STRUCTURED ADJUSTABLE RATE MORTGAGE LOAN
TRUST
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES
2008-1
TERMS AGREEMENT
Dated:
March
27, 2008
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To:
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Structured
Asset Securities Corporation, as Depositor under the Trust
Agreement dated as of March 1, 2008 (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
2008-1.
Terms of the Series 2008-1 Certificates :
Structured Adjustable Rate Mortgage Loan Trust Mortgage
Pass-Through Certificates, Series 2008-1, Class A1, Class A1X,
Class A21, Class A22, Class A31, Class A32, Class A2, Class A3,
Class A4, Class A5, Class AP, Class B1, Class B2, Class B3, Class
B4, Class B5, Class B6 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 a pool of conventional, first
lien, adjustable rate, fully amortizing and balloon, residential
mortgage loans having a total Scheduled Principal Balance (as
defined in the Trust Agreem ent)
as of the Cut-off Date of $ 154,863,333.71
(the “Mortgage Loans”). Only the
Class
A1, Class A1X, Class A21, Class A22, Class A31, Class A32, Class
A2, Class A3, Class A4, Class A5, Class B1, Class B2, Class B3 and
Class R (the “Offered Certificates”) are being sold
pursuant to the terms hereof.
Registration Statement :
File Number 333-139693.
Certificate Ratings :
It is a condition of Closing that at the Closing Date the
Certificates are rated by Standard & Poor’s, a division
of the McGraw-Hill Companies, Inc. (“S&P”) and by
Fitch Ratings (“Fitch” and together with S&P, the
“Rating Agencies”) in accordance with the
following:
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Class
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S&P
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Moody’s
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A1
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AAA
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Aaa
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A1X
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AAA
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Aaa
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A21
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AAA
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Aaa
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A22
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AAA
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Aaa
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A31
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AAA
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N/R
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A32
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AAA
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N/R
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A2
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AAA
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Aaa
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A3
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AAA
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N/R
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A4
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AAA
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N/R
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A5
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AAA
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N/R
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B1
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AA
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N/R
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B2
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A
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N/R
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B3
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BBB
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N/R
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R
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AAA
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Aaa
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