UNDERWRITING AGREEMENT

STRUCTURED ADJUSTABLE RATE MORTGAGE LOAN TRUST

MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-9

TERMS AGREEMENT

Dated:   September 27, 2006

Series Designation :   Series 2006-9.

Terms of the Series 2006-9 Certificates : Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2006-9, Class 1-A1, Class 1-A2, Class 1-AX, Class 1-PAX, Class 2-A1, Class 2-A2, Class 2-A3, Class 2-A1X, Class 3-A1, Class 3-A2, Class II-AX, Class II-PAX, Class 4-A1, Class 4-A2, Class B1-I, Class B2-I, Class B3-I, Class B4-I, Class B5-I, Class B6-I, Class B1-II, Class B2-II, Class B3-II, Class B4-II, Class B5-II, Class B6-II, Class B7-II, Class B8-II, Class B9-II, Class P-I, Class P-II, Class P-III 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 four 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 $657,917,135.00 (the “Mortgage Loans”). Only the Class 1-A1, Class 1-A2, Class 1-AX, Class 1-PAX, Class 2-A1, Class 2-A2, Class 2-A3, Class 2-A1X, Class 3-A1, Class 3-A2, Class II-AX, Class II-PAX, Class 4-A1, Class 4-A2, Class B1-I, Class B2-I, Class B3-I, Class B1-II, Class B2-II, Class B3-II, Class B4-II, Class B5-II, Class B6-II and Class R 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-A2, Class 1-AX, Class 1-PAX, Class 2-A1, Class 2-A2, Class 2-A3, Class 2-A1X, Class 3-A1, Class 3-A2, Class II-AX, Class II-PAX, Class 4-A1, Class 4-A2, and Class R Certificates be rated “AAA” by Standard & Poor’s, A division of The McGraw-Hill Companies, Inc. (“S&P”) and by Fitch Ratings, Inc. (“Fitch” and together with S&P, the “Rating Agencies”); the Class B1-I be rated “AA” by Fitch; the Class B2-I Certificates be rated “A” by Fitch; the Class B3-I Certificates be rated “BBB” by Fitch; the Class B1-II Certificates be rated “AA” by Fitch and S&P; the Class B2-II Certificates be rated “AA” by Fitch and “AA-” by S&P; the Class B3-II Certificates be rated “A+” by Fitch and “A” by S&P; the Class B4-II Certificates be rated “A” by Fitch and “A-” by S&P; the Class B5-II Certificates be rated “BBB+” by Fitch and “BBB” by S&P and the Class B6-II Certificates be rated “BBB” by Fitch.

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 : September 1, 2006.

Closing Date : 10:00 A.M.