GREENPOINT MORTGAGE FUNDING TRUST MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-AR5 TERMS AGREEMENT

GREENPOINT MORTGAGE FUNDING TRUST

MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-AR5

TERMS AGREEMENT

Dated: September 27, 2006

To:	Structured Asset Securities Corporation, as Depositor under the Trust Agreement dated as of September 1, 2006 (the “Trust Agreement”).
Re:	Underwriting Agreement Standard Terms dated as of December 21, 2005 (the “Standard Terms,” and together with this Terms Agreement, the “Agreement”).

Series Designation: Series 2006-AR5.

Terms of the Series 2006-AR5 Certificates: GreenPoint Mortgage Funding Trust Mortgage Pass-Through Certificates, Series 2006-AR5, Class 1-A1A, Class 1-A1B, Class 1-A2A1, Class 1-A2A2U, Class 1-A2A2, Class 1-A2B, Class 1-A3A1, Class 1-A3A2U, Class 1-A3A2, Class 1-A3B, Class 1-A4, Class 2-A, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class M10, Class X, Class P, Class C and Class R Certificates (the “Certificates”) will evidence, in the aggregate (but excluding the Class 1-A2A2 and Class 1-A3A2 Certificates), the entire beneficial ownership interest in a trust fund (the “Trust Fund”). The Class 1-A2A2 and Class 1-A3A2 Certificates represent beneficial interests in separate grantor trusts, the assets of each of which consist primarily of one class of certificates issued by the Trust Fund and a cap agreement. The primary assets of the Trust Fund on the Closing Date (as defined below) will consist primarily of two pools of conventional, first lien, adjustable rate, fully amortizing, negative amortization residential mortgage loans having a total Scheduled Principal Balance (as defined in the Trust Agreement) as of the Cut-off Date of $1,277,146,938.13 (the “Mortgage Loans”). Only the Class 1-A1A, Class 1-A1B, Class 1-A2A1, Class 1-A2A2, Class 1-A2B, Class 1-A3A1, Class 1-A3A2, Class 1-A3B, Class 1-A4, Class 2-A, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class M10 Certificates (the “Offered Certificates”) are being sold pursuant to the terms hereof.

Registration Statement: File Number 333-133985.

Certificate Ratings: It is a condition of Closing that at the Closing Date the Class 1-A1A, Class 1-A1B, Class 1-A2A1, Class 1-A2A2U, Class 1-A2A2, Class 1-A2B, Class 1-A3A1, Class 1-A3A2U, Class 1-A3A2, Class 1-A3B, Class 1-A4 and Class 2-A Certificates be rated “AAA” by Standard & Poor’s, a division of The XxXxxx-Xxxx Companies, Inc. (“S&P”), and “Aaa” by Xxxxx’x Investors Service, Inc. (“Moody’s” and together with S&P, the “Rating Agencies”); the Class M1 Certificates be rated “AA+” by S&P and “Aaa” by Moody’s; the Class M2 Certificates be rated “AA” by S&P and “Aaa” by Moody’s; the Class M3 Certificates be rated “Aa1” by Moody’s; the Class M4 Certificates be rated “Aa2” by Moody’s; the Class M5 Certificates be rated “Aa3” by Moody’s; the Class M6 Certificates be rated “A1” by Moody’s; the Class M7 Certificates be rated “A2” by Moody’s; the Class M8 Certificates be rated “A3” by Moody’s; the Class M9 Certificates be rated “Baa1” by Moody’s and the Class M10 Certificates be rated “Baa2” by Moody’s.

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 each class of the Offered Certificates shall be the applicable 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.

The Underwriter will sell the Offered Certificates to investors in offerings occurring within Member States of the European Economic Area in minimum initial total investment amounts of $100,000.

Cut-off Date: September 1, 2006.

Closing Date: 10:00 A.M., New York time, on or about September 29, 2006. On the Closing Date, the Depositor will deliver the Offered Certificates to the Underwriter against payment therefor.

Counsel: Dechert LLP will act as counsel for the Underwriter.

Closing Notice Address: Notwithstanding anything to the contrary in the Standard Terms, the Closing shall take place at the offices of the counsel for the Underwriter, Dechert LLP, 00 Xxxxxxxxxxx Xxxxx, Xxx Xxxx, XX 00000.

[SIGNATURE PAGE IMMEDIATELY FOLLOWS]

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: Xxxx Xxxxx

Title: Vice President

Accepted:

STRUCTURED ASSET SECURITIES CORPORATION

By: _____________________________

Name: Xxxxxxx X. Xxxxxxxx

Title: Senior Vice President

Schedule 1

Class	Initial Certificate Principal Amount(1)	Certificate Interest Rate	Purchase Price Percentage	Approximate Amount Purchased by Xxxxxx Brothers Inc.
1-A1A	$397,209,000	Variable(2)	100%	$397,209,000
1-A1B	$44,134,000	Variable(2)	100%	$44,134,000
1-A2A1	$115,000,000	Variable(2)	100%	$115,000,000
1-A2A2	$62,404,000	Variable(2)	100%	$62,404,000
1-A2B	$19,711,000	Variable(2)	100%	$19,711,000
1-A3A1	$200,000,000	Variable(2)	100%	$200,000,000
1-A3A2	$46,434,000	Variable(2)	100%	$46,434,000
1-A3B	$28,965,000	Variable(2)	100%	$28,965,000
1-A4	$14,250,000	Variable(2)	100%	$14,250,000
2-A	$205,871,000	Variable(2)	100%	$205,871,000
M1	$28,735,000	Variable(2)	100%	$28,735,000
M2	$28,735,000	Variable(2)	100%	$28,735,000
M3	$33,205,000	Variable(2)	100%	$33,205,000
M4	$10,217,000	Variable(2)	100%	$10,217,000
M5	$11,494,000	Variable(2)	100%	$11,494,000
M6	$5,108,000	Variable(2)	100%	$5,108,000
M7	$5,108,000	Variable(2)	100%	$5,108,000
M8	$4,470,000	Variable(2)	100%	$4,470,000
M9	$4,470,000	Variable(2)	100%	$4,470,000
M10	$5,236,000	Variable(2)	100%	$5,236,000

__________

(1) These balances are approximate, as described in the prospectus supplement.

(2) These certificates will accrue interest based on adjustable interest rates, as described in the prospectus supplement.