STRUCTURED ADJUSTABLE RATE
MORTGAGE LOAN TRUST
MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 2007-1
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 2007-1.
Terms of the
Series 2007-1 Certificates : Structured Adjustable Rate Mortgage Loan Trust
Mortgage Pass-Through Certificates, Series 2007-1, Class 1-A1,
Class 1-A2, Class 2-A1, Class 2-A2, Class 2-A3, Class 2-A4, Class
2-AX, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class
M-6, Class M-7, Class B1-II, Class B2-II, Class B3-II, Class B4-II,
Class B5-II, Class B6-II, Class P-I, Class P-II, Class X, Class C,
Class R-I and Class R-II (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 two 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 $491,097,797.16 (the
“Mortgage Loans”). Only the Class 1-A1, Class 1-A2,
Class 2-A1, Class 2-A2, Class 2-A3, Class 2-A4, Class 2-AX, Class
M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
M-7, Class B1-II, Class B2-II, Class B3-II and Class R-II
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 and
Class 1-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”); the Class
2-A1, Class 2-A2, Class 2-A3, Class 2-A4, Class 2-AX and the Class
R-II Certificates be rated “AAA” by S&P and by
Fitch Ratings LTD (“Fitch”); the Class M-1 Certificates
be rated “Aa2” by Moody’s and “AAA”
by S&P; the Class M-2 Certificates be rated “Aa3”
by Moody’s a
