EX-1.1 2 v084952_ex1-1.htm
LEHMAN XS TRUST
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2007-15N
 
TERMS AGREEMENT
 
Dated: July 27, 2007
 
To:
Structured Asset Securities Corporation, as Depositor under the Trust Agreement, dated as of July 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 2007-15N.
 
Terms of the Series 2007-15N Certificates: Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-15N, Class 1-A1, Class 1-A2, Class 1-A3, Class 1C-A1, Class 1C-A2, Class 1C-A3, Class 2-A1, Class 2-A2, Class 2-A3, Class AF2, Class AF3, Class 3-A1, Class 3-A2, Class 3-AX, Class 4-A1, Class 4-A2A, Class 4-A2B, Class 4-A3, Class 4-AX, Class 4-A1A, Class 4-A1B, Class 4-A1C, Class 4-A1D, Class 4-A1E, Class 4-A1F, Class 4-A1G, Class 4-A1H, Class 4-A1IA, Class 4-A1IB, Class 4-A1IC, Class 4-A1ID, Class 4-A1IE, Class 4-A1IF, Class 4-A1IG, Class 4-A1IH, Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class M5-I, Class M6-I, Class M7-I, Class M8-I, Class M9-I, Class M1-II, Class M2-II, Class M3-II, Class M4-II, Class M5-II, Class M6-II, Class M7-II, Class M8-II, Class M9-II, Class AP-I, Class 3-AP, Class 4-AP, Class X-I, Class X-II, Class C-I, Class C-II 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 five pools of conventional, first lien, hybrid, adjustable rate negative amortization, fully amortizing residential mortgage loans having a total Scheduled Principal Balance (as defined in the Trust Agreement) as of the Cut-off Date of approximately $2,828,002,465 (the “Mortgage Loans”). Only the Class 1-A1, Class 1-A2, Class 1-A3, Class 1C-A1, Class 1C-A2, Class 1C-A3, Class 2-A1, Class 2-A2, Class 2-A3, Class AF2, Class AF3, Class 3-A1, Class 3-A2, Class 3-AX, Class 4-A1, Class 4-A2A, Class 4-A2B, Class 4-A3, Class 4-AX, Class 4-A1A, Class 4-A1B, Class 4-A1C, Class 4-A1D, Class 4-A1E, Class 4-A1F, Class 4-A1G, Class 4-A1H, Class 4-A1IA, Class 4-A1IB, Class 4-A1IC, Class 4-A1ID, Class 4-A1IE, Class 4-A1IF, Class 4-A1IG and Class 4-A1IH, Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class M5-I, Class M6-I, Class M7-I, Class M8-I, Class M9-I, Class M1-II, Class M2-II, Class M3-II, Class M4-II, Class M5-II, Class M6-II, Class M7-II, Class M8-II and Class M9-II (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 McGraw-Hill Companies, Inc. (“S&P”), by Fitch Ratings, Inc. (“Fitch”) and by Moody’s Investors Service, Inc. (“Moody’s” and together with S&P and Fitch, the “Rating Agencies”) in accordance with the below:
 
Class
  
S&P
  
Fitch
  
Moody’s
1-A1
  
AAA
  
N/A
  
Aaa
1-A2
  
AAA
  
N/A
  
Aaa
1-A3
  
AAA
  
N/A
  
Aaa
 
 
Class
  
S&P
  
Fitch
  
Moody’s
1C-A1
  
AAA
  
N/A
  
Aaa
1C-A2
  
AAA
  
N/A
  
Aaa
1C-A3
  
AAA
  
N/A
  
Aaa
2-A1
  
AAA
  
N/A
  
Aaa
2-A2
  
AAA
  
N/A
  
Aaa
2-A3
  
AAA
  
N/A
  
Aaa
AF2
  
AAA
  
N/A
  
Aaa
AF3
  
AAA
  
N/A
  
Aaa
3-A1
  
AAA
  
AAA
  
Aaa
3-A2
  
AAA
  
AAA
  
Aaa
3-AX
  
AAA
  
AAA
  
Aaa
4-A1
  
AAA
  
AAA
  
Aaa
4-A2A
  
AAA
  
AAA
  
Aaa
4-A2B
  
AAA
  
AAA
  
Aaa
4-A3
  
AAA
  
AAA
  
Aaa
4-AX
  
AAA
  
AAA
  
Aaa
4-A1A
  
AAA
  
AAA
  
Aaa
4-A1B
  
AAA
  
AAA
  
Aaa
4-A1C
  
AAA
  
AAA
  
Aaa
4-A1D
  
AAA
  
AAA
  
Aaa
4-A1E
  
AAA
  
AAA
  
Aaa
4-A1F
  
AAA
  
AAA
  
Aaa
4-A1G
  
AAA
  
AAA
  
Aaa
4-A1H
  
AAA
  
AAA
  
Aaa
4-A1IA
  
AAA
  
AAA
  
Aaa
4-A1IB
  
AAA
  
AAA
  
Aaa
4-A1IC
  
AAA
  
AAA
  
Aaa
4-A1ID
  
AAA
  
AAA
  
Aaa
4-A1IE
  
AAA
  
AAA
  
Aaa
4-A1IF
  
AAA
  
AAA
  
Aaa
4-A1IG
  
AAA
  
AAA
  
Aaa
4-A1IH
  
AAA
  
AAA
  
Aaa
M1-I
  
AA+
  
N/A
  
Aa1
M2-I
  
AA
  
N/A
  
Aa2
M3-I
  
AA-
  
N/A
  
Aa3
M4-I
  
A+
  
N/A
  
A1
M5-I
  
A
  
N/A
  
A2
M6-I
  
A-
  
N/A
  
A3
M7-I
  
BBB+
  
N/A
  
Baa1
M8-I
  
BBB
  
N/A
  
Baa2
M9-I
  
BB-
  
N/A
  
Baa3
M1-II
  
N/A
  
AA+
  
Aa1
M2-II
  
N/A
  
AA
  
Aa2
M3-II
  
N/A
  
AA-
  
Aa3
M4-II
  
N/A
  
A+
  
A1
M5-II
  
N/A
  
A
  
A2
M6-II
  
N/A
  
A-
  
A3
M7-II
  
N/A
  
BBB+
  
Baa1
M8-II
  
N/A
  
BBB
  
Baa2
M9-II
  
N/A
  
BBB-
  
Baa3
 
2
 
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 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: July 1, 2007.
 
Closing Date: 10:00 A.M., New York time, on or about July 31, 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, 30 Rockefeller Plaza, New York, NY 10112.
 
[SIGNATURE PAGE IMMEDIATELY FOLLOWS]
 
3
 
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:  
 
Name: Nicholas Stimola
 
Title: Vice President
 
Accepted:
      
       
STRUCTURED ASSET SECURITIES CORPORATION
      
       
       
By:    
 
Name: Michael C. Hitzmann
    
 
Title: Senior Vice President
    
 
 
Schedule 1
 
Class
  
Initial Certificate
Principal
or Notional Amount(1)
  
Certificate Interest Rate
  
Purchase Price Percentage
  
Approximate Amount Purchased by Lehman Brothers Inc.
  
1-A1
  
$
150,189,000
    
Variable(2
)
  
100
%
$
150,189,000
  
1-A2
  
$
55,609,000
    
Variable(2
)
  
100
%
$
55,609,000
  
1-A3
  
$
22,866,000
    
Variable(2
)
  
100
%
$
22,866,000
  
1C-A1
  
$
154,841,000
    
Variable(2
)
  
100
%
$
154,841,000
  
1C-A2
  
$
57,331,000
    
Variable(2
)
  
100
%
$
57,331,000
  
1C-A3
  
$
23,574,000
    
Variable(2
)
  
100
%
$
23,574,000
  
2-A1
  
$
380,868,000
    
Variable(2
)
  
100
%
$
380,868,000
  
2-A2
  
$
141,018,000
    
Variable(2
)
  
100
%
$
141,018,000
  
2-A3
  
$
57,987,000
    
Variable(2
)
  
100
%
$
57,987,000
  
AF2
  
$
253,958,000
    
Variable(2
)
  
100
%
$
253,958,000
  
AF3
  
$
104,427,000
    
Variable(2
)
  
100
%
$
104,427,000
  
3-A1
  
$
332,519,000
    
Variable(2
)
  
100
%
$
332,519,000
  
3-A2
  
$
221,679,000
    
Variable(2
)
  
100
%
$
221,679,000
  
3-AX
  
$
277,099,000
    
Variable(2
)
  
100
%
$
277,099,000
  
4-A1
  
$
649,329,000
    
Variable(2
)
  
100
%
$
649,329,000
  
4-A2A
  
$
166,970,000
    
Variable(2
)
  
100
%
$
166,970,000
  
4-A2B
  
$
18,552,000
    
Variable(2
)
  
100
%
$
18,552,000
  
4-A3
  
$
92,761,000
    
Variable(2
)
  
100
%
$
92,761,000
  
4-AX
  
$
463,806,000
    
Variable(2
)
  
100
%
$
463,806,000
  
4-A1A
  
$
649,329,000
    
Variable(2
)
  
100
%
$
649,329,000
  
4-A1B
  
$
649,329,000
    
Variable(2
)
  
100
%
$
649,329,000
  
4-A1C
  
$
649,329,000
    
Variable(2
)
  
100
%
$
649,329,000
  
4-A1D
  
$
649,329,000
    
Variable(2
)
  
100
%
$
649,329,000
  
4-A1E
  
$
649,329,000
    
Variable(2
)
  
100
%
$
649,329,000
  
4-A1F
  
$
649,329,000
    
Variable(2
)
  
100
%
$
649,329,000
  
4-A1G
  
$
649,329,000
    
Variable(2
)
  
100
%
$
649,329,000
  
4-A1H
  
$
649,329,000
    
Variable(2
)
  
100
%
$
649,329,000
  
4-A1IA
  
$
649,329,000
    
Variable(2
)
  
100
%
$
649,329,000
  
4-A1IB
  
$
649,329,000
    
Variable(2
)
  
100
%
$
649,329,000
  
4-A1IC
  
$
649,329,000
    
Variable(2
)
  
100
%
$
649,329,000
  
4-A1ID
  
$
649,329,000
    
Variable(2
)
  
100
%
$
649,329,000
  
 
 
4-A1IE
  
$
649,329,000
    
Variable(2
)
  
100
%
$
649,329,000
  
4-A1IF
  
$
649,329,000
    
Variable(2
)
  
100
%
$
649,329,000
  
4-A1IG
  
$
649,329,000
    
Variable(2
)
  
100
%
$
649,329,000
  
4-A1IH
  
$
649,329,000
    
Variable(2
)
  
100
%
$
649,329,000
  
M1-I
  
$
17,147,000
    
Variable(2
)
  
100
%
$
17,147,000
  
M2-I
  
$
14,861,000
    
Variable(2
)
  
100
%
$
14,861,000
  
M3-I
  
$
8,573,000
    
Variable(2
)
  
100
%
$
8,573,000
  
M4-I
  
$
8,573,000
    
Variable(2
)
  
100
%
$
8,573,000
  
M5-I
  
$
7,430,000
    
Variable(2
)
  
100
%
$
7,430,000
  
M6-I
  
$
6,859,000
    
Variable(2
)
  
100
%
$
6,859,000
  
M7-I
  
$
6,859,000
    
Variable(2
)
  
100
%
$
6,859,000
  
M8-I
  
$
6,859,000
    
(3
)
  
100
%
$
6,859,000
  
M9-I
  
$
12,574,000
    
(3
)
  
100
%
$
12,574,000
  
M1-II
  
$
66,551,000
    
Variable(2
)
  
100
%
$
66,551,000
  
M2-II
  
$
26,114,000
    
Variable(2
)
  
100
%
$
26,114,000
  
M3-II
  
$
14,321,000
    
Variable(2
)
  
100
%
$
14,321,000
  
M4-II
  
$
16,005,000
    
Variable(2
)
  
100
%
$
16,005,000
  
M5-II
  
$
18,533,000
    
Variable(2
)
  
100
%
$
18,533,000
  
M6-II
  
$
13,478,000
    
Variable(2
)
  
100
%
$
13,478,000
  
M7-II
  
$
11,793,000
    
Variable(2
)
  
100
%
$
11,793,000
  
M8-II
  
$
9,266,000
    
Variable(2
)
  
100
%
$
9,266,000
  
M9-II
  
$
8,424,000
    
Variable(2
)
  
100
%
$
8,424,000
  
 
(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.

(3)
The Class M8-I and M9-I Certificates are principal-only certificates and will not be entitled to any distributions of interest.