Terms Agreement for Sale of Series 2001-9 Mortgage Pass-Through Certificates between Structured Asset Securities Corporation and Lehman Brothers Inc.

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Summary

This agreement is between Structured Asset Securities Corporation (the Depositor) and Lehman Brothers Inc. (the Underwriter) for the sale and purchase of Series 2001-9 Mortgage Pass-Through Certificates. The certificates represent interests in a trust fund backed by pools of residential mortgage loans. The agreement specifies the classes, amounts, interest rates, and purchase prices of the certificates, as well as conditions such as required credit ratings and the closing date. The Underwriter will offer the certificates to the public at varying prices. The agreement becomes binding upon execution by both parties.

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EX-1.1 2 file002.txt TERMS AGREEMENT EXECUTION STRUCTURED ASSET SECURITIES CORPORATION MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2001-9 TERMS AGREEMENT --------------- 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. - ------------------- 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. - ----------------------- 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 McGraw-Hill Companies, Inc. ("S&P") and Fitch, Inc. ("Fitch") rated "Aaa" by Moody's Investors Service, Inc., ("Moody's") 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 Lehman 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. 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. LEHMAN BROTHERS INC. By: /s/ Joseph J. Kelly --------------------------- Name: Joseph J. Kelly Title: Senior Vice President Accepted: STRUCTURED ASSET SECURITIES CORPORATION By: /s/ Ellen V. Kiernan ------------------------------- Name: Ellen V. Kiernan Title: Vice President Schedule 1 ----------
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
- ------------ (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. 5