EXECUTION
STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2001-9
TERMS AGREEMENT
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Dated: June 28, 2001
To: Structured Asset Securities Corporation, as Depositor, under the Trust
Agreement dated as of June 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 2001-9.
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Terms of the Series 2001-9 Certificates: Structured Asset Securities
Corporation, Series 2001-9 Mortgage Pass-Through Certificates, Class 1-A1, Class
1-A2, Class 1-A3, Class 1-A5, Class 1-AP, Class 1-AX, Class 2-A1, Class 2-A2,
Class 2-A3, Class 2-A5, Class 2-A6, Class 2-AX, Class 3-A1, Class 3-A2, Class
3-A3, Class 3-A5, Class 3-A6, Class 3-A7, Class 3-AP, Class 3-AX, Class 4-A1,
Class 4-A2, Class 4-A3, Class 4-A5, Class 4-A6, Class 4-A7, Class 4-AP, Class
4-AX, Class 5-A1, Class 5-AP, Class 5-AX, Class 6-A1, Class 6-A2, Class 6-A3,
Class 6-A5, Class 6-A6, Class 6-AP, Class 6-AX, Class A4, 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 six
pools of fixed rate, fully amortizing and balloon, conventional, first lien
residential mortgage loans (the "Mortgage Loans"). Only the Class 1-A1, Class
1-A2, Class 1-A3, Class 1-A5, Class 1-AP, Class 1-AX, Class 2-A1, Class 2-A2,
Class 2-A3, Class 2-A5, Class 2-A6, Class 2-AX, Class 3-A1, Class 3-A2, Class
3-A3, Class 3-A5, Class 3-A6, Class 3-A7, Class 3-AP, Class 3-AX, Class 4-A1,
Class 4-A2, Class 4-A3, Class 4-A5, Class 4-A6, Class 4-A7, Class 4-AP, Class
4-AX, Class 5-A1, Class 5-AP, Class 5-AX, Class 6-A1, Class 6-A2, Class 6-A3,
Class 6-A5, Class 6-A6, Class 6-AP, Class 6-AX, Class A4, 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 333-35026.
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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-A5, Class 1-AP, Class 1-AX, Class
2-A1, Class 2-A2, Class 2-A3, Class 2-A5, Class 2-A6, Class 2-AX, Class 3-A1,
Class 3-A2, Class 3-A3, Class 3-A5, Class 3-
A6, Class 3-A7, Class 3-AP, Class 3-AX, Class 4-A1, Class 4-A2, Class 4-A3,
Class 4-A5, Class 4-A6, Class 4-A7, Class 4-AP, Class 4-AX, Class 5-A1, Class
5-AP, Class 5-AX, Class 6-A1, Class 6-A2, Class 6-A3, Class 6-A5, Class 6-A6,
Class 6-AP, Class 6-AX and Class A4 Certificates be rated "AAA" by Standard &
Poor's Rating Services, Inc., a division of The XxXxxx-Xxxx Companies, Inc.
("S&P") and Fitch, Inc. ("Fitch") rated "Aaa" by Xxxxx'x Investors Service,
Inc., ("Xxxxx'x") the Class R Certificate be rated "AAA" by S&P and Fitch; the
Class B1 Certificates be rated "AA" by Fitch; 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: June 1, 2001.
Closing Date: 10:00 A.M., New York time, on or about June 29, 2001. On the
Closing Date, the Depositor will deliver the Offered Certificates to the
Underwriter against payment therefor for the account of the Underwriter.
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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: Senior Vice President
Accepted:
STRUCTURED ASSET SECURITIES
CORPORATION
By: /s/ Xxxxx X. Xxxxxxx
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Name: Xxxxx X. Xxxxxxx
Title: Vice President
Schedule 1
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CLASS
PRINCIPAL CERTIFICATE PURCHASE PRICE CUSIP
CLASS AMOUNT(1) INTEREST RATE PERCENTAGE NUMBER
--------------- ------------- ------------- --------------- --------------
1-A1 $ 38,502,000 5.60% 100% 86358R EL 7
1-A2(2) (3) 6.80% 100% 86358R EM 5
1-A3 $ 50,000,000 6.50% 100% 86358R EN 3
1-A5(6) (3) 6.80% 100% 86358R EP 8
1-AP(1) $ 46,391 0.00% 100% 86358R FS 1
1-AX(2) (3) 6.80% 100% 86358R FT 9
2-A1 $ 71,963,000 5.25% 100% 86358R EQ 6
2-A2(2) (3) 7.00% 100% 86358R ER 4
2-A3 $ 50,000,000 7.00% 100% 86358R ES 2
2-A5 $ 50,000,000 6.65% 100% 86358R ET 0
2-A6(2) (3) 7.00% 100% 86358R EU 7
2-AX(2) (3) 7.00% 100% 86358R FY 8
3-A1 $ 100,000,000 6.65% 100% 86358R EV 5
3-A2 $ 21,753,000 6.75% 100% 86358R EW 3
3-A3 $ 9,014,000 6.15% 100% 86358R EX 1
3-A5(4) $ 10,067,000 6.70% 100% 86358R EY 9
3-A6(2) (3) 6.75% 100% 86358R EZ 6
3-A7(5) $ 14,000,000 6.75% 100% 86358R FA 0
3-AP(6) $ 1,573,658 0.00% 100% 86358R FB 8
3-AX(2) (3) 6.75% 100% 86358R FC 6
4-A1 $ 63,471,000 5.25% 100% 86358R FD 4
4-A2(2) (3) 6.85% 100% 86358R FE 2
4-A3 $ 50,000,000 6.83% 100% 86358R FF 9
4-A5 $ 25,000,000 6.85% 100% 86358R FG 7
4-A6 $ 30,000,000 6.65% 100% 86358R FH 5
4-A7(2) (3) 6.85% 100% 86358R FJ 1
4-AP(6) $ 314,106 0.00% 100% 86358R FZ 5
4-AX(2) (3) 6.85% 100% 86358R GA 9
5-A1 $ 98,145,000 7.50% 100% 86358R FK 8
5-AP(6) $ 2,030,855 0.00% 100% 86358R GB 7
5-AX(2) (3) 7.50% 100% 86358R GC 5
6-A1 $ 90,000,000 Adjustable(7) 100% 86358R FL 6
6-A2 $ 66,379,000 Adjustable(7) 100% 86358R FM 4
6-A3(2) (3) Adjustable(7) 100% 86358R FN 2
6-A5(2) (3) Adjustable(7) 100% 86358R FP 7
6-A6(2) (3) 8.50% 100% 86358R FQ 5
6-AP(6) $ 2,207,314 0.00% 100% 86358R GD 3
6-AX(2) (3) 8.50% 100% 86358R GE 1
A4 $ 54,000,000 6.50% 100% 86358R FR 3
B1 $ 23,517,000 Variable(7) 100% 86358R FU 6
B2 $ 7,524,000 Variable(7) 100% 86358R FV 4
B3 $ 4,699,000 Variable(7) 100% 86358R FW 2
R $ 100 6.80% 100% 86358R FX 0
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(1) These balances are approximate, as described in this prospectus supplement.
(2) The Class 1-A2, 1-A5, 1-AX, 2-A2, 2-A6, 2-AX, 3-AX, 3-A6, 4-A2, 4-A7, 4-AX,
5-AX, 6-A3, 6-A5, 6-A6 and 6-AX Certificates will be interest-only
certificates; they will not be entitled to payments of principal.
(3) The Class 1-A2, 1-A5, 1-AX, 2-A2, 2-A6, 2-AX, 3-A6, 3-AX, 4-A2, 4-A7, 4-AX,
5-AX, 6-A3, 6-A5, 6-A6 and 6-AX Certificates will have no principal amount;
they will accrue interest on a notional amount, as described in this
prospectus supplement.
(4) The amount of interest accruing on the Class 3-A5 Certificates will not be
payable to the holders of this class until such time as described in the
prospectus supplement under "Description of the Certificates Distribution
of Interest."
(5) The Class 3-A7 Certificates will not receive the benefit of accelerated
payment of principal to the same extent as the other related senior
certificates, as described in this prospectus supplement under "Description
of the Certificates - Distribution of Principal."
(6) The Class 1-AP, 3-AP, 4-AP, 5-AP and 6-AP Certificates will be
principal-only certificates; they will not be entitled to payments of
interest.
(7) The Class 6-A1, 6-A2, 6-A3, 6-A5, B1, B2 and B3 Certificates will accrue
interest based on adjustable or variable interest rates, as described in
the prospectus supplement.
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