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EX 1.1
LEHMAN XS TRUST
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2005-7N
TERMS AGREEMENT
Dated: November 28, 2005
To: Structured Asset Securities
Corporation, as Depositor under the Trust
Agreement
dated as of November 1, 2005 (the "Trust Agreement").
Re: Underwriting Agreement
Standard Terms dated as of August 23, 2005 (the
"Standard
Terms," and together with this Terms Agreement, the
"Agreement").
Series Designation: Series 2005-7N.
Terms of the Series 2005-7N Certificates:
Lehman XS Trust Mortgage Pass-Through
Certificates, Series 2005-7N, Class 1-A1A,
Class 1-A1B, Class 1-A2A, Class 1-A3,
Class 2-A1, Class 2-A2, Class 3-A1, Class
3-A2, 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 M1-II,
Class M2-II, Class M3-II, Class M4-II,
Class M5-II, Class M6-II, Class X-I,
Class X-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 three 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 $2,408,651,967.62 (the
"Mortgage Loans"). Only the Class 1-A1A,
Class 1-A1B, Class 1-A2A, Class 1-A3, Class
2-A1, Class 2-A2, Class 3-A1, Class
3-A2, 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 M1-II, Class
M2-II, Class M3-II, Class M4-II,
Class M5-II and Class M6-II Certificates
(the "Offered Certificates") are being
sold pursuant to the terms hereof.
Registration Statement: File Number 333-127589.
Certificate Ratings: It is a condition of
Closing that at the Closing Date the
Class 1-A1A, Class 1-A1B, Class 1-A2A,
Class 1-A3, Class 2-A1, Class 2-A2, Class
3-A1 and Class 3-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 "Rating Agencies"); the
Class M1-I Certificates be rated "AA+" by
S&P and "Aa1" by Moody's; the Class
M2-I Certificates be rated "AA" by S&P
and "Aa2" by Moody's; the Class M3-I
Certificates be rated "AA" by S&P and
"Aa3" by Moody's; the Class M4-I
Certificates be rated "A+" by S&P and
"A2" by Moody's; the Class M5-I
Certificates be rated "A" by S&P and
"A3" by Moody's; the Class M6-I
Certificates be rated "A-" by S&P and
"Baa1" by Moody's; the Class M7-I
Certificates be rated "BBB" by S&am
