Execution
STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2001-12
TERMS AGREEMENT
---------------
Dated: August 29, 2001
To: Structured Asset Securities Corporation, as Depositor, under the Trust
Agreement dated as of August 1, 2001 (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 2001-12.
------------------
Terms of the Series 2001-12 Certificates: Structured Asset Securities
Corporation, Series 2001-12 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-AX, Class 1-AP, Class 2-A1, Class 2-A2, Class 2-A3, Class 2-A4, Class 2-A5,
Class 2-A6, Class 2-A7, Class 2-A8, Class 2-A9, Class 2-A10, Class 2-A11, Class
2-A12, Class 2-A13, Class 2-AX, Class 3-A1, Class 3-A2, Class 3-A3, Class 3-A4,
Class 3-A5, Class 3-AX, Class B1(1-3), Class B1(2), Class B2(1-3), Class B2(2),
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 four
pools of fixed rate, fully amortizing, first lien, residential mortgage loans
(the "Mortgage Loans"). 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-AX, Class 1-AP, Class 2-A1, Class
2-A2, Class 2-A3, Class 2-A4, Class 2-A5, Class 2-A6, Class 2-A7, Class 2-A8,
Class 2-A9, Class 2-A10, Class 2-A11, Class 2-A12, Class 2-A13, Class 2-AX,
Class 3-A1, Class 3-A2, Class 3-A3, Class 3-A4, Class 3-A5, Class 3-AX, Class
B1(1-3), Class B1(2), Class B2(1-3), Class B2(2), Class B3 and Class R
Certificates (the "Offered Certificates") are being sold pursuant to the terms
hereof.
Registration Statement: File Number 333-63602.
----------------------
Certificate Ratings: It is a condition of Closing that at the Closing Date Class
1-A1, Class 1-A2, Class 1-A3, Class 1-A4, Class 1-A5, Class 1-A6, Class 1-A7,
Class 1-AX, Class 1-AP, Class 2-A1, Class 2-A2, Class 2-A3, Class 2-A4, Class
2-A5, Class 2-A6, Class 2-A7, Class 2-A8, Class 2-A9, Class 2-A10, Class 2-A11,
Class 2-A12, Class 2-A13, Class 2-AX, Class 3-A1, Class 3-A2, Class 3-A3, Class
3-A4, Class 3-A5 and Class 3-AX Certificates be rated "AAA" by Standard & Poor's
Rating Services, a division of The XxXxxx-Xxxx Companies, Inc. ("S&P")
and rated "Aaa" by Xxxxx'x Investors Service, Inc., ("Moody's" and collectively
the "Rating Agencies"); the Class R Certificate be rated "AAA" by S&P; the Class
B1(1-3) and Class B1(2) Certificates be rated "AA" by S&P; the Class B2(1-3) and
Class B2(2) Certificates be rated "A" by S&P; and the Class B3 Certificates be
rated "BBB" by S&P.
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: August 1, 2001.
------------
Closing Date: 10:00 A.M., New York time, on or about August 30, 2001. On the
Closing Date, the Depositor will deliver the Offered Certificates to the
Underwriter against payment therefor for the account of the Underwriter.
Counsel: XxXxx Xxxxxx LLP will act as counsel for the Underwriters.
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: Senior Vice President
Accepted:
STRUCTURED ASSET SECURITIES
CORPORATION
By: /s/ Xxxxx X. Xxxxxxx
-------------------------
Name: Xxxxx X. Xxxxxxx
Title: Vice President
Schedule 1
Initial Certificate
Principal Amount(1)
or Initial Notional Certificate Purchase Price
Class Amount Interest Rate Percentage
============================== ============================== =========================== ============================
1-A1 $54,738,000 5.00% 100%
1-A2 30,000,000 4.80 100%
1-A3(2) (3) 6.75 100%
1-A4 200,000,000 5.80 100%
1-A5 10,000,000 6.75 100%
1-A6 10,000,000 6.75 100%
1-A7 24,025,000 6.75 100%
1-AX(2) (3) 6.75 100%
1-AP 184,824 0.00(5) 100%
2-A1 70,600,000 5.75 100%
2-A2 35,771,000 6.35 100%
2-A3 15,200,000 6.50 100%
2-A4(2) (3) 7.25 100%
2-A5 33,550,000 6.00 100%
2-A6 20,000,000 6.50 100%
2-A7 50,000,000 6.35 100%
2-A8 10,000,000 6.50 100%
2-A9 62,004,678 (6) 100%
2-A10 7,900,000 7.25 100%
2-A11 2,326,000 7.25 100%
2-A12 1,000,000 7.25 100%
2-A13 300,000 7.25 100%
2-AX(2) (3) 7.25 100%
3-A1 17,898,000 6.35 100%
3-A2(2) (3) 6.75 100%
3-A3 15,000,000 6.45 100%
3-A4 4,900,000 6.75 100%
3-A5 1,013,000 6.75 100%
3-AX(2) (3) 6.75 100%
B1(1-3) 8,790,000 6.75 100%
B1(2) 5,933,000 7.25 100%
B2(1-3) 3,103,000 6.75 100%
B2(2) 2,084,000 7.25 100%
B3 4,287,000 (4) 100%
R 100 6.75 100%
------------
(1) These balances are approximate, as described in the prospectus supplement.
(2) The Class 1-A3, 1-AX, 2-A4, 2-AX, 3-A2 and 3-AX Certificates will be
interest-only certificates; they will not be entitled to payments of
principal.
(3) The Class 1-A3, 1-AX, 2-A4, 2-AX, 3-A2 and 3-AX Certificates will have no
principal amount; they will accrue interest on a notional amount, as
described in the prospectus supplement.
(4) The Class 2-A9 and B3 Certificates accrue interest based on adjustable or
variable interest rates, as described in the prospectus supplement.
(5) The Class 1-AP Certificates will be principal-only certificates; they will
not be entitled to payments of interest.
(6) The Class 2-A9 Certificates will consist of five components having the
characteristics described in the prospectus supplement.
