GREENPOINT MORTGAGE FUNDING
TRUST
MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 2006-AR6
TERMS
AGREEMENT
Dated: October 26,
2006
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To:
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Structured
Asset Securities Corporation, as Depositor under the Trust
Agreement dated as of October 1, 2006 (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
2006-AR6.
Terms of the
Series 2006-AR6 Certificates : GreenPoint Mortgage Funding Trust Mortgage
Pass-Through Certificates, Series 2006-AR6, Class 1-A1AU, Class
1-A1A, Class 1-A2A1, Class 1-A2A2U, Class 1-A2A2, Class 1-A2BU,
Class 1-A2B, Class 1-A3A, Class 1-A3BU, Class 1-A3B, Class 1-A4,
Class 2-A1, Class 2-A2, Class M1, Class M2, Class M3, Class M4,
Class M5, Class M6, Class M7, Class M8, Class M9, Class X, Class P,
Class C and Class R Certificates (the “Certificates”)
will evidence, in the aggregate (but excluding the Class 1-A1A,
Class 1-A2A2, Class 1-A2B and Class 1-A3B Certificates), the entire
beneficial ownership interest in a trust fund (the “Trust
Fund”). The Class 1-A1A, Class 1-A2A2, Class 1-A2B and Class
1-A3B Certificates represent beneficial interests in separate
grantor trusts, the assets of each of which consist primarily of
one class of certificates issued by the Trust Fund and a cap
agreement. The 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, negative
amortization residential mortgage loans having a total Scheduled
Principal Balance (as defined in the Trust Agreement) as of the
Cut-off Date of $1,074,879,077.16 (the “Mortgage
Loans”). Only the Class 1-A1A, Class 1-A2A1, Class 1-A2A2,
Class 1-A2B, Class 1-A3A, Class 1-A3B, Class 1-A4, Class 2-A1,
Class 2-A2, 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-A1AU,
Class 1-A1A, Class 1-A2A1, Class 1-A2A2U, Class 1-A2A2, Class
1-A2BU, Class 1-A2B, Class 1-A3A, Class 1-A3BU, Class 1-A3B, Class
1-A4, Class 2-A1 and Class 2-A2 Certificates be rated
“AAA” by Standard & Poor’s, a division of The
McGraw-Hill Companies, Inc. (“S&P”), and
“Aaa” by Moody’s Investors Service, Inc.
(“Moody’s” and together with S&P, the
“Rat
