AURORA LOAN SERVICES
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-2
TERMS AGREEMENT
---------------
Dated: April 25, 2000
To: Structured Asset Securities Corporation , as Depositor under the Trust
Agreement dated as of April 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 2000-2.
Terms of the Series 2000-2 Certificates: Aurora Loan Services, Series 2000-2
Mortgage Pass-Through Certificates, Class 1-A1, Class 1-A2, Class 1-AX, Class
1-AP, Class 2-A1, Class 2-A2, Class 2-AX1, Class 2-AX2, Class 2-AP, Class B1,
Class B2, 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 two pools of adjustable rate, conventional, first
lien, residential mortgage loans (the "Mortgage Loans"). Only the Class 1-A1,
Class 1-AX, Class 1-AP, Class 2-A1, Class 2-AX1, Class 2-AX2, Class 2-AP,
Class B1, Class B2, Class B3 and Class R Certificates (the "Offered
Certificates") are being sold pursuant to the terms hereof.
Registration Statement: File Number 333-31252.
Certificate Ratings: It is a condition of Closing that at the Closing Date:
the Class 1-A1, Class 1-A2, Class 2-A1, and Class 2-A2 and Class R
Certificates be rated "AAA" by each of Fitch IBCA, Inc. ("Fitch") and Standard
& Poor's Rating Services, a division of The XxXxxx-Xxxx Companies, Inc.
("S&P," together with Fitch, the "Rating Agencies"); the Class 1-AX, Class
1-AP, Class 2-AX1, Class 2-AX2 and Class 2-AP Certificates be rated "AAA" by
Fitch and "AAAr" by S & P; the Class B1 Certificates be rated "AA" by Fitch and
S & P; the Class B2 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 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: April 1, 2000.
Closing Date: 10:00 A.M., New York time, on or about April 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.
Capitalized Terms: Capitalized terms used but not defined herein shall have
the meanings assigned to such terms in the Trust Agreement.
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/ Xxxxx X. Xxxxxxx
---------------------------
Name: Xxxxx X. Xxxxxxx
Title: Vice President
Schedule 1
Initial Certificate Certificate Purchase Price
Class Principal Amount(1) Interest Rate Percentage
----- ------------------- ------------- ----------
1-A1 $48,844,000.00 (2) 100.000%
1-AX (3) (2) 0.715
1-AP 721,738.00 (2) 76.000
2-A1 165,599,000.00 (2) 100.000
2-AX1 (3) (2) 3.650
2-AX2 (3) (2) 0.048
2-AP 18,766,848.00 (2) 74.000
B1 8,402,000.00 (2) 101.000
B2 6,463,000.00 (2) 100.250
B3 3,101,000.00 (2) 97.250
R 100.00 (2) 100.000
(1) Approximate.
(2) The Offered Certificates will have the Certificate Interest Rates
described in the Prospectus Supplement.
(3) The Class 1-AX, Class 2-AX1 and Class 2-AX2 Certificates will have no
principal amount; they will accrue interest on a notional amount, as
described in the Prospectus Supplement.
