EXECUTION
STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-3
TERMS AGREEMENT
Dated: July 26, 2000
To: Structured Asset Securities Corporation, as Depositor under the Trust
Agreement dated as of July 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 2000-3.
Terms of the Series 2000-3 Certificates: Structured Asset Securities
Corporation, Series 2000-3 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-A8, 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-AP, Class 3-A1, Class 3-AP, Class 3-AX, Class
4-A1, Class 4-AP, Class B1, Class B2, Class BX, 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,
conventional, 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-A8, 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-AP, Class 3-A, Class
3-AP, Class 3-AX, Class 4-A, Class 4-AP, Class B1, Class B2, Class BX, 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-A4, Class 1-A5, Class
1-A6, Class 1-A7, Class 1-A8, 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-AP, Class 3-A1, Class
3-AP, Class 3-AX, Class 4-A1, Class 4-AP and Class R Certificates be rated
"AAA" by each of Standard & Poor's Rating Services ("S&P") and Fitch.
(collectively, the "Rating Agencies"); the Class R Certificates be rated "AAA"
by S&P and Fitch; the Class B1 Certificates be rated "AA" by Fitch; the Class
B2 and Class BX 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: July 1, 2000.
Closing Date: 10:00 A.M., New York time, on or about July 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.
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: Vice President
Accepted:
STRUCTURED ASSET SECURITIES
CORPORATION
By: /s/ Ellen V Kiernan
--------------------------
Name: Ellen V. Kiernan
Title: Vice President
<TABLE>
<CAPTION>
Schedule 1
Initial Certificate Certificate Purchase Price
Class Principal Amount(1) Interest Rate Percentage
----- ---------------- ------------- ----------
<S> <C> <C> <C> <C>
1-A1 $103,000,000 7.50% 100.03125
1-A2(2) (3) 9.50% 16.0
1-A3 108,500,000 Adjustable(4) 99.96875
1-A4(2) (3) Adjustable(4) 2.125
1-A5 3,955,000 8.00% 100.00
1-A6(2) (3) 9.50% 30.00
1-A7 46,400,000 8.00% 99.375
1-A8(2) (3) 9.50% 39.00
1-AP(5) 3,840,569 0.00% 67.0625
2-A1 59,640,000 7.50% 100.25
2-A2(2) (3) 8.25% 14.00
2-A3 90,000,000 8.25% 100.03125
2-A4(2) (3) 8.25% 25.00
2-A5 25,000,000 7.65% 100.00
2-A6 34,000,000 8.00% 99.15625
2-A7(2) (3) 8.25% 25.00
2-AP(5) 1,371,539 0.00% 62.0625
3-A1 74,836,000 8.25% 100.50
3-AP(5) 716,219 0.00% 65.00
3-AX(2) (3) Adjustable(4) 24.75
4-A1 44,963,000 8.25% 100.34375
4-AP(5) 153,481 0.00% 62.0625
B1 19,783,000 Adjustable(4) 99.04688
B2 11,804,000 Adjustable(4) 97.73438
BX (3) 9.50% 39.00
B3 7,359,000 Adjustable(4) 91.00
R 100.00 9.50% 100.00
</TABLE>
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(1) These balances are approximate, as described in this prospectus
supplement.
(2) The Class 1-A2, 1-A4, 1-A6, 1-A8, 2-A2, 2-A4, 2-A7, 3-AX and BX
Certificates will be interest-only certificates; they will not be
entitled to payments of principal.
(3) The Class 1-A2, 1-A4, 1-A6, 1-A8, 2-A2, 2-A4, 2-A7, 3-AX and BX
Certificates will have no principal amount; they will accrue interest on
a notional amount, as described in this prospectus supplement.
(4) The Class 1-A3, 1-A4 and B3 Certificates accrue interest based on
variable interest rates, as described in this prospectus supplement.
(5) The Class 1-AP, 2-AP, 3-AP and 4-AP Certificates will be principal-only
certificates; they will not be entitled to payments of interest.
