GREENPOINT MORTGAGE FUNDING
TRUST
MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 2006-AR7
TERMS
AGREEMENT
Dated: November 28, 2006
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To:
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Structured
Asset Securities Corporation, as Depositor under the Trust
Agreement dated as of November 1, 2006 (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 2006-AR7
.
Terms of the
Series 2006-AR7 Certificates : GreenPoint Mortgage Funding Trust Mortgage
Pass-Through Certificates, Series 2006-AR7, Class 1-A1A, Class
1-A1B, Class 1-A2A1, Class 1-A2A2, Class 1-A3A1, Class 1-A3A2,
Class 1-A3B, Class 2-A1, Class 2-A2, Class M1, Class M2, Class M3,
Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class
M10, Class X, Class P, Class C and Class R Certificates (the
“Certificates”) will evidence, in the aggregate, the
entire beneficial ownership interest in a trust fund (the
“Trust Fund”). Each class of Class 1-A1B, Class 1-A2A2,
Class 1-A3A2, Class 1-A3B, Class 2-A1 and Class 2-A2 Certificates
will also represent an interest in a cap agreement. The 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, negative amortization residential mortgage
loans having a total Scheduled Principal Balance (as defined in the
Trust Agreement) as of the Cut-off Date of $1,183,611,773 (the
“Mortgage Loans”). Only the Class 1-A1A, Class 1-A1B,
Class 1-A2A1, Class 1-A2A2, Class 1-A3A1, Class 1-A3A2, Class
1-A3B, Class 2-A1, Class 2-A2, Class M1, Class M2, Class M3, Class
M4, Class M5, Class M6, Class M7, Class M8 and Class M9
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-A2A1, Class 1-A2A2, Class 1-A3A1, Class
1-A3A2, Class 1-A3B, Class 2-A1 and Class 2-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 Certificates be rated
“AA+” by S&P and “Aaa” by
Moody’s; the Class M2 Certificates be rated
