LEHMAN XS TRUST MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2007-4N TERMS AGREEMENT
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XS TRUST
MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES 2007-4N
Dated: March
28,
2007
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To:
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Structured
Asset Securities Corporation, as Depositor under the Trust Agreement,
dated as of March 1, 2007 (the “Trust Agreement”).
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Re:
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Underwriting
Agreement Standard Terms, dated as of December 21, 2005 (the “Standard
Terms,” and together with this Terms Agreement, the
“Agreement”).
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Series
Designation: Series
2007-4N.
Terms
of the Series 2007-4N Certificates:
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XS Trust Mortgage Pass-Through Certificates, Series 2007-4N, Class 1-A1, Class
1-A2A, Class 1-A2B, Class 1-A3, Class 1-AX, Class 2-A, Class 2-AX, Class 3-A1A,
Class 3-A2A, Class 3-A2B, Class 3-AC, Class 3-AX, Class M1, Class M2, Class
M3,
Class M4, Class M5, Class M6, Class M7, Class M8, Class M9,
Class
M10, Class M11, Class M12, Class 1-AP, Class 2-AP, Class 3-AP, 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 three
pools of conventional, first lien, adjustable rate negative amortization, fully
amortizing and balloon residential mortgage loans having a total Scheduled
Principal Balance (as defined in the Trust Agreement) as of the Cut-off Date
of
approximately $2,164,428,895 (the “Mortgage Loans”). Only the Class 1-A1, Class
1-A2A, Class 1-A2B, Class 1-A3, Class 1-AX, Class 2-A, Class 2-AX, Class 3-A1A,
Class 3-A2A, Class 3-A2B, Class 3-AC, Class 3-AX, Class M1, Class M2, Class
M3,
Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates
(the
“Offered Certificates”) are being sold pursuant to the terms
hereof.
Registration
Statement:
File
Number 333-133985.
Certificate
Ratings:
It is a
condition of Closing that at the Closing Date the Class 1-A1, Class 1-A2A,
Class
1-A2B, Class 1-A3, Class 1-AX, Class 2-A, Class 2-AX, Class 3-A1A, Class 3-A2A,
Class 3-A2B, Class 3-AC and Class 3-AX Certificates be rated “AAA” by Standard
& Poor’s, a division of The ▇▇▇▇▇▇-▇▇▇▇ Companies, Inc. (“S&P”), and
“Aaa” by ▇▇▇▇▇’▇ Investors Service, Inc. (“Moody’s” and together with S&P,
the “Rating Agencies”); the Class M1 Certificates be rated “AA+” by S&P and
“Aaa” by Moody’s; the Class M2 Certificates be rated “AA” by S&P and “Aa1”
by Moody’s; the Class M3 Certificates be rated “AA-” by S&P and “Aa1” by
Moody’s; the Class M4 Certificates be rated “A+” by S&P and “Aa2” by
Moody’s; the Class M5 Certificates be rated “A” by S&P and “Aa3” by Moody’s;
the Class M6 Certificates be rated “A-” by S&P and “A2” by Moody’s; the
Class M7 Certificates be rated “BBB+” by S&P and “A3” by Moody’s; the Class
M8 Certificates be rated “BBB” by S&P and “Baa1” by Moody’s; and the Class
M9 Certificates be rated “BBB-” by S&P and “Baa2” by Moody’s.
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:
March
1, 2007.
Closing
Date:
10:00
A.M., New York time, on or about March 30, 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,
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[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.
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▇▇▇▇▇▇
BROTHERS INC.
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By: ___________________________
Name: ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇
Title: Vice
President
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Accepted:
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STRUCTURED
ASSET SECURITIES CORPORATION
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By: _____________________________
Name: ▇▇▇▇▇▇▇
▇. ▇▇▇▇▇▇▇▇
Title: Senior
Vice President
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Schedule
1
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Class
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Initial
Certificate
Principal
or
Notional
Amount(1)
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Certificate
Interest
Rate
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Purchase
Price
Percentage
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Approximate
Amount
Purchased
by
▇▇▇▇▇▇ Brothers Inc.
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1-A1
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$402,024,000
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Variable(2)
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100%
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$402,024,000
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1-A2A
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$78,294,000
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Variable(2)
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100%
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$78,294,000
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1-A2B
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$19,573,000
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Variable(2)
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100%
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$19,573,000
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1-A3
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$100,000,000
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Variable(2)
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100%
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$100,000,000
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1-AX
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$176,967,300
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Variable(2)
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100%
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$176,967,300
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2-A
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$793,864,000
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Variable(2)
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100%
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$793,864,000
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2-AX
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$238,159,200
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Variable(2)
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100%
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$238,159,200
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3-A1A
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$212,045,000
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Variable(2)
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100%
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$212,045,000
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3-A2A
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$200,000,000
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Variable(2)
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100%
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$200,000,000
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3-A2B
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$66,683,000
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Variable(2)
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100%
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$66,683,000
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3-AC
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$53,858,000
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Variable(2)
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100%
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$53,858,000
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3-AX
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$159,775,800
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Variable(2)
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100%
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$159,775,800
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M1
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$48,699,000
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Variable(2)
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100%
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$48,699,000
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M2
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$43,288,000
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Variable(2)
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100%
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$43,288,000
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M3
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$16,233,000
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Variable(2)
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100%
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$16,233,000
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M4
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$32,466,000
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Variable(2)
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100%
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$32,466,000
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M5
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$10,822,000
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Variable(2)
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100%
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$10,822,000
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M6
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$10,822,000
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Variable(2)
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100%
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$10,822,000
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M7
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$10,822,000
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Variable(2)
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100%
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$10,822,000
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M8
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$10,822,000
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Variable(2)
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100%
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$10,822,000
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M9
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$10,822,000
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Variable(2)
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100%
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$10,822,000
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__________
(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.