STRUCTURED ASSET MORTGAGE INVESTMENTS INC. Thornburg Mortgage Securities Trust 2002-2 Mortgage Pass-Through Certificates, Series 2002-2 TERMS AGREEMENT
EXHIBIT 1.1
STRUCTURED ASSET MORTGAGE INVESTMENTS INC.
Xxxxxxxxx Mortgage Securities Trust 2002-2
Mortgage Pass-Through Certificates, Series 2002-2
Dated: as of May 29, 2002
| To: Re: Underwriter: |
STRUCTURED ASSET MORTGAGE INVESTMENTS INC. Underwriting Agreement dated June 25, 1996 Bear, Xxxxxxx & Co. Inc. |
Series Designation: Xxxxxxxxx Mortgage Securities Trust 2002-2, Mortgage Pass-Through Certificates, Series 2002-2
Class Designation Schedule of the Certificates: Class I-A, II-A, III-A, R-I, R-II, B-1, B-2, B-3 Certificates
Terms of the Certificates:
Class Original Principal Amount Interest Rate ----- ------------------------- ------------- I-A $ 101,467,800 Variable II-A $ 190,548,600 Variable III-A $ 200,966,400 Variable R-I $ 50 N/A R-II $ 50 N/A B-1 (1) $ 6,098,700 Variable B-2 (1) $ 4,065,900 Variable B-3 (1) $ 2,287,100 Variable
(1) This class is a subordinate certificate.
The Certificates purchased by the Underwriter will be offered from time to time by the Underwriter in negotiated transactions at varying prices to be determined at the time of sale.
Defined Terms: Terms not otherwise defined herein shall have the meanings given to such terms in the Trust, Pooling and Servicing Agreement dated as of May 1, 2002 among Structured Asset Mortgage Investments Inc., as seller, Xxxxx Fargo Bank Minnesota, National Association as master servicer and securities administrator, Deutsche Bank National Trust Company, as trustee, Deutsche Bank Trust Company Delaware, as Delaware trustee, and Xxxxxxxxx Mortgage Home Loans, Inc.
Form of Certificates Being Purchased by the Underwriter: Book-Entry except for the Class R-I and Class R-II Certificates which will be in certificated, fully registered form.
Distribution Dates: The 25th day of each month or, if such 25th day is not a business day, the next succeeding business day beginning in June 2002.
Certificate Rating for the Certificates Being Purchased by the Underwriters:
Class Ratings
----- -------
Moody's
-------
I-A..................................... Aaa
II-A.................................... Aaa
III-A................................... Aaa
R-I..................................... Aaa
R-II.................................... Aaa
B-1..................................... Aa2
B-2..................................... A2
B-3..................................... Baa2
Mortgage Assets: The Mortgage Loans to be included in the Trust are as described in Annex A hereto.
Purchase Price: The aggregate purchase price payable by the Underwriter for the Certificates covered by this Agreement will be $510,308,910.32 (plus $2,107,458.37 in accrued interest).
Credit Enhancement: None other than the subordination described in the related Prospectus Supplement.
Closing Date: May 30, 2002
The undersigned, as the Underwriter, agrees, subject to the terms and provisions of the above-referenced Underwriting Agreement, which is incorporated herein in its entirety and made a part hereof, to purchase the respective principal amounts of the Classes of the above-referenced Series of Certificates as set forth herein.
BEAR, XXXXXXX & CO. INC.
By: /s/ Xxxxxx Xxxxxx
Name: Xxxxxx Xxxxxx
Title: Sr. Managing Director
Accepted:
STRUCTURED ASSET MORTGAGE
INVESTMENTS INC.
By: /s/ Xxxxx Xxxxxxxxxxx
Name: Xxxxx Xxxxxxxxxxx
Title: Vice President
Annex A
Mortgage Loan Schedule
[Available Upon Request]