STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-1
TERMS AGREEMENT
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Dated: January 21, 2000
To: Structured Asset Securities Corporation, as Depositor under the Trust
Agreement dated as of January 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 2000-1.
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Terms of the Series 2000-1 Certificates: Structured Asset Securities
Corporation, Series 2000-1 Mortgage Pass-Through Certificates, Class 1-A1, Class
1-A2, Class 1-A3, Class 1-A4, Class 1-A5, Class 1-A6, Class 1-A7, Class 1-AP,
Class 2-A1, Class 2-A2, Class 2-A3, Class 2-A4, Class 2-A5, Class 2-AP, Class
3-A, Class 3-AP, Class AX, Class B1, Class B1X, Class B2, Class B2X, Class B3,
Class B4, Class B5, Class B6 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 three pools of
fixed rate, conventional, first lien, residential mortgage loans (the "Mortgage
Loans") and a mortgage-backed certificate (the "Underlying Certificate"). Only
the Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4, Class 1-A5, Class 1-A6,
Class 1-A7, Class 1-AP, Class 2-A1, Class 2-A2, Class 2-A3, Class 2-A4, Class
2-A5, Class 2-AP, Class 3-A, Class 3-AP, Class AX, Class B1, Class B1X, Class
B2, Class B2X, Class B3 and Class R Certificates (the "Offered Certificates")
are being sold pursuant to the terms hereof.
Registration Statement: File Number 333-68513.
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Certificate Ratings: It is a condition of Closing that at the Closing Date: the
Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4, Class 1-A5, Class 1-A6, Class
1-A7, Class 1-AP, Class 2-A1, Class 2-A2, Class 2-A3, Class 2-A4, Class 2-A5,
Class 2-AP, Class 3-A, Class 3-AP and Class AX Certificates be rated "AAA" by
each of Duff & Xxxxxx Credit Rating Co. ("DCR") and Xxxxx'x Investors Service,
Inc. ("Moody's," together with DCR, the "Rating Agencies"); the Class R
Certificates be rated "AAA" by DCR; the Class B1 and B1X Certificates be rated
"AA" by DCR; the Class B2 and B2X Certificates be rated "A" by DCR; and the
Class B3 Certificates be rated "BBB" by DCR.
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: January 1, 2000.
Closing Date: 10:00 A.M., New York time, on or about January 28, 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: /s/ Xxxxxx X. Xxxxx
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Name: Xxxxxx X. Xxxxx
Title: Vice President
Accepted:
STRUCTURED ASSET SECURITIES
CORPORATION
By: /s/ Xxxxx Xxxxxxx
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Name: Xxxxx Xxxxxxx
Title: Vice President
Schedule 1
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Initial Certificate Certificate Purchase Price
Class Principal Amount(1) Interest Rate Percentage
----- ---------------- ------------- ----------
1-A1 $50,650,000 7.60% 100.09375%
1-A2 75,600,000 Adjustable(2) 99.96875%
1-A3(3) (4) Adjustable(2) 3.00000%
1-A4 5,524,000 8.00% 96.87500%
1-A5(3) (4) 9.00% 22.65625%
1-A6(3) (4) 9.00% 41.18750%
1-A7 30,000,000 7.85% 98.57813%
1-AP(5) 7,339,244 0.00% 60.12500%
2-A1 90,408,000 7.50% 99.76563%
2-A2 81,000,000 7.50% 98.65625%
2-A3 40,000,000 7.75% 100.00000%
2-A4(5) 1,500,000 0.00% 33.12500%
2-A5(5) 4,467,590 0.00% 65.10938%
2-AP(5) 248,737 0.00% 50.12500%
3-A 40,210,858 7.25% 98.46875%
3-AP(5) 1,166,141 0.00% 68.00000%
AX(3) (6) 8.00% 19.95313%
B1 12,626,000 Adjustable(2) 98.00000%
B1X(3) (4) Adjustable(2) 35.00000%
B2 5,594,000 Adjustable(2) 96.07813%
B2X(3) (4) Adjustable(2) 34.00000%
B3 3,036,000 Adjustable(2) 71.04688%
R 100 9.00% 100.00000%
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(1) These balances are approximate, as described in the prospectus supplement.
(2) The Class 1-A2, 1-A3, B1, B1X, B2, B2X and B3 Certificates accrue interest
based on variable interest rates, as described in the prospectus
supplement. The initial interest rates on these classes of certificates
will be Class 1-A2, 6.55%; Class 1-A3, 2.45%; Class B1, 8.25%; Class B1X,
8.25%; Class B2, 8.25%; Class B2X, 8.25%; and Class B3, approximately
8.33%.
(3) The Class 1-A3, 1-A5, 1-A6, AX, B1X and B2X Certificates will be
interest-only certificates; they will not be entitled to payments of
principal.
(4) The Class 1-A3, 1-A5, 1-A6, B1X and B2X Certificates will have no
principal amount; they will accrue interest on a notional amount, as
described in the prospectus supplement.
(5) The Class 1-AP, 2-A4, 2-A5, 2-AP and 3-AP Certificates will be
principal-only certificates; they will not be entitled to payments of
interest.
(6) The Class AX Certificates will have no principal amount; they will accrue
interest on the sum of the notional amounts of the AX(1) Component and AX
(2) Component, as described in the prospectus supplement.
