LEHMAN XS
TRUST
MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 2007-2N
TERMS
AGREEMENT
Dated: January 29, 2007
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To:
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Structured
Asset Securities Corporation, as Depositor under the Trust
Agreement, dated as of January 1, 2007 (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 2007-2N.
Terms of the
Series 2007-2N Certificates : Lehman XS Trust Mortgage Pass-Through
Certificates, Series 2007-2N, Class 1-A1A, Class 1-A1B, Class 1-AX,
Class 2-A, Class 2-AX, Class 3-A1, Class 3-A2, Class 3-A3, Class
3-AX, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6,
Class M7, Class M8, Class M9, Class M10, Class M11, Class M12,
Class X, Class P-I, Class P-II, Class P-III, Class C, 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 negative
amortization, fully amortizing and balloon residential mortgage
loans having a total Scheduled Principal Balance (as defined in the
Trust Agreement) as of the Cut-off Date of approximately
$1,342,443,032.37 (the “Mortgage Loans”). Only the
Class 1-A1A, Class 1-A1B, Class 1-AX, Class 2-A, Class 2-AX, Class
3-A1, Class 3-A2, Class 3-A3, Class 3-AX, Class M1, Class M2, Class
M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and
Class M10 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-A1A,
Class 1-A1B, Class 1-AX, Class 2-A, Class 2-AX, Class 3-A1, Class
3-A2, Class 3-A3 and Class 3-AX 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 Certificates be rated
“AA+” by S&P and “Aaa” by
Moody’s; the Class M2 Certificates be rated “AA”
by S&P and “Aa1” by Moody’s; the Class M3
Certificates be rated “AA-” by S&P and
“Aa1” by Moody’s; the Class M4 Certificates be
rated “A+” by S&am
