LEHMAN XS TRUST MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2007-18N TERMS AGREEMENT
▇▇▇▇▇▇
XS TRUST
MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES 2007-18N
Dated: September
26, 2007
|
To:
|
Structured
Asset Securities Corporation, as Depositor under the Trust Agreement,
dated as of September 1, 2007 (the “Trust
Agreement”).
|
|
Re:
|
Underwriting
Agreement Standard Terms, dated as of December 21, 2005 (the “Standard
Terms,” and together with this Terms Agreement, the
“Agreement”).
|
|
Series
Designation:
|
Series
2007-18N.
|
Terms
of the Series 2007-18N Certificates:
▇▇▇▇▇▇
XS Trust Mortgage Pass-Through Certificates, Series 2007-18N, Class 1-A1, Class
1-A2, Class 1-A3, Class 2-A1, Class 2-A2, Class 2-A3, Class AX, Class AF2,
Class
AF3, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7,
Class
M8, Class X, Class C 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 on the Closing Date (as defined below) will consist primarily of two pools
of conventional,
first lien, adjustable rate, fully amortizing, hybrid negative amortization
residential
mortgage
loans having a total Scheduled Principal Balance (as defined in the Trust
Agreement) as of the Cut-off Date of approximately $544,789,037.44 (the
“Mortgage Loans”). Only the Class 1-A1, Class 1-A2, Class 1-A3, Class 2-A1,
Class 2-A2, Class 2-A3, Class AX, Class AF2, Class AF3, Class M1, Class M2,
Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates
(the
“Offered Certificates”) are being sold pursuant to the terms
hereof.
Registration
Statement:
File
Number 333-139693.
Certificate
Ratings:
It is a
condition of Closing that at the Closing Date Certificates are rated by Standard
& Poor’s, a division of The ▇▇▇▇▇▇-▇▇▇▇ Companies, Inc. (“S&P”) and by
Fitch Ratings (“Fitch” and together with S&P, the “Rating Agencies”) in
accordance with the below:
|
Class
|
S&P
|
Fitch
|
|
1-A1
|
AAA
|
AAA
|
|
1-A2
|
AAA
|
AAA
|
|
1-A3
|
AAA
|
AAA
|
|
2-A1
|
AAA
|
AAA
|
|
2-A2
|
AAA
|
AAA
|
|
2-A3
|
AAA
|
AAA
|
|
AX
|
AAA
|
AAA
|
|
AF2
|
AAA
|
AAA
|
|
AF3
|
AAA
|
AAA
|
|
M1
|
AA+
|
AA+
|
|
M2
|
AA
|
AA
|
|
▇▇
|
▇▇-
|
▇▇-
|
|
▇▇
|
A+
|
A+
|
|
M5
|
A
|
A
|
|
M6
|
▇-
|
▇-
|
|
▇▇
|
BBB
|
BBB
|
|
M8
|
BBB-
|
BBB-
|
Terms
of Sale of Offered Certificates:
The
Depositor agrees to sell to ▇▇▇▇▇▇ 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 each class of the Offered Certificates shall be the
applicable 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.
The
Underwriter will sell the Offered Certificates to investors in offerings
occurring within Member States of the European Economic Area in minimum initial
total investment amounts of $100,000.
Cut-off
Date:
September 1, 2007.
Closing
Date:
10:00
A.M., New York time, on or about September 28, 2007. On the Closing Date, the
Depositor will deliver the Offered Certificates to the Underwriter against
payment therefor.
Counsel:
Dechert
LLP will act as counsel for the Underwriter.
Closing
Notice Address:
Notwithstanding anything to the contrary in the Standard Terms, the Closing
shall take place at the offices of the counsel for the Underwriter, Dechert
LLP,
▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇.
[SIGNATURE
PAGE IMMEDIATELY FOLLOWS]
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.
|
▇▇▇▇▇▇
BROTHERS INC.
|
|
|
By:
___________________________
Name: ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: Vice President |
|
|
Accepted:
|
|
|
STRUCTURED
ASSET SECURITIES CORPORATION
|
|
|
By:
_____________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Title: Senior Vice President |
Schedule
1
|
Class
|
Initial
Certificate
Principal
Amount(1)
|
Certificate
Interest
Rate
|
Purchase
Price
Percentage
|
Approximate
Amount
Purchased
by
▇▇▇▇▇▇ Brothers
Inc.
|
|
1-A1
|
$157,298,000
|
Variable(2)
|
100%
|
$157,298,000
|
|
1-A2
|
$74,617,000
|
Variable(2)
|
100%
|
$74,617,000
|
|
1-A3
|
$30,059,000
|
Variable(2)
|
100%
|
$30,059,000
|
|
2-A1
|
$142,335,000
|
Variable(2)
|
100%
|
$142,335,000
|
|
2-A2
|
$67,518,000
|
Variable(2)
|
100%
|
$67,518,000
|
|
2-A3
|
$27,199,000
|
Variable(2)
|
100%
|
$27,199,000
|
|
AX
|
$155,245,643
|
Variable(2)
|
100%
|
$155,245,643
|
|
AF2
|
$142,135,000
|
Variable(2)
|
100%
|
$142,135,000
|
|
AF3
|
$57,258,000
|
Variable(2)
|
100%
|
$57,258,000
|
|
M1
|
$11,712,000
|
Variable(2)
|
100%
|
$11,712,000
|
|
M2
|
$6,265,000
|
Variable(2)
|
100%
|
$6,265,000
|
|
M3
|
$3,541,000
|
Variable(2)
|
100%
|
$3,541,000
|
|
M4
|
$3,268,000
|
Variable(2)
|
100%
|
$3,268,000
|
|
M5
|
$2,723,000
|
Variable(2)
|
100%
|
$2,723,000
|
|
M6
|
$2,723,000
|
Variable(2)
|
100%
|
$2,723,000
|
|
M7
|
$3,268,000
|
Variable(2)
|
100%
|
$3,268,000
|
|
M8
|
$2,723,000
|
Variable(2)
|
100%
|
$2,723,000
|
__________
|
(1)
|
These
balances are approximate, as described in the prospectus
supplement.
|
|
(2)
|
These
certificates will accrue interest based on adjustable interest rates,
as
described in the prospectus
supplement.
|