STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2003-7H
TERMS AGREEMENT
Dated: February 25, 2003
To: Structured Asset Securities Corporation, as Depositor under the Trust
Agreement dated as of February 1, 2003 (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 2003-7H.
Terms of the Series 2003-7H Certificates: Structured Asset Securities
Corporation, Series 2003-7H Mortgage Pass-Through Certificates, Class A1-I,
Class A1-II, Class A-IO-F, Class A-PO-F, Class A1-III, Class A-IO-III, Class
B1-F, Class B1-III, Class B2-F, Class B2-III, 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 and adjustable
rate, conventional, first lien, residential mortgage loans (the "Mortgage
Loans"). Only the Class A1-I, Class A1-II, Class A-IO-F, Class A-PO-F, Class
A1-III, Class A-IO-III, Class B1-F, Class B1-III, Class B2-F, Class B2-III and
Class B3 (the "Offered Certificates") are being sold pursuant to the terms
hereof.
Registration Statement: File Number 333-92140.
Certificate Ratings: It is a condition of Closing that at the Closing Date the
Class A1-I, Class A1-II, Class A-IO-F, Class A-PO-F, Class A1-III, Class
A-IO-III and Class R Certificates be rated "AAA" by Fitch, Inc. ("Fitch") and
"AAA" by Standard & Poor's, A Division of the XxXxxx-Xxxx Companies ("S&P" and
together with Fitch, the "Rating Agencies"); the Class B1-F Certificate and
B1-III be rated "AA" by Fitch; the Class B2-F and Class B2-III Certificates be
rated "A" by Fitch; and the Class B3 Certificates be rated "BBB" by Fitch.
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
Cutoff 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: February 1, 2003.
Closing Date: 10:00 A.M., New York time, on or about February 28, 2003. On the
Closing Date, the Depositor will deliver the Offered Certificates to the
Underwriter against payment therefor for the account of the Underwriter.
2
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: Xxxxx Xxxxx
Title: Managing Director
Accepted:
STRUCTURED ASSET SECURITIES CORPORATION
By: ____________________________
Name: Xxxxx Xxxxxxx
Title: Senior Vice President
Schedule 1
Class Initial Certificate Certificate Purchase Price
Principal Interest Rate Percentage
Amount(1)
A1-I $111,560,000 6.00% 100%
A1-II $186,290,000 6.50% 100%
A-IO-F (2) 1.00% 100%
A-PO-F $1,116,821 0.00%(3) 100%
A1-III $26,945,000 4.50% 100%
A-IO-III (2) 1.00% 100%
B1-F $4,292,000 Variable(4) 100%
B2-F $1,534,000 Variable(4) 100%
B1-III $915,000 Variable(5) 100%
B2-III $141,000 Variable(5) 100%
B3 $836,000 Variable(4) 100%
R $100 6.00% 100%
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(1) These balances are approximate, as described in the prospectus supplement.
(2) The Class A-IO-F and Class A-IO-III Certificates will be interest-only
certificates; they will not be entitled to payments of principal and will
accrue interest on a notional amount, as described in the Prospectus
Supplement.
(3) The Class A-PO-F Certificates will be principal-only certificates; they
will not be entitled to payments of interest.
(4) These certificates will accrue interest based on the weighted average of
their respective components, as described in the Prospectus Supplement
(5) These certificates will accrue interest based on Net Wac of Pool 3, as
described in the Prospectus Supplement.