable |
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I-B-2 |
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$ |
10,069,000 |
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Adjustable |
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I-B-3 |
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$ |
9,590,000 |
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Adjustable |
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II-1A-1 |
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$ |
87,716,000 |
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5.50 |
% |
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II-1A-2 |
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$ |
3,550,000 |
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5.50 |
% |
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II-1X |
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$ |
99,281,071(1) |
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Adjustable |
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II-1PO |
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$ |
1,709,146 |
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--- |
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II-2A-1 |
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$ |
202,218,000 |
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6.00 |
% |
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II-2A-2 |
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$ |
4,200,000 |
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6.00 |
% |
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II-2X |
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$ |
225,179,624(1) |
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Adjustable |
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II-2PO |
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$ |
4,460,569 |
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--- |
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II-B-1 |
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$ |
7,300,000 |
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Adjustable |
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II-B-2 |
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$ |
4,705,000 |
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Adjustable |
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II-B-3 |
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$ |
3,083,000 |
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Adjustable |
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(1) |
This is a notional amount. |
The Certificates purchased by the Underwriter will be offered from time to time by the Underwriter 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 January 1, 2006, among Bear Xxxxxxx Asset Backed Securities I LLC, as depositor, Xxxxx Fargo Bank, National Association, as master servicer and securities administrator, EMC Mortgage Corporation, as seller and company and U.S. Bank National Association, as trustee.
Form of Certificates Being Purchased by the Underwriter: Book-Entry, other than the Class R-1, and Class R-2 Certificates which will be in definitive 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 February 2006.
Certificate Rating for the Certificates Being Purchased by the Underwriter:
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Class |
Ratings | |
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Xxxxx’x |
S&P |
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I-A-1 |
Aaa |
AAA |
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I-A-2 |
Aaa |
AAA |
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I-M-1 |
Aa2 |
AA |
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I-M-2 |
A2 |
A |
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I-M-3 |
A3 |
A- |
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I-B-1 |
Baa1 |
BBB+ |
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I-B-2 |
Baa2 |
BBB |
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I-B-3 |
Baa3 |
BBB- |
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II-1A-1 |
Aaa |
AAA |
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II-1A-2 |
Aa1 |
AAA |
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II-1X |
Aaa |
AAA |
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II-1PO |
Aaa |
AAA |
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II-2A-1 |
Aaa |
AAA |
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II-2A-2 |
Aa1 |
AAA |
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II-2X |
Aaa |
AAA |
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II-2PO |
Aaa |
AAA |
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II-B-1 |
Aa2 |
AA |
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II-B-2 |
A2 |
A |
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II-B-3 |
Baa2 |
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 Underwriter for the Certificates covered by this Agreement will be $ * (plus $ * in accrued interest).
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* Contact Bear, Xxxxxxx & Co. Inc. for pricing information
Credit Enhancement: Excess spread, overcollateralization and subordination as described in the related Prospectus Supplement.
Closing Date: January 31, 2006.
[Signature Page Follows]
The undersigned, as the Underwriter, 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.
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BEAR, XXXXXXX & CO. INC. | |
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By: |
/s/ Xxxx X. Xxxxxxxx |
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Name: |
Xxxx X. Xxxxxxxx |
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Title: |
Senior Managing Directors |
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Accepted: BEAR XXXXXXX ASSET BACKED SECURITIES I LLC | |
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By: |
/s/ Xxxxxx X. Xxxxxxxxx, Xx. |
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Name: |
Xxxxxx X. Xxxxxxxxx, Xx. |
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Title: |
Vice President |
Annex A
Mortgage Loan Schedule
[Available Upon Request]
