STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-BC2
TERMS AGREEMENT
Dated: June 8, 1999
To: Structured Asset Securities Corporation, as Depositor under the Trust
Agreement dated as of June 1, 1999 (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 1999-BC2.
Terms of the Series 1999-BC2 Certificates: Structured Asset Securities
Corporation, Series 1999-BC2 Mortgage Pass-Through Certificates, Class A1,
Class A2, Class A3, Class IO, Class M1, Class M2, Class M3, Class B, Class P,
Class X 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 two pools of adjustable and fixed
rate, fully amortizing and balloon, conventional, first and junior lien
residential mortgage loans (the "Mortgage Loans"). Only the Class A1, Class
A2, Class A3, Class IO, Class M1, Class M2, Class M3 and Class B Certificates
(the "Offered Certificates") are being sold pursuant to the terms hereof.
Registration Statement: File Number 333-68513.
Certificate Ratings: It is a condition to the issuance of the Class A1, Class
A2 and Class A3 Certificates that they be rated "AAA" by each of Duff & Xxxxxx
Credit Rating Co. ("DCR") and Standard & Poor's Rating Services, a division of
The XxXxxx-Xxxx Companies, Inc. ("S&P," and together with DCR, the "Rating
Agencies"). It is a condition to the issuance of the Class IO Certificates
that they be rated "AAAr" by S&P and "AAA" by DCR. It is a condition to the
issuance of the Class M1 Certificates that they be rated "AA" by each of the
Rating Agencies. It is a condition to the issuance of the Class M2
Certificates that they be rated "A" by each of the Rating Agencies. It is a
condition to the issuance of the Class M3 Certificates that they be rated "A-"
by each of the Rating Agencies. It is a condition to the issuance of the Class
B Certificates that they be rated "BBB" by each of the Rating Agencies.
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, 1999.
Closing Date: 10:00 A.M., New York time, on or about June 10, 1999. 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: /s/ Xxxxxx X. Xxxxx
-----------------------
Name: Xxxxxx X. Xxxxx
Title: Vice President
Accepted:
STRUCTURED ASSET SECURITIES
CORPORATION
By: /s/ Xxxxxxx Xxxxxxxxxx
-----------------------------
Name: Xxxxxxx Xxxxxxxxxx
Title: Vice President
Schedule 1
Purchase
Initial Certificate Principal Certificate Price
Class or Notional Amount(1) Interest Rate Percentage
------------------- ----------------------------- ------------- ----------
Class A1 140,129,000 (2) 100.00%
Class A2 75,577,000 (2) 100.00%
Class A3 157,000,000 (2) 100.00%
Class IO (3) 8.00% 6.00%
Class M1 26,119,000 (2) 100.00%
Class M2 17,187,000 (2) 100.00%
Class M3 3,878,000 (2) 100.00%
Class B 9,023,000 (2) 100.00%
-----------------
(1) Approximate.
(2) Interest will accrue on the Class A1, Class A2, Class A3, Class M1,
Class M2, Class M3 and Class B Certificates at the applicable per
annum rate described in the Prospectus Supplement.
(3) The Class IO Certificate will be an interest-only Certificate and
will accrue interest on a notional principal amount ("Notional
Amount") as described in the Prospectus Supplement.
