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STRUCTURED ADJUSTABLE RATE MORTGAGE LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2005-22
TERMS AGREEMENT
Dated: November 25, 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 2005-22.
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Terms of the Series 2005-22 Certificates:
Structured Adjustable Rate Mortgage
Loan Trust Mortgage Pass-Through
Certificates, Series 2005-22, Class 1-A1, Class
1-A2, Class 1-A3, Class 1-A4, Class 1-A5,
Class 1-AX, Class 1-PAX, Class 2-A1,
Class 2-A2, Class 3-A1, Class 3-A2, Class
4-A1, Class 4-A2, Class 5-A1, Class
5-A2, Class B1-I, Class B2-I, Class B3-I,
Class B4-I, Class B5-I, Class B6-I,
Class B7-I, Class B8-I, Class B1-II, Class
B2-II, Class B3-II, Class B4-II,
Class B5-II, Class B6-II, Class B7-II,
Class P-I, Class P-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, adjustable
rate, fully amortizing, residential
mortgage loans having a total Scheduled
Principal Balance (as defined in the
Trust Agreement) as of the Cut-off Date of
$1,155,303,179.27 (the "Mortgage
Loans"). Only the Class 1-A1, Class 1-A2,
Class 1-A3, Class 1-A4, Class 1-A5,
Class 1-AX, Class 1-PAX, Class 2-A1, Class
2-A2, Class 3-A1, Class 3-A2, Class
4-A1, Class 4-A2, Class 5-A1, Class 5-A2,
Class B1-I, Class B2-I, Class B3-I,
Class B4-I, Class B5-I, Class B1-II, Class
B2-II, Class B3-II, Class B4-II and
Class R Certificates (the "Offered
Certificates") are being sold pursuant to the
terms hereof.
Registration Statement: File Number 333-127589.
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Certificate Ratings: It is a condition of
Closing that at the Closing Date the
Class 1-A1, Class 1-A2, Class 1-A3, Class
1-A4, Class 1-A5, Class 1-AX, Class
1-PAX, Class 2-A1, Class 2-A2, Class 3-A1,
Class 3-A2, Class 4-A1, Class 4-A2,
Class 5-A1, Class 5-A2 and Class R
Certificates be rated "AAA" by Standard &
Poor's, A division of The McGraw-Hill
Companies, Inc. ("S&P"), and "AAA" by
Fitch Ratings, Inc. ("Fitch" and together
with S&P, the "Rating Agencies"); the
Class B1-I and Class B1-II Certificates be
rated "AA" by S&P; the Class B2-I and
Class B2-II Certificates be rated "A" by
S&P; the Class B3-I Certificates be
rated "A-" by S&P, the Class B4-I and
Class B3-II Certificates be rated "BBB" by
S&P and Fitch; and the Class B5-I and
B4-II Certificate
